Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 8

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 8
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% for BBVA shareholders, and 25% for Sabadell shareholders. If Sabadell shareholders tender their shares, their future earnings capacity, which then drives the intrinsic value of their shares, will be 25% higher. On Page 22, coming to the end, there is a limited capital impact of the transaction with minus 34 basis points impact in CET1 ratio at closing, and a positive 26 basis points impact after the TSB sale and the TSB extraordinary dividend payment, assuming, obviously, a 100% take-up.All included, the return on the investment resulting from the transaction is about 20% for BBVA shareholders. And consistent, obviously, with our messaging all along, this deal compares favorably against the return of a share buyback aligned with our discipline around capital allocation. And finally, on Slide 23, the last page of the presentation, we have included a summary of the expected timeline of the offer based on the previous transactions. In the prospectus of the offer, you can find the maximum legally mandated dates, but our estimate is for the acceptance period, again, to begin next Monday, it’s a duration of 30 days, the publication of the result of the offer to happen on October 14, followed by the settlement of the offer on October 17 or October 20. Now, without further delay, we can move to the Q&A. Patricia.

| Patricia Bueno Olalla |

Yes, thank you very much, Carlos, and Onur. We are ready now to start the Q&A. So operator, please, the first question. Operator? Hello? Questions And Answers

| Operator |

(Question And Answer) Sorry, guys. Yeah. (Operator Instructions) Our first question comes from Maksym Mishyn from JB Capital. Your line is open. Please go ahead.

| Q - Maksym Mishyn                                                                                                                                       
 Hello, good morning. Thank you very much for the presentation and for taking our questions. So one question for me. What was the                        
 reason for asking SEC to unify the rules with Spain? And have you reconsidered your intentions regarding reaching at least 50% or 1% stake in Sabadell? 
 And as a follow-up here, theoretically, could you settle with a stake below 30% or are                                                                  
 there any legal impediments to this? Thank you.                                                                                                         |

A - Carlos Torres Vila Thank you, Maksym. There is really no change versus what the Spanish law establishes,