Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 18

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 18
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 plan, given the fact that we have three years to prepare for that IT integration merger especially,
immediately after the legal merger, we would be able to execute those merger plans that we were discussing even in the original plan, especially around technology. And in the immediate year after the legal merger, which is 2029, we will be getting
the EUR900 million. And that EUR900 million, you’re asking for the breakdown is the EUR65 million is the funding synergies, EUR835 million is the cost synergies. This EUR835 million and EUR65 million, you would
see in the previous years to the legal merger,

2025-09-05

again, it’s on Page 20, EUR235 million of the EUR900 million,
EUR900 million is the total figure, but EUR235 million of the EUR900 million can still be in our view realized even before the legal merger in year number three. That’s the detail, which is again explained on Page 20. I hope
it’s clear.

Q - Hugo Cruz

Sorry, if I can. So, but for example, the staff costs, the EUR325 million, I mean, can you basically cut them
all in one go after the legal merger?

A - Onur Genc

Yeah, exactly. That’s the plan. One year after the legal merger, one year throughout the one year after the legal merger in 2029,
we believe we can get that EUR900 million, EUR825 million is the cost synergies. Within that EUR325 million, as you said, is the personnel savings, which we believe we can be able to get because we will be preparing for that program,
for that restructuring three years before we execute it.

A - Carlos Torres Vila

Yeah, I think the key element is the prep that happens in the years leading up to that point. So then execution can be right after the
merger.

A - Patricia Bueno Olalla

Thank you very much, Hugo. Next question, please.

Operator

Our next question comes from Ignacio Ulargui from BNP Paribas. Your line is open. Please go ahead.

Q - Ignacio Ulargui

Thanks very much. This is Ignacio Ulargui from BNP Exane. Yes, I have just one question. In your EPS calculation for
‘29, have you considered any impact from unwinding of the existing Sabadell JVs? And I assume that that will only take place when the merger