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Contents
I. AUDIT REPORT
II.CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Financial Statements |
Notes to the Consolidated Financial Statements |
Appendices |
Glossary |
Legal disclaimer |

III.MANAGEMENT REPORT

BBVA in brief |
Consolidated Non-financial Information Statement |
Financial information |
Risk management |
Alternative Performance Measures (APMs) |
Subsequent events |
BBVA Annual Corporate Governance Report |
Annual Report on the Remuneration of BBVA Directors |
Legal disclaimer |

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-
IFRS, as adopted by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language
version prevails

|  | 1

Index
CONSOLIDATED FINANCIAL STATEMENTS

Consolidated balance sheets | 4
Consolidated income statements | 7
Consolidated statements of recognized income and expense | 8
Consolidated statements of changes in equity | 10
Consolidated statements of cash flows | 13

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. Introduction, basis for the presentation of the Consolidated Financial Statements, Internal Control over Financial Reporting and other information | 14
2. P rinciples of consolidation, accounting policies and measurement bases applied and recent IFRS pronouncements | 16
3. BBVA Group | 43
4. Shareholder remuneration system | 45
5. Earnings per share | 49
6. Operating segment reporting | 49
7. Risk management | 51
8. Fair value of financial instruments | 99
9. Cash, cash balances at central banks and other demand deposits | 113
10. Financial assets and liabilities held for trading | 114
11. Non-trading financial assets mandatorily at fair value through profit or loss | 115
12. Financial assets and liabilities designated at fair value through profit or loss | 116
13. Financial assets at fair value through other comprehensive income | 116
14. Financial assets at amortized cost | 119
15. Derivatives - Hedge accounting and fair value changes of the hedged items in portfolio hedges of interest rate risk | 122
16. Investments in joint ventures and associates | 125
17. Tangible assets | 127
18. Intangible assets | 131
19. Tax assets and liabilities | 133
20. Other assets and liabilities | 138
21. Non-current assets and disposal groups classified as held for sale and liabilities included in disposal groups classified as held for sale | 138
22. Financial liabilities at amortized cost | 140
23. Assets and liabilities under insurance and reinsurance contracts | 145
24. Provisions | 149
25. Post-employment and other employee benefit commitments | 150
26. Common stock | 158
27. Share premium | 160
28. Retained earnings and other reserves | 160
29. Treasury shares | 162
30. Accumulated other comprehensive income (loss) | 163

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-
IFRS, as adopted by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language
version prevails

|  | 2

31. Minority interests (non-controlling interests) | 163
32. Capital base and capital management | 164
33. Commitments and guarantees given | 169
34. Other contingent assets and liabilities | 169
35. Purchase and sale commitments and future payment obligations | 169
36. Transactions on behalf of third parties | 170
37. Net interest income | 170
38. Dividend income | 171
39. Share of profit or loss of entities accounted for using the equity method | 171
40. Fee and commission income and expense | 171
41. G ains (losses) on financial assets and liabilities, hedge accounting and exchange differences, net | 172
42. Other operating income and expense | 173
43. Income and expense from insurance and reinsurance contracts | 174
44. Administration costs | 174
45. Depreciation and amortization | 177
46. Provisions or reversal of provisions | 177
47. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | 177
48. Impairment or reversal of impairment of investments in joint ventures and associates | 178
49. Impairment or reversal of impairment on non-financial assets | 178
50. Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations | 178
51. Consolidated statements of cash flows | 178
52. Accountant fees and services | 179
53. Related-party transactions | 179
54. Remuneration and other benefits for the Board of Directors and members of the Bank's Senior Management | 181
55. Other information | 188
56. Subsequent events | 191
57. Explanation added for translation into English | 191

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-
IFRS, as adopted by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language
version prevails

|  | 3

APPENDICES

APPENDIX I. Additional information on subsidiaries and structured entities composing the BBVA Group as of December 31, 2024 | 193
APPENDIX II. Additional information on investments joint ventures and associates in the BBVA Group as of December 31, 2024 | 198
APPENDIX III. Changes and notifications of participations in the BBVA Group in 2024 | 199
APPENDIX IV. Fully consolidated subsidiaries with more than 10% owned by non-Group shareholders as of December 31, 2024 | 201
APPENDIX V. BBVA Group’s securitization funds. Structured entities in 2024. | 202
APPENDIX VI. Details of the outstanding subordinated debt and preferred securities issued by the Bank or entities in the Group consolidated as of December 31, 2024, 2023 and 2022 | 203
APPENDIX VII Consolidated balance sheets held in foreign currency as of December 31, 2024, 2023 and 2022 | 206
APPENDIX VIII. Consolidated income statements for the first and second half of 2024 and 2023 | 207
APPENDIX IX. Financial Statements of Banco Bilbao Vizcaya Argentaria, S.A. | 209
APPENDIX X. Quantitative information on refinancing and restructuring operations and other requirements under Bank of Spain Circular 6/2012 | 217
APPENDIX XI. Additional information on risk concentration | 224
APPENDIX XII Information in accordance with article 89 of Directive 2013/36/EU of the European Parliament and its application to Spanish Law through Law 10/2014 | 232

GLOSSARY
LEGAL D ISCLAIMER
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Consolidated Financial Statements | 4

Consolidated balance sheets as of December 31, 2024, 2023 and 2022

ASSETS (Millions of Euros) |  |  |  |
| Notes | 2024 | 2023 ⁽¹⁾ | 2022 ⁽¹⁾
CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEMAND DEPOSITS | 9 | 51,145 | 75,416 | 79,756
FINANCIAL ASSETS HELD FOR TRADING | 10 | 108,948 | 141,042 | 110,671
Derivatives |  | 36,003 | 34,293 | 39,908
Equity instruments |  | 6,760 | 4,589 | 4,404
Debt securities |  | 27,955 | 28,569 | 24,367
Loans and advances to central banks |  | 556 | 2,809 | 1,632
Loans and advances to credit institutions |  | 20,938 | 56,599 | 25,231
Loans and advances to customers |  | 16,736 | 14,182 | 15,130
NON-TRADING FINANCIAL ASSETS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS | 11 | 10,546 | 8,737 | 6,888
Equity instruments |  | 9,782 | 7,963 | 6,511
Debt securities |  | 407 | 484 | 129
Loans and advances |  | 358 | 290 | 247
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | 12 | 836 | 955 | 913
Debt securities |  | 836 | 955 | 913
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME | 13 | 59,002 | 62,205 | 65,374
Equity instruments |  | 1,451 | 1,217 | 1,198
Debt securities |  | 57,526 | 60,963 | 64,150
Loans and advances to credit institutions |  | 25 | 26 | 26
FINANCIAL ASSETS AT AMORTIZED COST | 14 | 502,400 | 451,732 | 414,421
Debt securities |  | 59,014 | 49,462 | 36,639
Loans and advances to central banks |  | 8,255 | 7,151 | 4,401
Loans and advances to credit institutions |  | 22,655 | 17,477 | 16,031
Loans and advances to customers |  | 412,477 | 377,643 | 357,351
DERIVATIVES - HEDGE ACCOUNTING | 15 | 1,158 | 1,482 | 1,891
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK | 15 | (65) | (97) | (148)
JOINT VENTURES AND ASSOCIATES | 16 | 989 | 976 | 916
Joint ventures |  | 94 | 93 | 100
Associates |  | 895 | 883 | 816
INSURANCE AND REINSURANCE ASSETS | 23 | 191 | 211 | 183
TANGIBLE ASSETS | 17 | 9,759 | 9,253 | 8,737
Properties, plant and equipment |  | 9,506 | 9,046 | 8,441
For own use |  | 8,501 | 8,295 | 7,911
Other assets leased out under an operating lease |  | 1,004 | 751 | 530
Investment properties |  | 253 | 207 | 296
INTANGIBLE ASSETS | 18 | 2,490 | 2,363 | 2,156
Goodwill |  | 700 | 795 | 707
Other intangible assets |  | 1,790 | 1,568 | 1,449
TAX ASSETS | 19 | 18,650 | 17,501 | 16,725
Current tax assets |  | 4,295 | 2,860 | 1,978
Deferred tax assets |  | 14,354 | 14,641 | 14,747
OTHER ASSETS | 20 | 5,525 | 2,859 | 2,586
Insurance contracts linked to pensions |  | — | — | —
Inventories |  | 1,299 | 276 | 325
Other |  | 4,226 | 2,583 | 2,260
NON-CURRENT ASSETS AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE | 21 | 828 | 923 | 1,022
TOTAL ASSETS | 3 / 6 | 772,402 | 775,558 | 712,092

(1) Presented for comparison purposes only (see Note 1.3).
The Notes and Appendices are an integral part of the consolidated balance sheet as o f December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Consolidated Financial Statements | 5

Consolidated balance sheets as of December 31, 2024, 2023 and 2022 (continued)

LIABILITIES AND EQUITY (Millions of Euros) |  |  |  |
| Notes | 2024 | 2023 ⁽¹⁾ | 2022 ⁽¹⁾
FINANCIAL LIABILITIES HELD FOR TRADING | 10 | 86,591 | 121,715 | 95,611
Derivatives |  | 33,059 | 33,045 | 37,909
Short positions |  | 13,878 | 15,735 | 13,487
Deposits from central banks |  | 3,360 | 6,397 | 3,950
Deposits from credit institutions |  | 16,285 | 43,337 | 28,924
Customer deposits |  | 20,010 | 23,201 | 11,341
FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | 12 | 14,952 | 13,299 | 10,580
Deposits from central banks |  | — | — | —
Deposits from credit institutions |  | — | — | —
Customer deposits |  | 934 | 717 | 700
Debt certificates issued |  | 4,597 | 3,977 | 3,288
Other financial liabilities |  | 9,420 | 8,605 | 6,592
Memorandum item: Subordinated liabilities |  | — | — | —
FINANCIAL LIABILITIES AT AMORTIZED COST | 22 | 584,339 | 557,589 | 529,172
Deposits from central banks |  | 14,668 | 20,309 | 38,323
Deposits from credit institutions |  | 34,406 | 40,039 | 26,935
Customer deposits |  | 447,646 | 413,487 | 394,404
Debt certificates issued |  | 69,867 | 68,707 | 55,429
Other financial liabilities |  | 17,753 | 15,046 | 14,081
Memorandum item: Subordinated liabilities |  | 19,612 | 15,867 | 12,509
DERIVATIVES - HEDGE ACCOUNTING | 15 | 2,503 | 2,625 | 3,303
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK | 15 | — | — | —
LIABILITIES UNDER INSURANCE AND REINSURANCE CONTRACTS | 23 | 10,981 | 12,110 | 10,131
PROVISIONS | 24 | 4,619 | 4,924 | 4,933
Pensions and other post-employment defined benefit obligations |  | 2,348 | 2,571 | 2,632
Other long term employee benefits |  | 384 | 435 | 466
Provisions for taxes and other legal contingencies |  | 791 | 696 | 685
Commitments and guarantees given |  | 667 | 770 | 770
Other provisions |  | 429 | 452 | 380
TAX LIABILITIES | 19 | 3,033 | 2,554 | 2,935
Current tax liabilities |  | 575 | 878 | 1,415
Deferred tax liabilities |  | 2,458 | 1,677 | 1,520
OTHER LIABILITIES | 20 | 5,370 | 5,477 | 4,909
LIABILITIES INCLUDED IN DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE | 21 | — | — | —
TOTAL LIABILITIES |  | 712,388 | 720,293 | 661,575

(1) Presented for comparison purposes only (see Note 1.3).
The Notes and Appendices are an integral part of the consolidated balance sheet as of December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Consolidated Financial Statements | 6

Consolidated balance sheets as of December 31, 2024, 2023 and 2022 (continued)

LIABILITIES AND EQUITY (Continued) (Millions of Euros) |  |  |  |
| Notes | 2024 | 2023 ⁽¹⁾ | 2022 ⁽¹⁾
SHAREHOLDERS’ FUNDS |  | 72,875 | 67,955 | 64,535
Capital | 26 | 2,824 | 2,861 | 2,955
Paid up capital |  | 2,824 | 2,861 | 2,955
Unpaid capital which has been called up |  | — | — | —
Share premium | 27 | 19,184 | 19,769 | 20,856
Equity instruments issued other than capital |  | — | — | —
Other equity |  | 40 | 40 | 63
Retained earnings | 28 | 40,693 | 36,237 | 32,711
Revaluation reserves |  | — | — | —
Other reserves | 28 | 1,814 | 2,015 | 2,345
Reserves or accumulated losses of investments in joint ventures and associates |  | (227) | (237) | (221)
Other |  | 2,041 | 2,252 | 2,566
Less: treasury shares | 29 | (66) | (34) | (29)
Profit or loss attributable to owners of the parent |  | 10,054 | 8,019 | 6,358
Less: Interim dividends | 4 | (1,668) | (951) | (722)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 30 | (17,220) | (16,254) | (17,642)
Items that will not be reclassified to profit or loss |  | (1,988) | (2,105) | (1,881)
Actuarial gains (losses) on defined benefit pension plans |  | (1,067) | (1,049) | (760)
Non-current assets and disposal groups classified as held for sale |  | — | — | —
Share of other recognized income and expense of investments in joint ventures and associates |  | — | — | —
Fair value changes of equity instruments measured at fair value through other comprehensive income |  | (905) | (1,112) | (1,194)
Hedge ineffectiveness of fair value hedges for equity instruments measured at fair value through other comprehensive income |  | — | — | —
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk |  | (17) | 55 | 72
Items that may be reclassified to profit or loss |  | (15,232) | (14,148) | (15,760)
Hedge of net investments in foreign operations (effective portion) |  | (2,329) | (2,498) | (1,408)
Foreign currency translation |  | (12,702) | (11,419) | (13,078)
Hedging derivatives. Cash flow hedges (effective portion) |  | 370 | 133 | (447)
Fair value changes of debt instruments measured at fair value through other comprehensive income |  | (576) | (357) | (809)
Hedging instruments (non-designated items) |  | — | — | —
Non-current assets and disposal groups classified as held for sale |  | — | — | —
Share of other recognized income and expense of investments in joint ventures and associates |  | 5 | (8) | (18)
MINORITY INTERESTS (NON-CONTROLLING INTERESTS) | 31 | 4,359 | 3,564 | 3,623
Accumulated other comprehensive income (loss) |  | (2,730) | (3,321) | (3,109)
Other items |  | 7,089 | 6,885 | 6,732
TOTAL EQUITY |  | 60,014 | 55,265 | 50,517
TOTAL EQUITY AND TOTAL LIABILITIES |  | 772,402 | 775,558 | 712,092
MEMORANDUM ITEM (OFF-BALANCE SHEET EXPOSURES) (Millions of Euros)
| Notes | 2024 | 2023 ⁽¹⁾ | 2022 ⁽¹⁾
Loan commitments given | 33 | 188,515 | 152,868 | 136,920
Financial guarantees given | 33 | 22,503 | 18,839 | 16,511
Other commitments given | 33 | 51,215 | 42,577 | 39,137

(1) Presented for comparison purposes only (see Note 1.3).
The Notes and Appendices are an integral part of the consolidated balance sheet as of December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Consolidated Financial Statements | 7

C onsolidate d income statements for the years ended December 31, 2024, 2023 and 2022

CONSOLIDATED INCOME STATEMENTS (Millions of Euros)
| Notes | 2024 | 2023 ⁽¹⁾ | 2022 ⁽¹⁾
Interest and other income | 37.1 | 61,659 | 47,850 | 31,432
Interest income using effective interest rate method |  | 55,224 | 42,141 | 29,134
Other interest income |  | 6,435 | 5,709 | 2,298
Interest expense | 37.2 | (36,392) | (24,761) | (12,309)
NET INTEREST INCOME |  | 25,267 | 23,089 | 19,124
Dividend income | 38 | 120 | 118 | 123
Share of profit or loss of entities accounted for using the equity method | 39 | 40 | 26 | 21
Fee and commission income | 40 | 13,036 | 9,899 | 8,260
Fee and commission expense | 40 | (5,048) | (3,611) | (2,888)
Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net | 41 | 327 | 76 | 64
Financial assets at amortized cost |  | 20 | 41 | 8
Other financial assets and liabilities |  | 307 | 35 | 56
Gains (losses) on financial assets and liabilities held for trading, net | 41 | 2,458 | 1,352 | 562
Reclassification of financial assets from fair value through other comprehensive income |  | — | — | —
Reclassification of financial assets from amortized cost |  | — | — | —
Other gains (losses) |  | 2,458 | 1,352 | 562
Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net | 41 | 179 | 337 | (67)
Reclassification of financial assets from fair value through other comprehensive income |  | — | — | —
Reclassification of financial assets from amortized cost |  | — | — | —
Other gains (losses) |  | 179 | 337 | (67)
Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net | 41 | 249 | 96 | 150
Gains (losses) from hedge accounting, net | 41 | 5 | (17) | (45)
Exchange differences, net | 41 | 695 | 339 | 1,275
Other operating income | 42 | 623 | 619 | 528
Other operating expense | 42 | (3,951) | (4,042) | (3,438)
Income from insurance and reinsurance contracts | 43 | 3,720 | 3,081 | 2,622
Expense from insurance and reinsurance contracts | 43 | (2,238) | (1,821) | (1,547)
GROSS INCOME |  | 35,481 | 29,542 | 24,743
Administration costs |  | (12,660) | (10,905) | (9,373)
Personnel expense | 44.1 | (7,659) | (6,530) | (5,601)
Other administrative expense | 44.2 | (5,001) | (4,375) | (3,773)
Depreciation and amortization | 45 | (1,533) | (1,403) | (1,328)
Provisions or reversal of provisions | 46 | (198) | (373) | (291)
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | 47 | (5,745) | (4,428) | (3,379)
Financial assets measured at amortized cost |  | (5,687) | (4,386) | (3,303)
Financial assets at fair value through other comprehensive income |  | (58) | (42) | (76)
NET OPERATING INCOME |  | 15,345 | 12,432 | 10,372
Impairment or reversal of impairment of investments in joint ventures and associates | 48 | 63 | (9) | 42
Impairment or reversal of impairment on non-financial assets | 49 | 1 | (54) | (27)
Tangible assets |  | 29 | (16) | 53
Intangible assets |  | (15) | (26) | (25)
Other assets |  | (13) | (12) | (55)
Gains (losses) on derecognition of non-financial assets and subsidiaries, net |  | 14 | 28 | (11)
Negative goodwill recognized in profit or loss |  | — | — | —
Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations | 50 | (17) | 22 | (108)
PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS |  | 15,405 | 12,419 | 10,268
Tax expense or income related to profit or loss from continuing operations | 19 | (4,830) | (4,003) | (3,505)
PROFIT (LOSS) AFTER TAX FROM CONTINUING OPERATIONS |  | 10,575 | 8,416 | 6,763
Profit (loss) after tax from discontinued operations | 21 | — | — | —
PROFIT (LOSS) |  | 10,575 | 8,416 | 6,763
ATTRIBUTABLE TO MINORITY INTERESTS (NON-CONTROLLING INTERESTS) | 31 | 521 | 397 | 405
ATTRIBUTABLE TO OWNERS OF THE PARENT |  | 10,054 | 8,019 | 6,358

(1) Presented for comparison purposes only (see Note 1.3).
The Notes and Appendices are an integral part of the consolidated income statement for the year ended December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Consolidated Financial Statements | 8

Consolidated income statements for the years ended December 31, 2024, 2023 and 2022
(continued)

EARNINGS (LOSSES) PER SHARE (Euros)
| Notes | 2024 | 2023 ⁽¹⁾ | 2022 ⁽¹⁾
EARNINGS (LOSSES) PER SHARE (Euros) | 5 | 1.68 | 1.29 | 0.98
Basic earnings (losses) per share from continuing operations |  | 1.68 | 1.29 | 0.98
Diluted earnings (losses) per share from continuing operations |  | 1.68 | 1.29 | 0.98
Basic earnings (losses) per share from discontinued operations |  | — | — | —
Diluted earnings (losses) per share from discontinued operations |  | — | — | —

(1) Presented for comparison purposes only (see Note 1.3).
The Notes and Appendices are an integral part of the consolidated income statement for the year ended December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Consolidated Financial Statements | 9

Consolidated statements of recognized income and expense for the years ended
December 31, 2024, 2023 and 2022

CONSOLIDATED STATEMENTS OF RECOGNIZED INCOME AND EXPENSE (Millions of Euros)
| 2024 | 2023 ⁽¹⁾ | 2022 ⁽¹⁾
PROFIT (LOSS) RECOGNIZED IN INCOME STATEMENT | 10,575 | 8,416 | 6,763
OTHER RECOGNIZED INCOME (EXPENSE) | (414) | 1,175 | 789
ITEMS NOT SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT | 79 | (223) | 190
Actuarial gains (losses) from defined benefit pension plans | (78) | (358) | 354
Non-current assets and disposal groups held for sale | — | — | —
Share of other recognized income and expense of entities accounted for using the equity method | — | — | —
Fair value changes of equity instruments measured at fair value through other comprehensive income, net | 236 | 100 | (121)
Gains (losses) from hedge accounting of equity instruments at fair value through other comprehensive income, net | — | — | —
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk | (102) | (24) | 100
Income tax related to items not subject to reclassification to income statement | 23 | 59 | (143)
ITEMS SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT | (493) | 1,398 | 599
Hedge of net investments in foreign operations (effective portion) | 169 | (1,095) | (1,172)
Valuation gains (losses) taken to equity | 169 | (1,095) | (1,172)
Transferred to profit or loss | — | — | —
Other reclassifications | — | — | —
Foreign currency translation | (646) | 1,379 | 3,413
Translation gains (losses) taken to equity | (646) | 1,378 | 3,413
Transferred to profit or loss | — | 1 | —
Other reclassifications | — | — | —
Cash flow hedges (effective portion) | 331 | 832 | 72
Valuation gains (losses) taken to equity | 331 | 832 | 91
Transferred to profit or loss | — | — | (19)
Transferred to initial carrying amount of hedged items | — | — | —
Other reclassifications | — | — | —
Debt securities at fair value through other comprehensive income | (398) | 752 | (2,498)
Valuation gains (losses) taken to equity | (217) | 757 | (2,528)
Transferred to profit or loss | (181) | (5) | 30
Other reclassifications | — | — | —
Non-current assets and disposal groups held for sale | — | — | —
Valuation gains (losses) taken to equity | — | — | —
Transferred to profit or loss | — | — | —
Other reclassifications | — | — | —
Entities accounted for using the equity method | 16 | 12 | (7)
Income tax relating to items subject to reclassification to income statements | 36 | (482) | 791
TOTAL RECOGNIZED INCOME (EXPENSE) | 10,161 | 9,591 | 7,552
Attributable to minority interests (non-controlling interests) | 1,108 | 184 | 1,352
Attributable to the parent company | 9,053 | 9,407 | 6,200

(1) Presented for comparison purposes only (see Note 1.3).
The Notes and Appendices are an integral part of the consolidated statement of recognized income and expense for the year ended
December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted by the European Union (see Notes 1 to 56). In the event of a
discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Consolidated Financial Statements | 10

Consolidated statements of changes in equity for the years ended December 31, 2024, 2023 and 2022

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Millions of Euros)
| Capital (Note 26) | Share Premium (Note 27) | Equity instruments issued other than capital | Other Equity | Retained earnings (Note 28) | Revaluation reserves | Other reserves (Note 28) | (-) Treasury shares (Note 29) | Profit or loss attributable to owners of the parent | (-) Interim dividends (Note 4) | Accumulated other comprehensive income (loss) (Note 30) | Minority interests | Total
2024 | Accumulated other comprehensive income (loss) (Note 31) | Other (Note 31)
Balances as of January 1, 2024 ⁽¹⁾ | 2,861 | 19,769 | — | 40 | 36,237 | — | 2,015 | (34) | 8,019 | (951) | (16,254) | (3,321) | 6,885 | 55,265
Total income/expense recognized | — | — | — | — | — | — | — | — | 10,054 | — | (1,001) | 587 | 521 | 10,161
Other changes in equity | (37) | (585) | — | (1) | 4,457 | — | (201) | (32) | (8,019) | (717) | 35 | 4 | (317) | (5,413)
Issuances of ordinary shares | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Issuances of preferred shares | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Issuance of other equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Settlement or maturity of other equity instruments issued | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Conversion of debt on equity | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Capital reduction | (37) | (585) | — | — | 29 | — | (189) | 781 | — | — | — | — | — | —
Dividend distribution | — | — | — | — | (2,245) | — | — | — | — | (1,668) | — | — | (345) | (4,258)
Purchase of treasury shares | — | — | — | — | — | — | — | (1,528) | — | — | — | — | — | (1,528)
Sale or cancellation of treasury shares | — | — | — | — | — | — | 10 | 716 | — | — | — | — | — | 725
Reclassification of other equity instruments to financial liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Reclassification of financial liabilities to other equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Transfers among components of equity | — | — | — | 9 | 7,059 | — | (38) | — | (8,019) | 951 | 35 | 4 | — | —
Increase/Reduction of equity due to business combinations | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Share based payments | — | — | — | (26) | — | — | — | — | — | — | — | — | — | (26)
Other increases or (-) decreases in equity | — | — | — | 16 | (386) | — | 16 | — | — | — | — | — | 28 | (326)
Balance as of December 31, 2024 | 2,824 | 19,184 | — | 40 | 40,693 | — | 1,814 | (66) | 10,054 | (1,668) | (17,220) | (2,730) | 7,089 | 60,014

(1) Balances as of December 31, 2023 as originally reported in the Consolidated Financial Statements for the year 2023.
The Notes and Appendices are an integral part of the consolidated statement of changes in equity for the year ended December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted by the European Union (see Notes 1 to 56). In the event of a
discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Consolidated Financial Statements | 11

C onsolidated statements of changes in equity for the years ended December 31, 2024, 2023 and 2022 (continued)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Millions of Euros)
2023 ⁽¹⁾ | Capital (Note 26) | Share Premium (Note 27) | Equity instruments issued other than capital | Other Equity | Retained earnings (Note 28) | Revaluation reserves | Other reserves (Note 28) | (-) Treasury shares (Note 29) | Profit or loss attributable to owners of the parent | (-) Interim dividends (Note 4) | Accumulated other comprehensive income (loss) (Note 30) | Minority interests | Total
Accumulated other comprehensive income (loss) (Note 31) | Other (Note 31)
Balances as of January 1, 2023 ⁽²⁾ | 2,955 | 20,856 | — | 63 | 32,536 | — | 2,345 | (29) | 6,420 | (722) | (17,432) | (3,112) | 6,736 | 50,615
Effect of changes in accounting policies ⁽³⁾ | — | — | — | — | 175 | — | — | — | (62) | — | (210) | 4 | (4) | (98)
Adjusted initial balance | 2,955 | 20,856 | — | 63 | 32,711 | — | 2,345 | (29) | 6,358 | (722) | (17,642) | (3,109) | 6,732 | 50,517
Total income/expense recognized | — | — | — | — | — | — | — | — | 8,019 | — | 1,388 | (213) | 397 | 9,591
Other changes in equity | (94) | (1,087) | — | (22) | 3,526 | — | (331) | (5) | (6,358) | (228) | — | 1 | (244) | (4,842)
Issuances of ordinary shares | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Issuances of preferred shares | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Issuance of other equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Settlement or maturity of other equity instruments issued | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Conversion of debt on equity | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Capital reduction | (94) | (1,087) | — | — | 75 | — | (316) | 1,422 | — | — | — | — | — | —
Dividend distribution | — | — | — | — | (1,857) | — | — | — | — | (951) | — | — | (263) | (3,071)
Purchase of treasury shares | — | — | — | — | — | — | — | (2,166) | — | — | — | — | — | (2,166)
Sale or cancellation of treasury shares | — | — | — | — | — | — | 1 | 739 | — | — | — | — | — | 741
Reclassification of other equity instruments to financial liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Reclassification of financial liabilities to other equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Transfers among components of equity | — | — | — | 2 | 5,651 | — | (17) | — | (6,358) | 722 | — | 1 | (1) | —
Increase/Reduction of equity due to business combinations | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Share based payments | — | — | — | (41) | — | — | — | — | — | — | — | — | — | (41)
Other increases or (-) decreases in equity | — | — | — | 17 | (344) | — | 2 | — | — | — | — | — | 20 | (305)
Balance as of December 31, 2023 | 2,861 | 19,769 | — | 40 | 36,237 | — | 2,015 | (34) | 8,019 | (951) | (16,254) | (3,321) | 6,885 | 55,265

(1) Presented for comparison purposes only (see Note 1.3).
(2) Balances as of December 31, 2022 as originally reported in the Consolidated Financial Statements for the year 2022.
(3) Effects of the application of IFRS 17 (see Note 2.2.8).
The Notes and Appendices are an integral part of the consolidated statement of changes in equity for the year e nded December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted by the European Union (see Notes 1 to 56). In the event of a
discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Consolidated Financial Statements | 12

Consolidated statements of changes in equity for the years ended December 31, 2024, 2023 and 2022 (continued)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Millions of Euros)
| Capital (Note 26) | Share Premium (Note 27) | Equity instruments issued other than capital | Other Equity | Retained earnings (Note 28) | Revaluation reserves | Other reserves (Note 28) | (-) Treasury shares (Note 29) | Profit or loss attributable to owners of the parent | (-) Interim dividends (Note 4) | Accumulated other comprehensive income (loss) (Note 30) | Minority interests | Total
2022 ⁽¹⁾ | Accumulated other comprehensive income (loss) (Note 31) | Other (Note 31)
Balances as of January 1, 2022 ⁽²⁾ | 3,267 | 23,599 | — | 60 | 31,841 | — | (1,857) | (647) | 4,653 | (532) | (16,476) | (8,414) | 13,267 | 48,760
Effect of changes in accounting policies ⁽³⁾ | — | — | — | — | 178 | — | — | — | — | — | (186) | 1 | (6) | (12)
Adjusted initial balance | 3,267 | 23,599 | — | 60 | 32,019 | — | (1,857) | (647) | 4,653 | (532) | (16,662) | (8,413) | 13,261 | 48,748
Total income/expense recognized | — | — | — | — | — | — | — | — | 6,358 | — | (158) | 947 | 405 | 7,552
Other changes in equity | (313) | (2,743) | — | 3 | 692 | — | 4,202 | 617 | (4,653) | (190) | (822) | 4,358 | (6,935) | (5,783)
Issuances of ordinary shares | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Issuances of preferred shares | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Issuance of other equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Settlement or maturity of other equity instruments issued | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Conversion of debt on equity | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Capital reduction | (313) | (2,743) | — | — | 250 | — | (355) | 3,160 | — | — | — | — | — | —
Dividend distribution | — | — | — | — | (1,463) | — | — | — | — | (722) | — | — | (185) | (2,370)
Purchase of treasury shares | — | — | — | — | — | — | — | (2,966) | — | — | — | — | — | (2,966)
Sale or cancellation of treasury shares | — | — | — | — | — | — | 9 | 423 | — | — | — | — | — | 432
Reclassification of other equity instruments to financial liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Reclassification of financial liabilities to other equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Transfers among components of equity ⁽⁴⁾ | — | — | — | — | 2,231 | — | 2,712 | — | (4,653) | 532 | (822) | 4,358 | (4,358) | —
Increase/Reduction of equity due to business combinations | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Share based payments | — | — | — | (22) | — | — | — | — | — | — | — | — | — | (22)
Other increases or (-) decreases in equity ⁽⁴⁾ | — | — | — | 25 | (326) | — | 1,836 | — | — | — | — | — | (2,392) | (857)
Balance as of December 31, 2022 | 2,955 | 20,856 | — | 63 | 32,711 | — | 2,345 | (29) | 6,358 | (722) | (17,642) | (3,109) | 6,732 | 50,517

(1) Presented for comparison purposes only (see Note 1.3).
(2) Balances as of December 31, 2021 as originally reported in the Consolidated Financial Statements for the year 2021.
(3) Effects of the application of IFRS 17 (see Note 2.2.8).
(4) The headings "Transfers among components of equity" and "Other increases or decreases in equity" include the effects of the application of IAS 29 "Financial Reporting in Hyperinflationary Economies" in the subsidiaries in Turkey (see Note 2.2.18) for amounts of
€1,873 million in "Retained earnings", €1,862 million in "Accumulated other comprehensive income (loss)" and, under the heading of "Minority interests" include, €1,621 million in "Other" and €1,480 million in "Accumulated other comprehensive income (loss)".
The Notes and Appendices are an integral part of the consolidated statement of changes in equity for the year ende d December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Consolidated Financial Statements | 13

Consolidated statements of cash flows for the years ended December 31, 2024, 2023 and
2022

CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions of Euros)
|  | 2024 | 2023 ⁽¹⁾ | 2022 ⁽¹⁾
A) CASH FLOWS FROM OPERATING ACTIVITIES |  | (18,190) | (721) | 23,718
Of which hyperinflation effect from operating activities (see Note 2.2.18) |  | 2,593 | 1,884 | 2,692
Profit for the year |  | 10,575 | 8,416 | 6,763
Adjustments to obtain the cash flow from operating activities |  | 14,817 | 12,150 | 11,746
Depreciation and amortization |  | 1,533 | 1,403 | 1,328
Other adjustments |  | 13,283 | 10,747 | 10,418
Net increase/decrease in operating assets |  | (54,265) | (77,408) | (42,900)
Financial assets held for trading |  | 28,452 | (27,884) | 14,658
Non-trading financial assets mandatorily at fair value through profit or loss |  | (2,813) | (1,288) | (421)
Other financial assets designated at fair value through profit or loss |  | 119 | (42) | 179
Financial assets at fair value through other comprehensive income |  | (1,124) | 2,512 | (1,014)
Financial assets at amortized cost |  | (76,759) | (51,182) | (55,754)
Other operating assets |  | (2,140) | 476 | (548)
Net increase/decrease in operating liabilities |  | 16,314 | 61,473 | 51,343
Financial liabilities held for trading |  | (32,695) | 24,435 | 2,907
Other financial liabilities designated at fair value through profit or loss |  | 2,647 | 2,003 | 293
Financial liabilities at amortized cost |  | 45,970 | 36,127 | 48,161
Other operating liabilities |  | 392 | (1,092) | (17)
Collection/payments for income tax |  | (5,631) | (5,353) | (3,234)
B) CASH FLOWS FROM INVESTING ACTIVITIES |  | (1,423) | (1,419) | (3,911)
Of which hyperinflation effect from investing activities (see Note 2.2.18) |  | 753 | 772 | 759
Investment |  | (2,039) | (1,912) | (4,506)
Tangible assets |  | (1,195) | (1,129) | (1,812)
Intangible assets |  | (816) | (690) | (630)
Investments in joint ventures and associates |  | (1) | (93) | (81)
Subsidiaries and other business units |  | (28) | — | (1,389)
Non-current assets classified as held for sale and associated liabilities |  | — | — | (594)
Other settlements related to investing activities |  | — | — | —
Divestments |  | 617 | 492 | 596
Tangible assets |  | 104 | 92 | 29
Intangible assets |  | — | — | —
Investments in joint ventures and associates |  | 32 | 58 | 127
Subsidiaries and other business units |  | 73 | 21 | —
Non-current assets classified as held for sale and associated liabilities |  | 408 | 321 | 440
Other collections related to investing activities |  | — | — | —
C) CASH FLOWS FROM FINANCING ACTIVITIES |  | (2,567) | (1,842) | (7,563)
Of which hyperinflation effect from financing activities (see Note 2.2.18) |  | — | — | —
Payments |  | (8,773) | (7,224) | (7,996)
Dividend distribution (shareholders remuneration) |  | (3,913) | (2,808) | (2,185)
Subordinated liabilities |  | (2,599) | (1,629) | (2,258)
Treasury share amortization |  | (37) | (94) | (313)
Treasury share acquisition |  | (1,492) | (2,072) | (2,670)
Other items relating to financing activities |  | (732) | (622) | (571)
Collections |  | 6,205 | 5,383 | 434
Subordinated liabilities |  | 5,514 | 4,672 | —
Treasury shares increase |  | — | — | —
Treasury shares disposal |  | 691 | 711 | 434
Other items relating to financing activities |  | — | — | —
D) EFFECT OF EXCHANGE RATE CHANGES |  | (2,091) | (357) | (288)
E) NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D) |  | (24,271) | (4,339) | 11,957
F) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR |  | 75,416 | 79,756 | 67,799
G) CASH AND CASH EQUIVALENTS AT END OF THE YEAR (E+F) |  | 51,145 | 75,416 | 79,756
COMPONENTS OF CASH AND EQUIVALENTS AT END OF THE YEAR (Millions of Euros) |  |  |  |
| Notes | 2024 | 2023 ⁽¹⁾ | 2022 ⁽¹⁾
Cash | 9 | 8,636 | 7,751 | 6,533
Balance of cash equivalent in central banks | 9 | 35,306 | 60,750 | 67,314
Other financial assets | 9 | 7,202 | 6,916 | 5,909
Less: Bank overdraft refundable on demand |  | — | — | —
TOTAL CASH AND CASH EQUIVALENTS AT END OF THE YEAR |  | 51,145 | 75,416 | 79,756

(1) Presented for comparison purposes only (see Note 1.3).
The Notes and Appendices are an integral part of the consolidated statement of cash flows for the year ended D ecember 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 14

Notes to the Consolidated Financial Stateme nts
1. Introduction, basis for the presentation of the Consolidated Financial Statements,
Internal Control over Financial Reporting and other information
1.1 Introduct ion
Banco Bilbao Vizcaya Argentaria, S.A. (hereinafter “the Bank”, “BBVA" or “BBVA, S.A.”), registered with the Company Register of
Vizcaya, is a private-law entity subject to the laws and regulations governing banking entities operating in Spain. It carries out its
activity through branches and agencies across the country and abroad.
The Bylaws and other public information are available for inspection at the Bank’s registered address (Plaza San Nicolás, 4 Bilbao) as
noted on its web site (www.bbva.com). The Bank's purpose is to carry out all kinds of activities, operations, acts, contracts and
services within the banking business or directly or indirectly related to it, which are permitted or not prohibited by the provisions in
force and supplementary activities. Its corporate purpose also includes the acquisition, possession, use and disposal of securities,
public offering of acquisition and sale of securities, as well as all types of holdings in any entity or company.
I n addition to the activities it carries out directly, the Bank heads a group of subsidiaries, joint ventures and associates which perform
a wide range of activities and which together with the Bank constitute the Banco Bilbao Vizcaya Argentaria Group (hereinafter the
“Group” or the “BBVA Group ”). In addition to its own separate financial statements, the Bank is required to prepare Consolidated
Financial Statements comprising all consolidated subsidiaries of the Group.
As of December 31, 2024, in addition to the Bank, the BBVA Group had 174 consolidated entities and 39 entities accounted for using
the equity method (see Notes 3 and 16 and Appendices I to IV).
The Consolidated Financial Statements of the BBVA Group for the year ended December 31, 2023 were approved by the shareholders
at the Annual General Shareholders' Meeting (“AGM”) held on March 15, 2024 .
BBVA Group’s Consolidated Financial Statements and the Financial Statements for the Bank and the majority of the other entities
within the Group have been prepared for the year ended December 31, 2024, and are pending approval by their respective AGMs.
However, the Board of Directors of the Bank believes that said financial statements will be approved without significant changes.
1.2 Basis for the presentation of the Consolidated Financial Statements
The BBVA Group’s Consolidated Financial Statements are presented in compliance with IFRS-IASB (International Financial Reporting
Standards as issued by the International Accounting Standards Board (hereinafter “IASB”)), as well as in accordance with the
International Financial Reporting Standards endorsed by the European Union (hereinafter “EU-IFRS”) applicable as of December 31,
2024, considering the Bank of Spain Circular 4/2017, as well as its successive amendments, and with any other legislation governing
financial reporting which is applicable, and with the format and mark-up requirements established in the EU Delegated Regulation
2019/815 of the European Commission.
The BBVA Group’s Consolidated Financial Statements for the year ended December 31, 2024 were prepared by the Group’s Directors
(through the Board of Directors meeting held on February 11, 2025) by applying the principles of consolidation, accounting policies
and valuation criteria described in Note 2, so that they present fairly the Group’s total consolidated equity and financial position as of
December 31, 2024, together with the consolidated results of its operations and cash flows generated during the year ended
December 31, 2024.
These Consolidated Financial Statements were prepared on the basis of the accounting records kept by the Bank and each of the
other entities in the Group. Moreover, they include the adjustments and reclassifications required to harmonize the accounting
policies and valuation criteria used by the Group (see Note 2.2).
All applicable accounting standards and valuation criteria with a significant effect on the Consolidated Financial Statements were
applied in their preparation.
The amounts reflected in the Consolidated Financial Statements are presented in millions of euros, unless it is more appropriate to
use smaller units. Some items that appear without a balance in these Consolidated Financial Statements are due to how the units are
expressed. Also, in presenting amounts in millions of euros, the accounting balances have been rounded up or down. It is therefore
possible that the totals appearing in some tables are not the exact arithmetical sum of their component figures.
The percentage changes in amounts have been calculated using figures expressed in thousands of euros.
1.3 Comparative information
The information included in the consolidated financial statements for the years ended December 31, 2023 and 2022, is presented in
accordance with the applicable regulation, for the purpose of comparison with the information for the year ended December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 15

1.4 Seasonal nature of income and expense
The nature of the most significant activities carried out by the BBVA Group’s entities is mainly related to typical activities carried out
by financial institutions, and are not significantly affected by seasonal factors within the same year.
1.5 Responsibility for the information and for the estimates made
The information contained in the BBVA Group’s Consolidated Financial Statements is the responsibility of the Group’s Directors.
Estimates were required to be made at times when preparing these Consolidated Financial Statements in order to calculate the
recorded or disclosed amount of some assets, liabilities, income, expense and commitments. These estimates relate mainly to the
following:
– Loss allowances on certain financial assets (see Notes 7, 13, 14 and 16).
– The assumptions used in the valuation of insurance and reinsurance contracts (see Note 23) to quantify certain provisions
(see Note 24) and the calculation of post-employment benefit liabilities and commitments (see Note 25).
– The useful life and impairment losses of tangible and intangible assets and impairment losses of non-current assets held for
sale (see Notes 17, 18, and 21).
– The valuation of goodwill and price allocation of business combinations (see Note 18).
– The fair value of certain unlisted financial assets and liabilities (see Notes 7, 8, 10, 11, 12, 13 and 15).
– The recoverability of deferred tax assets and the forecast for corporate income tax (see Note 19).
In general, the BBVA Group is working to consider and include how climate risk and other climate-related matters can affect the
Consolidated Financial Statements, cash flows and financial performance of the Group within the models used for the relevant
estimations. These estimates and judgments are being considered when preparing the financial statements of the BBVA Group and,
where relevant, they are mentioned in the corresponding Notes to the Consolidated Financial Statements.
The prevailing geopolitical and economic uncertainties (see Note 7.1) entail a greater complexity in developing reliable estimations
and applying judgment. Estimates have been made on the basis of the best available information on the matters analyzed as of
December 31, 2024. However, it is possible that events may take place subsequent to such date, which could make it necessary to
amend these estimations (upward or downward), which would be carried out prospectively, recognizing the effects of the change in
estimation in the consolidated financial statements.
During 2024 there have been no significant changes in the estimates made as of December 31, 2023 and 2022, other than those
indicated in these Consolidated Financial Statements.
1.6 BBVA Group’s Internal Control over Financial Reporting
BBVA Group’s Consolidated Financial Statements are prepared under an Internal Control over Financial Reporting (hereinafter
"ICFR") model. It provides reasonable assurance with respect to the reliability and the integrity of the consolidated financial
statements. It is also aimed to ensure that the transactions are processed in accordance with the applicable laws and regulations.
The ICFR model is compliant with the control framework established in 2013 by the Committee of Sponsoring Organizations of the
Treadway Commission (hereinafte r "COSO"). The COSO 2013 framework sets out five components that constitute the basis of the
effectiveness and efficiency of the internal control systems:
– The establishment of an appropriate control framework.
– The assessment of the risks that could arise during the preparation of the financial information.
– The design of the necessary controls to mitigate the identified risks.
– The establishment of an appropriate system of information to detect and report system weaknesses.
– The monitoring over the controls to ensure they perform correctly and are effective over time.
The ICFR model is a dynamic model that continuously evolves over time to reflect the reality of the BBVA Group’s businesses and
processes, as well as the risks that may arise and the controls that mitigate them. This control system is subject to a continuous
evaluation coordinated by the internal financial control units located in the different entities of BBVA Group.
In order to ensure the necessary independence of the aforementioned internal financial control units, they are integrated within the
Regulation & Internal Control area, whose head reports to the Board of Directors through its Committees. Among its main functions is
the definition and coordination of the Group's entire internal control model, based on two pillars:
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 16

– A control system organized into three lines of defense that has been updated and strengthened, as described below:
a. The first line of defense (1LoD) is located within the business and support units, which are responsible for
identifying risks associated with their processes, as well as for implementing and executing the necessary
controls to mitigate them. The Risk Control Assurer (RCA) role was created to reinforce the adequate risk
management in each area’s processes.
b. The second line of defense (2LoD) comprises the specialized control units for each type of risk (Risk Control
Specialists - RCS- among others Finance, Legal, Technology, Third Party, Compliance or Processes). This second
line defines the mitigation and control frameworks for the risks in their areas of responsibility across the entire
organization and also challenges the functioning of the control model (supervises the implementation and design
of the controls and assesses their effectiveness).
c. The third line of defense (3LoD) is the Internal Audit unit, which conducts an independent review of the model,
verifying the compliance and effectiveness of the internal control model, both the first and second line of defense
functions.
– A committee structure in the Group, called Corporate Assurance, which enables the escalation of possible weaknesses to
the Group's Management as well as the management of issues related to internal control, both at a consolidated level and
also in each of the countries where the Group operates.
The different RCAs and RCSs control units, coordinated by Internal Financial Control (RCS Finance), follow a common and standard
methodology established at the Group level, as set out in the followin g diagram:
The ICFR model includes both the controls related to the financial information generation processes, as well as those of a broader
scope, designed to improve the Group's general control environment (ELC or Entity Level Control). Both types of controls are
assessed on a regular basis by the Control areas and by the Group's Internal Audit unit. The result of their evaluation is reported to the
Audit Committee of the Bank’s Board of Directors.
The BBVA Group also complies with the requirements of the Sarbanes-Oxley Act ("SOX") for the preparation of the Consolidated
Financial Statements, as a company with securities registered with the U.S. Securities and Exchange Commission ("SEC"). The main
senior executives of the Group are involved in the design and implementation of the internal control model with the aim of making it
effective and to ensure the quality and accuracy of the financial information.
The description of the ICFR model is included in the Corporate Governance Annual Report within the Management Report
accompanying the Consolidated Financial Statements for the year ended December 31, 2024.
2. Principles of consolidation, accounting policies and measurement bases applied
and recent IFRS pronouncements
The Glossary includes the definition of some of the financial and economic terms used in Note 2 and subsequent Notes of the
Consolidated Financial Statements.
2.1 Principle s of consolidation
In terms of its consolidation, the Financial Statements of the BBVA Group are comprised of four types of entities: subsidiaries, joint
ventures, associates and structured entities, defined as follows:
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 17

– Subsidiaries
Subsidiaries are entities controlled by the Group (for definition of control, see Glossary).
Generally, there is a presumption that a majority of voting rights gives rise to control. When the Group holds less than the
majority of the voting rights or similar rights in an entity, the Group considers all relevant facts and circumstances in
assessing whether it has control over the entity, including:
• Contractual arrangements with other holders of voting rights.
• The rights arising from other contractual arrangements.
• The Group's voting rights and potential voting rights.
There are certain entities that, although the Group holds less than 50% of the voting rights in them, are considered to be
subsidiaries because the Group has the ability to exercise control over them (see Appendix I).
The financial statements of the subsidiaries are fully consolidated with those of the Bank through the full consolidation
method, which consists of the aggregation of assets, liabilities and equity, income and expenses, of a similar nature, shown
in their individual financial state ments. Intrag roup assets and liabilities, equity, income and expenses and cash flows related
to intragroup transactions are eliminated in consolidation.
The share of non-controlling interests from subsidiaries in the Group’s consolidated total equity is presented under the
heading “Minority interests (Non-controlling interests)” in the consolidated balance sheet. Their share in the profit or loss
for the period or year is presented under the heading “Attributable to minority interests (non-controlling interests)” in the
consolidated income statement (see Note 31).
Note 3 includes information related to the main subsidiaries in the Group as of December 31, 2024. Appendix I includes
other significant information on such entities.
– Joint ventures
Joint ventures are those entities for which there is a joint control arrangement with third parties other than the Group (for
definitions of joint arrangement, joint control and joint venture, refer to Glossary).
The investments in joint ventures are accounted for using the equity method (see Note 16). Appendix II shows the main
figures for the main joint ventures accounted for using the equity method as of December 31, 2024.
– Associates
Associates are entities in which the Group is able to exercise significant influence (for definition, see Glossary), but not
control or joint control. Significant influence is deemed to exist when the Group owns 20% or more of the voting rights of an
investee directly or indirectly, unless it can be clearly demonstrated that this is not the case.
The Group evaluates the existence of significant influence, not only based on the voting rights but also qualitative factors
such as presence on the board of directors, participation in decision-making processes, exchange of management
personnel, as well as access to technical information. Regarding joint agreements, in addition to evaluating the rights and
obligations of the parties thereto, other facts and circumstances are considered to determine whether an agreement is a
joint venture or a joint operation. When the sale or contribution of a controlled business to an associate or joint venture
occurs, the Group recognizes any retained interest at fair value. The difference between the book value of the business
contributed and the fair value of the retained investment plus the corresponding disposal is fully recognized in the income
statement.
Certain entities in which the Group owns 20% or more of the voting rights are not included as Group associates, since the
Group does not have the ability to exercise significant influence over these entities. Investments in these entities are
classified as “Non-trading financial assets mandatorily at fair value through profit or loss” (see Note 11) or "Financial assets
at fair value through other comprehensive income" (see Note 13).
In contrast, some investments in entities in which the Group holds less than 20% of the voting rights are accounted for as
Group associates, as the Group is considered to have the ability to exercise significant influence over these entities. As of
December 31, 2024, these entities are not significant to the Group.
Associates are valued for by the equity method. These entities are initially recognized at cost and subsequently adjusted
according to the changes in the Group's share of the net assets of such entities after their acquisition (see Note 16). The
Group's income statement reflects the proportion of the results generated by associates in the line "Results of entities
accounted for using the equity method". The main figures of the most significant entities are shown in Appendix II.
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– Structured entities
A structured entity (see Glossary) is an entity that has been designed so that voting or similar rights are not the dominant
factor in deciding who controls the entity, such as when the voting rights relate to administrative matters only and the
relevant activities are directed by means of contractual arrangements.
In those cases where the Group sets up entities or has a holding in such entities, in order to allow its customers access to
certain investments, to transfer risks or for other purposes, in accordance with internal criteria and procedures and with
applicable regulations, the Group determines whether control over the entity in question actually exists and therefore
whether it should be subject to consolidation.
Such methods and procedures determine whether there is control by the Group, considering how the decisions are made
about the relevant activities, assessing whether the Group has control over the relevant elements, exposure to variable
returns from involvement with the investee and the ability to use control over the investee to affect the amount of the
investor’s returns.
– Structured entities subject to consolidation
To determine if a structured entity is controlled by the Group, and therefore should be consolidated into the
Group, the existing contractual rights (different from the voting rights) are analyzed. For this reason, an analysis
of the structure and purpose of each investee is performed and, among others, the following factors will be
considered:
a. Evidence of the current ability to manage the relevant activities of the investee according to the specific
business needs (including any decisions that may arise only in particular circumstances).
b. Potential existence of a special relationship with the investee.
c. Implicit or explicit Group commitments to support the investee.
d. The ability to use the Group´s power over the investee to affect the amount of the Group’s returns.
These types of entities include cases where the Group has a high exposure to variable returns and retains
decision-making power over the investee, either directly or through an agent.
The main structured entities of the Group are the asset securitization funds, to which the BBVA Group transfers
loans and advances, and other vehicles, which allow the Group’s customers to gain access to certain investments
or to allow for the transfer of risks or for other purposes (see Appendices I and V).
The BBVA Group maintains the decision-making power over the relevant activities of these structured entities
subject to consolidation and provides financial support through contracts, as is standard in the securitization
market.
The most common ones are investment positions in equity tranches of notes; funding through subordinated debt;
credit enhancements through derivative instruments or liquidity lines; management rights of defaulted securitized
assets; “clean-up” call derivatives; and asset repurchase clauses by the grantor.
For these reasons, the loans and receivable portfolios related to the majority of the securitizations carried out by
the Bank or Group subsidiaries are not derecognized in the books of said entity and the issuances of the related
debt securities are recorded as liabilities within the Group’s consolidated balance sheet.
For additional information on the accounting treatment for the transfer and derecognition of financial
instruments, see Note 2.2.2. “Transfers and derecognition of financial assets and liabilities”.
– Non-consolidated structured entities
The Group owns other vehicles also for the purpose of allowing customers access to certain investments, to
transfer risks, and for other purposes, but without the Group having control of the vehicles, which are not
consolidated in accordance with IFRS 10 – “Consolidated Financial Statements”. The balance of assets and
liabilities of these vehicles is not material in relation to the Group’s Consolidated Financial Statements.
As of December 31, 2024, 2023 and 2022 there was no material financial support from the Bank or its subsidiaries
to non-consolidated structured entities.
The Group does not consolidate any of the mutual funds it manages since the necessary control conditions are
not met. Particularly, the BBVA Group does not act as arranger but as agent since it operates the mutual funds on
behalf and for the benefit of investors or parties (arranger or arrangers) and, for this reason it does not control the
mutual funds when exercising its authority for decision making.
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The mutual funds managed by the Group are not considered structured entities (generally, retail funds without
corporate identity over which investors have participations which gives them ownership of said managed equity).
These funds are not dependent on a capital structure that could prevent them from carrying out activities without
additional financial support, being in any case insufficient as far as the activities themselves are concerned.
Additionally, the risk of the investment is absorbed by the fund participants, and the Group is only exposed when it
becomes a participant, and as such, there is no other risk for the Group.
In all cases, the operating results of equity method investees acquired by the BBVA Group in a particular period only include the
period from the date of acquisition to the financial statements date. Similarly, the results of entities disposed of during any year only
include the period from the start of the year to the date of disposal.
The consolidated financial statements of subsidiaries, associates and joint ventures used in the preparation of the Consolidated
Financial Statements of the Group have the same presentation date as the Consolidated Financial Statements. If financial statements
at those same dates are not available, the most recent will be used, as long as these are not older than three months, and will be
adjusted to take into account the most significant transactions. As of December 31, 2024, financial statements as of December 31 of
all Group entities were utilized except in the case of the consolidated financial statements of nine non-significant entities for which
financial statements as of November 30, 2024 were used.
Business combinations
A business combination is a transaction, or any other deal, by which the Group obtains control over one or more businesses,
accounting for by applying the “acquisition method”.
According to this method, the acquirer has to recognize the assets acquired and the liabilities and contingent liabilities assumed,
including those that the acquired entity had not accounted for. The method involves the measurement of the consideration received
for the business combination and its allocation to the assets, liabilities and contingent liabilities measured according to their fair value,
at the purchase date, as well as the recognition of any non-controlling participation (minority interests) that may arise from the
transaction.
The acquirer shall recognize an asset in the consolidated balance sheet under the heading “Intangible assets - Goodwill” (see Note
2.2.7) if on the acquisition date there is a positive difference between:
– the sum of the consideration paid, the amount of all the minority interests and the fair value of the stock previously held in
the acquired business; and
– the fair value of the assets acquired and liabilities assumed.
If this difference is negative, it shall be recognized directly in the income statement under the heading “Negative goodwill recognized
in profit or loss”.
Minority interests in the acquired entity may be measured in two ways: either at their fair value; or at the proportional percentage of
net assets identified in the acquired entity. The method of valuing minority interests may be elected in each business combination.
BBVA Group has always elected the second method.
Separate financial statements
The separate financial statements of the parent company of the Group are prepared under Spanish regulations (Circular 4/2017 of
the Bank of Spain, and following other regulatory requirements of financial information applicable to the Bank). The Bank uses the
cost method to account in its separate financial statements for its investments in subsidiaries, associates and joint venture entities,
which are consistent with the requirements of the Bank of Spain´s Circular 4/2017.
Appendix IX shows BBVA’s separate financial statements as of and for the years ended December 31, 2024 and 2023.
2.2 Accounting principles and policies and applied valuation methods
The accounting principles and policies and the valuation methods applied in the preparation of the consolidated financial statements
may differ from those used, at the individual level, by some of the entities that are part of the BBVA Group; This is why, in the
consolidation process, the necessary adjustments and reclassifications are made to standardize such principles and criteria among
themselves and bring them into line with the EU-IFRS.
In preparing the Consolidated Financial Statements, the following accounting principles and policies and assessment criteria have
been applied:
2.2.1 Financial instruments
On January 1, 2018, IFRS 9 came into force, replacing IAS 39 regarding the classification and measurement of financial assets and
liabilities, credit impairment and hedge accounting. At that time, the Group chose to continue applying IAS 39 for hedge accounting,
as permitted by IFRS 9. However, the Group has determined to apply the requirements of IFRS 9 to hedge accounting from January 1,
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2025. This change in accounting policy applicable to hedging relationships had no significant impact on the Group 's Consolidated
Financial Statements as of the date of its implementation.
Classification and measurement of financial assets
Classification of financial assets
IFRS 9 contains three main categories for financial assets classification: measured at amortized cost, measured at fair value with
changes through other comprehensive income, and measured at fair value through profit or loss.
The classification of financial instruments in the categories of amortized cost or fair value depends on the business model with which
the entity manages the assets and the contractual characteristics of the cash flows, commonly known as the "solely payments of
principal and interest" criterion (hereinafter the "SPPI").
The assessment of the business model should reflect the way the Group manages groups of financial assets and does not depend on
the intention for an individual instrument. Thus, for each entity within the BBVA Group there are different business models for
managing assets.
In order to determine the business model, the following aspects are taken into account:
– The way in which the performance of the business model (and that of the assets which comprise such business model) is
evaluated and reported to the entity's key personnel.
– The risks and their management, which affect the performance of the business model.
– The way in which business model managers are remunerated.
– The frequency, amount and timing of sales in previous years, the reasons for such sales and expectations regarding future
sales.
In this sense, the Group has established policies and has developed procedures in each geographical area to determine when the
sales of financial assets classified in the amortized cost category are considered infrequent (even when significant), or are
insignificant (even when frequent), to ensure compliance with such business mode l.
Furthermore, it is considered that any sales that may occur because the financial asset is close to maturity, due to an increase in
credit risk, or to satisfy liquidity needs, are compatible with the amortized cost model.
Regarding the SPPI test, the analysis of the cash flows aims to determine whether the contractual cash flows of the assets correspond
only to payments of principal and interest on the principal amount outstanding at the beginning of the transaction. Interest is
understood here as the consideration for the time value of money; and for the credit risk associated with the principal amount
outstanding during a specific period; and for financing and structure costs, plus a profit margin.
The most significant judgments used by the Group in evaluating compliance with the conditions of the SPPI test are the following:
– Modified time value: in the event that a financial asset includes a periodic interest rate adjustment but the frequency of this
adjustment does not coincide with the term of the reference interest rate (for example, the interest rate reset every six
months to a one-year rate), the Group assesses, at the time of the initial recognition, this mismatch to determine whether
the contractual cash flows (undiscounted) differ significantly or not from the cash flows (undiscounted) of a benchmark
financial asset, for which there would be no change in the time value of money. The defined tolerance thresholds are 10% for
the differences in each period and 5% for the analysis accumulated throughout the financial asset life.
– Contractual clauses: the contractual clauses that can modify the calendar or the amount of the contractual cash flows are
analyzed to verify if the contractual cash flows that would be generated during the life of the instrument due to the exercise
of those clauses are only payments of principal and interest on the principal amount outstanding. To do this, the contractual
cash flows that may be generated before and after the modification are analyzed.
The main criteria taken into account in the analysis are:
a. Early termination clauses: generally, a contractual clause that permits the debtor to prepay a debt instrument
before maturity is consistent with SPPI when the prepayment amount substantially represents unpaid
amounts of principal and interest on the principal amount outstanding (which may include reasonable
additional compensation for the early termination of the contract).
b. Instruments with an interest rate linked to contingent events:
– An instrument whose interest rate is reset to a higher rate if the debtor misses a particular payment may
meet the SPPI criterion because of the relationship between missed payments and an increase in credit
risk.
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– An instrument with contractual cash flows that are indexed to the debtor’s performance – e.g. net
income or is adjusted based on a certain index or stock market value would not meet the SPPI criterion.
c. Perpetual instruments: to the extent that they can be considered instruments with continuous (multiple)
extension options, they meet the SPPI test if the contractual flows meet it. When the issuer can defer the
payment of interest, if such payment would affect their solvency, they would meet the SPPI test if the deferred
interest accrues additional interest, while if they do not, they would not meet the test.
– Non-recourse financial instruments: In the case of debt instruments that are repaid primarily with the cash flows of specific
assets or projects and the debtor has no legal responsibility, the underlying assets or cash flows are evaluated to determine
whether the contractual cash flows of the instrument are consistent with payments of principal and interest on the principal
amount outstanding.
a. If the contractual terms do not give rise to additional cash flows to payments of principal and interest on the
amount of principal outstanding or limitations to these payments, the SPPI test is met.
b. If the debt instrument effectively represents an investment in the underlying assets and its cash flows are
inconsistent with principal and interest (because they depend on the performance of a business), the SPPI
test is not met.
– Contractually linked instruments: a look-through analysis is carried out in the case of transactions that are set through the
issuance of multiple financial instruments forming tranches that create concentrations of credit risk in which there is an
order of priority that specifies how the flows of cash generated by the underlying set of financial instruments are allocated
to the different tranches. The debt tranches of the instrument will comply with the requirement that their cash flows
represent only payment of principal and interest on the outstanding principal if:
a. t he contractual terms of the tranche being assessed for classification (without looking through to the
underlying pool of financial instruments) give rise to cash flows that are solely payments of principal and
interest on the principal amount outstanding;
b. the underlying pool of financial instruments comprises instruments with cash flow that are solely payments of
principal and interest on the principal amount outstanding; and
c. the exposure to credit risk in the underlying pool of financial instruments inherent in the tranche is equal to or
lower than the exposure to credit risk of the underlying pool of financial instruments (for example, the credit
rating of the tranche being assessed for classification is equal to or higher than the credit rating that would
apply to a single tranche that funded the underlying pool of financial instruments).
In any event, the contractual conditions that, at the time of the initial recognition, have a minimal effect on cash flows or depend on
the occurrence of exceptional and highly unlikely events do not prevent compliance with the conditions of the SPPI test.
In the sp ecific case of loans granted by the BBVA Group where the financial remuneration is linked to the compliance with certain
environmental, social and governance (hereinafter "ESG") conditions and criteria, the Group considers that the impact of compliance
with the ESG criteria on the interest rate applied to the transactions is very limited and, therefore, meets the condition that it has a
minimal effect on cash flows. Therefore, the existence of these ESG-linked clauses would not entail non-compliance with the
aforementioned SPP test.
Based on the above characteristics, financial assets will be classified and valued as described below.
A debt instrument will be classified in the amortized cost portfolio if the two following conditions are fulfilled:
– the financial asset is managed within a business model whose purpose is to maintain the financial assets to maturity, to
receive contractual cash flows; and
– the contractual conditions of the financial asset give rise to cash flows that are only payments of principal and interest.
A debt instrument will be classified in the portfolio of financial assets at fair value with changes through other comprehensive income
if the two following conditions are fulfilled:
– the financial asset is managed with a business model whose purpose combines collection of the contractual cash flows and
sale of the assets; and
– the contractual characteristics of the instrument generate cash flows which only represent the return of the principal and
interest.
A debt instrument will be classified at fair value with changes in profit and loss provided that the entity's business model for their
management or the contractual characteristics of its cash flows do not require classification into one of the portfolios described
above.
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In general, equity instruments will be measured at fair value through profit or loss. However the Group may make an irrevocable
election, at initial recognition to present subsequent changes in the fair value through “other comprehensive income”.
Financial assets will only be reclassified when BBVA Group decides to change the business model. In this case, all of the financial
assets assigned to this business model will be reclassified. The change of the objective of the business model should occur before the
date of the reclassification.
Measurement of financial assets
All financial instruments are initially recognized at fair value, plus, those transaction costs which are directly attributable to the issue
of the particular instrument, with the exception of those financial assets which are classified at fair value through profit or loss.
All changes in the value of financial assets due to the interest accrual and similar items are recorded in the headings "Interest and
other income" or "Interest expense", of the consolidated income statement of the year in which the accrual occurred (see Note 37),
except for trading derivatives that are not economic and accounting hedges.
The changes in fair value after the initial recognition, for reasons other than those mentioned in the preceding paragraph, are treated
as described below, according to the categories of financial assets.
“Financial assets held for trading”, “Non-trading financial assets mandatorily at fair value through profit or loss” and
“Financial assets designated at fair value through profit or loss”
Financial assets are recorded under the heading “Financial assets held for trading” if the objective of the business model is to
generate gains by buying and selling these financial instruments or to generate short-term results. The financial assets recorded in
the heading “Non-trading financial assets mandatorily at fair value through profit or los s" either have contractual cash flows that do
not met the conditions of the SPPI test, or are not covered by a business model whose objective is either (i) to hold financial assets to
collect contractual cash flows or (ii) achieved by collecting contractual cash flows and selling financial assets. Financial assets are
classified in “Financial assets designated at fair value through profit or loss” only if such classification eliminates or significantly
reduces a measurement or recognition inconsistency that would otherwise arise from recognizing or measuring such financial assets
on different bases.
The assets recognized under these headings of the consolidated balance sheet are measured upon acquisition at fair value and
changes in the fair value (gains or losses and foreign exchange differences) are recognized as their net value, when applicable, under
the headings “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets
mandatorily at fair value through profit or loss, net” and “Gains (losses) on financial assets designated at fair value through profit or
loss, net” in the consolidated income statement (see Note 41).
"Financial assets at fair value through other comprehensive income”
– Debt instruments
Assets recognized under this heading in the consolidated balance sheets are measured at their fair value. This category of valuation
implies the recognition of the information in the income statement as if it were an instrument valued at amortized cost, while the
instrument is valued at fair value in the balance sheet. Thus, both interest income on these instruments and the exchange differences
and impairment that arise in their case are recorded in the profit and loss account, while subsequent changes in its fair value (gains or
losses) are recognized temporarily (by the amount net of tax effect) under the heading “Accumulated other comprehensive income
(loss) - Items that may be reclassified to profit or loss - Fair value changes of debt instruments measured at fair value through other
comprehensive income” in the consolidated balance sheets (see Note 30).
The amounts recognized under the headings “Accumulated other comprehensive income (loss) - Items that may be reclassified to
profit or loss - Fair value changes of debt instruments measured at fair value through other comprehensive income” continue to form
part of the Group's consolidated equity until the corresponding asset is derecognized from the consolidated balance sheet or until a
loss allowance is recognized on the corresponding financial instrument. If these assets are sold, these amounts are derecognized and
included under the headings “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through
profit or loss, ne t” in the consolidated income statements (see Note 41).
The net loss allowances in “Financial assets at fair value through other comprehensive income” over the year are recognized under
the heading “Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by
modification - Financial assets at fair value through other comprehensive income” (see Note 47) in the consolidated income
statement for the year. Interest income on these instruments is recorded in the consolidated profit and loss account (see Note 37).
Changes in foreign exchange rates are recognized under the heading “Exchange differences, net" in the consolidated income
statements (see Note 41).
– Equity instruments
At the time of initial recognition of specific investments in equity instruments, the BBVA Group may make the irrevocable decision to
present subsequent changes in fair value in other comprehensive income. Subsequent changes in this valuation will be recognized in
"Accumulated other comprehensive income - Items that will not be reclassified to profit or loss - Fair value changes of equity
instruments measured at fair value through other comprehensive income" (see Note 30). Dividends received from these investments
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are recorded in the heading "Dividend income" in the consolidated income statement (see Note 38). These instruments are not
subject to the impairment model of IFRS 9.
“Financial assets at amortized cost”
The assets under this category are subsequently measured at amortized cost, after initial recognition, using the "effective interest
rate" method. In the case of floating rate instruments, including inflation-linked bonds, the periodic updates of cash flows to reflect the
movement of interest rates and inflation impact the effective interest rate prospectively.
Net loss allowances of assets recorded under these headings arising in each year, calculated using the IFRS 9 model, are recognized
under the heading “Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net
gains by modification – Financial assets measured at amortized cost” in the consolidated income statement for such year (see Note
47).
Classification and measurement of financial liabilities
Classification of financial liabilities
Financial liabilities are classified in the following categories:
– financial liabilities at amortized cost;
– financial liabilities that are held for trading, including derivatives, are financial instruments which are recorded in this
category when the Group’s objective is to generate gains by buying and selling these financial instruments or generate
short-term results; and
– financial liabilities that are designated at fair value through profit or loss on initial recognition under the Fair Value Option.
The Group has the option to designate irrevocably, on the initial moment of recognition, a financial liability at fair value
through profit or loss provided that doing so results in the elimination or significant reduction of measurement or
recognition inconsistency, or if a group of financial liabilities, or a group of financial assets and financial liabilities, has to be
managed, and its performance evaluated, on a fair value basis in accordance with a documented risk management or
investment strategy.
Measurement of financial liabilities
Financial liabilities are initially recorded at fair value, less transaction costs that are directly attributable to the issuance of
instruments, except for financial instruments that are classified at fair value through profit or loss.
Variations in the value of financial liabilities due to the interest accrual and similar items are recorded in the headings “Interest and
other income” or “Interest expense”, of the consolidated income statement for the year in which the accrual occurred (see Note 37),
except for trading derivatives that are not economic and accounting hedges.
The changes in fair value after the initial recognition, for reasons other than those mentioned in the preceding paragraph, are treated
as described below, according to the categories of financial liabilities.
“Financial liabilities held for trading” and “Financial liabilities designated at fair value through profit or loss“
The subsequent changes in the fair value (gains or losses) of the liabilities recognized under these headings of the consolidated
balance sheets are recognized as their net value under the headings “Gains (losses) on financial assets and liabilities held for trading,
net” and “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net” in the consolidated
income statements (see Note 41). The changes in the own credit risk of the liabilities designated under the fair value option is
presented in “Accumulated other comprehensive income (loss) – Items that will not be reclassified to profit or loss – Fair value
changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk”, unless this treatment
brings about or increases an asymmetry in the income statement.
“Financial liabilities at amortized cost”
The liabilities under this category are subsequently measured at amortized cost, using the “effective interest rate” method.
“Hybrid financial liabilities”
When a financial liability contains an embedded derivative, the Group analyzes whether the economic characteristics and risks of the
embedded derivative and the host instrument are closely related.
If the characteristics and risks of the host and the derivative are closely related, the instrument as a whole will be classified and
measured according to the general rules for financial liabilities. If, on the other hand, the economic characteristics and risks of the
embedded derivative are not closely related to the economic characteristics and risks of the host, its terms meet the definition of a
derivative and the hybrid contract is not measured at fair value with changes in fair value recognized in profit or loss, the embedded
derivative shall be separated from the host and accounted for as a derivative separately at fair value with changes in profit and loss
and the host instrument classified and measured according to its nature.
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“Derivatives – Hedge Accounting” and “Fair value changes of the hedged items in portfolio hedges of
interest-rate risk”
The Group uses hedging derivatives as a tool for managing financial risks, mainly interest rates and exchange rates (see Note 7).
When these transactions meet certain requirements, they are considered "hedging instruments".
Hed ging financial derivatives are used to hedge changes in the value of assets and liabilities, changes in cash flows, or the net
investment in a foreign business. Fair value hedging is established for fixed rate financial instruments, and cash flow hedges are used
for variable rate financial instruments. The Group also carries out exchange risk hedging operations.
In some hedging relationships, the Group additionally designates inflation risk as a contractually specified component in a debt
instrument (for example, inflation-referenced bonds).
Hedge accounting follows IAS 39, and the effectiveness of hedges is evaluated both retrospectively and prospectively, so that they
remain within a range between 80% and 125%. The ineffectiveness of hedges, defined as the difference between the change in value
of the hedging instrument and the hedged item in each period, attributable to the hedged risk, is recognized in the income statement.
This includes both the amount of the ineffectiveness of the hedges established to manage interest rate r isk in the period, as well as
the ineffectiveness of the hedges established to manage exchange risk, which is mainly attributable to the temporary value of hedges
established to manage exchange rate risk (see Notes 15 and 41).
Changes occurring subsequent to the designation of the hedging relationship in the measurement of financial instruments designated
as he dged items as well as financial instruments designated as hedge accounting instruments are recognized as follows:
– In fair value hedges, the changes in the fair value of the derivative and the hedged item attributable to the hedged risk are
recognized under the heading “Gains (losses) from hedge accounting, net” in the consolidated income statement, with a
corresponding offset under the headings where hedging items ("Hedging derivatives") and the hedged items are
recognized, as applicable, except for interest-rate risks hedges (which are almost all of the hedges used by the Group), for
which the valuation changes are recognized under the headings “Interest and other income” or “Interest expense”, as
appropriate, in the consolidated income statement (see Note 37).
– In fair value hedges of interest rate risk of a portfolio of financial instruments (portfolio-hedges), the gains or losses that
arise in the measurement of the hedging instrument are recognized in the consolidated income statement, with the
corresponding offset on the headings “Derivatives-Hedge Accounting” and the gains or losses that arise from the change in
the fair value of the hedged item (attributable to the hedged risk) are also recognized in the consolidated income statement
(in both cases under the heading “Gains (losses) from hedge accounting, net”, using, as a corresponding offset, the
headings "Fair value changes of the hedged items in portfolio hedges of interest rate risk" in the consolidated balance
sheets, as applicable).
– In cash flow hedges, the gain or loss on the hedging instruments relating to the effective portion is recognized temporarily
under the heading “Accumulated other comprehensive income (loss) - Items that may be reclassified to profit or loss -
Hedging derivatives. Cash flow hedges (effective portion)” in the consolidated balance sheets, with a corresponding offset
under the heading “Hedging derivatives” of the assets or liabilities of the consolidated balance sheets as applicable. These
differences are recognized in the consolidated income statement at the time the gains or losses of the hedged item are
recorded in the income statement, at the time the forecast transaction is executed or at the maturity date of the hedged
item. Almost all of the cash flow hedges carried out by the Group relate to interest rate risk and inflation risk of financial
instruments, so their valuation changes are recognized under the heading "Interest and other income" or "Interest expense”
in the consolidated income statement (see Note 37).
– The changes in value of the hedging items corresponding to the ineffective portions of cash flow hedges are recognized
directly in the heading “Gains (losses) from hedge accounting, net” in the consolidated income statement (see Note 41).
– In hedges of net investments in foreign businesses, the valuation changes attributable to the effective portions of hedging
items are recognized temporarily under the heading "Accumulated other comprehensive income (loss) - Items that may be
reclassified to profit or loss – Hedging of net investments in foreign operations (effective portion)" in the consolidated
balance sheets with a corresponding offset under the heading “Hedging derivatives” of the assets or liabilities of the
consolidated balance sheets, as applicable. These valuation changes will be recognized in the consolidated income
statement when the investment in a foreign business is disposed of or derecognized (see Note 41).
Loss allowances on financial assets
The “expected losses” impairment model is applied to financial assets valued at amortized cost, debt instruments valued at fair value
with changes in accumulated other comprehensive income, financial guarantee contracts and other commitments. All financial
instruments valued at fair value through profit or loss are excluded from the impairment model.
The standard classifies financial instruments into three categories, which depend on the evolution of their credit risk from the
moment of initial recognition and which establish the calculation of the credit risk allowance.
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– Stage 1 – Without significant increase in credit risk
Financial assets which are not considered to have significantly increased in credit risk have loss allowances measured at an amount
equal to the expected credit loss that arises from all possible default events within 12 months following the presentation date of the
financial statements (12 month expected credit losses).
– Stage 2 – Significant increases in credit risk
When the credit risk of a financial asset has increased significantly since the initial recognition, the loss allowances of that financial
instrument is calculated as the expected credit loss during the entire life of the asset. That is, they are the expected credit losses that
result from all possible default events during the expected life of the financial instrument.
– Stage 3 – Impaired
When there is objective evidence that the instrument is credit-impaired, the financial asset is transferred to this category in which the
provision for losses of that financial instrument is calculated, as in Stage 2, as the expected credit loss during the entire life of the
asset.
When the recovery of any recognized amount is considered remote, such amount is written-off on the consolidated balance sheet,
without prejudice to any actions that may be taken in order to collect the amount until the rights extinguish in full either because it is
time-barred debt, the debt is forgiven, or other reasons.
The BBVA Group has applied the following definitions:
– Credit-impaired asset
An asset is credit-impaired (stage 3) if one or more events have occurred and they have a detrimental impact on the estimated future
cash flows of the asset.
T he definition of impaired asset under IFRS 9 is currently aligned with that of default used by the Group both for internal credit risk
management and for regulatory purposes, in accordance with the definitions established in the European Banking Authority
(hereinafter "EBA") Guidelines and in Article 178 of Regulation (EU) No 575/2013 (CRR). This alignment facilitates the integration of
both definitions in credit risk management, giving coherence and consistency in the processes.
The determination of an asset as impaired and its classification in stage 3 is based exclusively on the risk of default, without
considering the effects of credit risk mitigating measures such as guarantees and collaterals. Specifically, the following financial
assets are classified in stage 3:
a. Impaired assets for objective reasons or delinquency: when there are unpaid amounts of principal or interest for more
than 90 days.
According to IFRS 9, the 90-days past due default is a presumption that can be rebutted in those cases where the entity
considers, based on reasonable and supportable information, that it is appropriate to use a longer term. As of December
31, 2024, the Group has not used terms exceeding 90 days past due.
b. Impaired assets for subjective reasons (other than delinquency): when circumstances are identified that show, even in the
absence of defaults, that it is not probable that the debtor will fully comply with its financial obligations. For this purpose,
the following indicators are considered, among others:
– Sign ificant financial difficulties of the issuer or the borrower.
– Granting by the lender or lenders to the borrower, for economic or contractual reasons related to the latter's
financial difficulties, of concessions or advantages that they would not have otherwise granted.
– Breach of contractual clauses, such as events of default or default.
– Increasing probability that the borrower will go into bankruptcy or some other situation of financial
reorganization.
– Disappearance of an active market for the financial asset due to financial difficulties.
– Others that may affect the committed cash flows such as the loss of the debtor's license or that it has
committed frau d.
– Generalized delay in payments. In any case, this circumstance exists when, during a continuous period of 90
days prior to the reporting date, a material amount has remained unpaid.
– Sales of credit exposures of a client with a significant economic loss will imply that the rest of its operations
are considered impaired.
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Relating to the granting of concessions due to financial difficulties, it is considered that there is an indicator of unlikeliness
to pay, and therefore the client must be considered impaired, when the refinancing or restructuring measures may result in
a diminished financial obligation caused by a forgiveness or material deferral of principal, interest or fees. Specifically,
unless proven otherwise, transactions that meet any of the following criteria will be reclassified to the category of impaired
assets:
a. Irregular repayment schedule.
b. Contractual clauses that delay the repayment of the loan through regular payments. Among others, grace
periods of more than two years for the amortization of the principal will be considered clauses with these
characteristics.
c. Amounts of principal or interest written off from the balance sheet as its recovery is considered remote.
In any case, a restructuring will be considered impaired when the reduction in the net present value of the financial obligation is
greater than 1%.
Credit risk management for wholesale counterparties is carried out at the customer (or group) level. For this reason, the classification
of any of a client's material exposures as impaired, whether due to more than 90 days of default or due to any of the subjective
criteria, implies the classification as impaired of all the client's exposures.
Regarding retail clients, which are managed at the individual loan level, the scoring systems review their score, among other factors,
in the event of a breach in any of their operations or incurring generalized delays in payments, which also triggers the necessary
recovery actions. Among them are the refinancing measures that, where appropriate, may lead to all the client's operations being
considered impaired. Furthermore, given the granularity of the retail portfolios, the differential behavior of these clients in relation to
their products and collateral provided, as well as the time necessary to find the best solution, the Group has established as an
indicator that when a transaction of a retail client is in default in excess of 90 days or shows a general delay in payments and this
represents more than 20% of the client's total balance, all its transactions are considered impaired.
When operations by entities related to the client fall into s tage 3, including both entities of the same group and those with which there
is a relationship of economic or financial dependence, the transactions of the holder will also be classified as stage 3 if after the
analysis it is concluded that there are reasonable doubts about the full payment of the loans.
The stage 3 classifica tion will be maintained for a cure period of 3 months from the disappearance of all indicators of impairment
during which the client must demonstrate good payment behavior and an improvement in their credit quality in order to corroborate
the disappearance of the causes that motivated the classification of the debt as impaired. In the case of refinancing and restructuring,
the cure period is one year (see Note 7.2.7 for more details).
These criteria are aligned in all the geographical areas of the Group, maintaining only minor differences to facilitate the integration of
management at the local level.
– Significant increase in credit risk
The objective of the impairment requirements is to recognize lifetime expected credit losses for financial instruments for which there
have been significant increases in credit risk since initial recognition considering all reasonable and supportable information, including
that which is forward-looking.
The model developed by the Group for assessing the significant increase in credit risk has a two-prong approach that is applied
globally (for more detail on the methodology used, see Note 7.2.1):
– Quantitative criterion: the Group uses a quantitative analysis based on comparing the current expected probability of
default over the life of the transaction with the original adjusted expected probability of default, so that both values are
comparable in terms of expected default probability for their residual life.
– Qualitative criterion: most indicators for detecting significant risk increase are included in the Group's systems through
rating and scoring systems or macroeconomic scenarios, so the quantitative analysis covers the majority of circumstances.
The Group uses additional qualitative criteria to identify significant increase in credit risk and thus, to include circumstances
that are not reflected in the rating/score systems or macroeconomic scenarios used. Such qualitative criteria are the
following:
a. More than 30 days past due. According to IFRS 9, default of more than 30 days is a presumption that can be
rebutted in those cases in which the entity considers, based on reasonable and documented information, that
such non-payment does not represent a significant increase in risk. As of December 31, 2024, the Group has not
considered periods higher than 30 days.
b. Watch List: They are subject to special watch by the Risk units because they show negative signs in their credit
quality, even though there may be no objective evidence of impairment.
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c. Refinance or restructuring that does not show evidence of impairment, or that, having been previously identified,
the existence of significant increase in credit risk may still exist.
Although the standard introduces a series of operational simplifications, also known as practical solutions, for analyzing the increase
in significant risk, the Group does not use them as a general rule. However, for high-quality assets, mainly related to certain
government institutions and bodies, the standard allows for considering that their credit risk has not increased significantly because
they have a low credit risk at the presentation date. This possibility is limited to those financial instruments that are classified as
having high credit quality and to contracts with a current annualized probability of default (PD) of less than 0.3%. This does not
prevent these assets from being assigned the credit risk coverage that corresponds to their classification as stage 1 based on their
credit rating and macroeconomic expectations.
Method for calculating Expected Credit Loss (ECL)
Method for calculating expected loss
The measurement of expected losses must reflect:
– a considered and unbiased amount, determined by evaluating a range of possible results;
– the time value of money; and
– reasonable and supportable information that is available without undue cost or effort and that reflects current conditions
and forecasts of future economic conditions.
Expected losses are measured both individually and collectively.
The individualized estimate of credit losses results from calculating the difference between the expected cash flows discounted at the
effective interest rate of the transaction and the carrying amount of the instrument (see Note 7.2.1).
For the collective measurement of expected losses the instruments are classified into groups of assets based on their risk
characteristics. Exposure within each group is grouped according to credit risk common characteristics, which indicate the payment
capacity of the borrower according to the contractual conditions. These risk characteristics have to be relevant in estimating the
future flows of each group. The characteristics of credit risk may consider, among others, the following factors (see Note 7.2.1):
– Type of instrument.
– Rating or scoring tools.
– Credit risk scoring or rating.
– Type of collateral.
– Amount of time at default for stage 3.
– Segment.
– Qualitative criteria which can have a significant increase in risk.
– Collateral value if it has an impact on the probability of a default event.
The estimated losses are derived from the following parameters:
– PD: estimate of the probability of default in each period.
– EAD: estimate of the exposure in case of default at each future period, taking into account the changes in exposure after the
closing date of the financial statements.
– LGD: estimate of the loss in case of default, calculated as the difference between the contractual cash flows and receivables,
including guarantees. For these purposes, the probability of executing the guarantee, the moment until its ownership and
subsequent realization are achieved, the expected cash flows and the acquisition and sale costs, are considered in the
estimation.
– CCF: cash conversion factor is the estimate made on off-balance sheet contractual arrangements to determine the
exposure subject to credit risk in the event of a default.
At the BBVA Group, the calculated expected credit losses are based on internal models developed for all portfolios within the IFRS 9
scope, except for the cases that are subject to individual analysis.
The calculation and recognition of expected credit losses includes exposures with governments and credit institutions, for which,
despite having a reduced number of defaults in the information databases, internal models have been developed, considering, as
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sources of information, the data provided by external rating agencies or other observed in the market, such as changes in bond yields,
prices of credit default swaps or any other public information on them.
Use of present, past and future information
IFRS 9 requires incorporation of present, past and future information to detect any significant increase in risk and measure expected
loss, which must be carried out on a weighted probability basis.
The standard does not require identification of all possible scenarios for measuring expected loss. However, the probability of a loss
event occurring and the probability it will not occur have to be considered, even though the possibility of a loss may be very low. To
achieve this, the Group generally evaluates the linear relationship between its estimated loss parameters (PD, LGD and EAD) with the
historical and future forecasts of the macroeconomic scenarios.
Additionally, when there is no linear relation between the different future economic scenarios and their associated expected losses,
more than one future economic scenario must be used for the measurement.
The approach taken by the Group consists of using a methodology based on the use of three scenarios. The first is the most probable
scenario (base scenario) that is consistent with that used in the Group's internal management processes, and two additional ones,
one more positive and the other more negative. The combined outcome of these three scenarios is calculated considering the weight
given to each of them. The main macroeconomic variables that are valued in each of the scenarios for each of the geographical areas
in which the Group operates are the Gross Domestic Product (hereinafter "GDP"), the real estate price index, interest rates and the
unemployment rate. The main goal of the Group's approach is seeking the greatest predictive capacity with respect to the first two
variables (see Note 7.2.1).
Derecognition of the balance due to impairment on financial assets (write-offs)
Debt instrumen ts are classified as written-off once, after being analyzed, it is reasonably considered that their recovery is remote due
to the notorious and irrecoverable deterioration of the solvency of the holder of the operation.
Based on their procedures and particularities, the Group entities recognize operations as a write-off where, following their analysis,
there are no reasonable expectations of recovery of the debt, taking into account aspects such as: the time elapsed since the
classification as doubtful operations due to delinquency, the coverage levels achieved, type of portfolio or product, bankruptcy status
of the holder and the existence of guarantees, their valuation and execution capacity. In those cases where the guarantee is
significant, there is the possibility of making partial write-offs on the non-guaranteed portion.
The classification of an operation as written-off, entails the recognition of losses for the carrying amount of the related debt and
results in a derecognition in the same amount from the balance sheet (see Note 7.2.5).
2.2.2 Transfers and derecognition of financial assets and liabilities
The accounting treatment of transfers of financial assets is determined by the form in which risks and benefits associated with the
financial assets involved are transferred to third parties. Financial assets are only derecognized from the consolidated balance sheet
when the cash flows that they generate are extinguished, when their implicit risks and benefits have been substantially transferred to
third parties or when the control of financial asset is transferred even in case of no physical transfer or substantial retention of such
assets. In the latter case, the financial asset transferred is derecognized from the consolidated balance sheet, and any right or
obligation retained or created as a result of the transfer is simultaneously recognized.
Similarly, financial liabilities are derecognized from the consolidated balance sheet only if their obligations are extinguished or
acquired (with a view to subsequent cancellation or renewed placement).
The Group is considered to have transferred substantially all the risks and benefits if such risks and benefits account for the majority
of the risks and benefits involved in ownership of the transferred financial assets.
Treatment of securitizations
The securitizations funds to which the Group entities transfer their credit portfolios are consolidated entities of the Group. For more
information, refer to Note 2.1 “Principles of consolidation”.
The Group considers that the risks and benefits of the securitizations are substantially retained if the subordinated bonds are held
and/ or if subordination funding has been granted to those securitization funds, which means that the credit loss risk of the
securitized assets will be assumed. Consequently, the Group is not derecognizing those transferred loan portfolios.
Synthetic securitizations are transactions where risk is transferred through derivatives or financial guarantees and in which the
exposure of these securitizations remains in the balance sheet of the Group. The Group has established the synthetic securitizations
through received financial guarantees. As for the commissions paid, they are accrued during the term of the financial guarantee.
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2.2.3 Financial guarantees
Financial guarantees are considered to be those contracts that require their issuer to make specific payments to reimburse the holder
of the financial guarantee for a loss incurred when a specific borrower breaches its payment obligations on the terms – whether
original or subsequently modified – of a debt instrument, irrespective of the legal form it may take. Financial guarantees may take the
form of a deposit, bank guarantee, insurance contract or credit derivative, among others.
In their initial recognition, financial guarantees are recognized as liabilities in the consolidated balance sheet at fair value, which is
generally the present value of the fees, commissions and interest receivable from these contracts over the term thereof, and the
Group simultaneously recognizes a corresponding asset in the consolidated balance sheet for the amount of the fees and
commissions received at the inception of the transactions and the amounts receivable at the present value of the fees, commissions
and interest outstanding.
Financial guarantees, irrespective of the guarantor, instrumentation or other circumstances, are reviewed periodically so as to
determine the credit risk to which they are exposed and, if appropriate, to consider whether a provision is required for them. The
credit risk is determined by application of criteria similar to those established for quantifying loss allowances on debt instruments
measured at amortized cost (see Note 2.2.1).
The provisions recognized for financial guarantees are recognized under the heading “Provisions - Provisions for contingent risks and
commitments” on the liability side in the consolidated balance sheets (see Note 24). These provisions are recognized and reversed
with a charge or credit, respectively to “Provisions or reversal of provision” in the consolidated income statements (see Note 46).
Income from financial guarantees is recorded under the heading “Fee and commission income” in the consolidated income statement
and is calculated by applying the rate established in the related contract to the nominal amount of the guarantee (see Note 40).
Synthetic securitizations made by the Group to date meet the requirements of the accounting regulations for accounting as
guarantees.
2.2.4 Tangible Assets
Tangible assets are classified according to their nature:
– Property, plant and equipment for own use
This heading includes the assets under ownership or acquired under lease terms (right to use), intended for future or current use by
the Group and that it expects to hold for more than one y ea r. It also includes tangible assets received by the Group in full or partial
settlement of receivables from third parties which are expected to be held for continuing use.
– Investment properties
Includes the value of land, buildings and other structures that are held either for rental or for capital gain on sale, and which are not
expected to be used in the ordinary course of business and are not intended for own use.
– Assets leased out under an operating lease
Includes asse ts for which the Group has granted the right of use to another company through an operating lease contract.
In general, and as an accounting policy option, tangible assets are recorded in the balance sheets under the cost model, i.e., at
acquisition cost, less the related accumulated depreciation and, if applicable, the estimated impairment losses resulting from
comparing the net book value of each item with its corresponding recoverable value (see Note 17).
The Group uses the straight-line method to calculate depreciation over the estimated useful life of the asset. The depreciation charge
for tangible assets is recorded under "Depreciation and amortization" in the income statement (see Note 45) and is the result of using
the following depreciation rates:

