Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 305

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 305
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 carrying amount; therefore, no impairment has been recognised. In addition, the Group carried out a sensitivity analysis, making reasonable adjustments to the main assumptions used to calculate the recoverable amount. This analysis consisted of adjusting the following:

| – | Discount rate +/- 0.5%. |

| – | Growth rate in perpetuity +/- 0.5%. |

| – | Minimum capital requirement +/- 0.75%. |

| – | Net Interest Margin (NIM)/ Average Total Assets (ATAs) in perpetuity +/- 5 basis points. |

| – | Cost of risk in perpetuity +/- 10 basis points. |

The sensitivity analysis does not alter the conclusions drawn from the impairment test. In all scenarios defined in that analysis, the recoverable amount obtained is greater than the carrying amount. The impairment of the Group’s computer software, which mainly provides services to the Bank and to TSB, is evaluated by reviewing the recoverable amounts of Banking Business Spain and Banking Business UK. In the case of Banking Business UK, the valuation method used in the analysis was that of discounting future distributable net profit associated with the activity carried out up to 2029. To calculate the terminal value, 2029 was taken as the reference year, using a growth rate in perpetuity of 1.7% (same percentage as in 2024), which does not exceed the long-term average growth rate of the market in which the operating segment is active. The discount rate used was 12.2% (12.1% in 2024), determined using the CAPM method; it therefore comprises a risk-free rate plus a premium that reflects the inherent risk of the operating segment being evaluated. The evaluation did not reveal the need to recognise any impairment in the value of these assets. In addition, as indicated in Note 35, on 1 July 2025 the Bank agreed to sell all shares representing the share capital of TSB Banking Group pic to Banco Santander, S.A., the offer made by the latter being above the carrying amount of the net assets contributed by TSB Banking Group pic and its subsidiaries to the Group’s consolidated balance sheet as at 30 June 2025. A-48

Note 13 – Other assets and liabilities The composition of the “Other assets” heading as at 30 June 2025 and 31 December 2024 is as follows:

| Thousand euro                          |     |            |         |     |            |         |
|                                        |     | 30/06