Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 507

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 507
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 Group has not held investments in joint ventures in 2023 and 2022. Associates Associates are entities over which the Group exerts significant influence, which generally, although not exclusively, takes the form of a direct or indirect interest representing 20% or more of the investee’s voting rights. In the consolidated annual financial statements, associates are accounted for using the equity method. The above notwithstanding, when the Group’s investment in an associate is held directly by, or is held indirectly through, a venture capital organisation or similar entity, it may elect to measure that investment at fair value through profit or loss in accordance with IFRS 9. This election is made separately for each A-338

associate on the date of its initial recognition. Similarly, when the Group has an interest in an associate that is an investment entity, it may, when applying the equity method, elect to retain the fair value measurement applied by that investment entity associate to its subsidiaries. This election is made separately for each investment entity associate, at the later of the date on which (a) the associate is initially recognised, (b) the associate becomes an investment entity, or (c) the associate or first becomes a parent of a group of entities. Structured entities A structured entity is an entity that has been designed so that voting or other similar rights are not the dominant factor in deciding who controls the entity. Where the Group holds an interest in an entity, or where it incorporates an entity, in order to transfer risks or for any other purposes, or to allow customers access to certain investments, it determines whether there is control over the entity based on that provided in regulations, as described above, in order to consequently determine whether it should be subject to consolidation. Specifically, the following factors, among others, are considered:

| – | Analysis of the influence of the Group over the significant activities of the entity that could have an influence on 
 the amount of its returns.                                                                                           |

| – | Implicit or explicit commitments of the Group to provide financial support to the entity. |

| – | Identification of the entity’s manager and analysis of the remuneration scheme. |

| – | Existence of removal rights (possibility of dismissing managers). |

| – | Significant exposure of the Group to the variable returns on the entity’s assets. |

These entities include those known as ‘asset securitisation funds’, which are consolidated in cases where, based on the above analysis, it is determined that the Group has maintained control. For these operations, financial support agreements