Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 370

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 370
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 of the hedged item against the accumulated variance in the fair value of the hedging derivative. Hedge effectiveness is also assessed on a forward-looking basis, verifying that the expected cash flows of the hedged items are still highly probable. Possible causes of partial or total ineffectiveness include changes in the sufficiency of the portfolio of hedged balance sheet items or differences in their contractual characteristics in relation to hedging derivatives. Every month the Group calculates the interest rate risk metrics and establishes hedging strategies in accordance with the established Risk Appetite Framework. Hedges are therefore managed, establishing hedges or discontinuing them, as required, on the basis of the evolution of the balance sheet items described previously within the management and control framework defined by the Group through its policies and procedures. Hedges of net investment in foreign operations The positions of subsidiaries and foreign branches implicitly entail exposure to foreign exchange 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-149

Hedging disclosures for the year 2024 The nominal values and the fair values of hedging instruments as at 31 December 2024 and 2023, broken down by risk category and type of hedge, are as follows:

| Thousand euro                                 |     |         |            |     |        |           |     |             |         |     |         |            |     |        |           |     |             |           |
|                                               |     |    2024 |            |     |        |           |     |             |         |     |    2023 |            |     |        |           |     |             |           |
|                                               |     | Nominal |            |     | Assets |           |     | Liabilities |         |     | Nominal |            |     | Assets |           |     | Liabilities |           |
| Microhedges:                                  |     |         |            |     |        |           |     |             |         |     |         |            |     |        |           |     |             |           |
| Fair value hedges                             |     |         |  9,519,561 |     |        | 1,005,242 |     |             | 157,192 |     |         | 11,305,664 |     |        |   812,117 |     |             |   246,705 |
| Interest rate