Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 25

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 25
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 that such developments may occur, regarding credit quality, public debt sustainability, economic or fiscal policy and sovereign ratings, particularly Spain’s, among other factors; |

| · |     | the intensity of geopolitical and economic risks in recent years as a result of, among other factors, the tensions triggered by armed conflict and political                                                                                    
 instability in the Middle East, the war between Ukraine and Russia, long-standing U.S.-China trade tensions, Brexit and the rise of populism in several regions of the world. Furthermore, there is the risk of a sharp global growth slowdown; |

| · |     | changes or volatility in interest rates, foreign exchange rates, asset prices, equity markets, commodity prices (including energy prices), inflation or                                                           
 deflation and, in particular, as of the date of this prospectus supplement, the depreciation of the currencies of the non-euro geographical areas in which we operate, high inflation, stagflation due to more    
 intense or prolonged supply crises, high interest rates in most of the geographical areas where we operate (which may impact default rates) and low real interest rates in Turkey (which may affect our margins); |

| · |     | the increased turbulence in the banking sector since March 2023, in particular, following the liquidity and other problems experienced by certain banks in the                                                                            
 United States and Switzerland, which have led to increased concerns over the volatility and quality of banks’ deposits and their exposure to rising interest rates, and have adversely affected the valuations of certain banks. BBVA has 
 significant                                                                                                                                                                                                                               |

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| exposure to the global banking sector. In addition, certain actions by Swiss regulators in 2023 have led to increased uncertainty regarding the potential actions to be adopted by the relevant                                                  
 authorities in connection with a bank’s failure. Moreover, regulatory changes are expected in the EU and, particularly, in Spain, in connection with the ranking of claims upon a bank’s insolvency, providing a preference to claims of all     
 depositors relative to ordinary unsecured claims, which may adversely affect the risk profile and cost of banks’ debt securities. Further, there could be changes to the deposit guarantee schemes in certain jurisdictions, which could lead to 
 changes in customer behavior and how banks manage their deposits portfolio;                                                                                                                                                                      |

| · |     | adverse developments in emerging economies, in particular Latin America and Turkey, including unfavorable political and economic developments, social                                                                                                 
 instability and changes in governmental policies, including expropriation, nationalization, exchange controls or other limitations on the