Company: BBVXF
Filing Date: 2025-09-08
Form Type: 425
Source: 0001193125-25-198316
Chunk: 29

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-08
Form: 425
Chunk 29
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 and functioning of the Picos |

BBVA has established a mechanism to ensure that shareholders of Banco Sabadell who participate in the Offer with a number of shares of the Offer that do not entitle them to receive at least one full share of BBVA or are entitled to receive a full number of BBVA shares but have a number of shares of Banco Sabadell that is not sufficient to be entitled to receive an additional share of BBVA, may receive the cash amount corresponding to the fraction of BBVA shares not delivered to Banco Sabadell shareholders in accordance with the Exchange Ratio corresponding to their surplus shares of Banco Sabadell (the “ Pico” or “ Picos”). Taking into account the Exchange Ratio, only one Pico may be generated for each of the Banco Sabadell shareholders who participate in the Offer with a non-multiplenumber of 55,483 Banco Sabadell shares. 17

This is an unofficial English translation for information purposes only of the offer announcement’s official version in Spanish. The National Securities Market Commission (Comisión Nacional del Mercado de Valores) did not review this version. In the event of any discrepancies between this document and the corresponding Spanish version, the Spanish version shall prevail. All Banco Sabadell shareholders who make a declaration of acceptance in accordance with section 10.2.2 above and do so with a non-multipleof 55,483 Banco Sabadell shares will benefit from the Pico payment procedure described in this section. It will be understood that each Banco Sabadell shareholder who accepts the Offer accepts the Pico payment procedure described herein, without it being necessary to send instructions to the entity participating in Iberclear depository of the shares that participate in the Offer. The conditions for the execution of the commitment assumed by BBVA in relation to the Picos are as follows:

| (i) | BBVA will acquire from the shareholders accepting the Offer all the shares of Banco Sabadell included in the 
 statements of acceptance of the Offer submitted by the corresponding depository institutions.                |

| (ii) | BBVA will pay the shareholders accepting the Offer, in addition to the BBVA Share Consideration and the Cash                                                                                                                                             
 Consideration, if applicable, the money corresponding to their respective Pico. The price of the Pico will be calculated, based on the Exchange Ratio, on the basis of the weighted average trading price of BBVA shares in the last 15 trading sessions 
 of the acceptance period of the Offer (including the last day of