Company: BBVXF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000842180-25-000033
Chunk: 59

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 59
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es) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”.

(2) “Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”.

As of June 30, 2025, the Turkish lira depreciated by 24.4% against the euro compared to June 30, 2024 (i.e., the period-end exchange rates of the Turkish lira used to convert income statement items pursuant to IAS 21 for the six months ended June 30, 2025 and 2024, respectively), adversely affecting the results of operations of the Turkey operating segment for the six months ended June 30, 2025 expressed in euros. See “ ―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates ”.

Since the first half of 2022, the Turkish economy has been considered to be hyperinflationary as defined by IAS 29 “Financial Reporting in Hyperinflationary Economies”. See “ Presentation of Financial Information—Hyperinflationary Economies ” for information on the impact of hyperinflation accounting.

Regulation and monetary policy, including the liraization strategy adopted by the CBRT to protect the Turkish lira, has affected this operating segment. See “ Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Turkey ” in our 2024 Form 20-F and “ Other Matters—Regulatory Update for Turkey ”.

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#### Net interest income
Net interest income of this operating segment for the six months ended June 30, 2025 amounted to €1,307 million compared with the €605 million recorded for the six months ended June 30, 2024 as a result mainly of the higher volume and yield of Turkish lira-denominated loans, supported—with respect to the volume growth—by the lessening of the loan reserve requirements since January 4,