Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 14

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 14
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 number one in Mexico, number two in Peru, number two in Turkey, number two in retail banking in Spain. Already that has led us to deliver the benefit of this diversification, because we have amazing banks wherever we are. So I don’t buy that argumentation at all, wherever it’s coming from. Again, not being confrontational. The cash dividend.TSB gives dividend. This is the one that I disagree with the most. Dividend is not value creation. It’s short term versus long term. If you get the dividend, what happens to your long-term cash flow? If you get the dividend now, if you sell TSB, you will have lower earnings in the future. You have to look into the full thing. You have to look into the intrinsic value.

And what we claim is — again, dividends is like money in the bank or money in your pocket, but it’s your money, it doesn’t matter, it’s your money. If you really want cash, because one of them is money in your pocket, you can tender, your intrinsic value goes up, and then you can go sell your shares and get as much cash as you want. Rather than waiting for six to nine months for TSB, you can do the deal, get the intrinsic value, and then sell your shares to get as much cash as you want. What matters is the intrinsic value. And on the intrinsic value, what is the value of your share? There is a 25% EPS upgrade for Sabadell shareholders. Even if you incorporate all the cash flows that you mentioned — TSB dividend and so on — it’s a very significant EPS upgrade. We encourage all the Sabadell shareholders to do their own numbers, por favor, their numbers. Because if they do the numbers, forget our numbers, forget their numbers, they should do their own numbers. In the context of these huge synergies, they would see that they would be getting a lot of value from the transaction.

| [00:34:12 |     | - |     | 00:34:48] |

BofA:We’ll have César later on stage as well. Of course, we’re very respectful of the process, but I’m going to ask you one more question and then we’ll open up for Q&A. Now, you’ve talked about the industrial rationale, but I think that is clear and not in question with respect to the transaction. But when we are assessing sort of the economics of the deal