Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 229

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 229
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adell.

Plans Regarding Expected Variations in Banco Sabadell’s Net Financial Debt

BBVA intends to promote the renewal of Banco Sabadell’s wholesale funding instruments on terms it expects to be better than the existing
ones as a result of the differences in the spreads for new issuances and maturities of various wholesale debt instruments of BBVA and the financing conditions of Banco Sabadell’s issuances. Additionally, following completion of the exchange
offer, BBVA intends to review and analyze Banco Sabadell’s financing structure to promote the implementation of, to the extent applicable, additional optimization measures once Banco Sabadell becomes part of the BBVA Group aimed at the
maximization of value of Banco Sabadell. Apart from the foregoing, BBVA does not have any plans regarding Banco Sabadell’s net debt position.

BBVA does not expect the foregoing plans to be affected by the CNMC Commitments or the Council of Ministers’ Authorization.

Plans Regarding the Issuance of Securities of Any Kind by Banco Sabadell and the Banco Sabadell Group

Except for transactions related to ordinary regulatory capital and liquidity management of a banking entity and its regulated subsidiaries in
the ordinary course of business, BBVA does not plan to promote the issuance of new securities by Banco Sabadell and the Banco Sabadell Group.

Planned Corporate Restructuring Transactions of Any Kind

Following completion of the exchange offer, BBVA intends to carry out a detailed review of the corporate structure of Banco Sabadell and its
affiliates in order to analyze the merits of carrying out a restructuring to simplify and optimize it, subject to compliance with the Autonomy Condition.

Following the No-merger Period, subject to market conditions or other circumstances making it impractical, inadvisable or impossible to carry
out such merger process, BBVA intends to promote a merger by absorption of Banco Sabadell by BBVA. Such market conditions or other circumstances may include, for example, changes in any relevant laws or regulations that could impact the merger, a
significant deterioration in market or economic conditions, the evolution of Banco Sabadell’s business or the identification of any contingencies or operating or other matters relating to Banco Sabadell that are not disclosed in
publicly-available information relating to Banco Sabadell that become known to BBVA following acquisition of control of Banco Sabadell. See “Risk Factors—Risk Relating to the Exchange Offer—Since BBVA did not have access to
non-public information regarding Banco