Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
Chunk: 2

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 2
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 13%. So when others are offering 13%, 14% premium, after rounds of increase of the price, upfront we offered 42% premium— unforeseen in these type of transactions. So for the Sabadell shareholders: a lot of synergies, which is then reflected into a very high premium. And as a result of this premium, our EPS— earnings per share— upgrade that we are estimating for a Sabadell shareholder, the solitario and solo versus as part of BBVA, it’s 25% EPS upgrade. So, it’s a great deal. It’s a great deal. And, as we’ve said many times before, it’s a straightforward transaction, a lot of value. We do think it has to happen. It should happen. But if it doesn’t happen, fine also. We also announced at the end of July our standalone plan: €36 billion excess capital return in the next four years to our shareholders. Amazing plan, in our view. If this deal happens, fine, because it makes sense. But if it doesn’t happen, you have a plan to deliver. We are very excited about that standalone plan ourselves as well. If it doesn’t happen at these terms, we are very happy to move away and go into our own standalone plan and execute on that plan. I hope it was clear.

| [00:05:54 |     | - |     | 00:06:23] |

Barclays:Yeah, it was very clear. Thank you. Um, if we move on to capital, which I guess is another key pillar of your story, um, you’re running at a 13.3% CET1 ratio, and you’re guiding, as you just said, the €36 billion available for distribution between 2025 to 2028. That’s a lot of money on a standalone basis. How do you think about employing that capital— between ordinary dividends, buyback, loan growth, and potential M&A?

| [00:06:25 |     | - |     | 00:10:11] |

Onur Genç:Again, we are very clear on this one also for a long time. But we have a few principles that we go really hard on. Number one: every organic growth opportunity has to deliver above cost of equity through the cycle in the long term. And we have established, in my view, a very good system. I mean, we spent a lot of energy on this as