Company: BBVXF
Filing Date: 2025-09-08
Form Type: 425
Source: 0001193125-25-198316
Chunk: 15

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-08
Form: 425
Chunk 15
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 within six to eight months after the adoption of the corresponding decision by the competent corporate bodies of the companies. In accordance with the regulations currently in force, this merger would be subject to obtaining the authorization of the head of the Ministry of Economy, Trade and Business in accordance with the provisions of the twelfth additional provision of Ley 10/2014, de 26 de junio, de ordenación, supervisión y solvencia de entidades de crédito.

| 9.1.2. | Strategic justification of the Offer |

BBVA believes that the takeover of Banco Sabadell and its integration into the BBVA Group creates value for the shareholders of both entities, despite the fact that the Condition of the Council of Ministers will delay the materialization of the estimated synergies for the merger detailed in section IV.1.4 of the Prospectus. The strategic justification for the Offer is detailed in section IV.1.2 of the Prospectus.

| 9.1.3. | Impact of the transaction on the CET1 ratio |

The estimation of the impact of the transaction on BBVA Group’s CET1 ratio at the consolidated level in two scenarios: (i) acceptance of the Offer by 100% of Banco Sabadell’s shares; and (ii) acceptance of the Offer by 50.01% of the shares of Banco Sabadell, is described in section IV.1.3 of the Prospectus. In addition, a third scenario is presented in the event that, in accordance with what is stated in the section 7.3 of this announcement, BBVA waived the Minimum Acceptance Condition in accordance with Article 33.3 of Royal Decree 1066/2007 and acquired a 30% stake in Banco Sabadell as a result of the Offer.

| 9.1.4. | Estimation of synergies arising from the transaction |

9

This is an unofficial English translation for information purposes only of the offer announcement’s official version in Spanish. The National Securities Market Commission (Comisión Nacional del Mercado de Valores) did not review this version. In the event of any discrepancies between this document and the corresponding Spanish version, the Spanish version shall prevail. The Condition of the Council of Ministers means that, while it is in force, BBVA and Banco Sabadell must maintain separate legal personality and assets and autonomous management and decision-making. The aforementioned Condition of the Council of Ministers does not prevent BBVA from taking control of Banco Sabadell and its