Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 122

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 122
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, on a fully-loaded basis (if the exchange offer had been completed and assuming acceptance by holders of Banco Sabadell shares representing 100% of the share capital of Banco Sabadell and reflecting the impact of restructuring costs, which are subject to the approval of a restructuring plan), would have been 12.37%, although the actual CET1 capital ratio of the combined group cannot be calculated before completion of the exchange offer. These estimated impacts have been prepared by BBVA on the basis a series of hypotheses (including the payment of the dividends of €0.41 per BBVA share and €0.1244 per Banco Sabadell share announced by BBVA and Banco Sabadell and payable on April 10, 2025 and March 28, 2025, respectively, and the execution of BBVA’s share buy-back program for an aggregate amount of €993 million), and publicly-availableinformation relating to Banco Sabadell. See “Risk Factors—Risk Relating to the Exchange Offer—Since BBVA did not have access to non-public information regarding Banco Sabadell, BBVA’s ability to accurately anticipate all losses, costs and other liabilities that may be incurred in connection with the exchange offer is necessarily limited. Additionally, any errors or 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”. 94

Moreover, BBVA will maintain its current dividend policy, which involves distributing between 40% and 50% of its consolidated net attributable profit annually, combining cash dividends and buy-backs, and will remain committed to distributing capital in excess of what is required to maintain a 12% CET1 ratio (subject to any restrictions imposed by, and the approval of, relevant supervisory bodies and BBVA’s corporate bodies, as applicable).

| • |     | Cost synergies, which BBVA has projected at approximately €850 million per year before taxes for Spain 
 and Mexico, once they are fully realized. The main items included in these projections are:            |

| • |     | Estimated operating cost synergies of approximately €750 million upon full implementation,                                                                       
 corresponding to approximately €450 million in overhead cost savings (administration and technology) and approximately €300 million in personnel cost synergies. |

With respect to overhead cost savings, completion of the exchange offer will result in the integration of Banco Sabadell’s customers, operations and incremental activity under BBVA’s technological network, systems and