Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 886

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 886
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 described previously within the management and control framework defined by the Group through
its policies and procedures.

Hedging of net investments in foreign operations

The positions of subsidiaries and foreign branches implicitly entail exposure to exchange rate risk, which is managed by creating hedges through the
use of forward contracts and options.

The maturities of these instruments are periodically renewed on the basis of prudential and forward-looking
criteria.

A-693

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. 2022 hedging disclosures The nominal values and the fair values of the hedging instruments as at 31 December 2022 and 2021, broken down by risk category and type of hedge, are as follows:

| Thousand euro                                 |     |         |            |     |        |           |     |             |           |     |         |            |     |        |         |     |             |         |
|                                               |     |    2022 |            |     |        |           |     |             |           |     |    2021 |            |     |        |         |     |             |         |
|                                               |     | Nominal |            |     | Assets |           |     | Liabilities |           |     | Nominal |            |     | Assets |         |     | Liabilities |         |
| Microhedges:                                  |     |         |            |     |        |           |     |             |           |     |         |            |     |        |         |     |             |         |
| Fair value hedges                             |     |         |  8,353,601 |     |        |   831,005 |     |             |   207,837 |     |         |  7,583,852 |     |        | 168,282 |     |             |  92,692 |
| Foreign exchange risk                         |     |         |          — |     |        |         — |     |             |         — |     |         |          — |     |        |       — |     |             |       — |
| Of liability-side transactions                |     |         |          — |     |        |         — |     |             |         — |     |         |          — |     |        |       — |     |