Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 500

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 500
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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.

| F. | Micro-hedges of interest rates on inflation-linked bonds, recognised under the heading “Financial assets at                                   
 amortised cost”. The Group has arranged financial swaps to hedge future changes in cash flows that will be settled by inflation-linked bonds. |

| G. | Hedges against foreign exchange risk on permanent investments currently cover 545 million pounds sterling and                                                                                                                    
 8,853 million Mexican pesos corresponding to interests held in Group entities (393 million pounds sterling and 8,553 million Mexican pesos as at 31 December 2023) and 600 million US dollars corresponding to interests held in 
 foreign branches (480 million US dollars as at 31 December 2023). All of these hedges are arranged through currency forwards.                                                                                                    |

| H. | Macro-hedges of the Institution’s funding operations in capital markets and transactions involving term deposits  
 and demand deposits arranged by customers recognised under the heading “Financial liabilities at amortised cost”. |

| I. | Macro-hedges of debt securities classified under the headings “Financial assets at fair value through other                                                                              
 comprehensive income” and “Financial assets at amortised cost”, and of fixed-rate mortgage loans granted to customers recognised under the heading “Financial assets at amortised cost”. |

| J. | Macro-hedges of floating-rate mortgage loans granted to customers recognised under the heading “Financial assets                                                                                                                           
 at amortised cost”. As at 31 December 2024, the average rate of financial interest rate swaps used for these hedges was 3.30%, for hedges of loans indexed to the 12-month Euribor (3.87% as at 31 December 2023), and 2.22% for hedges of 
 loans indexed to the 3-month Euribor. As at 31 December 2023, there were no hedges of loans indexed to the 3-month Euribor in force.                                                                                                       |

The maturity profiles of the hedging instruments used by the Group as at 31 December 2024 and 2023 are shown below:

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