Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 315

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 315
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 made in Quantitative Tightening (QT) and tighter monetary policy in Japan, which may 
 alter international financial flows.                                                                                                                                                                                                                    |

| • |     | Sovereign debt risk premiums in the European periphery remain at contained levels and in line with their respective 
 ratings. Sovereign ratings in Spain and Italy remain unchanged.                                                     |

| • |     | The US dollar, in its currency pair against the euro, shows greater resilience and reaches parity with the EU currency                                          
 due to the widening of the pro-US rate differential, the improved performance of the US economy and the uncertainty caused by political and geopolitical risks. |

Alternative scenario 1: productivity gains and non-existentinflation

| • |     | The scenario focuses on productivity gains stemming from an improved geopolitical environment and global supply                                                                                      
 conditions, a greater positive impact of interest rate cuts than that envisaged in the baseline scenario and a swift and far-reaching deployment of artificial intelligence, comparable to other big 
 technological revolutions such as electricity and IT.                                                                                                                                                |

| • |     | The geopolitical environment improves as a result of the various ongoing wars coming to an end, which dissipates a                                                                                               
 current source of uncertainty. With that, global supply conditions improve substantially and recover features similar to those pre-Covid. Furthermore, the global supply of energy and commodities remains broad 
 with relatively low prices.                                                                                                                                                                                      |

| • |     | Artificial intelligence applications are deployed across multiple sectors of the economy and faster than envisaged in                                                                                                                                   
 the baseline scenario. Additionally, this technology enhances the capabilities of previous innovations, such as robotisation. All of this results in productivity gains, with productivity growth at near record-high levels. Global economic growth is 
 thus stronger and more synchronised than in the baseline scenario.                                                                                                                                                                                      |

| • |     | Inflation falls faster than in the baseline scenario and remains at levels close to the monetary policy targets of the                                                                                                                          
 respective central banks. This is explained by a lack of disruptions in production chains and productivity gains, which makes cost absorption easier and results in more moderate second-round effects. In turn, this improves economic agents’ 
 expectations that the level of prices will remain close to central banks’ targets.                                                                                                                                                              |

| • |     | This environment allows central banks to ease their monetary policies in the near term. |

| • |     | Global financing conditions remain lax, with no episodes of risk aversion. |

| • |     | The macroeconomic and financial environment allows risk premiums on both peripheral debt and corporate bonds to remain