Company: BBVXF
Filing Date: 2025-09-29
Form Type: 425
Source: 0001193125-25-223004
Chunk: 1

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-29
Form: 425
Chunk 1
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 exceed 50 percent, so you do not contemplate the possibility of not reaching 30 percent in this first period?

Well, as I’ve said, we are absolutely convinced that we will exceed 50 percent in the
transaction and, therefore, we don’t see that as a possibility.

So the possibility of a second takeover bid is not on the table?

Thank you for the question, because a lot of things are being said that are causing confusion. The truth is that this supposed second bid is very
uncertain, because in the scenario where we exceed 50 percent, which we are absolutely convinced will occur, a second bid won’t happen.

But even if we only get somewhere between 30 percent and 50 percent, a second bid would depend entirely on BBVA’s willingness to waive
the minimum acceptance condition of 50 percent. It does not depend on anything else. As stated in the prospectus... In other words, we do have the legal ability to waive that condition. But, as the prospectus clearly states, we have no
intention of doing so.

So, in your opinion, for shareholders who are currently considering whether it’s better to accept the offer now or wait for the possibility of a second takeover bid, what would you say to them?

Again, a lot has been said about this, often adding to the confusion. The
bottom line is that shareholders should accept the offer now. There’s no reason to wait. And that’s because the hypothetical, uncertain possibility of a second takeover

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bid offers no appeal compared to the offer that is already on the table. There is an exceptionally good offer available today.

And it’s not attractive—not in terms of price, not in terms of timing, and not in terms of tax treatment. Starting with the price: the
hypothetical second takeover bid—which, I repeat, would only take place if BBVA decided to move forward and waive the condition—would be at the same price as the current offer, always, because it would reflect the cash equivalent of the
offer we’ve already made. And BBVA would never waive the condition and therefore would never proceed with that second bid unless the price remained the same. In short, there’s nothing to be gained by waiting.

In terms of timing, it wouldn’t be attractive either. A hypothetical second offer would take several months to become effective, because it would
require going through the entire process. In contrast, the current offer is available to be accepted now. So, why