General depreciation rates for tangible assets |
Type of assets | Annual Percentage
Buildings for own use | 1% - 4%
Furniture | 8% - 10%
Fixtures | 6% - 12%
Office supplies and hardware | 8% - 25%
Lease use rights | The lesser of the lease term or the useful life of the underlying asset

At each reporting date, the Group analyzes whether there are indicators that a tangible asset may be impaired and, if any, adjusts the
carrying amount to its recoverable amount, modifying future depreciation charges in accordance with its revised remaining useful life.
Similarly, if there is indication that the value of a tangible asset that was previously impaired has been recovered, the Group estimates
the recoverable amount of the asset and recognizes in the income statement the reversal of the impairment loss recognized in
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previous years and thus, adjusts the future depreciation charges. Any impairment or reversal of impairment will be recognized with
the offsetting entry recorded to the heading “Impairment or reversal of impairment of non-financial assets - Intangible assets” of the
consolidated income statement (see Note 49).
In the BBVA Group, most of the buildings held for own use are assigned to the different Cash Generating Units (hereinafter "CGUs") to
which they belong. The corresponding impairment analyses are performed for these CGUs to determine whether sufficient cash flows
are generated to support the value of the assets comprised within such CGUs.
Operating and maintenance expenses relating to tangible assets for own use are recognized in the year in which they are incurred
under "Administrative expenses - Property, plant and equipment" in the income statement (see Note 44.2).
Additionally, for those geographical areas with subsidiaries where the Group applies IAS 29 "Financial Reporting in Hyperinflationary
Economies", this type of asset is adjusted, at each balance sheet date, to show variations in the purchasing power of the currency due
to inflation from the date of acquisition or inclusion in the consolidated balance sheet (see Note 2.2.18).
2.2.5 Leases
In general, the Group will record assets and liabilities for lease contracts by recording a right of use (right to use the leased asset)
under ''Tangible assets - Property, plant and equipment'' and ''Tangible assets - Investment property'' (see Note 17), and a lease
liability (its obligation to make lease payments) under ''Financial liabilities at amortized cost - Other financial liabilities'' (see Note
22.5). The BBVA Group applies two exceptions in the case of short-term leases and leases whose underlying asset is of low value. In
these cases, lease payments are recognized under "Other operating expense" (see Note 42) in the consolidated income statement
over the term of the lease.
At the initial date of the lease, the lease liability is equal to the present value of all lease unpaid payments. Subsequently, it is valued at
amortized cost.
The right to use assets is initially recorded at cost and is subsequently r educed by accumulated amortization and accumulated
impairment. The Group has decided to calculate depreciation using the straight-line method. Depreciation of tangible assets is
recorded under "Depreciation and amortization" in the consolidated statement of income (see Note 45).
The interest expense on the lease liability is recorded under the heading “Interest expense” (see Note 37.2). Variable payments not
included in the initial measurement of the lease liability are recorded under the heading “Administration costs – Other administrative
expense” (see Note 44.2).
Operating lease and sublease incomes are recognized in the consolidated income statements under the headings “Other operating
income” (see Note 42).
On the other hand, when the Group acts as a lessor, it classifies leases as finance or operating leases.
In finance leases, the sum of the present values of the amounts received plus the guaranteed residual value is recorded as financing
provided to third parties and is included under "Financial assets at amortized cost" in the consolidated balance sheet (see Note 14).
In operating leases, the acquisition cost of the leased assets is presented under "Tangible assets - Property, plant and equipment -
Assigned under operating leases" in the consolidated balance sheet (see Note 17). These assets are depreciated in accordance with
the policies adopted for similar tangible assets for own use and the income and expenses arising from the lease contracts are
recognized in the consolidated income statement on a straight-line basis under "Other operating income" and "Other operating
expense", respectively (see Note 42).
If a fair value sale and leaseback results in a lease, the profit or loss generated from the effectively transferred part of the sale is
recognized in the consolidated income statement at the time of sale (only for the effectively transmitted part).
The assets leased out under operating lease contracts to other entities in the Group are treated in the consolidated financial
statements as for own use, and thus rental expense and income is eliminated in consolidation and the corresponding depreciation is
recognized.
Additionally, for those geographical areas with subsidiaries where the Group applies IAS 29 "Financial Reporting in Hyperinflationary
Economies", this type of asset is being adjusted to show changes in the purchasing power of the currency due to inflation from the
date of acquisition or inclusion in the consolidated balance sheet (see Note 2.2.18).
2.2.6 Non-current assets and disposal groups classified as held for sale and liabilities included in disposal
groups classified as held for sale
This heading includes the carrying amount of individual items or items integrated in a group ("disposal group") or that form part of a
significant business line or geographical area that is intended to be disposed of (“discontinued operation”) whose sale is highly
probable to take place under the current conditions within a period of one year from the date to which the financial statements refer.
Additionally, it includes assets that were expected to be disposed of within one year, but for which disposal there is a delay caused by
events and circumstances beyond the Group's control, and there is sufficient evidence that the Group remains committed to its plan
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for sale (see Note 21), in particular, regarding real estate assets or other assets received to cancel, in whole or in part, the payment
obligations of debtors for credit operations. These assets are not amortized as long as they remain in this category.
With respect to valuation, in general, foreclosed real estate assets or assets received in payment of debts are recognized both at the
date of acquisition and subsequently, at the lower of their fair value less estimated costs to sell and their carrying amount, with the
possibility of recognizing an impairment or reversal of impairment for the difference, if applicable. When the amount of the sale less
estimated costs to sell exceeds the carrying amount, the gain is not recognized until the time of disposal and derecognition.
The applicable carrying value of the financial asset is updated at the time of foreclosure, treating the foreclosed property as collateral
and taking into account the corresponding credit risk hedges at the time prior to delivery. The fair value of foreclosed assets is based
mainly on appraisals or valuations performed by independent experts with a maximum age of one year, or less if there are indications
of impairment; in addition, by appraisal, the need to apply a discount on the asset based on its specific conditions or market
conditions for such type of assets is evaluated and, in any case, the entity’s estimated sale costs are deducted.
Gains/losses on disposal of these assets and impairment losses are recognized under "Gains (losses) on non-current assets and
disposal groups classified as held for sale not qualifying as discontinued operations" in the consolidated income statement (see Note
50). Other income and expenses are classified in the income statement items according to their nature.
T he income and expenses of discontinued operations generated in the year, even if they were generated prior to their classification as
discontinued operations, are presented, net of the tax effect, as a single amount under "Profit (loss) after tax from discontinued
operations" in the consolidated income statement. This caption also includes the results obtained on disposal (net of the tax effect).
Additionally, for those geographical areas with subsidiaries where the Group applies IAS 29 "Financial Reporting in Hyperinflationary
Economies", this type of assets is being adjusted to show changes in the purchasing power of the currency due to inflation from the
date of acquisition or inclusion in the consolidated balance sheet (see Note 2.2.18).
2.2.7 Intangible assets
Goodwill
Goodwill represents the advance payment made by the entity for future economic benefits, from assets that have not been
individually identified nor separately recognized in a business combination.
Goodwill is allocated to one or more CGUs that are expected to be the beneficiaries of the synergies derived from the business
combinations. CGUs represent the smallest identifiable groups of assets that generate cash flows for the Group. Goodwill is not
amortized and is periodically tested for impairment (see Note 18), comparing the carrying amount of the relevant CGU - adjusted by
the amount of goodwill attributable to minority interests, in the event that the Group has not chosen to measure minority interests at
fair value, with its recoverable amount.
The recoverable amount of a CGU is equal to the fair value less sale costs or its value in use, whichever is greater. Value in use is
calculated as the discounted value of the cash flow projections that the unit’s management estimates and is based on the latest
budgets approved for the coming years. The main assumptions used in its calculation are: a growth rate to extrapolate the cash flows
indefinitely, and the discount rate used to discount the cash flows, which is equal to the cost of the capital assigned to each CGU, and
equivalent to the sum of the risk-free rate plus a risk premium inherent to the CGU being evaluated for impairment. I f the carrying
amount of the CGU exceeds the related recoverable amount, the Group recognizes an impairment loss.
Impairment losses on goodwill are recorded under "Impairment or reversal of impairment of non-financial assets - Intangible
assets" (see Note 49).
Other intangible assets
These assets may have an indefinite useful life if it is concluded that there is no foreseeable limit to the period over which the asset is
expected to generate net cash flows for the consolidated entities. In all other cases they have a finite useful life (see Note 18.2).
Intangible assets with indefinite useful lives are not amortized but are tested for impairment at least annually.
Intangible assets with a finite useful life are amortized according to the duration of this useful life, using methods similar to those used
to depreciate tangible assets. Finite useful life intangible assets consist mainly of IT applications acquisition costs which have a useful
life, in general, of 5 years. I nternally developed software is recognized as an intangible asset when, among other requirements, it has
the capacity to be used or sold, it is identifiable and its capacity to generate economic benefits in the future can be demonstrated. The
amortization charge of these assets is recognized in the consolidated income statements under the heading "Depreciation and
amortization" (see Note 45).
Any impairment losses on the carrying amount of these assets will be recognized under the heading “Impairment or reversal of
impairment on non-financial assets- Intangible assets” in the consolidated income statements (see Note 49). The criteria used to
recognize the impairment losses on these assets and, where applicable, the recovery of impairment losses recognized in prior years,
are similar to those used for tangible assets.
1 There is the possibility of defining three or more onerous groups.
2 Article 2 of Regulation (EU) 2021/2036 of the Commission of November 19, 2021.
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Additionally, for those geographical areas with subsidiaries where the Group applies IAS 29 "Financial Reporting in Hyperinflationary
Economies", this type of asset is being adjusted to show changes in the purchasing power of the currency due to inflation from the
date of acquisition or inclusion in the consolidated balance sheet (see Note 2.2.18).
2.2.8 Insurance and reinsurance contracts
The Group has applied IFRS 17 to "insurance contracts" as from January 1, 2023 and has retrospectively revised 2022 financial
information accordingly. IFRS 17 superseded IFRS 4 as the accounting standard applicabl e to the recognition, measurement and
presentation of contracts that transfer significant insurance risk.
The assets and liabilities of the BBVA Group’s insurance subsidiaries are recognized according to their nature under the
corresponding headings of the consolidated balance sheet.
The heading “Insurance and reinsurance assets” in the consolidated balance sheets includes the amounts that the consolidated
insurance subsidiaries are entitled to receive under the reinsurance contracts entered into by them with third parties and, more
specifically, the value of reinsurance covers in respect of the insurance liabilities recognized by the consolidated subsidiaries.
The heading “Liabilities under insurance and reinsurance contracts” in the consolidated balance sheets includes the liabilities
recognized due to insurance contracts recorded by the consolidated subsidiaries in accordance with IFRS 17 (see Note 23).
The income or expense reported by the BBVA Group’s consolidated insurance subsidiaries on their insurance activities is recognized,
in accordance with their nature, in the corresponding items of the consolidated income statements.
Definition, grouping and classification
The Group evaluates whether a significant insurance risk from a third party is being accepted in its contracts, when agreeing to
compensate the policyholder if a specified uncertain future event adversely affects the policyholder. Thus, it identifies those
insurance contracts that fall within IFRS 17. This evaluation was already carried out by the Group under IFRS 4 for the classification of
its contracts between insurance contracts and financial liabilities.
The BBVA Group groups insurance contracts considering the following aspects:
– Whether they are subject to similar risks and are managed jointly, separating as well direct insurance and reinsurance
contracts.
– Their profitability or onerousness (in general, the Group classifies contracts by their profitability into two groups: onerous
contracts, and non-onerous contracts or contracts without a significant possibility of becoming on erous 1).
– Their year of issuance or cohort, grouping by this last criterion the contracts issued in the calendar year, i.e., between
January 1 and December 31 of each year.
Since the Group chose the fair value transition approach, for long-term contracts (mainly life-risk and life-saving insurance) issued
prior to the transition date of January 1, 2022, it has not been necessary to aggregate the contracts by previous cohorts. For contracts
issued after the transition date, the Group classifies them by year of issuance, and therefore, the Group has not accepted the
exception provided for in the adoption of the standard by the European Union on annual cohorts in products with matched cash
flows 2 .
The Group has applied the analysis on the separation of non-insurance components only to insurance contracts falling under the
scope of IFRS 17, with the entities identifying within their portfolios the existence of non-insurance components, and concluding based
on expert judgment whether or not they need to separate them. In the case of non-separable investment components, they are
included in the asset or liability, as appropriate, but are excluded from insurance income or expenses in the income statement.
The initial recognition date has been established as the earliest of: the beginning of the coverage period of the group of contracts, the
date when the first payment from an insurance policyholde r in the group became due, or in the case of a group of onerous contracts,
when the group becomes onerous. From that date, the insurance and reinsurance contracts have been reflected in the consolidated
financial statements and valued in accordance with the provisions of IFRS 17.
The Group derecognizes insurance contracts when the contract expires, that is, upon expiration of the contract or upon settlement of
all the benefits of the contract or upon its cancellation; or when a modification is made to the terms of the contract that gives rise to
derecognition.
Valuation methods
The Group carries out an analysis of the limits of insurance and reinsurance contracts under IFRS 17, separately, applying the General
Model (Building Block Approach) by default to all contracts, except those eligible to be valued by the Simplified Model (Premium
Allocation Approach), or the Variable Fee Approach.
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The General Model requires that insurance contracts be initially valued for the total of:
– fulfillment cash flows, which comprise the estimation of future cash flows discounted to reflect the time value of money, the
financial risk associated, and a risk adjustment for non-financial risk that would represent the compensation required for the
uncertainty associated with the amount and timing of the expected cash flows;
– and the contractual service margin (CSM), which represents the expected unearned profit from insurance contracts, which
will be recognized in the entity’s income statement as the service is provided in the future, instead of being recognized at
the time of the estimation.
Subsequently, the amount recognized in the consolidated balance sheet f or each group of insurance contracts measured under this
model comprises the liability for remaining coverage, which includes the aforementioned fulfillment cash flows and the contractual
service margin, and the liability for incurred claims, which includes the cash flows from related to claims that have occurred, but have
not been paid, discounted to reflect the time value of money, the financial risk associated with future cash flows, and a risk adjustment
for non-financial risk that would represent the compensation required by the uncertainty associated with the amount and timing of
the expected cash flows. The Group uses the General Model for the valuation of liabilities under insurance and reinsurance contracts
that correspond to long-term commitments, a portfolio that represents the majority of what is recorded in the balance sheet.
The Group used the Simplified Model in the valuation of the liability for remaining coverage of contracts with a coverage period of one
year or less, or in those contracts with a duration of more than one year but which are not expected to have a valuation significantly
different from that of the General Model. Under this Simplified Model, the liability for remaining coverage is made up of the premiums
received (collected), less the cash flows for the acquisition of the insurance paid, plus or minus the premiums or expected acquisition
cash flows recorded in the income statement, respectively. The income statement recording is carried out on a linear basis
throughout the coverage period of the contract, in the event that the accrual of income is also accrued. By default, the Group has
chosen to defer acquisition expenses, although there is an option to recognize such expenses when they are incurred. In turn, the
groups of contracts valued under this model have a liability for incurred claims calculated in a manner similar to that of the General
Model. The Group has valued direct insurance contracts whose coverage period is less than one year, using the Simplified Model, the
same method used for the valuation of assets for the reinsurance ceded. This model has also been used by the Group when the
valuation under this Simplified Model does not differ significantly from that which would be produced by applying the General Model.
The amount of the contracts valued following the Variable Fee Approach is residual in the Group.
The BBVA Group has defined and identified for each group of contracts the hedging units to be used for the release to profit or loss of
the contractual service margin, in accordance with IFRS 17, and subsequent interpretations issued by the Transition Resource Group
for IFRS 17 and the IFRIC. The adjustments made to the contractual service margin in the subsequent measurement are those
established in paragraph 44 of IFRS 17.
Furthermore, the Group has chosen the accounting policy option of not changing the treatment of accounting estimates made in
previous interim closings.
Discount rate
The methodology used to obtain the discount rate differs according to the entity and portfolio to which it is applied, highlighting
mainly the cases of the companies in Spain and Mexico, where the Group has greater presence (see Note 23). In the first case, the
top-down approach has been mainly applied and it has been verified that the Internal Rate of Return (hereinafter “IRR”) of the entity’s
asset portfolio converges with the IRR of a reference portfolio from which the European Insurance and Occupational Pensions
Authority (hereinafter “EIOPA”) fundamental spread is discounted for. In the second case, the top-down approach has been used for
immunized portfolios (see Glossary), eliminating the spread for credit risk through the EIOPA fundamental spread. However, in non-
immunized portfolios, the bottom-up approach has been used, using the swap curve as the risk-free rate.
Risk adjustment for non-financial risk
The risk adjustment for non-financial risk represents the compensation required for bearing uncertainty about the amount and timing
of the associated cash flows. To estimate the non-financial risk adjustment, the Group has used its own methodologies based on
calculations of the Value at Risk (VaR) of the commitments associated with the Life and Non-Life businesses, using in the case of
Spain a confidence level of 8 0% and in the case of Mexico 70%.
Onerosity
An insurance contract is onerous at the date of initial recognition if the fulfilment cash flows allocated to the contract, any previously
recognized insurance acquisition cash flows and any cash flows arising from the contract at the date of initial recognition in total are a
net outflow.
The Group has classified the contracts valued under the General Model into onerous groups, considering the fulfillment cash flows,
acquisition expenses and any other attributable cash flow. The evaluation is carried out, in general terms, contract by contract, except
in those cases where it is possible to group into sets of homogeneous contracts.
Contracts valued under the Simplified Model, by default, are assumed to be non-onerous at their initial recognition, unless there are
facts and circumstances that indicate otherwise, where the Group relies on information from existing internal reports (ratios and
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indicators) for monitoring business performance, adjusted to the criteria of IFRS 17, as well as market evolution expectations based
on expert judgment. The granularity to carry out this evaluation may be the same as that used to monitor the business through the
abovementioned internal reports.
In the same way as the contractual service margin represents the estimated future benefit of the insurance contract, the loss
component is the estimated loss of the onerous contract. The accounting record of these two concepts has a different temporality:
while the margin is deferred throughout the duration of the contract according to the contractual limits, the loss component is
recognized in the income statement as soon as it is known, which will result in the carrying amount of the group's liability being equal
to the fulfilment cash flows and the group's contractual service margin being equal to zero.
Throughout the life of a contract, the assumptions used to project future cash flows may change and, consequently, the expected
return on a contract may increase or decrease. This means that a group of contracts initially classified as onerous may become more
onerous, or on the contrary, in the subsequent measurement the assumptions used to estimate the cash flows may change so much
that the previously recognized loss could be reversed.
Reinsurance
In general, the Group values reinsurance covers under the Simplified Model, valuing the asset for remaining coverage of contracts
with a coverage period of one year or less, or in those contracts with a duration of more than one year, but which are not expected to
produce a valuation significantly different from that of the General Model. This method also includes the asset for incurred claims.
Effect on results
In general, for the presentation of the financial income or expenses from insurance contracts that arise as a result of the change in the
discount rate, both due to the effect of the time value of money as well as the effect of financial risk, the Group has chosen the
accounting policy option of disaggregating these financial income or expenses from insurance contracts between recording them in
the "Net interest income" and in "Accumulated other comprehensive income (loss)", in order to minimize accounting asymmetries in
the valuation and recognition of financial investments under IFRS 9 and insurance contracts under IFRS 17.
The Group has chosen to disaggregate the changes in the risk adjustment between financial and non-financial, so that the change in
the value of the risk adjustment derived from the effect of the time value of money, and changes in it, is recorded as a financial income
or expense from insurance contracts. Insurance revenue is recognized over the period the entity provides insurance coverage,
excluding any investment component.
The loss component, in the case of onerous contracts, corresponds to the losses attributable to each group of contracts, both at
initial recognition and at a later time.
2.2.9 Tax assets and liabilities
Expenses on corporate income tax applicable to the BBVA Group’s Spanish entities and on similar income taxes applicable to
consolidated foreign entities are recognized as an expense for the period in the consolidated income statement, except when they
result from transactions on which the profits or losses are recognized directly in equity, in which case the related tax effect is also
recognized in equity.
The total corporate income tax expense is calculated by aggregating the current tax arising from the application of the corresponding
tax rate as per the tax base for the year (after deducting the tax credits or discounts allowable for tax purposes) and the change in
deferred tax assets and liabilities recognized in the consolidated income statement.
Deferred tax assets and liabilities include temporary differences, the carryforward of unused tax losses and carryforward of unused
tax credits or discount carry forwards. These amounts are calculated by applying to each temporary difference the tax rates that are
expected to apply when the asset is realized or the liability settle d (see Note 19).
The "Tax Assets" line item in the consolidated balance sheets includes the amount of all the assets of a tax nature, broken down into:
"Current” (amounts of tax recoverable in the next twelve months) and "Deferred" (which includes the amount of tax to be recovered in
future years, including those arising from tax losses or credits for deductions or rebates that can be compensated). The "Tax
Liabilities" line item in the consolidated balance sheets includes the amount of all the liabilities of a tax nature, except for provisions
for taxes, broken down into: "Current” (income tax payable on taxable profit for the year and other taxes payable in the next twelve
months) and "Deferred" (the amount of corporate tax payable in subsequent years).
Deferred tax liabilities attributable to taxable temporary differences associated with investments in subsidiaries, associates or joint
venture entities are recognized as such, except where the Group can control the timing of the reversal of the temporary difference
and it is unlikely that it will reverse in the future. Deferred tax assets are only recognized to the extent that it is probable that the
consolidated entities will generate enough taxable profits to make deferred tax assets effective and do not correspond to those from
initial recognition (except in the case of business combinations), which also does not affect the fiscal outcome.
The deferred tax assets and liabilities recognized are reassessed by the consolidated entities at each balance sheet date in order to
ascertain whether they still qualify as deferred tax assets and liabilities, and if it is necessary to make adjustments on the basis of the
findings of the analyses performed. In those circumstances in which it is unclear how a specific requirement of the tax law applies to a
particular transaction or circumstance, and the acceptability of the definitive tax treatment depends on the decisions taken by the
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relevant taxation authority in future, the entity recognizes current and deferred tax liabilities and assets considering whether it is
probable or not that a taxation authority will accept an uncertain tax treatment. Thus, if the entity concludes that it is not probable
that the taxation authority will accept an uncertain tax treatment, the entity uses the amount expected to be paid to (recovered from)
the taxation authorities.
The income and expense directly recognized in consolidated equity that do not increase or decrease taxable income are accounted
for as temporary differences.
2.2.10 Provisions, contingent assets and contingent liabilities
The heading “Provisions” in the consolidated balance sheets includes amounts recognized to cover the BBVA Group’s current
obligations arising as a result of past events. These are certain in terms of nature but uncertain in terms of amount and/or settlement
date. The settlement of these obligations is deemed likely to entail an outflow of resources embodying economic benefits (see Note
24). The provisions are recognized in the consolidated balance sheets when each and every one of the following requirements is met:
– They represent a current obligation that has arisen from a past event. At the date of the Consolidated Financial Statements,
there is more probability that the obligation will have to be met than that it will not.
– It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.
– The amount of the obligation can be reasonably estimated.
Among other items, these provisions include the commitments made to employees by some of the Group entities mentioned in Note
2.2.13, as well as provisions for tax and legal litigation.
Contingent assets are possible assets that arise from past events and whose existence is conditional on, and will be confirmed only
by, the occurrence or non-occurrence of events beyond the control of the Group. Contingent assets are not recognized in the
consolidated balance sheet or in the consolidated income statement; however, they will be disclosed, should they exist, in the Notes
to the Consolidated Financial Statements, provided that it is probable they will give rise to an increase in resources embodying
economic benefits (see Note 34).
Contingent liabilities are possible obligations of the Group that arise from past events and whose existence is conditional on the
occurrence or non-occurrence of one or more future events beyond the control of the Group. They also include the existing
obligations of the Group when it is not probable that an outflow of resources embodying economic benefits will be required to settle
them; or when, in extremely rare cases, their amount cannot be measured with sufficient reliability.
Contingent liabilities are not recognized in the consolidated balance sheet or the income statement (excluding contingent liabilities
from business combinations) but are disclosed in the Notes to the Consolidated Financial Statements, unless the possibility of an
outflow of resources embodying economic benefits is remote (see Note 34).
2.2.11 Treasury shares
The value of common stock issued by the BBVA Group’s entities and held by them - basically, shares and derivatives on the Bank’s
shares held by some consolidated entities that comply with the requirements to be recognized as equity instruments - are recognized
as a decrease to net equity, under the heading "Shareholders’ funds - Treasury shares " in the consolidated balance sheets (see Note
29).
These financial assets are recognized at acquisition cost, and the gains or losses arising on their disposal are credited or debited, as
appropriate, to the heading “Shareholders’ funds - Retained earnings” in the consolidated balance sheets (see Note 28).
In the event of a contractual obligation to acquire treasury shares, a financial liability is recorded as the present value of the amount
committed (under the heading "Financial liabilities at amortized cost - Other financial liabilities") and the corresponding recognition in
net equity (under the heading “Equity - Other Reserves) (see Notes 22.5 and 28).
2.2.12 Equity-settled share-based payment transactions
Equity–settled share-based payment transactions, provided they constitute the delivery of such equity instruments once completion
of a specific period of services has occurred, are recognized as an expense for services being provided by employees, with a
corresponding entry under the heading “Shareholders’ funds – Other equity” in the consolidated balance sheet. These services are
measured at fair value for the employees services received, unless such fair value cannot be calculated reliably. In such case, they are
measured by reference to the fair value of the equity instruments granted, taking into account the date on which the commitments
were granted and the terms and other conditions included in the commitments.
When the initial compensation agreement includes what may be considered market conditions among its terms, any changes in these
conditions will not be reflected in the consolidated income statement, as these have already been accounted for in calculating the
initial fair value of the equity instruments. Non-market vesting conditions are not taken into account when estimating the initial fair
value of equity instruments, but they are taken into account when determining the number of equity instruments to be issued. This
will be recognized on the consolidated income statement with the corresponding increase in total consolidated equity.
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2.2.13 Pensions and other post-employment commitments
Below we provide a description of the most significant accounting policies relating to post-employment and other employee benefit
commitments assumed by BBVA Group entities (see Note 25).
Short-term employee benefits
Benefits for current active employees which are accrued and settled during the year and for which a provision is not required in the
entity´s accounts. These include wages and salaries, social security charges and other personnel expense.
Costs are charged and recognized under the heading “Administration costs – Personnel expense – Other personnel expense” of the
consolidated income statement (see Note 44.1).
Post-employment benefits – Defined-contribution plans
The Group sponsors defined-contribution plans for the majority of its active employees. The amount of these benefits is established
as a percentage of remuneration and/or as a fixed amount.
The contributions made to these plans in each year by BBVA Group entities are charged and recognized under the heading
“Administration costs – Personnel expense– Defined-contribution plan expense” of the consolidated income statement (see Note
44.1).
Post-employment benefits – Defined-benefit plans
Some Group entities maintain pension commitments with employees who have already retired or taken early retirement, certain
closed groups of active employees still accruing defined benefit pensions, and in-service death and disability benefits provided to
most active employees. These commitments are covered by insurance contracts, pension funds and internal provisions.
In addition, some of the Spanish Group entities have offered certain employees the option to retire before their normal retirement
age, recognizing the necessary provisions to cover the costs of the associated benefit commitments, which include both the liability
for the benefit payments due as well as the contributions payable to external pension funds during the early retirement period.
Furthermore, certain Group entities provide welfare and medical benefits which extend beyond the date of retirement of the
employees entitled to the benefits.
All of these commitments are quantified based on actuarial valuations, with the amounts recorded under the heading “Provisions –
Provisions for pensions and similar obligations” in the consolidated balance sheet and determined as the difference between the value
of the defined-benefit commitments and the fair value of plan assets at the date of the consolidated financial statements (see Note
25).
Current service cost is charged and recognized under the heading “Administration costs – Personnel expense – Defined-benefit plan
expense” of the consolidated income statement (see Note 44.1).
Interest credits/charges relating to these commitments are charged and recognized in net terms under the headings “Interest and
other income” or, where appropriated, “Interest expense” of the consolidated income statement (see Note 37).
Past service costs arising from benefit plan changes as well as early retirements granted during the year are recognized under the
heading “Provisions or reversals of provisions” of the consolidated income statement (see Note 46).
Other long-term employee benefits
In addition to the above commitments, certain Group entities provide long-term service awards to their employees, consisting mainly
of monetary amounts or periods of vacation granted upon completion of a number of years of qualifying service. This heading also
includes the commitments related to the termination of employment contracts according to the collective layoff procedure carried
out in BBVA, S.A. in 2021.
These commitments are quantified based on actuarial valuations and the amounts recorded under the heading “Provisions – Other
long-term employee benefits” of the consolidated balance sheet (see Note 24).
Valuation of commitments: actuarial assumptions and recognition of gains/losses
The present value of these commitments is determined based on individual member data. Active employee costs are determined
using the “projected unit credit” method, which treats each period of service as giving rise to an additional unit of benefit and values
each unit separately.
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In establishing the actuarial assumptions, we take into account that:
– They should be unbiased, i.e. neither unduly optimistic nor excessively conservative.
– Each assumption does not contradict the others and adequately reflects the existing relationship between economic
variables such as price inflation, expected wage increases, discount rates, etc. Future wage and benefit levels should be
based on market expectations, at the balance sheet date, for the period over which the obligations are to be settled.
– The interest rate used to discount benefit commitments is determined by reference to market yields, at the balance sheet
date, on high quality bonds.
The BBVA Group recognizes actuarial gains (losses) relating to early retirement benefits, long service awards and other similar items
under the heading “Provisions or reversal of provisions” of the consolidated income statement for the period in which they arise (see
Note 46). Actuarial gains (losses) relating to pension and medical benefits are directly charged and recognized under the heading
"Accumulated other comprehensive income (loss) – Items that will not be reclassified to profit or loss – Actuarial gains (losses) on
defined benefit pension plans" of equity in the consolidated balance sheet (see Note 30).
2.2.14 Termination benefits
Termination benefits are recognized in the financial statements when the BBVA Group agrees to terminate employment contracts
with its employees or from the time the costs for a restructuring that involves the payment of compensation for the termination of
contracts with its employees are recorded. This happens when there is a formal and detailed plan in which the fundamental
modifications to be made are identified, and whenever said plan has begun to be executed or its main characteristics or objective
facts about its execution have been publicly announced.
2.2.15 Recognition of income and expense
The most significant policies used by the BBVA Group to recognize its income and expense are as follows.
– Interest income and expense and similar items:
As a general rule, interest income and expense and similar items are recognized on the basis of their accrual using the
effective interest rate method. In the particular case of inflation-indexed bonds, interest income also includes the effect of
real inflation experienced in the period.
They shall be recognized within the consolidated income statement according to the following criteria, independently from
the financial instruments’ portfolio which generates the income or expense:
a. The interest income past-due before the initial recognition and pending to be received will be added to the gross
carrying amount of the debt instrument.
b. The interest income accrued after the initial recognition will be added to the gross carrying amount of the debt
instrument until it will be received.
In the event that a debt instrument is considered impaired, interest income will be calculated by applying the effective
interest rate to the amortized cost (that is, adjusting for any impairment loss) of the financial asset.
– Income from dividends received:
Dividends shall be recognized within the consolidated income statement according to the following criteria, independently
from the financial instruments’ portfolio which generates this income:
a. When the right to receive payment has been declared before the initial recognition and when the payment is
pending to be received, the dividends will not be added to the gross carrying amount of the equity instrument and
will not be recognized as income. Those dividends are accounted for as financial assets separately from the net
equity instrument.
b. If the right to receive payment is received after the initial recognition, the dividends from the net equity
instruments will be recognized within the consolidated income statemen t at the time the right to receive them
arises, which is the time of the official announcement of receipt of the payment by the appropriate governing body
of the entity. If the dividends correspond to the profits of the issuer before the date of initial recognition, they will
not be recognized as income but as reduction of the gross carrying amount of the equity instrument because it
represents a partial recuperation of the investment. Amongst other circumstances, the generation date can be
considered to be prior to the date of initial recognition if the amounts distributed by the issuer as from the initial
recognition are higher than its profits during the same period.
– Income from commissions collected/paid:
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Financial fees are an integral part of the actual performance of a financing transaction and are collected in advance. They
can be:
a. Fees charged for the origination or acquisition of financing transactions that are not measured at fair value
through profit or loss, such as those charged for the evaluation of the borrower's financial condition, for the
analysis and recording of various collateral, as well as those charged for negotiating the terms of transactions
or preparing and processing documentation and the closing of transactions, will be deferred and recognized
over the life of the transaction as an adjustment to the performance of the transaction. These fees, forming
part of the effective rate of the loans, will be deferred and recognized over the life of the transaction as an
adjustment to the performance of the transaction.
b. Fees agreed as compensation for the commitment to grant financing when it is not measured at fair value
through profit or loss and it is probable that the Group will enter into a specific loan agreement, are deferred
and recognized over the life of the transaction as an adjustment to the performance of the transaction. If the
commitment expires before the entity makes the loan such fee is recognized as revenue at the time of
expiration.
Non-financial commissions derived from the provision of financial services other than financing transactions may be:
a. Related to the performance of a service rendered over time (e.g. account administration fees or fees collected
in advance for the issuance or renewal of credit cards), in which case they are recognized over time based on
the degree of progress in providing the service.
b. Related to the performance of a service rendered at a specific time (e.g. underwriting of securities, currency
exchange, advice or syndication of a loan), in which they are recognized in the income statement at the time of
collection.
– Non-financial income and expense:
As a general rule, they are recognized on an accrual basis, that is, as the contractually committed goods or services are
delivered or rendered and recognized as revenue over the life of the contract.
In the event that consideration is received or there is a right to receive consideration without delivery of the contractually
committed goods or services, a liability is recognized in the balance sheet until it is recognized in the income statement.
In the case of collections and payments deferred over time, they are recognized for accounting purposes at the amount
resulting from discounting the expected cash flows at market rates.
– Commissions, fees and similar items:
Income and expense relating to commissions and similar fees are recognized in the consolidated income statement using
criteria that vary according to the nature of such items. The most significant items in this regard are:
a. Those relating to financial assets and liabilities measured at fair value through profit or loss, which are recognized
immediately in the income statement.
b. Those arising from transactions or services that are provided over a period of time, which are recognized over the
life of these transactions or services.
c. Those relating to a singular transaction, which are recognized when this singular transaction is carried out.
– Deferred collections and payments:
These are recognized for accounting purposes at the amount resulting from discounting the expected cash flows at market
rates.
2.2.16 Sales of assets and income from the provision of non-financial services
The heading “Other operating income” in the consolidated income statements includes the proceeds of the sales of assets and
income from the services provided by the Group entities that are not financial institutions. In the case of the Group, these entities are
mainly real estate and service entities (see Note 42).
2.2.17 Foreign-currency transactions and exchange differences
The currency in which the Financial Statements of the BBVA Group are presented is the euro. As such, all balances and transactions
denominated in currencies other than the euro are deemed to be expressed in “foreign currency”.
Conversion to euros of the balances held in foreign currency is performed in two consecutive stages:
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– conversion of the foreign currency to the entity’s functional currency (currency of the main economic environment in which
the entity operates); and
– conversion to euros of the balances held in the functional currencies of the entities whose functional currency is not the
euro.
Conversion of the foreign currency to the entity’s functional currency
Transactions denominated in foreign currencies carried out by the consolidated entities (or entities accounted for using the equity
method) are initially accounted for in their respective currencies. Subsequently, the monetary balances in foreign currencies are
converted to their respective functional currencies using the exchange rate at the close of the financial year. In addition,
– Non-monetary items valued at their historical cost are converted to the functional currency at the exchange rate applicable
on the purchase date.
– Non-monetary items valued at their fair value are converted at the exchange rate in force on the date on which such fair
value was determined.
– Monetary items are converted to the functional currency at the closing exchange rate.
– Income and expense are converted at the period’s average exchange rates for all the operations carried out during the year,
except in those geographical areas where IAS 29 “Financial Reporting in Hyperinflationary Economies” applies (see Note
2.2.18). When applying this criterion the BBVA Group considers whether significant variations have taken place in exchange
rates during the year which, owing to their impact on the statements as a whole, may require the application of exchange
rates as of the date of the transaction instead of such average exchange rates.
The exchange differences produced when converting the balances in foreign currency to the functional currency of the consolidated
entities are generally recognized under the heading "Exchange differences, net" in the consolidated income statements (see Note 41).
However, the exchange differences in non-monetary items measured at fair value are recorded to equity under the heading
“Accumulated other comprehensive income (loss) - Items that will not be reclassified to profit or loss - Fair value changes of equity
instruments measured at fair value through other comprehensive income” in the consolidated balance sheets (see Note 30).
Conversion of functional currencies to euros
The balances in the financial statements of consolidated entities whose functional currency is not the euro are converted to euros as
follows:
– Assets and liabilities: at the closing spot exchange rates as of the date of each of the consolidated balance sheets.
– Income and expense and cash flows are converted by applying the exchange rate applicable on the date of the transaction,
and the average exchange rate for the financial year may be used, unless it has undergone significant variations during the
year.
– Equity items: at the historical exchange rates.
The exchange differences arising from the conversion to euros of balances in the functional currencies of the consolidated entities
whose functional currency is not the euro are recognized under the heading “Accumulated other comprehensive income (loss) –
Items that may be reclassified to profit or loss - Foreign currency translation” in the consolidated balance sheets (see Notes 30 and 31
respectively). Meanwhile, the differences arising from the conversion to euros of the financial statements of entities accounted for by
the equity method are recognized under the heading “Accumulated other comprehensive income (loss) - Items that may be
reclassified to profit or loss - Share of other recognized income and expense of investments in joint ventures and associates" (see
Note 30), until the item to which they relate is derecognized, at which time they are recognized in the income statement.
The financial statements of companies of hyperinflationary economies are restated for the effects of changes in prices before their
conversion to euros following the provisions of IAS 29 "Financial Reporting in Hyperinflationary Economies" (see Note 2.2.18). Both
these adjustments for inflation and the exchange differences that arise when converting the financial statements of companies into
hyperinflationary economies are accounted for in “Accumulated other comprehensive income (loss) – Items that may be reclassified
to profit or loss - Foreign currency translation”.
The breakdown of the main consolidated balances in foreign currencies, with reference to the most significant foreign currencies, is
set forth in Appendix VII.
Venezuela
Local financial statements of the Group subsidiaries in Venezuela are expressed in Venezuelan Bolivar, and converted into euros for
the consolidated financial statements. Venezuela is a country with strong exchange restrictions that has different rates officially
published, and, since December 31, 2015, the Board of Directors considers that the use of these exchanges rates for converting
bolivars into euros in preparing the Consolidated Financial Statements does not reflect the true picture of the financial statements of
the Group and the financial position of the Group subsidiaries in this country. Therefore, since the year ended December 31, 2015, the
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 40

exchange rate for converting bolivars into euros is an estimation taking into account the evolution of the estimated inflation in
Venezuela. As of December 31, 2024, 2023 and 2022, the impact on the consolidated financial statements that would have resulted
by applying the last published official exchange rate instead of the exchange rate estimated by BBVA Group was not significant (see
Note 2.2.18).
2.2.18 Entities and bran ches locat ed in countries with hyperinflationary e conom ies
In accordance with the criteria established in IAS 29 "Financial Reporting in Hyperinflationary Economies”, to determine whether an
economy has a high inflation rate the country's economic situation is examined, analyzing whether certain circumstances are fulfilled,
such as whether the population prefers to keep its wealth or savings in non-monetary assets or in a relatively stable foreign currency,
whether prices can be set in that currency, whether interest rates, wages and prices are pegged to a price index or whether the
accumulated inflation rate over three years approaches or exceeds 100%. The fact that any of these circumstances is fulfilled will not
be a decisive factor in considering an economy hyperinflationary, but it does provide some reasons to consider it as such.
Since 2022, 2018 and 2009, the economies of Turkey, Argentina and Venezuela, respectively, have been considered hyperinflationary
under the above criteria. As a result, the financial statements of the BBVA Group’s entities located in such geographical areas have
been adjusted to correct for the effects of inflation.
As a consequence of the application of IAS 29 "Financial Reporting in Hyperinflationary Economies", the Group applies the following
criteria in the financial statements of the Group companies that operate in these three geographical areas:
– The historical cost of non-monetary assets and liabilities (see Notes 17, 18 and 21), assets contractually linked to changes in
prices and various headings in equity are adjusted to reflect changes in the purchasing power of the currency due to
inflation from their date of acquisition or inclusion in the consolidated balance sheet, or if this is later, with the limit of its
recoverable value. The restatement has been made using the Consumer Price Index with "Accumulated other
comprehensive income (loss)" as counterparty.
– Consequently, the different lines of the income statement, within equity, are adjusted by the inflation index since their
inception, with a corresponding entry under the heading "Accumulated other comprehensive income (loss)".
– The loss of the net monetary position, which represents the loss of purchasing power of the entity due to maintaining an
excess of monetary assets not linked to inflation (mainly loans, credits and bonds) over monetary liabilities, is recorded in
the line "Other operating expense" in the income statement and with a credit to "Accumulated other comprehensive income
(loss)".
– All the components of the financial statements of the subsidiaries are converted at the closing exchange rate, recording the
conversion differences to the euro within "Accumulated other comprehensive income (loss)" as stated in IAS 21 "Effects of
Changes in Foreign Exchange Rates".
Turkey
The combined r esult derived from the application of the above criteria amounts to a loss of €1,742 million in 2024, of which €1,498
million is attributable to owners of the parent (€2,242 and €1,793 million loss attributable to owners of the parent in 2023 and 2022,
respectively). This impact includes mainly the loss of the net monetary position, which amounts to a gross amount of €1,512 million
and is recorded in the line “Other operating expense” in the consolidated income statement (€2,118 and €2,323 million in 2023 and
2022, respectively), and it was partially offset by the positive impact of the revaluation of certain bonds linked to inflation, for a gross
amount of €1,164 million (€1,202 and €1,490 million in 2023 and 2022, respectively), given that, under IAS 29 "Financial Reporting in
Hyperinflationary Economies", these types of bonds are considered protective assets (see No te 42).
In addition, during 2024 the impact on equity of Group entities located in Turkey derived from the application of IAS 29 and the
conversion to the euro (IAS 21) amounted to €1,253 million (€-355 million in 2023), of which €1,072 million (€-306 million in 2023)
have been recorded within “Equity – Accumulated other comprehensive income (loss)”, and €181 million (€-49 million in 2023) have
been recorded within “Minority interests – Accumulated other comprehensive income (loss)”, respectively (see Notes 30 and 31). In
2022 the impact on equity of Group entities located in Turkey derived from the retrospective application of IAS 29 "Financial
Reporting in Hyperinflationary Economies" since January 1, 2022, in the Turkish subsidiaries was an increase in equity of €130 million,
mainly the result of the revaluation of tangible assets and inflation-linked bonds.
According to the Turkish Statistical Institute (Turkstat), accumulated inflation in 2024 stood at 44.4% (64.8% and 64.3% in 2023 and
2022, respectively) and the exchange rate used as o f December 31, 2024 was 36.74 T urkish lira per euro (32.65 and 19.96 in 2023
and 2022, respectively).
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Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 41

A rgentina
The co mbined result derived from the application of the above criteria amounted to a loss of €1,208 million, of which €810 million is
attributable to owners of the parent in 2024 (€1,574 and €694 million loss attributable to owners of the parent in 2023 and 2022,
respectively). This impact includes mainly the loss of the net monetary position, which amounts to a gross amount of €1,419 million
and is recorded in the line “Other operating expense” in the consolidated income statement in 2024 (€1,062 million and €822 million
in 2023 and 2022, respectively).
Furthermore, during 2024, the impact on equity of Group entities located in Argentina derived from the application of IAS 29 and the
conversion to the euro (IAS 21) amounted to €1,115 million (€-634 million and €242 million in 2023 and 2022, respectively) of which
€745 million (€-428 million and €157 million in 2023 and 2022, respectively) have been recorded within “Equity – Accumulated other
comprehensive income (loss)”, and €370 million (€-206 million and €84 million in 2023 and 2022, respectively) have been recorded
within “Minority interests – Accumulated other comprehensive income (loss)” (see Notes 30 and 31).
Accumulated inflation estimated by the National Census Institute of Argentina (Indec) and BBVA Research for the year 2024 was
118% (215% and 97% in 2023 and 2022, respectively) and the exchange rate used as of December 31, 2024 was 1,072.66 Argentine
pesos per euro (892.81 and 188.51 in 2023 and 2022, respectively).
Venezuela
The combined result derived from the application of the above criteria amounted to a loss of €36 million, of which €20 million is
attributable to owners of the parent in 2024 (€10 million and €6 million attributable to owners of the parent in 2023 and 2022,
respectively). This impact includes mainly the loss of the net monetary position, which amounts to a gross amount of €42 million and
is recorded in the line “Other operating expense” in the consolidated income statement in 2024 (€28 million in each of 2023 and
2022).
During 2024, 2023 and 2022 the impact on equity of Group entities located in Venezuela derived from the application of
hyperinflation (IAS 29) and the conversion to the euro (IAS 21) was not material for the Group.
Accumulated inflation for the year 2024, as estimated by BBVA Research, was 69% (111% and 292% in 2023 and 2022, respectively)
and the exchange rate used as of December 31, 2024 was 68.83 Venezuelan bolivars per euro (43.23 and 19.79 in 2023 and 2022,
respectively).
2.3 Recent IFRS pronouncements
Standards and interpretations that became effective in 2024
In 2024, various amendments to the IFRS standards or their interpretations or modifications (hereinafter “IFRIC” or "interpretation")
became effective, among which the following should be highlighted:
Amendment to IFRS 16 "Leases"
The IASB has issued an amendment to IFRS 16 that clarifies the requirements for sale-and-leaseback transactions. According to the
new requirements, the seller-lessee shall determine ‘lease payments’ or ‘revised lease payments’ in such a way that the seller-lessee
does not recognize any amount of the gain or loss that relates to the right of use retained by the seller-lessee. On the other hand, the
new requirements do not prevent a seller-lessee from recognizing in its results any gain or loss related to the partial or total
termination of a lease. The amendments became effective on January 1, 2024. The standard has not had any significant impact on the
consolidated financial statements of the BBVA Group.
S tandards and interpretations issued but not yet effective as of December 31, 2024
The following new IFRS standards and Interpretations or Modifications had been published at the date of preparation of the
consolidated financial statements, but were not mandatory as of December 31, 2024. The Group is currently evaluating the potential
effects of each of these new standards or amendments. Although in some cases the IASB allows early adoption of new standards,
interpretations and amendments before their effective date, the BBVA Group has not proceeded with this option for any such
changes.
Amendment to IAS 21: "The Effects of Changes in Foreign Exchange Rates"
On August 15, 2023, the IASB issued a series of amendments to IAS 21 - The effects of changes in foreign exchange rates. The
standard has a double objective, on the one hand to provide guidance on when one currency is convertible into another and, on the
other hand, how to determine the exchange rate to be used in accounting when it is concluded that such convertibility does not exist.
In relation to the first objective, one currency is convertible into another when an entity can obtain the other currency within a time
frame that allows for a normal administrative delay; and through markets or exchange mechanisms in which an exchange transaction
creates enforceable rights and obligations. If the entity determines that there is no convertibility between currencies, it must estimate
an exchange rate. The standard does not establish a specific estimation technique for such exchange rates, but rather establishes
guidelines for their determination, allowing the use of an observable type without adjusting or using an estimation technique.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
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Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 42

The modification to the standard will come into force on January 1, 2025. Early application is permitted, although the BBVA Group has
not adopted it as of December 31, 2024.
IFRS 18 "Presentation and Disclosures in Financial Statements"
On April 9, 2024, the IASB issued IFRS 18 "Presentation and Disclosures in Financial Statements" which introduces new requirements
to improve the quality of information presented in financial statements and to promote analysis, transparency and comparability of
companies' performance.
Specifically, IFRS 18 introduces three predefined expense categories (operating, investing and financing) and two subtotals
("operating profit" and "profit before financing and income taxes") to provide a consistent structure in the income statement and
facilitate the analysis of the income statement. Additionally, it introduces disclosure requirements for management-defined
performance measures (MPM). Finally, it establishes requirements and provides guidance on aggregation/disaggregation of the
information to be provided in the primary financial statements.
This new standard will come into force on January 1, 2027, with early application permitted once it is adopted by the European Union.
IFRS 19 "Subsidiaries without Public Accountability: D isclosures"
On May 9, 2024, the IASB issued IFRS 19 "Subsidiaries without Public Accountability: Disclosures" which allows certain eligible
entities to elect to apply the reduced disclosure requirements of IFRS 19 while continuing to apply the requirements of recognition,
valuation and presentation of other IFRS accounting standards.
This new standard will enter into force on January 1, 2027, allowing early application once it is adopted by the European Union.
In the Group there are no eligible entities within the scope of this standard, so no significant impact on the BBVA Group's financial
statements is expected.
Amendments to IFRS 9 and IFRS 7: Amendments to the classification and measurement of financial instruments
On May 30, 2024 the IASB issued amendments to IFRS 9 and IFRS 7 to clarify, among others, how to assess the contractual cash flow
characteristics of financial assets that include contingent features such as the achievement of Environmental, Social and Governance
targets. Additionally, they clarify that a financial liability should be derecognized on the 'settlement date' and introduce an accounting
policy option to derecognize before that date financial liabilities that are settled using an electronic payment system. Finally,
additional disclosures are required by IFRS 7 for financial instruments with contingent characteristics and equity instruments
classified at fair value through other comprehensive income.
The amendments will come into force on January 1, 2026, although they may be applied earlier once they have been adopted by the
European Union.
A nnual improvements applied to its International Financial Reporting Standards (IFRS)
The IASB has issued a number of minor amendments and improvements to various IFRSs to clarify their wording or correct minor
consequences, oversights or conflicts between the requirements of the Standards.
The Standard s affected are: IFRS 1 "First-time adoption of International Financial Reporting Standards", IFRS 7 "Financial
instruments, disclosures", IFRS 9 "Financial instruments", IFRS 10 "Consolidated financial statements" and IAS 7 "Statement of c ash
flows".
These modifications will come into force on January 1, 2026, although a significant impact on the BBVA Group's Financial Statements
is not expected.
Amendments to IFRS 9 and IFRS 7: Contracts that refer to nature-dependent electricity
On December 18, 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to address the accounting for contracts for the purchase
and sale of renewable electricity, called Power Purchase Agreements (PPA). The amendments include guidance on the “own use”
exemption for purchasers of electricity and requirements to apply hedge accounting on these arrangements.
The amendments will come into force on January 1, 2026, although it can be applied earlier once they have been adopted by the
European Union.
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by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 43

3. BBVA Group
The BBVA Group is an international diversified financial group with a significant presence in retail banking, wholesale banking and
asset management. The Group also operates in the insurance sector.
The following information is detailed in the appendices of these consolidated financial statements of the Group for the year ended
December 31, 2024:
– Appendix I shows relevant information related to the consolidated subsidiaries and structured entities.
– Appendix II shows relevant information related to investments in joint ventures and associates accounted for using the
equity method.
– Appendix III shows the main changes and notification of investments and divestments in the BBVA Group.
– Appendix IV shows fully consolidated subsidiaries with more than 10% owned by non-Group shareholders.
The following table sets forth information related to the Group’s total assets as of December 31, 2024, 2023 and 2022, broken down
by the Group’s entities according to their activity:

Contribution to Consolidated Group total assets. Entities by main activities (Millions of Euros)
| 2024 | 2023 | 2022
Banking and other financial services | 733,860 | 737,971 | 678,809
Insurance and pension fund managing companies | 34,439 | 34,520 | 30,066
Other non-financial services | 4,103 | 3,068 | 3,217
Total | 772,402 | 775,558 | 712,092

The total assets and results of operations broken down by operating segments are included in Note 6.
The BBVA Group’s activities are mainly located in Spain, Mexico, Turkey and South America, with active presence in the rest of
Europe, the United States and Asia:
– Spain. The Group’s activity in Spain is mainly carried out through Banco Bilbao Vizcaya Argentaria, S.A. The Group also has
other entities that mainly operate in Spain’s financial sector, insurance sector and asset management sector.
– Mexico. The BBVA Group operates in Mexico, not only in the banking sector, but also in the insurance sector and the asset
management sector, through BBVA Mexico.
– Turkey. The Group’s activity in Turkey is mainly carried out through the Garanti BBVA Group in the financial, insurance and
asset management sectors.
– South America. The BBVA Group’s activities in South America are mainly focused on the banking, financial and insurance
sectors, in the following countries: Argentina, Colombia, Peru, Uruguay, Chile, Venezuela and Brazil, the latter focused on
the CIB (Corporate & Investment Banking) business. It has a representative office in Sao Paulo (Brazil) and another one in
Santiago (Chile). The Group owns more than 50% of most of the Group entities based in these countries. Appendix I shows
entities in respect of which the BBVA Group owns less than 50% as of December 31, 2024 (see Note 2.1).
– Rest of Europe. Group's activity in Europe (excluding Spain) is carried out by banking and financial institutions, mainly in
Switzerland, the Netherlands and Romania, and through branches, mainly the BBVA Bank's branches in Germany, Belgium,
France, Italy, Portugal, the United Kingdom, and the Garanti BBVA Bank's branch in Malta.
– The United States. The Group's activity in the United States is mainly carried out by the branch of Banco Bilbao Vizcaya
Argentaria, S.A. in New York, the agency of BBVA Mexico in Houston, participations in technology companies through funds
and investment vehicles and the broker-dealer business BBVA Securities Inc. Additionally, in 2024, a representative office
of Banco Bilbao Vizcaya Argentaria, S.A. was opened in Houston.
– Asia. The Group's activity in Asia is conducted through the Bank's branches (Taipei, Tokyo, Hong Kong, Singapore and
Shanghai) and representative offices (Beijing, Seoul, Mumbai, Abu Dhabi and Jakarta).
Significant transactions in the Group in 2024
During the year 2024 no significant or relevant corporate operations have been completed, without prejudice to the announcement of
the voluntary tender offer for the acquisition of all of the issued shares of Banco de Sabadell, S.A.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 44

