Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 796

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 796
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 structural FX positions in order to achieve its objectives in relation to the management of structural foreign exchange risk.

The most prominent permanent investments in non-local currencies are made in US dollars, pounds sterling
and Mexican pesos.

As regards permanent investments in US dollars, the overall position in this currency has gone from 1,170 million as at
31 December 2021 to 1,278 million as at 31 December 2022. In relation to this position, as at 31 December 2022, a buffer of 33% of total investment is maintained.

In terms of permanent investments in Mexican pesos, the capital buffer has gone from 10,003 million Mexican pesos as at 31 December 2021 (of
a total exposure of 14,572 million Mexican pesos) to 9,253 million Mexican pesos as at 31 December 2022 (of a total exposure of 15,261 million Mexican pesos), representing 61% of the total investment made.

A-652

As regards permanent investments in pounds sterling, the capital buffer has increased by 213 million pounds sterling as at 31 December 2021 to 333 million pounds sterling as at 31 December 2022 (total exposure has gone from 1,890 million pounds sterling as at 31 December 2021 to 1,998 million pounds sterling as at 31 December 2022), representing 17% of the total investment made (excluding intangibles). Currency hedges are continuously reviewed in light of market movements. The exchange value in euros of assets and liabilities in foreign currencies maintained by the Group as at 31 December 2022 and 2021, classified in accordance with their nature, is as follows:

| Thousand euro                                |     |     |            |     |      |            |     |                  |           |     |       |            |
|                                              |     |     |            |     | 2022 |            |     |                  |           |     |       |            |
|                                              |     | USD |            |     |  GBP |            |     | Other currencies |           |     | Total |            |
| Assets denominated in foreign currency:      |     |     | 11,230,828 |     |      | 57,349,488 |     |                  | 4,111,351 |     |       | 72,691,667 |
| Cash, cash balances at central banks and     |     |     |    606,605 |