Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 6

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 6
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 shareholders. The significant synergies just explained, they allow us to present an extremely attractive offer to Banco Sabadell shareholders. Adjusting the initial offer after different dividends paid by both Sabadell and BBVA, the
offer at the moment stands at one BBVA share and

2025-09-05

EUR0.07 for each 5.5483 Sabadell shares. Let me also remind you
that the offer is conditioned on achieving a minimum acceptance of more than 50% of voting rights. It’s very important. With the passage of time, and as our offer is based mainly on BBVA share price, which has improved since the disclosure of
the merger discussions, the value of our offer, as Carlos also mentioned, has significantly increased. In fact, since the end of April 29, 2024, the day of the undisturbed price, the value of the offer has increased by 43% from
EUR12.2 billion to EUR17.4 billion.

On Page 15, you can compare this with the historical value of Sabadell. You can see
the historical evolution of Sabadell market cap since 2015 on this page. And as you can see, in the last two columns on the right, representing the value of our offer on 29 April 2024, and at the closing price of yesterday, we are now offering
the highest valuation for Sabadell in more than a decade. This extraordinary value offered to Banco Sabadell shareholders goes back to the positive evolution of BBVA share price, together with the extraordinary premium we have offered to Banco
Sabadell shareholders.

Again, on Page 16, you see that premium extended for Banco Sabadell shareholders significantly exceeds
those observed in comparable recent tender offers within the European banking sector. This is evidenced by a 30% premium relative to the undisturbed price and a 42% premium when measured against the average closing price of the month preceding April
29. The recent banking tender offers highlighted here, and as all of you know, some of them are already finalized with success. They all happened with much lower premiums.

Moving to Page 17. As also Carlos mentioned at the beginning, we believe the opportunity for Banco Sabadell shareholders is now. By
accepting this offer, Banco Sabadell shareholders will be tendering their shares at extraordinarily high price levels, and as you can see in the page as well, with an acceleration of price increases, especially in