Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 184

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 184
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 such closing date.                                                                                                                                                                |

| • |     | Closing of the TSB Sale is expected to occur in the first quarter of 2026. |

| • |     | The sale and purchase agreement for the TSB Sale provides for an allocation of risks and liabilities customary                                                                                                                       
 for transactions of this type, certain non-competition and non-solicitation covenants and the payment of a break-up fee to Banco Santander, S.A. if following the approval of the TSB Sale by Banco Sabadell’s extraordinary general 
 shareholders’ meeting, Banco Sabadell sells TSB to a third party for a price higher than the price agreed with Banco Santander, S.A.                                                                                                 |

On August 6, 2025, extraordinary general shareholders’ meetings of Banco Sabadell (i) authorized the TSB Sale and (ii) approved the payment of the TSB Sale Dividend, respectively. On August 11, 2025, BBVA publicly announced its decision not to withdraw the exchange offer as a result of the authorization of the TSB Sale and the approval of the payment of the TSB Sale Dividend by Banco Sabadell’s respective extraordinary general shareholders’ meetings. Accordingly, if all offer conditions are satisfied as of the end of the acceptance period, BBVA will be required to proceed with completion of the exchange offer despite the proposed TSB Sale. The exchange ratio for the exchange offer will be adjusted as a result of the payment of the TSB Sale Dividend only if the TSB Sale Dividend has an ex-dividenddate occurring prior to the date of publication of the results of the exchange offer in the Official Quotation Bulletins. Given that, according to the TSB Sale Inside Information Notice, the closing of the TSB Sale is expected to occur in the first quarter of 2026 (therefore, after the expected end of the acceptance period) and the payment of the TSB Sale Dividend is conditional upon closing of the TSB Sale, the exchange ratio is not expected to be adjusted as a result of the payment of the TSB Sale Dividend. 136

In this regard, following the corresponding analyses, BBVA considers that the potential consummation of the TSB Sale and the payment of the TSB Sale Dividend would not materially affect the strategic reasons of the exchange offer and that the acquisition of control of Banco Sabadell and its integration into the BBVA Group would continue to create value for the shareholders of both entities, without significantly altering