Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 458

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 458
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 deposits opened by customers, recognised under the heading “Financial liabilities at amortised cost”. |

| B. | Micro-hedges of debt securities classified under the headings “Financial assets at fair value through other 
 comprehensive income” and “Financial assets at amortised cost”.                                             |

| C. | Micro-hedges of future transactions. The Institution designates as a hedging item those derivative contracts that                                       
 will be settled at their gross amount through the transfer of the underlying asset (generally fixed-income securities) according to the contract price. |

| D. | Micro-hedging operations carried out by the Group’s securitisation funds. |

| E. | Micro-hedges of transactions involving structured term deposits arranged with customers and which are currently being 
 sold.                                                                                                                 |

A-239

| F. | Micro-hedges of interest rates on inflation-linked bonds, recognised under the heading “Financial assets at                                   
 amortised cost”. The Group has arranged financial swaps to hedge future changes in cash flows that will be settled by inflation-linked bonds. |

| G. | Hedges against foreign exchange risk on permanent investments currently cover 545 million pounds sterling and                                                                                                                    
 8,853 million Mexican pesos corresponding to interests held in Group entities (393 million pounds sterling and 8,553 million Mexican pesos as at 31 December 2023) and 600 million US dollars corresponding to interests held in 
 foreign branches (480 million US dollars as at 31 December 2023). All of these hedges are arranged through currency forwards.                                                                                                    |

| H. | Macro-hedges of the Institution’s funding operations in capital markets and transactions involving term                    
 deposits and demand deposits arranged by customers recognised under the heading “Financial liabilities at amortised cost”. |

| I. | Macro-hedges of debt securities classified under the headings “Financial assets at fair value through other                                                                              
 comprehensive income” and “Financial assets at amortised cost”, and of fixed-rate mortgage loans granted to customers recognised under the heading “Financial assets at amortised cost”. |

| J. | Macro-hedges of floating-rate mortgage loans granted to customers recognised under the heading “Financial                                                                                                                               
 assets at amortised cost”. As at 31 December 2024, the average rate of financial interest rate swaps used for these hedges was 3.30%, for hedges of loans indexed to the 12-month Euribor (3.87% as at 31 December 2023), and 2.22% for 
 hedges of