Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 165

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 165
---
 technology aimed at facilitating the achievement of savings during the integration process of the two entities, once the merger with Banco Sabadell is consummated. Additionally, BBVA believes that once Banco Sabadell becomes part of the BBVA Group it would be able to realize financing cost savings of approximately €75 million annually before taxes in the third year following the acquisition of control of Banco Sabadell. These financing cost savings have been estimated by BBVA on the basis of the differences in the spreads for new issuances and maturities of various wholesale debt instruments of 118

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025.

This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all

information herein remains strictly confidential.

BBVA and the financing conditions of Banco Sabadell’s issuances as of December 31, 2024 (based on publicly-available information), and estimates prepared by BBVA’s financial advisors,
which synergies are expected to be realized in accordance with the expected maturities of existing issuances of Banco Sabadell and their renewal under BBVA’s financing conditions.

If the TSB Sale is consummated, BBVA estimates that the financing cost savings of approximately €75 million annually before taxes will
instead amount to approximately €60 million annually before taxes in the third year following the acquisition of control of Banco Sabadell while operating cost savings would remain unchanged.

As a result of the foregoing, BBVA estimates that by the third year following acquisition of control of Banco Sabadell the aggregate amount of
savings (including operational cost savings and financing cost savings) will reach approximately €250 million annually before taxes (€235 million annually before taxes if the TSB Sale is consummated).

The synergies described above do not reflect any positive revenue synergies (including, among others, cross-selling opportunities, or higher
productivity resulting from the sharing of best practices) or negative revenue synergies (including, among others, loss of business due to client overlap), as these have not been quantified by BBVA. Notwithstanding the foregoing, BBVA’s
experience in previous transactions suggests that positive revenue synergies would outweigh negative revenue synergies, especially considering that both entities would have to operate in an autonomous manner during the No-merger Period, which would
potentially mitigate significantly the risks associated with negative revenue synergies.

BBVA estimates that net positive revenue
synergies could start to be realized as soon as in