Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 378

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 378
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, set out in A-144

policies and rolled out through procedures, strategies and processes, which aim to increase the probability of achieving the strategic objectives of the Group’s various activities, facilitating management in an uncertain environment. This set of principles is called the Global Risk Framework. 4.1. Macroeconomic, political and regulatory environment Macroeconomic environment When managing risks, the Group considers the macroeconomic environment. The most salient aspects of 2024 are set out below:

| – | The year 2024 was marked by the US economy maintaining its momentum, showing greater-than-expected resilience, and 
 the Eurozone being particularly weighed down by Germany’s weakness.                                                |

| – | Spain continued to outperform other Eurozone countries. Growth was underpinned by factors such as flows of                                                                                       
 immigration, the recovery of real incomes, the good financial situation of households and businesses, interest rate cuts and the ongoing rollout of Next Generation European Union (NGEU) funds. |

| – | The emerging economies, in general, continued to show resilience, despite the high interest rate environment at a                                   
 global level. The adjustment of China’s real estate sector continued, which led authorities to announce a significant package of stimulus measures. |

| – | As for Mexico, activity was subdued, weighed down by restrictive monetary policy and domestic and foreign political 
 uncertainty.                                                                                                        |

| – | Inflation moved closer towards the targets set by central banks during 2024, although the services component 
 continued to be sticky.                                                                                      |

| – | Geopolitics continued to be a source of uncertainty for the economic environment. The conflict in the Middle East saw 
 several episodes of instability, but continued to have a limited impact on the markets.                               |

| – | The domestic policy of several countries also captured the markets’ attention, with the presidential elections                                           
 in the United States and the subsequent victory of Donald Trump, and with the increasing political noise in France and Mexico after their own elections. |

| – | Central banks gained confidence regarding their inflation forecasts and at the                                                  
 mid-year mark started to cut official interest rates, although they were cautious about the future evolution of interest rates. |

| – | The European Central Bank began its series of interest rate cuts in June and placed the deposit rate at 3.00% (down                                                                                                        
 from 4.00%). Furthermore, its balance sheet continued to be reduced, due to the discontinuation of reinvestments under the Pandemic Emergency Purchase Programme (PEPP