Other relevant additional information 2024
Announcement of the voluntary tender offer for the acquisition of all of the issued shares of Banco de Sabadell, S.A.
On April 30, 2024, due to a media report, BBVA published an inside information notice (información privilegiada) stating that it had
informed the chairman of the Board of Directors of Banco de Sabadell, S.A. (the "Target Company") of the interest of BBVA’s Board of
Directors in initiating negotiations to explore a possible merger between the two entities. On the same date, BBVA sent to the
chairman of the Target Company the written proposal for the merger of the two entities. The content of the written proposal sent to
the Board of Directors of the Target Company was published on May 1, 2024 by BBVA through the publication of an inside information
notice (información privilegiada) with the Spanish Securities and Exchange Commission (hereinafter “CNMV”).
On May 6, 2024, the Target Company published an inside information notice (información privilegiada) informing of the rejection of
the proposal by its Board of Directors.
Following such rejection, on May 9, 2024, BBVA announced, through the publication of an inside information notice (información
privilegiada) (the "Prior Announcement"), the decision to launch a voluntary tender offer (the "Offer") for the acquisition of all of the
issued shares of the Target Company, being a total of 5,440,221,447 ordinary shares with a par value of €0.125 each (representing
100% of the Target Company’s share capital). The consideration initially offered by BBVA to the shareholders of the Target Company
consisted of one (1) newly issued share of BBVA for each four and eighty-three hundredths (4.83) ordinary shares of the Target
Company, subject to certain adjustments in the case of dividend distributions in accordance with what was indicated in the Prior
Announcement.
In accordance with the Prior Announcement of the Offer and as a consequence of the interim dividend against the 2024 financial year
results in the amount of €0.08 per share paid by the Target Company to its shareholders on October 1, 2024, BBVA proceeded to
adjust the Offer consideration. Therefore, after applying the adjustment in the terms set forth in the Prior Announcement, the
consideration offered by BBVA to the shareholders of the Target Company under the Offer was adjusted, as result of the dividend
payment of the Target Company, to one (1) newly issued ordinary share of BBVA for each five point zero one nine six (5.0196)
ordinary shares of the Target Company.
Additionally, as a result of the interim dividend against the 2024 financial year results in the amount of €0.29 per share paid by BBVA
to its shareholders on October 10, 2024, BBVA proceeded to adjust again the Offer consideration. Therefore, also in accordance with
the provisions of the Prior Announcement, the Offer consideration was adjusted to one (1) newly issued ordinary share of BBVA and
€0.29 in cash for every five point zero one nine six (5.0196) ordinary shares of the Target Company.
Pursuant to the provisions of Royal Decree 1066/2007, of July 27, on the rules governing tender offers ("Royal Decree 1066/2007"),
the Offer is subject to mandatory clearance by the CNMV (“CNMV Clearance”). Additionally, pursuant to the provisions of Law
10/2014 and Royal Decree 84/2015, the acquisition by BBVA of control of the Target Company resulting from the Offer is subject to
the duty of prior notification to the Bank of Spain and the obtention of the non-opposition of the European Central Bank (a condition
that was satisfied on September 5, 2024, as described below).
In addition, completion of the Offer is also subject to the satisfaction of the conditions specified in the Prior Announcement, in
particular (i) the acceptance of the Offer by a number of shares that allows BBVA to acquire at least more than half of the effective
voting rights of the Target Company at the end of the Offer acceptance period (therefore excluding the treasury shares that the
Target Company may hold at that time), as this condition was amended by BBVA in accordance with the publication of the inside
information notice (información privilegiada) dated January 9, 2025, (ii) approval by BBVA’s General Shareholders’ Meeting of the
increase of BBVA’s share capital through the issue of new ordinary shares through non-cash contributions in an amount that is
sufficient to cover the consideration in shares offered to the shareholders of the Target Company (which condition was satisfied on
July 5, 2024, as d escribed below), (iii) the express or tacit authorization of the economic concentration resulting from the Offer by the
Spanish antitrust authorities, and (iv) the express or tacit authorization of the indirect acquisition of control of the Target Company’s
banking subsidiary in the United Kingdom, TSB Bank PLC, by the United Kingdom Prudential Regulation Authority (“PRA”) (a
condition that was satisfied on September 2, 2024, as described below).
On July 5, 2024, the BBVA’s Extraordinary General Shareholders' Meeting resolved to authorize, with 96% votes in favor, an increase
in the share capital of BBVA of up to a maximum nominal amount of €551,906,524.05 through the issuing and putting into circulation
of up to 1,126,339,845 ordinary shares of €0.49 par value each to cover the consideration in shares offered to the shareholders of the
Target Company (see Note 26).
On September 3, 2024, BBVA announced, through the publication of an inside information notice (información privilegiad a), that, on
September 2, 2024, it received the authorization from the PRA for BBVA's indirect acquisition of control of TSB Bank PLC as a result
of the Offer.
On September 5, 2024, BBVA announced, through the publication of an inside Information notice (información privilegiada), that it
received the decision of non-opposition from the European Central Bank to BBVA's taking control of the Target Company as a result
of the Offer.
On November 12, 2024, BBVA announced, through the publication of Other Relevant Information notice (otra información relevante),
that it received the resolution of the Spanish National Markets and Competition authority (CNMC) in which it decided to initiate the
second phase of the analysis of the economic concentration resulting from the Offer.
3 All references to “shares” or “share” shall be deemed made to lots of 100 shares, which is the trading unit in which Garanti BBVA shares are listed at Borsa Istanbul.
4 Using the effective exchange rate of 16.14 Turkish lira per euro.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 45

The Offer is subject to approval by the CNMV and to the approval of the economic concentration resulting from the Offer by the
Spanish competition authorities. The detailed terms of the Offer will be set out in the prospectus, which was submitted to the CNMV
together with the request for the authorization of the Offer on May 24, 2024, and will be published after obtaining CNMV Clearance.
Significant transactions in the Group in 2023
During the year 2023 no significant corporate transactions were carried out.
Significant transactions in the Group in 2022
Investments
Announcement of the agreement with Neon Payments Limited
On February 14, 2022, BBVA announced the agreement with the company Neon Payments Limited (the "Company" in this section) for
the subscription of 492,692 preference shares, representing approximately 21.7% of its share capital, through a share capital
increase and in consideration of approximately USD 300 million (equal to approximately €263 million, using the applicable 1.14 EUR/
USD exchange rate as of February 11, 2022).
The Company, which is incorporated and domiciled in the United Kingdom, is the owner of 100% of the shares of the Brazilian
company Neon Pagamentos S.A.
As of February 14, 2022, BBVA was already the indirect owner of approximately 10.2% of the share capital of the Company through
companies where BBVA owns more than 99% of the share capital. As of December 31, 2022, BBVA held, directly and indirectly,
29.2% of the share capital of the Company (30.9% and 30.1% as of December 31, 2024 and 2023, respectively). Despite owning
more than 20% of the share capital, BBVA's ability to influence the Company´s financial and operating decisions policies is very
limited, so the investment is recognized under the heading "Non-trading financial assets mandatorily at fair value through profit or
loss" (see Note 11).
Voluntary takeover bid for the entire share capital of Türkiye Garanti Bankası A.Ş (Garanti BBVA)
On November 15, 2021, BBVA announced a voluntary takeover bid (hereinafter "VTB") addressed to the 2,106,300,000 share s 3 not
controlled by BBVA, which represented 50.15% of the total share capital of Türkiye Garanti Bankası A.Ş (hereinafter "Garanti BBVA").
BBVA submitted for authorization an application of the VTB to the supervisor of the securities markets in Turkey (Capital Markets
Board, hereinafter "CMB") on November 18, 2021.
On March 31, 2022, CMB approved the offer information document and on the same day BBVA announced the commencement of the
VTB acceptance period on April 4, 2022. On April 25, 2022 BBVA informed of an increase of the cash offer price per Garanti BBVA
share from that initially announced (12.20 Turkish lira) to 15.00 Turkish lira.
On May 18, 2022, BBVA announced the finalization of the offer acceptance period, with the acquisition of 36.12% of Garanti BBVA’s
share capital. The total amount paid by BBVA was approximately 22,758 million Turkish lira (equivalent to approximately €1,390
million 4 including the expenses associated with the transaction and net of the collection of the dividends corresponding to the stake
acquired).
The transaction resulted in a capital gain of approximately €924 million (including the impacts after the application of IAS 29
"Financial Reporting in Hyperinflationary Economies", see Note 2.2.18). A n amount of €3,609 million was recorded under the heading
“Other reserves” and there was a reclassification to “Accumulated other comprehensive income (loss)” corresponding to the 36.12%
acquired from minority interests to “Accumulated other comprehensive income (loss)” of the parent company for an amount of
€-2,685 million. The total derecognition associated with the transaction of the heading “Minority interests” considering “Other items”
and “Accumulated other comprehensive income (loss)” amounted to €-2,541 million.
The share in Garanti BBVA owned by BBVA as of December 31, 2024 is 85.97%.
In relation to the rest of the effects of the application of IAS 29 "Financial Reporting in hyperinflationary economies" on the entities of
the Group in Turkey, see Not e 2.2.18 to these Consolidated Financial Statemen ts.
4. Shareholder remuneration system
Amendment of Shareholder Remuneration Policy
BBVA's Board of Directors announced by means of Relevant Information, on November 18, 2021, the amendment of the Group's
shareholder remuneration policy (announced on February 1, 2017 by means of Relevant Information), establishing as a policy to
distribute annually between 40% and 50% of the consolidated ordinary profit for each year (excluding amounts and items of an
extraordinary nature included in the consolidated income statement), compared to the previous policy that established a distribution
between 35% and 40%.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 46

This policy is implemented through the distribution of an interim dividend for the year (which is expected to be paid in October of each
year) and a final dividend or final distribution (which is expected to be paid at the end of the year and once the application of the result
is approved, foreseeably in April of each year), with the possibility of combining cash distributions with share buybacks, all subject to
the corresponding authorizations and approvals applicable at any given time.
Shareholder remuneration during financial year 2022
Cash distributions
During the 2022 financial year, the Annual General Shareholders' Meeting and the Board of Directors approved the payment of the
following cash amounts:
– The Annual General Shareholders' Meeting of BBVA held on March 18, 2022, approved, under item 2 of the Agenda, a cash
distribution from the voluntary reserves account as additional shareholder remuneration for the 2021 fiscal year, for an
amount equal to €0.23 gross (€0.1863 net of withholding tax) per outstanding BBVA share entitled to participate in this
distribution, which was paid on April 8, 2022. The total amount paid, excluding dividends paid in respect of treasury shares
held by the Group's companies, amounted to €1,463 million.
– The Board of Directors communicated by means of an Inside Information on September 29, 2022 that the Board of
Directors of BBVA appro ved the payment of a cash interim dividend of €0.12 gross (€0.0972 net of withholding tax) per
outstanding BBVA share against 2022 results. The total amount paid to shareholders on October 11, 2022, excluding
dividends paid in respect of treasury shares held by the Group's companies, amounted to €722 million and is recognized
under the heading “Total Equity – Interim Dividends” of the consolidated balance sheet as of December 31, 2022.
Shareholder remuneration during financial year 2023
Cash distributions
During the 2023 financial year, the Annual General Shareholders' Meeting and the Board of Directors approved the payment of the
following cash amounts:
– The Annual General Shareholders´ Meeting of BBVA held on March 17, 2023, approved, under item 1.3 of the Agenda, a
cash distribution against the 2022 results as a final dividend for the 2022 fiscal year, for an amount equal to €0.31 gross
(€0.2511 net of withholding tax) per outstanding BBVA share entitled to participate in this distribution, which was paid on
April 5, 2023. The total amount paid, excluding dividends paid in respect of treasury shares held by the Group's companies,
amounted to €1,857 million.
– The Board of Directors, at its meeting held on September 27, 2023, resolved the payment of a cash interim dividend of
€0.16 gross (€0.1296 net of withholding tax) per outstanding share on account of the 2023 dividend, to be paid on October
11, 2023. The total amount paid, excluding dividends paid in respect of treasury shares held by the Group's companies,
amounted to €951 million.
Shareholder remuneration during financial year 2024
Cash distributions
During the 2024 financial year, the Annual General Shareholders' Meeting and the Board of Directors approved the payment of the
following cash amounts:
– The Annual General Shareholders' Meeting of BBVA held on March 15, 2024, approved, under item 1.3 of the Agenda, a cash
distribution against the 2023 results as a final dividend for the 2023 fiscal year, for an amount equal to €0.39 gross
(€0.3159 net of withholding tax) per outstanding BBVA share entitled to participate in this distribution, which was paid on
April 10, 2024. The total amount paid, excluding dividends paid in respect of treasury shares held by the Group's
companies, amounted to €2,245 million.
– By means of an inside information notic e (información privilegiada) dated September 26, 2024, BBVA announced that the
Board of Directors, had resolved the payment of a cash interim dividend of €0.29 gross (€0.2349 net of withholding tax)
per each outstanding BBVA share entitled to participate in this distribution, to be paid on October 10, 2024. The total
amount paid, excluding dividends paid in respect of treasury shares held by the Group's companies, amounted to €1,668
million.
The forecasted financial statement, drawn up in compliance with the applicable legal requirements, which evidenced the existence of
sufficient liquidity to distribute the abovementioned amount approved by the Board of Directors of BBVA, was the following:
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 47

Available amount for interim dividend payments (Millions of Euros)
| August 31, 2024
Profit of BBVA, S.A., after the provision for income tax | 6,854
Maximum amount distributable | 6,854
Amount of proposed interim dividend | 1,671
BBVA cash balance available to the date | 33,530

Other shareholder remuneration
On January 30, 2025, it was announced that a cash distribution in the amount o f €0.41 gross per share to be paid presumably in April
2025 as the final dividend for the year 2024, and the execution of a share buyback program of BBVA for an amount of €993 million
were planned to be proposed to the corresponding corporate bodies for consideration as ordinary remuneration to shareholders for
2024, subject to obtaining the corresponding regulatory authorizations and approval by the Board of Directors of the specific terms
and conditions of the program, which will be communicated to the market prior to the start of its execution.
Share buyback program
Share buyback programs in 2021 and 2022
On October 26, 2021, BBVA obtained the pertinent authorization from the European Central Bank (hereinafter "ECB") to buy back up
to 10% of its share capital for a maximum of €3,500 million, in one or several tranches and over the course of a 12-month period (the
“Authorization”).
Upon receiving the Authorization and making use of the delegation conferred by the BBVA Annual General Shareholders' Meeting held
on March 16, 2018, at its meeting of October 28, 2021, BBVA Board of Directors resolved to carry out a share buyback program in
compliance with Regulation (EU) no. 596/2014 of the European Parliament and the Council of April 16, 2014 on market abuse and
Commission Delegated Regulation (EU) no. 2016/1052 of the Commission, of March 8, 2016 (the “Regulations”), executed in various
tranches up to a maximum of €3,500 million, with the aim of reducing BBVA's share capital (the “Program Scheme”),
notwithstanding the possibility of terminating or cancelling the Program Scheme at an earlier date where advisable due to the
concurrence of a series of specific circumstances, as well as to carry out a first share buyback program within the scope of the
Program Scheme (the "First Tranche") for the purpose of reducing BBVA's share capital, which was notified by means of Inside
Information on October 29, 2021.
On November 19, 2021, BBVA notified by means of Inside Information that the First Tranche would be executed externally, starting on
November 22, 2021, through J.P. Morgan AG as lead manager, for a maximum amount of €1,500 million, for the purchase of a
maximum of 637,770,016 shares representing, approximately, 9.6% of BBVA's share capital. By means of Other Relevant Information
filing dated March 3, 2022, BBVA announced the completion of the execution of the First Tranche upon reaching the maximum
monetary amount of €1,500 million, having acquired 281,218,710 own shares representing, approximately, 4.22% of BBVA's share
capital as of that date. On June 15, 2022, BBVA notified the partial execution of the share capital reduction resolution adopted by the
Annual General Shareholders’ Meeting of BBVA held on March 18, 2022, through the reduction of BBVA’s share capital in a nominal
amount of €137,797,167.90 and the consequent redemption, charged to unrestricted reserves, of 281,218,710 own shares of €0.49
par value each acquired derivatively by the Bank in execution of the First Tranche and which were held in treasury shares (see Notes
26, 27, 28 and 29).
On February 3, 2022, BBVA notified by means of Inside Information that its Board of Directors had agreed, within the scope of the
Program Scheme, to carry out a second buyback program for the repurchase of own shares (the “Second Tranche”) aimed at
reducing BBVA’s share capital, for a maximum amount of €2,000 million and a maximum number of shares to be acquired equal to
the result of subtracting from 637,770,016 own shares (9.6% of BBVA’s share capital at that date) the number of own shares finally
acquired in execution of the First Tranche (unfinished as of that date).
As a continuation of the previous communication, on March 16, 2022 BBVA informed by means of Inside Information that it had
agreed to execute the Second Tranche: i) through the execution of a first segment for an amount of up to €1,000 million, and with a
maximum number of shares to be acquired of 356,551,306 shares (the "First Segment"), externally through Goldman Sachs
International as lead manager, who would execute the purchase transactions through the broker Kepler Cheuvreux, S.A.; and (ii) once
execution of the First Segment had been completed, through the execution of a second segment that would complete the Framework
Program (the "Second Segment").
By means of Other Relevant Information dated May 16, 2022, BBVA announced the completion of the execution of the First Segment
upon reaching the maximum monetary amount of €1,000 million, having acquired 206,554,498 shares representing, approximately,
3.1% of BBVA's share capital as of said date.
On June 28, 2022, BBVA communicated through Inside Information the agreement to complete the Program Scheme by executing
the Second Segment, for a maximum amount of €1,000 million and a maximum number of own shares to be acquired of
149,996,808. The execution of the Second Segment took place through Citigroup Global Markets Europe AG as lead manager, as
BBVA informed through Inside Information on June 29, 2022. By means of Other Relevant Information dated August 19, 2022, BBVA
announced the completion of the execution of the Second Segment upon reaching the maximum number of shares (149,996,808)
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 48

representing, approximately, 2.3% of BBVA's share capital as of said date (which amounted to approximately €660 million). On
September 30, 2022, BBVA notified through Other Relevant Information an additional partial execution of the share capital reduction
resolution adopted by the Annual General Shareholders’ Meeting of BBVA held on March 18, 2022, through the reduction of BBVA’s
share capital in a nominal amount of €174,710,139.94 and the consequent redemption, charged to unrestricted reserves, of
356,551,306 own shares of €0.49 par value each acquired derivatively by the Bank in execution of the First Segment and Second
Segment of the share buyback program and which were held in treasury shares (see Notes 26, 27, 28 and 29).
The Program Scheme was considered as an extraordinary shareholder distribution and was therefore not included in the scope of the
shareholder remuneration policy described abov e.
Share buyback programs in 2023
On February 1, 2023, BBVA announced, among others, that it planned to submit for the consideration of the corresponding BBVA
governing bodies the execution of a €422 million share buyback program, subject to obtaining the corresponding regulatory
authorizations and to the communication of the specific terms and conditions of the share buy-back program before its executio n. On
March 17, 2023, after receiving the required authorization from the ECB, BBVA announced through an Inside Information notice the
execution of a time-scheduled buyback program for the repurchase of own shares in accordance with the Regulations, aimed at
reducing BBVA’s share capital by a maximum monetary amount of €422 million. The execution was carried out internally by BBVA,
executing the trades through BBVA. By means of an Other Relevant Information notice dated April 21, 2023, BBVA announced the
completion of the share buyback program upon reaching the maximum monetary amount of €422 million, having acquired
64,643,559 own shares, between March 20 and April 20, 2023, representing, approximately, 1.07% of BBVA's share capital as of said
date.
On June 2, 2023, BBVA notified through an Other Relevant Information notice a partial execution of the share capital reduction
resolution adopted by the Annual General Shareholders’ Meeting of BBVA held on March 17, 2023, under item 3 of the agenda
through the reduction of BBVA’s share capital in a nominal amount of €31,675,343.91 and the consequent redemption, charged to
unrestricted reserves, of 64,643,559 own shares of €0.49 par value each acquired derivatively by BBVA in execution of the share
buyback program and which were held in treasury shares (see Notes 26, 27, 28 and 29).
On July 28, 2023, BBVA announced, by means of an Inside Information notice, its request to the ECB for the correspondent
supervisory authorization in order to carry out a share buyback program of up to €1,000 million, subject to the authorization
requested being granted, to the adoption of the corresponding corporate resolutions and to the communication of the specific terms
and conditions of the share buyback program before its execution. This share buy-back program was considered as an extraordinary
shareholder distribution. On October 2, 2023, after receiving the required authorization from the ECB, BBVA announced that it would
implement a buyback program for the repurchase of own shares in accordance with the Regulations, aimed at reducing BBVA’s share
capital by a maximum monetary amount of €1,000 million. The execution was carried out internally by BBVA, executing the trades
through BBVA.
By means of an Other Relevant Information notice dated November 29, 2023, BBVA announced the completion of the share buyback
program upon reaching the maximum monetary amount of €1,000 million, having acquired 127,532,625 own shares, between
October 2 and November 29, 2023, representing, approximately, 2.14% of BBVA's share capital as of said later date.
On December 19, 2023, BBVA notified through an Other Relevant Information notice the second partial execution of the share capital
reduction resolution adopted by the Annual General Shareholders’ Meeting of BBVA held on March 17, 2023, under item 3 of the
agenda through the reduction of BBVA’s share capital in a nominal amount of €62,490,986.25 and the consequent redemption,
charged to unrestricted reserves, of 127,532,625 own shares of €0.49 par value each acquired derivatively by BBVA in execution of
the share buyback program and which were held in treasury shares (see Notes 26, 27, 28 and 29).
Share buyback program in 2024
On March 1, 2024, after receiving the required authorization from the European Central Bank, BBVA announced by means of an Inside
Information notice the execution of a time-scheduled buyback program for the repurchase of own shares, all in accordance with the
Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and Commission
Delegated Regulation (EU) No. 2016/1052 of March 8, 2016, for a maximum monetary amount of €781 million. The execution was
carried out externally by Citigroup Global Markets Europe AG.
By means of an Other Relevant Information notice dated April 9, 2024, BBVA announced the completion of the share buyback
program upon reaching the maximum monetary amount, having acquired a total of 74,654,915 own shares, between March 4 and
April 9, 2024, representing, approximately, 1.28% of BBVA's share capital as of such date.
On May 24, 2024, BBVA notified through an Other Relevant Information notice the partial execution of the share capital reduction
resolution adopted by the Annual General Shareholders’ Meeting of BBVA held on March 15, 2024, under item 3 of the Agenda,
through the reduction of BBVA’s share capital in a nominal amount of €36,580,908.35 and the consequent redemption, charged to
unrestricted reserves, of 74,654,915 own shares of €0.49 par value each acquired derivatively by BBVA in execution of the own share
buyback program and which were held as treasury shares (see Notes 26, 27, 28 and 29).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 49

Propo sal on allocation of earnings for 2024
Below is included a breakdown of the distribution of the Bank´s earnings for financial year 2024, which the Board of Directors will
submit to the Annual General Shareholders' Meeting for approval.

Allocation of earnings (Millions of Euros)
| 2024
Profit (loss) for the year | 10,235
Distribution |
Interim dividends | 1,671
Final dividend | 2,363
Reserves / Accumulated gains | 6,200

5. Earnings per share
Basic and diluted earnings per share are calculated in accordance with the criteria established by IAS 33 "Earnings per share". For
more information see Glossary.
The calculation of earnings per share is as follows:

Basic and Diluted Earnings per Share
| 2024 | 2023 | 2022
Numerator for basic and diluted earnings per share (millions of euros) |  |  |
Profit attributable to parent company | 10,054 | 8,019 | 6,358
Adjustment: Additional Tier 1 securities ⁽¹⁾ | (388) | (345) | (313)
Profit adjusted (millions of euros) (A) | 9,666 | 7,675 | 6,045
Profit (loss) from continued operations (net of remuneration of Additional Tier 1 capital instruments) | 9,666 | 7,675 | 6,045
Profit (loss) from discontinued operations (net of non-controlling interests) (B) | — | — | —
Denominator for basic earnings per share (number of shares outstanding) |  |  |
Weighted average number of shares outstanding | 5,793 | 5,988 | 6,424
Average treasury shares | (10) | (5) | (9)
Share buyback program (2) | (13) | (28) | (225)
Adjusted number of shares - Basic earnings per share (C) | 5,769 | 5,954 | 6,189
Adjusted number of shares - diluted earnings per share (D) | 5,769 | 5,954 | 6,189
Earnings (losses) per share | 1.68 | 1.29 | 0.98
Basic earnings (losses) per share from continuing operations (Euros per share) A-B/C | 1.68 | 1.29 | 0.98
Diluted earnings (losses) per share from continuing operations (Euros per share) A-B/D | 1.68 | 1.29 | 0.98
Basic earnings (losses) per share from discontinued operations (Euros per share) B/C | — | — | —
Diluted earnings (losses) per share from discontinued operations (Euros per share) B/D | — | — | —

(1) Remuneration in the year related to perpetual contingent convertible securities, recognized in equity (see Note 22.4).
(2) For the calculation of earnings per share, the average number of shares in a year takes into account the redemptions made in such year related to the share buyback programs
announced (see Note 4).
As of December 31, 2024, 2023 and 2022, there were no other financial instruments or share option commitments to employees that
could potentially affect the calculation of the diluted earnings per share for the years presented. For this reason, basic and diluted
earnings per share are the same.
6. Operating segment reporting
Operating segment reporting represents a basic tool in the oversight and management of the BBVA Group’s various activities. The
BBVA Group compiles reporting information on disaggregated business activities. These business activities are then aggregated in
accordance with the organizational structure determine d by the BBVA Grou p's Management and, ultimately, into the reportable
operating segments themselves.
As of December 31, 2024, the structure of the information by operating segments and the Corporate Center reported by the BBVA
Group remains the same as that as of the closing of the 2023 financial year.
The BBVA Group's areas or operating segments are summarized below:
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 50

– Spain includes mainly the banking, insurance and asset management businesses that the Group carries out in Spain.
– Mexico includes the banking, insurance and asset management businesses in this country as well as the activity that BBVA
Mexico carries out through its agency in Houston.
– Turkey reports the activity of the Garanti BBVA group that is mainly carried out in this country and, to a lesser extent, in
Romania and the Netherlands.
– South America includes the banking, finance, insurance and asset management businesses carried out mainly in Argentina,
Chile, Colombia, Peru, Uruguay and Venezuela.
– Rest of Business mainly includes the wholesale activity carried out in Europe (excluding Spain), the United States and
(through BBVA branches located therein) Asia.
The Corporate Center performs centralized Group functions, including: the costs of the head offices with a corporate function for the
consolidated BBVA Group, management of structural exchange rate positions; portfolios whose management is not linked to
customer relationships, such as financial and industrial holdings; stakes in Funds & Investment Vehicles in tech companies; certain
tax assets and liabilities; funds for employee commitments; goodwill and other intangible assets, as well as the financing of such
portfolios and assets.
The breakdown of the BBVA Group’s total assets by operating segments and the Corporate Center as of December 31, 2024, 2023
and 2022 is as follows:

Total Group assets by operating segments (Millions of Euros)
| 2024 | 2023 ⁽¹⁾ | 2022 ⁽¹⁾
Spain | 417,752 | 457,573 | 427,049
Mexico | 168,470 | 173,489 | 142,557
Turkey | 82,782 | 68,329 | 66,036
South America | 73,997 | 64,779 | 61,951
Rest of Business | 66,534 | 64,274 | 49,952
Subtotal assets by operating segments | 809,536 | 828,445 | 747,545
Corporate Center and adjustments | (37,134) | (52,886) | (35,453)
Total assets BBVA Group | 772,402 | 775,558 | 712,092

(1) In the first quarter of 2024 the Group changed its allocation criteria for certain expenses, mainly related with global international projects between the Corporate Center and
the corresponding operating segments. Therefore, in order to make those year-on-year comparisons homogeneous, the figures for the year s 2023 and 2022 were revised, which
has not affected t he consolidated financial information of the Group.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 51

The following table sets forth certain summarized information relating to results of each operating segment and Corporate Center for
the years ended December 31, 2024, 2023 and 2022:

Main margins and profit by operating segments (Millions of euros)
| Operating Segments
| BBVA Group | Spain | Mexico | Turkey | South America | Rest of Business | Corporate Center and adjustments (1)
2024 |  |  |  |  |  |  |
Net interest income | 25,267 | 6,435 | 11,556 | 1,492 | 5,589 | 741 | (546)
Gross income | 35,481 | 9,490 | 15,337 | 4,212 | 5,405 | 1,458 | (421)
Operating profit (loss) before tax | 15,405 | 5,309 | 7,522 | 1,741 | 1,342 | 634 | (1,142)
Net attributable profit (loss) (2) | 10,054 | 3,784 | 5,447 | 611 | 635 | 500 | (924)
2023 ⁽³⁾ |  |  |  |  |  |  |
Net interest income | 23,089 | 5,620 | 11,054 | 1,869 | 4,394 | 539 | (386)
Gross income | 29,542 | 7,888 | 14,267 | 2,981 | 4,331 | 1,103 | (1,029)
Operating profit (loss) before tax | 12,419 | 3,897 | 7,329 | 1,324 | 1,189 | 489 | (1,809)
Net attributable profit (loss) (2) | 8,019 | 2,720 | 5,319 | 527 | 601 | 396 | (1,544)
2022 |  |  |  |  |  |  |
Net interest income | 19,124 | 3,774 | 8,378 | 2,611 | 4,138 | 332 | (109)
Gross income | 24,743 | 6,112 | 10,734 | 3,172 | 4,265 | 790 | (329)
Operating profit (loss) before tax | 10,268 | 2,610 | 5,620 | 1,636 | 1,434 | 277 | (1,309)
Net attributable profit (loss) (2) | 6,358 | 1,667 | 4,131 | 505 | 738 | 240 | (922)

(1) Adjustments include the impact of the purchase of offices in Spain in 2022 in the transaction with Merlin Properties (see Note 17).
(2) See Note 55.2.
(3) In the first quarter of 2024 the Group changed its allocation criteria for certain expenses, mainly related with global international projects between the Corporate Center and
the corresponding operating segments. Therefore, in order to make those year-on-year comparisons homogeneous, the figures for the year 2023 have been revised, which has
not affected the consolidated financial information of the Group.
The accompanying Consolidated Management Report presents the consolidated income statements and the consolidated balance
sheets by operating segments.
7. Risk management
7.1 Risk factors
The BBVA Group has processes in place for identifying risks and analyzing scenarios in order to enable the Group to manage risks in a
dynamic and proactive way.
The risk identification processes are forward looking to seek the identification of emerging risks and take into account the concerns of
both the business areas, which are close to the reality of the different geographical areas, and the corporate areas and senior
management.
Risks are identified and measured consistently using the methodologies deemed appropriate in each case. Their measurement
includes the design and application of scenario analyses and stress testing and considers the controls to which the risks are
subjected.
As part of this process, a forward projection of the Risk Appetite Framework (hereinafte r "RAF") variables in stress scenarios is
conducted in order to identify possible deviations from the established thresholds. If any such deviations are detected, measures are
taken to seek to keep the variables within the target risk profile.
In this context, there are a number of emerging risks that could affect the evolution of the Group’s business, including the below:
– Macroeconomic and geop olitical risks
The Group is sensitive to the deterioration of economic conditions, the alteration of the institutional environment of the countries in
which it operates, and the Group is exposed to sovereign debt especially in Spain, Mexico and Turkey.
The global economy is currently facing a number of extraordinary challenges. The war between Ukraine and Russia and the armed
conflicts in the Middle East have caused significant disruptions, instability and volatility in global markets, particularly in energy
markets. Uncertainty about the future development of these conflicts is high. The main risk is that they could generate new supply
shocks, pushing growth downward and inflation upward, and paving the way for macroeconomic and financial instability episodes.
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Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 52

Geopolitical and economic risks have also increased in recent years as a result of trade tensions between the United States and China,
Brexit, and the rise of populism, among other factors. Growing tensions and the rise of populism may lead, among other things, to a
deglobalization of the world economy, an increase in protectionism, a general reduction of international trade and a reduction in the
integration of financial markets.
The policies to be adopted by the new United States government, from January 20, 2025, are an additional source of uncertainty for
the global economy. Some of the measures recently advocated by the incoming administration, such as the adoption of higher import
tariffs and tighter immigration controls, may increase inflationary pressures and weaken economic growth. Fiscal, regulatory,
industrial, foreign and other policies could also generate financial and macroeconomic volatility.
In the current context, one of the main risks is that inflation remains high, either due to new supply shocks, related for example to the
previously mentioned geopolitical and political risks or climate events, or due to demand factors, caused by an excessively
expansionary fiscal policy, the robustness of labor markets, or other factors. Significant inflationary pressures could lead to interest
rates remaining higher than currently forecasted, which could negatively affect the macroeconomic environment and financial
markets.
Another macroeconomic risk is the possibility of a sharp global growth slowdown. In a context marked by uncertainty and still
elevated interest rates, labor markets and aggregate demand could weaken more significantly than expected. Moreover, despite
increasing economic stimulus measures, growth in China could slow sharply, with a potentially negative impact on many geographical
areas, due to tensions in real estate markets and economic sanctions imposed by the United States, among other factors.
Furthermore, there is a growing risk of tensions in sovereign debt markets, given the high levels of public debt in many developed and
emerging countries, the relatively high interest rates, and expectations of slower economic growth.
The Group is exposed, among others, to the following general risks with respect to the economic and institutional environment in the
countries in which it operates: a deterioration in economic activity in the countries in which it operates, including recession scenarios;
more persistent inflationary pressures, which could trigger a more severe tightening of monetary conditions; stagflation due to more
intense or prolonged supply shocks such as, for example, an increase in oil and gas prices to very high levels, which would have a
negative impact on disposable income levels in areas that are net energy importers, such as Spain or Turkey, to which the Group is
particularly exposed; changes in exchange rates; an unfavorable evolution of the real estate market; changes in the institutional
environment of the countries in which the Group operates, which could give rise to sudden and sharp drops in GDP and/or changes in
regulatory or government policy, including in terms of exchange controls and restrictions on the distribution of dividends or the
imposition of new taxes or charges; growth in the public debt or in the external deficit could lead to a downward revision of the credit
ratings of the sovereign debt and even a possible default or restructuring of such debt; the impact of the upcoming policies of the new
U.S. administration, about which there is significant uncertainty; and episodes of volatility in the financial markets, which could cause
significant losses for the Group. The Group’s results of operations have been particularly affected by the increases in interest rates
adopted by central banks in an attempt to tame inflation, contributing to the rise in both interest revenue and interest expenses. The
persistence of interest rates at relatively high levels or any increase in interest rates in the future could adversely affect the Group by
reducing the demand for credit and leading to an increase in the default rate of its borrowers and other counterparties. Moreover, the
Group’s results of operations have been affected by inflation in all countries in which BBVA operates, especially Turkey and Argentina.
In particular, in Spain, political, regulatory and economic uncertainty has also increased since the July 2023 general elections; there is
a risk that policies could have an adverse impact on the economy or the Group. There is also a risk that the impact on financial
conditions of political tensions in other European countries could to some extent affect Spain. In Mexico, there is high uncertainty on
the impact of the recently approved constitutional reforms, as well as on the policies that will be adopted by the new local government
and by the new U.S. administration (in particular, if protective measures become more aggressive and persist over time, which could
adversely impact the Group's expectations regarding the country's economic growth). In Turkey, there are increasing signs of
normalization in economic policy in general, and monetary policy in particular, since the general elections held in May 2023, which
may lead to a gradual correction of the current distortions. Despite the gradual improvement of macroeconomic conditions, the
situation remains relatively unstable, characterized by pressures on the Turkish lira, high inflation, a significant trade deficit, low
central bank’s foreign reserves and high external financing costs. There is also uncertainty about the impact of the geopolitical
context in the Middle East on Turkey. In particular, recent regime changes in Syria create opportunities, such as a potential increase in
exports and lower migratory pressures, but also risks, which could cause greater volatility of Turkish financial assets, among other
possible effects. Continuing unfavorable economic conditions in Turkey may result in a potential deterioration in the purchasing
power and creditworthiness of the clients of the Group (both individuals and corporations). In addition, official interest rates, the
regulatory and macroprudential policies affecting the banking sector and the currency depreciation have affected and may continue
to affect the Group’s results. In Argentina, the risk of economic and financial turbulence persists in a context in which the government
has substantially modified the economic policy framework and has focused its efforts on implementing strong fiscal and monetary
adjustments to reduce inflation. Finally, in Colombia and Peru, climate factors, political tensions and greater social conflict could
eventually have a negative impact on the economy.
An y of these factors may have a significant adverse impact on the Group’s business, financial condition and results of operations.
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– Regulatory and reputational risks
Financial institutions are exposed to a complex and ever-changing regulatory environment defined by governments and regulators.
Regulatory activity in recent years has affected multiple areas, including changes in accounting standards; strict regulation of capital,
liquidity and remuneration; bank charges and taxes on financial transactions; regulations affecting mortgages, banking products and
consumers and users; recovery and resolution measures; stress tests; prevention of money laundering and terrorist financing; market
abuse; conduct in the financial markets; anti-corruption; and requirements as to the periodic publication of information.
Governments, regulatory authorities and other institutions continually make proposals to strengthen the resistance of financial
institutions to future crises. Further, there is an increasing focus on the climate-related financial risk management capabilities of
banks (see "Environmental, social and governance (“ESG”) risks may adversely impact the Group"). Any change in the Group’s
business that is necessary to comply with any particular regulations at any given time, especially in Spain, Mexico or Turkey, could
lead to a considerable loss of income, limit the Group’s ability to identify business opportunities, affect the valuation of its assets,
force the Group to increase its prices and, therefore, reduce the demand for its products, impose additional costs on the Group or
otherwise adversely affect its business, financial condition and results of operations.
The financial sector is under ever closer scrutiny by regulators, governments and society itself. In the course of activities, situations
which might cause relevant reputational damage to the Group could arise and might affect the regular course of business.
– New business, operational and legal risks
New technologies and forms of customer relationships: Developments in the digital world and in information technologies pose
significant challenges for financial institutions, entailing threats (new competitors, disintermediation, etc.) but also opportunities (new
framework of relations with customers, greater ability to adapt to their needs, new products and distribution channels, etc.). Digital
transformation is a priority for the Group as it aims to lead digital banking of the future as one of its objectives.
Technological risks and security breaches: The Group is exposed to new threats such as cyber-attacks, theft of internal and customer
databases, fraud in payment systems, etc. that require major investments in security from both the technological and human point of
view. The Group gives great importance to the active operational and technological risk management and control. Any attack, failure
or deficiency in the Group’s systems could, among other things, lead to the misappropriation of funds of the Group’s clients or the
Group itself and the unauthorized disclosure, destruction or use of confidential information, as well as prevent the normal operation of
the Group and impair its ability to provide services and carry out its internal management. In addition, any attack, failure or deficiency
could result in the loss of customers and business opportunities, damage to computers and systems, violation of regulations
regarding data protection and/or other regulations, exposure to litigation, fines, sanctions or interventions, loss of confidence in the
Group’ s security measures, damage to its reputation, reimbursements and compensation, and additional regulatory compliance
expenses and could have a significant adverse impact on the Group’ s business, financial condition and results of operations.
Legal risks: The financial sector faces an environment of increasing regulatory and litigious pressure, and thus, the various Group
entities are frequently party to individual or collective judicial proceedings (including class actions) resulting from their activity and
operations, as well as arbitration proceedings. The Group is also party to government procedures and investigations, such as those
carried out by the antitrust authorities in certain countries which, among other things, have in the past and could in the future result in
sanctions, as well as lead to claims by customers and others. In addition, the regulatory framework in the jurisdictions in which the
Group operates is evolving towards a supervisory approach more focused on the opening of sanctioning proceedings while some
regulators are focusing their attention on consumer protection and behavioral risk.
In Spain and in other jurisdictions where the Group operates, legal and regulatory actions and proceedings against financial
institutions, prompted in part by certain judgments in favor of consumers handed down by national and supranational courts (with
regards to matters such as credit cards and mortgage loans), have increased significantly in recent years and this trend could
continue in the future. Legal and regulatory actions and proceedings faced by other financial institutions in relation to these and other
matters, especially if such actions or proceedings result in favorable resolutions for the consumer, could also adversely affect the
Group.
There are also claims before the Spanish courts challenging the validity of certain revolving credit card agreements. Rulings in these
types of proceedings, whether against the Bank or other financial institutions, could negatively affect the Group.
Additionally, in relation to the ESG area, factors that may affect these new business, operational and legal risks have been identified
(see "Environmental, social and governance ("ESG") risks may adversely affect the Group").
All of the above may result in a significant increase in operating and compliance costs or even a reduction of revenues, and it is
possible that an adverse outcome in any proceedings (depending on the amount thereof, the penalties imposed or the procedural or
management costs for the Group) could damage the Group's reputation, generate a knock-on effect or otherwise adversely affect the
Group.
It is difficult to predict the outcome of legal and regulatory actions and proceedings, both those to which the Group is currently
exposed and those that may arise in the future, including actions and proceedings relating to former Group subsidiaries or in respect
of which the Group may have indemnification obligations. Any of such outcomes could be significantly adverse to the Group. In
addition, a decision in any matter, whether against the Group or against another credit entity facing similar claims as those faced by
the Group, could give rise to other claims against the Group. In addition, these actions and proceedings attract resources from the
Group and may occupy a great deal of attention on part of the Group's management and employees.
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As of December 31, 2024, the Group had €791 million in provisions for the proceedings it is facing (included in the line "Provisions for
taxes and other legal contingencies" in the consolidated balance sheet) (see Note 24), of which €610 million correspond to legal
contingencies and €181 million to tax related matters. However, the uncertainty arising from these proceedings (including those for
which no provisions have been made, either because the probability of an unfavorable outcome for the Group is estimated to be
remote, or because it is not possible to estimate them or for other reasons) makes it impossible to guarantee that the possible losses
arising from the resolution of these proceedings will not exceed, where applicable, the amounts that the Group currently has
provisioned and, therefore, could affect the Group's consolidated results in a given period.
As a result of the above, legal and regulatory actions and proceedings currently faced by the Group or to which it may become subject
in the future or which may otherwise affect the Group, whether individually or in the aggregate, if resolved in whole or in part adversely
to the Group's interests, could have a material adverse effect on the Group’s business, financial condition and results of operations.
S panish judicial authorities are investigating the activities of Centro Exclusivo de Negocios y Transacciones, S.L. (“Cenyt”). Such
investigation includes the provision of services by Cenyt to BBVA. On July 29, 2019, BBVA was named as an investigated party
(investigado) in a criminal judicial investigation (Preliminary Proceeding No. 96/2017 – Piece No. 9, Central Investigating Court No. 6
of the National High Court) for alleged facts which could constitute bribery, revelation of secrets and corruption. Certain current and
former officers and employees of the Group, as well as former directors, have also been named as investigated parties in connection
with this investigation. Since the beginning of the investigation, BBVA has been proactively collaborating with the Spanish judicial
authorities, including sharing with the courts information obtained in the internal investigation hired by the entity in 2019 to contribute
to the clarification of the facts.
By order of the Criminal Chamber of the National High Court, the pre-trial phase ended on January 29, 2024. On June 20, 2024, the
Judge issued an order authorizing the continuation of abbreviated criminal proceedings against the Bank and certain current and
former officers and employees of the Bank, as well as against some former directors, for alleged facts which could constitute bribery
and revelation of secrets. It is not possible at this time to predict the possible outcomes or implications for the Group of this matter,
including any fines, damages or harm to the Group’s reputation caused thereby.
– Environm ental, social and governance (ESG) risks may adversely impact the Group
ESG f actors present risks associated with (i) climate change, including physical risks and transition risks (linked, among others, to
changes in regulations, technologies, and market preferences associated with the transition to a less carbon-dependent economy);
(ii) other environmental factors, such as biodiversity loss, water stress and other nature-related factors; (iii) social factors, such as
human rights, inclusion, diversity and workplace safety; and (iv) corporate governance matters, such as the governance of
environmental and social risks.
ESG risks include short, medium and long-term risks that may adversely affect the Group and its customers or counterparties. Such
risks are expected to increase and/or evolve over time.
Among others, they include the following:
– Physical risks. The activities of the Group or those of its customers or counterparties could be adversely affected by the physical
risks (including acute and chronic) arising from climate change or other environmental challenges. For example, extreme weather
events may damage or destroy properties and other assets of the Group or those of its customers or counterparties, make the
insurance against certain risks more expensive or unfeasible, result in increased costs, or otherwise disrupt their respective
operations (for example, if supply chains are disrupted as a result), diminishing –in the case of the Group’s customers or
counterparties - their repayment capacity and, if applicable, the value of assets granted as collateral to the Group. The Group is also
exposed to potential long-term physical risks arising from climate change and other environmental challenges, such as any ensuing
deterioration in economic conditions that results in credit-related costs, or potential impacts on the Group’s assets and operations.
The Group could also be required to change its business models in response to the foregoing.
– Legal and regulatory risks. Legal and regulatory changes related to how banks are required to manage climate and other ESG risks
or otherwise affecting banking practices or disclosure of information may result in higher compliance, operational and credit risks and
costs. The Group’s customers and counterparties may be exposed to similar risks. Further, legal and regulatory changes may result in
legal uncertainty and the existence of overlapping or conflicting regulatory or other requirements. They may also give rise to
regulatory asymmetries whereby some persons, including the Group and its customers and counterparties, are more heavily
regulated than others, placing such persons at a disadvantage. The Group or its customers or counterparties may be unable to meet
any new requirements on a timely basis or at all, including new product and service specifications, governance frameworks and
practices and disclosure requirements and standards. In addition, in the case of banks, new regulation could include requirements
related to lending, investing, capital and liquidity adequacy and operational resilience. The incorporation of ESG risks in the existing
prudential framework is still developing and may result in increased risk weighting of certain assets. Moreover, there are significant
risks and uncertainties inherent in the development of adequate risk assessment and modelling capabilities with respect to ESG-
related matters and the collection of customer, third party and other data, which may result in the Group’s systems or frameworks (or
those of its customers and counterparties, where applicable) being inadequate, inaccurate or susceptible to incorrect customer, third
party or other data, any of which could adversely affect the Group’s disclosure and financial reporting. Further, increased regulation
arising from climate change and other ESG-related challenges could result in increased litigation by different stakeholders (including
non-governmental organizations (NGOs)) and regulatory investigations and actions.
– Technological risks. Certain of the Group’s customers and counterparties may be adversely affected by the progressive transition to
a low-carbon economy and/or risks and costs associated with new low-carbon technologies. If the Group’s customers and
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counterparties fail to adapt to the transition to a low-carbon economy, or if the costs of doing so adversely affect their
creditworthiness, this could adversely affect the Group’s relevant loan portfolios.
– Market risks. The Group and certain of the Group’s customers and counterparties may be adversely affected by changes in market
preferences due to, among others, increased ESG awareness. Further, the funding costs of businesses that are perceived to be more
exposed to climate change or to other ESG-related risks could increase. Any of this could result in the reduced creditworthiness of
such customers and counterparties, adversely affecting the Group’s relevant loan portfolios. The Group and its customers and
counterparties could also be adversely affected by changes in prices resulting from shifts in demand or supply brought by climate
change or other ESG-related factors, including prices of energy and raw materials, or by their inability to foresee or hedge any such
changes.
– Reputational risks. The perception of climate change and other ESG-related challenges as a risk by society, shareholders,
customers, governments and other stakeholders (including NGOs) continues to increase, including in relation to the financial sector’s
activities. This may result in increased scrutiny of the Group’s activities, as well as its ESG-related policies, goals, disclosures or
communications. The Group’s reputation and ability to attract or retain customers may be harmed if its efforts to reduce ESG-related
risks are deemed to be insufficient or if a perception is generated among the different stakeholders that the Group’s statements,
actions or disclosure do not fairly reflect the underlying sustainability profile of the Group, its products, services, goals and/or
policies. At the same time, the Group may refrain from undertaking lending or investing activit ies or other services that would
otherwise have been profitable in order to fulfill its obligations or avoid reputational harm. Further, divergent views on ESG policies
may also have a negative impact on the Group’s reputation. Increased scrutiny of the Group’s activities, as well as its ESG-related
policies, goals and disclosure may result in litigation and investigations and supervisory actions (including potential greenwashing
claims). The Group has disclosed certain aspirational ESG-related goals and such goals, which are being pursued over the long-term,
may prove to be considerably more costly or difficult than currently expected, or even impossible, to achieve, including as a result of
changes in regulation and policy, the pace of technological change and innovation and the actions of governments and the Group’s
customers and competitors. Potential greenwashing claims arising from ESG-related statements, disclosure and/or actions of the
Group may also give rise to reputational risks.
Any of these factors may have a material adverse effect on the Group’s business, financial condition and results of operations.
7.2 Credit risk
Credit risk is the potential loss assumed by the Group as a result of the failure by the Group´s counterparties to meet their contractual
obligations.
The general principles governing credit risk management in the BBVA Group are:
– Risks taken should comply with the general risk policy established by the Board of Directors of BBVA.
– Risks taken should be in line with the level of equity and generation of recurring revenue of the BBVA Group prioritizing risk
diversification and avoiding relevant concentrations.
– Risks taken should be identified, measured and assessed and there should be management and monitoring procedures, in
addition to sound mitigation and control mechanisms.
– Risks should be managed in a prudent and integrated manner during their life cycle and their treatment should be based on
the type of risk. In addition, portfolios should be actively managed on the basis of a common metric (economic capital).
– The main criterion when granting credit risks is the capability of the borrower or obligor to fulfill on a timely basis all financial
obligations with its business income or source of income without depending upon guarantors, bondsmen or pledged assets.
– Improve the financial health of our clients, help them in their decision making and in the daily management of their finances
based on personalized advice.
– Help our clients in the transition towards a sustainable future, with a focus on climate change and inclusive and sustainable
social development.
Credit risk management in the Group has an integrated structure for all its functions, allowing decisions to be taken objectively and
independently throughout the life cycle of the risk.
– At Group level: frameworks for action and standard rules of conduct are defined for handling risk, specifically, the channels,
procedures, structure and supervision.
– At the business area level: they are responsible for adapting the Group's criteria to the local realities of each geographical
area and for direct management of risk according to the decision-making channel:
a. Retail risks: in general, the decisions are formalized according to the scoring tools, within the general framework
for action of each business area, with regard to risks. The changes in weighting and variables of these tools must
be validated by the Global Risk Management (hereinafter "GRM") area.
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b. Wholesale risks: in general, the decisions are formalized by each business area within its general framework for
action with regard to risks, which incorporates the delegation rule and the Group's corporate policies.
The risk function has a decision-making process supported by a structure of committees with a solid governance scheme, which
describes their purposes and functioning for a proper performance of their tasks.
In addition, credit risk is affected by climate change risk, mainly through physical and transition risks that may impact the payment
capacity of counterparties and the valuation of the collateral used and, therefore, expected credit losses (see "Environmental, social
and governance (“ESG”) risks may adversely impact the Group").
In 2024, the Group has begun incorporating climate risk factors into the process of calculating expected credit losses for loan
portfolios through statistical models that consider both potential damage to collateral and the effect on customers' ability to pay due
to physical and transition risks in the Group's main geographies (Spain, Mexico and Turkey). In particular, transition risk has been
assessed using an approach that allows capturing its effect on the probability of default (PD) and the impact on customers' provisions
in Stage 2 as well as a transfer of exposures from Stage 1 to Stage 2 for corporate portfolios. For physical risk, an approach has been
used that would allow estimating the potential deterioration in the value of collateral (real estate assets in corporate and retail
portfolios) and its effect on LGD. As of December 31, 2024, the impact recorded for these risks was not significant. The Group will
continue working to incorporate in these models the information available from time to time.
Support measures
In previous years, the Group reported information on the support measures that it provided to its customers under various legislative
and sectorial initiatives. These measures included, in particular, those related to the COVID-19 pandemic, which affected several
countries and geographical areas where the Group operates. In Spain, it included measures adopted under Royal Decree-Law
6/2022, to alleviate liquidity tensions due to the increases in energy prices and raw materials. These measures have not had any
significant impact on the consolidated financial statements of the BBVA Group as of and for the year ended December 31, 2024.
In addition, in Spain, the Code of Good Practices regulated by Royal Decree-Law 6/2012, as well as its subsequent amendments,
establishes a code of good practices to alleviate the impact of the rise in interest rates on mortgage loans for primary residences,
adopting other structural measures to improve the loan market. Up to the date of preparation of these Consolidated Financial
Statements, the number and amount of operations granted to clients in compliance with this Code of Good Practices remain reduced.
In 2024, these support measures implemented in Spain were supplemented by those introduced by Royal Decree-Law 6/2024, which
adopted urgent measures to address the damage caused by the torrential rains and floods - Isolated Depression in High Levels -
(DANA) in various Spanish municipalities between October 28 and November 4, 2024, especially in the Valencian Community. These
measures include the granting of state-guaranteed financing and payment deferrals for borrowers meeting specific requirements.
The BBVA Group is facilitating the channelling of this financing through the so-called "DANA Guarantee Line" and granting payment
deferrals in accordance with the provisions of Royal Decree-Law 6/2024. These measures have not had any significant impact on the
consolidated financial statements of the BBVA Group as of and for the year ended December 31, 2024.
7.2.1 Measurement of Expected Credit Loss
IFRS 9 requires determining the Expected Credit Loss (hereinafter "ECL") of a financial instrument in a way that reflects an unbiased
estimation removing any conservatism or optimism, including the time value of money and a forward-looking perspective (including
the economic forecast), all this based on the information that is available at a certain point in time and that is reasonable and bearable
with respect to future economic conditions.
Therefore, the recognition and measurement of ECL is highly complex and involves the use of significant analysis and estimation
including formulation and incorporation of forward-looking economic conditions into the ECL model.
The modeling of the ECL calculation is subject to a governance system that is common to the entire Group. Within this common
framework, each geographical area makes the necessary adaptations to capture its particularities. The methodology, assumptions
and observations used by each geographical area are reviewed annually, and after a validation and approval process, the outcome of
this review is incorporated into the ECL calculations.
Risk parameters by homogeneous groups
Expected losses can be estimated both individually and collectively. Regarding the collective estimate, the instruments are distributed
in homogeneous groups (segments) that share similar risk characteristics. Following the guidelines established by the Group for the
development of models under IFRS 9, each geographical area performs the grouping based on the information available, its
representativeness or relevance and compliance with the necessary statistical requirements.
Depending on the portfolio or the parameter being estimated, one risk driver or another will apply and different segments will reflect
differences in PDs and LGDs. Thus, in each segment, changes in the level of credit risk will respond to the impact of changing
conditions on the common range of credit risk drivers. The effect on the Group’s credit risk in response to changes in forward-looking
information will be considered as well. Macroeconomic modeling for each segment is carried out using some of the shared risk
characteristics.
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These segments share credit risk characteristics such that changes in credit risk in a part of the portfolio are not concealed by the
performance of other parts of the portfolio. In that sense, the methodology developed for ECL estimation indicates the risk drivers
that have to be taken into account for PD segmentation purposes, depending on whether the estimation is for retail or wholesale
portfolios.
As an example of the variables that can be taken into consideration to determine the final models, the following stand out:
– PD – Retail: Contractual residual maturity, credit risk scoring, type of product, days past due, forbearance, time on books,
time to maturity, nationality of the debtor, sale channel, original term, indicator of credit card activity, percentage of initial
drawn balance in credit cards.
– PD – Wholesale: Credit Risk Rating, type of product, watch-list level, forbearance (client), time to maturity, industry sector,
updated balance (y/n), written off, grace period.
– LGD – Retail: credit Risk Scoring, segment, type of product, secured / unsecured, type of collateral, sales channel,
nationality, business area, debtor’s commercial segment, forbearance (account) EAD (this risk driver could be correlated
with the time on books or the LTV so, before including it, an assessment should be done in order to avoid a double counting
effect), time on default of the account (for defaulted exposures), geographical location.
– LGD – Wholesale: credit Risk Rating, geographical location, segment, type of product, secured / Unsecured, type of
collateral, business area, forbearance (client), debtor’s commercial segment time on default of the deal (for defaulted
exposures).
– CCF – Wholesale/retail, percentage of initial drawn balance, debtor’s commercial segment, days past due, forbearance,
credit limit activity, time on books.
In the BBVA Group, the expected losses calculated are based on the internal models developed for all the Group's portfolios, unless
clients are subject to individualized estimates.
Low Default Portfolios, which include portfolios with high credit quality such as exposures to other credit institutions, sovereign debt
or corporates and small client's portfolios with high exposures such as specialized lending or fixed income, are characterized by a low
number of defaults, so the Group's historical bases do not contain sufficiently representative information to build impairment models
based on them. However, there are external sources of information that, based on broader observations, are capable of providing the
necessary inputs to develop models of expected losses. Therefore, based on the rating assigned to these exposures and taking into
account the inputs obtained from these sources, the calculations of expected losses are developed internally, including their
projection based on the macroeconomic perspectives.
Individual estimation of Expected Credit Losses
The Group periodically and individually reviews the situation and credit rating of its customers, regardless of their classification,
taking into consideration the information deemed necessary to do so. It also has procedures in place within the risk management
framework to identify the factors that may lead to increased risk and, consequently, to a greater need for provisions.
The monitoring model established by the Group consists of continuously monitoring the risks to which it is exposed, which guarantees
their proper classification in the different categories of IFRS 9. The original analysis of the exposures is reviewed through the
procedures for updating the rating tools (rating and scoring), which periodically review the financial situation of clients, influencing the
classification by stages of exposures.
Within this credit risk management framework, the Group has procedures that seek to guarantee the review, at least annually, of all its
wholesale counterparties through the so-called financial programs, which include the current and proposed positioning of the Group
with the customer in terms of credit risk. This review is based on a detailed analysis of the client's up-to-date financial situation, which
is complemented by other information available in relation to individual perspectives on business performance, industry trends,
macroeconomic prospects or other public data. As a result of this analysis, the preliminary rating of the client is obtained, which, after
undergoing the internal procedure, can be revised down if deemed appropriate (for example, general economic environment or
evolution of the sector). These factors in addition to the information that the client can provide are used to review the ratings even
before the scheduled financial plan reviews are conducted if circumstances so warrant.
Additionally, the Group has established procedures to identify wholesale customers in the internal Watch List category, which is
defined as that risk in which, derived from an individualized credit analysis, an increase in credit risk is observed, either due to
economic or financial difficulties or because they have suffered, or are expected to suffer, adverse situations in their environment,
without meeting the criteria for classification as impaired risk. Under this procedure, all a customer's Watch List exposures are
considered stage 2 regardless of when they originated, if as a result of the analysis the customer is considered to have significantly
increased risk.
Finally, the Group has Workout Committees, both local and corporate, which analyze not only the situation and evolution of significant
clients in Watch List and impaired situations, but also those significant clients in which, although not on Watch List, may present some
stage 2 rated exposure for a quantitative reason (PD comparison from origination). This analysis is carried out in order to decide if,
derived from this situation, all the client's exposures should be considered in the Watch List category, which would imply the
migration of all the client's operations to stage 2 regardless of the date on which they originated.
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With this, the Group undertakes an individualized review of the credit quality of its wholesale counterparties, identifying the situations
in which a change in the risk profile of these clients may have occurred and proceeding, where appropriate, to estimate individualized
credit losses. Along with this review, the Group individually estimates the expected losses of those clients whose total exposure
exceeds certain thresholds, including those that part of their operations may be classified in stage 1 and part in stage 2. In setting
thresholds, each geographical area determines the minimum amount of a client's exposure whose expected losses must be estimated
individually taking into account the following:
– For clients with exposures in stage 3. The analysis of clients with total risk above this threshold implies analyzing at least
40% of the total risk of the wholesale portfolio in stage 3. Although the calibration of the threshold is done on the wholesale
portfolio, clients of other portfolios must be analyzed if they exceed the threshold, staying in stage 3.
– For all other situations. The analysis of clients with total risk above this threshold implies analyzing at least 20% of the total
risk of the Watch List wholesale portfolio. Although the threshold calibration is carried out on the exposure classified as
Watch List, wholesale clients or clients belonging to other portfolios that have exposures classified in stage 2 and whose
total exposure exceeds the mentioned threshold must be analyzed individually, considering both the exposures classified in
stage 1 as in stage 2.
Regarding the methodology for the individual estimation of expected losses, it should be mentioned, firstly, that these are measured
as the difference between the asset’s carrying amount and the estimated future cash flows discounted at the financial asset’s
effective interest rate.
The estimated recoverable amount should correspond to the amount calculated under the following method:
– the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate; and
– the estimation of the recoverable amount of a collateralized exposure reflects the cash flows that may result from the
settlement of the collateral, as well as prospective information the analyst may implicitly include in the analysis.
The estimated future cash flows depend on the type of approach applied, which can be:
– Going concern scenario: when the entity has updated and reliable information about the solvency and ability of payment of
the holders or guarantors. The operating cash flows of the debtor, or the guarantor, continue and can be used to repay the
financial debt to all creditors. In addition, collateral may be exercised to the extent it does not influence operating cash
flows. The following aspects should be taken into account:
a. Future operating cash flows should be based on the financial statements of the debtor.
b. When the projections made on these financial statements assume a growth rate, a constant or decreasing growth
rate must be used over a maximum growth period of 3 to 5 years, and subsequently constant cash flows.
c. The growth rate should be based on the analysis of the evolution of the debtor's financial statements or on a
sound and applicable business restructuring plan, taking into account the resulting changes in the structure of the
company (for example, due to divestments or the interruption of unprofitable lines of business).
d. (Re)-investments that are needed to preserve cash flows should be considered, as well as any foreseeable future
cash-flow changes (e.g. if a patent or a long-term loan expires).
e. When the recoverability of the exposure relies on the realization of the disposal of some assets by the debtor, the
selling price should reflect the estimated future cash flows that may result from the sale of the assets less the
estimated costs associated with the disposal.
– Gone concern scenario: when the entity does not have updated and reliable information, it should consider that the
estimation of loan receivable flows is highly uncertain. Estimation should be carried out through the estimation of
recoverable amounts from the effective real guarantees received. It will not be admissible as effective guarantees, those
whose effectiveness depends substantially on the creditworthiness of the debtor or economic group in which it takes part.
Under a gone concern scenario, the collateral is exercised and the operating cash flows of the debtor cease. This could be
the case if:
a. The exposure has been past due for a long period. There is a rebuttable presumption that the allowance should be
estimated under a gone concern criterion when arrears are greater than 18 months.
b. Future operating cash flows of the debtor are estimated to be low or negative.
c. Exposure is significantly collateralized, and this collateral is central to cash-flow generation.
d. There is a significant degree of uncertainty surrounding the estimation of the future cash flows. This would be the
case if the earnings before interest, taxes, depreciation and amortization (EBITDA) of the two previous years had
been negative, or if the business plans of the previous years had been flawed (due to material discrepancies in the
backtesting).
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e. Insufficient information is available to perform a going concern analysis.
Significant increase in credit risk
As indicated in Note 2.2, the criteria for identifying the significant increase in risk are applied consistently throughout the Group,
distinguishing between quantitative reasons or by comparison of probabilities of default and qualitative reasons (more than 30 days
of default, watch list consideration or non-impaired refinancing).
To manage credit risk, the Group uses all relevant information that is available and that may affect the credit quality of the exposures.
This information may come mainly from the internal processes of admission, analysis and monitoring of operations, from the strategy
defined by the Group regarding the price of operations or distribution by geographical areas, products or sectors of activity, from the
observance of the macroeconomic environment, from market data such as interest rate curves, or prices of the different financial
instruments, or from external sources of credit rating.
This set of information is the basis for determining the rating and scoring (see Note 7.2.4 for more information on rating and scoring
systems) corresponding to each of the exposures and which are assigned a probability of default (PD) that, as already mentioned, is
subject to an annual review process that assesses its representativeness (backtesting) and is updated with new observations.
Furthermore, the projection of these PDs over time has been modeled based on macroeconomic expectations, which allows obtaining
the probabilities of default throughout the life of the operations.
Based on this common methodology, and in accordance with the provisions of IFRS 9 and the EBA guidelines on credit risk
management practices, each geographical area has established absolute and relative thresholds for identifying whether the expected
changes in the probabilities of default have increased significantly compared to the initial moment, adapted to the particularities of
each one of them in terms of origination levels, product characteristics, distribution by sectors or portfolios, and macroeconomic
situation. To establish the aforementioned thresholds, a series of general principles are considered, such as:
– Uniformity: Based on the rating and scoring systems that, in a homogeneous manner, are implemented in the Group's units.
– Stability: The thresholds must be established to identify the significant increase in risk produced in exposures since their
initial recognition and not only to identify those situations in which it is already foreseeable that they will reach the level of
impairment. For this reason, it is to be expected that of the total exposures there will always be a representative group for
which said increased risk is identified.
– Anticipation: The thresholds must consider the identification of the increased risk in advance with respect to the recognition
of the exposures as impaired or even before a real default occurs. The calibration of the thresholds should minimize the
cases in which the instruments are classified in stage 3 without having previously been recognized as stage 2.
– Indicators or metrics: It is expected that the classification of the exposures in stage 2 will have sufficient permanence to be
able to develop an anticipatory management plan with respect to them before, where applicable, they end up migrating to
stage 3.
– Symmetry: IFRS 9 provides for a symmetric treatment both to identify the significant increase in risk and to identify that it
has disappeared, so the thresholds also work to improve the credit classification of exposures. In this sense, it is expected
that the cases in which the exhibitions that improve from stage 3 are directly classified into stage 1 will be minimal.
– The identification of the significant increase in risk from the comparison of the probabilities of default should be the main
reason why exposures in stage 2 are recognized.
Specifically, a contract will be transferred to stage 2 when the following two conditions are met by comparing the current PD values
and the origination PD values:
(Current PD) / (Origination PD) - 1*100 >Relative Threshold (%) and
Current PD – Origination PD > Absolute threshold (bps)
These absolute and relative thresholds are consistently established for each geographical area and for each portfolio, taking into
account their particularities and based on the principles described. The thresholds set by each geographical area are included within
the annual review process and, generally speaking, are in the range of 130% to 250% for the relative threshold and from 30 to 100
basis points for the absolute threshold. Specifically, in BBVA, S.A.'s wholesale portfolio the relative threshold is from 180% to 200%
and the absolute threshold ranges from 30 to 100 basis points; in the retail portfolio the relative threshold is 200% while the absolute
threshold ranges between 50 and 100 basis points. For BBVA Mexico, the relative threshold for the wholesale portfolio is between
180% and 200% and the absolute threshold is between 30 basis points and 80 basis points. F or the majority of the retail portfolio, the
relative threshold is in the range of 170% and 250% and the absolute threshold between 10 and 100 basis points.
The establishment of absolute and relative thresholds, as well as their different levels, comply with the provisions of IFRS 9 when it
indicates that a certain change, in absolute terms, in the risk of a default will be more significant for a financial instrument with a lower
initial risk of default compared to a financial instrument with higher initial risk of default.
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For existing contracts before the implementation of IFRS 9, given the limitations in the information available on them, the thresholds
are calibrated based on the PDs obtained from the prudential or economic models for calculating capital.
Risk Parameters Adjusted by Macroeconomic Scenarios
Expected Credit Loss (ECL) must include forward looking information, in accordance with IFRS 9, which states that the
comprehensive credit risk information must incorporate not only historical information but also all relevant credit information, also
including forward-looking macroeconomic information. BBVA uses the typical credit risk parameters PD, LGD and EAD in order to
calculate the ECL for the credit portfolios.
BBVA methodol ogical approach in order to incorporate the forward looking information aims to determine the relation between
macroeconomic variables and risk parameters following three main steps:
– Step 1: Analysis and transformation of time series data.
– Step 2: For each dependent variable find conditional forecasting models that are economically consistent.
– Step 3: Select the best conditional forecasting model from the set of candidates defined in Step 2, based on their
forecasting capacity.
How economic scenarios are reflected in the calculation of ECL
The forward looking component is added to the calculation of the ECL through the introduction of macroeconomic scenarios as an
input. Inputs highly depend on the particular combination of region and portfolio, so inputs are adapted to available data regarding
each of them.
Based on economic theory and analysis, the main indicators most directly relevant for explaining and forecasting the selected risk
parameters (PD, LGD and EAD) are:
– The net income of families, corporates or public administrations.
– The outstanding payment amounts on the principal and interest on the financial instruments.
– The value of the collateral assets pledged to the loan.
BBVA Group approximates these variables by using a proxy indicator from the set included in the macroeconomic scenarios provided
by BBVA Research.
Only a single specific indicator for each of the three categories can be used and only one of the following core macroeconomic
indicators should be chosen as first option:
– The real GDP growth for the purpose of conditional forecasting can be seen as the only “factor” required for capturing the
influence of all potentially relevant macro-financial scenarios on internal PDs and LGD.
– The most representative short term interest rate (typically the policy rate or the most liquid sovereign yield or interbank
rate) or exchange rates expressed in real terms.
– A comprehensive and representative index of the price of real estate properties expressed in real terms in the case of
mortgage loans and a representative and real term index of the price of the relevant commodity for corporate loan
portfolios concentrated in exporters or producers of such commodity.
Real GDP growth is given priority over any other indicator not only because it is the most comprehensive indicator of income and
economic activity but also because it is the central variable in the generation of macroeconomic scenarios.
Multiple scenario approach
IFRS 9 requires calculating an unbiased probability weighted measurement of ECL by evaluating a range of possible outcomes,
including forecasts of future economic conditions.
BBVA Research produces forecasts of the macroeconomic variables under the baseline scenario, which are used in the rest of the
related processes of the Group, such as budgeting, ICAAP (Internal Capital Adequacy Assessment Process) and Risk Appetite
Framework, stress testing, etc.
Additionally, BBVA Research produces alternative scenarios to the baseline scenario so as to meet the requirements under the IFRS 9
standard.
Alternative macroeconomic scenarios
– For each of the macro-financial variables, BBVA Research produces three scenarios.
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– BBVA Research tracks, analyzes and forecasts the economic environment to provide a consistent forward looking
assessment about the most likely scenario and risks that impact BBVA’s footprint. To build economic scenarios, BBVA
Research combines official data, econometric techniques and expert judgment.
– Each of these scenarios corresponds to the expected value of a different area of the probabilistic distribution of the possible
projections of the economic variables.
– The non-linearity overlay is defined as the ratio between the probability-weighted ECL under the alternative scenarios and
the baseline scenario, where the scenario’s probability depends on the distance of the alternative scenarios from the base
one.
– BBVA Group establishes equally weighted scenarios, being the probability 34% for the baseline scenario, 33% for the
unfavorable alternative scenario and 33% for the favorable alternative scenario.
The approach in the BBVA Group consists on using the scenario that is the most likely scenario, which is the baseline scenario,
consistent with the rest of internal processes (ICAAP, Budgeting, etc.) and then applying an overlay adjustment that is calculated by
taking into account the weighted average of the ECL determined by each of the scenarios. This effect is calculated taking into account
the average weight of the expected loss determined for each scenario.
It is important to note that in general, it is expected that the effect of the overlay is to increase the ECL. It is possible to obtain an
overlay that does not have that effect, whenever the relationship between macro scenarios and losses is linear.
On the other hand, the BBVA Group also takes into account the range of possible scenarios when defining its significant increase in
credit risk. Thus, the PDs used in the quantitative process to identify the significant increase in credit risk will be those that result from
making a weighted average of the PDs calculated under the three scenarios.
Macroeconomic scenarios
The forward-looking information incorporated in the calculation of expected losses is in line with the macroeconomic perspectives
published by BBVA Research, which are quarterly updated.
BBVA Research forecasts a maximum of five years for the macroeconomic variables. The following forecasts (positive base and
negative scenarios) of the GDP growth, unemployment rate and House Price Index (HPI), for the most relevant countries where they
represent a significant factor, provided by BBVA Research, were used for the calculation of the ECL as of December 31, 2024:

Positive scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2024 | 3.13 % | 10.97 % | 3.01 % | 1.25 % | 2.75 % | 4.57 % | 3.25 % | 8.79 %
2025 | 3.48 % | 8.78 % | 5.55 % | 2.48 % | 3.04 % | 4.85 % | 5.97 % | 9.89 %
2026 | 5.02 % | 8.17 % | 6.98 % | 3.87 % | 3.03 % | 4.38 % | 8.35 % | 9.27 %
2027 | 6.65 % | 7.64 % | 7.96 % | 3.54 % | 2.89 % | 4.82 % | 6.76 % | 8.80 %
2028 | 7.05 % | 7.21 % | 7.69 % | 3.58 % | 2.77 % | 5.12 % | 5.88 % | 8.81 %
2029 | 6.70 % | 6.96 % | 6.81 % | 3.52 % | 2.73 % | 5.46 % | 5.51 % | 8.96 %

| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2024 | 3.12 % | 6.59 % | (3.66) % | 10.37 % | 2.16 % | 10.20 %
2025 | 3.45 % | 6.55 % | 7.37 % | 8.67 % | 4.09 % | 10.07 %
2026 | 4.15 % | 6.44 % | 8.83 % | 7.13 % | 4.68 % | 9.72 %
2027 | 4.12 % | 6.31 % | 8.54 % | 5.92 % | 4.23 % | 9.11 %
2028 | 3.70 % | 6.20 % | 8.60 % | 5.05 % | 4.21 % | 8.55 %
2029 | 3.57 % | 6.12 % | 8.44 % | 4.50 % | 4.22 % | 7.95 %

