Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 43

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 43
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 Mexico, Turkey, the United States and elsewhere, including the impact of the still-prevailing high interest rates and the escalation of trade tariffs globally on the BBVA Group’s results of operations (including 
 potential mark-to-market losses on securities portfolios, reduced demand for credit, increased funding costs and higher default rates). Moreover, any interest rate                                                                                
 reductions may result in higher inflation and adversely affect the BBVA Group’s results of operations;                                                                                                                                             |

| • |     | adjustments in the real estate markets in the geographical areas in which BBVA operates, in particular in Spain, 
 Mexico and Turkey;                                                                                               |

| • |     | the success of BBVA’s acquisitions and investments, divestitures, mergers, joint ventures and strategic 
 alliances;                                                                                              |

| • |     | BBVA’s ability to complete the exchange offer and operate Banco Sabadell’s business successfully                                                    
 (subject to compliance with the Council of Ministers’ Authorization), and any unanticipated costs, losses or other impacts in connection therewith; |

| • |     | the effects of competition in the markets in which BBVA operates and the rise of neobanks (a new generation of                                                                                                                                     
 financial institutions that operate exclusively online), which may be affected by regulation or deregulation affecting BBVA or its competitors, and BBVA’s ability to manage information technology obsolescence, implement technological advances 
 on a timely basis or at all and effectively capture the benefits of emerging technologies, including cloud computing, artificial intelligence, big data analysis, crypto-currencies and alternative payment systems;                               |

| • |     | BBVA’s ability to comply with various legal and regulatory regimes and the impact of applicable laws and                                                   
 regulations on BBVA’s operations, including capital, resolution, liquidity, provision and consumer protection requirements, and the increasing tax burden; |

| • |     | changes in consumer spending and savings habits, including changes in government policies which may influence 
 spending, saving and investment decisions;                                                                    |

| • |     | BBVA’s ability to continue to access sources of liquidity and funding, including public sources of liquidity                                  
 such as the funding provided by the ECB under its programs, and BBVA’s ability to receive dividends and other funds from BBVA’s subsidiaries; |

| • |     | the effectiveness of BBVA’s debt recovery policy, including BBVA’s ability to recover aged 
 non-performing loans;                                                                      |

24

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No