Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 296

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 296
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ging policy for its equity that seeks to minimise the sensitivity of capital ratios to adverse movements in these
currencies against the euro. To that end, the evolution of foreign business is monitored, as are the political and macroeconomic variables that could have a significant impact on exchange rates.

As regards permanent investments in US dollars, the overall position in this currency has gone from 1,414 million as at 31 December 2024 to
1,508 million as at 30 June 2025. In relation to this position, as at 30 June 2025, a buffer of 47% of total investment is maintained.

In terms of permanent investments in Mexican pesos, the capital buffer has gone from 8,853 million Mexican pesos as at 31 December 2024 (out
of a total exposure of 17,532 million Mexican pesos) to 9,778 million Mexican pesos as at 30 June 2025 (out of a total exposure of 18,408 million Mexican pesos), representing 53% of the total investment made.

As regards permanent investments in pounds sterling, the capital buffer has increased from 545 million pounds sterling as at 31 December 2024
to 615 million pounds sterling as at 30 June 2025 (total exposure has gone from 2,461 million pounds sterling as at 31 December 2024 to 2,296 million pounds sterling as at 30 June 2025), representing 27% of the total
investment made (excluding intangibles).

Currency hedges are continuously reviewed in light of market movements.

The net position of foreign currency assets and liabilities includes the structural position of the Institution, valued as at 30 June 2025, which
amounted to 3,085 million euros, of which 1,965 million euros corresponded to permanent equity holdings in pounds sterling, 677 million euros corresponded to permanent equity holdings in US dollars and 391 million euros to
permanent equity holdings in Mexican pesos. Net assets and liabilities valued at historical exchange rates are hedged with currency forwards and currency options in line with the Group’s risk management policy.

A-33

As at 30 June 2025, the sensitivity of the equity exposure to an exchange rate depreciation against the euro of the main currencies to which exposure exists of 3.4% (calculated based on the quarterly exchange rate volatility over the past three years) amounted to 105 million euros, of which 64% corresponds to the pound sterling, 22