Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 571

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 571
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 or (ii) maintaining business relationships with counterparties with poor reputation, resulting in a negative perception by its 
 stakeholders (regulators, employees, customers, shareholders, investors and the general public).                                                                                                                                               |

| – | Environmental risk: risk of incurring losses as a result of the impacts, both those existing at present and those                                                                                                                                        
 that may exist in the future, of environmental risk factors on counterparties or invested assets, as well as aspects affecting financial institutions as legal entities. Environmental factors are related to the quality and functioning of natural     
 systems and resources, and include factors such as climate change and environmental degradation. Any one of them can have a positive or negative impact on the financial performance or solvency of an institution, sovereign state or individual. These 
 factors may materialise mainly in physical aspects (effects of climate change and environmental degradation, including more frequent extreme weather events and gradual changes in weather patterns and in the balance of ecosystems) and transitional   
 aspects (arising from processes to adjust to an environmentally sustainable economy, for example, lower emissions, greater energy efficiency and reduced consumption of natural resources, among others).                                                |

4.4.1.1 Solvency risk Banco Sabadell’s ratios are above the minimum capital requirements established by the European Central Bank (ECB). Therefore, the Group is not subject to any caps on the distribution of dividends, variable remuneration or coupon payments made to holders of AT1 capital instruments. Banco Sabadell is also compliant with MREL, which coincides with supervisory expectations and is in line with its funding plans. Details on the closing data as at 31 December 2023 for solvency risk and capital management are available in Note 5 to these consolidated annual financial statements. A-389

4.4.1.2 Business risk 2023 has been affected by different macroeconomic and geopolitical events, including the following:

| – | The interest rate hikes implemented by the central banks, persistently high inflation rates, and the progressive 
 transfer of the impacts of these to economic activity.                                                           |

| – | Specific episodes of uncertainty of different kinds, among them: (i) the collapse of certain US regional banks,                                                                      
 (ii) the takeover of Credit Suisse by UBS due to the problems observed in the Swiss institution, and (iii) the start of a new conflict in the Middle East, between Israel and Hamas. |

Against this backdrop, in year-on-yearterms, Banco Sabadell has significantly increased its bottom line.