Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 4

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 4
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 on one axis and in-profitability on the other, BBVA has a unique profile among the top European banks. This means that Sabadell shareholders who join
this project (Technical Difficulty) if not the best banks in the countries where we operate, whatever time frame that you pick, 15 years, 10 years, or five years, BBVA has delivered much better value to its shareholders, and we are convinced that we
will continue to do so.

And as a result of these facts, on Page 10, BBVA’s unique profile and the delivery, we have been recognized by the market, implying
an exceptional return to our shareholders as compared to competition. It’s a simple chart, but EUR100 invested in BBVA shares at the beginning of 2019 is worth EUR497 as of yesterday, a 397% depreciation. This 397% depreciation compares to
341% in the case of Sabadell or around 200% for European banks or for Spanish banks.

And on Page 11, as we recently showed to you in our second quarter results
presentation, we claim that the exceptional track record of BBVA is here to stay with the announced goals of 2025

2025-09-05

to 2028. For example, we have put forward a goal, I don’t want to go through all of them
because we have just recently revised it with you, but we have put forward a goal of 22% for our return on tangible equity, which will further enhance the leadership and the position of BBVA within the European banking sector. It is worth mentioning
here that after the transaction, the percentage-based goals here, the profitability, efficiency, tangible book value per share plus dividends growth, they will stay around these exceptional levels only at the larger and better scale.

Moving on to the third chapter on Page 12 and coming back to the transaction, and to the critical question of why we think there is a significant value allocation
potential in this transaction, obviously the important notion of synergies. After further review of the potential levers based on our previous experience, we now expect post-merger total pre-tax synergies of
EUR900 million per year, an increase of EUR50 million versus the original plan. These synergies, they are split between EUR65 million in funding synergies, slightly reduced versus the original plan due to the recent refinancings in
the commercial funding portfolio of Sabadell, and the changing spreads versus last year.

And an improved