Company: BBVXF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000842180-25-000033
Chunk: 35

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 35
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During the six months ended June 30, 2025, the Mexican peso, the Colombian peso and, to a significantly less extent, the U.S. dollar depreciated against the euro in average terms compared with the same period of the prior year. On the other hand, during the six months ended June 30, 2025, the Peruvian sol appreciated against the euro in average terms compared with the same period of the prior year.

In terms of period-end exchange rates, the Argentine peso, the Turkish lira, the U.S. dollar, the Peruvian sol, the Colombian peso and, to a significantly less extent, the Mexican peso depreciated against the euro compared with the exchange rates as of December 31, 2024.

The overall effect of changes in exchange rates was negative for the period-on-period comparison of the Group’s income statement (mainly due to the depreciation of the period-end exchange rates of the Argentine peso and the Turkish lira used to convert income statement items pursuant to IAS 21, and the depreciation of the Mexican peso) and balance sheet (mainly due to the depreciation of the Argentine peso and the Turkish lira).

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When comparing two dates or periods in this report on Form 6-K we have sometimes excluded, where specifically indicated, the impact of changes in exchange rates by assuming constant exchange rates. In doing this, with respect to income statement amounts, we have used the average exchange rate for the more recent period for both periods (except with respect to hyperinflationary economies, where we have used the period-end exchange rate of the more recent period for both periods) and, with respect to balance sheet amounts, we have used the period-end exchange rate of the more recent period for both period ends.

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#### Macroeconomic and geopolitical conditions
The Group is sensitive to economic conditions and 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 due to, among other reasons, the policies of the U.S. administration. Uncertainty surrounding their consequences is exceptionally high, substantially increasing geopolitical, economic and financial risks.

The recent significant increase in U.S. tariffs on imports has triggered financial market volatility, reinforcing global-wide risks. The level and duration of these tariffs, and uncertainty in connection therewith, could negatively impact the world economy, worsening the prospects for the macroeconomic environment. As