Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 42

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 42
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 may spark further market instability;   |

| • |     | the effects of geopolitical tensions and economic challenges in recent years including, among other factors, the                                                                                             
 ongoing conflicts in Ukraine and in the Middle East, long-standing United States–China rivalry, including recent trade tariffs, the escalation of trade tariffs globally, and changes in policies generally. 
 Furthermore, there is the risk of a sharp global growth slowdown;                                                                                                                                            |

23

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.

| • |     | changes or volatility in interest rates, foreign exchange rates, asset prices, equity markets, commodity prices                                                                                                                                          
 (including energy prices), inflation or deflation and, in particular, as of the date of this offer to exchange/prospectus, the depreciation of the currencies of the non-euro geographical areas in which BBVA                                           
 operates, high inflation, stagflation due to more intense or prolonged supply crises, high interest rates in most of the geographical areas where BBVA operates (which may impact default rates) and low real interest rates in Turkey (which may affect 
 BBVA’s margins);                                                                                                                                                                                                                                         |

| • |     | adverse developments in emerging economies, in particular Latin America and Turkey, including unfavorable                                                                                                                                                
 political and economic developments, social instability and changes in governmental policies, including expropriation, nationalization, exchange controls or other limitations on the distribution or repatriation of dividends, international ownership 
 legislation, tax policies, interest rate caps, fee caps and other policies affecting the banking sector, including the “liraization” strategy in Turkey (which seeks to increase the weight of Turkish lira-denominated assets and liabilities           
 of the banking system). Further, emerging economies generally face higher anti-money laundering and ESG risk levels;                                                                                                                                     |

| • |     | in Spain, political, regulatory and economic uncertainty may have a negative impact on economic activity, and        
 there is a risk that public policies could be adopted that have an adverse impact on the economy or BBVA’s business; |

| • |     | downgrades in BBVA’s credit ratings or in sovereign credit ratings, particularly Spain’s, Mexico’s 
 and Turkey’s respective credit ratings;                                                            |

| • |     | the monetary, interest rate and other policies of central banks, and the trade, economic and other policies of                                                                                                                                     
 governments, in the EU, Spain,