Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-196725
Chunk: 11

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 11
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 post 2Q’25 results. (2) Target prices (€/share) BBVA: Alantra 16.0; Autonomous 16.8; Bankinter 17.45; Barclays 18.0; Bestinver 17.9; Deutsche Bank 15.9; Exane BNP 13.8; GVC p. 19 Gaesco 18.0; Intesa Sanpaolo 15.1; JB Capital 16.5; Jefferies 17.7; KBW 17.95; Oddo 16.0; RBC 17.5. Target prices (€/share) Banco Sabadell: Autonomous 2.71; Barclays 3.2; RBC 3.05; KBW 3.57; JB Capital 4.0; Exane BNP 3.1.

HIGHLY ATTRACTIVE OFFER 4 BBVA Current Multiple Implies Upside Potential 1 P/E+2y Premium Evolution BEFORE and AFTER the Day Before Disclosure of Merger Discussions 5 Apr 29, 2024 3 +2.7% 4 +1.4% 3 -4.1% 4 -8.3% 2 2 BBVA vs. European Peers Banco Sabadell vs. European Peers (1) Based on FactSet consensus. (2) European Peers include: ABN, BARC, BKT, BNPP, BPER, BPM, CABK, CASA, CBK, DB, ERSTE, HSBC, ING, ISP, KBC, LBG, MB.MI, NDA, RBI, SAN, SG, SEB, STAN, SWEAB, UGC. p. 20 p. 20 (3) Average Jan 1, 2023 - Apr 29, 2024. (4) Average Apr 29, 2024 - Sep 04, 2025. (5) Apr 29, 2024, day before merger discussions were disclosed.

POSITIVE FINANCIAL IMPACTS 5 Attractive Accretion for Both BBVA and Banco Sabadell Shareholders BBVA shareholders Sabadell shareholders 1 EPS Accretion % % +5 +25 Post Merger (1) EPS: Earnings per share. Estimated based on fully phased-in post-tax synergies, a net income of 1.6 €Bn