Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 543

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 543
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As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential. Standards and interpretations issued by the International Accounting Standards Board (IASB) that entered into force in 2023 In 2023, the standards and interpretations adopted by the European Union, together with their amendments, which have been applied by the Group due to their entry into force or their early application, are the following:

| Standards                                         |     | Titles                                                                             |
| IFRS 17                                           |     | Insurance contracts                                                                |
| Amendment to IFRS 17                              |     | Initial application of IFRS 17 and IFRS 9: Comparative information                 |
| Amendments to IAS 1 and IFRS Practice Statement 2 |     | Disclosure of accounting policies                                                  |
| Amendments to IAS 8                               |     | Definition of accounting estimates                                                 |
| Amendments to IAS 12                              |     | - Deferred tax related to assets and liabilities arising from a single transaction |
|                                                   |     | - International tax reform – Pillar Two Model Rules                                |

Except for the impact arising from the adoption of IFRS 17 (see section on Adoption of IFRS 17 “Insurance contracts” in this note and Note 1.4), the application of the aforesaid standards has had no significant effects on these consolidated annual financial statements. Adoption of IFRS 17 “Insurance contracts” IFRS 17 came into effect on 1 January 2023, replacing IFRS 4, and modified the set of accounting requirements for the recognition, measurement, presentation and disclosure of insurance contracts. The objective of IFRS 17 is to ensure that entities provide relevant information that faithfully represents those contracts. In accordance with this standard, insurance contracts combine components of financial instruments and service contracts. In addition, many insurance contracts generate cash flows with substantial variability over a long period. In order to provide useful information about these features, IFRS 17:

| – | combines the current measurement of future cash flows with the revenue recognised throughout the period during which 
 the services established in the contracts are provided;                                                              |

| – | presents results for services provided separately from the financial expenses and income relating to these contracts; 
 and                                                                                                                   |

| – | requires entities to decide whether to recognise the entirety of their financial income and expenses relating to 
 insurance contracts