Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 810

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 810
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 the fair value of the hedging derivative. Hedge effectiveness is also assessed on a forward-looking basis,
verifying that the expected cash flows on the hedged items are still highly likely to materialise.

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.

Hedging of net investments in foreign operations

The positions of subsidiaries and foreign branches implicitly entail exposure to exchange rate 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-693

2022 hedging disclosures The nominal values and the fair values of the hedging instruments as at 31 December 2022 and 2021, broken down by risk category and type of hedge, are as follows:

| Thousand euro                                 |     |         |            |     |        |           |     |             |           |     |         |            |     |        |         |     |             |         |
|                                               |     |    2022 |            |     |        |           |     |             |           |     |    2021 |            |     |        |         |     |             |         |
|                                               |     | Nominal |            |     | Assets |           |     | Liabilities |           |     | Nominal |            |     | Assets |         |     | Liabilities |         |
| Microhedges:                                  |     |         |            |     |        |           |     |             |           |     |         |            |     |        |         |     |             |         |
| Fair value hedges                             |     |         |  8,353,601 |     |        |   831,005 |     |             |   207,837 |     |         |  7,583,852 |     |        | 168,282 |     |             |  92,692 |
| Foreign exchange risk                         |