Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 692

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 692
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 | Residual method: in the present macroeconomic climate, the dynamic calculation procedure is being used                                                                                                                   
 preferentially in new land valuations to the detriment of the static procedure, which is reserved for specific cases in which the envisaged timeframes for project completion are in line with the relevant regulations. |

Depending on the type of asset, the methods used for the valuation of the Group’s portfolio are the following:

| – | Completed buildings: valued using the comparison method, the rental update method or the statistical model (Level 2). |

| – | Buildings under construction: valued using the cost method as a sum of the land value and the value of the work 
 carried out (Level 3).                                                                                          |

| – | Land: valued using the residual method (Level 3). |

A-448

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. Determination of the fair value of real estate assets The following tables show the main real estate assets broken down by the valuation method used to estimate their fair value as at 31 December 2023 and 2022:

| Thousand euro                               |     |         |   |     |         |           |     |         |        |     |       |           |
|                                             |     |    2023 |   |     |         |           |     |         |        |     |       |           |
|                                             |     | Level 1 |   |     | Level 2 |           |     | Level 3 |        |     | Total |           |
| Housing                                     |     |         | — |     |         |   567,229 |     |         |      — |     |       |   567,229 |
| Branches and offices, retail establishments |     |         | — |     |         |   879,689 |     |         |      — |     |       |   879,689 |
| and other real estate                       |     |         |   |     |         |           |     |         |        |     |       |           |
| Land and building plots                     |     |         | — |     |         |     5,295 |     |         | 20,833 |     |       |    26,128 |
| Work in progress                            |     |         | — |     |