Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 10

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 10
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 great opportunity in that sense, but also the strategic rationale that we have gone through. I will only mention one simple thing. I mean, there are so many numbers around this and so on, but a very simple thing. We put it in the first few pages. BBVA spends EUR1.1 billion in technology every year in Spain, EUR1.1 billion. We don’t know exactly the number of Sabadell, but something similar given their size and so on. That EUR1.1 billion, is it large enough? The profit potential of Sabadell is EUR1.6 billion. The synergies that we are putting on the table is EUR900 million as compared to that EUR1.6 billion earnings capacity of Sabadell, quite large number. Why are we serving the same market with two different systems, two different brands and everything? There is a huge, huge synergy potential here, which we think can benefit both shareholders. And it is benefiting our shareholders, as we mentioned to you, in terms of the ROIC, and it is an amazing deal for the Sabadell shareholders. So why not do it now? That’s the whole rationale around this. We already have the deal up and running. It is a great offer with a lot of value creation potential. Let’s get it done. But in terms of timing, maybe Carlos, Paco is basically asking why are we doing it now rather than later? A - Carlos Torres Vila Well, I think you covered it very well. It is a very unique opportunity now with valuations at the highest level in well more than a decade, and two banks that are in their best moments, imagine what we can do together, no? So plus all the synergies that come. And it is, yeah, it is really an invitation to join a leading European banking project.

2025-09-05 A - Onur Genc Yes. Paco, I will ask the question back to you. If it is great for our shareholders, if it is great for Banco Sabadell shareholders, why not do it now? A - Patricia Bueno Olalla Thank you. Thank you very much, Paco. Next question, please.

| Operator |

Our next question comes from Antonio Reale from Bank of America. Your line is open. Please go ahead.

| Q - Antonio Reale                                                                                                                                                                                                                                         
 Hi, good morning. Thanks for the presentation. It’s                                                                                                                                                                                                       
 Antonio from Bank of America. I just have a quick