Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 167

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 167
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 to BBVA’s investment in Banco Sabadell up to the relevant threshold (beyond this threshold, such investment would be
deducted directly from the capital base, potentially leading to a negative impact of up to 5 basis points on the CET1 ratio of BBVA as of June 30, 2025 if the full investment were deducted directly instead of applying a 250% risk weight). In
this no-control scenario, BBVA estimates that the consummation of the TSB Sale and payment of the TSB Sale Dividend following completion of the exchange offer would have a cumulative positive impact of 37
basis points on the BBVA Group’s CET1 ratio as of June 30, 2025, though if BBVA’s investment in Banco Sabadell were to exceed the relevant threshold and accordingly be deducted directly from the capital base, the positive impact
could decrease to 16 basis points if the full investment were deducted directly instead of applying a 250% risk weight.

If the BBVA
Group’s CET1 ratio were impacted as described above, the BBVA Group’s CET1 ratio would continue to be above mandatory regulatory requirements, and BBVA believes that it would continue to be well capitalized.

128

The estimated impacts above take into account the impact of the BBVA Share Buy-Back Program, given that the €993 million maximum aggregate amount of the BBVA Share Buy-Back Program is already considered for purposes of calculating the CET1 ratio of the BBVA Group as of June 30, 2025, even though such buy-back program is pending execution as of the date of this offer to exchange/prospectus. The above estimated impacts on the CET1 ratio of the BBVA Group as of June 30, 2025 may be adversely affected as a result of a Mandatory Tender Offer, with the extent of such variation principally a function of the number of Banco Sabadell shares acquired pursuant to such Mandatory Tender Offer, the consideration offered (in cash or in cash and BBVA shares, as applicable) and the resulting calculation of minority interests. Acquisition of control of Banco Sabadell If the Minimum Acceptance Condition is satisfied and the exchange offer is completed, BBVA will control Banco Sabadell immediately following completion of the exchange offer. However, if the Minimum Acceptance Condition were waived and the exchange offer were completed, whether BBVA controls Banco Sabadell following completion of the exchange offer would depend on the number of Banco Sabadell shares tendered and not withdrawn in the exchange