Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 125

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 125
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 It also offers custom structured finance and capital market solutions, as well as specialized advice for businesses. Funds mainly come from
customers’ term and demand deposits and mutual funds. The main services also include collection/payment solutions such as cards and points of sale terminals, as well as import and export services. This business unit further includes Private
Banking, which offers personalized expert advice, backed by specialized and high-value product capabilities for customers.

Corporate and Investment Banking

Through its presence in Spain and in a further 11 countries, it offers financial and advisory solutions to large Spanish
and international corporations and financial institutions.

Banking Business in the United Kingdom

The TSB franchise covers business conducted in the United Kingdom, which includes current and savings accounts, loans, credit cards and
mortgages.

Banking Business in Mexico

This business unit offers banking and financial services for Corporate Banking, Commercial Banking and Retail Banking.

III. Operating and Financial Review

Key Factors Affecting Results of Operations

The information in this subsection has been extracted from pages 280 and 281 of Banco Sabadell’s consolidated directors’ report as of and for the year ended December 31, 2024.

Monetary Policy - 2024

During 2024, the central banks of developed countries embarked upon a series of interest cuts in a context of more moderate inflation.

In the Eurozone, the European Central Bank (ECB) launched its series of cuts in June and set the deposit rate at 3.00% (down from 4.00%)
amidst economic weakness and with inflation close to its target. Meanwhile, the ECB sped up the reduction of asset holdings by ceasing to reinvest maturities under its Pandemic Emergency Purchase Program (PEPP). Moreover, banks repaid all the
liquidity injected through TLTRO III refinancing operations.

In the United States, the Federal Reserve (Fed) reduced the target range of
the Fed funds rate by 100 basis points to 4.25-4.50%, in a context in which the central bank observed cooling in the labor market and was more confident that inflation is nearing the 2% target. It also signaled that inflationary risks had become
broadly balanced. Going forward, the central bank indicated that it will maintain a data-dependent stance and that the series of cuts will be staggered.

82

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025.

This Amendment No. 4 has not been publicly filed