Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 213

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 213
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30, 2025 assuming                             
 consummation of the TSB Sale and payment of the TSB Sale Dividend                               |     |         | 13.60 | % |
| Cumulative impact after giving effect to the exchange offer assuming consummation of the        
 TSB Sale and payment of the TSB Sale Dividend                                                   |     |         |   +26 |   |

The estimated impacts above take into account the impact of the BBVA Share Buy-Back Program, given that the €993 million maximum aggregate amount of the BBVA Share Buy-Back Program is already considered for purposes of calculating the CET1 ratio of the BBVA Group as of June 30, 2025, even though such buy-back program is pending execution as of the date of this offer to exchange/prospectus. 50% Acceptance Scenario In the 50% Acceptance Scenario, BBVA estimates a negative impact on the BBVA Group’s CET1 ratio of 49 basis points. Such estimate reflects the net result of a combination of certain positive and negative impacts on the BBVA Group’s solvency. Specifically, negative impacts include impacts of approximately 226 basis points from the consolidation of Banco Sabadell’s risk-weighted assets, 39 basis points from intangible assets, and 19 basis points from other prudential deductions. Positive impacts include a positive impact of 130 basis points resulting from goodwill or badwill and the capital increase (resulting from the exchange offer) and 106 basis points from minority interests. The estimated potential cost—based on publicly-available information—of terminating Banco Sabadell’s alliances and other commercial agreements discussed under “—Plans for Banco Sabadell after the Exchange Offer—Strategic Plans and Intentions Regarding Future Activities and Location of the Banco Sabadell Group” is included within the goodwill or badwill impacts mentioned above. As a result of the foregoing, the estimated CET1 ratio of the BBVA Group as of June 30, 2025, in the 50% Acceptance Scenario, would have been 12.85%. 156

BBVA estimates that the consummation of the TSB Sale and payment of the TSB Sale Dividend following completion of the exchange offer would have a positive impact on the BBVA Group’s CET1 ratio of 37 basis points in the 50% Acceptance Scenario under the assumptions described above. As a result, the cumulative impact of the exchange offer on the BBVA Group’s CET1 ratio would be a negative impact