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Base scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2024 | 3.09 % | 11.43 % | 2.99 % | 1.24 % | 2.75 % | 4.57 % | 3.18 % | 8.80 %
2025 | 2.29 % | 10.75 % | 4.32 % | 0.99 % | 3.13 % | 4.85 % | 2.48 % | 10.46 %
2026 | 1.69 % | 10.35 % | 2.99 % | 1.64 % | 3.25 % | 4.21 % | 4.52 % | 10.73 %
2027 | 1.86 % | 9.95 % | 2.24 % | 1.70 % | 3.17 % | 4.23 % | 4.18 % | 10.58 %
2028 | 1.80 % | 9.55 % | 1.61 % | 1.87 % | 3.08 % | 4.36 % | 4.11 % | 10.52 %
2029 | 1.80 % | 9.25 % | 1.41 % | 1.87 % | 3.04 % | 4.55 % | 4.01 % | 10.51 %

| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2024 | 3.10 % | 6.59 % | (3.76) % | 10.38 % | 1.96 % | 10.20 %
2025 | 2.67 % | 6.59 % | 5.48 % | 8.80 % | 2.49 % | 10.34 %
2026 | 2.70 % | 6.57 % | 4.47 % | 7.55 % | 3.19 % | 10.26 %
2027 | 2.75 % | 6.52 % | 3.48 % | 6.58 % | 2.92 % | 9.81 %
2028 | 2.45 % | 6.47 % | 3.54 % | 5.85 % | 2.96 % | 9.36 %
2029 | 2.41 % | 6.42 % | 3.48 % | 5.35 % | 2.99 % | 8.86 %

Negative scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2024 | 3.05 % | 11.88 % | 2.97 % | 1.20 % | 2.75 % | 4.56 % | 3.13 % | 8.80 %
2025 | 1.18 % | 12.71 % | 3.15 % | (0.16) % | 3.20 % | 4.86 % | 0.41 % | 10.79 %
2026 | (1.30) % | 12.50 % | (0.53) % | (0.20) % | 3.43 % | 4.07 % | 1.59 % | 11.71 %
2027 | (2.50) % | 12.24 % | (2.81) % | 0.14 % | 3.41 % | 3.76 % | 2.37 % | 11.83 %
2028 | (3.11) % | 11.88 % | (3.87) % | 0.40 % | 3.34 % | 3.72 % | 3.21 % | 11.67 %
2029 | (2.86) % | 11.53 % | (3.55) % | 0.42 % | 3.32 % | 3.79 % | 3.18 % | 11.47 %

| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2024 | 2.92 % | 6.60 % | (3.93) % | 10.38 % | 1.77 % | 10.21 %
2025 | 0.56 % | 6.73 % | 2.46 % | 9.02 % | 0.30 % | 10.68 %
2026 | 0.43 % | 6.85 % | (0.60) % | 8.10 % | 0.93 % | 11.04 %
2027 | 0.63 % | 6.90 % | (1.79) % | 7.35 % | 1.16 % | 10.81 %
2028 | 0.46 % | 6.93 % | (1.53) % | 6.73 % | 1.36 % | 10.49 %
2029 | 0.51 % | 6.95 % | (1.41) % | 6.25 % | 1.44 % | 10.09 %

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The estimate for the next five years of the following rates, used in the measurement of the expected loss as of December 31, 2023,
consistent with the latest estimates made public at that date, was:

Positive scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2023 | 2.52 % | 11.84 % | (1.61) % | 3.62 % | 2.80 % | 5.44 % | 5.54 % | 9.31 %
2024 | 2.12 % | 10.32 % | 0.89 % | 3.79 % | 3.11 % | 4.98 % | 7.11 % | 8.82 %
2025 | 2.70 % | 9.58 % | 2.96 % | 2.68 % | 3.07 % | 4.41 % | 4.33 % | 9.86 %
2026 | 2.55 % | 8.81 % | 2.11 % | 2.67 % | 3.04 % | 4.14 % | 3.92 % | 10.68 %
2027 | 2.34 % | 8.22 % | 2.14 % | 2.76 % | 2.99 % | 4.20 % | 3.58 % | 10.95 %
2028 | 2.13 % | 7.67 % | 1.88 % | 2.85 % | 2.87 % | 5.09 % | 3.58 % | 11.01 %

| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2023 | 0.33 % | 6.85 % | (1.82) % | 8.05 % | 1.59 % | 10.06 %
2024 | 4.57 % | 6.63 % | 0.42 % | 9.46 % | 2.80 % | 10.99 %
2025 | 4.22 % | 6.54 % | 6.93 % | 9.23 % | 2.59 % | 11.27 %
2026 | 2.88 % | 6.35 % | 3.13 % | 8.34 % | 3.03 % | 11.03 %
2027 | 2.72 % | 6.32 % | 2.11 % | 7.23 % | 3.24 % | 10.35 %
2028 | 2.51 % | 6.28 % | 2.13 % | 6.11 % | 3.42 % | 9.90 %

Base scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2023 | 2.36 % | 12.13 % | (1.93) % | 3.40 % | 2.82 % | 5.47 % | 4.46 % | 9.63 %
2024 | 1.48 % | 11.80 % | (0.92) % | 2.91 % | 3.27 % | 4.90 % | 3.50 % | 10.28 %
2025 | 2.47 % | 11.20 % | 1.94 % | 2.41 % | 3.25 % | 4.24 % | 3.54 % | 10.85 %
2026 | 2.53 % | 10.40 % | 1.74 % | 2.60 % | 3.18 % | 4.14 % | 3.79 % | 11.05 %
2027 | 2.34 % | 9.63 % | 1.69 % | 2.74 % | 3.11 % | 4.18 % | 3.46 % | 11.15 %
2028 | 2.13 % | 8.98 % | 1.43 % | 2.83 % | 2.99 % | 5.07 % | 3.46 % | 11.20 %

| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2023 | (0.36) % | 6.88 % | (3.01) % | 8.28 % | 1.24 % | 10.11 %
2024 | 1.99 % | 6.82 % | (4.04) % | 10.48 % | 1.47 % | 11.25 %
2025 | 3.48 % | 6.77 % | 5.95 % | 10.15 % | 2.33 % | 11.56 %
2026 | 2.88 % | 6.55 % | 3.03 % | 8.95 % | 3.03 % | 11.32 %
2027 | 2.72 % | 6.50 % | 1.98 % | 7.70 % | 3.24 % | 10.60 %
2028 | 2.51 % | 6.46 % | 2.00 % | 6.60 % | 3.42 % | 10.09 %

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Negative scenario of GDP, unemployment rate and HPI for the main geographical areas
| Spain | Mexico | Turkey
Date | GDP | Unemployment | HPI | GDP | Unemployment | HPI | GDP | Unemployment
2023 | 2.21 % | 12.40 % | (2.28) % | 3.20 % | 2.85 % | 5.49 % | 3.37 % | 9.94 %
2024 | 0.86 % | 13.23 % | (2.54) % | 2.04 % | 3.45 % | 4.73 % | (0.33) % | 11.73 %
2025 | 2.25 % | 12.77 % | 1.00 % | 2.13 % | 3.43 % | 4.03 % | 2.58 % | 11.92 %
2026 | 2.48 % | 11.98 % | 1.22 % | 2.53 % | 3.33 % | 4.00 % | 3.71 % | 11.43 %
2027 | 2.30 % | 11.34 % | 0.93 % | 2.70 % | 3.25 % | 4.18 % | 3.39 % | 11.32 %
2028 | 2.09 % | 10.57 % | 0.67 % | 2.79 % | 3.13 % | 5.07 % | 3.39 % | 11.36 %

| Peru | Argentina | Colombia
Date | GDP | Unemployment | GDP | Unemployment | GDP | Unemployment
2023 | (1.04) % | 6.91 % | (4.16) % | 8.49 % | 0.87 % | 10.15 %
2024 | (0.60) % | 7.03 % | (8.75) % | 11.46 % | 0.15 % | 11.51 %
2025 | 2.73 % | 7.02 % | 4.77 % | 11.04 % | 2.03 % | 11.84 %
2026 | 2.88 % | 6.77 % | 2.92 % | 9.54 % | 3.03 % | 11.59 %
2027 | 2.72 % | 6.71 % | 1.82 % | 8.17 % | 3.24 % | 10.90 %
2028 | 2.51 % | 6.66 % | 1.85 % | 7.08 % | 3.42 % | 10.29 %

Sensitivity to macroeconomic scenarios
A sensitivity exercise has been carried out on the expected losses due to variations in the key hypotheses as they are the ones that
introduce the greatest uncertainty in estimating such losses. As a first step, GDP and the House Price Index have been identified as
the most relevant variables. These variables have been subjected to shocks of +/- 100 bps in their entire window with impact of the
macro models. Independent sensitivities have been assessed, under the assumption of assigning a 100% probability to each
determined scenario with these independent shocks.
Variation in expected loss is determined both by re-staging (that is: in worse scenarios due to the recognition of lifetime credit losses
for additional operations that are transferred to stage 2 from stage 1 where 12 months of losses are valued: or vice versa in
improvement scenarios) as well as variations in the collective risk parameters (PD and LGD) of each financial instrument due to the
changes defined in the macroeconomic forecasts of the scena rio. The variation in the expected loss for the Group and the main
portfolios and geographical areas is shown below:

Expected loss variation as of December 31, 2024
| BBVA Group | Spain | Mexico |  | Turkey |
GDP | Total Portfolio | Retail | Companies | Debt securities | Total Portfolio | Companies | Retail | Total Portfolio | Companies | Retail | Total Portfolio | Companies | Retail
- 100 bps | 153 | 135 | 17 | 1 | 28 | 8 | 20 | 74 | 2 | 72 | 32 | 5 | 27
+100 bps | (170) | (145) | (20) | (1) | (26) | (8) | (18) | (92) | (3) | (89) | (33) | (9) | (21)
Housing price |  |  |  |  |  |  |  |  |  |  |  |  |
- 100 bps |  |  |  |  |  |  | 28 |  |  |  |  |  |
+100 bps |  |  |  |  |  |  | (27) |  |  |  |  |  |

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Expected loss variation as of December 31, 2023
| BBVA Group | Spain | Mexico | Turkey
GDP | Total Portfolio | Retail | Companies | Debt securities | Total Portfolio | Companies | Retail | Total Portfolio | Companies | Retail | Total Portfolio | Companies | Retail
- 100 bps | 222 | 188 | 28 | 2 | 61 | 14 | 47 | 94 | 2 | 92 | 22 | 9 | 11
+100 bps | (191) | (165) | (23) | (2) | (58) | (13) | (45) | (89) | (2) | (87) | (21) | (9) | (11)
Housing price |  |  |  |  |  |  |  |  |  |  |  |  |
- 100 bps |  |  |  |  |  |  | 32 |  |  |  |  |  |
+100 bps |  |  |  |  |  |  | (32) |  |  |  |  |  |

Add itional adjustments to expected loss measurement
The Group periodically reviews its individual estimates and its models for the collective estimate of expected losses as well as the
effect of macroeconomic scenarios on them. In addition, the Group may supplement such expected losses to account for the effects
that may not be included, either by considering additional risk factors, or by the incorporation of sectorial particularities or
particularities that may affect a set of operations or borrowers, following a formal internal approval process established for this
purpose, including the relevant Global Risk Management Committee (among the GRMC committees).
As of December 31, 2023, €227 million were recorded as adjustments in Spain due to the review of the Loss Given Default (LGD) of
certain specific operations considered unlikely to pay mainly related to the mortgage portfolio, and €25 million in adjustments were
recorded at a contract level in Turkey, due to the reclassification to Stage 2 of the credit exposure recorded in the five cities most
affected by the February 2023 earthquake.
As of December 31, 2024, adjustments totaled €33 million at a Group level, and were the result of (i) new adjustments recorded in
Spain as result of the damage caused by the torrential rains and floods - Isolated Depression at High Levels (DANA) - in different
Spanish municipalities between October 28 and November 4, 2024; (ii) the elimination of the adjustments related to Spain referred to
in the preceding paragraph, given that the criteria for making such adjustments was incorporated as part of the Group´s models for
estimating expected loss, following the annual exercise of parameter recalibration for estimating expected loss; and (iii) the
elimination of the adjustments related to Turkey referred to in the preceding paragraph due to the evolution of payment behavior of
borrowers in the affected area.
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7.2.2 Credit risk exposure
BBVA Group’s credit risk exposure by headings in the consolidated balance sheets as of December 31, 2024, 2023 and 2022 is
provided below. It does not consider the loss allowances and the availability of collateral or other credit enhancements to ensure
compliance with payment obligations. The details are broken down by category of financial instruments:

Maximum credit risk exposure (Millions of Euros)
| Notes | December 2024 | Stage 1 | Stage 2 | Stage 3
Financial assets held for trading |  | 72,945 |  |  |
Equity instruments | 10 | 6,760 |  |  |
Debt securities | 10 | 27,955 |  |  |
Loans and advances | 10 | 38,230 |  |  |
Non-trading financial assets mandatorily at fair value through profit or loss |  | 10,546 |  |  |
Equity instruments | 11 | 9,782 |  |  |
Debt securities | 11 | 407 |  |  |
Loans and advances | 11 | 358 |  |  |
Financial assets designated at fair value through profit or loss | 12 | 836 |  |  |
Derivatives (trading and hedging) |  | 53,229 |  |  |
Financial assets at fair value through other comprehensive income |  | 59,115 |  |  |
Equity instruments | 13 | 1,451 |  |  |
Debt securities |  | 57,639 | 55,315 | 2,309 | 16
Loans and advances to credit institutions | 13 | 25 | 25 | — | —
Financial assets at amortized cost |  | 514,086 | 467,910 | 31,930 | 14,246
Debt securities |  | 59,070 | 58,887 | 149 | 34
Loans and advances to central banks |  | 8,261 | 8,261 | — | —
Loans and advances to credit institutions |  | 22,668 | 22,658 | 8 | 2
Loans and advances to customers |  | 424,087 | 378,104 | 31,772 | 14,211
Total financial assets risk |  | 710,757 |  |  |
Total loan commitments and financial guarantees |  | 262,233 | 253,291 | 8,150 | 791
Loan commitments given | 33 | 188,515 | 182,830 | 5,524 | 160
Financial guarantees given | 33 | 22,503 | 21,513 | 798 | 192
Other commitments given | 33 | 51,215 | 48,948 | 1,828 | 439
Total maximum credit exposure |  | 972,990 |  |  |

Maximum credit risk exposure (Millions of Euros)
| Notes | December 2023 | Stage 1 | Stage 2 | Stage 3
Financial assets held for trading |  | 106,749 |  |  |
Equity instruments | 10 | 4,589 |  |  |
Debt securities | 10 | 28,569 |  |  |
Loans and advances | 10 | 73,590 |  |  |
Non-trading financial assets mandatorily at fair value through profit or loss |  | 8,737 |  |  |
Equity instruments | 11 | 7,963 |  |  |
Debt securities | 11 | 484 |  |  |
Loans and advances | 11 | 290 |  |  |
Financial assets designated at fair value through profit or loss | 12 | 955 |  |  |
Derivatives (trading and hedging) |  | 48,747 |  |  |
Financial assets at fair value through other comprehensive income |  | 62,289 |  |  |
Equity instruments | 13 | 1,217 |  |  |
Debt securities |  | 61,047 | 60,255 | 771 | 21
Loans and advances to credit institutions | 13 | 26 | 26 | — | —
Financial assets at amortized cost |  | 463,130 | 410,590 | 38,061 | 14,478
Debt securities |  | 49,544 | 49,403 | 108 | 32
Loans and advances to central banks |  | 7,176 | 7,176 | — | —
Loans and advances to credit institutions |  | 17,498 | 17,478 | 18 | 2
Loans and advances to customers |  | 388,912 | 336,533 | 37,935 | 14,444
Total financial assets risk |  | 690,606 |  |  |
Total loan commitments and financial guarantees |  | 214,283 | 204,842 | 8,411 | 1,030
Loan commitments given | 33 | 152,868 | 147,376 | 5,326 | 165
Financial guarantees given | 33 | 18,839 | 17,612 | 998 | 229
Other commitments given | 33 | 42,577 | 39,854 | 2,087 | 636
Total maximum credit exposure |  | 904,889 |  |  |

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 67

Maximum credit risk exposure (Millions of Euros)
| Notes | December 2022 | Stage 1 | Stage 2 | Stage 3
Financial assets held for trading |  | 70,763 |  |  |
Equity instruments | 10 | 4,404 |  |  |
Debt securities | 10 | 24,367 |  |  |
Loans and advances | 10 | 41,993 |  |  |
Non-trading financial assets mandatorily at fair value through profit or loss |  | 6,888 |  |  |
Equity instruments | 11 | 6,511 |  |  |
Debt securities | 11 | 129 |  |  |
Loans and advances | 11 | 247 |  |  |
Financial assets designated at fair value through profit or loss | 12 | 913 |  |  |
Derivatives (trading and hedging) |  | 53,101 |  |  |
Financial assets at fair value through other comprehensive income |  | 65,497 |  |  |
Equity instruments | 13 | 1,198 |  |  |
Debt securities |  | 64,273 | 63,425 | 822 | 26
Loans and advances to credit institutions | 13 | 26 | 26 | — | —
Financial assets at amortized cost |  | 425,803 | 378,407 | 33,873 | 13,523
Debt securities |  | 36,730 | 36,463 | 237 | 30
Loans and advances to central banks |  | 4,420 | 4,420 | — | —
Loans and advances to credit institutions |  | 16,066 | 15,997 | 69 | —
Loans and advances to customers |  | 368,588 | 321,528 | 33,568 | 13,493
Total financial assets risk |  | 622,965 |  |  |
Total loan commitments and financial guarantees |  | 192,568 | 181,427 | 9,993 | 1,147
Loan commitments given | 33 | 136,920 | 130,459 | 6,283 | 177
Financial guarantees given | 33 | 16,511 | 15,214 | 1,015 | 281
Other commitments given | 33 | 39,137 | 35,753 | 2,695 | 689
Total maximum credit exposure |  | 815,533 |  |  |

The maximum credit exposure presented in the table above is determined by type of financial asset as explained below:
– In the case of financial instruments recognized in the consolidated balance sheets, exposure to credit risk is considered
equal to its carrying amount (not including loss allowances) with the only exception of trading and hedging derivatives.
– The maximum credit risk exposure on financial commitments and guarantees granted is the maximum that the Group
would be liable for if these guarantees were called in, or the higher amount pending to be disposed from the customer in the
case of commitments.
– The calculation of risk exposure for derivatives is based on the sum of two factors: the derivatives fair value and their
potential risk (or "add- on").
As of December 31, 2024, there are no financial assets classified as purchased or originated credit impaired in the consolidated
balance sheets of the BBVA Group.
The breakdown by geographical area and stage of the maximum credit risk exposure, the accumulated allowances recorded and the
carrying amount of the loans and advances to customers as of December 31, 2024, 2023 and 2022 is shown below:

December 2024 (Millions of Euros)
| Gross exposure | Accumulated allowances | Carrying amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Spain (1) | 232,185 | 208,969 | 15,637 | 7,579 | (4,684) | (543) | (631) | (3,510) | 227,501 | 208,426 | 15,006 | 4,069
Mexico | 91,717 | 83,053 | 6,147 | 2,517 | (3,055) | (1,210) | (542) | (1,303) | 88,662 | 81,843 | 5,605 | 1,214
Turkey (2) | 50,083 | 42,708 | 5,534 | 1,841 | (1,784) | (243) | (390) | (1,151) | 48,299 | 42,465 | 5,144 | 690
South America (3) | 48,897 | 42,204 | 4,431 | 2,262 | (2,079) | (393) | (283) | (1,403) | 46,818 | 41,811 | 4,148 | 860
Others | 1,205 | 1,170 | 23 | 12 | (9) | — | (1) | (7) | 1,197 | 1,170 | 22 | 4
Total (4) | 424,087 | 378,104 | 31,772 | 14,211 | (11,611) | (2,389) | (1,847) | (7,374) | 412,477 | 375,715 | 29,925 | 6,837
Of which: individual |  |  |  |  | (1,532) | (13) | (321) | (1,197) |  |  |  |
Of which: collective |  |  |  |  | (10,079) | (2,376) | (1,526) | (6,177) |  |  |  |

(1) Spain includes all countries where BBVA, S.A. operates.
(2) Turkey includes all countries in which Garanti BBVA operates.
(3) In South America, BBVA Group operates mainly in Argentina, Colombia, Peru and Uruguay.
(4) The amount of the accumulated allowances includes the provisions recorded for credit risk over the remaining expected lifetime of purchased financial instruments. Those
provisions were determined at the moment of the Purchase Price Allocation and were originated mainly in the acquisition of Catalunya Banc S.A. (as of December 31, 2024, the
remaining balance was €107 million). These valuation adjustments are recognized in the consolidated income statement during the residual life of the relevant instruments or
value corrections are made when the losses materialize.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 68

December 2023 (Millions of Euros)
|  | Gross exposure |  | Accumulated allowances |  | Carrying amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Spain (1) | 214,522 | 183,503 | 22,953 | 8,066 | (4,593) | (503) | (714) | (3,375) | 209,929 | 183,000 | 22,239 | 4,690
Mexico | 91,086 | 81,619 | 6,995 | 2,472 | (3,049) | (1,097) | (620) | (1,332) | 88,037 | 80,522 | 6,375 | 1,140
Turkey (2) | 39,058 | 34,105 | 3,234 | 1,719 | (1,641) | (167) | (314) | (1,160) | 37,416 | 33,938 | 2,920 | 559
South America (3) | 43,151 | 36,237 | 4,738 | 2,176 | (1,976) | (319) | (377) | (1,280) | 41,175 | 35,918 | 4,362 | 896
Others | 1,094 | 1,069 | 15 | 11 | (10) | — | (1) | (8) | 1,085 | 1,068 | 14 | 2
Total (4) | 388,912 | 336,533 | 37,935 | 14,444 | (11,269) | (2,087) | (2,026) | (7,156) | 377,643 | 334,446 | 35,909 | 7,287
Of which: individual |  |  |  |  | (1,665) | (15) | (471) | (1,179) |  |  |  |
Of which: collective |  |  |  |  | (9,604) | (2,072) | (1,555) | (5,977) |  |  |  |

(1) Spain includes all countries where BBVA, S.A. operates.
(2) Turkey includes all countries in which Garanti BBVA operates.
(3) In South America, BBVA Group operates mainly in Argentina, Colombia, Peru and Uruguay.
(4) The amount of the accumulated allowances includes the provisions recorded for credit risk over the remaining expected lifetime of purchased financial instruments. Those
provisions were determined at the moment of the Purchase Price Allocation and were originated mainly in the acquisition of Catalunya Banc S.A. (as of December 31, 2023 the
remaining balance was € 142 million). These valuation adjustments are recognized in the consolidated income statement during the residual life of the relevant instruments or
value corrections are made when the losses materialize.

December 2022 (Millions of Euros)
| Gross exposure | Accumulated allowances | Carrying amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Spain (1) | 214,066 | 186,977 | 19,621 | 7,468 | (4,860) | (518) | (759) | (3,583) | 209,206 | 186,459 | 18,862 | 3,885
Mexico | 73,729 | 66,448 | 5,342 | 1,939 | (2,496) | (955) | (475) | (1,066) | 71,233 | 65,494 | 4,866 | 873
Turkey (2) | 39,547 | 32,755 | 4,436 | 2,356 | (2,105) | (224) | (358) | (1,523) | 37,443 | 32,531 | 4,078 | 833
South America (3) | 40,199 | 34,312 | 4,166 | 1,721 | (1,768) | (318) | (345) | (1,105) | 38,431 | 33,994 | 3,821 | 615
Others | 1,047 | 1,035 | 3 | 9 | (8) | — | — | (7) | 1,039 | 1,035 | 3 | 2
Total (4) | 368,588 | 321,528 | 33,568 | 13,493 | (11,237) | (2,014) | (1,938) | (7,284) | 357,351 | 319,513 | 31,629 | 6,208
Of which: individual |  |  |  |  | (2,164) | (21) | (604) | (1,539) |  |  |  |
Of which: collective |  |  |  |  | (9,073) | (1,994) | (1,334) | (5,745) |  |  |  |

(1) Spain includes all countries where BBVA, S.A. operates.
(2) Turkey includes all countries in which Garanti BBVA operates.
(3) In South America, BBVA Group operates mainly in Argentina, Colombia, Peru and Uruguay.
(4) The amount of the accumulated allowances includes the provisions recorded for credit risk over the remaining expected lifetime of purchased financial instruments. Those
provisions were determined at the moment of the Purchase Price Allocation and were originated mainly in the acquisition of Catalunya Banc S.A. (as of December 31, 2022 the
remaining balance was €190 million). These valuation adjustments are recognized in the consolidated income statement during the residual life of the operations or are applied to
the value corrections when the losses materialize.
The breakdown by counterparty of the maximum credit risk exposure, the accumulated allowances recorded, as well as the carrying
amount by stages of loans and advances to customers as of December 31, 2024, 2023 and 2022 is shown below:

December 2024 (Millions of Euros)
| Gross exposure | Accumulated allowances | Net amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Public administrations | 22,133 | 21,982 | 125 | 26 | (23) | (8) | (7) | (8) | 22,111 | 21,974 | 118 | 18
Other financial corporations | 17,524 | 17,040 | 471 | 12 | (26) | (13) | (5) | (9) | 17,497 | 17,027 | 467 | 4
Non-financial corporations | 197,521 | 179,727 | 12,780 | 5,014 | (4,134) | (639) | (636) | (2,859) | 193,386 | 179,087 | 12,143 | 2,156
Households | 186,910 | 159,355 | 18,396 | 9,158 | (7,427) | (1,729) | (1,199) | (4,499) | 179,483 | 157,627 | 17,197 | 4,659
Loans and advances to customers | 424,087 | 378,104 | 31,772 | 14,211 | (11,611) | (2,389) | (1,847) | (7,374) | 412,477 | 375,715 | 29,925 | 6,837

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 69

December 2023 (Millions of Euros)
| Gross exposure | Accumulated allowances | Net amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Public administrations | 23,294 | 23,105 | 164 | 25 | (29) | (9) | (12) | (7) | 23,265 | 23,096 | 152 | 18
Other financial corporations | 13,271 | 13,072 | 187 | 12 | (20) | (9) | (4) | (7) | 13,251 | 13,062 | 183 | 6
Non-financial corporations | 175,337 | 154,519 | 15,299 | 5,520 | (4,274) | (517) | (795) | (2,962) | 171,063 | 154,002 | 14,503 | 2,558
Households | 177,009 | 145,837 | 22,286 | 8,886 | (6,946) | (1,552) | (1,214) | (4,180) | 170,063 | 144,285 | 21,071 | 4,706
Loans and advances to customers | 388,912 | 336,533 | 37,935 | 14,444 | (11,269) | (2,087) | (2,026) | (7,156) | 377,643 | 334,446 | 35,909 | 7,287

December 2022 (Millions of Euros)
| Gross exposure | Accumulated allowances | Net amount
| Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3
Public administrations | 20,922 | 20,582 | 302 | 38 | (30) | (8) | (11) | (11) | 20,892 | 20,574 | 291 | 27
Other financial corporations | 12,802 | 12,548 | 238 | 17 | (37) | (15) | (12) | (10) | 12,765 | 12,533 | 226 | 6
Non-financial corporations | 170,929 | 149,501 | 15,087 | 6,340 | (5,495) | (675) | (991) | (3,829) | 165,433 | 148,826 | 14,096 | 2,511
Households | 163,936 | 138,896 | 17,941 | 7,098 | (5,675) | (1,316) | (925) | (3,434) | 158,261 | 137,580 | 17,017 | 3,663
Loans and advances to customers | 368,588 | 321,528 | 33,568 | 13,493 | (11,237) | (2,014) | (1,938) | (7,284) | 357,351 | 319,513 | 31,629 | 6,208

The breakdown by type of counterparty and product, net of loss allowances, and the gross carrying amount by type of counterparty
as of December 31, 2024, 2023 and 2022 is shown below:

December 2024 (Millions of Euros)
| Central banks | General governments | Credit institutions | Other financial corporations | Non-financial corporations | Households | Total | Gross carrying amount
On demand and short notice | — | 8 | — | 59 | 3,140 | 2,099 | 5,307 | 5,521
Credit card debt | — | 1 | — | 3 | 2,268 | 25,449 | 27,721 | 29,669
Commercial debtors |  | 1,077 | 71 | 1,244 | 29,247 | 125 | 31,764 | 32,023
Finance leases | — | 171 | — | 11 | 9,672 | 270 | 10,125 | 10,364
Reverse repurchase loans | — | 219 | 9,157 | 44 | — | — | 9,420 | 9,422
Other term loans | 7,803 | 20,519 | 7,529 | 11,771 | 148,167 | 151,313 | 347,102 | 356,002
Advances that are not loans | 452 | 117 | 5,960 | 4,365 | 1,084 | 353 | 12,330 | 12,397
LOANS AND ADVANCES | 8,255 | 22,111 | 22,719 | 17,497 | 193,579 | 179,610 | 443,769 | 455,399
By secured loans |  |  |  |  |  |  |  |
Of which: mortgage loans collateralized by immovable property |  | 245 | — | 680 | 29,307 | 97,627 | 127,860 | 130,633
Of which: other collateralized loans | — | 6,059 | 9,628 | 530 | 10,996 | 2,648 | 29,861 | 30,129
By purpose of the loan |  |  |  |  |  |  |  |
Of which: credit for consumption |  |  |  |  |  | 67,446 | 67,446 | 72,447
Of which: lending for house purchase |  |  |  |  |  | 98,570 | 98,570 | 100,218
By subordination |  |  |  |  |  |  |  |
Of which: project finance loans |  |  |  |  | 6,669 |  | 6,669 | 6,901

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 70

December 2023 (Millions of Euros) |  |  |  |  |  |  |
| Central banks | General governments | Credit institutions | Other financial corporations | Non-financial corporations | Households | Total | Gross carrying amount
On demand and short notice | — | 6 | — | 73 | 1,933 | 1,028 | 3,040 | 3,175
Credit card debt | — | 1 | — | 2 | 1,927 | 20,959 | 22,890 | 24,454
Commercial debtors |  | 960 | 76 | 586 | 23,462 | 88 | 25,171 | 25,346
Finance leases | — | 225 | — | 12 | 8,940 | 285 | 9,463 | 9,714
Reverse repurchase loans | 1,345 | — | 5,786 | 92 | — | — | 7,223 | 7,234
Other term loans | 4,878 | 21,662 | 5,329 | 9,300 | 134,024 | 147,491 | 322,683 | 331,813
Advances that are not loans | 927 | 412 | 6,312 | 3,186 | 956 | 324 | 12,116 | 12,164
LOANS AND ADVANCES | 7,151 | 23,265 | 17,502 | 13,251 | 171,241 | 170,175 | 402,586 | 413,901
By secured loans |  |  |  |  |  |  |  |
Of which: mortgage loans collateralized by immovable property |  | 271 | — | 526 | 24,829 | 96,772 | 122,397 | 125,328
Of which: other collateralized loans | 1,347 | 6,933 | 4,558 | 465 | 10,938 | 2,430 | 26,671 | 26,963
By purpose of the loan |  |  |  |  |  |  |  |
Of which: credit for consumption |  |  |  |  |  | 59,892 | 59,892 | 64,303
Of which: lending for house purchase |  |  |  |  |  | 97,555 | 97,555 | 99,224
By subordination |  |  |  |  |  |  |  |
Of which: project finance loans |  |  |  |  | 7,181 |  | 7,181 | 7,743

December 2022 (Millions of Euros) |  |  |  |  |  |  |
| Central banks | General governments | Credit institutions | Other financial corporations | Non-financial corporations | Households | Total | Gross carrying amount
On demand and short notice | — | 6 | — | 352 | 2,810 | 933 | 4,101 | 4,266
Credit card debt | — | 1 | — | 3 | 2,029 | 16,865 | 18,898 | 19,985
Commercial debtors |  | 1,021 | 24 | 370 | 24,510 | 85 | 26,011 | 26,254
Finance leases | — | 195 | — | 13 | 8,040 | 322 | 8,571 | 8,857
Reverse repurchase loans | 302 | — | 5,251 | 102 | — | — | 5,655 | 5,674
Other term loans | 3,802 | 19,438 | 4,009 | 7,995 | 126,949 | 139,925 | 302,118 | 311,553
Advances that are not loans | 296 | 232 | 6,772 | 3,930 | 1,256 | 217 | 12,702 | 12,758
LOANS AND ADVANCES | 4,401 | 20,892 | 16,057 | 12,765 | 165,593 | 158,348 | 378,056 | 389,347
By secured loans |  |  |  |  |  |  |  |
Of which: mortgage loans collateralized by immovable property |  | 297 | — | 337 | 23,970 | 95,056 | 119,659 | 122,719
Of which: other collateralized loans | 498 | 5,382 | 5,073 | 548 | 6,635 | 2,209 | 20,345 | 20,675
By purpose of the loan |  |  |  |  |  |  |  |
Of which: credit for consumption |  |  |  |  |  | 51,344 | 51,344 | 54,718
Of which: lending for house purchase |  |  |  |  |  | 95,249 | 95,249 | 96,716
By subordination |  |  |  |  |  |  |  |
Of which: project finance loans |  |  |  |  | 7,942 |  | 7,942 | 8,530

7.2.3 Mitigation of credit risk, collateralized credit risk and other credit enhancements
In certain cases, maximum credit risk exposure is reduced by collateral, credit enhancements and other actions which mitigate the
Group’s exposure. The BBVA Group applies a credit risk hedging and mitigation policy deriving from a banking approach focused on
relationship banking. The existence of guarantees could be a necessary but not sufficient instrument for accepting risks, as the
assumption of risks by the Group requires prior evaluation of the debtor’s capacity for repayment, or that the debtor can generate
sufficient resources to allow the amortization of the risk incurred under the agreed terms.
The policy of accepting risks is therefore organized into three different levels in the BBVA Group:
– analysis of the financial risk of the transaction, based on the debtor’s capacity for repayment or generation of funds;
– the constitution of guarantees that are adequate, or at any rate generally accepted, for the risk assumed, in any of the
generally accepted forms: monetary, secured, personal or hedge guarantees; and
– assessment of the repayment risk (asset liquidity) of the guarantees received.
This is carried out through a prudent risk policy that consists of the analysis of the financial risk, based on the capacity for
reimbursement or generation of resources of the borrower, the analysis of the guarantee, assessing, among others, the efficiency, the
robustness and the risk, the adequacy of the guarantee with the operation and other aspects such as the location, currency,
concentration or the existence of limitations. Additionally, the necessary tasks for the constitution of guarantees must be carried out -
in any of the generally accepted forms (collaterals, personal guarantees and financial hedge instruments) - appropriate to the risk
assumed.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 71

The procedures for the management and valuation of collateral are set out in the corporate general policies (retail and wholesale),
which establish the basic principles for credit risk management, including the management of collaterals assigned in transactions with
customers. The criteria for the systematic, standardized and effective treatment of collateral in credit transaction procedures in
BBVA Group’s wholesale and retail banking are included in the Specific Collateral Rules.
The methods used to value the collateral are in line with the best market practices and imply the use of appraisal of real-estate
collateral, the market price in market securities, the trading price of shares in mutual funds, etc. All the collaterals received must be
correctly assigned and entered in the corresponding register. They must also have the approval of the Group’s legal units.
The valuation of the collateral is taken into account in the calculation of the expected losses. The Group has developed internal
models to estimate the realization value of the collaterals received, the time that elapses until then, the costs for their acquisition,
maintenance and subsequent sale, from real observations based on its own experience. This modeling is part of the LGD estimation
processes that are applied to the different segments, and is included within the annual review and validation procedures.
The following is a description of the main types of collateral for each financial instrument class:
– Debt instruments held for trading: The guarantees or credit enhancements obtained directly from the issuer or
counterparty are implicit in the clauses of the instrument (mainly guarantees of the issuer).
– Derivatives and hedging derivatives: In derivatives, credit risk is minimized through contractual netting agreements, where
positive- and negative-value derivatives with the same counterparty are offset for their net balance. There may likewise be
other kinds of guarantees and collaterals, depending on counterparty solvency and the nature of the transaction (mainly
collaterals).
The summary of the offsetting effect (via netting and collateral) for derivatives and securities operations as of December 31,
2024 is prese nted in Note 7.4.2.
– Other financial assets designated at fair value through profit or loss and financial assets at fair value through other
comprehensive income: The guarantees or credit enhancements obtained directly from the issuer or counterparty are
inherent to the structure of the instrument (mainly personal guarantees).
As of December 31, 2024, 2023 and 2022, the BBVA Group had no significant credit risk exposure of impaired financial
assets at fair value through other comprehensive income (see Note 7.2.2).
– Financial assets at amortized cost:
a. Loans and advances to credit institutions: These usually have the counterparty’s personal guarantee or pledged
securities in the case of repos.
b. Loans and advances to customers: Most of these loans and advances are backed by personal guarantees
extended by the customer. There may also be collateral to secure loans and advances to customers (such as
mortgages, cash collaterals, pledged securities and other collateral), or to obtain other credit enhancements
(bonds or insurances).
c. Debt securities: The guarantees or credit enhancements obtained directly from the issuer or counterparty are
inherent to the structure of the instrument.
– Financial guarantees, other contingent risks and drawable by third parties: these have the counterparty’s personal
guarantee or other types of collaterals.
The disclosure of impaired loans and advances at amortized cost covered by collateral (see Note 7.2.5), shown by type of collateral,
as of December 31, 2024, 2023 and 2022, is the following:

Impaired loans and advances at amortized cost covered by collateral (Millions of Euros)
| Maximum exposure to credit risk | Of which secured by collateral
| Residential properties | Commercial properties | Cash | Others | Financial
December 2024 | 14,213 | 2,889 | 573 | 8 | 91 | 1,153
December 2023 | 14,446 | 3,167 | 771 | 5 | 91 | 1,226
December 2022 | 13,493 | 2,537 | 849 | 3 | 52 | 984

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 72

The value of guarantees received as of December 31, 2024, 2023 and 2022, is the following:

Guarantees received (Millions of Euros) |  |  |
| 2024 | 2023 | 2022
Value of collateral | 144,844 | 136,141 | 125,963
Of which: guarantees normal risks under special monitoring | 11,318 | 14,274 | 12,826
Of which: guarantees non-performing risks | 3,562 | 4,035 | 3,440
Value of other guarantees | 56,589 | 53,462 | 40,050
Of which: guarantees normal risks under special monitoring | 4,273 | 4,864 | 4,963
Of which: guarantees non-performing risks | 1,153 | 1,226 | 984
Total value of guarantees received | 201,433 | 189,602 | 166,013

The maximum credit risk exposure of impaired financial guarantees and other commitments as of December 31, 2024, 2023 and
2022 amounts to €791 milli on, €1,030 million and €1,147 million, respectively (see Note 7.2.2).
7.2.4 Credit quality of financial assets that are neither past due nor impaired
The BBVA Group has tools that enable it to rank the credit quality of its transactions and customers based on an assessment and its
correspondence with the probability of default (“PD”) scales. To analyze the performance of PD, the Group has a series of tracking
tools and historical databases that collect the pertinent internally generated information. These tools can be grouped together into
scoring and rating models.
Scoring
Scoring is a decision-making model that contributes to both the arrangement and management of retail loans: consumer loans,
mortgages, credit cards for individuals, etc. Scoring is the tool used to decide to originate a loan, what amount should be originated
and what strategies can help establish the price, because it is an algorithm that sorts transactions by their credit quality. This
algorithm enables the BBVA Group to assign a score to each transaction requested by a customer, on the basis of a series of objective
characteristics that have statistically been shown to distinguish between the quality and risk of this type of transactions. The
advantage of scoring lies in its simplicity and homogeneity: all that is needed is a series of objective data for each customer, and this
data is analyzed automatically using an algorithm.
There are three types of scoring, based on the information used and on its purpose:
– Reactive scoring: measures the risk of a transaction requested by an individual using variables relating to the requested
transaction and to the customer’s socio-economic data available at the time of the request. The new transaction is
approved or rejected depending on the score.
– Behavioral scoring: scores transactions for a given product in an outstanding risk portfolio of the entity, enabling the credit
rating to be tracked and the customer’s needs to be anticipated. It uses transaction and customer variables available
internally. Specifically, variables that refer to the behavior of both the product and the customer.
– Proactive scoring: gives a score at customer level using variables related to the individual’s general behavior with the entity,
and to his/her payment behavior in all the contracted products. The purpose is to track the customer’s credit quality and it
is used to pre-approve new transactions.
Rating
Rating tools, as opposed to scoring tools, focus on the rating of customers: companies, corporations, SMEs, general governments,
etc. A rating tool is an instrument that, based on a detailed financial study, helps determine a customer’s ability to meet his/her
financial obligations. The final rating is usually a combination of various factors: on one hand, quantitative factors, and on the other
hand, qualitative factors. It is a middle road between an individual analysis and a statistical analysis.
The main difference between ratings and scorings is that the latter are used to assess retail products, while ratings use a wholesale
banking customer approach. Moreover, scorings only include objective variables, while ratings add qualitative information. And
although both are based on statistical studies, adding a business view, rating tools give more weight to the business criterion
compared to scoring tools.
For portfolios where the number of defaults is low (sovereign risk, corporates, financial entities, etc.) the internal information is
supplemented by “benchmarking” of the external rating agencies (Moody’s, Standard & Poor’s and Fitch). To this end, each year the
PDs compiled by the rating agencies at each level of risk rating are compared, and the measurements compiled by the various
agencies are mapped against those of the BBVA master rating scale.
The probability of default of transactions or customers is calibrated with a long-term view, since its purpose is to measure the risk
quality beyond its time of estimation, seeking to capture information representative of the behavior of the portfolios during a
complete economic cycle (a long-term average probability of default). This probability is mapped to the master scale developed by
the BBVA Group in order to facilitate a homogeneous classification of its different risk portfolios.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 73

These different levels and their probability of default were calculated by using as a reference the rating scales and default rates
provided by the external agencies Standard & Poor’s and Moody’s. These calculations establish the levels of probability of default for
the BBVA Group’s Master Rating Scale. Although this scale is common to the entire Group, the calibrations (mapping scores to PD
sections/Master Rating Scale levels) are carried out at tool level for each country in which the Group has tools available.
The table below outlines the distribution of the gross carrying amount of loans and advances to customers, contingent risk and
commitments, in percentage terms, of the BBVA Group, based on their probability of default within 12 months and internal rating
used in the calculation of the expected loss under IFRS 9, and their stages, as of December 31, 2024, 2023 and 2022:

Probability of default (basis points) and internal rating
|  | 2024 | 2023 | 2022
|  | Subject to 12 month ECL (stage 1) | Subject to lifetime ECL (stage 2) | Subject to 12 month ECL (stage 1) | Subject to lifetime ECL (stage 2) | Subject to 12 month ECL (stage 1) | Subject to lifetime ECL (stage 2)
Internal rating | PDs | % | % | % | % | % | %
AAA | 0 to 2 | 3.2 | — | 3.8 | — | 5.5 | 0.1
AA+ to AA- | 2 to 5 | 9.0 | — | 10.7 | 0.2 | 19.4 | 0.3
A+ to A- | 5 to 11 | 17.1 | — | 25.4 | 0.5 | 19.9 | 0.7
BBB+ to BBB- | 11 to 39 | 29.7 | 0.6 | 21.7 | 1.3 | 18.7 | 0.8
BB+ to BB- | 39 to 194 | 23.5 | 1.7 | 20.6 | 2.1 | 18.4 | 1.9
B+ to B- | 194 to 1,061 | 10.2 | 1.6 | 8.7 | 2.2 | 9.0 | 2.5
CCC+ to CCC- | 1,061 to 2,121 | 1.2 | 0.5 | 1.0 | 0.6 | 1.0 | 0.7
CC+ to C | > 2,121 | 0.7 | 0.9 | 0.5 | 0.8 | 0.5 | 0.8
| Total | 94.5 | 5.5 | 92.4 | 7.6 | 92.3 | 7.7

7.2.5 Impaired loan risks
The breakdown of loans and advances within financial assets at amortized cost by type of counterparty, including their respective
gross carrying amount, impaired amount and accumulated impairment as of December 31, 2024, 2023 and 2022 is as follows:

December 2024 (Millions of Euros) |  |  |
| Gross carrying amount | Impaired loans and advances | Accumulated impairment
Central banks | 8,261 | — | (6)
General governments | 22,133 | 26 | (23)
Credit institutions | 22,668 | 2 | (13)
Other financial corporations | 17,524 | 12 | (26)
Non-financial corporations | 197,521 | 5,014 | (4,134)
Households | 186,910 | 9,158 | (7,427)
LOANS AND ADVANCES | 455,016 | 14,213 | (11,630)

December 2023 (Millions of Euros) |  |  |
| Gross carrying amount | Impaired loans and advances | Accumulated impairment
Central banks | 7,176 | — | (25)
General governments | 23,294 | 25 | (29)
Credit institutions | 17,498 | 2 | (21)
Other financial corporations | 13,271 | 12 | (20)
Non-financial corporations | 175,337 | 5,520 | (4,274)
Households | 177,009 | 8,886 | (6,946)
LOANS AND ADVANCES | 413,585 | 14,446 | (11,316)

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 74

December 2022 (Millions of Euros) |  |  |
| Gross carrying amount | Impaired loans and advances | Accumulated impairment
Central banks | 4,420 | — | (19)
General governments | 20,922 | 38 | (30)
Credit institutions | 16,066 | — | (35)
Other financial corporations | 12,802 | 17 | (37)
Non-financial corporations | 170,929 | 6,340 | (5,495)
Households | 163,936 | 7,098 | (5,675)
LOANS AND ADVANCES | 389,073 | 13,493 | (11,291)

The changes during the years 2024, 2023 and 2022 of impaired financial assets and guarantees given are as follows:

Changes in impaired financial assets and guarantees given (Millions of Euros)
| 2024 | 2023 | 2022
Balance at the beginning | 15,362 | 14,521 | 15,467
Additions | 12,255 | 11,066 | 8,084
Decreases (1) | (7,346) | (5,795) | (5,742)
Net additions | 4,909 | 5,272 | 2,342
Amounts written-off | (4,559) | (3,770) | (2,771)
Exchange differences and other | (820) | (660) | (517)
Balance at the end | 14,891 | 15,362 | 14,521

(1) Reflects the total amount of impaired loans derecognized from the consolidated balance sheet throughout the period as a result of monetary recoveries as well as mortgage
foreclosures and real estate assets received in lieu of payment.
The changes during the years 2024, 2023 and 2022 in financial assets derecognized from the con solidate d balance sheet as their
recovery is considered unlikely ("write-offs"), is shown below:

Changes in impaired financial assets written-off from the balance sheet (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Balance at the beginning |  | 24,787 | 22,595 | 21,990
Companies held for sale |  | — | — | —
Increase |  | 3,547 | 3,841 | 2,871
Decrease: |  | (2,801) | (2,035) | (2,431)
Re-financing or restructuring |  | (1) | (1) | (2)
Cash recovery | 47 | (403) | (369) | (390)
Foreclosed assets |  | (1) | (3) | (25)
Sales (1) |  | (1,719) | (1,201) | (1,498)
Debt forgiveness |  | (669) | (410) | (368)
Time-barred debt and other causes |  | (8) | (51) | (147)
Net exchange differences |  | (189) | 385 | 165
Balance at the end |  | 25,343 | 24,787 | 22,595

(1) Includes principal and interest.
As indicated in Note 2.2.1, although they have been derecognized from the consolidated balance sheet, the BBVA Group continues to
attempt to collect on these written-off financial assets, until the rights to receive them are fully extinguished, either because it is a
time-barred financial asset, the financial asset is forgiven, or other reason.
7.2.6 Gross carrying amoun t and l oss allowances
Movements, measured over a 12-month pe riod, in gross accounting balances and accumulated loss allowances during 2024, 2023
and 2022 are recorded on the consolidated balance sheet as of December 31, 2024, 2023 and 2022 in order to cover the estimated
impairment or reversal of impairment on loans and advances at amortized cost:
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 75

Changes in gross carrying amount of loans and advances at amortized cost. Year 2024 (Millions of Euros)
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning | 361,186 | 37,953 | 14,446 | 413,585
Transfers of financial assets: | (4,032) | 1,625 | 2,407 | —
from stage 1 to stage 2 | (11,840) | 11,840 | — | —
from stage 2 to stage 1 | 9,830 | (9,830) | — | —
to stage 3 | (3,260) | (1,949) | 5,208 | —
from stage 3 | 1,238 | 1,564 | (2,801) | —
Net annual origination of financial assets | 64,222 | (6,378) | 1,108 | 58,952
Becoming write-offs | (333) | (112) | (3,149) | (3,594)
Foreign exchange | (13,508) | (1,137) | (557) | (15,203)
Modifications that do not result in derecognition | 29 | 78 | 36 | 144
Other | 1,460 | (250) | (78) | 1,131
Balance at the end | 409,023 | 31,780 | 14,213 | 455,016

During 2024, the criteria for identifying significant increases in credit risk were reviewed and updated. As part of this update, certain
short-term portfolio transactions, as well as those meeting the expanded definition of the low credit risk exception (see Note 2.2.1),
were excluded from transfer based on certain quantitative criteria. These changes have led to a significant reduction in the Stage 2
balance at the Group level during the last quarter of 2024, with the impact of these measures primarily concentrated in BBVA, S.A.

Changes in allowances of loans and advances at amortized cost. Year 2024 (Millions of Euros)
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning | (2,131) | (2,026) | (7,158) | (11,316)
Transfers of financial assets: | 105 | (370) | (2,766) | (3,031)
from stage 1 to stage 2 | 103 | (697) | — | (594)
from stage 2 to stage 1 | (53) | 327 | — | 275
to stage 3 | 93 | 146 | (3,498) | (3,259)
from stage 3 | (38) | (146) | 732 | 548
Net annual origination of allowances | (1,059) | 10 | (1,125) | (2,174)
Becoming write-offs | 321 | 107 | 2,909 | 3,337
Foreign exchange | 325 | 213 | 1,075 | 1,613
Modifications that do not result in derecognition | 3 | 35 | (342) | (304)
Other | 30 | 183 | 33 | 246
Balance at the end | (2,406) | (1,848) | (7,375) | (11,630)

For the year ended December 31, 2024 , the impairment charges recognized under the heading “Impairment or reversal of impairment
on financial assets not measured at fair value through profit or loss or net gains by modification" amounted to €5,745 million (€4,428
million and € 3,379 million for the years ended December 31, 2023 and 2022, respectively) (see Note 47).

Changes in gross carrying amount of loans and advances at amortized cost. Year 2023 (Millions of Euros)
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning | 341,944 | 33,636 | 13,493 | 389,073
Transfers of financial assets: | (11,647) | 10,463 | 1,184 | —
from stage 1 to stage 2 | (18,172) | 18,172 | — | —
from stage 2 to stage 1 | 7,639 | (7,639) | — | —
to stage 3 | (3,203) | (2,297) | 5,500 | —
from stage 3 | 2,089 | 2,226 | (4,316) | —
Net annual origination of financial assets | 34,334 | (5,233) | 2,663 | 31,764
Becoming write-offs | (186) | (76) | (2,889) | (3,150)
Foreign exchange | (2,833) | (635) | (369) | (3,838)
Modifications that do not result in derecognition | (60) | (16) | 476 | 401
Other | (365) | (187) | (112) | (665)
Balance at the end | 361,186 | 37,953 | 14,446 | 413,585

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 76

Changes in allowances of loans and advances at amortized cost. Year 2023 (Millions of Euros)
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning | (2,065) | (1,942) | (7,284) | (11,291)
Transfers of financial assets: | 73 | (336) | (2,527) | (2,790)
from stage 1 to stage 2 | 118 | (681) | — | (563)
from stage 2 to stage 1 | (113) | 323 | — | 210
to stage 3 | 81 | 120 | (2,935) | (2,734)
from stage 3 | (13) | (97) | 408 | 297
Net annual origination of allowances | (466) | (148) | (232) | (846)
Becoming write-offs | 147 | 71 | 2,853 | 3,071
Foreign exchange | (52) | 44 | 169 | 160
Modifications that do not result in derecognition | 3 | 49 | (304) | (252)
Other | 229 | 235 | 167 | 631
Balance at the end | (2,131) | (2,026) | (7,158) | (11,316)

Changes in gross carrying amount of loans and advances at amortized cost. Year 2022 (Millions of Euros)
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning | 300,167 | 34,213 | 14,657 | 349,037
Transfers of financial assets: | (5,041) | 3,914 | 1,128 | —
from stage 1 to stage 2 | (12,726) | 12,726 | — | —
from stage 2 to stage 1 | 8,537 | (8,537) | — | —
to stage 3 | (1,941) | (1,831) | 3,773 | —
from stage 3 | 1,089 | 1,556 | (2,645) | —
Net annual origination of financial assets | 44,465 | (4,201) | 258 | 40,522
Becoming write-offs | (63) | (35) | (2,432) | (2,530)
Methodological changes and adoption of new standards | (672) | — | — | (672)
Foreign exchange | 2,447 | 18 | (461) | 2,004
Modifications that do not result in derecognition | (2) | 29 | 113 | 140
Other | 643 | (301) | 231 | 573
Balance at the end | 341,944 | 33,636 | 13,493 | 389,073

Changes in allowances of loans and advances at amortized cost. Year 2022 (Millions of Euros)
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning | (1,990) | (2,091) | (7,061) | (11,142)
Transfers of financial assets: | 63 | 33 | (1,570) | (1,473)
from stage 1 to stage 2 | 110 | (397) | — | (287)
from stage 2 to stage 1 | (91) | 374 | — | 283
to stage 3 | 51 | 204 | (1,917) | (1,662)
from stage 3 | (7) | (148) | 347 | 193
Net annual origination of allowances | (406) | (273) | (663) | (1,342)
Becoming write-offs | 186 | 30 | 1,890 | 2,106
Foreign exchange | (87) | 248 | — | 161
Modifications that do not result in derecognition | — | 48 | (160) | (112)
Other | 168 | 64 | 279 | 511
Balance at the end | (2,065) | (1,942) | (7,284) | (11,291)

The loss allowan ces recorded in the balance sheet to cover the impairment estimated in the debt securities amounted to €169, €166
and €214 million as of December 31, 2024, 2023 and 2022, respectively. The variation is mainly due to changes in credit risk
variations, mainly in Garanti BBVA, BBVA, S.A. and BBVA Argentina.
Additionally, the loss allowances recorded in the balance sheet to cover the impairment estimated in the commitments and
guarantees given amounted to €667, €770 and €770 million as of December 31, 2024 , 2023 and 2022, respectively (see Note 24).
The variation is mainly driven by changes due to origination and acquisition in Garan ti BBVA.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 77

7.2.7 Refinancing and restructuring transactions
Group policies and principles with respect to refinancing and restructuring transactions
Refinancing and restructuring transactions (see definition in the Glossary) are carried out with customers who have requested such a
transaction in order to meet their current loan payments if they are expected, or may be expected, to experience financial difficulty in
making the payments in the future.
The basic aim of a refinancing and restructuring transaction is to provide the customer with a situation of financial viability over time
by adapting repayment of the loan incurred with the Group to the customer’s new situation of fund generation. The use of refinancing
and restructuring for other purposes, such as to delay loss recognition, is contrary to BBVA Group policies.
The BBVA Group’s refinancing and restructuring policies are based on the following general principles:
– Refinancing and restructuring is authorized according to the capacity of customers to pay the new installments. This is done
by first identifying the origin of the payment difficulties and then carrying out an analysis of the customers’ viability,
including an updated analysis of their economic and financial situation and capacity to pay and generate funds. If the
customer is a company, the analysis also covers the situation of the industry in which it operates.
– With the aim of increasing the solvency of the transaction, new guarantees and/or guarantors of demonstrable solvency are
obtained where possible. An essential part of this process is an analysis of the effectiveness of both the new and original
guarantees.
– This analysis is carried out from the overall customer or group perspective.
– Refinancing and restructuring transactions do not in general increase the amount of the customer’s loan, except for the
expense inherent to the transaction itself.
– The capacity to refinance and restructure a loan is not delegated to the branches, but decided on by the risk units.
– The decisions made are reviewed from time to time with the aim of evaluating full compliance with refinancing and
restructuring policies.
These general principles are adapted in each case according to the conditions and circumstances of each geographical area in which
the Group operates, and to the different types of customers involved.
In the case of retail customers (private individuals), the main aim of the BBVA Group’s policy on refinancing and restructuring a loan is
to avoid default arising from a customer’s temporary liquidity problems by implementing structural solutions that do not increase the
balance of the customer’s loan. The solution required is adapted to each case and the loan repayment is made easier, in accordance
with the following principles:
– Analysis of the viability of transactions based on the customer’s willingness and ability to pay, which may be reduced, but
should nevertheless be present. Therefore, in all cases the customer shall at least make interest payments, with certain
limited exceptions where grace periods are afforded in respect of both principal and interest payments.
– Refinancing and restructuring of transactions is only allowed on those loans in which the BBVA Group originally entered
into.
– Customers subject to refinancing and restructuring transactions are excluded from marketing campaigns of any kind.
In the case of non-retail customers (mainly companies, enterprises and corporates), refinancing/restructuring is authorized
according to an economic and financial viability plan based on:
– Forecasted future income, margins and cash flows to allow entities to implement cost adjustment measures (industrial
restructuring) and a business development plan that can help reduce the level of leverage to sustainable levels (capacity to
access the financial markets).
– Where appropriate, the existence of a divestment plan for assets and/or operating segments that can generate cash to
assist the deleveraging process.
– The capacity of shareholders to contribute capital and/or guarantees that can support the viability of the plan.
In accordance with the Group’s policy, the conclusion of a loan refinancing and restructuring transaction does not mean the loan is
reclassified from "impaired" or "significant increase in credit risk" to normal risk. The reclassification to "significant increase in credit
risk" or normal risk categories must be based on the analysis mentioned earlier of the viability, upon completion of the probationary
periods described below.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 78

The Group maintains the policy of including risks related to refinanced and restructured loans as either:
– "Impaired assets", as although the customer is up to date with payments, they are classified as unlikely to pay when there
are significant doubts that the terms of their refinancing may not be met; or
– "Significant increase in credit risk" until the conditions established for their consideration as normal risk are met.
The assets classified as "Impaired assets" should comply with the following conditions in order to be reclassified to "Significant
increase in credit risk":
– The customer has to have paid a significant part of the pending exposure.
– At least one year must have elapsed since the later of: i) the time at which the restructuring measures were extended, ii) the
time when the exposure was classified as deteriorated, iii) the end of any grace period included in restructuring agreements.
– The customer does not have past due payments and objective criteria, demonstrating the borrower´s ability to pay, have
been verified.
The conditions established for assets classified as “Significant increase in credit risk” to be reclassified out of this category are as
follows:
– The customer must have paid past-due amounts (principal and interest) since the date of the renegotiation or restructuring
of the loan or other objective criteria, demonstrating the borrower´s ability to pay, have been verified; none of its exposures
is more than 30 days past-due.
– At least two years must have elapsed since completion of the renegotiation or restructuring of the loan or, if later, the date
of reclassification from the deteriorated category. Regular payments must have been made during at least half of this
probation period. They may be reclassified to normal risk as long as the significant increase in credit risk has been reversed
within two years, although they must remain identified as refinanced/restructured until the minimum two-year trial period
ends.
– It is unlikely that the customer will have financial difficulties and, therefore, it is expected that the customer will be able to
meet its loan payment obligations (principal and interest) in a timely manner.
Renewals and renegotiations are classified as normal risk, provided that there is no significant increase in risk. This classification is
applicable initially, and in the event of any deterioration, the criteria established in the existing policy are followed. In this sense, the
aforementioned conditions are considered, including, among others, the requirement that the facility is not more than 30 days past
due and that it has not been identified as 'unlikely to pay'.
The BBVA Group’s refinancing and restructuring policy provides for the possibility of two modifications in a 24 month period for loans
that are not in compliance with the payment schedule.
The internal models used to determine allowances for loan losses consider the restructuring and renegotiation of a loan, as well as re-
defaults on such a loan, by assigning a lower internal rating to restructured and renegotiated loans than the average internal rating
assigned to non-restructured/renegotiated loans. This downgrade results in an increase in the probability of default (PD) assigned to
restructured/renegotiated loans (with the resulting PD being higher than the average PD of the non- renegotiated loans in the same
portfolios).
In any case, a restructuring will be considered impaired when the reduction in the present net value of the financial obligation is
greater than 1%.
For quantitative information on refinancing and restructuring transactions see Appendix X.
7.2.8 Risk concentration
Policies for preventing excessive risk concentration
In order to prevent the build-up of excessive risk concentrations at the individual, sector, portfolio and geography levels, BBVA Group
maintains updated maximum permitted risk concentration indices which are tied to the various observable variables related to
concentration risk.
Together with the limits for individual concentration, the Group uses the Herfindahl index to measure the concentration of the Group's
portfolio and the banking group's subsidiaries. At the BBVA Group level, the index reached implies a "very low" degree of
concentration.
The limit on the Group’s exposure or financial commitment to a specific customer therefore depends on the customer’s credit rating,
the nature of the risks involved, and the Group’s presence in a given market, based on the following guidelines:
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 79

– The aim is, as much as possible, to reconcile the customer's credit needs (commercial/financial, short-term/long-term,
etc.) with the interests of the Group.
– Any legal limits that may exist concerning risk concentration are taken into account (relationship between risks with a
customer and the capital of the shareholder´s entity that assumes them), the markets, the macroeconomic situation, etc.
– The aim is to seek inter and intra-sector diversification in coherence with the metrics defined in the RAF for the Group and
for the banking group's subsidiaries.
Risk concentrations by geographical area
The breakdown of the main figures in the most significant foreign currencies in the consolidated balance sheets is set forth in
Appendix XI.
Sovereign risk concentration
Sovereign risk management
The identification, measurement, control and monitoring of risk associated with sovereign risk transactions is carried out by a
centralized unit within the BBVA Group's Risk Area. Its basic functions are preparing reports (called financial programs) on the
countries with which it maintains cross-border risks (i.e. risks taken in a foreign currency from outside the country with borrowers in
the country, whether public or private) and sovereign risks (i.e. risks with the local Sovereign of the country where the risk-taking unit
is located), monitoring those risks, establishing risk limits, assigning ratings to the countries analyzed and, in general, supporting the
Group in any information request regarding this type of transaction. The risk policies established in the financial programs are
approved by the relevant risk committees.
The country risk unit tracks the evolution of the risks associated with the various countries to which the Group are exposed (including
sovereign risk) on an ongoing basis in order to adapt its risk and mitigation policies to any macroeconomic and political changes that
may occur. Moreover, it regularly updates its internal ratings and forecasts for these countries. The methodology is based on the
assessment of quantitative and qualitative parameters which are in line with those used by certain multilateral organizations (the
International Monetary Fund (IMF), the World Bank, etc.) rating agencies and export credit organizations.
For additional information on sovereign risk see Appendix XI.
Policies for Risk related to the developer and Real Estate sector in Spain
Policies and strategies established by the Group to deal with risks related to the developer and real-estate sector
BBVA Group has teams specializing in the management of the Real Estate Sector risk, given its economic importance and specific
technical component. This specialization is not only in risk teams, but throughout the handling, commercial, problem risks and legal,
etc. It also includes the research department of the BBVA Group (BBVA Research), which helps determine the medium/long-term
vision needed to manage this portfolio. The policies established to address the risks related to the developer and real-estate sector,
aim to accomplish, among others, the following objectives: to avoid concentration in terms of customers, products and regions; to
estimate the risk profile for the portfolio; and to anticipate possible worsening of the portfolio within a sector is highly cyclical.
Specific policies for analysis and granting of new developer risk transactions
In the analysis of new transactions, the assessment of the commercial operation in terms of the economic and financial viability of the
project has been one of the constant. The monitoring of the work, sales prospects and the legal situation of the project are essential
aspects for the admission and follow-up of new real estate transactions. With regard the participation of the Risk Acceptance teams,
they have a direct link and participate in the committees of areas such as Valuation, Legal, BBVA Research and Recoveries. This
guarantees coordination and exchange of information in all the processes.
In this context, and within the current Real Estate cycle, the strategy with clients is subject to an Asset Allocation limit and to an action
framework that allows defining a target portfolio, both in volume and in credit quality.
Risk monitoring policies
The base information for analyzing the real estate portfolios is updated monthly. There is a systematic monitoring of developments
under close monitoring with the evolution of works and sales.
Policies applied in the management of real estate assets in Spain
The internal Rules on Real Estate Financing, which establish recommendations for financing a new housing development business, are
reviewed and updated annually.
The recommendations represent guidelines about how to manage the credit admission activity of BBVA Group entities based on best
practices of markets in which this activity is performed. It is expected that a high percentage of the current transactions will be in
compliance with the latter.
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by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 80

Risk concentration related to the developer and Real Estate sector in Spain
As of December 31, 2024, there is no risk concentration in the developer and real estate sector, taking into account that its weight in
total wholesale risks in Spain was approxi mately 10%, while compared with the total risks in the portfolio (wholesale and retail), the
Real Estate risk assumed was around 4%.
For quantitative information about the risk related to the developer and Real-Estate sector in Spain see Appendix XI.
7.3 Structural risk
The structural risks are defined, in general terms, as the possibility of suffering losses in the banking book due to adverse movements
in market risk factors.
In the Group, the following types of structural risks are defined, according to their nature: interest rate risk, credit spread risk,
exchange rate risk and equity risk.
The scope of structural risks in the Group excludes market risks in the trading book that are clearly delimited and separated and are
part of the Market Risks category.
The Assets and Liabilities Committee (ALCO) is the main responsible body for the management of structural risks regarding liquidity/
funding, interest rate, credit spread, currency, equity and solvency. Every month, with the participation of the CEO and
representatives from the areas of Finance, Risks and Business Areas, this committee monitors the structural risks and is presented
with proposals with regard to action plans related with its management for its approval. These management proposals are made by
the Finance area with a forward-looking focus, maintaining the alignment with the Risk Appetite Framework, trying to guarantee the
recurrence of results and financial stability, as well as to preserve the solvency of the entity. All balance sheet management units have
a local ALCO, which is permanently attended by members of the Corporate Center, and there is a corporate ALCO where
management strategies are monitored and presented in the Group's subsidiaries.
The GRM area acts as an independent unit, ensuring adequate separation between the management and risk control functions, and is
responsible for ensuring that the structural risks in the Group are managed according to the strategy approved by the Board of
Directors.
Consequently, GRM deals with the identification, measurement, monitoring and control of those risks and their reporting to the
corresponding corporate bodies. Through the GRMC, it performs the function of control and risk assessment and is responsible for
developing the strategies, policies, procedures and infrastructure necessary to identify, evaluate, measure and manage the significant
risks that the BBVA Group faces. To this end, GRM, through the corporate unit of Structural Risks, proposes a scheme of limits that
defines the risk appetite set for each of the relevant structural risk types, both at Group level and by management units, which will be
reviewed annually, reporting the situation periodically to the Group's corporate bodies as well as to the GRMC.
Additionally, both the management system and the control and measurement system for structural risks are necessarily adjusted to
the Group's internal control model, complying with the evaluation and certification processes that comprise it. In this sense, the tasks
and controls necessary for its scope of action have been identified and documented, supporting a regulatory framework which
includes specific processes and measures for structural risks, from a broad geographical perspective.
Within the three lines of defense scheme in which BBVA's internal control model is based according to the most advanced standards
in terms of internal control, the first line of defense is maintained by the Finance area, which is responsible for managing the structural
risk.
As a second line of defense, GRM is in charge of identifying risks, and establishing policies and control models, periodically evaluating
their effectiveness.
In the second line of defense, there are also the Internal Risk Control units, which independently review the Structural Risk control,
and Internal Financial Control, which carries out a review of the design and effectiveness of the operational controls over structural
risk management.
The third line of defense is represented by the Internal Audit area, an independent unit within BBVA Group, which is responsible for
reviewing specific controls and processes.
7.3.1 I nterest rate risk an d credit spread in the banking book
The stru ctural interest-rate risk (hereinafter "IRRBB") is related to the potential impact that variations in market interest rates may
have on an entity's earnings, through the impact on net interest income and on the valuation of instruments accounted for at fair
value, as well as on the equity. In order to properly measure IRRBB, BBVA Group takes into account all the main sources of this risk:
repricing risk, yield curve risk, option risk and basis risk.
Furthermore, the credit spread risk in the banking book ("CSRBB") arises from the potential impact on the entity´s earnings and/or
the value of equity of the banking book produced by a variation in the level of market credit spreads that are not explained by default
or migration risk or by movements in market interest rates.
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IRRBB and CSRBB management is carried out from a double perspective, the economic value of equity and earnings, including the
management of net interest income and the monitorization of banking book instruments accounted at fair value with an impact on the
income statement and/or on equity. In addition, the banking book instruments recorded based on their market value (fair value) are
subject to specific monitoring, due to their impact on risk and on capital, through other comprehensive income or the income
statement.
The exposure of a financial entity to adverse interest rates and credit spreads movements is a risk inherent to the development of the
banking business, which is also, in turn, an opportunity to create economic value. Therefore, these risks must be effectively managed
so that they are limited in accordance with the entity’s equity and in line with the expected economic result.
In BBVA, the purpose of IRRBB risk management is to maintain the recurrent generation of earnings in the event of market interest
rate fluctuations , through the contribution to the net interest income and the control of the potential impacts on the mark-to-market
of the fair value accounted portfolios, as well as to limit the capital consumption due to structural interest rate risk. Likewise, the
spread risk management in banking book portfolios is aimed at limiting the impact on equity derived from changes in the valuation of
fixed income instruments, which are used for balance sheet liquidity and interest rate risk management purposes in order to increase
diversification, and maintaining the spread risk at levels aligned with the total volume of the investment portfolio and the equity of the
Group, as well as limiting the impact on earnings when market credit spreads change.
These functions fall to the Global Asset & Liability Management (hereinafter "ALM") unit, within the Finance area, which, through
ALCO, aims to guarantee the recurrence of results and preserve the solvency of the entity, always adhering to the risk profile defined
by the management bodies of the BBVA Group.
IRRBB management is decentralized, and is carried out in each entity included in the structural balance sheet (banking book) of the
BBVA Group with the supervision and coordination from the corporate unit of Global ALM, keeping the exposure to interest rates and
credit spreads movements aligned with the strategy and the target risk profile of the Group, and in compliance with the regulatory
requirements of the EBA guidelines.
Nature of interest rate risk and credit spread risk
Repricing risk arises due to the difference between the repricing or maturity terms of the assets and liabilities, and represents the
most frequent interest rate risk faced by financial entities. However, other sources of risk such as changes in the slope and shape of
the yield curve, the reference to different indexes and the optionality risk embedded in certain banking transactions, are also taken
into account by the risk control system.
BBVA's IRRBB and CSRBB in the banking book management and control process includes a set of metrics and tools that enable the
capture of additional sources to properly monitor the risk profile of the Group, backed-up by assumptions that aim to characterize the
behavior of the balance sheet items with the maximum accuracy.
The IRRBB and CSRBB measurement is carried out on a monthly basis, and includes probabilistic measures based on simulation
methods of interest rate curves and credit spread shocks. The corporate methodology enables to capture additional sources of risk to
the interest rate parallel shifts, such as the changes in slope shape and the basis of yield curves. Additionally, sensitivity analysis to
multiple parallel shocks of different magnitude are also assessed on a regular basis. The process is run separately for each currency
to which the Group is exposed, considering, at a later stage, the diversification effect among currencies and business units.
The risk measurement model is complemented by the assessment of ad-hoc scenarios, stress tests and reverse stress. Stress tests
incorporate extreme scenarios both in market interest rates and in behavioral assumptions, in addition to the assessment of market
scenarios by BBVA Research and the set of prescriptive scenarios defined according to EBA guidelines.
The internal measurement systems and models are subjected to a process of review and continuous improvement in order to keep
them aligned with EBA guidelines.
Key assumptions of the model
In order to measure structural interest rate risk, the setting of assumptions on the evolution and behavior of certain balance sheet
items is particularly relevant, especially those related to products without an explicit or contractual maturity which characteristics are
not established in their contractual terms and must be therefore estimated.
The assumptions that characterize these balance sheet items must be understandable for the areas and bodies involved in risk
management and control and remain duly updated, justified and documented. The modeling of these assumptions must be
conceptually reasonable and consistent with the evidence based on historical experience, reviewed at least once a year and, if any, the
behavior of the customers induced by the business areas. In order to provide the required dynamism to enhance the accuracy of
assumptions and reflect specific market or management circumstances, risk models and metrics may incorporate parameters or
adjustments based on expert judgment, subject to the internal governance measures established in this regard. Assumptions are
regularly subject to a sensitivity analysis to assess and understand the impact of the modelling on the risk metrics.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 82

