Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 603

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 603
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 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 rate falling in the coming years.                                                                                                                                                                           |

| • |     | In Spain, private sector lending continues to grow at a slower rate than nominal GDP, constrained by the subdued 
 economic growth, the uncertainty stemming from the conflict in Ukraine and the rising interest rate environment. |

| • |     | With regard to the financial markets, yields on long-term government debt become more stable, following the significant                                                                                
 repricing observed in 2022. The greater focus on economic growth is another factor limiting further market upturns. Sovereign debt risk premiums in the European periphery remain at contained levels. |

| • |     | The US dollar encounters depreciatory pressures against the euro from spring 2023 onwards, in a context of slowing                                                                
 inflation, the improving international economic environment, and the continued resumption of capital inflows to the Eurozone as the ECB’s interest rate policy returns to normal. |

A-490

| • |     | As regards Brexit, the scenario envisages a situation in which the United Kingdom and the European Union continue to 
 implement pragmatic solutions to the agreements.                                                                     |

Alternative scenario 1: Zero supply chain disruption and productivity gains

| • |     | The geopolitical environment improves and the conflict in Ukraine is resolved with an agreement that is valid for all 
 parties.                                                                                                              |

| • |     | The disruptions to supply chains are quickly resolved and the energy crisis is straightened out, producing a general 
 fall