Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 544

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 544
---
 in profit and loss, or whether to recognise part of these results in equity.                 |

Furthermore, in 2020 some amendments to IFRS 17 were incorporated, designed to reduce implementation costs by simplifying some requirements of this standard, make financial performance easier to explain and ease transition by deferring the effective date of the standard to 1 January 2023 and by reducing the requirements to apply the standard for the first time. The initial application of this standard basically affects the amount at which insurance undertakings associated with the Group that are controlled by Zürich Seguros (i.e. BanSabadell Vida, S.A. de Seguros y Reaseguros, BanSabadell Seguros Generales and S.A. de Seguros y Reaseguros) are recognised. The application of IFRS 17 requires restatement of comparative information, the transition date for this standard being 1 January 2022. In this respect, the initial application of IFRS 17 has produced a reduction of the Group’s equity of 128 million euros as at 1 January 2022 and of 138 million euros as at 31 December 2022. A-333

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. The main quantitative impacts of the initial application of IFRS 17 on the information set out in the financial statements for the financial year 2022 are set out below:

| – | The reconciliation between the Group’s consolidated balance sheet as at 31 December 2021 published in the                                                                           
 consolidated annual financial statements for the financial year 2021 and the opening consolidated balance sheet as at 1 January 2022 restated under IFRS 17 criteria is as follows: |

| Million euro                                 |     |                   |         |     |                |      |     |                  |         |
|                                              |     | Published balance 
 31/12/2021        |         |     | IFRS 17 impact |      |     | Restated balance 
 01/01/2023       |         |
| Total assets                                 |     |                   | 251,947 |     |                | -128 |     |                  | 251,819 |
| Of which:                                    |     |                   |         |     |                |      |     |                  |