Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 78

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 78
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 Dividend has an ex-dividend date occurring prior to the date of publication of the results of the exchange offer in the Official Quotation Bulletins. Given that, according to the TSB Sale Inside
Information Notice, the closing of the TSB Sale is expected to occur in the first quarter of 2026 (therefore, after the expected end of the acceptance period) and the payment of the TSB Sale Dividend is conditional upon closing of the TSB Sale, the
exchange ratio is not expected to be adjusted as a result of the payment of the TSB Sale Dividend.

If the exchange offer is completed and
the TSB Sale is consummated, TSB will, following consummation of the TSB Sale, no longer be part of the BBVA Group, and tendering holders of Banco Sabadell shares who become shareholders of BBVA pursuant to the exchange offer will no longer hold an
indirect ownership interest in TSB.

The capital, leverage, liquidity, MREL and resolution profile of the group may be adversely affected if the exchange offer is completed.

Completion of the exchange offer may adversely affect the CET1 ratio, leverage, liquidity, MREL (as
defined herein) or resolution profile of the BBVA Group. The estimated impact of the exchange offer on BBVA’s CET1 ratio, leverage, liquidity, MREL or resolution profile has been prepared by BBVA based on a number of assumptions and on
publicly-available information relating to Banco Sabadell. See “—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”. As a result, the actual CET1 ratio, leverage, liquidity, MREL or resolution profile of the BBVA Group following completion of the exchange offer may be different from BBVA’s
estimates.

51

Completion of the exchange offer may also increase the actual or perceived systemic
importance of BBVA within the Spanish financial system or give rise to the need for BBVA or Banco Sabadell to issue additional regulatory capital instruments. If the relevant regulators were to impose additional capital, leverage, liquidity, MREL or
resolution requirements on the BBVA Group following completion