Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 761

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 761
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 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, global government policies are taken in an uncoordinated fashion and are ineffective at limiting the impacts of the Russian gas cut-off 
 and other disruptions stemming from the worsened relations with Russia. All this ends up causing a severe economic recession.                                                                                  |

| • |     | Inflation remains high, initially due to the high starting point reached in 2022 and the additional energy price shock, 
 but eventually falls to the levels targeted by monetary policy due to weak demand.                                      |

| • |     | The central banks halt the process to normalise monetary policy in view of the weak demand. The ECB and the Fed                 
 implement some interest rate cuts, but these are limited due to the inflation rate which, initially, remains persistently high. |

| • |     | Global funding conditions are tightened against a backdrop of increased uncertainty and a global recession. The yields                      
 on government debt partially reverse the upward trend of recent months, but they remain at high levels compared with those of recent years. |

| • |     | Peripheral risk premiums face some upside pressure, alongside an expansionary fiscal policy and worsening public 
 accounts.                                                                                                        |

| • |     | Spain is relatively less adversely affected than the Eurozone as a whole due to its lower dependency on Russian gas.              
 However, the economy goes into recession in the first half of 2023 and, subsequently, it enters a prolonged period of stagnation. |

A-580

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential. At 31 December 2022 and 2021, the main forecast variables considered for Spain and the United Kingdom are those shown below:

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