Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 19

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 19
---
 happens. So then we shouldn’t expect anything up until ‘29, is that correct? Thank you.

A - Carlos Torres Vila

On winding of the JVs and soldering the PPA, do you want to take it, Luisa?

A - Maria Luisa Gomez Bravo

Yes. Well, as you know, as part of the capital impact and the exercise that we’ll be carrying out, we haven’t changed the
assumptions that we had when we announced the tender offer. So, we are including already a fair value of the JVs, but also the breakup costs of deriving from the JVs. Again, with our estimates, with the view that we have, but obviously, once the
deal gets done, we will update everything in that sense. So, in summary, it has been incorporated in the numbers in terms of capital impacts and so forth.

A - Carlos Torres Vila

2025-09-05

There is a change of ownership clause that we expect to remain in some of those JV
agreements, Ignacio, especially in the pension and insurance one. So we upfront put those in the PPA, and we take them into account. But in the restructuring number of EUR1.4 billion in year 2029, we don’t foresee any other charge for JV
breakups or whatever. We will be looking into them throughout the process. But at the moment, we put an upfront capital charge to insurance and pension because they are JVs and there might be a change of ownership clause in those agreements. We
don’t know, but we want to be conservative. And for 2029 plus, we are not putting any new number on top.

A - Patricia Bueno Olalla

Thank you very much, Ignacio. Next question, please.

Operator

Our next question comes from Pablo de la Torre from RBC. Your line is open. Please go ahead.

Q - Pablo de la Torre

Thank you for taking my question. Just two follow-ups on Ignacio’s and
a previous question as well. On the JV, I think the Slide 22 mentions that the asset management and custody JVs are not included in the capital impact. But I think reading the perspectives, the text suggests that they are included in all the capital
impacts, so just clarifying this small point. And then if you could just, Luisa, repeat the capital impact of the restructuring cost to get the like-for-like view versus
the previous numbers