Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 75

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 75
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adell may affect BBVA’s analysis and estimates.

Risks associated with BBVA’s merger with Banco Sabadell following the No-merger Period

Following the No-merger Period, BBVA intends to promote a merger by absorption of Banco Sabadell. Any such merger would need BBVA’s and
Banco Sabadell’s respective boards of directors to formulate a joint merger plan, which would need to be approved by BBVA’s and Banco Sabadell’s respective shareholders, and require the prior authorization of the Spanish Minister
of Economy, Trade and Business.

Given the significant period that will pass between completion of the exchange offer and the potential
consummation of such merger, BBVA’s plans with respect to the merger may change or there may be market conditions or other circumstances which may make it impractical, inadvisable or impossible to consummate the merger. Such market conditions
or other circumstances may include, for example, changes in any relevant laws or regulations that could impact the merger, a significant deterioration in market or economic conditions, the evolution of Banco Sabadell’s business or the
identification of any contingencies or operating or other matters relating to Banco Sabadell that are not disclosed in publicly-available information relating to Banco Sabadell that become known to BBVA following acquisition of control of 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”.

The synergies that BBVA has estimated would be realized upon
consummation of a merger with Banco Sabadell (see “BBVA’s Reasons for the Proposed Exchange Offer—Estimated Synergies”) have been estimated without access to non-public information relating to Banco Sabadell and are based on
the volume of employees, offices, clients and transactions of Banco Sabadell but considering BBVA’s unit production costs, conditions with its strategic suppliers and process efficiencies. In estimating these synergies, BBVA has not relied on
any other methodology or taken into account any other information. BBVA has considered the estimated cost savings in light of cost savings achieved in comparable transactions