Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 1

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 1
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 shareholders, has published the prospectus with all the details, and we wanted to update you immediately on the details, on the reinforced strategic rationale of the transaction. And the financial details underpinning our offer to the shareholders of Banco Sabadell, who now have a highly attractive offer and a unique opportunity in front of them. And I will, before turning it over to Onur for the full explanation, highlight our key messages today, which are summarized in Page 4. The transaction is very compelling for all stakeholders. First, the structure here rational that it had from inception has been reinforced since then, since the announcement in May of last year, the attractiveness of the Spanish market has continued to grow. The need in Europe to consolidate

2025-09-05 banks, the recognition of that need has also grown. It’s quite widespread. In order to support Europe’s investment efforts, which are needed to improve competitiveness. Also the investments in technology continue to grow, given the disruption, AI, et cetera. So together with the growth in digital and AI, we need to invest more in technology. This will not stop, but continue, and this highlights the need for scale to do this efficiently. Secondly, our track record and our prospects position us as a great partner for Banco Sabadell Vizcaya shareholders. We are leaders in both growth and profitability in Europe and our 2028 goals which we shared on July 31st, even stronger. Third, the synergies associated with the transaction are substantial, implying significant value creation for all shareholders, including, of course, Banco Sabadell shareholders who will accrue this value through their stake in the combined entity. And we have, you will see, upgraded annual synergies post-merger to EUR900 million. In fourth place, I would highlight that the offer itself is highly attractive for the shareholders of Sabadell. The premium at announcement, you might recall was already very significant, much higher than those of subsequent unsolicited tender offers we’ve seen in banking. And since then, the value of the offer has significantly increased since it was presented. So its current equivalent value represents the highest valuation for Sabadell in well more than a decade. Finally, as a consequence of all of the above, the financial impacts are very positive for the shareholders of both banks. ROIC return on invested capital above 20% with very limited capital consumption and more than 5% EPS accretion for the shareholders of BBVA and more than 25%