Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 20

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 20
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. Thank you.

A - Carlos Torres Vila

Well, on the first one, Pablo, the custody and asset management, they are not JVs. They are distribution agreements that they have with
selected partners. That’s why for the real JVs, there is a company and there is a shared ownership of that company and so on, which is insurance and pension. On those, we included all the numbers up front, again, in the PPA and so on. Asset
management and custody, they are distribution agreements. That’s why they are not included, and there is no conflict between the perspectives and what we were saying before. The second question?

A - Maria Luisa Gomez Bravo

Yeah, with regards to restructuring costs, in the offer that we in the offer that we announced, there were like, as Onur said before,
around 16 basis points of impact from restructuring costs. If I were to calculate that number today, again, it’s not included in the capital impacts, but because it’s going to happen in ‘29 and the same way we’re not
including synergies in the capital impacts, what we would have is an impact of around 11 basis points. And why is that? Because, again, the bases are different and we have more capital now, so when you’re looking at the numbers, the numbers,
the restructuring costs are the same, but when you look at it from a capital sensitivity point of view, it’s a lower number just because the base is larger.

A - Patricia Bueno Olalla

Thank you very much, Pablo. Next question, please.

Operator

2025-09-05

(Operator Instructions) Our next question is a
follow-up question from Britta Schmidt from Autonomous Research. Your line is open. Please go ahead. Britta, your line is open. Please go ahead.

Q - Britta Schmidt

Sorry, there we are. Thanks for taking my follow-up. Just on the fair value
adjustment, could you just help us with the EUR1 billion number that you’ve used for your calculations? And then a brief follow-up on the synergies. Have you reflected anything for the Spanish
banking tax or how have you reflected it? And what would you expect if it still applied, the impact to be in a pre- versus post-merger scenario? Thank you.

A - Carlos Torres Vila

You want to take the PPA?

A - Maria Luisa Gomez Bravo

Okay, yeah, sure