Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 99

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 99
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 the 50% Acceptance Scenario is 
 approximately 901 million BBVA shares and approximately 450 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 50%   
 Acceptance Scenario amounts to approximately €11,759 million and €5,879 million, respectively, using a trading price of €13.055 per BBVA share (which corresponds to the price per BBVA share as of June 30, 2025, and which                            
 corresponds to a trading price of €2.353 per Banco Sabadell share upon application of the exchange ratio of one newly-issued BBVA share for each 5.5483 Banco Sabadell shares). See “—Impact of Other Potential Scenarios on the Pro Forma              
 Financial Information—Sensitivity of Goodwill/(Negative Goodwill) to the Trading Price of the BBVA Shares” below.                                                                                                                                       |

| • |     | Additionally, the exchange offer cash consideration is considered part of the pro forma adjustments, that is                                                                                                                                   
 €630 million and €315 million in the event of completion of the exchange offer under the Full Acquisition Scenario and the 50% Acceptance Scenario, respectively (€0.70 for each 5.5483 shares of Banco Sabadell). For purposes of             
 preparing the pro forma financial information as of June 30, 2025, the estimated value of the capital increase in the event of completion of the exchange offer under the Full Acquisition Scenario and the 50% Acceptance Scenario amounts to 
 approximately €12,389 million and €6,195 million, respectively.                                                                                                                                                                                |

| • |     | On the other hand, the costs associated with the exchange offer or the cash payment corresponding to the 
 settlement of any fractional shares have not been considered, since they are not considered material.    |

| • |     | The pro forma financial information does not reflect any cost savings, financing synergies or restructuring costs                                                                                                                                        
 arising or resulting from the exchange offer that are expected to be realized in the future. Similarly, it does not reflect the possible impact of other adverse effects that could result from the exchange offer, including extraordinary taxes (for   
 example, levies against the banking sector), the termination