Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 98

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 98
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) | Total equity: |

As described in this offer to exchange/prospectus, an exchange ratio of one newly-issued BBVA share for each 5.5483 Banco Sabadell shares has been established for the exchange offer (adjusted, as the case may be, as described in this offer to exchange/prospectus). In the preparation of the pro forma financial information, the trading price of BBVA’s shares as of June 30, 2025 has been used as a main assumption in the determination of the cost of completing the exchange offer. See “—Impact of Other Potential Scenarios on the Pro Forma Financial Information—Sensitivity of Goodwill/(Negative Goodwill) to the Trading Price of the BBVA Shares” below. The number of BBVA shares to be issued in exchange for Banco Sabadell shares if the exchange offer were completed under the Full Acquisition Scenario and the 50% Acceptance Scenario, at the aforementioned exchange ratio, would be 905 million BBVA shares and 453 million BBVA shares, respectively, with a par value of €0.49 each. Based on this maximum number of BBVA shares to be issued in the capital increase, the trading price of BBVA shares as of June 30, 2025 and the exchange offer cash consideration, the estimated cost of completing the exchange offer under the Full Acquisition Scenario and the 50% Acceptance Scenario would amount to €12,454 million or €6,227 million, respectively. The actual cost will vary depending on the trading price of BBVA shares upon the settlement of the exchange offer. The pro forma adjustments included in the combined unaudited condensed consolidated pro forma balance sheet reflect a capital increase of €444 million and €222 million under the Full Acquisition Scenario and the 65

50% Acceptance Scenario, respectively, which amounts correspond to the par value of the new BBVA shares to be issued, and an increase in share premium in the amount of €11,377 million and €5,688 million, respectively, which represent the difference between such trading price and the par value of the BBVA shares to be issued. These adjustments have been recorded under shareholders’ funds (share capital and share premium) in the combined unaudited condensed consolidated pro forma balance sheet. In addition, the line item “Shareholders’ funds—reserves and other components of shareholders’ funds” is adjusted as follows:

|                                                                                                              |     | Full        
 Acquisition 
 Scenario    |         |   |     | 50%