The approval and update of the IRRBB behavioral models is subject to the corporate governance under the scope of GRM analytics.
Thus, all the models must be duly inventoried and catalogued and comply with the requirements for their development, updating and
changes management set out in the internal procedures. They are also subject to the corresponding internal validations and follow-up
requirements established based on their relevance, as well as to backtesting procedures against experience to ratify the validity of the
assumptions applied.
In view of the heterogeneity of the financial markets, customers and products in the multiple jurisdictions, each one of the entities of
the Group is responsible for determining the behavior assumptions to be applied to the balance sheet items, always under the
guidelines and the applicability of the corporate models existing in the Group.
The balance sheet behavioral assumptions stand out those established for the treatment of items without contractual maturity,
mainly for demand customer deposits, and those related to the expectations on the exercise of interest rate options, especially
relating to loans and deposits subject to prepayment risk.
For the modelling of demand deposits, a segmentation of the accounts in several categories is previously carried out depending on
the characteristics of the customer (retail / wholesale) and the product (type of account / transactionality / remuneration), in order
to outline the specific behavior of each segment.
In order to establish the remuneration of each segment, the relationship between the evolution of market interest rates and the
interest rates of managed accounts is analyzed, with the aim of determining the translation dynamic (percentages and lags) of
interest rates variations to the remuneration of the accounts. In this regard, consideration is given to the potential limitations in the
repricing of these accounts in scenarios of low or negative rates, with special attention to retail customers, through the establishment
of floors in the remuneration.
The behavior assigned to each category of accounts is determined by an analysis of the historical evolution of the balances and the
probability of cancellation of the accounts. For this, the volatile part of the balance assigned to a short-term maturity is isolated, thus
avoiding fluctuations in the level of risk caused by specific variations in the balances and promoting stability in the management of the
balance. Once the stable part is identified, a medium / long term maturity model is applied through a decay distribution based on the
average term of the accounts and the conditional cancellation probabilities throughout the life of the product.
In addition, the behavior modeling incorporates, where appropriate, the relationship between the evolution of the balance of deposits
and the levels of market interest rates. Consequently, the effect of rate variations on the stability of the deposits as well as the
potential migration between the different types of products (on demand and time deposits) in each interest rate scenario are
incorporated.
Equally relevant is the treatment of early cancellation options embedded in credit loans, mortgage portfolios and customer deposits.
The evolution of market interest rates may condition, along with other variables, the incentive that customers have to prepay loans or
deposits, modifying the future behavior of the balance amounts with respect to the forecasted contractual maturity schedule.
The detailed analysis of the historical information related to prepayment data, both partial and total prepayment, combined with other
variables such as interest rates, allows estimating future amortizations and, where appropriate, their behavior linked to the evolution
of such variables through the relationship between the incentive of the customer to prepay and the early cancellation speed.
The table below shows the profile of average structural interest rate risk and credit spread risk of the fixed income portfolio in the
banking book classified as Held to Collect & Sale (HTC&S) in terms of sensitivities of the main currencies for the BBVA Group in 2024:

Sensitivity to interest-rate and credit spread analysis. Year 2024 |
| Interest rate risk | Credit spread
| Impact on net interest income (1) | Impact on economic value (2) | Impact on economic value (2)
| 100 basis point increase | 100 basis point decrease | 100 basis point increase | 100 basis point decrease | 100 basis point increase
Euro | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-2.5% , -1.5%] | [0.5% , 1.5%] | [-1.5% , -0.5%]
Mexican peso | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-1.5% , -0.5%] | [0.5% , 1.5%] | [-0.5% , 0.5%]
U.S. dollar | [0.5% , 1.5%] | [-1.5% , -0.5%] | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-0.5% , 0.5%]
Turkish lira | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%]
Other | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%]
BBVA Group | [1.5% , 2.5%] | [-3.5% , -2.5%] | [-3.5% , -2.5%] | [2.5% , 3.5%] | [-1.5% , -0.5%]

(1) Percentage of "12 months" net interest income for the BBVA Group.
(2) Percentage of CET1 (Fully Loaded) for BBVA Group.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 83

Sensitivity to interest-rate and credit spread analysis. Year 2023 |
| Interest rate risk | Credit spread
| Impact on net interest income (1) | Impact on economic value (2) | Impact on economic value (2)
| 100 basis point increase | 100 basis point decrease | 100 basis point increase | 100 basis point decrease | 100 basis point increase
Euro | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-1.5% , -0.5%]
Mexican peso | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-1.5% , -0.5%] | [0.5% , 1.5%] | [-0.5% , 0.5%]
U.S. dollar | [0.5% , 1.5%] | [-1.5% , -0.5%] | [0.5% , 1.5%] | [-1.5% , -0.5%] | [-0.5% , 0.5%]
Turkish lira | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%]
Other | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%] | [-0.5% , 0.5%]
BBVA Group | [1.5% , 3.5%] | [-3.5% , -1.5%] | [-1.5% , -0.5%] | [0.5% , 1.5%] | [-1.5% , -0.5%]

(1) Percentage of "12 months" net interest income for the BBVA Group.
(2) Percentage of CET1 (Fully Loaded) for BBVA Group.
At an aggregate level, BBVA continues to maintain a limited risk profile, in accordance with the established objective within an
environment of a cycle shift towards lower interest rates, having positive sensitivity to interest rate hikes in the net interest income.
In 2024, the actual and expected evolution of inflation, as well as the response of central banks to it, in addition to geopolitical events,
have been the focus of the market's attention. In this sense, expectations regarding the number of rate cuts and their speed have
been changing throughout the year, with some episodes of certain volatility.
Thus, while the ECB began its cycle of rate cuts in June and continued at its September, October and December meetings, the Federal
Reserve cut rates in September with an initial 50 basis points, followed by an additional 25 basis points at its November meeting. Over
the year as a whole, yield curves steepened, generally with falls in the short end and rises in the longer end. Spreads on peripheral
curves continued to be well supported and narrowed during the year. The positivity observed in the American and European curves
also carried over to Mexico and much of South America. Turkey, for its part, experienced a rebound in both real and nominal rates
during the year. All in all, the Group's debt security portfolios performed heterogeneously during the year, with a notable increase in
valuations in Spain, while they fell in Turkey.
The most relevant aspects related to the main geographical areas are the following:
– Spain has a balance sheet characterized by a lending portfolio with a high proportion of variable-rate loans (mortgages
and corporate lending) and liabilities composed mainly by customer demand deposits. The ALCO portfolio acts as a
management lever and hedge for the balance sheet, mitigating its sensitivity to interest rate fluctuations. In an
environment of high rates, the exposure of net interest income to movements in interest rates remains limited.
– The reference interest rate in the Eurozone stood at 3.15% at the end of December 2024, the deposit facility rate at
3.00% and the marginal credit facility rate at 3.40%. Additionally, as announced in March 2024, the ECB reduced the
differential between the reference interest rate and the deposit facility rate to 15 basis points in September 2024.
Regarding reinvestments under the Pandemic Emergency Purchase Program (PEPP), they were ended at the end of
2024.
– Mexico continues to show a balance between fixed and variable interest rates balances, which results in a limited
sensitivity to interest rates fluctuations. Among the assets that are most sensitive to interest rate changes, the
commercial portfolio stood out, while consumer and mortgage portfolios are mostly at a fixed rate. With regard to
customer deposits, the high proportion of non-interest bearing deposits, which are insensitive to interest rate movements,
should be highlighted. The ALCO portfolio is invested primarily in fixed-rate sovereign bonds with limited duration s. The
monetary policy rate stood at 10.00% at the end of 2024, 125 basis points below the end-of-year level of 2023.
– In Turkey, deposit sensitivity is offset by the ALCO portfolio and loans (fixed rate and relatively short-term). Interest rate
sensitivity remains limited thanks to the various management actions carried out by the Bank. In 2023, the Central Bank
of the Republic of Turkey (hereinafter "CBRT") implemented successive increases in monetary policy rates, raising
interest rates to 42.50% by the end of 2023. Subsequently, after maintaining the benchmark rates at 50% until November
2024, they were reduced to 47.50% by the end of December 2024. The CBRT is expected to continue lowering official
rates, which is expected to be positive for the customer spread in 2025.
– In South America, the net interest income sensitivity continues to be limited since most of the countries in the area have a
fixed/variable composition. In addition, in balance sheets with several currencies, the interest rate risk is managed for
each of the currencies, showing a very low level of exposure. Regarding benchmark rates, in Peru it stood at 5.00% as of
December 2024, 175 basis points below its 2023 closing level while in Colombia, the central bank set the benchmark
interest rate at 9.50%, accumulating a cut of 350 basis points in 2024. In Argentina, the central bank maintains the
benchmark interest rate at 32%, which is a decrease of 68 basis points compared to the end of December 2023.
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by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 84

7.3.2 Structural exchange-rat e risk
Structural exchange rate risk, is defined as the possibility of impacts on solvency, equity value and results driven by fluctuations in the
exchange rates due to exposures in foreign currencies.
Structural exchange rate risk is inherent to the business of international banking groups, such as BBVA, that develop their activities in
different geographical areas and currencies. At a consolidated level, structural exchange-rate risk arises from the consolidation of
holdings in subsidiaries with functional currencies other than the euro. Its management is centralized in order to optimize the joint
management of permanent foreign currency exposures, taking diversification into account.
The purpose of structural exchange rate risk management is protecting solvency by limiting volatility of the consolidated CET1 ratio
and income to consolidate denominated in a currency other the euro in the Group, as well as to limit the capital requirements under
exchange rate fluctuations to which the Group is exposed due to its international diversification. The ALM Global corporate unit,
through the ALCO, is responsible for the management of this risk all through an active hedging policy, deliberately taken for each
objective, and fully aligned with the management strategy.
At the corporate level, the risk monitoring metrics included in the limits framework are aligned with the Risk Appetite Framework, and
are targeted to control the effects on the solvency through the economic capital metric and the fluctuations in the Common Equity
Tier I fully loaded (CET1 fully loaded) consolidated ratio, as well as the maximum deviation in the Group's attributable profit. The
probabilistic metrics make it possible to estimate the joint impact of exposure to different currencies taking into account the different
variability in exchange rates and their correlations. These metrics are supplemented with additional assessment indicators.
The suitability of these risk assessment metrics is reviewed on a regular basis through backtesting exercises. The final element of
structural exchange-rate risk control is the stress and scenario analysis aimed to assess the vulnerabilities of foreign currency
structural exposure not contemplated by the risk metrics and to serve as an additional tool when making management decisions. The
scenarios are based both on historical situations simulated by the risk model and on the risk scenarios provided by BBVA Research.
The purpose of the exchange rate risk management of BBVA's long term investments, which arises mainly from its foreign franchises,
is to preserve the capital ratios of the Group and to maintain the stability of the profits. The year 2024 was characterized by the
strength of the dollar against the euro (+6.4%), reflecting the strength of the U.S. economy and the expectation that the new
administration's policies will generate greater growth and inflation. Among the emerging currencies, the Mexican peso depreciated
strongly (-13.1% against the euro) affected by the election results in Mexico and the new administration in the United States. The
Turkish lira was again penalized in 2024 (-11.1%), but to a much lesser extent than in 2023. As for the performance of South American
currencies, the Peruvian sol appreciated against the euro (+5.2%), the Colombian peso weakened (-7.8%), while the Chilean peso
depreciated by -5.6%. Finally, the Argentine peso experienced a significant depreciation (-16.8%) but it did so in an environment of
stabilization of the country's macroeconomic variables, which are expected to lay the foundations for future economic recovery.
BBVA maintains management policies for the main investments in emerging countries with the objective of reaching a coverage level,
in average terms, between 40% and 50% of the aggregate attributable profit in non-euro currencies expected to be generated by the
group in the next twelve months and around 70% of the aggregate excess capital in non-euro currencies in CET1. In relation to the
CET1 capital ratio, the estimated sensitivities at the end of 2024 of a 10% depreciation in the relevant currency was as follows:
Mexican peso (-9 basis points); Turkish lira (-4 basis points) and U.S. dollar (+20 basis points).
For the years 2024, 2023 and 2022, the estimated sensitivities (in absolute terms) of the result attributable to the parent company
are shown below, taking into account the coverage, against depreciations and appreciations of 1% of the average rate in the main
currencies. To the extent that hedging positions are periodically modulated, the sensitivity estimate attempts to reflect an average (or
effective) sensitivity in the year:

Sensitivity to 1% change (Millions of Euros)
Currency | 2024 | 2023 | 2022
Mexican peso | 27.8 | 25.8 | 19.1
Turkish lira | 3.3 | 4.4 | 3.5
Peruvian sol | 1.4 | 0.9 | 0.7
Chilean peso | 0.2 | 0.2 | 0.4
Colombian peso | 0.4 | 1.0 | 0.9
Argentine peso | 1.8 | 1.3 | 1.9

7.3.3 Equity risk in the banking book
Equity risk in the banking book refers to the possibility of suffering losses in the value of positions in shares and other equity
instruments held in the banking book with long or medium term investment horizons due to fluctuations in the value of equity indexes
or shares.
BBVA Group's exposure to structural equity risk arises largely from minority shareholdings held on industrial and financial companies,
and in new business (innovation). This exposure is modulated in some portfolios with positions held on derivative instruments on the
same underlying assets, in order to adjust the portfolio sensitivity to potential changes in equity prices.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 85

The structural equity risk management is aimed at increasing the income-generating capacity of those shares held by the Group,
limiting the capital requirements for equity risk and narrowing the impact on the solvency level through a proactive management of
the portfolio using hedges. The function of managing the main structural equity portfolios is a responsibility of the specialized units of
the corporate areas of Global ALM, Strategy & M&A and Client Solutions (Banking for Growth Companies). Their activity is subject to
the corporate structural equity risk management policy, complying with the defined management principles and Risk Appetite
Framework.
The structural equity risk metrics, designed by GRM according to the corporate model, contribute to the effective monitoring of the
risk by estimating the sensitivity and the capital necessary to cover the possible unexpected losses due to changes in the value of the
shareholdings in the Group's investment portfolio, with a level of confidence that corresponds to the objective rating of the entity,
taking into account the liquidity of the positions and the statistical behavior of the assets to be considered.
In order to analyze the risk profile in depth, stress tests and scenario analysis of sensitivity to different simulated scenarios are carried
out. They are based on both past crisis situations and forecasts made by BBVA Research. These analyses are carried out regularly to
assess the vulnerabilities of structural equity exposure not contemplated by the risk metrics and to serve as an additional tool when
making management decisions.
Backtesting is carried out on a regular basis on the risk measurement model used.
Equity m arkets performed very positively in 2024 but with more modest gains in Europe than in the United States, reflecting the
differences in economic dynamism in both blocks. The monetary easing cycle initiated by central banks supported stock market
increases, but were prevented from converging towards official targets by persistent inflation. The technology sector led the
increases in the United States, driven by the adoption of artificial intelligence solutions, while in Europe, the banking sector performed
exceptionally well, enabling it to lead the European stock markets. At the local level, the Spanish stock market presented one of the
best performances at the European level, although with less dynamism than in 2023. Telefónica, where the Group holds a stake
classified as equity in its banking book, performed in line with the evolution of the European telecommunications sector.
Structural equity risk, measured in terms of economic capital, has increased during the last year due to the higher exposure taken.
The aggregate sensitivity of the BBVA Group’s consolidated equity to a 1% fall in the price of shares of the companies making up the
equity portfolio amounted to €-2 7 million as of December 31, 2024, compared to €-24 million as of December 31, 2023. This
estimation takes into account the exposure in shares valued at market prices, or if not applicable, at fair value (excluding the positions
in the Treasury Area portfolios) and the net delta-equivalent positions in derivatives on the same underlyings.
7.4 Market risk
Market risk originates from the possibility of experiencing losses in the value of positions held as a result of movements in market
variables that affect the valuation of financial assets and liabilities. Market risk in the Group's trading portfolios stems mainly from the
portfolios originated by Global Markets valued at fair value and held for the purpose of trading and generating short-term results.
Market risk in the field of banking book is clearly and distinctly addressed and can be broken down into structural risks relating to
interest rate and credit spread, exchange rate and equity (see Note 7.3).
Additionally, market risk may be affected by ESG factors due to the effect they may have on the Group, clients and counterparties
(see Note 7.1).
7.4.1 Market risk in trading portfolios
The main risks in the trading portfolios can be classified as follows:
– Interest-rate risk: This arises as a result of exposure to movements in the different interest-rate curves involved in trading.
Although the typical products that generate sensitivity to the movements in interest rates are money-market products
(deposits, interest-rate futures, call money swaps, etc.) and traditional interest-rate derivatives (swaps and interest-rate
options such as caps, floors, swaptions, etc.), practically all the financial products are exposed to interest-rate movements
due to the effect that such movements have on the valuation of the financial discount.
– Equity risk: This arises as a result of movements in share prices. This risk is generated in spot positions in shares or any
derivative products whose underlying asset is a share or an equity index. Dividend risk is a sub-risk of equity risk, arising as
an input for any equity option. Its variation may affect the valuation of positions and it is therefore a factor that generates
risk on the books.
– Exchange-rate risk: This is caused by movements in the exchange rates of the different currencies in which a position is
held. As in the case of equity risk, this risk is generated in spot currency positions, and in any derivative product whose
underlying asset is an exchange rate. In addition, the quanto effect (operations where the underlying asset and the
instrument itself are denominated in different currencies) means that in certain transactions in which the underlying asset is
not a currency, an exchange-rate risk is generated that has to be measured and monitored.
– Credit-spread risk: Credit spread is an indicator of an issuer's credit quality. Spread risk occurs due to variations in the
levels of spread of both corporate and government issues, and affects positions in bonds and credit derivatives.
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– Volatility risk: This occurs as a result of changes in the levels of implied price volatility of the different market instruments on
which derivatives are traded. This risk, unlike the others, is exclusively a component of trading in derivatives and is defined
as a first-order convexity risk that is generated in all possible underlying assets in which there are products with options that
require a volatility input for their valuation.
The metrics developed to control and monitor market risk in the BBVA Group are aligned with market practices and are implemented
consistently across all the local market risk units.
Measurement procedures are established in terms of the possible impact of negative market conditions on the trading portfolio of the
Group's Global Markets units, both under ordinary circumstances and in situations of heightened risk factors.
The standard metric used to measure market risk is Value at Risk (hereinafter “VaR”), which indicates the maximum loss that may
occur in the portfolios at a given confidence level (99%) and time horizon (one day). This statistic value is widely used in the market
and has the advantage of summing up in a single metric the risks inherent to trading activity, taking into account how they are related
and providing a prediction of the loss that the trading book could sustain as a result of fluctuations in equity prices, interest rates,
foreign exchange rates and credit spreads. Additionally, for certain positions, other risks need to be considered, such as a credit
spread, base, volatility or correlation risk.
With respect to the risk measurement models used by the BBVA Group, the Supervisor has authorized the use of the internal market
risk model to determine bank capital requirements deriving from risk positions on the BBVA, S.A. and BBVA Mexico trading book,
which jointly accounted for around 66%, 76% and 63% of the Group’s trading-book market risk as of December 31, 2024 , 2023 and
2022. For the rest of the geographical areas where the Group operates (applicable mainly to the Group´s South America subsidiaries
and Garanti BBVA), bank capital for the risk positions in the trading book is calculated using the Standardized Approach defined by
the Basel Committee on Banking Supervision (which is referred to herein as the "standard model”).
The current management structure includes the monitoring of market-risk limits, consisting of a scheme of limits based on specific
metrics according to market activities, (VaR (Value at Risk), economic capital, as well as stop-loss limits for each of the Group’s
business units).
The model used estimates VaR in accordance with the historical simulation methodology, which involves estimating losses and gains
that would have taken place in the current portfolio if the changes in market conditions that took place over a specific period of time in
the past were repeated. Based on this information, it predicts the maximum expected loss of the current portfolio within a given
confidence level. This model has the advantage of reflecting precisely the historical distribution of the market variables and not
assuming any specific distribution of probability. The historical period used in this model is two years.
The VaR figures are estimated based on the VaR without smoothing methodology, which awards equal weight to the daily information
for the previous two years. This is currently the official methodology for measuring market risks for the purpose of monitoring
compliance with risk limits. The VaR stress metric is obtained in an analogous way (99% percentile, with 1-day loss), with a fixed
window of 1 year within the established stress period, subject to revision and being specific to each geographical area to represent its
stress period.
The use of VaR by historical simulation methodology as a risk metric has many advantages, but also certain limitations, among which
it is worth highlighting:
– The estimate of the maximum daily loss of the Global Markets portfolio positions (with a confidence level of 99%) depends
on the market movements of the last two years, not picking up the impact of large market events if they have not occurred
within that historical window.
– The use of the 99% confidence level does not consider potential losses that can occur beyond this level. To mitigate this
limitation, different stress exercises are also performed, as described later.
At the same time, and following the guidelines established by the Spanish and European authorities, BBVA incorporates metrics in
addition to VaR with the aim of meeting the Bank of Spain's regulatory requirements with respect to the calculation of bank capital for
the trading book. Specifically, the measures incorporated in the Group since December 2011 (stipulated by Basel 2.5) are:
– VaR: In regulatory terms, the VaR charge incorporates the stressed VaR charge, and the sum of the two (VaR and stressed
VaR) is calculated. This quantifies the losses associated with the movements of the risk factors inherent to market
operations (including interest-rate risk, exchange-rate risk, equity risk and credit risk, among others). Both VaR and
stressed VaR are rescaled by a regulatory multiplier (between three and four) and by the square root of ten to calculate the
capital charge.
– Specific Risk - Incremental Risk Capital (“IRC”): Quantification of the risks of default and changes of the credit ratings of the
bond and derivative positions and debt funds with daily look-through or significant benchmark (correlation > 90%) in the
trading portfolio. The IRC charge is exclusively applied in entities in respect of which the internal market risk model is used
(i.e. BBVA, S.A. and BBVA Mexico). The IRC charge is determined based on the associated losses (calculated at 99.9%
confidence level over a one-year horizon under the hypothesis of constant risk) due to a rating change and/or default of the
issuer with respect to an asset. In addition, the price risk is included in sovereign positions for the specified items.
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– Specific Risk: Securitization, correlation portfolios and Investment funds without look-through. Capital charges for
securitizations and correlation portfolios are assessed based on the potential losses associated with the occurrence of a
credit event in the underlying exposures. They are calculated by the standard model. The scope of the correlations
portfolios refers to the First To Default (FTD)-type market operation and/or tranches of market CDOs and only for positions
with an active market and hedging capacity. Capital charge for Funds include losses associated with volatility and credit risk
of the underling positions of the fund. All charges are calculated by the standard model.
Validity tests are performed regularly on the risk measurement models used by the Group. They estimate the maximum loss that
could have been incurred in the assessed positions with a certain level of probability (backtesting), as well as measurements of the
impact of extreme market events on risk positions (stress testing). As an additional control measure, backtesting is conducted at a
trading desk level in order to enable more specific monitoring of the validity of the measurement models.
Market risk in 2024
The Group’s market risk related to its trading portfolio remained in 2024 at low levels compared to other risks managed by BBVA,
particularly credit risk. This is due to the nature of the business. In 2024, the average VaR was €37 million, above the figure of 2023,
with a maximum level in the year reached on February 19, 2024 of €50 millio n. The evolution in the BBVA Group’s market risk during
2024, measur ed as VaR with a 99% confidence level and a 1-day horizon (shown in Millions of Euros) is as follows:
By type of market risk assumed by the Group's trading portfolio, the main risk factor for the Group continued to be that linked to
interest rates, with a we ight of 78% of the total as of December 31, 2024 (this figure includes the spread risk). The relative weight of
this risk has increased 8 percentage points compared with the close of 2023. Exchange-rate risk accounted for 11% of the total risk,
maintaining its weight with respect to December 2023, while equity, volatility and correlation risk has decreased, with a weight of 3%
and 8% respectively, which implies a reduction of their relative weights of 3 and 5 percentage points, respectively with respect to
2023.
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As of December 31, 2024, 2023 and 2022 the VaR was €34 million, €36 million and €29 million, respectively, with the following
breakdown:

VaR by Risk Factor (Millions of Euros) ⁽¹⁾
| Interest/Spread risk | Currency risk | Stock-market risk | Vega/Correlation risk | Diversification effect ⁽²⁾ | Total
2024 |  |  |  |  |  |
VaR average in the year | 41 | 7 | 2 | 6 | (20) | 37
VaR max in the year | 55 | 10 | 2 | 7 | (23) | 50
VaR min in the year | 33 | 7 | 2 | 6 | (19) | 28
End of period VaR | 37 | 5 | 2 | 4 | (14) | 34
2023 |  |  |  |  |  |
VaR average in the year | 36 | 8 | 2 | 7 | (22) | 31
VaR max in the year | 43 | 6 | 17 | 8 | (33) | 42
VaR min in the year | 23 | 9 | — | 9 | (23) | 19
End of period VaR | 41 | 6 | 4 | 8 | (23) | 36
2022 |  |  |  |  |  |
VaR average in the year | 33 | 8 | 3 | 7 | (23) | 27
VaR max in the year | 35 | 12 | 2 | 11 | (24) | 36
VaR min in the year | 25 | 10 | 2 | 11 | (28) | 19
End of period VaR | 32 | 13 | 7 | 5 | (28) | 29

(1) The maximum and minimum VaR figures show the VaR figures for the day on which said maximum and minimum VaRs occurred in the relevant year, by type of risk.
(2) The diversification effect is the difference between the sum of the average individual risk factors and the total VaR figure that includes the implied correlation between all the
variables and scenarios used in the measurement.
Validation of the internal market risk model
The internal market risk model is validated on a regular basis by backtesting in both, BBVA, S.A. and Global Markets Mexico (in BBVA
Mexico). The aim of backtesting is to validate the quality and precision of the internal market risk model used by BBVA Group to
estimate the maximum daily loss of a portfolio, at a 99% level of confidence and a 250-day time horizon, by comparing the results of
those entities and the risk measurements generated by the internal market risk model. These tests showed that the internal market
risk model of both, BBVA, S.A. and Global Markets Mexico is adequate and precise.
Two types of backtesting have been carried out in 2024, 2023 and 2022:
– "Hypothetical" backtesting: the daily VaR is compared with the results obtained, not taking into account the intraday results
or the changes in the portfolio positions. This validates the appropriateness of the market risk metrics for the end-of-day
position.
– "Real" backtesting: the daily VaR is compared with the total results, including intraday transactions, but discounting the
possible minimum charges or fees involved. This type of backtesting includes the intraday risk in portfolios.
In addition, each of these two types of backtesting was carried out at a risk factor or business type level, thus making a deeper
comparison of the results with respect to risk measurements.
Between January 1, 2024 and December 31, 2024, and for the year ended December 31, 2024, the backtesting of the internal VaR
calculation model was carried out, comparing the daily results obtained to the risk level estimated by the internal VaR calculation
model. In that period, there was no negative exception neither in BBVA, S.A nor in BBVA Mexico.
At the end of the year the comparison showed the internal VaR calculation model was working correctly, thus validating the internal
VaR calculation model, as has been the case each year since the internal market risk model was approved for the Group.
Stress testing analysis
A number of stress tests are carried out on the BBVA Group's trading portfolios. First, global and local historical scenarios are used
that replicate the behavior of an extreme past event, such as for example the collapse of Lehman Brothers or the "Tequilazo" crisis.
These stress tests are complemented with simulated scenarios, where the aim is to generate scenarios that have a significant impact
on the different portfolios, but without being anchored to any specific historical scenario. Finally, for some portfolios or positions,
fixed stress tests are also carried out that have a significant impact on the market variables affecting these positions.
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Historical scenarios
The historical benchmark stress scenario for the BBVA Group is Lehman Brothers, whose sudden collapse in September 2008 led to
a significant impact on the behavior of financial markets at a global level. The following are the most relevant effects of this historical
scenario:
– Credit shock: reflected mainly in the increase of credit spreads and downgrades in credit ratings.
– Increased volatility in most of the financial markets giving rise to a great deal of variation in the prices of different assets
(currency, equity, debt).
– Liquidity shock in the financial systems, reflected by a major movement in interbank curves, particularly in the shortest
sections of the euro and dollar curves.
Simulated scenarios
Unlike the historical scenarios, which are fixed and therefore not suited to the composition of the risk portfolio at all times, the
scenario used for the exercises of economic stress is based on resampling methodology. This methodology is based on the use of
dynamic scenarios that are recalculated periodically depending on the main risks affecting the trading portfolios. On a data window
wide enough to collect different periods of stress (data are taken from January 1, 2008 until the date of the assessment), a simulation
is performed by resampling of historic observations, generating a distribution of losses and gains that serve to analyze extreme
market events within the selected historical window. The advantage of this methodology is that the period of stress is not
predetermined, but depends on the portfolio maintained at each time, and making a large number of simulations (10,000 simulations)
allows a greater richness of information for the analysis of expected shortfall than what is available in the scenarios included in the
calculation of VaR.
The main features of this approach are: a) the generated simulations respect the correlation structure of the data, b) there is flexibility
in the inclusion of new risk factors and c) it allows the introduction of a lot of variability in the simulations (desirable for considering
extreme events).
The impact of the stress test under multivariable simulation of the risk factors of the portfolio based on the expected shortfall
(expected shortfall calculated at a 97.5% confidence level, 20 days) as of December 31, 2024 is as follows:

Impact of the stress test (Millions of Euros)
0 | Europe | Mexico | Peru | Venezuela | Argentina | Colombia | Turkey
Expected shortfall | (132) | (66) | (25) | — | (29) | (3) | (10)

7.4.2 Financial instruments offset
Financial assets and liabilities may be netted in certain cases. In particular, they are presented for a net amount on the consolidated
balance sheet only when the Group's entities satisfy the provisions of IAS 32, so they have both the legal right to net recognized
amounts, and the intention of settling the net amount or of realizing the asset and simultaneously paying the liability.
In addition, the Group has presented as gross amounts assets and liabilities on the consolidated balance sheet for which there are
master netting arrangements in place, but for which there is no intention of settling the net amount. The most common types of
events that trigger the netting of reciprocal obligations are bankruptcy of the entity, surpassing certain level of indebtedness
threshold, failure to pay, restructuring and dissolution of the entity.
In the current market context, derivatives are contracted under different framework contracts being the most widespread the ones
developed by the International Swaps and Derivatives Association (“ISDA”) and, for the Spanish market, the Framework Agreement
on Financial Transactions (“CMOF”). Almost all portfolio derivative transactions have been concluded under these framework
contracts, including in them the netting clauses mentioned in the preceding paragraph as "Master Netting Agreement", greatly
reducing the credit exposure on these instruments. Additionally, in contracts signed with counterparties, the collateral agreement
annexes called Credit Support Annex (“CSA”) in ISDA and Appendix III in CMOF are included, thereby minimizing exposure to a
potential default of the counterparty.
Moreover, many of the transactions involving assets purchased or sold under a repurchase agreement are transacted through
clearing houses that articulate mechanisms to reduce counterparty risk, as well as through the signing of various master agreements
for bilateral transactions, the most widely used being the Global Master Repurchase Agreement (GMRA), published by the
International Capital Market Association (“ICMA”), to which the clauses related to the collateral exchange are usually added within the
text of the master agreement itself.
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A summary of the effect of offsetting (via netting and collateral) for derivatives and securities operations is presented below as of
December 31, 2024 , 2023 and 2022:

Effect of offsetting for derivatives and securities operation (Millions of Euros)
|  |  |  |  | Gross amounts not offset in the consolidated balance sheets |
| Notes | Gross amounts recognized (A) | Gross amounts offset in the consolidated balance sheets (B) | Net amount presented in the consolidated balance sheets (C=A-B) | Financial instruments | Cash collateral received/ pledged | Net amount ⁽¹⁾
December 2024 |  |  |  |  |  |  |
Trading and hedging derivatives | 10 / 15 | 45,523 | 8,362 | 37,161 | 27,446 | 9,566 | 148
Reverse repurchase, securities borrowing and similar agreements |  | 65,401 | 19,397 | 46,005 | 45,959 | — | 46
Total assets |  | 110,924 | 27,759 | 83,165 | 73,405 | 9,566 | 194
Trading and hedging derivatives | 10 / 15 | 43,924 | 8,362 | 35,562 | 27,446 | 7,658 | 458
Repurchase, securities lending and similar agreements |  | 87,893 | 19,397 | 68,497 | 68,497 | — | —
Total liabilities |  | 131,818 | 27,759 | 104,059 | 95,943 | 7,658 | 458
December 2023 |  |  |  |  |  |  |
Trading and hedging derivatives | 10 / 15 | 44,641 | 8,866 | 35,775 | 25,171 | 9,532 | 1,072
Reverse repurchase, securities borrowing and similar agreements |  | 80,227 | — | 80,227 | 79,980 | — | 248
Total assets |  | 124,869 | 8,866 | 116,003 | 105,151 | 9,532 | 1,320
Trading and hedging derivatives | 10 / 15 | 44,536 | 8,866 | 35,670 | 27,354 | 7,013 | 1,303
Repurchase, securities lending and similar agreements |  | 104,920 | — | 104,920 | 104,920 | — | —
Total liabilities |  | 149,456 | 8,866 | 140,590 | 132,274 | 7,013 | 1,303
December 2022 |  |  |  |  |  |  |
Trading and hedging derivatives | 10 / 15 | 52,354 | 10,554 | 41,800 | 31,019 | 9,824 | 957
Reverse repurchase, securities borrowing and similar agreements |  | 47,111 | — | 47,111 | 47,069 | — | 41
Total assets |  | 99,465 | 10,554 | 88,911 | 78,088 | 9,824 | 998
Trading and hedging derivatives | 10 / 15 | 51,767 | 10,554 | 41,213 | 31,028 | 8,990 | 1,195
Repurchase, securities lending and similar agreements |  | 54,382 | — | 54,382 | 52,701 | 586 | 1,095
Total liabilities |  | 106,149 | 10,554 | 95,594 | 83,729 | 9,576 | 2,290

(1) It corresponds to the aggregation of the net amounts presented in the balance sheet, less the gross amount which is not offset in the balance sheet, corresponding to each
Group entity that records a deficit in this regard.
Financial assets and liabilities are offset, and consequently are presented in the consolidated balance sheet at their net value under
the relevant captions (i.e., derivatives, repurchase agreements and reverse repurchase agreements), where the Group maintains
netting agreements and there is an intention to settle their net amount. Regarding certain repurchase agreements and reverse
repurchase agreements, since 2024, the Group fulfils both conditions. Where netting agreements do not exist, the market value of the
relevant products is recorded in the balance of the repurchase agreements and reverse repurchase agreements captions.
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7.5 Liquidity and Funding risk
Liquidity and funding risk is defined as the incapacity of a bank in meeting its payment commitments due to lack of funds or that, to
face those commitments, should have to make use of funding under burdensome terms.
7.5.1 Liquidity and Funding Strategy and Planning
The BBVA Group is a multinational financial institution whose business is focused mainly on retail and commercial banking activities.
In addition to the retail business model, which forms its core business, the Group engages in corporate and investment banking,
through the global CIB (Corporate & Investment Banking) division.
Liquidity and Funding Risk Management aims to maintain a solid balance sheet structure which allows a sustainable business model.
The Group’s liquidity and funding strategy is based on the following pillars:
– The principle of the funding self-sufficiency of its subsidiaries, meaning that each of the Liquidity Management Units
(hereinafter "LMU") must cover its funding needs independently on the markets where it operates. This avoids possible
contagion due to a crisis affecting one or more of the Group’s LMU.
– Stable customer deposits as the main source of funding in all the LMU, in accordance with the Group’s business model.
– Diversification of the sources of wholesale funding, in terms of maturity, market, instruments, counterparties and
currencies, with recurring access to the markets.
– Compliance with regulatory requirements, ensuring the availability of ample liquidity buffers, of high quality, as well as
sufficient instruments as required by regulations with the capacity to absorb losses.
– Compliance with the internal Liquidity Risk and Funding metrics, while adhering to the Risk Appetite level established for
each LMU at any time.
Liquidity and Funding Risk Management aims, in the short term, to prevent an entity from having difficulties in meeting its payment
commitments in due time and form or that, to meet them, it has to resort to obtaining funds in burdensome conditions that
deteriorate the image or reputation of the entity.
In the medium term, its objective is to ensure the suitability of the Group's financial structure and its evolution, within the framework
of the economic situation, the markets and regulatory changes.
This management of structural and liquidity funding is based on the principle of financial self-sufficiency of the entities that comprise
it. This approach helps prevent and limit liquidity risk by reducing the Group’s vulnerability during periods of high risk. This
decentralized management prevents possible contagion from a crisis affecting only one or a few Group entities, which must act
independently to meet their liquidity requirements in the markets where they operate.
Within this strategy, the BBVA Group is organized into eight LMU composed of the parent company and the bank subsidiaries in each
geographical area, plus the branches that depend on them.
In addition, the policy for managing liquidity and funding risk is also based on the model’s robustness and on the planning and
integration of risk management into the budgeting process of each LMU, according to the liquidity and funding risk appetite that it
decides to assume in its business.
Liquidity and funding planning is part of the strategic processes for the Group’s budgetary and business planning. This objective is to
allow a recurrent growth of the banking business with suitable maturities and costs within the established risk tolerance levels by
using a wide range of instruments which allow the diversification of the funding sources and the maintenance of a high volume of
available liquid assets.
7.5.2 Governance, moni toring and mitigation measures
The responsibility for liquidity and funding management in the development of normal business activity lies with the Finance area as a
first line of defense in managing the risks inherent to this activity, in accordance with the principles established by the EBA and in line
with the most demanding standards, policies, procedures and controls in the framework established by the governing bodies.
Finance, through the Balance-Sheet Management area, plans and executes the funding of the structural long-term gap of each LMU
and proposes to the ALCO the actions to be taken on this matter, in accordance with the policies established by the Risk Committee in
line with the metrics of the Risk Appetite Framework approved by the Board of Directors.
Finance is also responsible for preparing the regulatory reporting of liquidity, coordinating with the responsible areas in each LGU the
necessary processes to cover the requirements at corporate and regulatory level, ensuring the integrity of the information provided.
GRM is responsible for ensuring that the liquidity and financing risk in the Group is managed in accordance with the framework
established by governing bodies. It also deals with the identification, measurement, monitoring and control of such risks and their
communication to the relevant corporate bodies. In order to carry out this task properly, the Risk function in the Group has been
configured as a single, global function, independent of the management areas.
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Additionally, the Group has, in its second line of defense, an Internal Risk Control unit, which performs an independent review of the
control of Liquidity and Funding Risk, and a Financial Internal Control Unit that reviews the design and effectiveness of the controls
operations on liquidity management and reporting.
As the third line of defense of the Group's internal control model, Internal Audit is in charge of reviewing specific controls and
processes in accordance with a work plan that is drawn up annually.
The Group’s fundamental objectives regarding the liquidity and funding risk are determined through the Liquidity Coverage Ratio
(LCR) and through the Loan-to-Stable Customer Deposits (LtSCD) ratio.
The LCR ratio is a regulatory metric that aims to guarantee the resilience of entities in a scenario of liquidity tension within a time
horizon of 30 days. Within its Risk Appetite Framework and system of limits and alerts, BBVA has established a required LCR
compliance level for the entire Group and for each indiv idual LMU. The internal levels required are aimed at efficiently meeting the
regulatory requirement, at a level abo ve 100% as a mitigation measure.
The LtSCD ratio measures the relationship between net lending and stable customer funds. The aim is to preserve a stable funding
structure in the medium term for each of the LMU which make up the BBVA Group, taking into account that maintaining an adequate
volume of stable customer funds is key to achieving a sound liquidity profile. In geographical areas with dual-currency balances, the
indicator is also controlled by currency to manage the mismatches that might occur.
Stable customer funds are considered to be the financing obtained and managed from the LMU among their target customers. Those
funds are characterized by their low sensitivity to market changes and by their less volatile behavior at aggregated level per operation
due to the loyalty of the customer to the entity. The stable resources are calculated by applying to each identified customer segment
a haircut determined by the analysis of the stability if the balances by which different aspects are evaluated (concentration, stability,
level of loyalty). The main source of stable resources arises from wholesale funding and retail customer funds.
In order to establish the target (maximum) levels of LtSCD in each LMU and provide an optimal funding structure reference in terms
of risk appetite, the corporate Structural Risks unit of GRM identifies and assesses the economic and financial variables that condition
the funding structures in the different geographical areas.
Additionally, liquidity and funding risk management aims to achieve a proper diversification of the funding structure, avoiding
excessive dependence on short-term funding by establishing a maximum level for the short-term funds raised, including both
wholesale financing and the least stable proportion of customer funds In relation to long-term financing, the maturity profile does not
present significant concentrations, which makes it possible to adapt the schedule of the planned issuance plan to the best financial
conditions in the markets. Lastly, concentration risk is monitored at LMU level, with the aim of ensuring a correct diversification of
both the counterparty and type of instrument.
One of the fundamental metrics within the general management framework of the liquidity and funding risk is the maintenance of a
liquidity buffer consisting of high quality assets free of charges which can be sold or offered as collateral to obtain funding, either
under normal market conditions or in stress situations.
The Finance area is responsible for the collateral management and determining the liquidity buffer within the BBVA Group. According
to the principle of auto-sufficiency of the Group's subsidiaries, each LMU is responsible for maintaining a buffer of liquid assets which
complies with the regulatory requirements applicable under each jurisdiction. In addition, the liquidity buffer of each LMU must be
aligned with the liquidity and funding risk tolerance as well as the management limits set and approved for each case.
In this context, the short-term resistance of the liquidity risk profile is promoted, to ensure that each LMU has sufficient collateral to
deal with the risk of the closing of wholesale markets. Basic capacity is the internal metric for the management and control of short-
term liquidity risk, which is defined as the relationship between the explicit assets available and the maturities of wholesale liabilities
and volatile resources, at different time periods up to one year, with special relevance at 30 and 90 days, with the objective of
preserving the survival period above 3 months with the available buffer, without considering the balance inflows.
As a fundamental element of the liquidity and financing risk monitoring scheme, stress tests are carried out. They enable to anticipate
deviations from the liquidity targets and the limits set in the appetite, and to establish tolerance ranges in the different management
areas. They also play a major role in the design of the Liquidity Contingency Plan and the definition of specific measures to be adopted
to rectify the risk profile if necessary.
For each scenario, it is checked whether BBVA has a sufficient stock of liquid assets to guarantee its capacity to meet the liquidity
commitments/outflows in the different periods analyzed. The analysis considers four scenarios: one central and three crisis-related
(systemic crisis; unexpected internal crisis with a considerable rating downgrade and/or affecting the ability to issue in wholesale
markets and the perception of business risk by the banking intermediaries and the entity’s clients; and a mixed scenario, as a
combination of the two aforementioned scenarios). Each scenario considers the following factors: existing market liquidity, customer
behavior and sources of funding, the impact of rating downgrades, market values of liquid assets and collateral, and the interaction
between liquidity requirements and the development of BBVA's credit quality.
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by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 93

The stress tests conducted on a regular basis by GRM reveal that BBVA maintains a sufficient buffer of liquid assets to deal with the
estimated liquidity outflows in a scenario resulting from the combination of a systemic crisis and an unexpected internal crisis,
including in the scenario of a significant downgrade of the Bank’s rating by up to three notches. Together with the results of the stress
tests and the risk metrics, the early warning indicators play an important role within the corporate model and the Liquidity
Contingency Plan.
Finance is the area responsible for the elaboration, monitoring, execution and update of the liquidity and funding plan and of the
market access strategy to guarantee and improve the stability and diversification of the wholesale funding sources.
In order to implement and establish management in an anticipated manner, limits are set on an annual basis for the main
management metrics that form part of the budgeting process for the liquidity and funding plan. This framework of limits contributes
to the planning of the joint future performance of:
– The loan book, considering the types of assets and their degree of liquidity, as well as their validity as collateral in
collateralized funding.
– Stable customer funds, based on the application of a methodology for establishing which segments and customer balances
are considered to be stable or volatile funds based on the principle of sustainability and recurrence of these funds.
– Projection of the credit gap, in order to require a degree of self-funding that is defined in terms of the difference between the
loan-book and stable customer funds.
– Incorporating the planning of securities portfolios into the banking book, which include both fixed-interest and equity
securities, and are classified as financial assets at fair value through other comprehensive income and at amortized cost,
and additionally on trading portfolios.
– The structural gap projection, as a result of assessing the funding needs generated both from the credit gap and by the
securities portfolio in the banking book, together with the rest of on-balance-sheet wholesale funding needs, excluding
trading portfolios. This gap therefore needs to be funded with customer funds that are not considered stable or on
wholesale markets.
As a result of these funding needs, the BBVA Group plans the target wholesale funding structure according to the tolerance set in
each LMU target.
Thus, once the structural gap has been identified and after resorting to wholesale markets, the amount and composition of wholesale
structural funding is established in subsequent years, in order to maintain a diversified funding mix and guarantee that there is not a
high reliance on short-term funding (short-term wholesale funding plus volatile customer funds).
In practice, the execution of the principles of planning and self-funding at the different LMU results in the Group’s main source of
funding being customer deposits, which consist mainly of demand deposits, savings deposits and time deposits.
As sources of funding, customer deposits are complemented by access to the interbank market and the domestic and international
capital markets in order to address additional liquidity requirements, implementing domestic and international programs for the
issuance of commercial paper and medium and long-term debt.
The process of analysis and assessment of the liquidity and funding situation and of the inherent risks is a process carried out on an
ongoing basis in the BBVA Group, with the participation of all the Group areas involved in liquidity and funding risk management. This
process is carried out at both local and corporate level. It is incorporated into the decision- making process for liquidity and funding
management, with integration between the risk appetite strategy and establishment and the planning process, the funding plan and
the limits scheme.
7.5.3 Liquidity and funding performance
The BBVA Group maintains a dynamic funding structure with a predominantly retail nature, where customer resources represent the
main source of funding.
During 2024 liquidity conditions have remained sound in all countries where the Group operates.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 94

The performance of the indicators show that the funding structure remained steady during 2024, 2023 and 2022, in the sense that all
LMU held self-funding levels with stable customer resources above the requirements.

LtSCD by LMU
| 2024 | 2023 | 2022
Group (average) | 102 % | 99 % | 96 %
BBVA, S.A. | 101 % | 100 % | 98 %
BBVA Mexico | 115 % | 102 % | 98 %
Garanti BBVA | 90 % | 78 % | 83 %
Other LMU | 99 % | 104 % | 96 %

With respect to LCR, the Group has maintained a liquidity buffer at both a consolidated and individual level in 2024. As a result, the
ratio has remained comfortably above 100%, with the consolidated ratio as of December 31, 2024 standing at 134%.
Although this requirement is only established at a Group level, for banks in the Eurozone, the minimum level required comfortably
exceeded in all subsidiaries.
It should be noted that the calculation of the Consolidated LCR does not allow the transfer of liquidity between subsidiaries, so no
excess liquidity may be transferred from these entities for the purpose of calculating the consolidated ratio.
If the impact of these highly liquid assets was considered, the LCR would be 162%, or 28 basis points above the required level.

LCR main LMU
| 2024 | 2023 | 2022
Group | 134 % | 149 % | 159 %
BBVA, S.A. | 156 % | 178 % | 186 %
BBVA Mexico | 146 % | 192 % | 199 %
Garanti BBVA | 141 % | 212 % | 185 %

One of the key elements in BBVA's Group liquidity and funding management is the targeted maintenance of large high quality liquidity
buffers in all business areas where the group operates.
Each entity maintains a liquidity buffer at the individual level for BBVA, S.A. and for each of its subsidiaries, such as BBVA Mexico,
Garanti BBVA and the Latin American subsidiaries.
In this respect, the Group has maintained for the last 12 months an average volume of high quality liquid assets (HQLA) amounting to
€130,613 m illion, of which 97% correspond to maximum quality assets (LCR Level 1).
The table below shows the liquidity available by instrument as of December 31, 2024, 2023 and 2022 for the most significant entities
based on prudential supervisor’s information (Commission Implementing Regulations (EU) 2021/451 of December 17, 2020):

Liquidity available by instrument (Millions of Euros)
| BBVA, S.A. | BBVA Mexico | Garanti BBVA | Other
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Cash and withdrawable central bank reserves | 16,004 | 43,931 | 48,271 | 12,001 | 9,712 | 12,865 | 10,344 | 9,899 | 6,731 | 8,101 | 5,921 | 5,265
Level 1 tradable assets | 50,199 | 31,606 | 33,081 | 8,783 | 20,345 | 13,974 | 6,402 | 6,117 | 9,165 | 8,749 | 8,429 | 7,836
Level 2A tradable assets | 194 | 919 | 3,450 | 327 | 246 | 47 | — | — | — | — | — | —
Level 2B tradable assets | 3,762 | 2,916 | 3,471 | 159 | 132 | 35 | — | — | — | 31 | — | 1
Other tradable assets | 46,537 | 44,324 | 22,708 | 598 | 469 | 467 | 816 | 398 | 285 | 926 | 753 | 1,035
Non tradable assets eligible for central banks | 11 | — | — | — | — | — | — | — | — | — | — | —
Cumulated counterbalancing capacity | 116,706 | 123,696 | 110,981 | 21,869 | 30,903 | 27,388 | 17,562 | 16,414 | 16,181 | 17,806 | 15,102 | 14,136

The Net Stable Funding Ratio (NSFR), defined as the result between the amount of stable funding available and the amount of stable
funding required, requiring banks to maintain a stable financing profile in relation to the composition of their assets and off-balance
sheet activities. This ratio should be at least 100% at all times. The NSFR ratio of the BBVA Group, stood at 127% as of December 31,
2024.
The NSFR of BBVA Group and its main LMU as of December 31, 2024, 2023 and 2022, was the following:
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 95

NSFR main LMU
| 2024 | 2023 | 2022
Group | 127 % | 131 % | 135 %
BBVA, S.A. | 119 % | 120 % | 125 %
BBVA Mexico | 131 % | 140 % | 143 %
Garanti BBVA | 149 % | 178 % | 166 %

Below is a matrix of residual maturities by contractual periods based on supervisory prudential reporting as of December 31, 2024 ,
2023 and 2022:

December 2024. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 11,125 | 38,087 | — | — | — | — | — | — | — | — | 49,212
Deposits in credit entities | — | 5,246 | 541 | 1,165 | 647 | 918 | 861 | 351 | 33 | 41 | 9,805
Deposits in other financial institutions | — | 2,677 | 1,642 | 970 | 929 | 1,130 | 1,577 | 1,526 | 1,369 | 681 | 12,502
Reverse repo, securities borrowing and margin lending | — | 34,310 | 10,594 | 5,025 | 1,911 | 3,138 | 5,782 | 3,675 | 3,008 | 122 | 67,565
Loans and advances | — | 34,605 | 38,547 | 29,770 | 16,928 | 19,715 | 44,537 | 34,618 | 51,469 | 105,649 | 375,837
Securities' portfolio settlement | — | 2,861 | 2,741 | 6,084 | 2,531 | 5,922 | 20,625 | 20,053 | 21,972 | 44,850 | 127,640

December 2024. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Wholesale funding | — | 2,484 | 4,816 | 5,536 | 3,347 | 3,685 | 8,517 | 11,386 | 7,530 | 28,306 | 75,608
Deposits from financial institutions | 2,600 | 6,070 | 476 | 644 | 130 | 732 | 558 | 242 | 570 | 743 | 12,765
Deposits from other financial institutions and international agencies | 6,950 | 9,247 | 2,466 | 1,584 | 922 | 503 | 1,256 | 477 | 433 | 742 | 24,581
Customer deposits | 318,252 | 50,789 | 23,758 | 11,580 | 3,888 | 4,329 | 2,055 | 569 | 834 | 787 | 416,841
Security pledge funding | — | 74,614 | 14,093 | 5,452 | 2,355 | 4,157 | 2,223 | 366 | 1,454 | 445 | 105,159
Derivatives, net | — | (388) | (73) | (142) | 70 | 142 | 549 | (122) | 5 | (87) | (46)

December 2023. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 10,353 | 61,678 | — | — | — | — | — | — | — | — | 72,031
Deposits in credit entities | — | 4,676 | 393 | 543 | 594 | 602 | 602 | 136 | 24 | 102 | 7,672
Deposits in other financial institutions | — | 1,288 | 1,261 | 1,049 | 385 | 649 | 2,019 | 965 | 974 | 1,291 | 9,882
Reverse repo, securities borrowing and margin lending | — | 42,407 | 21,683 | 6,890 | 3,398 | 2,596 | 3,319 | 3,817 | 2,133 | 139 | 86,382
Loans and advances | — | 28,644 | 30,850 | 28,239 | 16,434 | 19,029 | 41,267 | 32,769 | 45,116 | 104,086 | 346,433
Securities' portfolio settlement | — | 2,167 | 6,011 | 2,633 | 2,578 | 11,950 | 15,266 | 14,016 | 29,245 | 34,558 | 118,424

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 96

December 2023. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Wholesale funding | — | 1,187 | 3,889 | 8,518 | 4,935 | 4,225 | 10,296 | 7,990 | 11,175 | 22,424 | 74,639
Deposits from financial institutions | 2,092 | 3,669 | 1,076 | 715 | 119 | 605 | 795 | 46 | 198 | 695 | 10,011
Deposits from other financial institutions and international agencies | 8,507 | 5,526 | 2,806 | 1,036 | 834 | 841 | 1,033 | 618 | 695 | 638 | 22,535
Customer deposits | 304,096 | 44,745 | 16,225 | 11,855 | 3,905 | 5,500 | 1,753 | 1,029 | 758 | 1,092 | 390,959
Security pledge funding | — | 86,908 | 30,028 | 6,107 | 2,274 | 1,821 | 2,630 | 1,111 | 2,060 | 677 | 133,615
Derivatives, net | — | (21) | (30) | 6 | (62) | (267) | 69 | 45 | (135) | (2,616) | (3,009)

December 2022. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 9,227 | 66,497 | — | — | — | — | — | — | — | — | 75,724
Deposits in credit entities | — | 3,870 | 319 | 433 | 434 | 468 | 242 | 183 | 6 | 83 | 6,040
Deposits in other financial institutions | 3 | 2,199 | 1,012 | 746 | 516 | 344 | 971 | 816 | 551 | 830 | 7,988
Reverse repo, securities borrowing and margin lending | — | 31,049 | 5,743 | 3,368 | 1,432 | 1,127 | 4,582 | 1,354 | 2,400 | 289 | 51,343
Loans and advances | 99 | 24,622 | 32,009 | 25,622 | 14,827 | 16,766 | 41,049 | 32,510 | 43,828 | 96,201 | 327,534
Securities' portfolio settlement | 1 | 4,031 | 4,107 | 8,200 | 4,305 | 4,746 | 18,417 | 8,744 | 23,307 | 31,480 | 107,338

December 2022. Contractual maturities (Millions of Euros)
| Demand | Up to 1 month | 1 to 3 months | 3 to 6 months | 6 to 9 months | 9 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 5 years | Over 5 years | Total
LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Wholesale funding | — | 1,841 | 4,434 | 1,050 | 3,148 | 2,017 | 6,318 | 9,423 | 13,282 | 18,145 | 59,658
Deposits from financial institutions | 2,176 | 7,885 | 628 | 806 | 56 | 694 | 648 | 211 | 396 | 399 | 13,899
Deposits from other financial institutions and international agencies | 7,392 | 5,760 | 1,465 | 464 | 379 | 758 | 700 | 293 | 594 | 727 | 18,532
Customer deposits | 302,667 | 38,951 | 18,542 | 6,776 | 2,575 | 2,870 | 1,476 | 1,276 | 798 | 273 | 376,203
Security pledge funding | — | 51,638 | 14,543 | 17,736 | 866 | 1,503 | 8,136 | 1,524 | 3,493 | 575 | 100,013
Derivatives, net | — | (253) | 24 | (1,010) | (23) | 175 | 40 | (153) | (466) | (3,717) | (5,383)

With regard to the financing structure, the loan portfolio is mostly financed by retail deposits. The “demand” maturity bucket mainly
contains the retail customer sight accounts whose behavior historically showed a high level of stability and little concentration.
According to a behavior analysis which is done every year in every entity, this type of account is considered to be stable and for
liquidity risk purposes receives a better treatment.
The most relev ant aspects related to t he main geographical areas are the following:
– BBVA, S.A. has maintained a position with a large high-quality liquidity buffer, having repaid the entire TLTRO III program,
maintaining at all times the regulatory liquidity metrics well above the set minimums. During 2024, commercial activity has
shown dynamism, experiencing higher growth in l ending than in costumer deposits.
– BBVA Mexico shows a solid liquidity situation, even though the credit gap increased in 2024 as a result of the strong
dynamism of credit and contained growth in deposits as a result of management efforts to restrain the cost of funds.
– In Turkey, the credit gap in local currency grew in 2024, with loan growth outpacing deposits. Regarding the credit gap in
foreign currency, an increase was also recorded in 2024, mainly originated by an increase in loans and a decrease in
deposits (which led to an increase in loans to the CBRT). The liquidity buffer has been reduced, mainly due to the reserve
requirement and the mentioned increase in the credit gap. During 2024, the CBRT has continued updating its measures to
de-dollarize the economy and control inflat ion.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 97

– In South America, liquidity remained adequate throughout th e region in 2024. In BBVA Argentina, the growth of excess
liquidity in Argentine pesos slowed, due to the increase in loans in the last quarter of the year, which exceeded deposits,
despite a strong increase in U.S. dollar deposits. In BBVA Colombia, the credit gap decreased in the year favored by the
growth in deposits. BBVA Peru has shown a decrease in credit gap in 2024, with greater growth in deposits than in loans,
both in local currency and in U.S. dollars.
The main wholesale financing transactions carried out by the BBVA Group during 2024 are listed below:

Issuer | Type of issue | Date of issue | Nominal (millions) | Currency | Coupon | Early redemption | Maturity date
BBVA, S.A. | Senior preferred | Jan-24 | 1,250 | EUR | 3.875% | — | Jan-34
Tier 2 | Feb-24 | 1,250 | EUR | 4.875% | Nov-30 to Feb-31 | Feb-36
Senior preferred | Mar-24 | 1,000 | USD | 5.381% | — | Mar-29
Senior non- preferred | Mar-24 | 1,000 | USD | 6.033% | Mar-34 | Mar-35
Senior preferred (green bond) | Mar-24 | 1,000 | EUR | 3.500% | — | Mar-31
Senior preferred | Jun-24 | 1,000 | EUR | 3 month Euribor rate + 45 basis points | — | Jun-27
Senior preferred | Jun-24 | 750 | EUR | 3.625% | — | Jun-30
AT1 (CoCo) | Jun-24 | 750 | EUR | 6.875% | Dec-30 to Jun-31 | Perpetual
Tier 2 | Aug-24 | 1,000 | EUR | 4.375% | May-31 to Aug-31 | Aug-36

Additionally, BBVA, S.A. redeemed two capital issuances in 20 24: in February 2024, a Tier 2 issuance of subordinated bonds issued in
February 2019, for an amount of €750 million and, in March 2024, on its first date of optional redemption, an AT1 issued in 2019, for
an amount of €1 billion (see Note 22.4.1). Likewise, in Decem ber 2024, a redemption of a Tier 2 issuance of subordinated bonds
issued in January 2020, for an amount of €1 billion, was announced and it was effectively redeemed in January 2025. Furthermore, on
January 14, 2025, BBVA, S.A. issued an AT1 for an amount of USD 1 billion, with an early redemption option after seven years. On
January 28, 2025, BBVA announced its irrevocable decision to fully redeem on March 5, 2025, an AT1 issued in 2019 for USD 1 billion
(see Note 22.4).In January 2024, BBVA Mexico issued Tier 2 bonds for USD 900 million with a maturity of 15 years and an early
repayment option in 10 years with a coupon of 8.125%. Additionally, in April 2024, BBVA Mexico issued bank stock certificates for 15
billion Mexican pesos in two tranches. In addition, in September 2024, BBVA Mexico carried out a debt issuance of USD 600 million
for a term of five years and a fixed rate of 5.25%. Lastly, in October 2024, BBVA Mexico issued local bonds for the equivalent of 15.98
billion Mexican pesos in three tranches, one of them for USD 200 million.
In Turkey, Garanti BBVA issued two Tier 2 ten-year bonds in 2024, both with an early redemption option after five years. The first, in
February 2024, amounted to USD 500 million, and the second, in December 2024, amounted to USD 750 million. Simultaneously with
this second issuance, a tender offer was made for a Tier 2 bond maturing in 2027, which was accepted by bondholders for a total of
USD 134 million, and in December 2024, it announced the full redemption of a 750 million Turkish liras Tier 2 bond to be paid for in
February. Additionally, in June 2024, Garanti BBVA renewed the total syndicated loan based on environmental, social and governance
(ESG) criteria, which consists of two separate tranches of USD 241 million (SOFR+2.50%) and €179 million (Euribor+2.25%),
respectively. Finally, in December 2024, Garanti BBVA announced the signing of a syndicated loan of USD 244 million (SOFR+1.75%)
and €162.4 million (Euribor+1.50%) with a maturity of 367 days.
BBVA Peru issued, in March 2024, Tier 2 bonds in the international market for USD 300 million, with a 6.20% coupon, a 10.25-year
maturity and an early redemption option in the fifth year. Alongside this issuance, a repurchase offer was launched on a USD 300
million Tier 2 subordinated bond maturing in September 2029, with USD 163 million being repurchased; the remaining USD 137
million was redeemed through the execution of the associated call option in September 2024. In December 2024, it issued the first
tranche of a USD100 million social bond for a term of 5 years at SOFR+1.35%.
BBVA Colombia, together with the International Finance Corporation (IFC) and the Inter-American Development Bank (IDB)
announced, in July 2024, the launch of a green biodiversity bond for an amount of USD 70 million and a term of three years. It also
received a 5-year USD 50 million loan from CAF in the area of Biodiversity. Lastly, in November 2024, the first tranche of a USD 50
million subordinated bond (Tier 2) with IDB was disbursed.
BBVA Argentina issued in September 2024 in the local market the equivalent of approximately €23 million in senior debt at a floating
rate of Badlar (Buenos Aires Deposits of Large Amount Rate) +5%. In addition, in December 2024 it issued two senior debt issuances,
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 98

one for approximately €14 million at a TEM (Tasa Efectiva Mensual Vencida) rate of 2.75% and the other for approximately €35 million
at a TAMAR (Tasa Mayorista de Argentina) +2.74% rate.
7.5.4 Asset encumbrance
As of December 31, 2024, 2023 and 2022, the encumbered (those provided as collateral for certain liabilities) and unencumbered
assets are broken down as follows:

Encumbered and unencumbered assets (Millions of Euros)
| Encumbered assets |  | Unencumbered assets
| Book value | Fair value |  | Book value | Fair value
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Assets | 68,268 | 78,586 | 92,916 |  |  |  |  | 704,134 | 696,972 | 619,177 |  |  |
Equity instruments | 834 | 592 | 819 | 834 | 592 | 819 |  | 17,159 | 13,176 | 11,293 | 17,159 | 13,176 | 11,293
Debt securities | 43,404 | 51,458 | 33,533 | 45,639 | 50,818 | 32,291 |  | 102,333 | 88,976 | 92,665 | 102,333 | 88,976 | 92,665
Loans and advances and other assets | 24,030 | 26,535 | 58,563 |  |  |  |  | 584,641 | 594,821 | 515,218 |  |  |

The committed value of "Loans and Advances and other assets" corresponds mainly to loans linked to the issue of covered bonds,
territorial bonds or long-term securitized bonds (see Note 22.4) as well as, to a lesser extent, those used as a guarantee to access
certain funding transactions with central banks. Debt securities and equity instruments correspond to underlying that are delivered in
repos with different types of counterparties, mainly clearing houses or credit institutions, and to a lesser extent central banks.
Collateral provided to guarantee derivative transactions is also included as committed assets.
As of December 31, 2024, 2023 and 2022, collateral pledges received mainly due to repurchase agreements and securities lending,
and those which could be committed in order to obtain funding are provided below:

Collateral received (Millions of Euros)
| Fair value of encumbered collateral received or own debt securities issued |  | Fair value of collateral received or own debt securities issued available for encumbrance |  | Fair value of collateral received or own debt securities issued not available for encumbrance
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Collateral received | 40,877 | 73,836 | 40,701 |  | 14,917 | 14,825 | 9,415 |  | 1,151 | 996 | 1,279
Equity instruments | 215 | 1,019 | 323 |  | 162 | 51 | 759 |  | — | — | —
Debt securities | 40,663 | 72,817 | 40,378 |  | 14,754 | 14,774 | 8,656 |  | 1,151 | 996 | 1,279
Loans and advances and other assets | — | — | — |  | — | — | — |  | — | — | —
Own debt securities issued other than own covered bonds or ABSs | — | — | — |  | 66 | 74 | 92 |  | — | — | —

The guarantees received in the form of reverse repurchase agreements or security lending transactions are committed by their use in
repurchase agreements, as is the case with debt securities.
As of December 31, 2024, 2023 and 2022, financial liabilities issued related to encumbered assets in financial transactions as well as
their book value were as follows:

Sources of encumbrance (Millions of Euros)
| Matching liabilities, contingent liabilities or securities lent |  | Assets, collateral received and own debt securities issued other than covered bonds and ABSs encumbered
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Book value of financial liabilities | 109,833 | 151,766 | 122,400 |  | 107,067 | 149,853 | 128,628
Derivatives | 17,047 | 15,895 | 15,950 |  | 14,698 | 13,756 | 16,699
Deposits | 84,604 | 126,777 | 95,728 |  | 81,938 | 126,543 | 99,077
Outstanding subordinated debt | 8,182 | 9,094 | 10,722 |  | 10,431 | 9,554 | 12,852
Other sources | 1,141 | 1,066 | 731 |  | 2,079 | 2,568 | 4,989

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 99

8. Fair value of financial instruments
Framework and processes control
The process for determining the fair value established in the Group seeks to ensure that financial assets and liabilities are properly
recorded following the IFRS 13 principles, which defines fair value as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the
measurement date.
BBVA has established, at a geographic level, a structure of Risk Operational Admission and Product Governance Committees
responsible for validating and approving new products or types of financial assets and liabilities before being contracted. Local
management responsible for valuation, which are independent from the business (see Management Report - Risk) are members of
these committees.
These areas are required to ensure, prior to the approval stage, the existence of not only technical and human resources, but also
adequate informational sources to measure the fair value of these financial assets and liabilities, in accordance with the rules
established by the valuation global area and using models that have been validated and approved by the responsible areas complying
with the governance of BBVA Group's official models.
Fair value hierarchy
All financial instruments, both assets and liabilities are initially recognized at fair value, which at that point is equivalent to the
transaction price, unless there is evidence to the contrary in the market. Subsequently, depending on the type of financial instrument,
it may continue to be recognized at amortized cost or fair value through adjustments in the consolidated income statement or equity.
When possible, the fair value is determined as the market price of a financial instrument. However, for many of the financial assets
and liabilities of the Group, especially in the case of derivatives, there is no market price available, so its fair value is estimated on the
basis of the price established in recent transactions involving similar instruments or, in the absence thereof, by using mathematical
measurement models that are sufficiently tried and trusted by the international financial community. The estimates of the fair value
derived from the use of such models take into consideration the specific features of the asset or liability to be measured and, in
particular, the various types of risk associated with such asset or liability. However, the limitations inherent in the measurement
models and possible inaccuracies in the assumptions and parameters required by these models may mean that the estimated fair
value of an asset or liability does not exactly match the price for which the asset or liability could be exchanged or settled on the date
of its measurement.
Additionally, for financial assets and liabilities that show significant uncertainty in inputs or model parameters used for valuation,
criteria are established to measure said uncertainty and activity limits are set based on these. Finally, these measurements are
compared, as much as possible, against other sources such as the measurements obtained by the business teams and/or those
obtained by other market participants.
The process for determining the fair value requires the classification of the financial assets and liabilities according to the
measurement processes used as set forth below:
– Level 1: Valuation using directly the quotation of the instrument, observable and readily and regularly available from
independent price sources and referenced to active markets that the entity can access at the measurement date. The
instruments classified within this level are fixed-income securities, equity instruments and certain derivatives.
– Level 2: Valuation of financial instruments with commonly accepted techniques that use inputs obtained from observable
data in markets.
– Level 3: Valuation of financial instruments with valuation techniques that use significant unobservable inputs in the market.
As of December 31, 2024, the affected instruments at fair value accounted for approxim atel y 0.66% of financial assets and
0.48% of the Group’s financial liabilities. Model selection and validation is undertaken by control areas outside the business
areas.
8.1 Fair value of financial instruments recognized at fair value, according to valuation criteria
Below are the different elements used in the valuation technique of financial instruments.
Active Market
BBVA considers an active market as a market that allows the observation of bid and offer prices representative of the levels to which
the market participants are willing to negotiate an asset, with sufficient frequency and volume.
Furthermore, BBVA considers as traded in an “Organized Market” quotations for assets or liabilities from Over The Counter (OTC)
markets when they are obtained from independent sources, observable on a daily basis and fulfil certain conditions.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 100

The fair value of the Group's financial instruments recognized at fair value in the consolidated balance sheets is presented below,
broken down according to the valuation method used to determine their fair value, and their respective book value as of December 31,
2024, 2023 and 2022:

Fair value of financial instruments recognized at fair value by levels. December 2024 (Millions of Euros)
| Notes | Book value Fair value |
| Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |
Financial assets held for trading | 10 | 108,948 | 26,332 | 80,323 | 2,292
Derivatives |  | 36,003 | 969 | 34,591 | 443
Equity instruments |  | 6,760 | 6,602 | 76 | 83
Debt securities |  | 27,955 | 18,762 | 8,438 | 756
Loans and advances |  | 38,230 | — | 37,218 | 1,011
Non-trading financial assets mandatorily at fair value through profit or loss | 11 | 10,546 | 8,511 | 617 | 1,418
Equity instruments |  | 9,782 | 8,309 | 107 | 1,365
Debt securities |  | 407 | 202 | 173 | 31
Loans and advances |  | 358 | — | 336 | 21
Financial assets designated at fair value through profit or loss | 12 | 836 | 774 | 62 | —
Debt securities |  | 836 | 774 | 62 | —
Financial assets at fair value through other comprehensive income | 13 | 59,002 | 50,354 | 7,515 | 1,133
Equity instruments |  | 1,451 | 1,157 | 79 | 216
Debt securities |  | 57,526 | 49,173 | 7,436 | 917
Loans and advances to credit institutions |  | 25 | 25 | — | —
Derivatives – Hedge accounting | 15 | 1,158 | — | 1,158 | —
LIABILITIES |  |  |  |  |
Financial liabilities held for trading | 10 | 86,591 | 14,308 | 71,072 | 1,211
Trading derivatives |  | 33,059 | 1,118 | 31,400 | 541
Short positions |  | 13,878 | 13,189 | 673 | 15
Deposits |  | 39,654 | — | 38,999 | 656
Financial liabilities designated at fair value through profit or loss | 12 | 14,952 | — | 12,865 | 2,087
Deposits from credit institutions |  | — | — | — | —
Customer deposits |  | 934 | — | 934 | —
Debt certificates issued |  | 4,597 | — | 2,511 | 2,087
Other financial liabilities |  | 9,420 | — | 9,420 | —
Derivatives – Hedge accounting | 15 | 2,503 | — | 2,480 | 23

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 101

Fair value of financial instruments recognized at fair value by levels. December 2023 (Millions of Euros)
| Notes | Book value Fair value |
| Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |
Financial assets held for trading | 10 | 141,042 | 21,972 | 116,905 | 2,165
Derivatives |  | 34,293 | 144 | 33,880 | 269
Equity instruments |  | 4,589 | 4,494 | 24 | 71
Debt securities |  | 28,569 | 17,333 | 11,081 | 155
Loans and advances |  | 73,590 | — | 71,921 | 1,669
Non-trading financial assets mandatorily at fair value through profit or loss | 11 | 8,737 | 7,028 | 493 | 1,216
Equity instruments |  | 7,963 | 6,742 | 72 | 1,148
Debt securities |  | 484 | 286 | 132 | 66
Loans and advances to customers |  | 290 | — | 288 | 2
Financial assets designated at fair value through profit or loss | 12 | 955 | 908 | 47 | —
Debt securities |  | 955 | 908 | 47 | —
Financial assets at fair value through other comprehensive income | 13 | 62,205 | 52,987 | 8,335 | 883
Equity instruments |  | 1,217 | 1,026 | 52 | 139
Debt securities |  | 60,963 | 51,961 | 8,258 | 745
Loans and advances to credit institutions |  | 26 | — | 26 | —
Derivatives – Hedge accounting | 15 | 1,482 | — | 1,482 | —
LIABILITIES |  |  |  |  |
Financial liabilities held for trading | 10 | 121,715 | 14,133 | 106,382 | 1,201
Trading derivatives |  | 33,045 | 191 | 32,111 | 743
Short positions |  | 15,735 | 13,942 | 1,750 | 44
Deposits |  | 72,935 | — | 72,520 | 415
Financial liabilities designated at fair value through profit or loss | 12 | 13,299 | — | 11,073 | 2,227
Deposits from credit institutions |  | — | — | — | —
Customer deposits |  | 717 | — | 717 | —
Debt certificates issued |  | 3,977 | — | 1,751 | 2,227
Other financial liabilities |  | 8,605 | — | 8,605 | —
Derivatives – Hedge accounting | 15 | 2,625 | — | 2,586 | 39

