Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-196725
Chunk: 4

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 4
---
 differ materially from those expressed or implied by forward-looking statements. See “Risk Factors” in the offer to exchange/prospectus. The factors mentioned in the preceding paragraph could cause actual future results to differ substantially from those set forth in the expectations, outlook, goals, targets or other forward-looking statements included in this presentation or in other past or future documents published by BBVA. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Past performance or growth rates are not indicative of future performance, results or share price (including earnings per share). Nothing in this presentation should be construed as a forecast of results or future earnings. BBVA does not intend, and undertakes no obligation, to update or revise the contents of this presentation or any other document if there are any changes in the information contained therein, including the forward-looking statements contained in any such document, as a result of events or circumstances after the date of such document or otherwise except as required by applicable law. p. 3 p. 3

OFFER TO BANCO SABADELL SHAREHOLDERS Compelling Transaction for All Stakeholders 1 Reinforced Strategic Rationale 2 BBVA, a Great Partner for Banco Sabadell Shareholders 3 Signiﬁcant Value Creation through Synergies 4 Highly Attractive Oﬀer 5 Positive Financial Impacts for the Shareholders of Both Banks 6 Process & Next Steps p. 4 p. 4

REINFORCED STRATEGIC RATIONALE 1 Strategic Rationale Even More Convincing since the Announcement (1/2) Original Transaction Update on Drivers Drivers ‘Europe needs [...] massive investment if it wants to keep pace economically’ Mario Draghi Consolidation in a core ● Reignited European focus European market ‘We need large and diversiﬁed banks […]. We on increasing investment and need them to compete at global level’ spending María Luís Albuquerque, European Union Commissioner ● Recognition of the need for Only 1 eurozone Bank within the larger banks at the European Top 20 World's largest banks level Technology expenses BBVA Spain Larger size to undertake ● Acceleration of technological (€ Mn) technological investments disruption (AI) % +11 achieving economies of scale ● New regulatory requirements 1,127 1,017 on technological resilience (e.g. DORA) 2023 2024 p. 5 p. 5

REINFORCED STRATEGIC RATIONALE 1 Strategic Rationale Even More Convinc