Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 93

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 93
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 business is subject to fluctuations in interest rates. |

| • |     | The Banco Sabadell Group is exposed to sovereign debt risk and losses in the market value of the positions held 
 in financial assets.                                                                                            |

| • |     | The Banco Sabadell Group’s business is dependent on its ability to process a large number of transactions                                                                                                                                                 
 efficiently and accurately, and is therefore exposed to a variety of operational risks including those resulting from process error, system failure, inadequate customer services or the failure of telecommunications or information technology systems. |

| • |     | The Banco Sabadell Group’s economic hedging may not prevent losses. |

| • |     | The Banco Sabadell Group faces increasing consolidation of the competition in its business lines. |

| • |     | The Banco Sabadell Group may generate less income from fee and other commission based transactions in the future. |

| • |     | The Banco Sabadell Group relies on third parties and affiliates for important products and services. |

| • |     | The Banco Sabadell Group is exposed to financial risks deriving from climate change. |

56

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025.

This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all

information herein remains strictly confidential.

UNAUDITED CONDENSED PRO FORMA FINANCIAL INFORMATION

The following pro forma financial information gives effect to completion of the exchange offer.

The pro forma financial information included herein is based on, and should be read in conjunction with, the historical financial statements
and related notes of BBVA and Banco Sabadell for the applicable periods included in, or incorporated by reference into, as applicable, this offer to exchange/prospectus. The pro forma financial information presented herein has not been audited and
is presented exclusively for illustrative purposes. Due to its nature, this information presents a hypothetical scenario and may not represent the actual financial position or results of the BBVA Group and/or the Banco Sabadell Group, and is not
necessarily indicative of what the financial situation or results of BBVA would have been under a combined scenario with the Banco Sabadell Group as of June 30, 2025 for purposes of the consolidated pro forma balance sheet, or for the six months
ended June 30, 2025 or the year ended December 31, 2024 for purposes of the pro forma income statements, nor is it intended to project the future financial