Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 92

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 92
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, in Spain, or any deterioration in the Spanish or 
 general European financial systems.                                                                          |

| • |     | The Banco Sabadell Group’s loan portfolio and its overall business are highly concentrated in Spain and the              
 UK, and therefore the Banco Sabadell Group is particularly exposed to any deterioration in the Spanish and UK economies. |

Risks Relating to Banco Sabadell’s and the Banco Sabadell Group’s Business

| • |     | The Banco Sabadell Group is exposed to risk of loss from legal and regulatory claims. |

| • |     | Banco Sabadell and the Banco Sabadell Group are subject to substantial regulation and regulatory and governmental                                                                                                                                   
 oversight. Adverse regulatory developments or changes in government policy in any of the jurisdictions where the Banco Sabadell Group operates could have a material adverse effect on its business, financial condition, results of operations and 
 prospects.                                                                                                                                                                                                                                          |

| • |     | Increasingly onerous capital requirements constitute one of Banco Sabadell’s main regulatory challenges.                                                                                       
 Increasing capital requirements may adversely affect Banco Sabadell’s profitability and create regulatory risk associated with the possibility of failure to maintain required capital levels. |

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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.

| • |     | The Banco Sabadell Group is subject to rules and regulations regarding money laundering and the financing of                                                                                                  
 terrorism which have become increasingly complex and detailed, require improved systems and sophisticated monitoring and compliance personnel and have become the subject of enhanced government supervision. |

| • |     | The Banco Sabadell Group’s business is significantly affected by credit and counterparty risk. |

| • |     | Liquidity risk is inherent in the Banco Sabadell Group’s operations and volatility in global financial                                                             
 markets, particularly in the inter-bank and debt markets, which could materially adversely affect the Banco Sabadell Group’s liquidity position and credit volume. |

| • |     | Any reduction in Banco Sabadell’s credit rating could increase its cost of funding, adversely affect its 
 interest margins and make its ability to raise new funds or renew maturing debt more difficult.          |

| • |     | The Banco Sabadell Group is exposed to market fluctuations in the price of real estate in various ways. |

| • |     | The Banco Sabadell Group’s