Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 494

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 494
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 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). |

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 2024 and 2023:

| Thousand euro                               |     |         |   |     |         |           |     |         |        |     |       |           |
|                                             |     |    2024 |   |     |         |           |     |         |        |     |       |           |
|                                             |     | Level 1 |   |     | Level 2 |           |     | Level 3 |        |     | Total |           |
| Housing                                     |     |         | — |     |         |   490,675 |     |         |      — |     |       |   490,675 |
| Branches and offices, retail establishments 
 and other real estate                       |     |         | — |     |         |   778,903 |     |         |      — |     |       |   778,903 |
| Land and building plots                     |     |         | — |     |         |         — |     |