Company: BBVXF
Filing Date: 2025-09-29
Form Type: 425
Source: 0001193125-25-223004
Chunk: 2

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-29
Form: 425
Chunk 2
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 wait months to accept an offer you can take up today?

And the same goes for tax treatment—there’s no advantage, quite the opposite. That hypothetical second takeover bid, being in cash, would
be subject to taxation. Shareholders in Spain would have to pay capital gains tax, as it would be a takeover bid in cash. So ultimately, it makes no sense to wait.

What makes sense is for interested shareholders—those who see the value in this integration—to tender their shares as soon as possible,
within the current timeline, which runs until October 10. There’s no time to lose. We invite them and our doors are open so they can do so easily and at no cost, at BBVA. And once again, I encourage them to do so without delay.

During this process, Sabadell assured its shareholders that, should it remain independent, it would distribute €2.5 billion in extraordinary dividends following the sale of its TSB unit. I don’t know if BBVA plans any measures or is considering how to counter the possibility of such an extraordinary distribution.

The first thing I’d say is that a dividend doesn’t in itself create value. It’s simply a distribution to the owners—the
shareholders—of something they already own. The value of the dividend is already reflected in the share price. It’s also factored into the offer we’ve made to Banco Sabadell shareholders.

What happens when a dividend is paid is that the market adjusts the price downward. In other words, the dividend is already priced in; when it is paid
out, the share price drops by the amount of the dividend, because what’s being distributed is something that was already yours. That’s not what really matters. What truly matters is the ability to generate dividends in the future, not
the distribution of those already generated.

And here, I’ll repeat what I’ve already said: the integration enables us to create value
together and, given how attractive the exchange ratio is for Banco Sabadell shareholders, the outlook is for an earnings per share ratio that is more than 41 percent higher than what Sabadell shareholders would have on a standalone basis.

From my side, I don’t know if you’d like to share a final message for Sabadell’s shareholders. What would you say to them?

I would. My message to Sabadell’s shareholders is that the offer on the table is exceptional, both on its own terms and by virtue of the
wider enterprise they would be joining: a