Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 383

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 383
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ency risk: this is the risk of not having sufficient capital, in terms of either quality or quantity, to achieve                                                     
 strategic and business objectives, withstand operational losses or meet regulatory requirements and/or the expectations of the market in which the Institution operates. |

| – | Business risk: this refers to the possibility of incurring losses as a result of adverse events that negatively                                                      
 affect the Institution’s capacity to operate, either in the short term (viability) or in the medium term (sustainability), or to deliver healthy, recurrent profits. |

| – | Reputational risk: current or future risk of the Bank’s competitive capacity being negatively affected as a                                                                                                                            
 result of (i) actions or omissions, carried out by or attributed to the Group, Senior Management or its governing bodies, 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.   |

A-154

| These factors can 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 2024 for solvency risk