Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 101

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 101
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 instruments that mostly correspond to level 1 in the fair value hierarchy, to the extent their fair value is directly observable in the market. Therefore, the adjustment made in the table above is based on the fair value broken down in the condensed consolidated interim financial statements of Banco Sabadell as of and for the six months ended June 30, 2025. The adjustment corresponding to debt issuances in the event of completion of the exchange offer under any of the Full Acquisition Scenario or the 50% Acceptance Scenario amounts to €421 million. The fair value of these liabilities could fluctuate depending on the evolution of interest rates, the credit risk premium and any changes to the maturity of the instruments. Accordingly, the related adjustment ultimately made upon completion of the exchange offer could vary significantly.

| (d) | Contingencies (included under “Other liabilities”) |

The maximum amount of contingencies related to mortgage floor clauses, not covered by provisions, has been estimated at €19 million, as detailed in the consolidated financial statements of Banco Sabadell as of and for the year ended December 31, 2024. 67

Combined Unaudited Condensed Consolidated Pro Forma Income Statement for the six months ended June 30, 2025 The table below presents the combined unaudited condensed consolidated pro forma income statement of the BBVA Group for the six months ended June 30, 2025, as if the exchange offer had been completed as of January 1, 2024 and assuming completion of the exchange offer under each of the Full Acquisition Scenario and the 50% Acceptance Scenario.

|                                                                                                     |     | A          |     BBVA 
      six 
   months 
    ended 
 June 30, 
     2025 |   |     | B |    Banco 
 Sabadell 
      six 
   months 
    ended 
 June 30, 
 2025 (*) |   |     | C (A+B) | Aggregated |   |     | D |   Pro forma 
 adjustments 
    assuming 
        Full 
 Acquisition 
    Scenario |   |     | E (C+D) |    Combined 
   pro forma 
      income 
   statement 
    assuming 
        Full 
 Acquisition 
    Scenario |   |     | F |   Pro forma 
 adjustments 
    assuming 
         50% 
  Acceptance 
    Scenario |   |     | G (C+F) |   Combined 
  pro forma 
     income 
  statement