Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 218

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 218
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 omissions in the information publicly available to BBVA relating to Banco Sabadell may have affected BBVA’s analysis, estimations and determinations with
respect to the exchange offer”. The estimated impacts on the CET1 ratio of the consolidated group discussed below do not consider restructuring costs (given they would arise at the time of a subsequent merger) or synergies.

BBVA estimates that compliance with the CNMC Commitments and the Council of Ministers’ Authorization should not have a significant
impact on BBVA’s estimated CET1 ratio following completion of the exchange offer.

Full Acquisition Scenario

In the Full Acquisition Scenario, BBVA estimates a negative impact on the BBVA Group’s CET1 ratio of 34 basis points.

Such estimate reflects the net result of a combination of certain positive and negative impacts on the BBVA Group’s solvency.
Specifically, negative impacts include impacts of approximately 226 basis points from the consolidation of Banco Sabadell’s risk-weighted assets, 52 basis points from intangible assets, and 16 basis points from other prudential deductions.
Positive impacts would include a positive impact of 260 basis points, which results from the combination of goodwill or badwill and the capital increase (resulting from the exchange offer).

The estimated potential cost—based on publicly-available information—of terminating Banco Sabadell’s alliances discussed
under “—Plans for Banco Sabadell after the Exchange Offer—Strategic Plans and Intentions Regarding Future Activities and Location of the Banco Sabadell Group” is included within the goodwill or badwill impacts mentioned
above.

As a result, the estimated CET1 ratio of the BBVA Group as of June 30, 2025, in the Full Acquisition Scenario, would have been
13.00%, although the actual CET1 ratio of the BBVA Group following completion of the exchange offer cannot be calculated before such completion.

155

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 positive impact on the BBVA Group’s CET1 ratio of 60 basis points in the Full Acquisition Scenario under the assumptions described above. As a result, the cumulative impact of the exchange offer on the BBVA Group’s CET1 ratio would be a positive impact of 26 basis points, resulting in an estimated CET1 ratio of the BBVA Group as of June 30, 2025, on a fully-loaded basis, under the assumptions described above, of 13.60%.