Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 155

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 155
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 with suppliers that may be renegotiated for better terms in light of the improved negotiating leverage of the consolidated group; the level of productivity improvements derivable from the implementation of identified best practices; and BBVA’s ability to identify and apply best practices across the broader group once it obtains control of Banco Sabadell. These assumptions are based on BBVA’s experience in prior transactions. However, the information used by BBVA may not be correct and the circumstances applicable to the exchange offer may not be comparable to any of BBVA’s prior transactions, which may result in BBVA failing to achieve the synergies described above or incurring additional costs. See “Risk Factors—Risks Related to the Exchange Offer—BBVA may fail to fully realize the expected benefits and synergies of completing the exchange offer”. BBVA estimates that obtaining these operating cost synergies will not require incurring significant restructuring costs. With the main aim of expediting the realization of the synergies expected to be realized upon consummation of a merger with Banco Sabadell following the No-merger Period, BBVA has estimated, based on its experience in prior transactions, that it will be necessary to incur restructuring costs (which will affect only the results of 118

operations of BBVA) of approximately €60 million in the aggregate before taxes, regardless of whether the No-merger Period lasts for three years or remains in effect after June 24, 2028 for
an additional two-year period). Such restructuring costs would primarily include investments in 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 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