Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 717

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 717
---
ments towards employees on extended leave of absence not covered with benefits accrued in the Banco Sabadell 
 employee pension plan.                                                                                             |

| – | Commitments towards early retirees. These may be partly financed with benefits accrued in the Banco Sabadell employee 
 pension plan.                                                                                                         |

A-596

These insurance policies have been arranged with insurers outside the Group, whose insured commitments are mainly those towards former Banco Atlántico employees, and with BanSabadell Vida, S.A. de Seguros y Reaseguros. Voluntary social welfare agency (Entidad de Previsión Social Voluntaria, or E.P.S.V.) The acquisition and subsequent merger of Banco Guipuzcoano resulted in the takeover of Gertakizun, E.P.S.V., which covers defined benefit commitments in respect of serving and former employees, who are insured by policies. It was set up by the aforesaid bank in 1991 as an agency with a separate legal personality. All of the pension commitments to serving and former employees are insured by entities outside the Group. Internal funds Internal funds are used to settle obligations with early retirees up to their legal retirement age and relate to employees previously working for Banco Sabadell. Accounting record of defined benefit obligations The “Provisions – Pensions and other post employment defined benefit obligations” heading on the liabilities side of the consolidated balance sheet includes the actuarial present value of pension commitments, which is calculated individually using the projected unit credit method on the basis of the financial and actuarial assumptions set out below. This is the same method used for the sensitivity analysis described in Note 22. From the obligations thus calculated, the fair value of the plan assets has been deducted. Plan assets are assets that will be used to settle obligations, including insurance policies, since they meet the following conditions:

| – | They are not owned by the Group but by a legally separate third party not qualifying as a related party. |

| – | They are available only to pay or fund employee benefits and are not available to creditors of the Group, even in the 
 event of insolvency.                                                                                                  |

| – | They cannot be returned to the Group unless the assets remaining in the plan are sufficient to settle all                                                                             
 obligations, of the plan or of the Institution, relating to employee benefits, or unless assets are to be returned to the Bank to reimburse it for employee benefits previously paid. |

| – | They are not non-transferable financial instruments issued by the Group. |

The assets