Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 787

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 787
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 sheet includes the actuarial present value of pension commitments, which is calculated individually using the projected unit credit method on the basis of the financial and actuarial assumptions set out below. This is the same method used for the sensitivity analysis described in Note 22. From the obligations thus calculated, the fair value of the plan assets has been deducted. Plan assets are assets that will be used to settle obligations, including insurance policies, since they meet the following conditions:

| – | They are not owned by the Group but by a legally separate third party not qualifying as a related party. |

| – | They are available only to pay or fund employee benefits and are not available to creditors of the Group, even in the 
 event of insolvency.                                                                                                  |

| – | They cannot be returned to the Group unless the assets remaining in the plan are sufficient to settle all                                                                             
 obligations, of the plan or of the Institution, relating to employee benefits, or unless assets are to be returned to the Bank to reimburse it for employee benefits previously paid. |

| – | They are not non-transferable financial instruments issued by the Group. |

The assets that back pension commitments shown in the standalone balance sheet of the insurance company BanSabadell Vida, S.A. de Seguros y Reaseguros are not plan assets, as the company is a related party of the Group. Pension commitments are recognised in the following way:

| – | In the consolidated income statement, net interest on the defined benefit liability (asset) net of pension                                                                                                                                     
 commitments as well as the cost of the services, which includes (i) the cost of services in the current period, (ii) the cost of past services arising from changes made to existing commitments or from the introduction of new benefits, and 
 (iii) any gain or loss arising from a settlement of the plan.                                                                                                                                                                                  |

| – | Under the heading “Accumulated other comprehensive income – Items that will not be reclassified to profit                                                                                                                                     
 or loss - Actuarial gains or (-) losses on defined benefit pension plans” in the consolidated statement of equity, the remeasurement of the net defined benefit liability (asset) for pension commitments, which includes (i) actuarial gains 
 and losses generated in the year arising from differences between the previous actuarial assumptions and the real situation and from changes in the actuarial assumptions made, (ii) the return on plan assets, and (iii) any change in the   
 effect of the asset ceiling, excluding,