Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 113

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 113
---
 of the exchange offer will depend on the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer and other facts and circumstances existing at such time. The 30% Acceptance Scenario with control of Banco Sabadell discussed below is an illustrative example of how the financial position and results of operations of Banco Sabadell would be consolidated if BBVA were to acquire less than 50% of the voting rights in the share capital of Banco Sabadell upon completion of the exchange offer but ultimately conclude that it has control of Banco Sabadell. 70

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential. Impacts of a 30% Acceptance Scenario on the unaudited condensed consolidated pro forma balance sheet of the BBVA Group as of June 30, 2025 If in a 30% Acceptance Scenario BBVA were to conclude that it has control of Banco Sabadell and therefore consolidated the financial position of Banco Sabadell, the most relevant differences between the Full Acquisition Scenario and the 50% Acceptance Scenario, on the one hand, and the 30% Acceptance Scenario, on the other, would be seen in the assets of the combined entity—principally in adjustments to “Cash, cash balances in central banks and other demand deposits” for exchange offer cash consideration and the recognition of goodwill (in an amount of €124 million)—and in the total equity of the combined entity—in particular in the accounting for minority interests, given the lower percentage interest of BBVA in Banco Sabadell. If in a 30% Acceptance Scenario BBVA were to conclude instead that it does not have control of Banco Sabadell and therefore used the equity method of accounting, BBVA’s interest in Banco Sabadell would be shown as an asset in the consolidated balance sheet under “Joint ventures and associates”. The table below presents the combined unaudited condensed consolidated pro forma balance sheet of the BBVA Group as of June 30, 2025, as if the exchange offer had been completed as of such date and assuming completion of the exchange offer under the 30% Acceptance Scenario, assuming alternatively (i) that BBVA obtains control of Banco Sabadell upon completion of the exchange offer and (ii) that BBVA does not obtain control of Banco Sabadell upon completion of the exchange offer