Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 462

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 462
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34). (**) Corresponds to credit loss allowances transferred to non-current assets held for sale and investment properties. The breakdown by geographical area of the balance of impairment allowances as at 31 December 2024 and 2023 is as follows:

| Thousand euro          |     |           |     |           |
|                        |     |      2024 |     |      2023 |
| Spain                  |     | 2,380,069 |     | 2,566,179 |
| Rest of European Union |     |    65,472 |     |   171,176 |
| United Kingdom         |     |   258,361 |     |   283,907 |
| Americas               |     |   131,775 |     |   167,230 |
| Rest of the world      |     |    12,008 |     |    13,889 |
| Total                  |     | 2,847,685 |     | 3,202,381 |

A-236

Note 12 – Derivatives - hedge accounting Hedging management The main hedges arranged by the Group are described below: Interest rate risk hedge Based on the balance sheet position and the market situation and outlook, interest rate risk mitigation strategies are proposed and agreed upon to adapt that position to the one desired by the Group. With this aim in mind, the Group establishes interest rate risk hedging strategies for positions that are not included in the trading book and, to that end, derivative instruments are used, whether fair value or cash flow hedging instruments, and a distinction is made between them depending on the items hedged:

| – | Macro-hedges: hedges intended to mitigate the risk of balance sheet components. |

| – | Micro-hedges: hedges intended to mitigate the risk of a particular asset or liability. |

When a transaction is designated as a hedging operation, it is classified as such from the inception of the transaction or of the instruments included in the hedge, and a document is prepared which covers the hedging strategy, defining it in management and accounting terms and setting out its governance arrangements. The aforesaid document clearly identifies the hedged item(s) and the hedging instrument(s), the risk that it seeks to hedge and the criteria or methodologies followed by the Group to evaluate its effectiveness. The Group operates with the following types of hedges intended to mitigate structural interest rate risk:

| – | Fair value hedges: hedges against the exposure to changes in