Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 467

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 467
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 total shares minus average treasury stock and average number of shares subject to a buyback programme. As at 31 December 2023 and 2022, there were no other financial instruments or share-based commitments with employees with a significant impact on the calculation of diluted earnings (or loss) per share for the periods presented. For this reason, basic earnings (or loss) per share coincide with diluted earnings (or loss) per share. The distributions of profits of subsidiaries are subject to approval by shareholders at their respective Annual General Meetings. A-290

Note 4 – Risk management Throughout 2023, 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. 4.1. Macroeconomic, political and regulatory environment Macroeconomic environment When managing risks, the Group considers the macroeconomic environment. The most significant aspects of 2023 are set out below:

| – | The main factors at play in 2023 were the interest rate hikes carried out by central banks and their gradual effects 
 on economic activity.                                                                                                |

| – | In 2023, inflation gradually eased from the peaks observed in 2022. |

| – | The correction in the prices of energy and industrial goods was, to a large extent, the force behind the moderation      
 of headline inflation. The evolution of core inflation was more subdued, although it also showed a clear downward trend. |

| – | The evolution of the global economy showed a marked divergence between the dynamism of the US economy, which proved              
 to be stronger than expected, and the Eurozone and UK economies, which lagged and were practically stagnant throughout the year. |

| – | Spain continued to outperform other Eurozone countries. The economy was driven mainly by a gradual improvement of 
 private consumption and, to a lesser extent, by the contribution of the public sector.                            |

| – | In terms of economic policy in Spain, the approval of the second part of the government’s pension reform and the 
 continuance of most of the measures to