Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 78

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 78
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 the 
 preparation of the pro forma financial information.                                                     |

For the preparation of the pro forma financial information of the combined group, IFRS 3 “Business Combinations” has been considered. Additionally, in order to complete such valuation and adjust the impacts of the business combination in accordance with paragraphs 45 and B67 of such standard, the standard establishes the possibility of extending the valuation measurement period to one year from the date the transaction takes place. Assumptions and Estimates Used The pro forma financial information reflects completion of the exchange offer under each of the Full Acquisition Scenario (irrespective of whether or not the merger is consummated) and the Minimum Acceptance 51

Scenario (without the merger being consummated). The adjustments included in the pro forma financial information solely include those that are factually supportable on the basis of the information that is publicly available to BBVA. See “—Sources of Information” above. The main assumptions and estimates used in the preparation of the pro forma financial information are the following:

| • |     | The outstanding shares of Banco Sabadell subject to the exchange offer are those outstanding as of December 31,                 
 2024 (5,361,381,057 Banco Sabadell shares excluding 78,840,390 Banco Sabadell shares held in treasury as of December 31, 2024). |

| • |     | BBVA’s capital increase is carried out in the proportion of one newly-issued BBVA share for each 5.0196                                                                                                                                                  
 Banco Sabadell shares, without any further adjustment for any dividends paid. Therefore, the number of BBVA shares to be issued in the event of completion of the exchange offer under the Full Acquisition Scenario and the Minimum Acceptance Scenario 
 is approximately 1,068 million BBVA shares and approximately 534 million BBVA shares, respectively. The acquisition costs of the business combination will be determined on the basis of the trading price of the BBVA shares delivered to holders       
 of Banco Sabadell shares in accordance with the exchange ratio applicable upon completion of the exchange offer. The estimated value of such capital increase in the event of completion of the exchange offer under the Full Acquisition Scenario and   
 the Minimum Acceptance Scenario amounts to approximately €10,096 million and €5,048 million, respectively, using a trading price of €9.45 per BBVA share (which corresponds to the price per BBVA share as of December 31, 2024, and                     
 which corresponds to a trading price of