Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 140

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 140
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31, 2023.

Activities within the Group in relation to technology have met the particular needs of each of the
geographies in which it operates. For Spain, it is worth mentioning the acceleration that took place in the digital transformation, as well as the rollout of its catalogue of digital products, in addition to the creation of a new mobile app based on
the latest market standards. It is also worth mentioning the improved resilience of the IT platform, with a new data center for disaster recovery with cloud-native capabilities. In TSB, efforts continued to focus on improving business capabilities.
In Mexico, a new workplace model was put in place, based on the latest technology, improving productivity and efficiency.

Trend Information

Vision for 2025

The information in this subsection has been extracted from page 288 of Banco Sabadell’s consolidated directors’ report as of and for the year ended December 31, 2024. This subsection includes forward-looking statements. Such statements reflect only the views of Banco Sabadell’s management, speak only as of the date they were made and have not been updated or verified by BBVA. As a result, readers are cautioned not to place undue reliance on the forward-looking statements included below, which are subject to risks and uncertainties that may make actual results differ materially from those expressed or implied by such forward-looking statements. See “Cautionary Statements Regarding Forward-looking Statements” beginning on page 24.

Global economic growth in 2025 is expected to be impacted by uncertainty and
Trump’s protectionist policies. Trump’s arrival at the White House compounds other dragging structural factors, including the following: (i) the turbulent geopolitical environment and its consequences on international trade and value
chains, (ii) structural weaknesses of economies such as China, Germany and Italy, and (iii) the fiscal situation of some large developed economies, especially the United States, France and Italy. In Mexico, growth may be below that of the last three
years, negatively affected by restrictive monetary policy, uncertainty over constitutional reforms, the T-MEC review and the fiscal adjustment that the government must implement.

The geopolitical environment is expected to become more complicated with Trump’s arrival. Trump is expected to impose tariffs on the
United States’ trade partners, especially China. He would seek to negotiate measures with the Chinese authorities that benefit the US economy. Thus, uncertainty and a trend towards greater protectionism in several regions would mount.
Preference for reducing external dependence and improving autonomy in strategic sectors (e.g. technology) could also be a factor