Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 403

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 403
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, convulsive geopolitics, climate shocks, etc.) and an expansionary fiscal policy. |

| • |     | The geopolitical environment becomes more complex with Trump’s arrival to the White House. Trump imposes tariffs                                                                                                                              
 on the United States’ trade partners, especially China, but these tariffs are only imposed partially, as he takes a pragmatic approach and seeks to negotiate measures that benefit the US economy. The resulting scenario is similar to what 
 happened during Trump’s first term in office. In any event, the climate of uncertainty and a trend towards greater protectionism in several regions mount. In general, the greater uncertainty over the United States’ economic and foreign   
 policy could cause episodes of volatility in the markets for some particularly sensitive variables, such as oil (tensions in the Middle East) or the Mexican peso (uncertainty over trade policy).                                            |

| • |     | The US public finances further deteriorate. Despite improvement in growth figures, the loss of tax revenue from                                                                                                                                     
 companies adds to the existing deficit. In the Eurozone, the entry into force of the new fiscal rules entails tighter control over public finances. The focus is especially placed on France and Italy, due to high public deficits affecting these 
 economies and which will lead to an increase in public debt in the next few years if no fiscal consolidation takes place. In the United Kingdom, the fiscal situation has also deteriorated. Concerns over the state of public finances in these    
 economies take centre stage and could lead to isolated episodes of instability in the financial markets.                                                                                                                                            |

| • |     | The monetary policy gap between the United States and the Eurozone widens. The Federal Reserve is more cautious with                                                                                                                                     
 its monetary policy, and the target interest rate remains at relatively high levels amidst more erratic fiscal policy, sustained growth and slightly higher inflation. The ECB, for its part, ends up cutting the policy rate below monetary neutrality, 
 in response to a scenario of greater deterioration in activity. In the medium term, the policy rate is held around the estimates of monetary neutrality, due to the upside risk associated with inflation arising from public finances in a more         
 deteriorated state than in the past, fragility in global production chains, the emergence of potential shocks and the environment of uncertainty. Meanwhile, central banks continue to make progress on their quantitative tightening policies, although 
 they are eventually forced to stop this process to avoid causing liquidity problems in the financial markets.                                                                                                                                            |

| • |     | With interest rates still relatively high, the environment is prone to further episodes