Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 635

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 635
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     |   |
|                                  |     | Individuals                |         |     |                         |      |   |     |      |     |   |
| Unemployment rate deviation (**) |     |                            | +100 pb |     |                         | 9.1% |   |     |      |     |   |
|                                  |     | -100 pb                    |         |     | (6.4)%                  |      |   |     |      |     |   |
| House price growth deviation     |     |                            | -100 pb |     |                         | 0.4% |   |     |      |     |   |
|                                  |     | +100 pb                    |         |     | (0.4)%                  |      |   |     |      |     |   |

(*) Changes to macroeconomic variables are applied in absolute terms. (**) Changes to macroeconomic variables are applied in absolute terms. In the scenario of a change to the UK unemployment rate, a deviation of +/- 100 bp represents the relative value of a deviation from the macroeconomic variable more than two times greater than in Spain. A-463

Note 12 – Derivatives - hedge accounting Hedging management The main hedges arranged by the Group are described below: Interest rate risk hedge Based on the balance sheet position and the market situation and outlooks, interest rate risk mitigation strategies are proposed and agreed upon to adapt that position to the one desired by the Group. With this aim in mind, the Group establishes interest rate risk hedging strategies for positions that are not included in the trading book and, to that end, derivative instruments are used, whether fair value or cash flow hedging instruments, and a distinction is made between them depending on the items hedged:

| – | Macro-hedges: hedges intended to mitigate the risk of balance sheet components. |

| – | Micro-hedges: hedges intended to mitigate the risk of a particular asset or liability. |

When a transaction is designated as a hedging operation, it is classified as such from the inception of the transaction or of the instruments included in the hedge, and a document is prepared which covers the hedging strategy, defining it in management and accounting terms and setting out its governance arrangements. The aforesaid document clearly identifies the item(s) hedged and the hedging instrument(s), the risk that it seeks to hedge and the criteria or methodologies followed by the Group to evaluate its effectiveness. The Group operates with the following types of hedges