Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 7

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 7
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 the very near past. And why is
that? We believe one of the core reasons for this near-term share price increase is that share prices of Sabadell are obviously affected by our offer. And you see a clear evidence of this on Page 18. On this page, we show how the correlation between
BBVA’s and Sabadell’s share price has increased significantly after the announcement of the deal 16 months ago.

With
those affected prices on Page 19, you can see that analysts, all of you, that you continue to forecast an upside for BBVA’s share price while the contrary is true for Sabadell. With respect to the median of all target prices recently updated
after the second quarter 2025 results presentations of each bank, by you, by all of you, the independent analyst community, the upside for BBVA’s share price is 8% above current levels. In contrast, for Sabadell, analysts’ main target
price for Sabadell stands below current pricing levels. This theme is also evidenced on Page 20 when we look into the market multiples, like PE, where we look into the price of the share as a multiple of its earnings, obviously. As you can see in
the chart, before the merger discussions were disclosed on April 29, 2024, BBVA traded at a premium versus European banks while Sabadell traded at a discount. However, since the disclosure of discussions on April 29, Sabadell is trading at
a premium versus main European banks, while BBVA is trading at a discount, implying in the same sense as in the previous page, upside potential for BBVA, also for Sabadell shareholders who obviously tender their shares, and downward correction
possibility for Sabadell share price. And these are just hypotheses. The market is the market, and there are complicated dynamics, as you all know, around the reading of the market figures. But we believe, in short, we have extended an unbeatable
offer to Sabadell shareholders, which further improved with the passage of time, into which positively supports Sabadell’s share price at the moment.

Moving to the important, very important page of 21, and the positive financial impact for both BBVA and Sabadell shareholders. As we
have said many times before, this combination is highly creative for both BBVA and Sabadell shareholders. It’s significant estimated EPS growth of post-

2025-09-05 mergers, 5