Company: BBVXF
Filing Date: 2025-09-05
Form Type: 425
Source: 0001193125-25-196725
Chunk: 8

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: 425
Chunk 8
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 to acceptance of SAB shareholders FOR 0.70€ stake in the >50% of voting rights 1 5.5483 combined 2 entity 3 AT UNDISTURBED PRICE CURRENT EQUIVALENT VALUE % Increased Value +43 12.2 €Bn 17.4 €Bn of the Oﬀer 4 Current offer valuation + PREMIUMS : 5 Sabadell’s remuneration % % % 30 42 50 1D 1M VWAP 3M VWAP (1) In line with the offer presented on May 9, 2024, the consideration (initially one newly issued BBVA share for every 4.83 shares of Banco Sabadell) has been adjusted to reﬂect: (i) the payment of Banco Sabadell dividends since the announcement of the offer (0.08€ gross per share on Oct 1, 2024, 0.1244€ gross per share on Mar 28, 2025, and 0.07€ gross per share on Aug 29, 2025), and (ii) the payment of BBVA dividends since the announcement of the offer (0.29€ gross per share on Oct 10, 2024, 0.41€ gross per share on Apr 10, 2025). (2) Calculated based on the issuance of 905 million new BBVA shares (taking into consideration 5,024 million Banco Sabadell shares at a 5.5483x share exchange ratio and 100% take-up) over the post-deal BBVA total shares outstanding of 6,669 million shares. (3) Considering BBVA Undisturbed Price (10.90€/Sh. as of Apr 29, 2024, day before merger discussions were disclosed) at 4.83x share exchange ratio and 5,388 million shares. (4) Implied premiums over Banco Sabadell 1 day, 1-month VWAP (Volume Weighted Average Price) and 3-month VWAP as of Apr 29, 2024. (5) Considers 14.3 €Bn payment in BBVA shares according to BBVA share price of € 15.81 per share (Sept 4, 2025), and 0.6€Bn payment in cash plus Banco Sabadell’s p. 14 p.