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 102

Fair value of financial instruments recognized at fair value by levels. December 2022 (Millions of Euros)
| Notes | Book value Fair value |
| Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |
Financial assets held for trading | 10 | 110,671 | 22,710 | 85,636 | 2,325
Derivatives |  | 39,908 | 795 | 38,140 | 974
Equity instruments |  | 4,404 | 4,369 | — | 34
Debt securities |  | 24,367 | 16,284 | 7,934 | 148
Loans and advances |  | 41,993 | 1,262 | 39,562 | 1,169
Non-trading financial assets mandatorily at fair value through profit or loss | 11 | 6,888 | 5,720 | 151 | 1,017
Equity instruments |  | 6,511 | 5,457 | 40 | 1,014
Debt securities |  | 129 | 19 | 111 | —
Loans and advances to customers |  | 247 | 245 | — | 3
Financial assets designated at fair value through profit or loss | 12 | 913 | 913 | — | —
Debt securities |  | 913 | 913 | — | —
Financial assets at fair value through other comprehensive income | 13 | 65,374 | 53,248 | 11,537 | 589
Equity instruments |  | 1,198 | 1,040 | 58 | 100
Debt securities |  | 64,150 | 52,182 | 11,479 | 489
Loans and advances to credit institutions |  | 26 | 26 | — | —
Derivatives – Hedge accounting | 15 | 1,891 | 4 | 1,887 | —
LIABILITIES |  |  |  |  |
Financial liabilities held for trading | 10 | 95,611 | 20,611 | 73,871 | 1,129
Trading derivatives |  | 37,909 | 746 | 36,161 | 1,002
Short positions |  | 13,487 | 13,354 | 133 | —
Deposits |  | 44,215 | 6,511 | 37,577 | 127
Financial liabilities designated at fair value through profit or loss | 12 | 10,580 | — | 8,990 | 1,590
Deposits from credit institutions |  | — | — | — | —
Customer deposits |  | 700 | — | 700 | —
Debt certificates issued |  | 3,288 | — | 1,698 | 1,590
Other financial liabilities |  | 6,592 | — | 6,592 | —
Derivatives – Hedge accounting | 15 | 3,303 | 100 | 3,179 | 25

The following table sets forth the main valuation techniques, hypothesis and inputs used in the estimation of fair value of the financial
instruments recognized at fair value classified under Levels 2 and 3, based on the type of financial asset and liability and the
corresponding balances as of December 31, 2024, 2023 and 2022.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 103

Fair value of Financial Instruments by levels. (Millions of Euros)
ASSETS | Valuation techniques in Levels 2 and 3 | Observable inputs in Levels 2 and 3 | Unobservable inputs in Levels 2 and 3
Financial assets held for trading |  |  |
Equity instruments | Comparable pricing (Observable price in a similar market) Net asset value | - Brokers quotes - Market operations - NAVs published | - NAV provided by the administrator of the fund
Debt securities | Present-value method (Discounted future cash flows) Observed prices in non-active markets | - Issuer´s credit risk - Current market interest rates - Non active markets prices | - Prepayment rates - Issuer´s credit risk - Recovery rates
Loans and advances | Present-value method (Discounted future cash flows) | - Issuer´s credit risk - Current market interest rates - Funding interest rates observed in the market or in consensus services - Exchange rates | - Prepayment rates - Issuer´s credit risk - Recovery rates - Funding interest rates not observed in the market or in consensus services
Derivatives |  |  |
Interest rate | Interest rate products (Interest rate Swaps, Call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76 and SABR Bond options: Black 76 Swaptions: Black, SABR and LGM Other Interest rate Options: Black, SABR and Libor Market Model Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Implicit correlations between tenors - interest rates volatility
Equity | Future and Equity Forward: Discounted future cash flows Equity Options: Local Volatility, Momentum adjustment and Heston | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations - Implicit dividends and long term repos
Foreign exchange and gold | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Local volatility, momentum adjustment | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations
Credit | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities | Commodities: Momentum adjustment and discounted cash flows |
Non-trading financial assets mandatorily at fair value through profit or loss |  |  |
Equity instruments | Comparable pricing (Observable price in a similar market) Net asset value | - Brokers quotes - Market operations - NAVs published | - NAV provided by the administrator of the fund
Debt securities | Present-value method (Discounted future cash flows) | - Issuer credit risk - Current market interest rates | - Prepayment rates - Issuer credit risk - Recovery rates
Loans and advances | Discounted future cash flows |  | - Prepayment rates - Interest rates
Financial assets designated at fair value through profit or loss | Present-value method (Discounted future cash flows) | - Issuer credit risk - Current market interest rates |
Debt securities |
Financial assets at fair value through other comprehensive income |  |  |
Equity instruments | Comparable pricing (Observable price in a similar market) Net asset value | - Brokers quotes - Market operations - NAVs published | - NAV provided by the administrator of the fund
Debt securities | Present-value method (Discounted future cash flows) Observed prices in non-active markets | - Issuer´s credit risk - Current market interest rates - Non active market prices | - Prepayment rates - Issuer credit risk - Recovery rates
Hedging derivatives |  |  |
Interest rate | Interest rate products (Interest rate Swaps, Call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76 and SABR Bond options: Black 76 Swaptions: Black, SABR and LGM Other Interest rate Options: Black, SABR and Libor Market Model Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Implicit correlations between tenors - interest rates volatility
Equity | Future and Equity Forward: Discounted future cash flows Equity Options: Local volatility, Black 76, Momentum adjustment and Heston | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations - Implicit dividends and long term repos
Foreign exchange and gold | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Local volatility, momentum adjustment | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations
Credit | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities | Commodities: Momentum adjustment and Discounted cash flows |

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 104

Fair Value of Financial Instruments by Levels
LIABILITIES | Valuation techniques in Levels 2 and 3 | Observable inputs in Levels 2 and 3 | Unobservable inputs in Levels 2 and 3
Financial liabilities held for trading |  |  |
Deposits | Present-value method (Discounted future cash flows) | - Interest rate yield - Funding interest rates observed in the market or in consensus services - Exchange rates | - Funding interest rates not observed in the market or in consensus services
Derivatives |  |  |
Interest rate | Interest rate products (Interest rate Swaps, call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76 and SABR Bond options: Black 76 Swaptions: Black 76, SABR and LGM Other Interest rate Options: Black, SABR and Libor Market Model Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Correlation between tenors - Interest rates volatility
Equity | Future and Equity forward: Discounted future cash flows Equity Options: Local volatility, momentum adjustment and Heston | - Volatility of volatility - Assets correlation
Foreign exchange and gold | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Black 76, Local volatility, momentum adjustment | - Volatility of volatility - Assets correlation
Credit | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities | Commodities: Momentum adjustment and discounted cash flows |  |
Short positions | Present-value method (Discounted future cash flows) |  | - Prepayment rates - Issuer´s credit risk - Current market interest rates
Financial liabilities designated at fair value through profit or loss | Present-value method (Discounted future cash flows) | - Prepayment rates - Issuer´s credit risk - Current market interest rates | - Prepayment rates - Issuer´s credit risk - Current market interest rates
Derivatives – Hedge accounting |  |  |
Interest rate | Interest rate products (Interest rate Swaps, call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76 and SABR Bond options: Black 76 Swaptions: Black 76, SABR and LGM Other Interest rate Options: Black, SABR and Libor Market Model Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Implicit correlations between tenors - interest rates volatility
Equity | Future and Equity Forward: Discounted future cash flows Equity Options: Local volatility, momentum adjustment and Heston | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations - Implicit dividends and long term repos
Foreign exchange and gold | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Black 76, Local Volatility, momentum adjustment | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations
Credit | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities | Commodities: Momentum adjustment and discounted cash flows |

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 105

Main valuation techniques
The main techniques used for the assessment of the majority of the financial instruments classified in level 3, and its main
unobservable inputs, are described below:
– The net present value (net present value method): This technique uses the future cash flows of each financial instrument,
which are established in the different contracts, and discounted to their present value. This technique often includes many
observable inputs, but may also include unobservable inputs, as described below:
a. Credit Spread: This input represents the difference in yield of a debt security and the reference rate, reflecting the
additional return that a market participant would require to take the credit risk of that debt security. Therefore,
the credit spread of the debt security is part of the discount rate used to calculate the present value of the future
cash flows.
b. Recovery rate: This input represents the percentage of principal and interest recovered from a debt instrument
that has defaulted.
– Comparable prices (similar asset prices): This input represents the prices of comparable financial instruments and
benchmarks used to calculate a reference yield based on relative movements from the entry price or current market levels.
Further adjustments to account for differences that may exist between financial instrument being valued and the
comparable financial instrument may be added. It can also be assumed that the price of the financial instrument is
equivalent to the comparable instrument.
– Net asset value: This technique utilizes certain assumptions to use net asset value as representative of fair value, which is
equal to the total value of the assets and liabilities of a fund published by the managing entity.
– Gaussian copula: This model is used to integrate default probabilities of credit instruments referenced to more than one
underlying CDS (Credit Default Swaps). The joint density function used to value the instrument is constructed by using a
Gaussian copula that relates the marginal densities by a normal distribution, usually extracted from the correlation matrix of
events approaching default by CDS issuers.
– Black 76: variant of Black Scholes model, whose main application is the valuation of bond options, cap floors and Swaptions
where the behavior of the Forward and not the Spot itself, is directly modeled.
– Black Scholes: The Black Scholes model postulates log-normal distribution for the prices of securities, so that the expected
return under the risk neutral measure is the risk free interest rate. Under this assumption, the price of vanilla options can be
obtained analytically, so that inverting the Black- Scholes formula, the implied volatility for process of the price can be
calculated.
– Heston: This model, typically applied to equity OTC options, assumes stochastic behavior of volatility. According to which,
the volatility follows a process that reverts to a long-term level and is correlated with the underlying equity instrument. As
opposed to local volatility models, in which the volatility evolves deterministically, the Heston model is more flexible,
allowing it to be similar to that observed in the short term today.
– Libor market model: This model assumes that the dynamics of the interest rate curve can be modeled based on the set of
forward contracts that compose the underlying interest rate. The correlation matrix is parameterized on the assumption
that the correlation between any two forward contracts decreases at a constant rate, beta, to the extent of the difference in
their respective due dates. The input “Credit default volatility” is a volatility input of the credit factor dynamic applied in
rate/credit hybrid operative. The multifactorial frame of this model makes it ideal for the valuation of instruments sensitive
to the slope or curve, including interest rate option.
– Local Volatility: In the local volatility models, the volatility, instead of being static, evolves deterministically over time
according to the level of moneyness (i.e. probability that the option has a positive value on its date of expiration) of the
underlying, capturing the existence of volatility smiles. The volatility smile of an option is the empirical relationship observed
between its implied volatility and its strike price. These models are appropriate for options whose value depends on the
historical evolution of the underlying which use Monte Carlo simulation technique for their valuation.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 106

Unobservable inputs
Quantitative information of unobservable inputs used to calculate level 3 valuations is presented below as of December 31, 2024,
2023 and 2022.

Unobservable inputs. December 2024
Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units
Debt Securities | Present value method | Credit spread | — | 113 | 3,907 | bp
Recovery rate | 0 % | 39 % | 40 % | %
Comparable Pricing |  | 0 % | 95 % | 233 % | %
Equity/Fund instruments (1) | Net Asset Value |  |
Comparable Pricing |
Loans and advances | Present value method | Repo funding curve | 2.09 % | 3.70 % | 7.11 % | %
Credit Derivatives | Gaussian Copula | Correlation default | 19 % | 59 % | 92 % | %
Black 76 | Price volatility | — | — | — | Vegas
Equity Derivatives | Option models on equities, baskets of equity, funds | Dividends (2) |
Correlations | (88 %) | 48 % | 99 % | %
Volatility | 5.07 | 30.90 | 122.35 | Vegas
FX Derivatives | Option models on FX underlyings | Volatility | 3.93 | 9.46 | 14.91 | Vegas
IR Derivatives | Option models on IR underlyings | Beta | 3.00 % | 5 % | 11 % | %
Correlation rate/credit | (100 %) |  | 100% | %
Correlation rate/inflation | 42 % | 74 % | 95 % | %

(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them.
(2) The range of unobservable dividends is too wide range to be relevant.

Unobservable inputs. December 2023
Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units
Debt Securities | Present value method | Credit spread | — | 136 | 4,369 | bp
Recovery rate | 0 % | 39 % | 40 % | %
Comparable Pricing |  | 0 % | 99 % | 237 % | %
Equity/Fund instruments (1) | Net Asset Value |  |
Comparable Pricing |
Loans and advances | Present value method | Repo funding curve | 2.26 % | 3.74 % | 5.76 % | %
Credit Derivatives | Gaussian Copula | Correlation default | 26 % | 60 % | 85 % | %
Black 76 | Price volatility | — | — | — | Vegas
Equity Derivatives | Option models on equities, baskets of equity, funds | Dividends (2) |
Correlations | (88 %) | 52 % | 99 % | %
Volatility | 8.47 | 29.41 | 70.94 | Vegas
FX Derivatives | Option models on FX underlyings | Volatility | 4.31 | 10.24 | 18.52 | Vegas
IR Derivatives | Option models on IR underlyings | Beta | 3.00 % | 5 % | 11 % | %
Correlation rate/credit | (100 %) |  | 100 % | %
Correlation rate/inflation | 52% | 60% | 74% | %

(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them.
(2) The range of unobservable dividends is too wide range to be relevant.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 107

Unobservable inputs. December 2022
Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units
Debt securities | Present value method | Credit spread | — | 111 | 1,538 | bp
Recovery rate | 0 % | 39 % | 40 % | %
Comparable pricing |  | 2 % | 94 % | 139 % | %
Equity/Fund instruments (1) | Net asset value |  |  |  |  |
Comparable pricing |  |  |  |  |
Loans and advances | Present value method | Repo funding curve | 0.71 % | 3.48 % | 5.52 % | %
Credit derivatives | Gaussian Copula | Correlation default | 26 % | 44 % | 58 % | %
Black 76 | Price volatility | — | — | — | Vegas
Equity derivatives | Option models on equities, baskets of equity, funds | Dividends (2) |  |  |  |
Correlations | (93 %) | 59 % | 99 % | %
Volatility | 7.81 | 32.62 | 98.71 | Vegas
FX derivatives | Option models on FX underlyings | Volatility | 5.32 | 11.93 | 20.73 | Vegas
IR derivatives | Option models on IR underlyings | Beta | 0.25 % | 2 % | 18 % | %
Correlation rate/credit | (100 %) |  | 100 % | %
Correlation rate/inflation | 51 % | 66 % | 76 % | %

(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them.
(2) The range of unobservable dividends is too wide range to be relevant.
Adjustments to the valuation
Under IFRS 13, the entity must estimate the value taking into account the assumptions and conditions that market participants would
have when setting the price of the asset or liability on the valuation date.
In order to comply with the fair value requirements, the entity applies adjustments to the fair valuation considering inherent and
counterparties´ default criteria, funding valuation risk and valuation risks due to valuation uncertainty and related to the prudent
valuation criteria. The above is aligned with the regulatory requirements (EBA CRR 105.10) and considers the model risk, liquidity risk
(Bid/Offer) and price uncertainty risk.
Adjustments to the valuation for risk of default
The fair value of liabilities should reflect the entity's default risk, which includes, among other components, its own credit risk. Taking
this into account, the Group makes valuation adjustments for credit risk in the estimates of the fair value of its assets and liabilities.
These adjustments are calculated by estimating Exposure At Default, Probability of Default and Loss Given Default, which are based
on the recovery levels for all derivative products on any instrument, deposits and repos at the legal entity level (all counterparties
under a same master agreement), in which BBVA has exposure.
Credit Valuation Adjustment (hereinafter “CVA”) and Debit Valuation Adjustments (hereinafter “DVA”) are included in the valuation of
derivatives, both assets and liabilities, to reflect the impact on the fair value of the counterparty credit risk and its own, respectively.
The Group incorporates in its valuation, for all exposures classified in any of the categories valued at fair value, both the counterparty
credit risk and its own. In the trading portfolio, and in the specific case of derivatives, credit risk is recognized through such
adjustments.
As a general rule, the calculation of CVA is the sum of the expected positive exposure in time t, the probability of default between t-1
and t, and the Loss Given Default of the counterparty. Consequently, the DVA is calculated as the sum of the expected negative
exposure in time t, the probability of default of BBVA between t-1 and t, and the Loss Given Default of BBVA. Both calculations are
performed throughout the entire period of potential exposure.
The calculation of the expected positive and negative exposure is done through a Montecarlo simulation of the market variables
involved in all trades’ valuation under the same legal netting set.
The information needed to calculate the probability of default and the loss given default of a counterparty comes from the credit
markets. The counterparty’s Credit Default Swaps are used if liquid quotes are available. If a market price is not available, BBVA has
implemented a mapping process based on the sector, rating and geography of the counterparty to assign probabilities of default and
loss given default calibrated directly to market.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 108

An additional adjustment for Own Credit Adjustment (hereinafter "OCA") is applied to the instruments accounted for by applying the
Fair Value Option permitted by IFRS 9. The related amounts recognized in the consolidated balance sheet as of December 31, 2024
and 2023, related to OCA were €393 million and €406 million, respectively.
The amounts recognized in the consolidated balance sheets as of December 31, 2024, 2023 and 2022 related to the valuation
adjustments incorporated to the credit assessment derivative assets amounted to €-205 million €-133 million and €-158 million,
respectively as Credit Valuation Adjustments (CVA), and amounted to €116 million, €91 million and €135 million, respectively as Debit
Valuation Adjustment (DVA). The impact recorded under “Gains (losses) on financial assets and liabilities held for trading, net” in the
consolidated income statement was €17 million for the year ended December 31, 2024 and €26 million and €0 million in 2023 and
2022, respectively.
Valuation adjustments for financing risk
The fair value of the positions recorded at fair value must reflect the entity's financing risk. Taking into account the above, the Group
makes adjustments for financing risk valuation (Funding Valuation Adjustment FVA) in the estimates of the fair value of its assets and
liabilities.
The adjustment to the valuation for financing risk incorporates the cost of financing implicit in the valuation of positions at fair value.
This adjustment reflects the cost of funding for non-collateralized or partially collateralized operations.
Additionally, as of December 31, 2024, 2023 and 2022, €-19 million, €-16 million and €-16 million related to the FVA were recognized
in the consolidated balance sheet, being the impact on results not significant.
Valuation adjustments for valuation uncertainty
The fair value of the positions recorded at fair value must reflect the valuation risk derived from the uncertainty in the valuation for
concepts of pure uncertainty of prices, liquidity risk and model risks. This adjustment is aligned with the regulatory requirements for
prudent valuation via valuation adjustments with an impact on CET1, and meets the requirements of EBA CRR 105.10 for this purpose.
The adjustment to the valuation for liquidity incorporates an adjustment for Bid / Offer spreads in the valuation of positions that do
not meet the necessary conditions to be considered a Market Maker operation.
The adjustment to the valuation for model risk captures the uncertainty in the price associated with the products valued with the use
of a valuation model ("Mark to Model") given the existence of more than one possible model applicable to the valuation of the product
or the calibration of its parameters from the observations of inputs in the market.
The adjustment to the valuation for price uncertainty includes the uncertainty associated with the dispersion in the values observed in
the market for the prices taken in the valuation of assets or as inputs in the valuation models.
The impact recorded under “Gains (losses) on financial assets and liabilities held for trading, net” in the consolidated income
statement for the year ended December 31, 2024 corresponding to the mentioned adjustments was a net impact of €-53 million. An
adjustment was also made as of December 31, 2024 on financial assets at fair value through other comprehensive income for a total
of €-17 million (€-15 million and €-11 million in 2023 and 2022, respectively).
Financial assets and liabilities classified as level 3
The changes in the balance of level 3 financial assets and liabilities included in the consolidated balance sheets are as follows:

Financial assets level 3: Changes in the year (Millions of Euros)
| 2024 | 2023 | 2022
| Assets | Liabilities | Assets | Liabilities | Assets | Liabilities
Balance at the beginning | 4,264 | 3,467 | 3,931 | 2,743 | 5,301 | 2,054
Changes in fair value recognized in profit and loss ⁽¹⁾ | 490 | 144 | (7) | 113 | 289 | (131)
Changes in fair value not recognized in profit and loss | 29 | — | 21 | (1) | (62) | 14
Acquisitions, disposals and liquidations | 397 | (59) | 27 | 374 | (783) | 782
Net transfers to level 3 | (330) | (165) | 289 | 204 | (750) | 74
Exchange differences and others | (6) | (67) | 3 | 34 | (64) | (50)
Balance at the end | 4,843 | 3,321 | 4,264 | 3,467 | 3,931 | 2,743

(1) Profit or loss that is attributable to gains or losses relating to those financial assets and liabilities held as of December 31, 2024, 2023 and 2022. Valuation adjustments are
recorded under the heading “Gains (losses) on financial assets and liabilities (net)”.
During 2024, there was an increase in positions classified as level 3, mainly concentrated in cash fixed-income positions due to
unobservability in market prices applied in their valuation. No significant changes were observed in other positions, such as
derivatives, reverse repurchase agreements and cash variable-income positions.
In 2023, as a result of the implementation of the multifactor criteria in the classification, which considered all the risk factors of the
exposures, their observability and uncertainty, there was a reduction in exposure to level 3 derivatives, offset by an increase in
exposure classified at level 3 in repurchase agreements positions due to unobservability in the inputs used in their valuation. The
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 109

increase in Level 3 exposure was mainly related to cash positions of variable income and fixed income due to unobservability in their
prices.
In 2022, the net volume of exposures classified as level 3 was reduced. This reduction was mainly concentrated in repurchase
agreements positions, derived from the rotation of the portfolio towards positions with better observability in the equity market of the
inputs applied at their fair value. Additionally, the reduction in the volume of level 3 exposures of repurchase agreement positions was
mitigated by the increase in the volume of level 3 exposures in derivatives, for which there was worse observability in the market of
the inputs used in their fair value valuation.
For the years ended December 31, 2024, 2023 and 2022, the profit/loss on sales of financial instruments classified as level 3
recognized in the consolidated income statement was not material.
Transfers among levels
The Global Valuation area, in collaboration with the Group, has established the rules for an appropriate financial instruments held for
trading classification according to the fair value hierarchy defined by IFRS.
On a monthly basis, derivative positions, deposits, loans and advances from the portfolio are classified, according to this criterion, by
the subsidiaries. Then, there is a quarterly review of the portfolio in order to analyze the need for a change in classification of any of
these assets.
On a quarterly basis, the positions of equity instruments and debt securities are classified, following these criteria, by the local areas
in coordination with Global Markets Valuation.
The financial instruments transferred among the different levels of measurement for the years ended December 31, 2024, 2023 and
2022 are at the following amounts in the consolidated balance sheets as of December 31, 2024, 2023 and 2022:

Transfers among levels. December 2024 (Millions of Euros)
| From: | Level 1 | Level 2 | Level 3
| To: | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2
ASSETS |  |  |  |  |  |  |
Financial assets held for trading |  | 115 | — | 1,238 | 78 | 16 | 199
Non-trading financial assets mandatorily at fair value through profit or loss |  | 68 | 14 | 1 | — | 35 | 18
Financial assets designated at fair value through profit or loss |  | — | — | 1 | — | — | —
Financial assets at fair value through other comprehensive income |  | 1,425 | 17 | 1,348 | 12 | 13 | 170
Derivatives – Hedge accounting |  | — | — | — | — | — | —
Total |  | 1,608 | 31 | 2,586 | 90 | 64 | 387
LIABILITIES |  |  |  |  |  |  |
Financial liabilities held for trading |  | 107 | — | 461 | 45 | 11 | 380
Financial liabilities designated at fair value through profit or loss |  | — | — | — | 301 | — | 121
Derivatives – Hedge accounting |  | — | — | — | — | — | —
Total |  | 107 | — | 461 | 346 | 11 | 501

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 110

Transfer among levels (Millions of Euros)
|  | 2023 | 2022
| From: | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
| To: | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2 | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets held for trading |  | 887 | 34 | 89 | 666 | — | 497 | 683 | 1 | 1,909 | 340 | 24 | 911
Non-trading financial assets mandatorily at fair value through profit or loss |  | 1 | 135 | — | 70 | — | — | — | — | 243 | — | 53 | 2
Financial assets designated at fair value through profit or loss |  | — | — | — | — | — | — | — | — | 123 | — | — | —
Financial assets at fair value through other comprehensive income |  | 1,191 | 21 | 1,296 | 205 | 103 | 243 | 1,723 | — | 715 | — | 18 | 83
Derivatives – Hedge accounting |  | — | — | — | — | — | — | — | — | — | — | — | —
Total |  | 2,079 | 190 | 1,385 | 941 | 103 | 740 | 2,407 | 1 | 2,990 | 340 | 95 | 996
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities held for trading |  | 596 | 3 | 36 | 177 | 1 | 372 | 524 | — | 239 | 141 | — | 258
Financial liabilities designated at fair value through profit or loss |  | — | — | — | 660 | — | 262 | — | — | — | 221 | — | 55
Derivatives – Hedge accounting |  | — | — | — | — | — | — | — | — | — | 25 | — | —
Total |  | 596 | 3 | 36 | 837 | 1 | 635 | 524 | — | 239 | 387 | — | 313

The amount of the financial instruments at fair value that were transferred among the different valuation levels during 2024 showed a
reasonable behavior in relation to the evolution of market observability in the inputs applied in their valuation. No significant level
transfers were made from Level 1 to Level 3, with the most significant volumes of transfers concentrated between Level 1 and Level 2,
and Level 2 and Level 3. In both cases, the changes were solely due to the observability conditions of market inputs.
The amount of the financial instruments at fair value portfolio that were transferred among the different valuation levels during 2023
correspond mainly, with respect to Level 1 to Level 2, to the review of the classification among levels due to the implementation of the
short term maturities model valuation of the listed options for those positions for which it is guaranteed that the inputs applied from
real OTC market transactions are complied with the corroboration criteria. Additionally, there is a transfer of exposure Level 1 to Level
2 in cash positions in debt securities and equities, partially netted by a transfer of exposure Level 2 to Level 1, all directly related to the
observability of the inputs. The volume of positions transferred from Level 2 to Level 3 is partly offset by the transfer of certain
positions from Level 3 to Level 2, mainly in cash positions in debt securities, equities and loans and advances.
The amount of financial instruments that were transferred among levels of valuation during the year ended December 31, 2022
corr esponds to the above changes in the classification among levels since such financial instruments modified some of their features.
Specifically, transfers among Levels 1 and 2 occurred mainly in derivatives and debt securities. Transfers from Level 2 to Level 3 were
mainly related to derivatives and deposits at fair value through profit or loss, and in relation to transfers from Level 3 to Level 2, this
generally affected derivatives and loans and advances held for trading.
S ensitivity analysis
Sensitivity analysis is performed on financial instruments with significant unobservable inputs (financial instruments included in level
3), in order to obtain a reasonable range of possible alternative valuations. This analysis is carried out based on the criteria defined by
the Global Valuation area in line with the official regulatory requirements for Prudent Valuation metrics, taking into account the nature
of the methods used for the assessment and the reliability and availability of inputs and proxies used. In order to establish, with a
sufficient degree of certainty, the valuation risk that is incurred in such assets without applying diversification criteria between them.
As of December 31, 2024 , the effect on profit for the year and total equity of changing the main unobservable inputs used for the
measurement of level 3 financial instruments for other reasonably possible unobservable inputs, taking the highest (most favorable
input) or lowest (least favorable input) value of the range deemed probable, would be as follows:
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 111

Financial instruments level 3: sensitivity analysis (Millions of Euros)
| Potential impact on consolidated income statement | Potential impact on other comprehensive income
| Most favorable hypothesis | Least favorable hypothesis | Most favorable hypothesis | Least favorable hypothesis
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
ASSETS |  |  |  |  |  |  |  |
Financial assets held for trading | 48 | 21 | (89) | (117) | — | — | — | —
Loans and advances | 4 | 2 | (4) | (2) | — | — | — | —
Debt securities | 37 | 9 | (61) | (22) | — | — | — | —
Equity instruments | — | — | (17) | (83) | — | — | — | —
Derivatives | 6 | 9 | (6) | (9) | — | — | — | —
Non-trading financial assets mandatorily at fair value through profit or loss | 9 | 5 | (85) | (114) | — | — | — | —
Loans and advances | — | — | — | — | — | — | — | —
Debt securities | 3 | 3 | (7) | (21) | — | — | — | —
Equity instruments | 6 | 2 | (78) | (92) | — | — | — | —
Financial assets designated at fair value through profit or loss | — | — | — | — | — | — | — | —
Financial assets at fair value through other comprehensive income | — | — | — | — | 48 | 34 | (90) | (89)
Total | 57 | 26 | (173) | (230) | 48 | 34 | (90) | (89)
LIABILITIES |  |  |  |  |  |  |  |
Financial liabilities held for trading | 12 | 13 | (13) | (18) | — | — | — | —
Total | 12 | 13 | (13) | (18) | — | — | — | —

8.2 Fair value of financial instruments recognized at amortized cost according to valuation
method
The valuation technique used to calculate the fair value of financial assets and liabilities carried at cost are presented below:
Financial assets
– Cash, balances at central banks and other demand deposits / loans to central banks / short-term loans to credit
institutions/ repurchase agreements: in general, their fair value approximates to their book value, due to the nature of the
counterparty and because they are mainly short-term balances in which the book value is the most reasonable estimation of
the value of the asset.
– Loans to credit institutions which are not short-term and loans to customers: In general, these financial assets will be valued
by discounting future cash flows using the interest rate curve adjusted by the market spread at the time of valuation and
considering any behavioral hypothesis considered to be relevant (early prepayments, optionality, etc.). Therefore, their
valuations will be conditioned by the interest rates and spreads of the portfolios and their durations.
– Debt securities: Fair value estimated based on the available market price or by using internal valuation methodologies.
Financial liabilities
– Deposits from central banks: for recurrent liquidity auctions and other monetary policy instruments of central banks /
short-term deposits, from credit institutions / repurchase agreements / short term customer deposits: their book value is
considered to be the best estimation of their fair value.
– Deposits of credit institutions which are not short-term and term customer deposits: these deposits are valued by
discounting future cash flows using the interest rate curve in effect at the time of the adjustment adjusted by the credit
spread and incorporating any behavioral assumptions considered to be relevant (early repayments, optionalities, etc.).
– Debt certificate (Issuances): The fair value estimation of these liabilities is based on the availability of market prices or the
present value method: discount of future cash flows, using market interest rates at valuation time and taking into account
the credit spread.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 112

The table b elow shows the fair value of the Group's financial instruments recognized at amortized cost in the consolidated balance
sheets, broken down according to the valuation method used to determine their fair value, and their respective book value, as well as
the main valuation techniques and inputs used for financial instruments classified in level 2 and level 3 as of December 31, 2024, 2023
and 2022:

Fair value of financial instruments recognized at amortized cost by levels. December 2024 (Millions of Euros) |
| Notes | Book value | Fair value |
| Carrying amount presented as fair value ⁽¹⁾ | Level 1 | Level 2 | Level 3 | Total
ASSETS |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 9 | 51,145 | 51,145 | — | — | — | 51,145
Financial assets at amortized cost | 14 | 502,400 | 32,615 | 50,771 | 24,157 | 394,496 | 502,039
Debt securities |  | 59,014 | — | 50,771 | 6,589 | 921 | 58,281
Loans and advances |  | 443,386 | 32,615 | — | 17,568 | 393,575 | 443,759
LIABILITIES |  |  |  |  |  |  |
Financial liabilities at amortized cost | 22 | 584,339 | 378,530 | 47,323 | 58,016 | 101,025 | 584,894
Deposits |  | 496,720 | 360,777 | — | 37,647 | 98,038 | 496,461
Debt certificates issued |  | 69,867 | — | 47,323 | 20,369 | 2,986 | 70,679
Other financial liabilities |  | 17,753 | 17,753 | — | — | — | 17,753

(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.

Fair value of financial instruments recognized at amortized cost by levels. December 2023 (Millions of Euros)
| Notes | Book value | Fair value
| Carrying amount presented as fair value ⁽¹⁾ | Level 1 | Level 2 | Level 3 | Total
ASSETS |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 9 | 75,416 | 75,416 | — | — | — | 75,416
Financial assets at amortized cost | 14 | 451,732 | 34,826 | 41,950 | 10,533 | 359,062 | 446,371
Debt securities |  | 49,462 | — | 41,950 | 6,244 | 759 | 48,952
Loans and advances |  | 402,270 | 34,826 | — | 4,290 | 358,303 | 397,418
LIABILITIES |  |  |  |  |  |  |
Financial liabilities at amortized cost | 22 | 557,589 | 358,657 | 42,742 | 86,390 | 68,127 | 555,915
Deposits |  | 473,835 | 343,611 | 1,269 | 62,049 | 64,601 | 471,530
Debt certificates issued |  | 68,707 | — | 41,472 | 24,341 | 3,526 | 69,339
Other financial liabilities |  | 15,046 | 15,046 | — | — | — | 15,046

(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 113

Fair value of financial instruments recognized at amortized cost by levels. December 2022 (Millions of Euros) |
| Notes | Book value | Fair value |
| Carrying amount presented as fair value ⁽¹⁾ | Level 1 | Level 2 | Level 3 | Total
ASSETS |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 9 | 79,756 | 79,756 | — | — | — | 79,756
Financial assets at amortized cost | 14 | 414,421 | 33,953 | 26,239 | 10,580 | 342,194 | 412,965
Debt securities |  | 36,639 | — | 26,239 | 9,313 | 759 | 36,311
Loans and advances |  | 377,782 | 33,953 | — | 1,267 | 341,435 | 376,655
LIABILITIES |  |  |  |  |  |  |
Financial liabilities at amortized cost | 22 | 529,172 | 380,520 | 40,752 | 43,205 | 61,118 | 525,595
Deposits |  | 459,662 | 369,387 | 2,810 | 35,965 | 49,731 | 457,894
Debt certificates issued |  | 55,429 | — | 37,942 | 7,240 | 8,368 | 53,550
Other financial liabilities |  | 14,081 | 11,132 | — | — | 3,019 | 14,151

(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.
The fair value of the “Financial assets at amortized cost” has been estimated mainly using the valuation techniques of the Present-
value method (discounted future cash flows). The main inputs considered for Levels 2 and 3 are the interest rate yield, the
prepayment rates and the credit spread.
In the case of “Financial liabilities at amortized cost”, the fair value is also obtained mainly through the Present-value method
(discounted future cash flows). The main inputs considered for, at levels 2 and 3, the issuer's credit risk, the interest rate yield and the
prepayment rate.
9. Cash, cash balances at central banks and other demand deposits
The breakdown of the balance under the heading “Cash, cash balances at central banks and other demand deposits” in the
consolidated balance sheets is as follows:

Cash, cash balances at central banks and other demand deposits (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Cash on hand |  | 8,636 | 7,751 | 6,533
Cash balances at central banks ⁽¹⁾ |  | 35,306 | 60,750 | 67,314
Other demand deposits |  | 7,202 | 6,916 | 5,909
Total | 8.2 | 51,145 | 75,416 | 79,756

(1) The variation is mainly due to the evolution of the balances held in the Bank of Spain.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 114

10. Financial assets and liabilities held for trading
10.1 Breakdown of the balance
The breakdown of the balance under these headings in the consolidated balance sheets is as follows:

Financial assets and liabilities held for trading (Millions of Euros)
| Notes | 2024 | 2023 | 2022
ASSETS |  |  |  |
Derivatives |  | 36,003 | 34,293 | 39,908
Equity instruments | 7.2.2 | 6,760 | 4,589 | 4,404
Credit institutions |  | 393 | 277 | 317
Other sectors |  | 6,367 | 4,312 | 4,086
Debt securities | 7.2.2 | 27,955 | 28,569 | 24,367
Issued by central banks |  | 768 | 740 | 821
Issued by public administrations |  | 23,671 | 24,766 | 20,703
Issued by financial institutions |  | 1,665 | 1,824 | 1,365
Other debt securities |  | 1,852 | 1,239 | 1,477
Loans and advances | 7.2.2 | 38,230 | 73,590 | 41,993
Loans and advances to central banks |  | 556 | 2,809 | 1,632
Reverse repurchase agreement |  | 556 | 2,809 | 1,632
Loans and advances to credit institutions |  | 20,938 | 56,599 | 25,231
Reverse repurchase agreement (1) |  | 20,918 | 56,569 | 25,201
Loans and advances to customers |  | 16,736 | 14,182 | 15,130
Reverse repurchase agreement |  | 15,108 | 13,615 | 14,832
Total assets | 8.1 | 108,948 | 141,042 | 110,671
LIABILITIES |  |  |  |
Derivatives |  | 33,059 | 33,045 | 37,909
Short positions |  | 13,878 | 15,735 | 13,487
Deposits |  | 39,654 | 72,935 | 44,215
Deposits from central banks |  | 3,360 | 6,397 | 3,950
Repurchase agreement |  | 3,360 | 6,397 | 3,950
Deposits from credit institutions |  | 16,285 | 43,337 | 28,924
Repurchase agreement (1) |  | 15,994 | 42,676 | 28,573
Customer deposits |  | 20,010 | 23,201 | 11,341
Repurchase agreement |  | 19,913 | 23,157 | 11,302
Total liabilities | 8.1 | 86,591 | 121,715 | 95,611

(1) The variation is mainly due to the evolution of "Reverse repurchase agreement" of BBVA, S.A. partially offset by the evolution of "Repurchase agreement" principally of BBVA,
S.A.
As of December 31, 2024, 2023 and 2022 “Short positions” include €13,010 million, €14,914 million and €12,544 million, respectively,
held with general governments.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 115

10.2 Derivatives
The derivatives portfolio arises from the Group’s need to manage the risks it is exposed to in the normal course of business and also
to market products amongst the Group’s customers. As of December 31, 2024, 2023 and 2022, most of the derivatives were mainly
contracted in over-the-counter (OTC) markets, with counterparties, consisting primarily of credit institutions and other financial
institutions. These derivatives are linked to foreign-exchange rate risk, interest-rate risk and changes in equity instruments.
Below is a breakdown by type of risk and market, of the fair value and notional amounts of financial derivatives recognized in the
consolidated balance sheets, divided into organized and OTC markets:

Derivatives by type of risk and by product or by type of market (Millions of Euros)
| 2024 | 2023 | 2022
| Assets | Liabilities | Notional amount - Total | Assets | Liabilities | Notional amount - Total | Assets | Liabilities | Notional amount - Total
Interest rate | 11,588 | 9,627 | 4,951,022 | 15,251 | 13,171 | 4,741,629 | 19,563 | 18,220 | 4,286,531
OTC | 11,579 | 9,622 | 4,930,657 | 15,248 | 13,167 | 4,722,314 | 19,558 | 18,215 | 4,278,249
Organized market | 10 | 4 | 20,365 | 3 | 4 | 19,315 | 5 | 5 | 8,282
Equity instruments | 2,944 | 4,303 | 75,045 | 2,587 | 3,723 | 70,804 | 3,067 | 3,770 | 76,749
OTC | 682 | 2,347 | 38,612 | 1,212 | 2,551 | 49,038 | 1,810 | 2,127 | 52,739
Organized market | 2,261 | 1,956 | 36,433 | 1,375 | 1,172 | 21,767 | 1,257 | 1,643 | 24,010
Foreign exchange and gold | 21,060 | 18,704 | 825,158 | 15,911 | 15,608 | 632,780 | 16,971 | 15,528 | 589,705
OTC | 21,056 | 18,698 | 810,770 | 15,889 | 15,590 | 623,203 | 16,954 | 15,505 | 580,850
Organized market | 4 | 7 | 14,388 | 22 | 18 | 9,577 | 17 | 23 | 8,855
Credit | 386 | 375 | 42,799 | 543 | 542 | 31,478 | 299 | 383 | 43,450
Credit default swap | 349 | 369 | 40,847 | 540 | 528 | 29,844 | 293 | 282 | 41,760
Credit spread option | — | — | — | — | — | — | — | — | —
Total return swap | 37 | — | 1,952 | 3 | 14 | 1,475 | 7 | 101 | 1,665
Other | — | 6 | — | — | — | 159 | — | — | 25
Commodities | 25 | 50 | 1,939 | 1 | 1 | 169 | 9 | 8 | 60
DERIVATIVES | 36,003 | 33,059 | 5,895,964 | 34,293 | 33,045 | 5,476,860 | 39,908 | 37,909 | 4,996,495
Of which: OTC - credit institutions | 26,039 | 23,135 | 1,742,720 | 23,998 | 23,977 | 1,463,433 | 28,385 | 26,454 | 1,205,895
Of which: OTC - other financial corporations | 3,383 | 4,212 | 3,914,640 | 5,042 | 4,412 | 3,815,162 | 5,745 | 4,493 | 3,587,546
Of which: OTC - other | 4,306 | 3,744 | 166,402 | 3,854 | 3,461 | 147,310 | 4,501 | 5,290 | 161,882

11. Non-trading financial assets mandatorily at fair value through profit or loss
The breakdown of the balance under this heading in the consolidated balance sheets is as follows:

Non-trading financial assets mandatorily at fair value through profit or loss (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Equity instruments | 7.2.2 | 9,782 | 7,963 | 6,511
Debt securities | 7.2.2 | 407 | 484 | 129
Loans and advances | 7.2.2 | 358 | 290 | 247
Total | 8.1 | 10,546 | 8,737 | 6,888

T he e quity instruments included in this heading mainly comprised financial assets related to the insurance activity of the BBVA
Group, including investments associated with life insurance products where the investment risk is assumed by the policyholder, such
as the Unit-link products.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 116

12. Financial assets and liabilities designated at fair value through profit or loss
The breakdown of the balance under these headings in the consolidated balance sheets is as follows:

Financial assets and liabilities designated at fair value through profit or loss (Millions of Euros)
| Notes | 2024 | 2023 | 2022
ASSETS |  |  |  |
Debt securities | 7.2.2 / 8.1 | 836 | 955 | 913
LIABILITIES |  |  |  |
Customer deposits |  | 934 | 717 | 700
Debt certificates issued |  | 4,597 | 3,977 | 3,288
Other financial liabilities: Unit-link products |  | 9,420 | 8,605 | 6,592
Total liabilities | 8.1 | 14,952 | 13,299 | 10,580

This heading includes mainly liabilities linked to insurance products where the risk is assumed by the policyholder (Unit-link)
products. Since the liabilities linked to insurance products in which the policyholder assumes the risk are valued the same way as the
assets associated with such insurance products, there is no credit risk borne by the Group in relation to these liabilities.
In addition, debt securities are included in these headings to reduce inconsistencies (asymmetries) in the valuation of such operations
and those operations used to manage the risk associated with them.
13. Financial assets at fair value through other comprehensive income
13.1 Breakdown of the balance
The breakdown of the balance of financial assets at fair value through other comprehensive income by type of financial instrument as
of December 31, 2024, 2023 and 2022 is as follows:

Financial assets at fair value through other comprehensive income (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Equity instruments | 7.2.2 | 1,451 | 1,217 | 1,198
Debt securities (1) |  | 57,526 | 60,963 | 64,150
Loans and advances to credit institutions | 7.2.2 | 25 | 26 | 26
Total | 8.1 | 59,002 | 62,205 | 65,374
Of which: loss allowances of debt securities |  | (112) | (84) | (123)

(1) During financial years 2024, 2023 and 2022, there have been no significant reclassifications from the heading “Financial assets at fair value through other comprehensive
income” to other headings or from other headings to “Financial assets at fair value through other comprehensive income”.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 117

13.2 Equity instruments
The breakdown of the balance under the heading "Equity instruments" of the consolidated balance sheets as of December 31, 2024,
2023 and 2022 is as follows:

Financial assets at fair value through other comprehensive income. Equity instruments (Millions of Euros)
2024 | 2023 | 2022 |
Listed equity instruments |  |  |
Spanish companies shares | 1,100 | 987 | 960
Foreign companies shares | 131 | 111 | 138
Mexico | 27 | 33 | 31
The United States | 79 | 52 | 44
Turkey | 9 | 6 | 7
Other countries | 17 | 20 | 56
Subtotal listed equity instruments | 1,231 | 1,098 | 1,098
Unlisted equity instruments |  |  |
Spanish companies shares | 46 | 12 | 12
Foreign companies shares | 174 | 106 | 87
Subtotal unlisted equity instruments | 220 | 119 | 100
Total | 1,451 | 1,217 | 1,198

13.3 Debt securities
The breakdown of the balance under the heading “Debt securities” of the consolidated financial statements as of December 31, 2024,
2023 and 2022, broken down by issuers, is as follows:

Financial assets at fair value through other comprehensive income. Debt securities (Millions of Euros)
| 2024 | 2023 | 2022
Domestic debt securities |  |  |
Government and other government agency | 10,383 | 13,757 | 17,429
Credit institutions | 695 | 901 | 854
Other issuers | 397 | 454 | 495
Subtotal | 11,475 | 15,111 | 18,779
Foreign debt securities |  |  |
Mexico | 20,461 | 21,714 | 16,819
Government and other government agency | 19,313 | 20,364 | 15,452
Credit institutions | 759 | 886 | 777
Other issuers | 389 | 464 | 590
The United States | 6,552 | 6,344 | 5,202
Government and other government agency | 3,703 | 3,174 | 2,716
Credit institutions | 41 | 88 | 93
Other issuers | 2,808 | 3,082 | 2,393
Turkey | 2,849 | 2,459 | 3,858
Government and other government agency | 2,837 | 2,445 | 3,858
Other issuers | 12 | 14 | —
Other countries | 16,190 | 15,336 | 19,493
Other foreign governments and government agency | 10,059 | 8,961 | 10,340
Central banks | 370 | 508 | 3,094
Credit institutions | 1,921 | 1,895 | 2,167
Other issuers | 3,840 | 3,971 | 3,892
Subtotal | 46,052 | 45,852 | 45,372
Total | 57,526 | 60,963 | 64,150

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 118

The credit ratings of the issuers of debt securities as of December 31, 2024, 2023 and 2022 are as follows:

Debt securities by rating
| 2024 | 2023 | 2022
| Fair value (Millions of Euros) | % | Fair value (Millions of Euros) | % | Fair value (Millions of euros) | %
AAA | 1,370 | 2.4 % | 1,000 | 1.6% | 3,339 | 5.2%
AA+ | 4,170 | 7.2 % | 3,685 | 6.0% | 490 | 0.8%
AA | 261 | 0.5 % | 384 | 0.6% | 420 | 0.7%
AA- | 1,061 | 1.8 % | 642 | 1.1% | 501 | 0.8%
A+ | 905 | 1.6 % | 1,798 | 3.0% | 3,866 | 6.0%
A | 2,007 | 3.5 % | 1,747 | 2.9% | 1,725 | 2.7%
A- | 12,018 | 20.9 % | 16,009 | 26.3% | 20,350 | 31.7%
BBB+ | 19,897 | 34.6 % | 22,854 | 37.5% | 17,252 | 26.9%
BBB | 9,212 | 16.0 % | 8,327 | 13.7% | 7,470 | 11.6%
BBB- | 922 | 1.6 % | 858 | 1.4% | 1,111 | 1.7%
BB+ or below | 5,227 | 9.1 % | 3,480 | 5.7% | 7,366 | 11.5%
Unclassified | 474 | 0.8 % | 178 | 0.3% | 258 | 0.4%
Total | 57,526 | 100.0 % | 60,963 | 100.0 % | 64,150 | 100.0 %

13.4 Gains/losses
The changes in the gains/losses (net of taxes) in 2024, 2023 and 2022 of debt securities recognized under the equity heading
“Accumulated other comprehensive income (loss) – Items that may be reclassified to profit or loss – Fair value changes of debt
instruments measured at fair value through other comprehensive income” and equity instruments recognized under the equity
heading “Accumulated other comprehensive income (loss) – Items that will not be reclassified to profit or loss –Fair value changes of
equity instruments measured at fair value through other comprehensive income” in the consolidated balance sheets are as follows:

Other comprehensive income - Changes in gains (losses) (Millions of Euros)
|  | Debt securities | Equity instruments
| Notes | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Balance at the beginning |  | (357) | (809) | 1,274 | (1,112) | (1,194) | (1,079)
Valuation gains and losses |  | (568) | 659 | (3,049) | 228 | 80 | (112)
Amounts transferred to income |  | 247 | 5 | 20 |  |  |
Amounts transferred to Reserves |  |  |  |  | — | 2 | (2)
Income tax and other |  | 101 | (211) | 946 | (20) | (1) | (1)
Balance at the end | 30 | (576) | (357) | (809) | (905) | (1,112) | (1,194)

In 2024, 2023 and 2022, equity instruments presented an increase of €228 million, an increase of €80 million and a decrease of €112
million, respectively, in the heading “Gains and losses from valuation - Accumulated other comprehensive income - Items that will not
be reclassified to profit and loss - Fair value changes of equity instruments measured at fair value through other comprehensive
income”, mainly due to changes in Telefonica’s share price. Likewise, the valuations of debt securities have been affected mainly by
the evolution of interest rates.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 119

14. Financial assets at amortized cost
14.1 Breakdown of the balance
The breakdown of the balance under this heading in the consolidated balance sheets, according to the nature of the financial
instrument, is as follows:

Financial assets at amortized cost (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Debt securities |  | 59,014 | 49,462 | 36,639
Central banks |  | 6 | 22 | 21
Government |  | 54,806 | 45,124 | 34,648
Credit institutions |  | 2,459 | 2,366 | 400
Other financial corporations |  | 451 | 923 | 602
Non-financial corporations |  | 1,292 | 1,027 | 967
Loans and advances to central banks |  | 8,255 | 7,151 | 4,401
Loans and advances to credit institutions |  | 22,655 | 17,477 | 16,031
Reverse repurchase agreement |  | 9,157 | 5,786 | 5,251
Other loans and advances |  | 13,497 | 11,690 | 10,780
Loans and advances to customers | 7.2.2 | 412,477 | 377,643 | 357,351
Government |  | 22,111 | 23,265 | 20,892
Other financial corporations |  | 17,497 | 13,251 | 12,765
Non-financial corporations |  | 193,386 | 171,063 | 165,433
Other |  | 179,483 | 170,063 | 158,261
Total | 8.1 | 502,400 | 451,732 | 414,421
Of which: impaired assets of loans and advances to customers | 7.2.2 | 14,211 | 14,444 | 13,493
Of which: loss allowances of loans and advances | 7.2.5 | (11,630) | (11,316) | (11,291)
Of which: loss allowances of debt securities |  | (57) | (82) | (91)

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 120

14.2 Debt securities
The breakdown of the balance under the heading “Debt securities” in the consolidated balance sheets, according to the issuer of the
debt securities, is as follows:

Financial assets at amortized cost. Debt securities (Millions of Euros)
| 2024 | 2023 | 2022
Domestic debt securities |  |  |
Government and other government agencies | 35,664 | 25,857 | 18,397
Credit institutions | 1,099 | 1,028 | —
Other issuers | 367 | 230 | 144
Subtotal | 37,130 | 27,114 | 18,541
Foreign debt securities | 21,884 |  |
Mexico | 4,139 | 6,277 | 4,222
Government and other government agencies | 4,076 | 6,205 | 4,198
Credit institutions | 63 | 72 | 24
Other issuers | — | — | —
The United States | 2,505 | 2,229 | 2,215
Government and other government agencies | 2,463 | 2,188 | 2,159
Credit institutions | 20 | 19 | 25
Other issuers | 22 | 21 | 31
Turkey | 6,764 | 6,284 | 5,332
Government and other government agencies | 6,622 | 6,167 | 5,325
Credit institutions | 7 | 8 | 6
Other issuers | 135 | 109 | —
Other countries | 8,476 | 7,558 | 6,328
Other foreign governments and other government agency | 5,982 | 4,707 | 4,568
Central banks | 6 | 22 | 21
Credit institutions | 1,269 | 1,239 | 345
Other issuers | 1,219 | 1,591 | 1,394
Subtotal | 21,884 | 22,348 | 18,097
Total | 59,014 | 49,462 | 36,639

As of December 31, 2024, 2023 and 2022, the distribution according to the credit quality (ratings) of the issuers of debt securities
classified as financial assets at amortized cost, was as follows:

Debt securities by rating
| 2024 | 2023 | 2022
| Carrying amount (Millions of Euros) | % | Carrying amount (Millions of Euros) | % | Carrying amount (Millions of Euros) | %
AAA | 1,907 | 3.2% | 1,829 | 3.7% | 3,068 | 8.4%
AA+ | 3,418 | 5.8% | 3,096 | 6.3% | 217 | 0.6%
AA | 69 | 0.1% | 142 | 0.3% | 82 | 0.2%
AA- | 1,027 | 1.7% | 60 | 0.1% | 76 | 0.2%
A+ | 22 | —% | 25 | 0.1% | 13 | —%
A | 497 | 0.8% | 444 | 0.9% | 524 | 1.4%
A- | 34,652 | 58.7% | 24,739 | 50.0% | 17,050 | 46.5%
BBB+ | 4,518 | 7.7% | 6,615 | 13.4% | 4,710 | 12.9%
BBB | 4,105 | 7.0% | 4,551 | 9.2% | 4,091 | 11.2%
BBB- | 890 | 1.5% | 548 | 1.1% | 351 | 1.0%
BB+ or below | 7,199 | 12.2% | 6,642 | 13.4% | 5,789 | 15.8%
Unclassified | 711 | 1.2% | 772 | 1.6% | 667 | 1.8%
Total | 59,014 | 100.0% | 49,462 | 100.0% | 36,639 | 100.0%

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 121

14.3 Loans and advances to customers
The breakdown of the balance under this heading in the consolidated balance sheets, according to their nature, is as follows:

Loans and advances to customers (Millions of Euros)
| 2024 | 2023 | 2022
On demand and short notice | 5,307 | 3,040 | 4,101
Credit card debt | 27,720 | 22,889 | 18,898
Trade receivables | 31,693 | 25,096 | 25,987
Finance leases | 10,125 | 9,463 | 8,571
Reverse repurchase agreement | 262 | 92 | 102
Other term loans | 331,451 | 312,186 | 294,059
Advances that are not loans | 5,919 | 4,877 | 5,633
Total | 412,477 | 377,643 | 357,351

The following table sets forth a breakdown of the gross carrying amount "Loans and advances to customers" with maturity greater
than one year by fixed and variable rate as of December 31, 2024, 2023 and 2022:

Loans and advances maturing in more than one year by fixed and variable rate (Millions of Euros)
| 2024 | 2023 | 2022
| Domestic | Foreign | Total | Domestic | Foreign | Total | Domestic | Foreign | Total
Fixed rate | 67,284 | 85,473 | 152,757 | 63,060 | 77,381 | 140,441 | 59,394 | 67,874 | 127,269
Variable rate | 62,359 | 65,493 | 127,851 | 66,188 | 61,723 | 127,911 | 69,647 | 53,440 | 123,087
Total | 129,642 | 150,966 | 280,608 | 129,248 | 139,104 | 268,352 | 129,042 | 121,314 | 250,356

As of December 31, 2024, 2023 and 2022, 54%, 52% and 51%, respectively, of "Loans and advances to customers" with maturity
greater than one year have fixed-interest rates and 46%, 48% and 49%, respectively, have variable interest rates.
This heading also includes some loans that have been securitized. The balances recognized in the consolidated balance sheets
corresponding to these securitized loans are as follows:

Securitized loans (Millions of Euros)
| 2024 | 2023 | 2022
Securitized mortgage assets | 19,537 | 20,406 | 23,290
Other securitized assets | 8,702 | 8,493 | 5,495
Total | 28,239 | 28,899 | 28,784

The heading of Loans and advances to customers includes a deposit with the Bank of France associated with the contribution to the
Single Resolution Fund for the years 2018, 2017 and 2016, which was made in the form of an irrevocable payment commitment, given
that its amount is considered to be recoverable as of December 31, 2024. The resolution of the appeal filed with the Court of Justice of
the European Union by a financial institution outside the Group against the decision of the Court of Justice of the European Union
rejecting the return of amounts deposited is pending. This could lead to a claim by the Single Resolution Board. In any case, the BBVA
Group balance of this deposit as o f December 31, 2024 is not significant.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 122

15. Derivatives – Hedge accounting and fair value changes of the hedged items in
portfolio hedges of interest rate risk
The breakdown of the balance of these headings in the consolidated balance sheets is as follows:

Derivatives – Hedge accounting and fair value changes of the hedged items in portfolio hedge of interest rate risk (Millions of Euros)
| 2024 | 2023 | 2022
ASSETS |  |  |
Derivatives - Hedge accounting | 1,158 | 1,482 | 1,891
Fair value changes of the hedged items in portfolio hedges of interest rate risk | (65) | (97) | (148)
LIABILITIES |  |  |
Derivatives - Hedge accounting | 2,503 | 2,625 | 3,303
Fair value changes of the hedged items in portfolio hedges of interest rate risk | — | — | —

As of December 31, 2024, 2023 and 2022, the main positions hedged by the Group and the derivatives designated to hedge those
positions were:
– Fair value hedging:
a. Fixed-interest debt securities at fair value through other comprehensive income and at amortized cost: The interest
rate risk of these debt securities is hedged using interest rate derivatives (fixed-variable swaps) and forward sales.
b. Long-term fixed-interest debt securities issued by the Bank: The interest rate risk of these debt securities is hedged
using interest rate derivatives (fixed-variable swaps).
c. Fixed-interest loans: The equity price risk of these instruments is hedged using interest rate derivatives (fixed-variable
swaps).
d. Fixed-interest and/or embedded derivative deposit portfolio hedges: It covers the interest rate risk through fixed-
variable swaps. The valuation of the borrowed deposits corresponding to the interest rate risk is in the heading "Fair
value changes of the hedged items in portfolio hedges of interest rate risk”.
– Cash-flow hedges: Most of the hedged items are floating interest-rate loans and asset hedges linked to the inflation of the
amortized cost portfolio and the financial assets at fair value through other comprehensive income portfolio. This risk is
hedged using foreign-exchange, interest-rate swaps, inflation and FRA ("Forward Rate Agreement").
– Net foreign-currency investment hedges: These hedged risks are foreign-currency investments in the Group’s foreign
subsidiaries. This risk is hedged mainly with foreign-exchange options and forward currency sales and purchases (see Note
30).
Note 7 analyzes the Group’s main risks that are hedged using these financial instruments.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 123

The details of the net positions by hedged risk of the fair value of the hedging derivatives recognized in the consolidated balance
sheets are as follows:

Derivatives - Hedge accounting. Breakdown by type of risk and type of hedge (Millions of Euros)
| Notes | 2024 | 2023 | 2022
|  | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities
Interest rate |  | 257 | 344 | 422 | 364 | 656 | 376
OTC |  | 257 | 344 | 422 | 364 | 656 | 376
Organized market |  | — | — | — | — | — | —
Equity |  | — | — | — | — | — | —
OTC |  | — | — | — | — | — | —
Organized market |  | — | — | — | — | — | —
Foreign exchange and gold |  | 73 | 93 | 221 | 31 | 259 | 83
OTC |  | 73 | 93 | 221 | 31 | 259 | 83
Organized market |  | — | — | — | — | — | —
Credit |  | — | — | — | — | — | —
Commodities |  | — | — | — | — | — | —
Other |  | — | — | — | — | — | —
FAIR VALUE HEDGES |  | 330 | 437 | 644 | 395 | 915 | 459
Interest rate |  | 618 | 1,513 | 490 | 2,048 | 470 | 2,763
OTC |  | 615 | 1,513 | 483 | 2,048 | 454 | 2,763
Organized market |  | 3 | — | 7 | — | 16 |
Equity |  | — | — | — | — | — | —
Foreign exchange and gold |  | 142 | 431 | 291 | 41 | 239 | 46
OTC |  | 142 | 431 | 291 | 41 | 239 | 45
Organized market |  | — | — | — | 1 | — | 1
Credit |  | — | — | — | — | — | —
Commodities |  | — | — | — | — | — | —
Other |  | — | — | — | — | — | —
CASH FLOW HEDGES |  | 760 | 1,944 | 781 | 2,089 | 708 | 2,809
HEDGE OF NET INVESTMENTS IN A FOREIGN OPERATION |  | 66 | 122 | 27 | 136 | 213 | 26
PORTFOLIO FAIR VALUE HEDGES OF INTEREST RATE RISK |  | 2 | — | 3 | 5 | 7 | 8
PORTFOLIO CASH FLOW HEDGES OF INTEREST RATE RISK |  | — | — | 27 | — | 48 | 1
DERIVATIVES-HEDGE ACCOUNTING | 8.1 | 1,158 | 2,503 | 1,482 | 2,625 | 1,891 | 3,303
of which: OTC - credit institutions |  | 932 | 2,005 | 1,237 | 2,404 | 1,577 | 2,911
of which: OTC - other financial corporations |  | 223 | 499 | 237 | 221 | 297 | 391

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 124

Below there is a breakdown of the items covered by fair value hedges:

Hedged items in fair value hedges (Millions of Euros)
| Carrying amount | Hedge adjustments included in the carrying amount of assets/ liabilities ⁽¹⁾ | Remaining adjustments for discontinued micro hedges including hedges of net positions ⁽¹⁾ | Hedged items in portfolio hedge of interest rate risk | Recognized ineffectiveness in profit or loss
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
ASSETS |  |  |  |  |  |  |  |  |  |
Financial assets measured at fair value through other comprehensive income | 10,449 | 11,308 | (409) | (652) | 155 | 172 | — | — | 16 | (5)
Debt securities | 10,449 | 11,308 | (409) | (652) | 155 | 172 | — | — |  |
Interest rate | 10,446 | 11,308 | (409) | (652) | 155 | 172 | — | — |  |
Foreign exchange and gold | 2 | — | — | — | — | — | — | — |  |
Other | — | — | — | — | — | — | — | — |  |
Loans and advances | — | — | — | — | — | — | — | — |  |
Interest rate | — | — | — | — | — | — | — | — |  |
Foreign exchange and gold | — | — | — | — | — | — | — | — |  |
Other | — | — | — | — | — | — | — | — |  |
Financial assets measured at amortized cost | 3,003 | 3,248 | (16) | (114) | 519 | 685 | 753 | 936 | (2) | 14
Debt securities | 2,232 | 2,304 | (48) | (119) | 519 | 685 | — | — |  |
Interest rate | 2,232 | 2,304 | (48) | (119) | 519 | 685 | — | — |  |
Foreign exchange and gold | — | — | — | — | — | — | — | — |  |
Loans and advances | 771 | 944 | 32 | 5 | — | — | 753 | 936 |  |
Interest rate | 757 | 944 | 32 | 5 | — | — | 753 | 936 |  |
Foreign exchange and gold | 14 | — | — | — | — | — | — | — |  |
LIABILITIES |  |  |  |  |  |  |  |  |  |
Financial liabilities measured at amortized costs | 45,613 | 47,180 | 96 | 509 | 1 | — | — | — | (5) | (20)
Debt securities issued | 42,521 | 37,916 | 172 | 600 | 1 | — | — | — |  |
Interest rate | 42,521 | 37,915 | 172 | 600 | 1 | — | — | — |  |
Foreign exchange and gold | — | 1 | — | — | — | — | — | — |  |
Deposits | 3,092 | 9,263 | (75) | (91) | — | — | — | — |  |
Interest rate | 3,092 | 9,258 | (75) | (91) | — | — | — | — |  |
Foreign exchange and gold | — | 5 | — | — | — | — | — | — |  |

(1) The balance of discontinued hedges is not significant.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 125

The following is the breakdown, by their notional maturities, of the hedging instruments as of December 31, 2024:

Calendar of the notional maturities of the hedging instruments (Millions of Euros)
| Up to 3 months | From 3 months to 1 year | From 1 to 5 years | More than 5 years | Total
FAIR VALUE HEDGES | 5,183 | 10,799 | 23,509 | 20,530 | 60,021
Of which: Interest rate | 5,160 | 10,650 | 22,903 | 20,023 | 58,735
CASH FLOW HEDGES | 4,280 | 16,775 | 13,346 | 5,286 | 39,687
Of which: Interest rate | 4,280 | 16,577 | 11,689 | 2,801 | 35,348
HEDGE OF NET INVESTMENTS IN A FOREIGN OPERATION | 12,222 | 861 | — | 150 | 13,234
PORTFOLIO FAIR VALUE HEDGES OF INTEREST RATE RISK | 893 | 179 | 1,364 | 406 | 2,841
PORTFOLIO CASH FLOW HEDGES OF INTEREST RATE RISK | — | — | — | 47 | 47
DERIVATIVES-HEDGE ACCOUNTING | 22,579 | 28,614 | 38,218 | 26,419 | 115,830

In 2024, 2023 and 2022, there was no reclassification in the consolidate d in come statements of any amount that was previously
recognized in equity (see Note 41). The amount of the derivatives designated as accounting hedges that did not pass the effectiveness
test in the years ended December 31, 2024, 2023 and 2022 was not material.
16. Investments in joint ventures and associates
16.1 Joint ventures and associates
The breakdown of the balance of “Joint ventures and associates” in the consolidated balance sheets is as follows:

Joint ventures and associates. Breakdown by entities (Millions of Euros) |
| 2024 | 2023 | 2022
Joint ventures |  |  |
Altura Markets, S.V., S.A. | 38 | 31 | 42
RCI Colombia | 37 | 40 | 36
Other | 19 | 22 | 22
Subtotal | 94 | 93 | 100
Associates |  |  |
Metrovacesa, S.A. | 300 | 259 | 259
BBVA Allianz Seguros y Reaseguros, S.A. | 265 | 251 | 248
Atom Holdco Limited | 222 | 211 | 132
Redsys Servicios de Procesamiento, S.L. | 20 | 22 | 20
Servicios Electrónicos Globales S.A. de C.V. | 43 | 36 | 23
Other | 45 | 105 | 134
Subtotal | 895 | 883 | 816
Total | 989 | 976 | 916

Details of the joint ventures and associates as of December 31, 2024 are shown in Appendix II.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 126

The following is a summary of the changes in the years ended December 31, 2024, 2023 and 2022 under this heading in the
consolidated balance sheets:

Joint ventures and associates. Changes in the year (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Balance at the beginning |  | 976 | 916 | 900
Acquisitions and capital increases |  | 4 | 95 | 87
Disposals and capital reductions |  | (28) | (42) | (88)
Transfers and changes of consolidation method |  | (69) | 4 | —
Share of profit and loss | 39 | 40 | 26 | 21
Exchange differences |  | 7 | 16 | (1)
Impairment / reversal of impairment ⁽¹⁾ |  | 63 | (9) | 42
Dividends, valuation adjustments and other |  | (5) | (30) | (44)
Balance at the end |  | 989 | 976 | 916

(1) See Note 16.3.
During the year 2024, the most significant changes under the heading "Joint ventures and associates" correspond to Solaris and
Compañía Española de Financiación del Desarrollo S.A. (Cofides) that left the scope of the consolidation perimeter in the first half of
the year when the Group ceased to have significant influence in either entity.
During the years 2023 and 2022, the most significant changes under the heading "Joint ventures and associates" correspond to
capital increases in Atom Holdco Limited. During the year 2022, Atom Holdco Limited, the owner of 100% of the shares of Atom Bank
PLC, was created. BBVA became a shareholder of Atom Holdco Limited under the same terms and conditions as those previously
applicable under the agreement with Atom Bank PLC.
Appendix III provides notifications on acquisitions and disposals of holdings in subsidiaries, joint ventures and associates, in
compliance with article 155 of the Corporations Act and article 125 of the Securities Market Act 4/2015.
16.2 Other information about associates and joint ventures
If these entities had been consolidated rather than accounted for using the equity method, the change in each of the lines of balance
sheet and the consolidated income statement would not be significant.
As of December 31, 2024, 2023 and 2022 there was no financial support agreement or other contractual commitment to associates
and joint ventures entities from the holding or the subsidiaries that are not recognized in the financial statements (see Note 53.2).
As of December 31, 2024, 2023 and 2022 there was no contingent liability in connection with the investments in joint ventures and
associates (see Note 53.2).
16.3 Impairment
As required by IAS 36, the book value of the associates and joint venture entities has been compared with their recoverable amount,
with the latter being calculated as the higher between the value in use and the fair value minus the cost of sale. For the year ended
December 3 1, 2024, a net reversal of impairment was recorded for €63 m illio n; for the year ended December 31, 2023, a net
impairment was recorded for €9 million; while for the year ended December 31, 2022 , a net reversal of impairment was recorded for
€42 million (see Note 48).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 127

17. Tangible assets
The breakdown of, and changes in, the balances under this heading in the consolidated balance sheets, according to the nature of the
related items, is as follows:

Tangible assets. Breakdown by type of assets and changes in the year 2024 (Millions of Euros)
|  | Land and buildings | Work in progress | Furniture, fixtures and vehicles | Right to use asset | Investment Properties | Assets leased out under an operating lease | Total
| Notes | Own use | Investment Properties
Cost |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 6,405 | 199 | 6,424 | 2,212 | 238 | 156 | 800 | 16,432
Additions |  | 295 | 110 | 513 | 574 | 2 | 52 | 369 | 1,914
Retirements |  | (38) | (1) | (89) | (332) | (32) | (10) | (63) | (566)
Acquisition of subsidiaries in the year |  | — | — | — | — | — | — | — | —
Disposal of entities in the year |  | — | — | — | — | — | — | — | —
Transfers |  | 5 | (136) | 145 | (44) | 44 | (20) | — | (5)
Exchange difference and other |  | (192) | (17) | (145) | 29 | — | 63 | 53 | (208)
Balance at the end |  | 6,475 | 155 | 6,848 | 2,439 | 251 | 241 | 1,158 | 17,567
Accrued depreciation |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 1,226 | — | 4,606 | 906 | 93 | 17 | 49 | 6,896
Additions | 45 | 123 | — | 501 | 324 | 19 | 5 | — | 972
Additions transfer to discontinued operations |  | — | — | — | — | — | — | — | —
Retirements |  | (25) | — | (87) | (42) | — | (1) | (6) | (161)
Acquisition of subsidiaries in the year |  | — | — | — | — | — | — | — | —
Disposal of entities in the year |  | — | — | — | — | — | — | — | —
Transfers |  | (4) | — | 10 | 22 | (22) | (1) | — | 5
Exchange difference and other |  | (56) | — | (181) | (46) | — | 8 | 111 | (165)
Balance at the end |  | 1,262 | — | 4,850 | 1,164 | 91 | 27 | 153 | 7,547
Impairment |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 166 | — | — | 40 | 61 | 15 | — | 283
Additions | 49 | (65) | — | 2 | (18) | 20 | 31 | 1 | (29)
Additions transfer to discontinued operations |  | — | — | — | — | — | — | — | —
Retirements |  | — | — | — | — | — | — | — | —
Acquisition of subsidiaries in the year |  | — | — | — | — | — | — | — | —
Disposal of entities in the year |  | — | — | — | — | — | — | — | —
Transfers |  | — | — | — | — | — | (5) | — | (5)
Exchange difference and other |  | 16 | — | (2) | — | — | (2) | (1) | 13
Balance at the end |  | 118 | — | — | 22 | 81 | 39 | — | 260
Net tangible assets |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 5,013 | 199 | 1,817 | 1,266 | 84 | 124 | 751 | 9,253
Balance at the end |  | 5,094 | 155 | 1,999 | 1,253 | 79 | 174 | 1,004 | 9,759

