Company: BBVXF
Filing Date: 2025-07-31
Form Type: F-3ASR
Source: 0001193125-25-170429
Chunk: 8

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: F-3ASR
Chunk 8
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 Disclosures About Market Risk” in our 2024 Form 20-Fand “ Item 4B. Business Overview”, “ Item 4E. Selected Statistical Information”, “ Item 5. Operating and Financial Review and Prospects” and “ Other Matters” in our 1H25 Form 6-K,and we will identify others in the “ Risk Factors” section of the applicable prospectus supplement. Other factors could also adversely affect our results or the accuracy of forward-looking statements in this prospectus and in the documents incorporated by reference into this prospectus, and you should not consider the factors discussed here or in such other documents (including the sections of the 2024 Form 20-Fand 1H25 Form 6-Klisted above) to be a complete set of all potential risks or uncertainties. Other important factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements include, among others:

| • |     | the deterioration of economic conditions or the alteration of the institutional environment of the countries in                                                                                                                                        
 which we operate, especially Spain, Mexico and Turkey, including any adverse developments, or the perception that such developments may occur, regarding credit quality, public debt sustainability, economic or fiscal policy and sovereign ratings,  
 particularly Spain’s, Mexico’s and Turkey’s, among other factors. Financial and macroeconomic volatility may increase as a result of, among other factors, U.S. administration policies, including tariffs and fiscal and regulatory                   
 changes. The effects of, and uncertainty arising from, these policies and large fiscal deficits have raised the U.S. risk premium, pushing up long-term sovereign yields and weakening the U.S. dollar, and they may spark further market instability; |

| • |     | the effects of geopolitical tensions and economic challenges in recent years including, among other factors, the                                                                                                                                     
 ongoing conflicts in Ukraine and in the Middle East, long-standing United States–China rivalry trade tensions including recent trade tariffs, the escalation of trade tariffs globally, and changes in policies generally. Furthermore, there is the 
 risk of a sharp global growth slowdown;                                                                                                                                                                                                              |

5

| • |     | 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, 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