Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 21

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 21
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. With regards to the price purchase allocation, the first, as you well remember, Britta, we mentioned when we announced
the deal that we were estimating around EUR2 billion of PPAs. Now, basically, there have been three changes that we’ve incorporated in our numbers today. One is the updated prices that we have and the updated public information.
Obviously, there has been now information that needs to be updated on the prices of Level I assets in terms of what Sabadell is disclosing in their figures, so that has been obviously taken into account. And there are another two things that
we’ve taken into account. The rest, by the way, remains more or less the same. One has to do with the intangibles, right?

So
at the time, we were considering a fairly quick merger, and we were, within the PPA, of writing down the software intangibles of the platform of technology of Sabadell. That number now has not been written down, so we have basically adjusted that
EUR2 billion number for the intangibles coming from the software that we had written down initially, and now we’re not writing down because, obviously, we still need we still need that technology going forward. So that’s one
relevant impact. I would say that’s the most relevant impact. And the second impact has to do with tax impacts because then, again, at the time we had an assumption that it was going to be a very quick merger, and we wouldn’t be able to
incorporate the tax losses coming from Sabadell, and now that’s not the case. So net-net, what we are looking now is an impact on the PPA that’s been incorporated in the capital numbers that moves
from EUR2 billion to approximately EUR800 million.

Now, having said that, I would just like to highlight as well the
same things that we said at the time. First of all, this is a simplified PPA exercise. It has obviously our assumptions. We don’t have the public information. We don’t have bad public information. So, again, when we do the deal,
we’ll have the access and we’ll do a proper full PPA. And then the second thing is that even then, we will still have a year, according to the NIF3, to be able to adjust that PPA if, during that period, we need to. So, again,
EUR2 billion coming down to EUR800 million primarily because of updates and