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 128

Tangible assets. Breakdown by type of assets and changes in the year 2023 (Millions of Euros)
|  |  |  |  | Right to use asset | Investment properties | Assets leased out under an operating lease | Total
| Notes | Land and buildings | Work in progress | Furniture, fixtures and vehicles | Own use | Investment properties
Cost |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 6,255 | 93 | 5,833 | 1,871 | 214 | 242 | 582 | 15,089
Additions |  | 270 | 190 | 549 | 499 | 10 | 39 | 238 | 1,795
Retirements |  | (19) | (4) | (117) | (195) | — | (10) | (4) | (349)
Acquisition of subsidiaries in the year |  | — | — | — | — | — | — | — | —
Disposal of entities in the year |  | — | — | — | — | — | — | — | —
Transfers |  | 12 | (72) | 41 | (18) | 15 | — | — | (22)
Exchange difference and other |  | (113) | (8) | 118 | 55 | — | (115) | (16) | (79)
Balance at the end |  | 6,405 | 199 | 6,424 | 2,212 | 238 | 156 | 800 | 16,432
Accrued depreciation |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 1,064 | — | 4,204 | 653 | 70 | 23 | 52 | 6,066
Additions | 45 | 121 | — | 426 | 296 | 21 | 3 | — | 867
Additions transfer to discontinued operations |  | — | — | — | — | — | — | — | —
Retirements |  | (9) | — | (73) | (26) | — | (1) | (1) | (111)
Acquisition of subsidiaries in the year |  | — | — | — | — | — | — | — | —
Disposal of entities in the year |  | — | — | — | — | — | — | — | —
Transfers |  | (2) | — | (7) | (5) | 3 | 1 | — | (11)
Exchange difference and other |  | 52 | — | 57 | (12) | — | (9) | (3) | 85
Balance at the end |  | 1,226 | — | 4,606 | 906 | 93 | 17 | 49 | 6,896
Impairment |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 154 | — | — | 65 | 50 | 17 | — | 286
Additions | 49 | 15 | — | 1 | (14) | 12 | 2 | — | 16
Additions transfer to discontinued operations |  | — | — | — | — | — | — | — | —
Retirements |  | — | — | — | — | — | — | — | —
Acquisition of subsidiaries in the year |  | — | — | — | — | — | — | — | —
Disposal of entities in the year |  | — | — | — | — | — | — | — | —
Transfers |  | — | — | — | — | — | — | — | —
Exchange difference and other |  | (3) | — | (1) | (11) | — | (3) | — | (18)
Balance at the end |  | 166 | — | — | 40 | 61 | 15 | — | 283
Net tangible assets |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 5,036 | 93 | 1,629 | 1,153 | 94 | 201 | 530 | 8,737
Balance at the end |  | 5,013 | 199 | 1,817 | 1,266 | 84 | 124 | 751 | 9,253

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 129

Tangible assets. Breakdown by type of assets and changes in the year 2022 (Millions of euros)
|  |  |  |  | Right to use asset | Investment properties | Assets leased out under an operating lease | Total
| Notes | Land and buildings | Work in progress | Furniture, fixtures and vehicles | Own use | Investment properties
Cost |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 4,350 | 67 | 5,388 | 3,154 | 162 | 147 | 267 | 13,535
Additions |  | 366 | 71 | 475 | 578 | 19 | 95 | 122 | 1,726
Retirements |  | (4) | — | (140) | (1,620) | (1) | (19) | — | (1,784)
Acquisition of subsidiaries in the year ⁽¹⁾ |  | 1,392 | — | — | — | — | — | — | 1,392
Disposal of entities in the year |  | — | — | — | — | — | — | — | —
Transfers |  | (21) | (54) | (40) | (274) | 33 | (4) | — | (360)
Exchange difference and other ⁽²⁾ |  | 171 | 9 | 150 | 32 | — | 23 | 193 | 580
Balance at the end |  | 6,255 | 93 | 5,833 | 1,871 | 214 | 242 | 582 | 15,089
Accrued depreciation |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 900 | — | 3,833 | 811 | 47 | 17 | 33 | 5,641
Additions | 45 | 108 | — | 393 | 295 | 18 | 5 | — | 818
Additions transfer to discontinued operations |  | — | — | — | — | — | — | — | —
Retirements |  | (2) | — | (132) | (244) | — | (13) | — | (392)
Acquisition of subsidiaries in the year |  | — | — | — | — | — | — | — | —
Disposal of entities in the year |  | — | — | — | — | — | — | — | —
Transfers |  | 11 | — | 52 | (220) | 6 | 13 | — | (139)
Exchange difference and other |  | 47 | — | 59 | 11 | — | 2 | 19 | 138
Balance at the end |  | 1,064 | — | 4,204 | 653 | 70 | 23 | 52 | 6,066
Impairment |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 114 | — | — | 427 | 34 | 21 | — | 596
Additions | 49 | (29) | — | 4 | (45) | 16 | 2 | — | (53)
Additions transfer to discontinued operations |  | — | — | — | — | — | — | — | —
Retirements |  | — | — | — | — | — | — | — | —
Acquisition of subsidiaries in the year |  | — | — | — | — | — | — | — | —
Disposal of entities in the year |  | — | — | — | — | — | — | — | —
Transfers |  | (1) | — | — | (7) | — | 21 | — | 13
Exchange difference and other |  | 70 | — | (4) | (309) | — | (26) | — | (270)
Balance at the end |  | 154 | — | — | 65 | 50 | 17 | — | 286
Net tangible assets |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 3,336 | 67 | 1,555 | 1,916 | 81 | 109 | 234 | 7,298
Balance at the end |  | 5,036 | 93 | 1,629 | 1,153 | 94 | 201 | 530 | 8,737

(1) The amount in 2022 was affected by the closing of the transaction with Merlin Properties in which 100% of the shares of Tree Inversiones Inmobiliarias, SOCIMI, S.A. were
acquired by BBVA Group.
(2) The variation in 2022 corresponds mainly to the effect of the IAS 29 "Financial Reporting in Hyperinflationary Economies" implementation in Turkey (see Note 2.2.18).
The right to use asset consists mainly of the rental of commercial real estate premises for central services and the network branches
located in the countries where the Group operates whose average term is between 5 and 20 years. The clauses included in rental
contracts correspond to a large extent to rental contracts under normal market conditions in the country where the property is
rented.
As of December 31, 2024, 2023 and 2022 , the cost of fully amortized tangible assets that remained in use were €3,186, €2,796 and
€2,443 million respectively while its recoverable residual value was not significant.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 130

As of December 31, 2024, 2023 and 2022 the amount of tangible assets under financial lease schemes in respect of which the
purchase option was expected to be exercised was not material. The main activity of the Group is carried out through a network of
bank branches located geographically as shown in the following table:

Branches by geographical area (number of branches)
| 2024 | 2023 | 2022
Spain | 1,881 | 1,882 | 1,886
Mexico | 1,691 | 1,706 | 1,733
South America | 1,221 | 1,395 | 1,418
Turkey | 925 | 935 | 972
Rest | 31 | 31 | 31
Total | 5,749 | 5,949 | 6,040

The following table shows the detail of the net carrying amount of the tangible assets corresponding to Spanish and foreign
subsidiaries as of December 31, 2024, 2023 and 2022:

Tangible assets by Spanish and foreign subsidiaries. Net assets values (Millions of euros)
| 2024 | 2023 | 2022
BBVA and Spanish subsidiaries | 4,129 | 4,183 | 4,285
Foreign subsidiaries | 5,630 | 5,071 | 4,452
Total | 9,759 | 9,253 | 8,737

Purchase of Tree Inversiones Inmobiliarias SOCIMI, S.A. (Tree) from Merlin Properties SOCIMI, S.A.
On June 15, 2022, BBVA acquired from Merlin Properties SOCIMI, S.A. the shares representing the entire share capital of Tree
Inversiones Inmobiliarias SOCIMI, S.A. (hereinafter “Tree”) for an amount of €1,988 million. This company has 662 properties leased
to BBVA that were part of the s et of properties that BBVA sold between 2009 and 2010 under a sale and leaseback agreement. Prior
to that date, these properties were recognized as "Rights of use" in the consolidated balance sheet of the BBVA Group under the
headings "Tangible assets - Property, plant and equipment" and "Tangible assets - Investment property", while the payment
obligation was reflected under the heading "Financial liabilities at amortized cost – Other financial liabilities", in accordance with IFRS
16 Leases.
The Tree purchase transaction has been considered an asset purchase given that the Group has determined that it is not acquiring a
set of activities that present elements that could constitute a business. After the closing of this transaction, the BBVA Group has once
again become owner of the properties and recorded them at their acquisition price in the Group's consolidated financial statements
as of June 30, 2022. The assets acquired that are not used for the Bank's activity are recorded under the heading "Non-current assets
and disposal groups classified as held for sale and liabilities included in disposal groups classified as held for sale" (see Note 21).
The impact of the transaction amounted to €-201 million (losses net of taxes) which was recognized under the headings "Gains
(losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations” for an
amount of €-134 million and “Tax expense or income related to profit or loss from continuing operations” for an amount of €-67
million in the consolidated income statement of the BBVA Group.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 131

18. Intangible assets
18.1 Goodwill
The breakdown of the balance under this heading in the consolidated balance sheets, according to the CGU to which goodwill has
been allocated, is as follows:

Goodwill. Breakdown by CGU and changes of the year (Millions of Euros)
| Mexico | Turkey (1) | Colombia | Chile | Other | Total
Balance as of December 31, 2021 | 504 | 152 | 134 | 24 | 4 | 818
Additions | — | — | — | — | — | —
Exchange difference | 55 | — | (16) | 1 | 1 | 41
Impairment | — | — | — | — | — | —
Companies held for sale | — | — | — | — | — | —
Other | — | (152) | — | — | — | (152)
Balance as of December 31, 2022 | 559 | — | 118 | 25 | 5 | 707
Additions | — | — | — | — | — | —
Exchange difference | 64 | — | 25 | (1) | — | 88
Impairment | — | — | — | — | — | —
Companies held for sale | — | — | — | — | — | —
Balance as of December 31, 2023 | 623 | — | 143 | 24 | 5 | 795
Additions | — | — | — | — | — | —
Exchange difference | (82) | — | (11) | (1) | (1) | (95)
Impairment | — | — | — | — | — | —
Companies held for sale | — | — | — | — | — | —
Balance as of December 31, 2024 | 541 | — | 132 | 23 | 4 | 700

(1) As a result of the application of IAS 29, as indicated in Note 2.2.18, the book value of the Turkish CGU exceeded the existing recoverable value, so on January 1, 2022 the
goodwill as well as other intangible assets assigned to the Turkish CGU were derecognized.
Goodwill in business combinations
There were no significant business combinations during 2024, 2023 and 2022.
Impairment Test
As mentioned in Note 2.2.7, the CGU to which goodwill has been allocated, are periodically tested for impairment by including the
allocated goodwill in their carrying amount.
This analysis is performed at least annually and whenever there is any indication of impairment. Furthermore, it is analyzed whether
certain changes in the valuation assumptions used could give rise to differences in the result of the impairment test.
The BBVA Group performs estimations on the recoverable amount of certain CGU by calculating the value in use through the
discounted value of future cash flows method.
The main hypotheses used for the value in use calculation are the following:
– The forecast cash flows, including net interest margin and cost of risk, estimated by the Group's management, and based
on the latest available budgets for the next 5 years, considering the macroeconomic variables of each CGU, regarding the
existing balance structure as well as macroeconomic variables such as the evolution of interest rates and the GDP of the
geographical area where the CGU is located, among others.
– The constant growth rate for extrapolating cash flows, starting in the fifth year, beyond the period covered by the budgets or
forecasts.
– The discount rate on future cash flows, which coincides with the cost of capital assigned to each CGU, and which consists of
a risk-free rate plus a premium that reflects the inherent risk of each of the businesses evaluated.
The focus used by the Group's management to determine the values of the assumptions is based both on its projections and past
experience. These values are verified and use external sources of information, wherever possible.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 132

Goodwill - Mexico CGU
The Group’s most significant goodwill corresponds to the CGU in Mexico, the main significant assumptions used in the impairment
test of this CGU as of December 31, 2024 , 2023 and 2022 are as follows:

Impairment test assumptions CGU goodwill in Mexico
| 2024 | 2023 | 2022
Discount rate (1) | 18.3 % | 12.4 % | 12.7 %
Growth rate | 5.5 % | 5.6 % | 6.3 %

(1) After tax discount rates.
In accordance with paragraph 33.c of IAS 36, as of December 31, 2024, the Group used a growth rate of 5.5% base d on the real GDP
growth rate of Mexico, the expected inflation rate and the potential growth of the banking sector in Mexico.
The assumptions with a greater relative weight and whose volatility could have a greater impact in determining the present value of
the cash flows starting on the fifth year are the discount rate and the growth rate. The table below shows, in a simplified way, the
relative variation by which the CGU recoverable amount would increase (or decrease) as a result of a reasonable variation (in basis
points) of each of the key assumptions, considered in isolation as of December 31, 2024, where, in each case, their value in use would
continue to exceed their book value:

Sensitivity analysis for main assumptions - Mexico
| Increase of 50 basis points (1) | Decrease of 50 basis points (1)
Discount rate | (3)% | 3%
Growth rate | 2% | (2)%

(1) The use of very different discount or growth rates would be inconsistent with the macroeconomic assumptions under which the Unit builds its business plan, such as inflation
assumptions or interest rate curves used to determine cash flows.
Goodwill - Turkey CGU
As a result of the application of IAS 29 "Financial Reporting in Hyperinflationary Economies" in 2022, as indicated in Note 2.2.18, the
book value of the Turkish CGU exceeded the existing recoverable value as of December 31, 2021 and as a consequence the goodwill
as well as other intangible assets assigned to the Turkish CGU were derecognized in their entirety.
Goodwill - Other CGUs
The impairment tests carried out on the rest of the CGUs have not detected significant impairment. Likewise, the sensitivity analysis
on the main assumptions carried out for the rest of the CGU of the Group indicate that their value in use would continue to exceed
their book value.
18.2 Oth er intangible assets
The breakdown of the balance and changes of this heading in the consolidated balance sheets, according to the nature of the related
items, is as follows:

Other intangible assets (Millions of Euros)
| 2024 | 2023 | 2022
Computer software acquisition expense | 1,764 | 1,535 | 1,393
Other intangible assets with an infinite useful life | 9 | 8 | 13
Other intangible assets with a definite useful life | 17 | 25 | 43
Total | 1,790 | 1,568 | 1,449

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 133

The changes of this heading during the years ended December 31, 2024, 2023 and 2022 , are as follows:

Other intangible assets (Millions of Euros)
| Notes | Computer software |  | Other intangible assets |  | Total of intangible assets
|  | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Balance at the beginning |  | 1,535 | 1,396 | 1,239 |  | 33 | 56 | 140 |  | 1,568 | 1,453 | 1,379
Additions |  | 771 | 688 | 592 |  | 11 | 1 | — |  | 782 | 689 | 592
Amortization in the year | 45 | (543) | (518) | (490) |  | (18) | (19) | (20) |  | (561) | (536) | (510)
Amortization transfer to discontinued operations |  | — | — | — |  | — | — | — |  | — | — | —
Exchange differences and other |  | 16 | (6) | 80 |  | (1) | (5) | (63) |  | 16 | (11) | 17
Impairment |  | (15) | (26) | (25) |  | — | — | — |  | (15) | (26) | (25)
Balance at the end |  | 1,764 | 1,535 | 1,396 |  | 26 | 33 | 56 |  | 1,790 | 1,568 | 1,453

As of December 31, 2024, 2023 and 2022, the cost of fully amortized intangible assets that remained in use were €4,214 million,
€4,214 million and €3,490 million respectively, while their recoverable value was not significant.
19. Tax assets and liabilit ies
19.1 Consolidated tax group
Pursuant to current legislation, BBVA consolidated tax group in Spain includes the Bank (as the parent company) and its Spanish
subsidiaries that meet the requirements provided for under Spanish legislation regulating the taxation regime for the consolidated
profit of corporate groups.
The Group’s non-Spanish banks and subsidiaries file tax returns in accordance with the tax legislation in force in each country.
19.2 Years open for review by the tax authorities
As of December 31, 2024, the BBVA consolidated tax group in Spain was undergoing inspection in connection with the years 2017 to
2020, with respect to the main taxes applicable to it.
The remainder of the Spanish consolidated entities in general have the last four years open for inspection by the tax authorities for the
main taxes applicable, except for those in which there has been an interruption of the limitation period due to the start of an
inspecti on.
Notwithstanding the above, the application of the temporary tax on credit institutions by BBVA, S.A. for the year 2023 is being
reviewed by the Tax Administration.
With respect to the other main jurisdictions in which the Group is present and carries out its activity, in Mexico, during fiscal year 2024
the review procedure corresponding to fiscal year 2018 for the income tax of BBVA México, S.A. has continued.
With regard to the coverage, if applicable, of tax risks identified in the consolidated financial statements, it may involve either the
recording of a provision or a lower deferred tax asset or tax credit to the extent that the risk being hedged had previously given rise to
the registration of a deferred tax asset or tax credit.
In this regard, in the terms indicated in the previous paragraph, the Group has established provisions that, without prejudice to the
uncertainty associated with any ongoing processes, it considers appropriate taking into account the identified risks (in accordance
with the relevant evaluation and estimation possibilities of such risks) and that, in no case, are considered individually significant.
Without prejudice to the foregoing, due to the possible different interpretations that may be given to certain tax regulations, the
results of the inspections that, where appropriate, are carried out by the tax authorities are likely to reveal other contingent tax
liabilities, the amount of which It is not possible to quantify objectively at the present time. However, the Group estimates that the
possibility of these contingent liabilities materializing is remote and, in any case, the tax debt that could arise from them would not
significantly affect the accompanying consolidated financial statements of the Group.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 134

19.3 Reconciliation of the tax expense
The reconciliation of the Group’s corporate income tax expense resulting from the application of the Spanish corporation income tax
rate and the income tax expense recognized in the consolidated income statements is as follows:

Reconciliation of taxation at the Spanish corporation tax rate to the tax expense recorded for the year (Millions of Euros)
| 2024 | 2023 | 2022
| Amount | Effective tax % | Amount | Effective tax % | Amount | Effective tax %
Profit or (-) loss before tax | 15,405 |  | 12,419 |  | 10,268 |
From continuing operations | 15,405 |  | 12,419 |  | 10,268 |
From discontinued operations | — |  | — |  | — |
Taxation at Spanish corporation tax rate 30% | 4,622 |  | 3,726 |  | 3,080 |
Lower/higher effective tax rate from foreign entities ⁽¹⁾ | 193 |  | 2 |  | 317 |
Mexico | (180) | 28 % | (194) | 27 % | (203) | 26 %
Chile | (2) | 23 % | (4) | 11 % | (8) | 13 %
Colombia | (1) | 29 % | (25) | 14 % | 24 | 37 %
Peru | (44) | 23 % | (55) | 20 % | (16) | 27 %
Turkey | 498 | 62 % | 314 | 57 % | 621 | 70 %
USA | (14) | 26 % | 5 | 33 % | 17 | 17 %
Others | (64) |  | (39) |  | (118) |
Revenues with lower tax rate (dividends/capital gains) | (44) |  | (26) |  | (25) |
Equity accounted earnings | (14) |  | (8) |  | (6) |
Other effects ⁽²⁾ | 73 |  | 309 |  | 139 |
Income tax | 4,830 |  | 4,003 |  | 3,505 |
Of which: Continuing operations | 4,830 |  | 4,003 |  | 3,505 |
Of which: Discontinued operations | — |  | — |  | — |

(1) Calculated by applying the difference between the tax rate in force in Spain and the one applied to the Group’s earnings in each jurisdiction.
(2) Regarding 2024, it shows the net impact of several tax effects that include, among others, (i) the accounting record of the impact associated with the declaration of
unconstitutionality of certain measures relating to the Spanish Corporate Income Tax introduced by Royal Decree-Law 3/2016, as well as the impact of some of the measures
introduced by Law 7/2024 on Corporate Income Tax that, in particular, are aimed at reinstating the measures declared unconstitutional, (ii) the non-deductibility of the temporary
taxation of credit institutions recorded for accounting purposes in the year 2024 (see Note 19.6), and (iii) the effects of the limitation of the exemption on intra-group dividends
and the withholding taxes associated with them.
The effective income tax rate for the Group in the years ended December 31, 2024, 2023 and 2022 is as follows:

Effective tax rate (Millions of Euros)
| 2024 | 2023 | 2022
Income from: |  |  |
Consolidated tax group in Spain | 4,810 | 2,601 | 2,206
Other Spanish entities | (41) | 6 | (462)
Foreign entities | 10,636 | 9,812 | 8,524
Gains (losses) before taxes from continuing operations | 15,405 | 12,419 | 10,268
Tax expense or income related to profit or loss from continuing operations ⁽¹⁾ | 4,830 | 4,003 | 3,505
Effective tax rate | 31.4 % | 32.2 % | 34.1 %

(1) In 2024, €3,970 million and €860 million corresponded to current tax expenses and deferred tax expenses, respectively.
In 2024 , in general terms, there have been no changes in the nominal Corporate Income Tax rate in the main countries in which the
Group is present compared to those existing in the previous period. In 2023, the changes in the nominal tax rate in Corporate Income
Tax, with respect to those existing in the previous year in the main countries in which the Group is present, were Turkey (from 25% to
30%) and Colombia (from 38% to 40%).
19.4 Income tax recognized in equity
Regardl ess of the income tax expense recognized in the cons olidat ed income statements, the Group has recognized income tax
charges in the consolidated total equity in 2024, 2023 and 2022 for €543 million, €285 million and €745 million, respectively, mainly
due to debt securities, actuarial gains and losses and cash flow hedges.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 135

19.5 Tax assets and liabilities
The balance under the heading "Tax assets" in the consolidated balance sheets includes the balances receivable from the tax
authorities relating to current and deferred tax assets. The balance under the “Tax liabilities” heading includes the balances payable in
respect of the Group’s various current and deferred tax liabilities. The details of the mentioned tax assets and liabilities are as follows:

Tax assets and liabilities (Millions of Euros)
| 2024 | 2023 | 2022
Tax assets |  |  |
Current tax assets ⁽¹⁾ | 4,295 | 2,860 | 1,978
Deferred tax assets | 14,354 | 14,641 | 14,747
Pensions | 534 | 445 | 422
Financial Instruments | 1,335 | 1,069 | 1,478
Loss allowances | 2,158 | 2,127 | 1,834
Other | 1,495 | 1,467 | 1,261
Secured tax assets | 7,979 | 8,534 | 8,689
Tax losses | 853 | 999 | 1,063
Total | 18,650 | 17,501 | 16,725
Tax liabilities |  |  |
Current tax liabilities ⁽¹⁾ | 575 | 878 | 1,415
Deferred tax liabilities | 2,458 | 1,677 | 1,520
Financial Instruments | 915 | 761 | 557
Other | 1,543 | 916 | 963
Total | 3,033 | 2,554 | 2,935

(1) In 2024, t he increase in current tax assets corresponds mainly to a higher tax receivab le o f the tax group in Spain, as well as in Mexico and Colombia, in relation to the
Corporate Income Tax for the year 2024 related to the installment payments made in the year. On the other hand, the decrease in current tax liabilities corresponds mainly to the
decrease in the tax payable in Mexico and Argentina in relation to the estimated income tax for the year 2023.
The most significant variations of the deferred tax assets and liabilities in the years 2024, 2023 and 2022 were derived from the
following items:

Deferred tax assets and liabilities. Annual variations (Millions of Euros)
| 2024 | 2023 | 2022
| Deferred assets | Deferred liabilities | Deferred assets | Deferred liabilities | Deferred assets | Deferred liabilities
Balance at the beginning | 14,641 | 1,677 | 14,747 | 1,520 | 14,917 | 1,769
Pensions | 89 | — | 23 | — | 6 | —
Financials instruments | 266 | 154 | (409) | 204 | 70 | (567)
Loss allowances | 31 | — | 293 | — | 158 | —
Others | 28 | 627 | 206 | (47) | 160 | 318
Secured tax assets | (555) | — | (155) | — | (615) | —
Tax losses | (146) | — | (64) | — | 51 | —
Balance at the end | 14,354 | 2,458 | 14,641 | 1,677 | 14,747 | 1,520

The changes in deferred tax assets and liabilities in 2024 were mainly attributable to:
– Secured tax assets decreased as a result of the offsetting of these assets provided for in the estimate of the Spanish tax
group's income tax for 2024, as well as due to the effects associated with the declaration of unconstitutionality of certain
measures relating to Corporate Income Tax introduced by Royal Decree Law 3/2016 in Spain.
– There was a decrease in tax assets due to tax losses because, in 2024, the tax Group in Spain generated positive taxable
income that allowed the offsetting of tax losses and deductions; its balance was also affected, among others, by the effects
associated with the declaration of unconstitutionality referred to above.
– Changes in the amount of deferred tax assets (other than those guaranteed and those linked to tax losses) net of deferred
tax liabilities were mainly due to the effect of exchange rates, especially in the case of Mexico and Turkey, the effects
associated with the valuation of financial instruments and the functioning of the Corporate Income Tax in which, due to the
differences between accounting and taxation criteria, there are constant movements in deferred taxes.
Of the deferred tax assets and liabilities shown above, those included in Note 19.4 above have been recognized against the entity's
equity, and the rest against earnings for the year or reserves.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 136

As of December 31, 2024, 2023 and 2022, the estimated amount of temporary differences associated with investments in
subsidiaries, joint ventures and associates, which were not recognized as deferred tax liabilities in the consolidated balance sheets,
amounted to €230, €96 and €88 million, respectively.
With respect to the deferred tax assets shown above, the table below shows the amounts guaranteed by the Spanish government,
broken down by the items that originated the relevant assets:

Secured tax assets (Millions of Euros)
| 2024 | 2023 | 2022
Pensions | 1,622 | 1,622 | 1,622
Loss allowances | 6,357 | 6,912 | 7,067
Total | 7,979 | 8,534 | 8,689

As of December 31, 2024, non-guaranteed net deferred tax assets amounted to €3,918 million (€4,430 million and €4,537 million as
of December 31, 2023 and 2022, respectively). The breakdown by major geographical areas was as follows:
– Spain: Net deferred tax assets recognized in Spain totaled €1,421 million as of December 31, 2024 (€1,805 and €2,424
million as of December 31, 2023 and 2022, respectively). €685 million of the figure recorded in the year ended December
31, 2024 for net deferred tax assets related to tax credits and tax loss carry forwards and €736 million relate to temporary
differences.
– Mexico: Net deferred tax assets recognized in Mexico amounted to €1,798 million as of December 31, 2024 (€1,899 and
€1,640 million as of December 31, 2023 and 2022, respectively). Practically all of deferred tax assets as of December 31,
2024 relate to temporary differences.
– South America: Net deferred tax assets recognized in South America amounted to €245 million as of December 31, 2024
(€213 and €227 million as of December 31, 2023 and 2022, respectively). Of the figure recorded at year-end 2024 for net
deferred tax assets, €147 million relate to tax credits for tax loss carryforwards and €98 million have arisen as temporary
differences.
– Turkey: Net deferred tax assets recognized in Turkey amounted to €443 million as of December 31, 2024 (€499 and €228
million as of December 31, 2023 and 2022, respectively). All of the deferred tax assets have arisen as temporary
differences.
Based on the information available as of December 31, 2024, including historical levels of benefits and projected results available to
the Group, the Group has carried out an analysis of its recovery of deferred tax assets and liabilities and it is considered that there is
sufficient positive evidence, in excess of the negative evidence, that sufficient positive taxable income will be generated for the
recovery of the aforementioned unsecured deferred tax assets when they become deductible in accordance with tax legislation. In
this respect, in the specific case of the tax Group in Spain, the Group estimates that it will be able to generate sufficient taxable
income to offset the tax loss carryforwards and deductions recorded for accounting purposes within a period under 10 years.
On t he other hand, the Group has not recognized for accounting purposes (or, as the case may be, has been subject to a valuation
adjustmen t) certain deferred tax assets (tax loss carryforwards, deductions and temporary differences) for which, in general, there is
no legal period for offsetting, amounting to approximately €2,507 million (in terms of quota), which mainly arise from the integration
of Catalunya Banc in the case of Spain, in accordance with the following breakdown by each of the jurisdictions in which the Group is
located and carries on its business activities: (i) Spain: €2,395,411 thousand; (ii) United States: €37,829 thousand; (iii) Mexico:
€24,615 thousand; (iv) France: €12,939 thousand; (v) Portugal: €11,654 thousand; (vi) Colombia: €10,718 thousand; (vii) Peru:
€4,289 thousand; (viii) Brazil: €3,164 thousand; (ix) Japan: €2,766 thousand; (x) Turkey: €2,943 thousand; (xi) Netherlands: €794
thousand; (xii) Singapore: €171 thousand; and (xiii) China: €64 thousand.
In connection with the above, it should be noted that within the framework of the ongoing process of rationalization of the Group's
corporate structure which, among other things, may provide for the future dissolution and liquidation of companies, the
materialization of the aforementioned deferred tax assets not recognized for accounting purposes may take place in the Group
company that is a shareholder of the entity being dissolved and liquidated, as a result of the disclosure of tax losses pending
deduction associated with the shareholding of the company which, as the case may be, is dissolved and liquidated.
19.6 Other co n tributions and taxes
Temporary tax on credit institutions in Spain
O n December 28, 2022, the Law for the establishment of the temporary tax on credit institutions and financial credit establishments
was published in the Official State Gazette.
This law establishes an obligation to pay a non-taxable equity benefit of public nature during the years 2023 and 2024 on those credit
institutions that operate in Spain whose aggregate interest income and fee and commission income in 2019 was €80 0 million or
more.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 137

The amount of the non-taxable equity benefit to be paid is the result of applying the percentage of 4.8% to the sum of the net interest
income and fee and commission income and expense derived from the activity carried out in Spain, as shown in the income statement
of the tax consolidation group to which the credit institutions belongs, corresponding to the calendar year prior to the year in which
the obligation to make such a payment arose. The payment obligation arises on the first day of the calendar year of fiscal years 2023
and 2024.
The impact of the payment required to be made by BBVA on account of this benefit in 2024 amounted to €285 million and was
recorded under "Other operating expense" in the consolidated income statement (see Note 42).
Tax on net interest income and commissions of certain financial institutions in Spain
On December 21, 2024, Law 7/2024 was published in the Official State Gazette, the ninth Final Provision of which regulates a new tax
on the interest margin and commissions of certain financial entities including BBVA, S.A. The tax is levied on the interest and
commission margin obtained by credit institutions from the activity they carry out in Spanish territory and is applicable to the first
three consecutive tax periods that begin on January 1, 2024.
Subsequently, Royal Decree-Law 9/2024, which came into force on December 25, 2024, modified certain aspects of the tax approved
by Law 7/2024, among other things, the tax period and the accrual of the new tax. However, this Royal Decree-Law has not been
validated by the Congress of Deputies so, as of the date of prepara tion of these Consolidated Financial Statements, it is repealed.
No impact associated with this tax has been recorded in the Consolidated Financial Statements for the year ended December 31,
2024.
Complementary tax to ensure a global minimum top up tax for multinational groups and large domestic groups (Pillar Two)
On December 20, 2024, Law 7/2024 of December 20, 2024 was approved in Spain, establishing a Complementary Tax to guarantee
an overall minimum level of taxation for multinational groups and large domestic groups, a Tax on the net interest income and fee and
commission of certain financial institutions and a Tax on liquids for electronic cigarettes and other tobacco-related products, and
amending other tax regulations.
This law transposes Council Directive (EU) 2022/2523 of December 15, 2022, which incorporates the Pillar Two rules into the
European legal framework.
The aforementioned Law has been approved with effect for tax periods beginning on or after December 31, 2023. Consequently, at
the end of the year 2024, the Group is subject to the Pillar Two rules.
In compliance with current legislation, the Group has calculated the estimated impact of the Complementary Tax based on the
Transitional Safe Harbor analysis and on the basis of the figures used in the preparation of the Group's consolidated financial
statements in each of its constituent jurisdictions.
As a result of this estimated calculation, it has been determined that most of the jurisdictions in which the Group operates, with the
exception of a small number of countries representing an immaterial percentage of the BBVA Group's profit (loss) before tax, exceed
the minimum effective tax rate of 15% and, therefore, do not accrue Complementary Tax. For those jurisdictions that do not meet this
threshold, BBVA, S.A., as the ultimate parent company of the Group, as of December 31, 2024, has recognized as a current tax
expense the corresponding estimated supplementary tax associated with those jurisdictions, the amount of which is very immaterial.
Finally, it should be noted that the BBVA Group applies the mandatory exception to the recognition and disclosure of deferred tax
assets and liabilities in relation to Pillar Two.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 138

20. Other assets and liabilities
The breakdown of the balances of these headings of the consolidated balance sheets is as follows:

Other assets and liabilities (Millions of Euros)
| 2024 | 2023 | 2022
ASSETS |  |  |
Inventories ⁽¹⁾ | 1,299 | 276 | 325
Transactions in progress | 482 | 41 | 93
Accruals | 1,862 | 1,368 | 1,461
Other items | 1,881 | 1,174 | 706
Total | 5,525 | 2,859 | 2,586
LIABILITIES |  |  |
Transactions in progress | 306 | 133 | 44
Accruals | 3,066 | 2,878 | 2,595
Other items | 1,997 | 2,466 | 2,269
Total | 5,370 | 5,477 | 4,909

(1) The variation in 2024 corresponds mainly to the acquisition of land plots from the Group's real estate company Crea Madrid Nuevo Norte, S.A. in relation to an urban planning
operation in Madrid.
21. Non-current assets and disposal groups classified as held for sale and liabilities
included in disposal groups classified as held for sale
The composition of the balances under the headings “Non-current assets and disposal groups classified as held for sale” and
“Liabilities included in disposal groups classified as held for sale” in the consolidated balance sheets, broken down by the origin of the
assets, is as follows:

Non-current assets and disposal groups classified as held for sale and liabilities included in disposal groups classified as held for sale. Breakdown by items (Millions of Euros)
| 2024 | 2023 | 2022
ASSETS |  |  |
Foreclosures and recoveries | 847 | 943 | 1,070
Other assets from tangible assets (1) | 618 | 1,026 | 1,063
Companies held for sale | 55 | 43 | 40
Accrued amortization (2) | (46) | (84) | (93)
Impairment losses (1) | (645) | (1,005) | (1,057)
Total | 828 | 923 | 1,022
LIABILITIES |  |  |
Companies held for sale | — | — | —
Total | — | — | —

(1) The variation in 2024 is mainly due to sales of properties by the companies Tree Investments Inmobiliarias, SOCIMI, SA and Banco Bilbao Vizcaya Argentaria, S.A.
(2) Corresponds to the accumulated depreciation of assets before their classification as "Non-current assets and disposal groups classified as held for sale".
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 139

Non-current assets and disposal groups classified as held for sale
The changes in the balances of “Non-current assets and disposal groups classified as held for sale” in 2024, 2023 and 2022, are as
follows:

Non-current assets and disposal groups classified as held for sale (Millions of Euros)
| Notes | Foreclosed assets | Property, Plant and Equipment (1) | Companies held for sale | Total
Cost (a) |  | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Balance at the beginning |  | 943 | 1,070 | 1,218 | 943 | 970 | 452 | 43 | 39 | 41 | 1,928 | 2,078 | 1,711
Additions |  | 250 | 190 | 211 | 18 | 2 | 1 | 15 | — | 2 | 283 | 192 | 214
Contributions from merger transactions |  | — | — | — | — | — | 592 | — | — | — | — | — | 592
Retirements (sales and other decreases) |  | (338) | (323) | (353) | (446) | (34) | (110) | — | — | (2) | (784) | (357) | (465)
Transfers, other movements and exchange differences |  | (8) | 6 | (6) | 57 | 5 | 35 | (3) | 4 | (2) | 46 | 15 | 27
Disposals by companies held for sale |  | — | — | — | — | — | — | — | — | — | — | — | —
Balance at the end |  | 847 | 943 | 1,070 | 572 | 943 | 970 | 55 | 43 | 39 | 1,473 | 1,928 | 2,078
Impairment (b) |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at the beginning |  | 299 | 356 | 381 | 706 | 701 | 269 | — | — | — | 1,005 | 1,057 | 650
Additions | 50 | 24 | 16 | 64 | 59 | 27 | 158 | — | — | — | 83 | 42 | 221
Additions transfer to discontinued operations |  | — | — | — | — | — | — | — | — | — | — | — | —
Contributions from merger transactions |  | — | — | — | — | — | — | — | — | — | — | — | —
Retirements (sales and other decreases) |  | (91) | (89) | (102) | (352) | (22) | (46) | — | — | — | (443) | (111) | (148)
Other movements and exchange differences |  | 5 | 16 | 13 | (5) | 1 | 320 | — | — | — | — | 17 | 333
Disposals by companies held for sale |  | — | — | — | — | — | — | — | — | — | — | — | —
Balance at the end |  | 237 | 299 | 356 | 409 | 706 | 701 | — | — | — | 645 | 1,005 | 1,057
Balance at the end of net carrying value (a)-(b) |  | 610 | 644 | 714 | 163 | 236 | 269 | 55 | 43 | 39 | 828 | 923 | 1,022

(1) Net of accumulated amortization until assets were reclassified as “Non-current assets and disposal groups classified as held for sale”.
As indicated in Note 2.2.6, “Non-current assets and disposal groups held for sale” and “Liabilities included in disposal groups
classified as held for sale” are valued at the lower amount between its fair value less costs to sell and its carrying amount. As of
December 31, 2024, 2023 and 2022 practically all of the carrying amount of the assets recorded at fair value on a non-recurring basis
equals their fair value.
Assets from foreclosures or recoveries
As of December 31, 2024, 2023 and 2022, assets from foreclosures and recoveries, net of impairment losses, by nature of the asset,
amounted to €404 million, €460 million and €478 million in assets for residential use; €169 million, €154 million and €199 million in
assets for tertiary use (industrial, commercial or office) and €31 million, €26 million and €34 million in assets for agricultural use,
respectively.
As of December 31, 2024, 2023 and 2022, the average sale time of assets from foreclosures or recoveries was between 2 and 3 years.
During the years 2024, 2023 and 2022, some of the sale transactions for these assets were financed by Group companies. The
amount of loans granted to the buyers of these assets in those years amounted to € 12 million, €22 million and €43 million,
respectively; with an average financing of 69% of the sales price during 2024.
As of December 31, 2024, 2023 and 2022, the amount of the profits arising from the sale of assets financed by Group companies that
are not recognized in the consolidated income statement is not significant.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 140

22. Financial liabilities at amortized cost
22.1 Breakdown of the balance
The breakdown of the balance under these headings in the consolidated balance sheets is as follows:

Financial liabilities measured at amortized cost (Millions of Euros)
| 2024 | 2023 | 2022
Deposits | 496,720 | 473,835 | 459,662
Deposits from central banks | 14,668 | 20,309 | 38,323
Demand deposits | 657 | 159 | 205
Time deposits and other | 6,369 | 12,203 | 33,534
Repurchase agreement | 7,642 | 7,947 | 4,584
Deposits from credit institutions | 34,406 | 40,039 | 26,935
Demand deposits | 6,977 | 6,629 | 11,434
Time deposits and other | 15,049 | 12,871 | 11,787
Repurchase agreement | 12,380 | 20,539 | 3,714
Customer deposits | 447,646 | 413,487 | 394,404
Demand deposits | 331,780 | 317,543 | 316,082
Time deposits and other | 106,658 | 91,740 | 76,063
Repurchase agreement | 9,208 | 4,204 | 2,259
Debt certificates issued | 69,867 | 68,707 | 55,429
Other financial liabilities | 17,753 | 15,046 | 14,081
Total | 584,339 | 557,589 | 529,172

As of December 31, 2024, all drawdowns of the TLTRO III program have been repaid. As of December 31, 2023 and 2022, the amount
recorded in "Deposits from central banks - Time deposits and other" included the drawdowns of the TLTRO III facilities of the ECB,
mainly by BBVA, S.A., amounting to €3,660 million and €26,711 million, respectively.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 141

22.2 Deposits from credit institutions
The breakdown by geographical area and the nature of the related instruments of this heading in the consolidated balance sheets is as
follows:

Deposits from credit institutions (Millions of Euros)
| Demand deposits | Time deposits and other (1) | Repurchase agreements | Total
December 2024 |  |  |  |
Spain | 1,039 | 3,116 | 538 | 4,693
Mexico | 973 | 981 | 231 | 2,185
Turkey | 158 | 2,002 | 2 | 2,162
South America | 577 | 2,387 | — | 2,963
Rest of Europe | 2,942 | 3,313 | 11,578 | 17,832
Rest of the world | 1,289 | 3,250 | 31 | 4,570
Total | 6,977 | 15,049 | 12,380 | 34,406
December 2023 |  |  |  |
Spain | 1,252 | 2,434 | 899 | 4,585
Mexico | 789 | 642 | — | 1,431
Turkey | 16 | 535 | 37 | 587
South America | 416 | 2,242 | — | 2,659
Rest of Europe | 3,011 | 2,742 | 19,344 | 25,097
Rest of the world | 1,145 | 4,277 | 259 | 5,681
Total | 6,629 | 12,871 | 20,539 | 40,039
December 2022 |  |  |  |
Spain | 1,215 | 1,429 | 67 | 2,709
Mexico | 855 | 732 | — | 1,587
Turkey | 10 | 633 | 29 | 672
South America | 844 | 2,251 | — | 3,095
Rest of Europe | 3,613 | 2,944 | 1,669 | 8,226
Rest of the world | 4,897 | 3,797 | 1,949 | 10,645
Total | 11,434 | 11,787 | 3,714 | 26,935

(1) Subordinated deposits are included amounting to €48, €35 and €24 million as of December 31, 2024, 2023 and 2022, re spect ively.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 142

22.3 Customer deposits
The breakdown by geographical area of this heading in the consolidated balance sheets, by type of instrument, is as follows:

Customer deposits (Millions of Euros)
| Demand deposits | Time deposits and other ⁽¹⁾ | Repurchase agreements | Total
December 2024 |  |  |  |
Spain | 186,489 | 22,501 | 6,474 | 215,464
Mexico | 70,133 | 14,319 | 987 | 85,439
Turkey | 23,228 | 25,388 | 652 | 49,267
South America | 32,443 | 20,232 | — | 52,675
Rest of Europe | 17,170 | 17,613 | 1,095 | 35,878
Rest of the world | 2,318 | 6,605 | — | 8,922
Total | 331,780 | 106,658 | 9,208 | 447,646
December 2023 |  |  |  |
Spain | 179,825 | 17,952 | 4 | 197,780
Mexico | 76,122 | 15,067 | 1,638 | 92,828
Turkey | 20,423 | 21,485 | 1,331 | 43,239
South America | 26,888 | 17,349 | — | 44,237
Rest of Europe | 12,863 | 16,257 | 1,231 | 30,350
Rest of the world | 1,422 | 3,630 | — | 5,052
Total | 317,543 | 91,740 | 4,204 | 413,487
December 2022 |  |  |  |
Spain | 188,803 | 13,937 | 2 | 202,742
Mexico | 64,671 | 12,916 | 630 | 78,217
Turkey | 22,117 | 17,254 | 747 | 40,118
South America | 27,083 | 14,505 | — | 41,587
Rest of Europe | 11,670 | 14,224 | 880 | 26,774
Rest of the world | 1,737 | 3,228 | — | 4,965
Total | 316,082 | 76,063 | 2,259 | 394,404

(1) Subordinated deposits are included amounting to €8 million as of December 31, 2024. As of December 31, 2023 and 2022, no subordinated deposits were recorded under this
heading.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 143

22.4 Debt certificates
The breakdown of the balance under this heading, by type of financial instrument and by currency, is as follows:

Debt certificates issued (Millions of Euros) |
| 2024 | 2023 | 2022
In Euros | 37,118 | 44,622 | 35,611
Promissory bills and notes | 1,360 | 5,416 | 1,079
Non-convertible bonds and debentures | 17,788 | 16,256 | 16,979
Covered bonds | 5,825 | 6,734 | 7,665
Hybrid financial instruments (1) | 519 | 800 | 959
Securitization bonds | 2,201 | 2,168 | 2,501
Wholesale funding | 1,030 | 6,182 | 139
Subordinated liabilities | 8,395 | 7,066 | 6,289
Convertible perpetual certificates | 2,750 | 3,000 | 3,000
Other non-convertible subordinated liabilities | 5,645 | 4,066 | 3,289
In foreign currencies | 32,748 | 24,086 | 19,819
Promissory bills and notes | 2,962 | 336 | 351
Non-convertible bonds and debentures | 12,136 | 8,684 | 9,323
Covered bonds | 95 | 99 | 114
Hybrid financial instruments (1) | 5,327 | 4,722 | 3,724
Securitization bonds | — | — | —
Wholesale funding | 1,067 | 1,479 | 111
Subordinated liabilities | 11,161 | 8,766 | 6,196
Convertible perpetual certificates | 2,888 | 2,715 | 1,876
Other non-convertible subordinated liabilities | 8,273 | 6,051 | 4,320
Total | 69,867 | 68,707 | 55,429

(1) Corresponds to structured note issuances with embedded derivatives that have been segregated according to IFRS 9.
22.4.1 Subordinated liabilities
The breakdown of this heading in the consolidated balance sheets is as follows:

Memorandum item: Subordinated liabilities at amortized cost (Millions of Euros)
|  | 2024 | 2023 | 2022
Subordinated deposits |  | 56 | 35 | 24
Subordinated certificates |  | 19,556 | 15,832 | 12,485
Compound convertible financial instruments |  | 5,638 | 5,715 | 4,876
Other non-convertible subordinated liabilities |  | 13,918 | 10,117 | 7,609
Total |  | 19,612 | 15,867 | 12,509

The balance variances are mainly due to the following transactions:
Perpetual Contingent Convertible Securities
The Annual General Shareholders' Meeting of BBVA held on April 20, 2021, resolved, under agenda item five, to authorize the Board of
Directors of BBVA, with sub-delegation powers, to issue convertible securities, whose conversion is contingent and which are
intended to meet regulatory requirements for their eligibility as capital instruments (CoCo), in accordance with the solvency
regulations applicable from time to time, subject to the legal and statutory provisions that may be applicable at any time. The Board of
Directors may make issues on one or several times within the maximum term of five years from the date on which this resolution was
adopted, up to the maximum overall amount of €8 billion or its equivalent in any other currency. The Board of Directors may also
resolve to exclude, either fully or partially, the pre-emptive subscription rights of shareholders within the framework of a concrete
issuance, complying in all cases with the legal requirements and limitations established for this purpose at any given time.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 144

Under that delegation, BBVA has made the following contingently convertible issuances that qualify as additional tier 1 capital of the
Bank and the Group in accordance with Regulation (EU) 575/2013 throughout the financial years 2023 and 2024:
– On June 21, 2023, BBVA carried out an issuance of perpetual contingent convertible securities with exclusion of
shareholders' pre-emptive subscription rights, for a total nominal amount of €1 billion. This issuance is listed in the Global
Exchange Market of Euronext Dublin and was targeted only at qualified investors, not being offered or sold to any retail
clients.
– On September 19, 2023, BBVA carried out an issuance of perpetual contingent convertible securities with exclusion of
shareholders' pre-emptive subscription rights, for a total nominal amount of USD 1 billion. This issuance is listed on the New
York Stock Exchange and was targeted only at qualified investors, not being offered or sold to any retail clients.
– On June 13, 2024, BBVA carried out an issuance of perpetual contingent convertible securities with exclusion of
shareholders' pre-emptive subscription rights, for a total nominal amount of €750 million. This issuance is listed in the
Global Exchange Market of Euronext Dublin and was targeted only at qualified investors, not being offered or sold to any
retail clie nts.
Additionally, on January 14, 2025, BBVA carried out an issuance of perpetual contingent convertible securities with exclusion of
shareholders' pre-emptive subscription rights, for a total nominal amount of USD 1 billion. This issuance is listed on the New York
Stock Exchange and was targeted only at qualified investors, not being offered or sold to any retail clients.
These perpetual securities issued, where appropriate, must be converted into newly issued ordinary shares of BBVA if the CET 1 ratio
of the Bank or the Group is less than 5.125%, in accordance with their respective terms and conditions.
These type of issuances made by the Bank may be fully redeemed at BBVA's option only in the cases contemplated in their respective
terms and conditions and, in any case, in accordance with the provisions of the applicable legislation. In particular, throughout the
financial years 2022, 2023 and 2024 the Bank has early redeemed the following issues:
– On May 24, 2022, the Bank early redeemed the contingently convertible preferred securities (which qualified as additional
tier 1 instruments) issued by the Bank on May 24, 2017, for an amount of €500 million on the First Reset Date and once the
prior consent from the Regulator was obtained.
– On September 24, 2023, the Bank early redeemed the issuance of contingently convertible preferred securities (which
qualified as additional tier 1 instruments) carried out by the Bank on September 24, 2018, for an amount of €1 billion on the
First Reset Date and once the prior consent from the Regulator was obtained.
– On March 29, 2024, the Bank early redeemed the issuance of contingently convertible preferred securities (which qualified
as additional tier 1 instruments) carried out by the Bank on March 29, 2019, for an amount of €1 billion on the First Reset
Date and once the prior consent from the Regulator was obtained.
Additionally, on January 28, 2025, the Bank announced its irrevocable decision to redeem in whole on March 5, 2025, the issuance of
contingently convertible preferred securities (which qualified as additional tier 1 instruments) carried out by the Bank on September
5, 2019, for an amount of USD 1 billion on the First Reset Date and once the prior consent from the Regulator was obtained.
Convertible Securities
The Annual General Shareholders' Meeting of BBVA held on March 18, 2022, resolved, under agenda item five, to confer authority on
the Board of Directors of BBVA, with sub-delegation powers, to issue securities convertible into new BBVA shares (other than
contingently convertible securities, envisaged to meet regulatory requirements for their eligibility as capital instruments (CoCo)
referred to in the resolutions adopted by BBVA's Annual General Shareholders' Meeting held on April 20, 2021, under agenda item
five), subject to provisions in the law and in BBVA's bylaws that may be applicable at any time, on one or several occasions within the
maximum term of five years to be counted as from the date on which the resolution was adopted, up to a maximum total amount of
€6 billion, or the equivalent in any other currency. The Board of Directors may also resolve to exclude, either fully or partially, the pre-
emptive subscription rights of shareholders within the framework of a specific issuance, limiting this power to the extent that the
nominal amount of the capital increases agreed or executed in order to satisfy conversion of the issues carried out excluding the pre-
emptive subscription right by virtue of this power (without prejudice to anti-dilution adjustments) and any agreed or executed in use
of the power under the item 4 of the Agenda of the same General Meeting, described in Note 26, excluding the pre-emptive
subscription right, do not exceed a maximum aggregated nominal amount of 10% of BBVA's share capital at the time the resolution
was adopted.
As of the date of preparation of these Consolidated Financial Statements, the Bank has not made use of the authority granted by the
BBVA Annual General Shareholders' Meeting held on March 18, 2022.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 145

22.5 Other financial liabilities
The breakdown of the balance under this heading in the consolidated balance sheets is as follows:

Other financial liabilities (Millions of Euros) |  |
| 2024 | 2023 | 2022
Lease liabilities | 1,467 | 1,507 | 1,398
Creditors for other financial liabilities | 4,859 | 3,439 | 3,584
Collection accounts | 3,693 | 3,642 | 3,426
Creditors for other payment obligations | 7,734 | 6,458 | 5,673
Total | 17,753 | 15,046 | 14,081

A breakdown of the maturity of the lease liabilities, due after December 31, 2024 is provided below:

Maturity of future payment obligations (Millions of Euros)
| Up to 1 year | 1 to 3 years | 3 to 5 years | Over 5 years | Total
Leases | 175 | 285 | 239 | 768 | 1,467

23. A sset s and liabilities under insurance and reinsurance contracts
The Group has insurance subsidiaries mainly in Spain, Latin America (mostly in Mexico) and Turkey. Specifically, the insurance
entities located in Spain and Mexico together accounted for approximately 95% in terms of total liabilities under insurance and
reinsurance contracts as of December 31, 2024.
The main product offered by the insurance subsidiaries is life insurance to cover the risk of death (risk insurance) and life-savings
insurance. Within life and accident insurance, a distinction is made between freely sold products and those offered to customers who
have taken mortgage or consumer loans, which cover the principal of those loans in the event of the customer’s death. There are two
types of savings products: individual insurance, which seeks to provide the customer with savings for retirement or other events, and
group insurance, which is taken out by employers to cover their commitments to their employees.
The insurance business is affected by different risks, including those that are related to the BBVA Group such as credit risk, market
risk, liquidity risk and operational risk and the methodology for risk measurement, control and follow-up applied in the insurance
activity is similar (see Note 7 and Management Report - Risk management) , although it has a differentiated management due to the
particular characteristics of the insurance business, such as the coverage of contracted obligations and the long term of the
commitments.
Additionally, the insurance business generates certain specific risks, of a probabilistic nature:
– Technical risk: arises from deviations in the estimation of the casualty rate of insurances, either in terms of numbers, the
amount of such claims and the timing of its occurrence.
– Longevity risk: is the risk of incurring higher benefit payments than expected due to an increase in the life expectancy of the
insured persons.
The insurance activity is fully integrated into the BBVA Group's risk management framework. From the definition of the risk appetite
to the management limits, the governance model, the admission process, the organizational scheme and the development of
computer systems/models, everything is designed with a global approach and under consistent and homogeneous criteria, aligned
with other financial business of the BBVA Group. This also means that control activities and information flow are fully integrated into
internal processes, from local reporting to the corporate bodies of the BBVA Group.
The insurance industry is highly regulated in each geographical area. In this regard, it should be noted that the insurance industry is
undergoing a gradual regulatory transformation through new accounting and risk-based capital regulations, which have already been
published in several countries.
The amounts that the consolidated insurance entities are entitled to receive from reinsurance contracts they maintain with third
parties are recognized under the heading “Assets under reinsurance and insurance contracts” in the consolidated balance sheets. As
of December 31, 2024, 2023 and 2022, the balance under this heading amounted to €191 million, €211 million and €183 million,
respectively.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 146

The heading “Liabilities under insurance and reinsurance contracts” in the consolidated balance sheets includes the liabilities
recorded under insurance contracts of the consolidated insurance entities in accordance with IFRS 17 (see Note 2.2.8). The
breakdown of the balance of this heading as of December 31, 2024, 2023 and 2022 is as follows:

Liabilities under insurance and reinsurance contracts (Millions of Euros) |
| 2024 | 2023 | 2022
Insurances | 10,981 | 12,110 | 10,131
Liabilities for remaining coverage | 9,835 | 10,900 | 9,157
Estimates of the present value of cash flows | 8,462 | 9,516 | 7,905
Risk adjustment | 150 | 171 | 155
Cost service margin | 1,224 | 1,213 | 1,097
Liabilities for incurred claims | 1,146 | 1,210 | 974
Estimates of the present value of cash flows | 1,129 | 1,191 | 959
Risk adjustment | 17 | 19 | 15
Reinsurances | — | — | —
Total | 10,981 | 12,110 | 10,131

In addition, the breakdown of “Liabilities under insurance and reinsurance contracts” in the consolidated balance sheets by type of
product as of December 31, 2024, 2023 and 2022, excluding insurance contracts valued following the Simplified Model, is shown in
the table below:

Liabilities under insurance and reinsurance contracts by type of product (Millions of Euros) |
| 2024 | 2023 | 2022
Liabilities for remaining coverage | 9,835 | 10,900 | 9,157
Life insurance | 9,555 | 10,657 | 8,962
Individuals life insurance ⁽¹⁾ | 7,643 | 8,900 | 7,592
Group insurance ⁽²⁾ | 1,912 | 1,757 | 1,370
Non-life insurance | 280 | 243 | 195
Liabilities for incurred claims | 1,146 | 1,210 | 974
Total | 10,981 | 12,110 | 10,131

(1) Provides coverage in the event of death, disability and serious illness.
(2) The insurance policies purchased by employers (other than BBVA Group) on behalf of their employees.
The variation in l iabilities under insurance and reinsurance contracts analyzed by liability for the remaining coverage and liability for
incurred claims for the years 2024, 2023 and 2022 is shown below:

Variation in liabilities under insurance and reinsurance contracts analyzed by liabilities for the remaining coverage and the liabilities for incurred claims. December 2024 (Millions of Euros)
| Liability for remaining coverage | Liability for incurred claims | Total
Initial balance | 10,900 | 1,210 | 12,110
Result from insurance service | (3,371) | 1,862 | (1,509)
Insurance revenue | (3,494) | — | (3,494)
Insurance expense | 124 | 1,862 | 1,985
Financial income/ expenses from insurance contracts | (407) | 12 | (395)
Exchange differences | (657) | (110) | (767)
Cash flows | 3,370 | (1,828) | 1,542
Final balance | 9,835 | 1,146 | 10,981

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 147

Variation in liabilities under insurance and reinsurance contracts analyzed by liabilities for the remaining coverage and the liabilities for incurred claims. December 2023 (Millions of Euros)
| Liability for remaining coverage | Liability for incurred claims | Total
Initial balance | 9,157 | 974 | 10,131
Result from insurance service | (2,822) | 1,532 | (1,289)
Insurance revenue | (2,897) | — | (2,897)
Insurance expense | 75 | 1,532 | 1,607
Financial income/ expenses from insurance contracts | 563 | 1 | 564
Exchange differences | 1,008 | 59 | 1,067
Cash flows | 2,994 | (1,357) | 1,637
Final balance | 10,900 | 1,210 | 12,110

Variation in liabilities under insurance and reinsurance contracts analyzed by liabilities for the remaining coverage and the liabilities for incurred claims. December 2022 (Millions of Euros)
| Liability for remaining coverage | Liability for incurred claims | Total
Initial balance | 8,875 | 1,097 | 9,972
Result from insurance service | (2,446) | 1,260 | (1,186)
Insurance revenue | (2,575) | — | (2,575)
Insurance expense | 130 | 1,260 | 1,390
Financial income/ expenses from insurance contracts | (694) | 2 | (692)
Exchange differences | 1,048 | 51 | 1,099
Cash flows | 2,375 | (1,437) | 938
Final balance | 9,157 | 974 | 10,131

The variation of liabilities under insurance and reinsurance contracts, distinguishing between their different valuation components,
excluding contracts valued under the Simplified Model, for the years 2024, 2023 and 2022 is shown below:

Variation in liabilities under insurance and reinsurance contracts analyzed by valuation component. December 2024 (Millions of Euros)
| Estimated present value of future cash flows | Risk adjustment | Contractual service margin ⁽¹⁾ | Total
Initial balance | 9,738 | 167 | 1,213 | 11,118
Insurance service result | (345) | (17) | 44 | (318)
Changes that relate to current services | (969) | (29) | (270) | (1,267)
Changes that relate to future services | (350) | 12 | 314 | (24)
Changes that relate to past services | 974 | — | — | 974
Financial income/ expenses from insurance contracts | (457) | 3 | 49 | (406)
Exchange rate differences | (636) | (3) | (82) | (721)
Cash flows | 411 | — | — | 411
Final balance | 8,710 | 150 | 1,224 | 10,084

(1) In general, the transition approach for calculating the contractual service margin has been the fair value approach for long-term contracts and the full retrospective approach
for short-term contracts.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 148

Variation in liabilities under insurance and reinsurance contracts analyzed by valuation component. December 2023 (Millions of Euros)
| Estimated present value of future cash flows | Risk adjustment | Contractual service margin ⁽¹⁾ | Total
Initial balance | 8,056 | 150 | 1,097 | 9,303
Insurance service result | (384) | — | (23) | (406)
Changes that relate to current services | (749) | (26) | (185) | (960)
Changes that relate to future services | (189) | 26 | 163 | —
Changes that relate to past services | 554 | — | — | 554
Financial income/ expenses from insurance contracts | 508 | 11 | 45 | 564
Exchange rate differences | 935 | 6 | 94 | 1,035
Cash flows | 623 | — | — | 623
Final balance | 9,738 | 167 | 1,213 | 11,118

(1) In general, the transition approach for calculating the contractual service margin has been the fair value approach for long-term contracts and the full retrospective approach
for short-term contracts.

Variation in liabilities under insurance and reinsurance contracts analyzed by valuation component. December 2022 (Millions of Euros)
| Estimated present value of future cash flows | Risk adjustment | Contractual service margin ⁽¹⁾ | Total
Initial balance | 7,945 | 112 | 948 | 9,006
Insurance service result | (606) | 46 | 49 | (511)
Changes that relate to current services | (750) | (14) | (144) | (908)
Changes that relate to future services | (270) | 60 | 193 | (17)
Changes that relate to past services | 413 | — | — | 413
Financial income/ expenses from insurance contracts | (704) | (20) | 29 | (694)
Exchange rate differences | 1,009 | 11 | 72 | 1,093
Cash flows | 412 | — | — | 412
Final balance | 8,056 | 150 | 1,097 | 9,303

(1) In general, the transition approach for calculating the contractual service margin has been the fair value approach for long-term contracts and the full retrospective approach
for short-term contracts.
The maturity of “Liabilities under insurance and reinsurance contracts” is as follows:

Maturity of the liabilities under insurance and reinsurance contracts (Millions of Euros)
| Up to 1 year | 1 to 3 years | 3 to 5 years | Over 5 years | Total
2024 | 1,556 | 319 | 720 | 8,387 | 10,981
2023 | 1,356 | 962 | 2,425 | 7,367 | 12,110
2022 | 1,754 | 663 | 1,664 | 6,050 | 10,131

The classification and valuation models used to calculate the liabilities under insurance and reinsurance contracts are detailed in Note
2.2.8 of these Consolidated Financial Statements.
In general, in estimating compliance flows valued under the General Model, the Group has used tables based on the companies' own
experience to estimate discounted future cash flows for all units of account, except for those cases in which the entity has not had
sufficient historical data for the construction of the assumptions, so in such cases, regulatory tables have been used.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 149

24. Provisions
The breakdown of the balance under this heading in the consolidated balance sheets, based on type of provisions, is as follows:

Provisions. Breakdown by concepts (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Provisions for pensions and similar obligations | 25 | 2,348 | 2,571 | 2,632
Other long term employee benefits (1) | 25 | 384 | 435 | 466
Provisions for taxes and other legal contingencies | 7.1 | 791 | 696 | 685
Provisions for contingent risks and commitments | 7.2.6 | 667 | 770 | 770
Other provisions (2) |  | 429 | 452 | 380
Total |  | 4,619 | 4,924 | 4,933

(1) It included commitments undertaken under the collective layoff procedure that was carried out at Banco Bilbao Vizcaya Argentaria, S.A. in 2021.
(2) Individually non-significant provisions, for various concepts and corresponding to differ ent geographical areas.
The change in provisions for pensions and similar obligations for the years ended December 31, 2024, 2023 and 2022 is as follows:

Provisions for pensions and other post-employment obligations for defined benefit plans, and other long term employee benefits. Changes over the year (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Balance at the beginning |  | 3,006 | 3,098 | 4,208
Charges to income for the year |  | 197 | 211 | 25
Interest expense and similar charges | 25 | 138 | 133 | 75
Personnel expense |  | 57 | 49 | 42
Provision expense |  | 2 | 29 | (92)
Charges (credits) to equity ⁽¹⁾ | 25 | 132 | 314 | (433)
Transfers and other changes |  | (49) | (37) | 36
Benefit payments |  | (410) | (474) | (616)
Employer contributions |  | (143) | (106) | (120)
Balance at the end |  | 2,732 | 3,006 | 3,098

(1) Correspond to actuarial losses (gains) arising from certain post-employment defined-benefit commitments for pensions recognized in “Equity” (see Note 2.2.13).

