Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 701

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 701
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 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-579

| • |     | 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 in energy prices, thanks to the improved global geopolitical environment and the absence of any further shocks. |

| • |     | Global economic growth is vigorous and synchronised, on the strength of an improved business climate and reduced                                                                                      
 uncertainty related to the geopolitical environment and the energy crisis. In addition, productivity gains stemming from an increasingly digitised and sustainable economy follow in the medium term. |

| • |     | Inflation rates slide back rapidly and remain close to the levels targeted in the monetary policy of the respective 
 central banks.                                                                                                      |

| • |     | The central banks are less hawkish and set interest rates at levels in line with monetary neutrality. |

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

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

| • |     | In Spain, the economy maintains a significant growth dynamic thanks to the resolution of the Ukraine conflict,              
 prevalence of lax funding conditions and the use of the NGEU funds which are received without problem and used efficiently. |

Alternative scenario 2: Synchronised global recession

| • |     | The global economy is faced with new shocks which bring on a recession in the first half of 2023. Specifically, in                                                                                             
 Europe, all commercial relations with Russia are severed. In addition,