Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 9

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 9
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 really, in what the waiver represents. So the reason for the waiver requests to the SEC that you referred to, and there were several of them, that they seek to align for ease of operational purposes, for the tent to proceed smoothly. The calendars and things like that, which are different in the two legislations, there’s really nothing more than that. As it regards the percentage, it’s very clear that, as Onur mentioned, our offer is conditioned to reaching a 50% minimum acceptance level. And that condition is there for a reason, which is that we want to do this transaction to control the bank. And therefore, we do not intend to waive that minimum acceptance condition, which is compatible with the waiver seeking compatibility, sort of alignments -- sorry, between the timelines in Spain and in the U.S.

2025-09-05 A - Patricia Bueno Olalla Thank you very much, Maksym. Next question, please.

| Operator |

Our next question comes from Francisco Riquel from Alantra. Your line is open. Please go ahead.

| Q - Francisco Riquel                                                                                                                                                                                                                              
 Yes. So thank you for the presentation. My question is, why do you think the Sabadell opportunity needs to be captured now? I                                                                                                                     
 mean, in this context, I wonder what is the return on the invested capital of the transaction without synergies? And don’t you think it is better buying back your own shares and then launch the full bid for Sabadell whenever conditions allow 
 in three years or earlier? Don’t you think that BBVA should outperform Sabadell in the next few years, given your standalone strategic plan and the offer would be more favorable later down the road? Thank you.                                 |

A - Carlos Torres Vila Thank you. Thank you, Francisco. Onur, you want to answer this one? A - Onur Genc I mean, there are different pieces in it, but, Paco, in terms of how does this compare to share buyback, I mentioned it during the presentation as well. We, again, we repeat this quite often, but it is important to us as the management team, which is we compare capital as a scarce resource and everything that demands capital has to be ranked against each other. We compare this to a share buyback and what our numbers are telling us, as we also mentioned here, the marginal ROIC of more than 20% is better than a share buyback opportunity. So, it is a