Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-196725
Chunk: 10

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 10
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. (3) VWAP calculated as of Apr 29, 2024 (day before disclosure of merger discussions). p. 16 p. 16 (4) Includes public tender offers in the ﬁnancial sector over the last two years in Southern Europe: UCG-BAMI, IF-ILTY, BMPS-MB, BPE-BPSO and MB-BGN. Excluding BBVA’s offer for Banco Sabadell.

HIGHLY ATTRACTIVE OFFER 4 Sabadell Share Price Trading at Maximum Levels of More than a Decade Banco Sabadell Market Price Evolution (€ per share) 3 2 1 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sep’25 p. 17 p. 17 Source: Bloomberg, observed prices from Jan 2, 2015 to Sep 4, 2025.

HIGHLY ATTRACTIVE OFFER 4 High Correlation of Share Prices since the Deal Was Announced Correlation of BBVA and Banco Sabadell Share Prices Day before disclosure of the 1 merger discussions 0.89±0.07 21- session Average + Std. Dev. 0.61±0.14 0.5 21- session 0 May’23 29/04/24 Sep’25 p. 18 Source: Bloomberg as of Sep 4, 2025.

HIGHLY ATTRACTIVE OFFER 4 Analysts Forecast an Upside for BBVAʼs Share Price which is not the Case for Sabadell Shares Market Price vs. Target Price of Analysts % % -3 +8 valuation valuation 17.13€ 1 1 3.25€ gap 15.81€ gap 3.15€ 2 2 Current Price Target Price Current Price Target Price 18€ 4€ 14€ Target Target 3€ Current Current 10€ 2€ 6€ 1€ 2€ Aug’20 Aug’21 Aug’22 Aug’23 Aug’24 Sep’25 Aug’20 Aug’21 Aug’22 Aug’23 Aug’24 Sep’25 Source: Equity analyst’s target prices published on the website of respective banks (1) Valuation gap upside/downside calculated as the difference between the stock price as of Sep 4, 2025 vs. the median of analyst’s updated target prices