Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 738

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 738
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 the periods presented. For this reason, basic earnings per share coincide with diluted earnings (or loss) per share. Note 4 – Risk management Throughout 2022, Banco Sabadell Group has continued to strengthen its risk management and control framework by incorporating improvements in accordance with supervisory expectations and market trends. Bearing in mind that Banco Sabadell Group takes risks during the course of its activity, good management of these risks is a central part of the business. The Group has established a set of principles, set out in policies and rolled out through procedures, strategies and processes, which aim to increase the likelihood 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. A-605

4.1. Macroeconomic, political and regulatory environment Macroeconomic environment When managing risks, the Group considers the macroeconomic environment. The most significant aspects of 2022 are set out below:

| – | The main factors at play in 2022 were the war in Ukraine and the energy crisis in Europe, while increasingly less 
 importance was attached to Covid-19.                                                                              |

| – | In the wake of deteriorating geopolitical relations, Russia completely and indefinitely cut of its gas supplies                                                                                                                                    
 flowing to Europe through the main pipeline linking both regions. This led to an unprecedented increase in the price of natural gas and electricity in Europe and stoked fears that strict energy rationing might be introduced during the winter. |

| – | Developed countries across the globe saw their economies deteriorate over the year due to the consequences of the 
 conflict in Ukraine, persistently high inflation and tighter financial conditions.                                |

| – | In Spain, the economy outperformed the rest of the Eurozone, although it also slowed down over the year. The labour 
 market remained relatively steady, with the lowest unemployment rate since 2008.                                    |

| – | In terms of economic policy in Spain, the government extended existing measures and rolled out new measures to deal 
 with the energy crisis and high inflation.                                                                          |

| – | Spain also made progress in rolling out the Next Generation European funds, although the allocation and execution of 
 these funds fell short of the government’s expectations.                                                             |

| – | Emerging economies proved resilient to the global economic environment, although the risks remained in economies with 
 weaker fundamentals. China abandoned its zero-Covid policy at the end of the year.                                    |

| – | In Latin America, Mexico saw good economic performance, thanks to its