Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 634

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 634
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| – | Statistical model: this model adjusts the value of the assets based on the acquisition date and their                                                                                                                                                    
 location, updating the value in accordance with price trends in the area concerned as from the date of purchase. To that end, it includes statistical information on price trends in all provinces, as provided by external appraisal companies, as well 
 as demographic data from the Spanish Office for National Statistics (INE) to calculate sensitivity at a municipality level. The value obtained is in turn adjusted based on the construction status (finished product, development in progress, plots or 
 land under management) and use (residential, industrial, etc.) of the asset.                                                                                                                                                                             |

Level 3

| – | Cost method: applicable to determine the value of buildings being planned, under construction or undergoing 
 renovations.                                                                                                |

| – | Residual method: in the present macroeconomic climate, the dynamic calculation procedure is being used                                                                                                                   
 preferentially in new land valuations to the detriment of the static procedure, which is reserved for specific cases in which the envisaged timeframes for project completion are in line with the relevant regulations. |

Depending on the type of asset, the methods used for the valuation of the Group’s portfolio are the following:

| – | Completed buildings: valued using the comparison method, the rental update method or the statistical model (Level 2). |

| – | Buildings under construction: valued using the cost method as a sum of the land value and the value of the work 
 carried out (Level 3).                                                                                          |

| – | Land: valued using the residual method (Level 3). |

A-448

Determination of the fair value of real estate assets The following tables show the main real estate assets broken down by the valuation method used to estimate their fair value as at 31 December 2023 and 2022:

| Thousand euro                               |     |         |   |     |         |           |     |         |        |     |       |           |
|                                             |     |    2023 |   |     |         |           |     |         |        |     |       |           |
|                                             |     | Level 1 |   |     | Level 2 |           |     | Level 3 |        |     | Total |           |
| Housing                                     |     |         | — |     |         |   567,229 |     |         |      — |     |       |   567,229 |
| Branches and offices