Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-197292
Chunk: 15

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 15
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 the end of July. Again, if the deal happens, great for both shareholders, wonderful. If it doesn’t happen, we have a job to deliver, to deliver
those EUR12 billion that we committed to the market. So as we say in Spanish, (Foreign Language) if it doesn’t happen. If it doesn’t happen, we move on.

A - Patricia Bueno Olalla

Thank you very much, Cecilia. Next question, please.

Operator

Our next question comes from Carlos Peixoto from CaixaBank. Your line is open. Please go ahead.

Q - Carlos Joaquim Peixoto

Yes, hi. Thanks for taking my questions, Carlos Peixoto from CaixaBank here. My question would actually be on what were the reasons
behind the upgrades in synergies? Because I noticed that actually funding cost synergies are slightly down versus the initial announcement, but overall synergies are a bit higher. What were the main rationale behind that?

And the second part is basically, given the improvement in the overall expected synergies, what was behind your
decision not to share at least part of that improvement with Sabadell’s shareholders through an improvement in the offer? Was it just because the fact that the timeline for execution was delayed by a year? Just trying to understand that as
well. Thank you very much.

A - Carlos Torres Vila

Talk about the synergies?

A - Onur Genc

On the first one, Carlos, as we mentioned, there are two sides to the synergies. Let’s compare the original plan, initial plan,
and today. So the funding synergies used to be EUR100 million. Now they are EUR65 million. Why is the change? Because there have been some 16 months have passed since the initial offer. So in this period, there have been some refinancings.
So some of those securities have been refinanced already with a new price. And more importantly, the spreads between the rating of Sabadell and the rating of BBVA, the spreads have been narrowing down. Given its lower volume because of refinancings
and given the spread change, the EUR100 million has become now EUR65 million, looking again into the depreciation schedule of these securities. But we have increased the cost synergies, the cost savings, from 750 to 835. There are two sub-reasons for this. Number one, the base has changed. If you go back to the May 2024 presentation, as