Company: BBVXF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001628280-25-047351
Chunk: 7

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-10-30
Form: 6-K
Chunk 7
---
 markets. This engagement was recently showcased at Fruit Attraction, one of the world's largest events for the fruit and vegetable industry, where BBVA reaffirmed its role as the sector’s financial partner. In this context, the Group presented its value proposition, built around sustainability and internationalization. This positioning is supported by the fact that nearly 30 % of the exhibiting companies are already customers.

Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish -language version prevails.

| January - September 2025Report - p.10 |

Macroeconomic environment The global economy has remained relatively resilient during the first half of 2025 despite high levels of uncertainty, trade tensions and the US administration's immigration restrictions. The negative effects of protectionist policies appear to be mitigated by fiscal stimulus, lower than expected effective tariffs and the strong growth in investment in artificial intelligence. Low financial volatility, supported by the Federal Reserve's (hereinafter, Fed) expansionary monetary policy, is also supporting global activity. Even so, BBVA Research estimates that global growth will moderate in 2025 to 3.0%, in line with the previous forecast, and will reach around 3.1% in 2026. For the United States, the forecast of an economic slowdown remains unchanged, with a GDP growth of 1.7% in 2025 (unchanged from the previous forecast) and 1.8% in 2026. In the Eurozone, the upward revision of activity data in the first half of the year raises the GDP growth forecast for this year to 1.3% (four tenths more than in the previous scenario). By 2026, growth is expected to be reduced to 1.0%, in a context where the impact of tariffs and political instability in some countries in the bloc will be partially offset by increased spending on defense and infrastructure. In China, the economic slowdown continues: GDP could grow by 4.8% in 2025 (the same rate as previous quarter's forecast) and 4.5% in 2026. Although the tariff increase is expected to keep inflation in the United States at around 3% by the end of 2026, the Fed could respond to the loss of momentum in the labor market with further interest rate cuts, following the reduction to 4.25% in September. In particular, BBVA Research forecasts at least two additional rate cuts in 2025, to 3.75%, and