Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 522

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 522
---
 segments of                                                                                              
 the financial sector, including some banks, or liquidity mismatches in the system. In any event, these events are localised and the authorities manage to control them; therefore, their economic repercussions are 
 non-existent.                                                                                                                                                                                                       |

| • |     | Spain continues to stand out in a positive light in the Eurozone. The recovery in real household incomes, thanks to a                                                                                                                                 
 favourable job market, rising wages and lower inflation, leads to an improvement in private consumption. The robustness of household balance sheets and a relatively low sensitivity to interest rate hikes also support household spending. The NGEU 
 funds remain a supporting factor.                                                                                                                                                                                                                     |

| • |     | Private sector lending in Spain declines in the near term, while in the long term it continues to grow below nominal                                                                    
 GDP, impacted by high interest rates, global economic weakness, companies’ ample liquidity buffers and, in the case of mortgage loans, also by reduced affordability and accessibility. |

| • |     | In relation to financial markets, long-term government bond yields remain stable over the forecast period, despite weak                                                                                                   
 economic growth and more moderate inflation. This is because the market gradually prices in a higher forward premium, due to central banks’ quantitative tightening (QT) and concerns about the state of public finances. |

| • |     | Risk premiums of the European periphery remain contained and in line with their respective ratings. |

| • |     | The dollar depreciates gradually amidst slowing inflation and a cooling US economy once the Fed starts to cut interest 
 rates in 2024.                                                                                                         |

Alternative scenario 1: Greater potential growth and non-existentinflation

| • |     | The geopolitical environment improves and the conflict in Ukraine is resolved with an agreement that works for all 
 parties, thus removing a source of uncertainty in Europe.                                                          |

| • |     | Global supply conditions improve substantially and revert back to pre-Covid-19 levels. This is the result of a healthier geopolitical environment, the absence of climate shocks and productivity gains thanks to technological developments (e.g. those related to artificial 
 intelligence).                                                                                                                                                                                                                                                                 |

| • |     | Global economic growth is more robust and synchronised from the outset than in the baseline scenario, due to a better                                                                                                                                   
 business climate, less uncertainty over geopolitics, lower energy and commodity prices and the positive evolution of core inflation. In the medium term, productivity gains also materialise stemming from the rapid implementation of new technologies 
 and a more sustainable economy, improving economies’