Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
Chunk: 1

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 1
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 up. In Spain only, it’s 33%. So one third of the costs of BBVA in Spain is technology, and it has been growing in a very high way. And given that it’s fixed costs, larger scale helps. That is why, for example— again, in the context of Spain— our technology costs, this one third, is €1.1 billion. BBVA spends every year €1.1 billion on technology. We don’t know the exact numbers in this categorization of Sabadell, but something similar, because they are also a very large bank. Why are we spending hundreds of millions of euros— in our case, €1.1 billion— on technology? Two different banks serving the same market with two different systems, two different applications, two different brands. It just doesn’t make sense. As a result, there is a lot of synergy potential in this transaction. We estimated— our presentation on Friday has explained this in detail— about €900 million of synergies, because we are consolidating within the market. €900 million of synergies is big. This is pre-tax,obviously. €900 million as compared to the profit base of Sabadell, which is €1.6 billion they are expecting. €900 million is a lot of money— a lot of money. So: in-marketconsolidation, very straightforward transaction, with a lot of synergy potential. And it’s also a complementary business. They are very good in SMEs. We are very good in retail. We are very good in corporate business. So it’s a good match.

All combined, it makes sense. What does this mean for the Sabadell shareholder— coming back to your question? Given this huge synergy potential, we have basically extended, in our view, a very attractive offer to Sabadell shareholders. You might have seen this. With regard to the undisturbed price, we offered a 30% premium— 30% premium. When we launched the offer, it was a 42% premium versus the one-monthVWAP of the undisturbed price— 42% premium. And if you compare this 42%, for example, to the deals announced afterwards— other tender offers like ours, unsolicited, that happened mainly in Italy— three of them have actually reached success. Three of the five offers launched after BBVA. This 42 compares very favorably, as compared to 19% in one case, 14% in the other,