Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
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Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
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Filed by Banco Bilbao Vizcaya Argentaria, S.A. Pursuant to Rule 425 under the Securities Act of 1933 Subject Company: Banco de Sabadell, S.A. Commission File No.: 333-281111 Onur Genç – Barclays Annual Global Financials Conference in New York [Intranet filing, September 10, 2025] Audio 1

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Barclays:Everyone, good afternoon. It’s my pleasure to welcome Onur Genç, BBVA CEO. Good afternoon. Onur Genç:Good afternoon. Barclays:Thank you very much for taking the time. We’re delighted to host you today, so thanks very much. So, the agenda for today: we have about 25 minutes set aside to discuss the investment case. Afterwards, we will open the floor for a round of questions, and then we will end with an investor survey. You can use the devices you have in front of you to participate. So, welcome, welcome to participate. Um, so, if we start with the— I guess the elephant in the room— the tender offer for Banco Sabadell. Um, can you walk us through the updated deal scenario? And what do you see as the strongest case for Sabadell shareholders to accept the deal?

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Onur Genç:So what is our pitch to shareholders is what we are asking. Um... well, um, I mean, it’s going to be a repetition for the ones who have been listening to us for 16 months, because it has taken 16—16 months from the launch of the offer to today, where we opened the acceptation period yesterday, as you might know— the tender offer acceptation period. But a few bullet points for those— our shareholders: Number one, we do think it’s a very straightforward transaction because it’s an in-marketconsolidation play. In-marketconsolidation is ultra-relevant, in our view, in an industry where the costs are going up, in an area where it is mostly fixed costs, which is technology. We’ve mentioned it multiple times in the past. The cost of technology within the total BBVA— it used to be 21%, 20% five years ago. Today it’s 26%. It keeps going