Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 150

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 150
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 of new technologies (particularly artificial intelligence, quantum computing, blockchain, and the tokenization of digital assets), through joint committees or cross-functional technical teams, without 
 compromising the autonomous management of each entity.                                                                                                                                                                                                  |

In addition, BBVA and Banco Sabadell are expected to be able to progressively align their organizational cultures, leadership styles and talent programs through shared training, development and succession planning initiatives, offering greater opportunities to their employees and reinforcing their commitment to the BBVA Group, within the framework of autonomous management and the maximization of the value of each entity. The principal assumptions BBVA has used in preparing these operational cost savings estimates include assumptions regarding the extent and quantum of contracts with suppliers that may be renegotiated for better terms in light of the improved negotiating leverage of the consolidated group; the level of productivity improvements derivable from the implementation of identified best practices; and BBVA’s ability to identify and apply best practices across the broader group once it obtains control of Banco Sabadell. These assumptions are based on BBVA’s experience in prior transactions. However, the information used by BBVA may not be correct and the circumstances applicable to the exchange offer may not be comparable to any of BBVA’s prior transactions, which may result in BBVA failing to achieve the synergies described above or incurring additional costs. See “Risk Factors—Risks Related to the Exchange Offer—BBVA may fail to fully realize the expected benefits and synergies of completing the exchange offer”. BBVA estimates that obtaining these operating cost synergies will not require incurring significant restructuring costs. With the main aim of expediting the realization of the synergies expected to be realized upon consummation of a merger with Banco Sabadell following the No-merger Period, BBVA has estimated, based on its experience in prior transactions, that it will be necessary to incur restructuring costs (which will affect only the results of 118

operations of BBVA) of approximately €60 million in the aggregate before taxes, regardless of whether the No-merger Period lasts for three years or remains in effect after June 24, 2028 for
an additional two-year period). Such restructuring costs would primarily include investments in technology aimed at facilitating the achievement of savings during the integration process of the two entities, once the merger with Banco Sabadell is
consummated.

Additionally, BBVA believes that once Banco Sabadell becomes part of the BBVA Group it would be able to realize financing
cost savings of approximately €75 million annually before taxes in the third