Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 546

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 546
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 per annum |     |       2.00% per annum |
| Rate of increase in salaries         |     |       3.00% per annum |     |       3.00% per annum |
| Employee disability                  |     |         SS90-Absolute |     |         SS90-Absolute |
| Employee turnover                    |     |        Not considered |     |        Not considered |
| Early retirement                     |     |            Considered |     |            Considered |
| Normal retirement age                |     |        65 or 67 years |     |        65 or 67 years |

A-371

In 2023 and 2022, the discount rate on all commitments was determined by reference to the return on AA-ratedcorporate bonds (iBoxx €Corporates AA 10+), with an average duration of 11.96 and 13 years, respectively. The early retirement age considered is the earliest retirement date after which pension entitlements cannot be revoked by the employer for 100% of the employees. The return on long-term assets corresponding to plan assets and insurance policies linked to pensions was determined by applying the same discount rate used in actuarial assumptions (3.75% and 3.25% in 2023 and 2022, respectively). 1.3.18 Foreign currency transactions and exchange differences The Group’s functional and reporting currency is the euro. Consequently, all balances and transactions denominated in currencies other than the euro are treated as being denominated in a foreign currency. On initial recognition, debit and credit balances denominated in foreign currencies are translated to the functional currency at the spot exchange rate, defined as the exchange rate for immediate delivery, on the recognition date. Subsequent to the initial recognition, the following rules are used to translate foreign currency balances to the functional currency of each investee:

| – | Monetary assets and liabilities are translated at the closing rate, defined as the average spot exchange rate as at 
 the reporting date.                                                                                                 |

| – | Non-monetary items measured at historical cost are translated at the exchange 
 rate ruling on the acquisition date.                                          |

| – | Non-monetary items measured at fair value are translated at the exchange rate 
 ruling on the date on which the fair value was determined.                    |

| – | Income and expenses are translated at the exchange rate ruling at the transaction date. |

In general, exchange differences arising in the translation of debit and credit balances denominated in foreign currency are recognised in the consolidated