Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 79

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 79
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adell, BBVA’s ability to accurately anticipate all losses, costs and other liabilities
that may be incurred in connection with the exchange offer is necessarily limited. Additionally, any errors or omissions in the information publicly available to BBVA relating to Banco Sabadell may have affected BBVA’s analysis, estimations and
determinations with respect to the exchange offer”.

The synergies that BBVA has estimated would be realized upon consummation of a
merger with Banco Sabadell (see “BBVA’s Reasons for the Proposed Exchange Offer—Estimated Synergies”) have been estimated without access to non-public information relating to Banco Sabadell and are based on the volume of
employees, offices, clients and transactions of Banco Sabadell but considering BBVA’s unit production costs, conditions with its strategic suppliers and process efficiencies. In estimating these synergies, BBVA has not relied on any other
methodology or taken into account any other information. BBVA has considered the estimated cost savings in light of cost savings achieved in comparable transactions and based on BBVA’s experience in prior transactions. However, the information
or methodology used by BBVA may not be correct and the circumstances applicable to the merger with Banco Sabadell may not be comparable to any of BBVA’s prior transactions, which may result in BBVA’s estimates being incorrect and in
BBVA’s inability to realize the synergies it expects to realize upon consummation of a merger with Banco Sabadell.

Since BBVA has
not had access to non-public information relating to Banco Sabadell, BBVA’s ability to accurately estimate these synergies is necessarily limited and the synergies and other savings finally realized, and the costs finally incurred to achieve
such synergies and other savings, following completion of the exchange offer and the timing in which they are realized or incurred, as applicable, may differ from BBVA’s estimates. Additionally, any error or omission on the publicly-available
information regarding Banco Sabadell may affect BBVA’s analysis and estimates.

Additionally, business combinations are inherently
complex due to the difficulties associated with the integration of activities and technology, and BBVA cannot give any assurance that it will be able to integrate

48

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.

such activities and technology successfully. BBVA’s results of operations may be adversely