Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 81

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 81
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 to the reality of the different geographical areas, and the corporate areas and senior management.

Risks are identified and measured consistently using the methodologies deemed appropriate in each case. Their measurement includes the design and application of scenario analyses and stress testing and considers the controls to which the risks are subjected.

<div align='center'>F-14</div>

As part of this process, a forward projection of the Risk Appetite Framework (RAF) variables in stress scenarios is conducted in order to identify possible deviations from the established thresholds. If any such deviations are detected, measures are taken to seek to keep the variables within the target risk profile.

In this context, there are a number of emerging risks that could affect the evolution of the Group’s business, including the below and those mentioned in Note 7.1 to the consolidated financial statements of the Group for the year ended December 31, 2024:

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#### Macroeconomic and geopolitical risks
The Group is sensitive to the deterioration of economic conditions and the alteration of the institutional environment of the countries in which it operates, and the Group is exposed to sovereign debt especially in Spain, Mexico and Turkey.

The global economy is undergoing significant changes, driven primarily by the policies of the new U.S. administration. Uncertainty surrounding their consequences is exceptionally high, substantially increasing geopolitical, economic and financial risks.

The recent significant increase in either adopted or announced U.S. tariff on imports from its trade partners have triggered strong financial market volatility, reinforcing risks to the global economic outlook. High uncertainty about the final level and duration of these tariffs, together with the related financial instability, could negatively impact the world economy, worsening the prospects for the macroeconomic environment. As a result of adopted or announced tariffs, global growth could slow or decline. The impact on economic activity could be particularly pronounced in the United States and China, given China´s response to the measures announced by the U.S. government and the recent escalation in trade tensions between the United States and China, which could also weigh on other economies.

While fiscal stimulus measures could partially offset the impact of trade protectionism, particularly in the Eurozone, where significant public spending increases have been announced, the impact of higher U.S. tariffs could be amplified by the adoption of retaliatory measures by other countries, sustained uncertainty, weakening confidence levels and evolving financial conditions, among other factors. Increased tariffs would also raise the risk of inflation in the United States, potentially limiting the Federal Reserve’s room to cut interest rates in 2025. In contrast, weaker growth in the Eurozone