Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 332

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 332
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 are all considered restructured transactions, except where it can be proven that the terms are being modified for reasons other than borrowers’ financial difficulties and that the modified terms are        
 analogous to those that would be applied in the market, on the date of such modification, to transactions with a similar risk profile.                                                                                                                   |

If a transaction is classified in a particular risk category, refinancing does not mean that its risk classification will automatically improve. The algorithm establishes the initial classification of refinanced transactions based on their characteristics, mainly, the existence of a borrower’s financial difficulties (e.g. an inadequate business plan), the existence of certain clauses such as long grace periods, or the existence of amounts that have been written off as they are considered to be non-recoverable.The algorithm then changes the initial classification depending on the established cure periods. Reclassification into a lower risk category will only be considered if evidence exists of a continuous and significant improvement in the recovery of the debt over time; therefore, the act of refinancing does not in itself produce any immediate improvements. Refinancing, refinanced and restructured transactions remain identified as such during a probation period until all of the following requirements are met:

| – | It is concluded, having reviewed the borrower’s assets and financial position, that the borrower is unlikely to 
 experience financial difficulties.                                                                              |

| – | A minimum of two years has elapsed since the date of the restructuring or refinancing or, if later, since the date of 
 reclassification to the stage 3 category.                                                                             |

| – | The borrower has paid the instalments of principal and interest accrued since the date of the refinancing or 
 restructuring or, if later, since the date of reclassification to the stage 3 category.                      |

| – | The borrower has no other transactions with amounts more than 30 days past due at the end of the probation period. |

A-120

| – | At least 12 months have passed since the grace period came to an end. |

| – | The refinanced amount of both the contract and the borrower has been reduced, through payments made by the customer                                                            
 whose cumulative amount since the refinancing date is at least the amount equivalent to the write-down, the unpaid amount at the time of refinancing or the new risk approved. |

Refinancing, refinanced and restructured transactions remain in the stage 3 category until it can be verified that they meet the general criteria for reclassification to the stage 2 category, particularly the following requirements:

| – |