Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 347

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 347
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 are taken into account:

| – | Key business assumptions: these assumptions are used as a basis for the cash flow projections considered in the                                                                                                                                        
 valuation. For businesses engaging in financial activities, projections are made for variables such as changes in lending volumes, default rates, customer deposits, interest rates under a forecast macroeconomic scenario, and capital requirements. |

| – | Estimates of macroeconomic variables and other financial parameters. |

A-131

| – | Projection period: this is usually five years, after which a recurring level is attained in terms of both income and 
 profitability. These projections take into account the existing economic situation at the time of the valuation.     |

| – | Discount rate (post-tax): the present value of future dividends, from which a                                                                                                                                                              
 value in use is obtained, is calculated using the Institution’s cost of capital (Ke), from the standpoint of a market participant, as a discount rate. To determine the cost of capital, the Capital Asset Pricing Model (CAPM) is used in 
 accordance with the formula: “Ke = Rf + b (Pm) +                                                                                                                                                                                           
 a”, where: Ke = Required return or cost of capital, Rf = Risk-free rate, b = Company’s systemic risk coefficient, Pm = Market premium and a = Non-systemic risk premium.                                                                   |

| – | Growth rate used to extrapolate cash flow projections beyond the period covered by the most recent forecasts: this is                                                                 
 based on long-term estimates of the main macroeconomic figures and key business variables, and bearing in mind the existing financial market circumstances and outlooks at all times. |

If the carrying amount of a CGU (or group of CGUs to which goodwill has been assigned) is higher than its recoverable amount, the Group recognises an impairment loss that is allocated, firstly, by reducing the goodwill attributed to that CGU and, secondly, if any losses remain to be allocated, by reducing the carrying amount of the remaining allocated assets on a pro rata basis. Impairment losses recognised for goodwill cannot subsequently be reversed. Other intangible assets This heading mainly includes intangible assets acquired in business combinations, such as the value of brands of the acquired businesses, as well as computer software. These intangible assets have a finite useful life and are amortised based on their useful lives, applying similar criteria to those used for tangible assets. The useful life of brands and contractual rights arising from relationships with customers of the acquired businesses varies between 10 and 15 years, while for