Company: BBVXF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001628280-25-047437
Chunk: 88

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-10-30
Form: 6-K
Chunk 88
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 Their measurement includes the design and application of scenario analyses and stress testing and considers the controls to which the risks are subjected.

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.

#### Macroeconomic and geopolitical risks
The Group is vulnerable to deteriorating economic conditions and changes in the institutional environment in the countries in which it operates, and is exposed to sovereign debt, particularly in Spain, Mexico and Turkey.

The global economy is facing significant changes, due in part to the policies of the U.S. administration. Uncertainty about the consequences is exceptionally high, substantially increasing geopolitical, economic, and financial risks.

<div align='center'>F-18</div>

The increase in U.S. tariffs on imports from its trading partners has triggered financial market volatility, reinforcing global-wide risks. The level and duration of these tariffs, and the high level of uncertainty in connection therewith, could negatively impact the global economy, worsening the macroeconomic environment. As a result of the tariffs already adopted or announced, global growth could slow significantly.

While fiscal and monetary policies could partially offset the impact of trade protectionism—particularly in the Eurozone, where significant increases in public spending have been announced—the impact of higher U.S. tariffs could be amplified by countermeasures from other countries, prolonged uncertainty, lower confidence, and financial volatility, among other factors.

Rising tariffs also raise the risk of inflation in the United States and the Eurozone, which could further slow private demand and, at the same time, constrain the Federal Reserve’s and ECB’s ability to lower rates if warranted by activity.

Beyond tariffs, increased immigration control could affect the labor market in the United States, increase inflationary pressures, and hinder growth. The U.S. administration's fiscal, regulatory, industrial, and foreign policies could also contribute to financial and macroeconomic volatility. This is compounded by concerns that the Federal Reserve’s independence in decision-making may be weakened by political considerations.

Given the growing uncertainty surrounding U.S. policies and the rising fiscal deficit, the U.S. risk premium has risen,