Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 759

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 759
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 and the same macroeconomic variables as in 2022.                                 |

Baseline scenario

| • |     | Relations between Western countries and Russia remain strained. The conflict between Russia and Ukraine drags on                                                                                                
 without resolution and sanctions remain in place. The cut-off of Russian gas to Europe continues indefinitely, hampering energy supplies during the winter months. Nevertheless, European governments intervene 
 effectively in the energy markets to cushion the economic impact, avoid major energy rationing and find viable alternatives to Russian gas.                                                                     |

| • |     | Inflation remains at high levels for much of 2023 due to the energy crisis in Europe and specific domestic factors in                                                                                                                         
 the United Kingdom and United States, such as the situation concerning labour markets and salaries. Thereafter, inflation gradually eases, but remains somewhat above the central banks’ targets for quite some time. In any event, inflation 
 expectations remain firmly anchored thanks to the monetary policy response.                                                                                                                                                                   |

| • |     | In terms of economic policy, fiscal policy continues to be expansionary and interventionist, based on cushioning the                                                   
 impacts of the energy crisis and high inflation. In the Eurozone, the region begins to harvest the positive effects of rollout of the Next Generation EU (NGEU) funds. |

| • |     | The central banks maintain an orthodox stance and, given the high level of inflation, set and keep interest rates at                                                                                                                                      
 somewhat restrictive levels and move ahead with their balance sheet reduction policies. As long as inflation shows no clear sign of returning to its target level, the central banks will leave considerations about the performance of financial markets 
 and concerns about economic activity on the back burner.                                                                                                                                                                                                  |

| • |     | All things considered, there is greater concern about economic growth, as the boost to demand seen in 2021 weakens and                                                                                          
 the impact of recent events is felt (war in Ukraine, energy crisis and Russian gas cut-off, inflation and increased costs, and monetary policy tightening). All this produces an environment of global economic 
 stagnation and the Eurozone and even the United States experience a mild economic recession.                                                                                                                    |

| • |     | In Spain, the economic situation is more secure than in the rest of Europe. Economic activity is supported by the                                                                                                                                      
 robust balance sheets of economic agents, the return to a normal growth dynamic for the sectors worst affected by the pandemic, use of the Next Generation EU funds and government measures to counteract the energy price increase. The labour market 
 develops positively, with the unemployment