Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 100

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 100
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 of contracts or the loss of customers due to redundancies or weakening of brand loyalty. Costs expected to be incurred in connection with the acquisition of control of Banco Sabadell will 
 be accounted for when incurred.                                                                                                                                                                                                                          |

| • |     | No transactions or balances have been identified between BBVA and Banco Sabadell that could have a significant      
 impact on the pro forma financial information, therefore no elimination or adjustment of such nature has been made. |

| • |     | The exchange offer has been treated as an acquisition, with BBVA as the accounting acquirer and Banco Sabadell as                                                                                                                                    
 the accounting acquiree. Therefore, the adjustments include the elimination of Banco Sabadell’s equity and the impact of the estimated value of the consideration that would be paid if the exchange offer were completed (i.e., the estimated value 
 of the capital increase).                                                                                                                                                                                                                            |

| • |     | BBVA has not made any adjustments related to differences in accounting policies between BBVA and Banco Sabadell                                                           
 given that BBVA has only used publicly-available information relating to Banco Sabadell and BBVA cannot adequately evaluate the adjustments that would need to be made to |

60

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.

| • |     | The exchange offer will generate certain legal, accounting and valuation costs and other professional fees, as                                                                                                                                   
 well as other costs for the registration and issuance of shares, which will be recorded in accordance with IFRS 3 “Business Combinations”, IFRS 9 “Financial Instruments” and IAS 32 “Financial Instruments: Presentation”.                      
 As of the date of the preparation of the pro forma financial information, the majority of these costs had not been incurred, and, given that these costs are not estimated to be significant, such costs have not been taken into account in the 
 preparation of the pro forma financial information.                                                                                                                                                                                              |

| • |     | The pro forma financial information does not reflect any adjustments that could arise as a result of the 
 consummation of the TSB Sale or the payment of the TSB Sale Dividend. See “The Exchange Offer—TSB Sale”. |

The unaudited pro forma adjustments included in the pro forma financial information, the value of the consideration that would be paid if the exchange offer were completed (i.e., the estimated value of