Provisions for taxes, legal contingencies and other provisions. Changes over the year (Millions of Euros)
| 2024 | 2023 | 2022
Balance at beginning | 1,148 | 1,065 | 990
Additions | 370 | 651 | 417
Acquisition of subsidiaries | — | — | —
Unused amounts reversed during the year | (92) | (385) | (130)
Amount used and other variations | (206) | (183) | (211)
Balance at the end | 1,220 | 1,148 | 1,065

Ongoing legal proceedings and litigation
The financial sector faces an environment of increased regulatory pressure and litigation. In this environment, the various Group
entities are often subject to lawsuits and involved in individual or collective legal proceedings and litigation arising from their activity
and operations, including proceedings arising from their lending activity, from their labor relations and from other commercial,
regulatory or tax issues, as well as in arbitration.
On the basis of the information available, the Group considers that, as of December 31, 2024, the provisions made in relation to
judicial proceedings and arbitrations, where so required, are adequate and reasonably cover the liabilities that might arise, if any, from
such proceedings and arbitrations. Furthermore, on the basis of the information available and with the exceptions indicated in Note
7.1 "Risk factors", BBVA considers that the liabilities that may arise from the resolution of such proceedings will not have, individually,
a significant adverse effect on the Group's business, financial situation or results of operations.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 150

25. Post-employment and other employee benefit commitments
As stated in Note 2.2.13, the Group has assumed commitments with employees including short-term employee benefits (see Note
44.1), defined contribution and defined benefit plans (see Glossary), healthcare and other long-term employee benefits.
The Group sponsors defined-contribution plans for the majority of its active employees, with the plans in Spain and Mexico being the
most significant. Most defined benefit plans are closed to new employees, with liabilities relating largely to retired employees, the
most significant being those in Spain, Mexico and Turkey. In Mexico, the Group provides medical benefits to a closed group of
employees and their family members, both in active service and retirement.
The breakdown of the net defined benefit liability recorded on the balance sheet as of December 31, 2024, 2023 and 2022 is provided
below:

Net defined benefit liability (asset) on the consolidated balance sheet (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Pension commitments |  | 3,759 | 3,849 | 3,661
Early retirement commitments |  | 271 | 412 | 606
Medical benefits commitments |  | 1,269 | 1,728 | 1,448
Other long term employee benefits |  | 384 | 435 | 466
Total commitments |  | 5,683 | 6,424 | 6,181
Pension plan assets |  | 1,584 | 1,675 | 1,608
Medical benefit plan assets |  | 1,367 | 1,744 | 1,476
Total plan assets (1) |  | 2,951 | 3,419 | 3,084
Total net liability / asset |  | 2,732 | 3,006 | 3,097
Of which: Net asset on the consolidated balance sheet (2) |  | — | — | (1)
Of which: Net liability on the consolidated balance sheet for provisions for pensions and similar obligations (3) | 24 | 2,348 | 2,571 | 2,632
Of which: Net liability on the consolidated balance sheet for other long term employee benefits | 24 | 384 | 435 | 466

(1) In Turkey, the foundation responsible for managing the benefit commitments holds an additional asset of €123 million as of December 31, 2024 which, in accordance with IFRS
regarding the asset ceiling, has not been recognized in the Consolidated Financial Statements, because although it could be used to reduce future pension contributions it could
not be immediately refunded to the employer. As of December 31, 2023 and 2022, this amount amounted to €153 and €188 million respectively.
(2) Recorded under the heading “Other Assets - Other” of the consolidated balance sheet (see Note 20).
(3) Recorded under the heading “Provisions - Provisions for pensions and similar obligations” of the consolidated balance sheet.
The impact relating to benefit commitments on the consolidated income statement for the years 2024, 2023 and 2022 is as follows:

Consolidated income statement impact (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Interest and other expense |  | 138 | 133 | 75
Interest expense |  | 494 | 444 | 342
Interest income |  | (356) | (311) | (267)
Personnel expense |  | 215 | 188 | 130
Defined contribution plan expense | 44.1 | 158 | 139 | 87
Defined benefit plan expense | 44.1 | 51 | 49 | 42
Other expense |  | 6 | — | —
Provisions or (reversal) of provisions | 46 | 3 | 31 | (89)
Early retirement expense |  | — | — | —
Past service cost expense |  | 7 | 36 | 34
Remeasurements ⁽¹⁾ |  | (5) | (7) | (126)
Other provision expense |  | 1 | 2 | 3
Total impact on consolidated income statement: expense (income) | 355 | 352 | 116

(1) Actuarial losses (gains) on remeasurement of the net defined benefit liability relating to early retirements in Spain and other long-term employee benefits that are charged to
the income statements (see Note 2.2.13).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 151

The amounts relating to post-employment benefits charged to the consolidated balance sheet correspond to the actuarial gains
(losses) on remeasurement of the net defined benefit liability relating to pension and medical commitments before income taxes as of
December 31, 2024, 2023 and 2022 are as follows:

Equity impact (Millions of Euros)
| 2024 | 2023 | 2022
Defined benefit plans | 218 | 302 | (363)
Post-employment medical benefits | (86) | 12 | (71)
Total impact on equity: debit (credit) | 132 | 314 | (433)

In 2024, the aggregate impact of this heading amounted to a debit of €132 mill ion driven by the variation in the main long-term
remuneration commitments in Mexico (debit of €55 million, mainly due to the variation of financial assumptions and expected
profitability of plan assets), Turkey (debit of €32 million euros due to the variation of financial assumptions, expected profitability of
plan assets and experience), Spain (debit of €28 million, essentially due to the variation in financial assumptions) and Portugal (debit
of €16 million due to the expected profitability of the plan assets and experience).
In 2023, the aggregate impact of this heading amounted to a debit of €314 million driven by the variation in financial assumptions,
losses of €71 million from commitments in Spain, and losses of €170 million for commitments in Mexico. These amounts are offset by
other minor effects of actuarial experience in these geographical areas and financial, demographic and experience effects in other
geographical areas.
In 2022, the aggregate impact of this heading amounted to a credit of €433 million driven by the variation in financial assumptions,
gains of €558 million from commitments in Spain, and losses of €72 million for commitments in Mexico. These amounts are offset by
other minor effects of actuarial experience in these geographical areas and financial, demographic and experience effects in other
geographical areas.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 152

25.1 Defined benefit plans
Defined benefit commitments relate mainly to employees who have already retired or taken early retirement, certain closed groups of
active employees still accruing defined benefit pensions, and in-service death and disability benefits provided to most active
employees. For the latter, the Group pays the required premiums to fully insure the related liability. The change in these pension
commitments during the years ended December 31, 2024, 2023 and 2022 is presented below:

Defined benefits (Millions of Euros)
| 2024 | 2023 | 2022
| Defined benefit obligation | Plan assets | Net liability (asset) | Defined benefit obligation | Plan assets | Net liability (asset) | Defined benefit obligation | Plan assets | Net liability (asset)
Balance at the beginning | 5,989 | 3,419 | 2,571 | 5,715 | 3,084 | 2,632 | 6,547 | 2,988 | 3,560
Current service cost | 51 | — | 51 | 52 | — | 52 | 45 | — | 45
Interest income/expense | 472 | 356 | 115 | 425 | 311 | 114 | 333 | 267 | 65
Contributions by plan participants | 16 | 16 | — | 10 | 10 | — | 10 | 10 | —
Employer contributions | — | 143 | (143) | — | 106 | (106) | — | 67 | (67)
Past service costs (1) | 7 | — | 7 | 36 | — | 36 | 34 | — | 34
Remeasurements: | (202) | (330) | 128 | 375 | 68 | 307 | (741) | (240) | (501)
Return on plan assets (2) | — | (330) | 330 | — | 68 | (68) | — | (240) | 240
From changes in demographic assumptions | 2 | — | 2 | (86) | — | (86) | (29) | — | (29)
From changes in financial assumptions | (362) | — | (362) | 248 | — | 248 | (812) | — | (812)
Other actuarial gains and losses | 158 | — | 158 | 212 | — | 212 | 100 | — | 100
Benefit payments | (564) | (230) | (334) | (655) | (232) | (424) | (676) | (184) | (492)
Settlement payments | (1) | (1) | — | (76) | (75) | (1) | (4) | (4) | —
Business combinations and disposals | — | — | — | (1) | — | (1) | — | — | —
Effect on changes in foreign exchange rates | (467) | (416) | (51) | 124 | 153 | (29) | 161 | 180 | (20)
Conversions to defined contributions | — | — | — | — | — | — | — | — | —
Other effects | (3) | (7) | 4 | (15) | (7) | (8) | 7 | — | 7
Balance at the end | 5,299 | 2,951 | 2,348 | 5,989 | 3,419 | 2,571 | 5,715 | 3,084 | 2,632
Of which: Spain | 2,078 | 114 | 1,964 | 2,310 | 129 | 2,181 | 2,546 | 147 | 2,399
Of which: Mexico | 2,385 | 2,114 | 271 | 2,988 | 2,702 | 286 | 2,426 | 2,329 | 97
Of which: Turkey | 567 | 488 | 80 | 435 | 363 | 72 | 418 | 315 | 103

(1) Including gains and losses arising from settlements.
(2) Excluding interest, which is recorded under "Interest income or expense".
The balance under the heading “Provisions - Pensions and other post-employment defined benefit obligations” of the consolidated
balance sheet as of December 31, 2024 includes €200 million relating to post-employment benefit commitments to former members
of the Board of Directors and the Bank’s Management (see Note 54).
The most significant commitments are those in Spain and Mexico and, to a lesser extent, in Turkey. The remaining commitments are
located mostly in Portugal and South America. Unless otherwise required by local regulation, all defined benefit plans have been
closed to new entrants, who instead are able to participate in the Group´s defined contribution plans.
Both the costs and the present value of the commitments are determined by independent qualified actuaries using the “projected unit
credit” method. In order to achieve the good governance of these plans, the Group has established specific benefits committees.
These benefit committees include members from the different areas of the business to ensure that all decisions are made taking into
consideration all of the associated impacts.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 153

The following table sets out the key actuarial assumptions used in the valuation of these commitments as of December 31, 2024,
2023 and 2022:

Actuarial assumptions (%)
| 2024 | 2023 | 2022
| Spain | Mexico | Turkey | Spain | Mexico | Turkey | Spain | Mexico | Turkey
Discount rate | 3.25 % | 12.11 % | 31.02 % | 3.43 % | 10.44 % | 25.60 % | 3.91 % | 10.68 % | 17.79 %
Rate of salary increase | — | 4.50 % | 27.80 % | — | 4.50 % | 23.44 % | — | 4.50 % | 15.86 %
Rate of pension increase | — | 3.92 % | 26.30 % | — | 4.14 % | 21.94 % | — | 4.41 % | 14.36 %
Medical cost trend rate | — | 8.00 % | 30.50 % | — | 8.04 % | 26.14 % | — | 8.04 % | 18.56 %
Mortality tables | PER 2020 | EMSSA09 | TUIK 2022 | PER 2020 | EMSSA09 | TUIK 2019 | PER 2020 | EMSSA09 | TUIK 2019

In Spain, the discount rate shown as of December 31, 2024, co rresponds to the discount rate for long-term commitments, with the
discount rate used for short-term commitments being 2.75%.
Discount rates used to value future benefit cash flows have been determined by reference to high quality corporate bonds (see Note
2.2.13) denominated in Euro in the case of Spain and Mexican peso for Mexico, and government bonds denominated in Turkish Lira
for Turkey. The expected return on plan assets has been set in line with the adopted discount rate. Assumed retirement ages have
been set by reference to the earliest age at which employees are entitled to retire, the contractually agreed age in the case of early
retirements in Spain or by using retirement rates.
Changes in the main actuarial assumptions may affect the valuation of the commitments. The table below shows the sensitivity of the
benefit obligations to changes in the key assumptions:

Sensitivity analysis (Millions of Euros)
| Basis points change | 2024 | 2023 | 2022
| Increase | Decrease | Increase | Decrease | Increase | Decrease
Discount rate | 50 | (213) | 232 | (265) | 291 | (321) | 350
Rate of salary increase | 50 | 4 | (4) | 4 | (4) | 1 | (1)
Rate of pension increase | 50 | 27 | (26) | 34 | (32) | 32 | (39)
Medical cost trend rate | 50 | 102 | (93) | 141 | (126) | 119 | (106)
Change in obligation from each additional year of longevity |  | 120 | — | 134 | — | 113 | —

The sensitivities provided above have been determined at the date of these consolidated financial statements, and reflect solely the
impact of changing one individual assumption at a time, keeping the rest of the assumptions unchanged, thereby excluding the
effects which may result from combined assumption changes.
In addition to the commitments to employees shown above, the Group has other less material long-term employee benefits. These
include leaves and long-service awards, which consist of either an established monetary award or some vacation days granted to
certain groups of employees when they complete a given number of years of service. Additionally, a fund related to the collective
layoff procedure that was carried out in Banco Bilbao Vizcaya Argentaria, S.A. was created in 2021. As of December 31, 2024, 2023
and 2022, the actuarial liabilities for the outstanding awards amounted to €384 million, €435 million and €466 million, respectively.
These commitments are recorded under the heading "Provisions - Other long-term employee benefits" of the consolidated balance
sheet (see Note 24).
25.1.1 Post-employment commitments and similar obligations
These commitments relate mostly to pension payments, and which have been determined based on salary and years of service. For
most plans, pension payments are due on retirement, death and long term disability.
Additionally, there are commitments with early retired personnel from Spanish companies of the Group. These commitments include
the compensation and indemnities due as well as the contributions payable to external pension funds during the early retirement
period. As of December 31, 2024, 2023 and 2022, the value of these commitments amounted to € 271 million, €412 million and €606
million, respectively.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 154

The change in the benefit plan obligations and plan assets during the year ended December 31, 2024 was as follows:

Post-employment commitments 2024 (Millions of Euros)
| Spain | Mexico | Turkey | Rest of the world
Defined benefit obligation |  |  |  |
Balance at the beginning | 2,310 | 1,269 | 435 | 247
Current service cost | 4 | 10 | 18 | 3
Interest income or expense | 73 | 118 | 105 | 9
Contributions by plan participants | — | — | 14 | 2
Employer contributions | — | — | — | —
Past service costs (1) | — | — | 3 | 4
Remeasurements: | 24 | 14 | 83 | 9
Return on plan assets (2) | — | — | — | —
From changes in demographic assumptions | — | 2 | (15) | —
From changes in financial assumptions | 34 | (10) | (97) | 3
Other actuarial gains and losses | (10) | 22 | 195 | 6
Benefit payments | (341) | (109) | (32) | (12)
Settlement payments | — | (1) | — | —
Business combinations and disposals | — | — | — | —
Effect on changes in foreign exchange rates | — | (177) | (48) | (2)
Conversions to defined contributions | — | — | — | —
Other effects | 8 | — | (11) | —
Balance at the end | 2,078 | 1,124 | 567 | 260
Of which: Vested benefit obligation relating to current employees | 72 |  |  |
Of which: Vested benefit obligation relating to retired employees | 2,006 |  |  |
Plan Assets |  |  |  |
Balance at the beginning | 129 | 958 | 363 | 224
Current service cost | — | — | — | —
Interest income or expense | 4 | 87 | 89 | 7
Contributions by plan participants | — | — | 14 | 2
Employer contributions | — | 68 | 39 | 22
Past service costs (1) | — | — | — | —
Remeasurements: | 1 | (125) | 50 | (10)
Return on plan assets (2) | 1 | (125) | 50 | (10)
From changes in demographic assumptions | — | — | — | —
From changes in financial assumptions | — | — | — | —
Other actuarial gains and losses | — | — | — | —
Benefit payments | (20) | (108) | (20) | (11)
Settlement payments | — | (1) | — | —
Business combinations and disposals | — | — | — | —
Effect on changes in foreign exchange rates | — | (132) | (40) | —
Conversions to defined contributions | — | — | — | —
Other effects | — | — | (7) | —
Balance at the end | 114 | 748 | 488 | 234
Net liability (asset) |  |  |  |
Balance at the beginning | 2,181 | 311 | 72 | 23
Current service cost | 4 | 10 | 18 | 3
Interest income or expense | 69 | 30 | 16 | 2
Contributions by plan participants | — | — | — | —
Employer contributions | — | (68) | (39) | (22)
Past service costs (1) | — | — | 3 | 4
Remeasurements: | 23 | 139 | 32 | 19
Return on plan assets (2) | (1) | 125 | (50) | 10
From changes in demographic assumptions | — | 2 | (15) | —
From changes in financial assumptions | 34 | (10) | (97) | 3
Other actuarial gains and losses | (10) | 22 | 195 | 6
Benefit payments | (321) | — | (11) | (1)
Settlement payments | — | — | — | —
Business combinations and disposals | — | — | — | —
Effect on changes in foreign exchange rates | — | (45) | (8) | (2)
Conversions to defined contributions | — | — | — | —
Other effects | 8 | — | (4) | —
Balance at the end | 1,964 | 377 | 80 | 26

(1) Including gains and losses arising from settlements.
(2) Excluding interest, which is recorded under "Interest income or expense".
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 155

The change in net liabilities (assets) during the years ended December 31, 2023 and 2022 was as follows:

Post-employment commitments (Millions of Euros)
| 2023: Net liability (assets) | 2022: Net liability (assets)
| Spain | Mexico | Turkey | Rest of the world | Spain | Mexico | Turkey | Rest of the world
Balance at the beginning | 2,399 | 132 | 103 | 25 | 3,464 | 124 | 63 | 24
Current service cost | 3 | 9 | 17 | 3 | 4 | 7 | 13 | 3
Interest income or expense | 85 | 17 | 8 | 2 | 51 | 14 | 10 | 4
Contributions by plan participants | — | — | — | — | — | — | — | —
Employer contributions | — | (37) | (23) | (29) | — | (41) | (22) | (3)
Past service costs (1) | — | — | 33 | 3 | — | 1 | 2 | 3
Remeasurements: | 67 | 175 | 32 | 21 | (643) | 152 | 62 | (1)
Return on plan assets (2) | — | 19 | (129) | 25 | 34 | 45 | (104) | 121
From changes in demographic assumptions | — | — | (14) | (2) | — | — | (37) | 8
From changes in financial assumptions | 78 | 114 | 10 | (10) | (643) | 73 | 82 | (132)
Other actuarial gains and losses | (11) | 42 | 165 | 8 | (34) | 34 | 122 | 2
Benefit payments | (379) | — | (43) | (1) | (484) | — | (6) | (1)
Settlement payments | — | — | — | (1) | — | — | — | —
Business combinations and disposals | — | — | — | (1) | — | (139) | — | —
Effect on changes in foreign exchange rates | — | 15 | (40) | 1 | — | 13 | (18) | (3)
Conversions to defined contributions | — | — | — | — | — | — | — | —
Other effects | 6 | — | (14) | — | 7 | — | — | —
Balance at the end | 2,181 | 311 | 72 | 23 | 2,399 | 132 | 103 | 25

(1) Includes gains and losses from settlements.
(2) Excludes interest which is reflected in the line item “Interest income and expense”.
In Spain, local regulation requires that pension and death benefit commitments must be funded, either through a qualified pension
plan or an insurance contract.
In the Spanish entities these commitments are covered by insurance contracts which meet the requirements of the accounting
standard regarding the non-recoverability of contributions. However, a significant number of the insurance contracts are with BBVA
Seguros, S.A. (a consolidated subsidiary and related party) and consequently these policies cannot be considered plan assets under
IAS 19. For this reason, the liabilities insured under these policies are fully recognized under the heading "Provisions – Pensions and
other post-employment defined benefit obligations" of the consolidated balance sheet (see Note 24), while the related assets held by
the insurance company are included within the Group´s consolidated assets (recorded according to the classification of the
corresponding financial instruments). As of December 31, 2024 the value of these separate assets was €1,553 million, (€ 1,631 million
and € 1,656 million as of December 31, 2023 and 2022, respectively) representing direct rights of the insured employees held in the
consolidated balance sheet, hence these benefits are effectively fully funded.
On the other hand, some pension commitments have been funded through insurance contracts with insurance companies not related
to the Group. In this case the consolidated balance sheet reflects the value of the obligations net of the fair value of the qualifying
insurance policies. As of December 31, 2024, 2023 and 2022, the value of the aforementioned insurance policies (€114, €130 and
€ 147 million, respectively) exactly match the value of the corresponding obligations and therefore no amount for this item has been
recorded in the consolidated balance sheet.
Pension benefits are paid by the insurance companies with whom BBVA has insurance contracts and to whom all insurance premiums
have been paid. The premiums are determined by the insurance companies using cash flow matching techniques to ensure that
benefits can be met when due, guaranteeing both the actuarial and interest rate risk.
In Mexico, there is a defined benefit plan for employees hired prior to 2001. Other employees participate in a defined contribution
plan. External funds/trusts have been constituted locally to meet benefit payments as required by local regulation.
In 2008, the Turkish government passed a law to unify the different existing pension systems under a single umbrella Social Security
system. Such system provides for the transfer of the various previously established funds. The financial sector is in this stage at
present, maintaining these pension commitments managed by external pension funds (foundations) established for that purpose.
The foundation that maintains the assets and liabilities relating to employees of Garanti BBVA in Turkey, as per the local regulatory
requirements, has recognized an obligation amounting to €382 million as of December 31, 2024 pending future transfer to the Social
Security system. Furthermore, Garanti BBVA has set up a defined benefit pension plan for employees, additional to the social security
benefits, reflected in the consolidated balance sheet.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 156

25.1.2 Medical benefit commitments
The change in defined benefit obligations and plan assets during the years 2024, 2023 and 2022 was as follows:

Medical benefits commitments (Millions of Euros)
| 2024 | 2023 | 2022
| Defined benefit obligation | Plan assets | Net liability (asset) | Defined benefit obligation | Plan assets | Net liability (asset) | Defined benefit obligation | Plan assets | Net liability (asset)
Balance at the beginning | 1,728 | 1,744 | (16) | 1,448 | 1,476 | (28) | 1,377 | 1,494 | (116)
Current service cost | 18 | — | 18 | 20 | — | 20 | 19 | — | 19
Interest income or expense | 167 | 168 | (2) | 167 | 165 | 2 | 144 | 157 | (14)
Contributions by plan participants | — | — | — | — | — | — | — | — | —
Employer contributions | — | 15 | (15) | — | 17 | (17) | — | — | —
Past service costs (1) | — | — | — | — | — | — | 28 | — | 28
Remeasurements: | (333) | (247) | (86) | (5) | (17) | 12 | (215) | (144) | (71)
Return on plan assets (2) | — | (247) | 247 | — | (17) | 17 | — | (144) | 144
From changes in demographic assumptions | 15 | — | 15 | (70) | — | (70) | — | — | —
From changes in financial assumptions | (293) | — | (293) | 56 | — | 56 | (191) | — | (191)
Other actuarial gain and losses | (55) | — | (55) | 8 | — | 8 | (23) | — | (23)
Benefit payments | (71) | (70) | — | (70) | (70) | — | (60) | (60) | —
Settlement payments | — | — | — | — | — | — | — | — | —
Business combinations and disposals | — | — | — | — | — | — | — | (139) | 139
Effect on changes in foreign exchange rates | (240) | (243) | 3 | 168 | 173 | (5) | 155 | 167 | (11)
Other effects | — | — | — | — | — | — | — | — | —
Balance at the end | 1,269 | 1,367 | (98) | 1,728 | 1,744 | (16) | 1,448 | 1,476 | (28)

(1) Including gains and losses arising from settlements.
(2) Excluding interest, which is recorded under "Interest income or expense".
In Mexico, there is a medical benefit plan for employees hired prior to 2007. New employees from 2007 are covered by a medical
insurance policy. An external trust has been constituted locally to fund the plan, in accordance with local legislation and Group policy.
In Turkey, employees are currently provided with medical benefits through a foundation in collaboration with the Social Security
system, although local legislation prescribes the future unification of this and similar systems into the general Social Security system
itself.
The valuation of these benefits and their accounting treatment follow the same methodology as that employed in the valuation of
pension commitments.
25.1.3 Estimated benefit payments
As of December 31, 2024, the estimated benefit payments over the next ten years for all the entities in Spain, Mexico and Turkey are
as follows:

Estimated benefit payments (Millions of Euros)
| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 - 2034
Commitments in Spain | 422 | 278 | 242 | 210 | 181 | 618
Commitments in Mexico | 196 | 207 | 215 | 225 | 235 | 1,331
Commitments in Turkey | 28 | 30 | 37 | 47 | 60 | 696
Total | 645 | 514 | 495 | 482 | 477 | 2,645

25.1.4 Plan assets
The majority of the Group´s defined benefit plans are funded by plan assets held in external funds/trusts legally separate from the
Group sponsoring entity. However, in accordance with local regulation, some commitments are not externally funded and covered
through internally held provisions, principally those relating to early retirements.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 157

Plan assets are those assets which will be used to directly settle the assumed commitments and which meet the following conditions:
they are not part of the Group sponsoring entities assets, they are available only to pay post-employment benefits and they cannot be
returned to the Group sponsoring entity.
To manage the assets associated with defined benefit plans, BBVA Group has established investment policies designed according to
criteria of prudence and minimizing the financial risks associated with plan assets.
The investment policy consists of investing in a low risk and diversified portfolio of assets with maturities consistent with the term of
the benefit obligation and which, together with contributions made to the plan, will be sufficient to meet benefit payments when due,
thus mitigating the plans‘ risks.
In those countries where plan assets are held in pension funds or trusts, the investment policy is developed consistently with local
regulation. When selecting specific assets, current market conditions, the risk profile of the assets and their future market outlook are
all taken into consideration. In all the cases, the selection of assets takes into consideration the term of the benefit obligations as well
as short-term liquidity requirements.
The risks associated with these commitments are those which give rise to a deficit in the plan assets. A deficit could arise from factors
such as a fall in the market value of plan assets, an increase in long-term interest rates leading to a decrease in the fair value of fixed
income securities, or a deterioration of the economy resulting in more write-downs and credit rating downgrades.
The table below shows the allocation of plan assets of the main companies of the BBVA Group as of December 31, 2024, 2023 and
2022:

Plan assets breakdown (Millions of Euros)
| 2024 | 2023 | 2022
Cash and cash equivalents | 60 | 86 | 169
Debt securities (government bonds) | 2,267 | 2,818 | 2,270
Mutual funds | 1 | — | —
Asset-backed securities | — | — | —
Structured debt | — | — | —
Insurance contracts | 21 | 21 | 183
Total | 2,349 | 2,924 | 2,622
Of which: Bank account in BBVA | 25 | 23 | 7
Of which: Debt securities issued by BBVA | — | — | —
Of which: Property occupied by BBVA | — | — | —

In addition to the above there are plan assets relating to the previously mentioned insurance contracts in Spain and the foundation in
Turkey.
The following table provides details of investments in listed securities (Level 1) as of December 31, 2024, 2023 and 2022:

Investments in listed markets (Millions of Euros)
| 2024 | 2023 | 2022
Cash and cash equivalents | 60 | 86 | 169
Debt securities (Government bonds) | 2,267 | 2,818 | 2,270
Mutual funds | 1 | — | —
Total | 2,328 | 2,904 | 2,439
Of which: Bank account in BBVA | 25 | 23 | 7
Of which: Debt securities issued by BBVA | — | — | —
Of which: Property occupied by BBVA | — | — | —

The remainder of the assets are mainly invested in Level 2 assets in in accordance with the classification established under IFRS 13
(mainly insurance contracts). As of December 31, 2024, almost all of the assets related to employee commitments corresponded to
fixed income securities.
25.2 Defined contribution plans
Certain Group entities sponsor defined contribution plans. Some of these plans allow employees to make contributions which are
then matched by the employer.
Contributions are recognized as and when they are accrued, with a charge to the consolidated income statement in the corresponding
year. No liability is therefore recognized in the consolidated balance sheet (see Note 44.1).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 158

26. Capital
As of December 31, 2024 and 2023 BBVA’s share capital amounted to €2,824,009,877.85 and €2,860,590,786.20 divided into
5,763,285,465 and 5,837,940,380 shares, respectively; while as of December 31, 2022 BBVA’s share capital amounted to
€2.954.757.116,36 divided into 6.030.116.564 shares. These decreases have been the result of the partial execution of the share
capital reduction resolution adopted by the Ordinary Annual General Shareholders' Meeting of BBVA held on March 15, 2024, under
item 3 of the agenda notified on May 24, 2024; of the partial executions of the share capital reduction resolution adopted by the
Ordinary Annual General Shareholders' Meeting of BBVA held on March 17, 2023, under item 3 of the agenda notified on June 2, 202 3
and on December 19, 2023; a nd of the partial executions of the share capital reduction resolution adopted by th e Annual General
Shareholders' Meeting of BBVA held on March 18, 2022, under item seven of its agenda, which were notified by means of Other
Relevant Information on June 15, 2022 and on September 30, 2022 (see Note 4).
As of December 31, 2024, 2023 and 2022, th e shares were fully subscribed and paid-up, of the same class and series, of €0.49 par
value each, and represented through book-entry accounts. All of the Bank´s shares carry the same voting and dividend rights, and no
single stockholder enjoys special voting rights. Each and every share is part of the Bank’s capital.
The Bank’s shares are traded on the stock markets of Madrid, Barcelona, Bilbao and Valencia through the S istema de Interconexión
Bursátil Español (Mercado Continuo), as well as on the London and Mexico stock markets. BBVA American Depositary Shares (ADSs)
traded on the New York Stock Exchange under the ticker “BBVA”.
Additionally, as of December 31, 2024, the shares of Banco BBVA Peru, S.A., BBVA Banco Provincial, S.A., Banco BBVA Colombia,
S.A., Banco BBVA Argentina, S.A., and Garanti BBVA A.S., were listed on their respective local stock markets. Banco BBVA Argentina,
S.A. was also quoted in the Latin American market (Latibex) of the Madrid Stock Exchange and the New York Stock Exchange. Also,
the Depositary Receipts (“DR”) of Garanti BBVA, A.S. are listed in the London Stock Exchange. BBVA is also currently included,
amongst other indexes, in the IBEX 35® Index, which is made up by the 35 most liquid securities traded on the Spanish Market and,
technically, it is a price index that is weighted by capitalization and adjusted according to the free float of each company comprised in
the index.
As of December 31, 2024, State Street Bank and Trust Company, JPMorgan Chase, The Bank of New York Mellon and Northern Trust
Company, in their capacity as international custodian/depositary banks, held 13.82%, 12.57%, 10.76%, and 3.25% of BBVA common
stock, respectively. Of said positions held by the custodian banks, BBVA is not aware of any individual shareholders with direct or
indirect holdings greater than or equal to 3% of BBVA common stock outstanding.
On October 4, 2024, Blackrock, Inc. reported to the CNMV that it had an indirect holding of BBVA common stock totaling 6.800%, of
which 6.680% were voting rights attributed to shares and 0.120% were voting rights held through financial instruments.
On March 26, 2024, Capital Research and Management Company reported to the CNMV that it had an indirect holding of BBVA
common stock totaling 5.027 %, corresponding to voting rights attributed to shares.
On November 25, 2024, Europacific Growth Fund reported to the CNMV that it had a direct holding of BBVA common stock totaling
3.010 %, corresponding to voting rights attributed to shares.
BBVA is not aware of any direct or indirect interests through which control of the Bank may be exercised. Furthermore, BBVA has not
received any information on stockholder agreements including the regulation of the exercise of voting rights at its Annual General
Shareholders' Meetings or restricting or placing conditions on the free transferability of BBVA shares. No agreement is known to
BBVA that could give rise to changes in the control of the Bank.
BBVA banking subsidiaries, associates and joint ventures worldwide, are subject to supervision and regulation from a variety of
regulatory bodies in relation to, among other aspects, the satisfaction of minimum capital requirements. The obligation to satisfy such
capital requirements may affect the ability of such entities to transfer funds in the form of cash dividends, loans or advances. In
addition, under the laws of the various jurisdictions where such entities are incorporated, dividends may only be paid out through
funds legally available for such purpose. Even when the minimum capital requirements are met and funds are legally available, the
relevant regulators or other public administrations could discourage or delay the transfer of funds to the Group in the form of cash,
dividends, loans or advances for prudential reasons.
Resolutions adopted by the Annual General Shareholders' Meeting
Capital increase
BBVA's Annu al General Shareholders' Meeting held on March 18, 2022 resolved, under agenda item four, to confer authority on the
Board of Directors of BBVA to increase BBVA's share capital, on one or several occasions, within the legal term of five years to be
counted as from the date on which this resolution was adopted, up to the maximum amount corresponding to 50% of BBVA's share
capital at the time of this authorization. Likewise, the Annual General Shareholders' Meeting resolved to confer on the Board of
Directors authority to totally or partially exclude shareholders' pre-emptive subscription rights within the framework of a specific
issue of shares that may be made thereunder.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 159

However, the power to exclude pre-emptive subscription rights was limited, such that the nominal amount of any share capital
increases resolved or effectively carried out with the exclusion of pre-emptive subscription rights and those that may be resolved or
carried out to cover the conversion of convertible issuances that may equally be made with the exclusion of pre-emptive subscription
rights in use of the authority delegated to issue convertible securities (other than contingently convertible securities, envisaged to
meet regulatory requirements for their eligibility as capital instruments (CoCo)) as resolved by BBVA's Annual General Shareholders'
Meeting held on March 18, 2022 under agenda item five and which is described in Note 22.4.1 (without prejudice to anti-dilution
adjustments), may not exceed the nominal maximum overall amount of 10% of BBVA's share capital at the time of this authorization.
This authority repealed the authority conferred by the Annual General Shareholders' Meeting held on March 17, 2017 under its agenda
item four, which BBVA did not use.
As of the date of preparation of these Consolidated Financial Statements, the Bank has not made use of the delegation granted by the
General Shareholders' Meeting.
The Extraordinary General Shareholders' Meeting of BBVA held on July 5, 2024 resolved, under item one of the agenda, to authorize
an increase in BBVA’s share capital for up to a maximum nominal amount of €551,906,524.05 by issuing and putting into circulation
up to 1,126,339,845 ordinary shares with a par value of €0.49 each, of the same class and series, and with the same rights as the
outstanding shares at such date, represented in book-entry form, with non-cash contributions for the purposes of covering the
consideration of the voluntary tender offer for the acquisition of up to 100% of the shares of Banco de Sabadell, S.A. announced by
BBVA (see Note 3). This capital increase has not been executed as of the date of preparation of these Consolidated Financial
Statements.
Capital Decrease
BBVA's Annual General Shareholders' Meeting held on March 18, 2022 resolved, under agenda item seven, to approve the share
capital reduction of BBVA by up to a maximum amount of 10% of the share capital on the date of this resolution, through the
redemption of own shares acquired derivatively by BBVA, both those acquired by virtue of the authorization granted by the BBVA
Annual General Shareholders' Meeting held on March 16, 2018 under item three of the agenda, and those that were acquired by virtue
of the authorization granted by the General Shareholders' Meeting held on March 18, 2022 under item six of the agenda, from that
date, through any mechanism whose objective or purpose is redemption. Pursuant to the resolution, its implementation period ended
on the date of the following Annual General Shareholders' Meeting, being rendered null and void from that date in respect of the
amount not executed. The Annual General Shareholders' Meeting conferred authority on the Board of Directors of BBVA, with sub-
delegation powers, to totally or partially execute the aforementioned share capital reduction, on one or more occasions, repealing the
resolution adopted by the Annual General Shareholders' Meeting held on April 20, 2021 under agenda item six, which BBVA did not
use.
In the execution of said resolution (see Note 4), BBVA has executed the following share capital reductions:
– On June 15, 2022, BBVA notified the partial execution of the resolution through the reduction of BBVA’s share capital in a
nominal amount of €137,797,167.90 and the consequent redemption, charged to unrestricted reserves, of 281,218,710 own
shares of €0.49 par value each acquired derivatively by the Bank in execution of the First Tranche of the Program Scheme
and which were held as treasury shares.
– On September 30, 2022, BBVA notified the second partial execution of the resolution through the reduction of BBVA’s
share capital in a nominal amount of €174,710,139.94 and the consequent redemption, charged to unrestricted reserves, of
356,551,306 own shares of €0.49 par value each acquired derivatively by the Bank in execution of the Second Tranche of
the Program Scheme and which were held as treasury shares.
BBVA's Annual General Shareholders' Meeting held on March 17, 2023 resolved, under agenda item three, to approve the share
capital reduction of BBVA by up to a maximum amount of 10% of the share capital on the date of this resolution, through the
redemption of own shares acquired derivatively by BBVA by virtue of the authorization granted by the General Shareholders' Meeting
held on March 18, 2022 under item six of the agenda, through any mechanism whose objective or purpose is redemption. Pursuant to
the resolution, its implementation period ended on the date of the following Annual General Shareholders' Meeting, being rendered
null and void from that date in respect of the amount not executed. The Annual General Shareholders' Meeting conferred authority on
the Board of Directors of BBVA, with sub-delegation powers, to totally or partially execute the aforementioned share capital
reduction, on one or more occasions, repealing the resolution adopted by the Annual General Shareholders' Meeting held on March
18, 2022, under agenda item seven, whose executions are described above.
In the execution of said resolution, (see Note 4), BBVA has executed the following share capital reductions:
– On June 2, 2023, BBVA notified the partial execution of the resolution through the reduction of BBVA’s share capital in a
nominal amount of €31,675,343.91 and the consequent redemption, charged to unrestricted reserves, of 64,643,559 own
shares of €0.49 par value each acquired derivatively by the Bank in execution of a share buyback program and which were
held as treasury shares.
– On December 19, 2023, BBVA notified the second partial execution of the resolution through the reduction of BBVA’s share
capital in a nominal amount of €62,490,986.25 and the consequent redemption, charged to unrestricted reserves, of
127,532,625 own shares of €0.49 par value each acquired derivatively by the Bank in execution of a share buyback program
and which were held as treasury share.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 160

BBVA Annual General Shareholders' Meeting held on March 15, 2024 resolved, under agenda item three, to approve the share capital
reduction of BBVA by up to a maximum amount of 10% of the share capital on the date of this resolution, through the redemption of
own shares acquired derivatively by BBVA by virtue of the authorization granted by the General Shareholders' Meeting held on March
18, 2022 under item six of the agenda, through any mechanism whose objective or purpose is redemption. Pursuant to the resolution,
its implementation period will end on the date of the following Annual General Shareholders' Meeting, being rendered null and void
from that date in respect of the amount not executed. The Annual General Shareholders' Meeting conferred authority on the Board of
Directors of BBVA, with sub-delegation powers, to totally or partially execute the aforementioned share capital reduction, on one or
more occasions, repealing the resolution adopted by the Annual General Shareholders' Meeting held on March 17, 2023, under
agenda item three, whose executions are described above.
In the execution of the Annual General Shareholders' Meeting held on March 15, 2024, BBVA has executed the following share capital
reduction (see Note 4):
– On May 24, 2024 BBVA notified the partial execution of the resolution through the reduction of BBVA's share capital in a
nominal amount of €36,580,908.35 and the consequent redemption, charged to unrestricted reserves, of 74,654,915 own
shares of €0.49 par value each acquired derivatively by the Bank in execution of a share buyback program and which were
held as treasury shares.
Convertible and/or exchangeable securities:
Note 22.4 introduces the details of the convertible and/or exchangeable securities.
27. Share premium
As of December 31, 2024, the balance under this heading in the consolidated balance sheets wa s €19,184 million. As of December 31,
2023 and 2022, the balance under this heading was €19,769 million and €20,856 million, respectively (see Note 4).
The amended Spanish Corporation Act expressly permits the use of the share premium balance to increase capital and establishes no
specific restrictions as to its use (see Note 26).
28. Retained earnings and other reserves
28.1 Breakdown of the balance
The breakdown of the balance under this heading in the consolidated balance sheets is as follows:

Retained earnings and other reserves. Breakdown by concepts (Millions of Euros)
| 2024 | 2023 | 2022
Legal reserve | 565 | 572 | 591
Restricted reserve | 582 | 561 | 482
Voluntary reserves | 6,470 | 5,478 | 3,906
Total reserves holding company ⁽¹⁾ | 7,616 | 6,612 | 4,979
Consolidation reserves attributed to the Bank and subsidiary consolidated companies | 34,891 | 31,639 | 30,077
Total | 42,507 | 38,251 | 35,056

(1) Total reserves of BBVA, S.A. (See Appendix IX).
28.2 Legal reserve
Under the amended Spanish Corporations Act, 10% of any profit made each year must be transferred to the legal reserve. The
transfer must be made until the legal reserve reaches 20% of the common stock.
The legal reserve can be used to increase the common stock provided that the remaining reserve balance does not fall below 10% of
the increased capital. While it does not exceed 20% of the common stock, it can only be allocated to offset losses exclusively in the
case that there are not sufficient reserves available.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 161

28.3 Restricted reserves
As of December 31, 2024, 2023 and 2022, the Bank’s restricted reserves are as follows:

Restricted reserves. Breakdown by concepts (Millions of Euros) |  |
| 2024 | 2023 | 2022
Restricted reserve for retired capital | 531 | 495 | 400
Restricted reserve for Parent Company shares and loans for those shares | 49 | 65 | 80
Restricted reserve for redenomination of capital in euros | 2 | 2 | 2
Total | 582 | 561 | 482

The restricted reserve for retired capital includes the partial executions of the capital reduction resolutions adopted by BBVA's
General Shareholders' Meeting held on March 15, 2024, March 17, 2023 and March 18, 2022, respectively (see Note 26).
The second heading corresponds to restricted reserves related to the amount of shares issued by the Bank in its possession at each
date, as well as the amount of customer loans outstanding at those dates that were granted for the purchase of, or are secured by, the
parent company shares.
Finally, pursuant to Law 46/1998 on the Introduction of the Euro, a restricted reserve is recognized as a result of the rounding effect
of the redenomination of the parent company common stock in euros.
28.4 Retained earnings and o ther reserves by entity
The breakdown, by company or corporate group, under the headings “Retained earnings” and “other reserves” in the consolidated
balance sheets is as follows:

Retained earnings and other reserves. Breakdown by company or corporate group (Millions of Euros)
| 2024 | 2023 | 2022
Retained earnings (losses), revaluation reserves and other reserves |  |  |
Holding Company | 18,157 | 15,672 | 14,003
BBVA Mexico Group | 17,209 | 15,705 | 14,042
Garanti BBVA Group | 6,065 | 5,857 | 5,703
BBVA Provincial Group | 1,774 | 1,758 | 1,720
BBVA Argentina Group | 1,315 | 1,474 | 1,456
BBVA Colombia Group | 1,639 | 1,573 | 1,489
BBVA Peru Group | 1,245 | 1,158 | 1,065
Forum Chile Group | 663 | 652 | 632
BBVA Uruguay Group | 166 | 139 | 118
BV America, S.L. | 469 | 374 | 299
Corporación General Financiera, S.A. | 410 | 368 | 338
BBVA Seguros, S.A. | (16) | 306 | 284
Bilbao Vizcaya Holding, S.A. | 205 | 198 | 144
BBVA Tecnology América S.A. | 92 | 87 | 85
Pecri Inversión, S.L. | (10) | (17) | 119
Anida Operaciones Singulares, S.A. | (5,524) | (5,497) | (5,529)
Other Real State Spanish Companies ⁽¹⁾ | (1,152) | (1,164) | (909)
Other | 28 | (155) | 217
Subtotal | 42,734 | 38,488 | 35,277
Other reserves or accumulated losses of investments in joint ventures and associates |  |  |
ATOM Holdco Limited | (169) | (181) | (169)
Metrovacesa, S.A. | (84) | (84) | (84)
Other | 26 | 28 | 32
Subtotal | (227) | (237) | (221)
Total | 42,507 | 38,251 | 35,057

(1) Includes balances corresponding to Sociedades inmobiliarias CX, Anida Grupo Inmobiliario and Sociedades inmobiliarias Unnim.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 162

For the purpose of allocating the reserves and accumulated losses to the consolidated entities and to the parent company, the
transfers of reserves arising from the dividends paid and transactions between these entities are taken into account in the period in
which they took place.
29. Treasury shares
In the years ended December 31, 2024, 2023 and 2022 the Group entities performed the following transactions with shares issued by
the Bank:

Treasury shares (Millions of Euros)
| 2024 | 2023 | 2022
| Number of Shares | Millions of Euros | Number of Shares | Millions of Euros | Number of Shares | Millions of Euros
Balance at beginning | 4,386,625 | 34 | 5,485,414 | 29 | 127,633,399 | 647
+ Purchases | 154,564,499 | 1,528 | 301,882,728 | 2,166 | 598,457,024 | 2,966
- Sales and other changes | (152,284,268) | (1,497) | (302,981,517) | (2,161) | (720,605,009) | (3,583)
Balance at the end | 6,666,856 | 66 | 4,386,625 | 34 | 5,485,414 | 29
Of which: |  |  |  |  |  |
Held by BBVA, S.A. | 410,370 | 7 | — | 3 | — | 3
Held by Corporación General Financiera, S.A. | 6,256,486 | 59 | 4,354,004 | 31 | 5,454,516 | 26
Held by other subsidiaries | — | — | 32,621 | — | 30,898 | —
Average purchase price in Euros | 9.89 | — | 7.18 | — | 4.96 | —
Average selling price in Euros (including other changes) | 9.89 | — | 7.14 | — | 4.99 | —
Net gains or losses on transactions (Shareholders' funds-Reserves) |  | 10 |  | 1 |  | 9

In 2024, 2023 and 2022 there were transactions includ ed in the share buyback program (see Note 4).
The percentages of treasury shares held by the Group in the years ended December 31, 2024, 2023 and 2022 are as follows:

Treasury Share |  |  |  |  |  |  |  |  |
| 2024 | 2023 | 2022
| Min | Max | Closing | Min | Max | Closing | Min | Max | Closing
% treasury share | 0.076 % | 1.513 % | 0.116 % | 0.038 % | 2.214 % | 0.075 % | 0.078 % | 7.492 % | 0.094 %

The number of BBVA shares accepted by the Group in pledge of loans as of December 31, 2024, 2023 and 2022 is as follows:

Shares of BBVA accepted in pledge
| 2024 | 2023 | 2022
Number of shares in pledge | 13,308,677 | 17,492,194 | 23,437,363
Nominal value (in Euros) | 0.49 | 0.49 | 0.49
% of share capital | 0.23 % | 0.29 % | 0.39 %

The number of BBVA shares owned by third parties but under management of a company within the Group as of December 31, 2024,
2023 and 2022 is as follows:

Shares of BBVA owned by third parties but managed by the Group
| 2024 | 2023 | 2022
Number of shares owned by third parties | 11,834,596 | 13,258,994 | 18,686,027
Nominal value (in Euros) | 0.49 | 0.49 | 0.49
% of share capital | 0.21 % | 0.23 % | 0.31 %

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 163

30. Accumulated other comprehensive income (loss)
The breakdown of the balance under this heading in the consolidated balance sheets is as follows:

Accumulated other comprehensive income (loss). Breakdown by concepts (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Items that will not be reclassified to profit or loss |  | (1,988) | (2,105) | (1,881)
Actuarial gains (losses) on defined benefit pension plans |  | (1,067) | (1,049) | (760)
Fair value changes of equity instruments measured at fair value through other comprehensive income | 13.4 | (905) | (1,112) | (1,194)
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk |  | (17) | 55 | 72
Items that may be reclassified to profit or loss |  | (15,232) | (14,148) | (15,760)
Hedge of net investments in foreign operations (effective portion) |  | (2,329) | (2,498) | (1,408)
Mexican peso |  | (2,697) | (3,147) | (1,751)
Turkish lira |  | 394 | 670 | 358
Other exchanges |  | (25) | (21) | (15)
Foreign currency translation |  | (12,702) | (11,419) | (13,078)
Mexican peso |  | (3,644) | (640) | (2,791)
Turkish lira |  | (5,835) | (6,908) | (6,599)
Argentine peso |  | (555) | (1,296) | (868)
Venezuela Bolívar |  | (1,865) | (1,865) | (1,850)
Other exchanges |  | (803) | (711) | (969)
Hedging derivatives. Cash flow hedges (effective portion) |  | 370 | 133 | (447)
Fair value changes of debt instruments measured at fair value through other comprehensive income | 13.4 | (576) | (357) | (809)
Share of other recognized income and expense of investments in joint ventures and associates |  | 5 | (8) | (18)
Total |  | (17,220) | (16,254) | (17,642)

The balances recognized under these headings are presented net of tax.
The m ain changes in 2024 are explained by the depreciation against the euro of some of the currencies of the main geographical
areas where the Group operates against the euro such as the Mexican peso (13.1%), Colombian peso (7.8%), the Argentine peso
(16.8%) and the Turkish lira (11.1%) and the application of IAS 29 "Financial Reporting in Hyperinflationary Economies" in Turkey and
Argentina (see Note 2.2.18).
31. Minority interests (non-controlling interests)
The breakdown by groups of consolidated entities of the balance under the heading “Minority interests (non-controlling interests)” of
total equity in the consolidated balance sheets is as follows:

Minority interests (non-controlling interests). Breakdown by subgroups (Millions of Euros)
| 2024 | 2023 | 2022
Garanti BBVA | 1,351 | 1,129 | 1,179
BBVA Peru | 1,779 | 1,586 | 1,469
BBVA Argentina | 843 | 544 | 687
BBVA Colombia | 60 | 82 | 73
BBVA Venezuela | 134 | 108 | 95
Other entities | 191 | 115 | 119
Total | 4,359 | 3,564 | 3,623

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 164

These amounts are broken down by groups of consolidated entities under the heading “Attributable to min ority interests (non-
controlling interests)” in the consolidated income statements:

Profit attributable to minority interests (non-controlling interests). Breakdown by subgroups (Millions of Euros)
| 2024 | 2023 | 2022
Garanti BBVA | 116 | 95 | 28
BBVA Peru | 260 | 236 | 236
BBVA Argentina | 105 | 59 | 83
BBVA Colombia | (1) | (16) | 5
BBVA Venezuela | 32 | 24 | 22
Other entities | 9 | (1) | 32
Total | 521 | 397 | 405

Dividends distributed to minority interests of the Group during the year 2024 related to: BBVA Peru Group €129 million, BBVA
Argentina Group €142 million, Garanti BBVA Group €60 million and other Group entities €15 million.
32. Capital base and capital managem ent
32.1 Capital base
As of December 31, 2024, 2023 and 2022, own funds are calculated in accordance with the applicable regulation of each year on
minimum capital requirements for Spanish credit institutions –both as individual entities and as consolidated group– that establish
how to calculate them, as well as the various required internal capital adequacy assessment processes and the information required
to be disclosed to the market.
The CET1 fully loaded ratio of the BBVA Group stood at 12.88% at the end of December 2024, representing a large management
buffer over the Group's CET 1 requirement (9.13%) and over the Group's target management range of between 11.5 - 12% of CET 1.
The phased-in CET 1 ratio was also 12.88%.
With regard to the minimum capital requirements applicable to the Group as of December 31, 2024, these amount to a minimum
CET1 ratio of 9.13%, as well as a minimum total capital ratio of 13.29%.
Following the latest decision of the SREP (Supervisory Review and Evaluation Process), which came into force on January 1, 2025, the
ECB has notified the Group that the Pillar 2 requirement is maintained at 1.68% (of which 1.02% at least should be covered by CET1).
In addition, the Bank of Spain has preserved the D-SIB (Domestic Systemically Important Banks) buffer requirement that the Group
must maintain since January 1, 2025 at the same level as that in effect as of December 31, 2024. Therefore, BBVA must maintain a
CET1 capital ratio of 9.13% and a total capital ratio of 13.29% at a consolidated level.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 165

A reconciliation of the main figures between the accounting and regulatory own funds as of December 31, 2024, 2023 and 2022 is
shown below:

Eligible capital resources (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Capital | 26 | 2,824 | 2,861 | 2,955
Share premium | 27 | 19,184 | 19,769 | 20,856
Retained earnings, revaluation reserves and other reserves | 28 | 42,507 | 38,251 | 35,056
Other equity instruments, net |  | 40 | 40 | 63
Treasury shares | 29 | (66) | (34) | (29)
Profit (loss) attributable to the parent company | 5 | 10,054 | 8,019 | 6,358
Interim dividend |  | (1,668) | (951) | (722)
Total equity |  | 72,875 | 67,955 | 64,535
Accumulated other comprehensive income (loss) | 30 | (17,220) | (16,254) | (17,642)
Minority interests | 31 | 4,359 | 3,564 | 3,623
Shareholders' equity |  | 60,014 | 55,265 | 50,517
Goodwill and other intangible assets |  | (1,553) | (1,421) | (1,395)
Differences from solvency and accounting perimeter |  | (185) | (137) | (123)
Equity not eligible at solvency level |  | (185) | (137) | (123)
Other adjustments and deductions ⁽¹⁾ |  | (7,476) | (7,591) | (6,262)
Common Equity Tier 1 (CET 1) |  | 50,799 | 46,116 | 42,738
Additional Tier 1 before Regulatory Adjustments |  | 6,023 | 6,033 | 5,193
Total Regulatory Adjustments to Additional Tier 1 |  | — | — | —
Tier 1 |  | 56,822 | 52,150 | 47,931
Tier 2 |  | 9,858 | 8,182 | 5,930
Total Capital (Total Capital = Tier 1 + Tier 2) |  | 66,680 | 60,332 | 53,861
Total Minimum equity required ⁽²⁾ |  | 52,427 | 47,455 | 43,111

(1) Other adjustments and deductions include, among others, the adjustment for non-computable minority interests, the amount of repurchases of own shares up to the
maximum limit authorized by the ECB to the BBVA Group and the amount of dividends pending distribution.
(2) Calculated based on total minimum capital requirements applicable in each period.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 166

The Group’s eligible own funds and risk-weighted assets (RWAs) in accordance with the aforementioned applicable regulation as of
December 31, 2024, 2023 and 2022 are shown below:

Amount of capital CC1 (Millions of Euros) |  |  |
| 2024 | 2023 | 2022 ⁽¹⁾
Capital and share premium | 22,008 | 22,629 | 23,810
Retained earnings and equity instruments | 39,652 | 34,889 | 31,436
Other accumulated income and other reserves | (14,334) | (12,872) | (13,952)
Minority interests | 2,343 | 1,864 | 1,853
Provisional profit ⁽²⁾ | 5,013 | 4,759 | 3,814
Common Equity Tier I (CET1) before other regulatory adjustments | 54,681 | 51,269 | 46,962
Goodwill and intangible assets | (1,553) | (1,421) | (1,395)
Direct, indirect and synthetic holdings in own Common Equity Tier I instruments | (243) | (331) | (356)
Deferred tax assets | (844) | (988) | (1,057)
Other deductions and filters ⁽³⁾ | (1,242) | (2,412) | (1,416)
Total common equity Tier 1 regulatory adjustments | (3,882) | (5,153) | (4,223)
Common equity TIER 1 (CET1) | 50,799 | 46,116 | 42,738
Capital instruments and share premium accounts classified as liabilities and qualifying as Additional Tier I | 5,638 | 5,715 | 4,875
Qualifying Tier 1 capital included in consolidated AT1 capital issued by subsidiaries and held by third parties | 386 | 319 | 318
Additional Tier 1 (CET 1) before regulatory adjustments | 6,023 | 6,033 | 5,193
Transitional CET 1 adjustments | — | — | —
Total regulatory adjustments to additional Tier 1 | — | — | —
Additional Tier 1 (AT1) | 6,023 | 6,033 | 5,193
Tier 1 (Common equity TIER 1 + additional TIER 1) | 56,822 | 52,150 | 47,931
Capital instruments and share premium accounted as Tier 2 | 5,629 | 5,214 | 3,510
Qualifying Tier 2 capital included in consolidated T2 capital issued by subsidiaries and held by third parties | 4,192 | 2,890 | 2,310
Credit risk adjustments | 47 | 88 | 213
Tier 2 before regulatory adjustments | 9,868 | 8,192 | 6,033
Tier 2 regulatory adjustments | (10) | (10) | (103)
Tier 2 | 9,858 | 8,182 | 5,930
Total capital (Total capital = Tier 1 + Tier 2) | 66,680 | 60,332 | 53,861
Total RWA | 394,468 | 363,915 | 337,066
CET 1 (phased-in) | 12.88 % | 12.67 % | 12.68 %
Tier 1 (phased-in) | 14.40% | 14.33% | 14.22%
Total capital (phased-in) | 16.90% | 16.58% | 15.98%

(1) In 2022, the difference between the phased-in and fully-loaded ratios arises from the temporary treatment of certain capital items, mainly as a result of the impact of IFRS 9, to
which the BBVA Group adhered voluntarily (in accordance with article 473bis of the CRR and the subsequent amendments introduced by the Regulation (EU) 2020/873). In 2024
and 2023, there are no differences between phased-in and fully-loaded ratios due to the aforementioned temporary treatment.
(2) As of December 31, 2024 the total shareholder remuneration corresponding to the year 2024, including the cash amount and the share repurchase program, is deducted from
the foreseeable dividend and subject to its approval at the General Shareholders' Meeting. As of December 31, 2023 and 2022 the cash dividends approved by their respective
General Shareholders' Meetings are deducted form the total shareholder remuneration corresponding to the years 2023 and 2022.
(3) As of December 31, 2023 and 2022, the amounts of the share repurchase programs, considered as dividends approved by their respective General Shareholders' Meetings,
were deducted from the total shareholder remuneration corresponding to the years 2023 and 2022, respectively.
The strength of the BBVA Group's earnings has contributed to achieving a consolidated fully loaded CET1 ratio of 12.88% as of
December 31, 2024, which allows it to maintain a large management buffer over the Group's CET1 requirement as of that date
(9.13%), which is also above the Group's target management range of 11.5 - 12.0% CET1.
The fully loaded CET1 ratio increased by 21 basis points, mainly explained by the great generation of earnings in the year (276 basis
points) which, net of shareholder remuneration and payment of convertible contingent instrument coupons (CoCos), generated a
positive contribution of 127 basis points.
Meanwhile, the growth in risk-weighted assets (RWA) derived from the organic growth of the business in constant terms, mainly as a
result of the increase in the loan portfolio, and, to a lesser extent, debt securities, as well as risk transfers that drained the ratio by -155
basis points.
Finally, the other elements that make up CET1 had a positive contribution of 49 basis points; these include the calculation of minority
interests and the positive impact in Other Comprehensive Income (OCI) equivalent to the net monetary position value loss in
hyperinflationary economies recorded in results as well as the valuation of portfolios classified as HTC&S. In addition, the negative
effects of market evolution are also included, with the currency effect being particularly negative, mainly represented by the
depreciation of Mexican peso and, to a lesser extent, the depreciation of Turkish lira and the appreciation of US dollar.
5 Multiple Point of Entry established by the Single Resolution Board (SRB). Being an MPE implies that, should any of the group's subsidiaries have solvency, liquidity or operational
problems, the resolution authority could liquidate/resolve that entity without affecting the rest of the companies in the banking group.
6 The resolution group is made up of Banco Bilbao Vizcaya Argentaria, S.A. and the subsidiaries belonging to the same European resolution group.
7 The subordinated requirement in RWA is 13.50%.
8 Calculated according to current regulations and supervisory criteria as of December 31, 2024.
9 The subordinated requirement in LR is 5.78%.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 167

Consolidated fully loaded Additional Tier 1 (AT1) capital fully loaded stood at 1.53% as of December 31, 2024, -13 basis points lower
than in 2023 In June 2024, BBVA, S.A completed an issuance for an amount of €750 million Contingent Convertible instruments
(CoCos) in June 2024. In addition, in March 2024, the call for redemption of another issuance of Contingent Convertible instruments
for a total amount of €1.0 billion was made.
The Tier 2 fully loaded ratio stood at 2.50% which represents an increase of 25 basis points compared to 2023, mainly due to the
issuance of a subordinated bonds in Spain for €1.25 billion and €1.0 billion in February and August 2024, respectively, and, to a lesser
extent, the issuance in Mexico, Turkey and Peru of subordinated debt for amounts of USD 900 million, USD 500 million and USD 300
million, respectively in the first quarter, in addition to the issuance in December of USD 750 million of subordinated debt in Turkey. On
the other hand, a subordinated debt issuance amounting to €750 million was redeemed in Spain. In addition, in December, the early
redemption of another issuance of €1.0 billion was announced, which was completed in January 2025. In addition, in Turkey, one
issuance was partially redeemed, amounting to USD 134 million, and the early redemption of another issuance of 750 million Turkish
liras was announced and completed in February.
As a result of the above, the total fully loaded capital ratio stood at 16.90% as of December 31, 2024. The total phased-in capital ratio
was also 16.90% as of the same date.
With regard to MREL (Minimum Requirement for own funds and Eligible Liabilities) BBVA, as an MPE 5, has sub-consolidated
requirements, based on its resolution group 6.
On March 27, 2024 the Group made public that it had received a communication from the Bank of Spain regarding its MREL
requirement, established by the Single Resolution Board (“SRB”). According to this communication, BBVA must maintain, as from
March 27, 2024, a new requirement MREL in RWA of 22.79% 7, not taking into account the current 8 combined buffer requirement
(CBR) of 3.65%. In addition, BBVA must keep, also as from March 27, 2024, a volume of own funds and eligible liabilities in terms of
total exposure considered for purposes of calculating the leverage ratio of 8.48% (the “MREL in LR”) 9.
With respect to the MREL ratios achieved as of December 31, 2024, these were 27.92% and 12.10%, respectively for MREL in RWA
and MREL in LR, reaching the subordinated ratios of both 23.13% and 10.03%, respectively.
Given the structure of the resolution group's own funds and eligible liabilities, as of December 31, 2024, the Group meets the
aforementioned requirements.
Additionally, on January 1, 2025, the bulk of the articles of the new Capital Requirements Regulation (Regulation (EU) 2024/1623),
more commonly known as "CRR III," came into force, aiming to implement the Basel III framework reform in Europe. A t the date of
preparation of the Consolidated Financial Statements, no significant impact is anticipated from its application.
32.2 Leverage ratio
The leverage ratio (LR) is a regulatory measure complementing capital designed to promote the financial strength of institutions in
terms of indebtedness. This measurement can be used to estimate the percentage of the assets and off-balance sheet arrangements
financed with Tier 1 capital, being the carrying amount of the assets used in this ratio adjusted to reflect the Group’s current or
potential leverage of a given balance-sheet position (Leverage ratio exposure).
Breakdown of leverage ratio as of December 31, 2024, 2023 and 2022, calculated according to CCR, is as follows:

Leverage ratio |  |
| 2024 | 2023 | 2022
Tier 1 (millions of Euros) (a) | 56,822 | 52,150 | 47,931
Exposure to leverage ratio (millions of Euros) (b) | 834,488 | 797,888 | 737,990
Leverage ratio (a)/(b) (percentage) | 6.81 % | 6.54 % | 6.49 %

32.3 Capital manag ement
The aim of capital management within BBVA and the Group is to ensure that both BBVA and the Group have the necessary capital at
any given time to develop the corporate strategy reflected in the Strategic Plan, in line with the risk profile set out in the Group Risk
Appetite Framework (RAF).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 168

In this regard, BBVA's capital management is also part of the most relevant forward-looking strategic decisions in the Group's
management and monitoring, which include the Budget and the Liquidity and Funding Plan, with which it is coordinated — all with the
aim of achieving the Group's overall strategy.
Capital must be allocated optimally in order to meet the need to preserve the solvency of BBVA and the Group at all times. Together
with the Group's solvency risk profile included in the RAF, this optimal allocation serves as a guide for the Group's capital
management and seeks a solid capital position that makes it possible to:
– anticipate ordinary and extraordinary consumption that may occur, even under stress;
– promote the development of the Group's business and align it with capital and profitability objectives by allocating
resources appropriately and efficiently;
– cover all risks —including potential risks— to which it is exposed;
– comply with regulatory and internal management requirements at all times; and
– remunerate BBVA shareholders in accordance with the Shareholder Remuneration Policy in force at any given time.
The areas involved in capital management in the Group shall follow and respect the following principles in their respective areas of
responsibility:
– ensuring that capital management is integrated and consistent with the Group's Strategic Plan, RAF, Budget and other
strategic-prospective processes, to help achieve the Group's long-term sustainability;
– taking into account both the applicable regulatory and supervisory requirements and the risks to which the Group is —or
may be— exposed when conducting its business (economic view), when establishing a target capital level, all while adopting
a forward-looking vision that takes adverse scenarios into consideration;
– carrying out efficient capital allocation that promotes good business development, ensuring that expectations for the
evolution of activity meet the strategic objectives of the Group and anticipating the ordinary and extraordinary consumption
that may occur;
– ensuring compliance with the solvency levels, including the MREL, required at any given time;
– compensating BBVA shareholders in an adequate and sustainable manner; and
– optimizing the cost of all instruments used for the purpose of meeting the target capital level at any given time.
To achieve the aforementioned principles, capital management will be based on the following essential elements:
– an adequate governance and management scheme, both at the corporate body level and at the executive level;
– planning, managing and monitoring capital properly, using the measurement systems, tools, structures, resources and
quality data necessary to do so;
– a set of metrics, which is duly updated, to facilitate the tracking of the capital situation and to identify any relevant
deviations from the target capital level;
– a transparent, correct, consistent and timely communication and dissemination of capital information outside the Group;
– an internal regulatory body, which is duly updated, including with respect to the regulations and procedures that ensure
adequate capital management.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 169

33. Commitments and guarantees given
The breakdown of the off-balance sheet exposures included in the memorandum item is as follows:

Commitments and guarantees given (Millions of Euros) |  |  |  |
| Notes | 2024 | 2023 | 2022
Loan commitments given | 7.2.2 | 188,515 | 152,868 | 136,920
Of which: impaired |  | 160 | 165 | 177
Central banks |  | 254 | — | —
General governments |  | 3,247 | 3,115 | 3,031
Credit institutions |  | 13,441 | 15,595 | 15,407
Other financial corporations |  | 8,656 | 7,063 | 5,895
Non-financial corporations |  | 82,891 | 71,303 | 68,120
Households |  | 80,026 | 55,791 | 44,467
Financial guarantees given | 7.2.2 | 22,503 | 18,839 | 16,511
Of which: impaired (1) |  | 192 | 229 | 281
Central banks |  | — | — | —
General governments |  | 183 | 74 | 96
Credit institutions |  | 636 | 978 | 475
Other financial corporations |  | 2,843 | 2,177 | 1,263
Non-financial corporations |  | 18,724 | 15,460 | 14,541
Households |  | 116 | 150 | 135
Other commitments given | 7.2.2 | 51,215 | 42,577 | 39,137
Of which: impaired (1) |  | 439 | 636 | 689
Central banks |  | — | — | —
General governments |  | 354 | 327 | 215
Credit institutions |  | 6,447 | 3,607 | 4,134
Other financial corporations |  | 3,256 | 1,837 | 1,758
Non-financial corporations |  | 41,005 | 36,681 | 32,858
Households |  | 153 | 125 | 171
Total | 7.2.2 | 262,233 | 214,283 | 192,568

(1) Non-performing financial guarantees given amounted to €631, € 865, and €970 million, respectively, as of December 31, 2024, 2023 and 2022 .
As of December 31, 2024 and 2023, the provisions for loan commitments, financial guarantees and other commitments given,
recorded in the consolidated balance sheet amounted to €372, €140 and €155; and €277 million, €190 million and € 303 million,
respectively (see Note 24).
Since a significant portion of the amounts above will expire without any payment being made by the consolidated entities, the
aggregate balance of these commitments cannot be considered to be the actual future requirement for financing or liquidity to be
provided by the BBVA Group to third parties.
In the years 2024, 2023 and 2022, no issuance of debt securities carried out by associates of the BBVA Group, joint venture entities
or non-Group entities have been guaranteed.
34. Other contingent assets and liabilities
As of December 31, 2024, 2023 and 2022 there were no material contingent assets or liabilities other than those disclosed in the
Notes to the consolidated financial statements.
35. Purchase and sale commitments and future payment obligations
The purchase and sale commitments of the BBVA Group are disclosed in Notes 10, 14 and 22.
Future payment obligations mainly correspond to leases payable derived from operating lease contracts, as detailed in Note 22.5, and
estimated employee benefit payments, as detailed in Note 25.1.3.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 170

36. Transactions on behalf of third parties
The details of the relevant transactions on behalf of third parties are as follows:

Transactions on behalf of third parties. Breakdown by concepts (Millions of Euros)
| 2024 | 2023 | 2022
Financial instruments entrusted to BBVA by third parties | 496,082 | 430,377 | 352,139
Conditional bills and other securities received for collection | 13,460 | 12,125 | 11,738
Securities lending | 5,700 | 6,397 | 3,223
Total | 515,241 | 448,899 | 367,100

37. Net interest income
37.1 Interest and other income
The breakdown of the interest and other income recognized in the consolidated income statement is as follows:

Interest and other income. Breakdown by origin (Millions of Euros)
| 2024 | 2023 | 2022
Financial assets held for trading | 5,951 | 4,984 | 2,079
Financial assets at fair value through other comprehensive income | 2,951 | 3,098 | 3,110
Financial assets at amortized cost ⁽¹⁾ | 50,243 | 38,328 | 25,258
Insurance activity | 1,448 | 1,052 | 1,309
Adjustments of income as a result of hedging transactions | 702 | 91 | (825)
Other income ⁽²⁾ | 365 | 297 | 501
Total | 61,659 | 47,850 | 31,432

(1) Includes interest on demand deposits at central banks and credit institutions.
(2) Includes, among others, the net interest income accrued from funds obtained through TLTRO III operations, which amounted to €177 million for the year ended December 31,
2022 (see Note 22.1).
The amounts recognized in consolidated equity in connection with hedging derivatives for the years ended December 31, 2024, 2023
and 2022 and the amounts derecognized from the consolidated equity and taken to the consolidated income statements during those
years are included in the “Consolidated statements of recognized income and expense”.
37.2 Interest expense
The breakdown of the balance under this heading in the consolidated income statements is as follows:

Interest expense. Breakdown by origin (Millions of Euros)
| 2024 | 2023 | 2022
Financial liabilities held for trading | 5,445 | 3,834 | 1,140
Financial liabilities designated at fair value through profit or loss | 170 | 130 | 58
Financial liabilities at amortized cost | 28,379 | 19,164 | 9,985
Adjustments of expense as a result of hedging transactions | 1,097 | 809 | (232)
Insurance activity | 1,016 | 633 | 948
Cost attributable to pension funds | 173 | 110 | 76
Other expense | 114 | 80 | 333
Total | 36,392 | 24,761 | 12,309

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 171

38. Dividend income
The balances for this heading in the consolidated income statements correspond to dividends on shares and equity instruments other
than those from shares in entities accounted for using the equity method (see Note 39), as shown in the breakdown below:

Dividend income (Millions of Euros)
| 2024 | 2023 | 2022
Non-trading financial assets mandatorily at fair value through profit or loss | 10 | 11 | 15
Financial assets at fair value through other comprehensive income ⁽¹⁾ | 109 | 107 | 108
Total | 120 | 118 | 123

(1) Dividend income corresponds mainly to investments held at the end of the year.
39. Share of profit or loss of entities accounted for using the equity method
Results from “Share of profit or loss of entities accounted for using the equity method” resulted in a positive impact of €40 million for
the year ended December 31, 2024, compared with the positive impact of €26 million and the positive impact of €21 million rec orded
for the years ended December 31, 2023 and 2022, respectively.
40. Fee and commission income and expense
The breakdown of the balance under these headings in the consolidated income statements is as follows:

Fee and commission income. Breakdown by origin (Millions of Euros)
| 2024 | 2023 | 2022
Bills receivables | 21 | 24 | 26
Demand accounts | 300 | 300 | 424
Credit and debit cards and POS | 7,106 | 4,665 | 3,499
Checks | 166 | 175 | 162
Transfers and other payment orders | 961 | 862 | 812
Insurance product commissions | 461 | 384 | 261
Loan commitments given | 322 | 307 | 259
Other commitments and financial guarantees given | 530 | 471 | 420
Asset management | 1,685 | 1,407 | 1,228
Securities fees | 360 | 345 | 266
Custody securities | 221 | 207 | 193
Other fees and commissions | 902 | 751 | 711
Total | 13,036 | 9,899 | 8,260

The breakdown of fee and commission expense under this heading in the consolidated income statements is as follows:

Fee and commission expense. Breakdown by origin (Millions of Euros)
| 2024 | 2023 | 2022
Demand accounts | 7 | 6 | 5
Credit and debit cards and POS | 3,534 | 2,337 | 1,884
Transfers and other payment orders | 153 | 156 | 132
Commissions for selling insurance | 47 | 40 | 54
Custody securities | 101 | 111 | 92
Other fees and commissions | 1,206 | 961 | 721
Total | 5,048 | 3,611 | 2,888

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 172

41. Gains (losses) on financial assets and liabilities, hedge accounting and exchange
differences, net
The breakdown of the balance under this heading, by source of the related items, in the consolidated income statements is as follows:

Gains (losses) on financial assets and liabilities, hedge accounting and exchange differences, net (Millions of Euros)
| 2024 | 2023 | 2022
Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net | 327 | 76 | 64
Financial assets at amortized cost | 20 | 41 | 8
Other financial assets and liabilities | 307 | 35 | 56
Gains (losses) on financial assets and liabilities held for trading, net | 2,458 | 1,352 | 562
Reclassification of financial assets from fair value through other comprehensive income | — | — | —
Reclassification of financial assets from amortized cost | — | — | —
Other gains (losses) | 2,458 | 1,352 | 562
Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net | 179 | 337 | (67)
Reclassification of financial assets from fair value through other comprehensive income | — | — | —
Reclassification of financial assets from amortized cost | — | — | —
Other gains (losses) | 179 | 337 | (67)
Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net | 249 | 96 | 150
Gains (losses) from hedge accounting, net | 5 | (17) | (45)
Subtotal gains (losses) on financial assets and liabilities and hedge accounting | 3,218 | 1,844 | 663
Exchange differences, net | 695 | 339 | 1,275
Total | 3,913 | 2,183 | 1,938

The breakdown of the balance (excluding exchange rate differences) under this heading in the consolidated income statements by the
nature of the financial instrument is as follows:

Gains (losses) on financial assets and liabilities and hedge accounting. Breakdown by nature of the financial instrument (Millions of Euros)
| 2024 | 2023 | 2022
Debt instruments | 841 | 799 | (2,266)
Equity instruments | 553 | 669 | (1,099)
Trading derivatives and hedge accounting | 181 | (812) | 1,361
Loans and advances to customers | 236 | 165 | (241)
Customer deposits | (81) | (95) | 274
Other | 1,488 | 1,118 | 2,635
Total | 3,218 | 1,844 | 663

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 173

The breakdown of the balance of the impact of the derivatives (trading and hedging) under this heading in the consolidated income
statements is as follows:

Derivatives - Hedge accounting (Millions of Euros)
| 2024 | 2023 | 2022
Derivatives |  |  |
Interest rate agreements | (21) | 427 | 522
Securities agreements | 236 | (402) | 1,653
Credit derivative agreements | (123) | (56) | 16
Foreign-exchange agreements | (15) | (431) | (658)
Commodity and other agreements | 99 | (332) | (127)
Subtotal | 176 | (795) | 1,406
Hedging derivatives ineffectiveness | — | — |
Fair value hedges | 8 | (10) | (51)
Hedging derivative | (512) | (114) | (229)
Hedged item | 520 | 103 | 178
Cash flow hedges | (3) | (7) | 6
Subtotal | 5 | (17) | (45)
Total | 181 | (812) | 1,361

42. Other operating income and expense
The breakdown of the balance under the heading “Other operating income” in the consolidated income statements is as follows:

Other operating income (Millions of Euros) |
| 2024 | 2023 | 2022
Gains from sales of non-financial services | 354 | 347 | 284
Other operating income | 269 | 272 | 244
Total | 623 | 619 | 528

The breakdown of the balance under the heading “Other operating expense” in the consolidated income statements is as follows:

Other operating expense (Millions of Euros) |
| 2024 | 2023 | 2022
Change in inventories | 165 | 151 | 134
Contributions to guaranteed banks deposits funds ⁽¹⁾ | 636 | 1,017 | 997
Hyperinflation adjustment ⁽²⁾ | 1,775 | 2,007 | 1,687
Other operating expense ⁽³⁾ | 1,374 | 867 | 620
Total | 3,951 | 4,042 | 3,438

(1) In 2024, no contributio ns were made to the European Single Resolution Fund (SRF) since the constitution phase of the fund has been completed. Likewise, the Deposits
Guarantee Fund of Credit Institutions in Spain reached in 2023 the minimum coverage level established by the European Regulation with respect to covered deposits, so that no
additional contribution was necessary for this purpose during 2024, although prior contributions related to the deposited securities are maintained.
(2) For the year ended December 31, 2024 it includes €1,419 million related to Argentina and €348 million related to Turkey. For the year ended December 31, 2023 it included
€1,062 million related to Argentina and €916 million related to Turkey. For the year ended December 31, 2022, it included €822 million related to Argentina and €832 million
related to Turkey (see Note 2.2.18).
(3) Fo r the year ended December 2024 and 2023, it includes €285 and €215 million, respectively, corresponding to the total annual amount disbursed under the temporary tax on
credit institutions and financial credit establishments, according to Law 38/2022 of December 27, 2022 (see Note 19.6). The change compared to 2023 is mainly as a result of
higher taxes in various geographies due to increased activity.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 174

43. Income and expense from insurance and reinsurance contracts
The balances of the headings “Income and expense from insurance and reinsurance contracts” in the consolidated income
statements stem from the insurance activity and include the following:

Income and expense from insurance and reinsurance contracts (Millions of Euros)
| 2024 | 2023 | 2022
Income from insurance and reinsurance contracts ⁽¹⁾ | 3,720 | 3,081 | 2,622
Expense from insurance and reinsurance contracts | (2,238) | (1,821) | (1,547)
Total | 1,482 | 1,261 | 1,075

(1) In general, the transition approach for calculating the contractual service margin has been the fair value approach for long-term contracts and the full retrospective approach
for short-term contracts.
The table below shows the contribution of each insurance product to the Group´s income for the years ended December 31, 2024,
2023 and 2022:

Net income by type of product (Millions of Euros) |  |  |
| 2024 | 2023 | 2022
Life insurance | 752 | 617 | 649
Individual | 656 | 590 | 573
Group insurance | 96 | 27 | 76
Non-Life insurance | 730 | 643 | 426
Home insurance | — | — | —
Other non-life insurance products | 730 | 643 | 426
Total | 1,482 | 1,261 | 1,075

44. Administration costs
44.1 Personnel expense
The breakdown of the balance under this heading in the consolidated income statements is as follows:

Personnel expense (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Wages and salaries |  | 5,937 | 5,068 | 4,310
Social security costs |  | 1,007 | 834 | 708
Defined contribution plan expense | 25 | 158 | 139 | 87
Defined benefit plan expense | 25 | 51 | 49 | 42
Other personnel expense |  | 506 | 440 | 454
Total |  | 7,659 | 6,530 | 5,601

44.1.1 Share-based employee remuneration
The amounts recognized under the heading “Administration costs - Personnel expense - Other personnel expense” in the
consolidated income statements for the year ended December 31, 2024, 2023 and 2022, corresponding to the remuneration plans
based on equity instruments in each year, amounted to €23 million, €24 million and € 32 million, respectively. These amounts have
been recognized with a corresponding entry under the heading “Shareholders’ funds - Other equity” i n the consolidated balance
sheets, net of tax effect.
The characteristics of the Group's remuneration plans based on equity instruments are described below.
Variable r emuneration in shares
BBVA has a specific remuneration scheme applicable to those employees whose professional activities have a material impact on the
risk profile of BBVA and/or its Group (hereinafter “Identified Staff”) involving the delivery of BBVA shares or instruments linked to
BBVA shares, designed within the framework of applicable regulations to credit institutions and considering best practices and
recommendations at the local and international levels in this matter.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 175

Thus, according to the applicable remuneration policies, t he vari able remuneration for the Identified Staff members is subject,
principally, to the following rules:
– The Annual Variable Remuneration for Identified Staff members for each financial year will not accrue or will be reduced
upon accrual, if certain profit and capital ratio levels are not achieved.
– A maximum of 40% of the Annual Variable Remuneration for those members of the Identified Staff who receive particularly
high amounts of variable remuneration and members of BBVA’s Senior Management and 60% for the rest of the Identified
Staff (the “Upfront Portion” of the Annual Variable Remuneration) shall vest and be paid, provided the relevant conditions
for payment are met, as a general rule, in the first quarter of the following financial year to which the Annual Variable
Remuneration corresponds.
– The remaining amount, and at least 60% of the Annual Variable Remuneration for those members of the Identified Staff
who receive particularly high amounts of variable remuneration and members of BBVA’s Senior Management, and 40% for
the rest of the Identified Staff, will be deferred over a period of 4 years (the “Deferred Portion” of the Annual Variable
Remuneration). However, for members of BBVA’s Senior Management the deferral period shall be 5 years. In both cases,
the Deferred Portion will be paid, provided the relevant conditions are met, once each of the years of deferral has elapsed. In
no event will this Deferred Portion be paid faster than in a proportionate way.
– Both the Upfront Portion and the Deferred Portion of the Annual Variable Remuneration of each member of the Identified
Staff will be paid 50% in cash and 50% in BBVA shares or in instruments linked to BBVA shares. For members of BBVA’s
Senior Management, the Deferred Portion will be paid 40% in cash and 60% in BBVA shares and/or in instruments linked to
BBVA shares.
– Shares or instruments received as Annual Variable Remuneration shall be withheld for one year running from the date of
delivery. The foregoing shall not apply to those shares that are sold, where appropriate, in order to meet the payment of tax
obligations accruing on the delivery of the shares and/or instruments.
– The Deferred Portion of the Annual Variable Remuneration may undergo certain ex post risk adjustments, meaning that it
will not vest, or may be reduced, if certain capital and liquidity thresholds are not met.
– Up to 100% of the Annual Variable Remuneration of each member of the Identified Staff corresponding to each financial
year, both in cash and in shares or instruments, will be subject to arrangements for the reduction of variable remuneration
(malus) and arrangements for the recovery of variable remuneration already paid (clawback), which will remain in effect
during the applicable deferral and retention period, and will be applicable in the event of the occurrence of any of the
circumstances expressly named in the remuneration policies.
– The cash amounts of the Deferred Portion of the Annual Variable Remuneration that ultimately vest will be updated by
applying the consumer price index (hereinafter "CPI") measured as the year-on-year change in prices, or any other criteria
established for that purpose by the Board of Directors.
– Identified Staff members may not use personal hedging strategies or insurance in connection with the Annual Variable
Remuneration and the responsibility that may undermine the effects of alignment with prudent risk management.
– If the members of the Identified Staff are entitled to receive any variable remuneration other than the Annual Variable
Remuneration but which qualifies as variable remuneration, such variable remuneration shall be subject to the rules
regarding accrual, award, vesting and payment in accordance with the type and nature of the remuneration component
itself.
– The variable remuneration of the Identified Staff for a financial year (understood as the sum of all variable remuneration)
shall be limited to a maximum amount of 100% of the fixed component (understood as the sum of all fixed remuneration) of
the total remuneration, unless the BBVA General Shareholders’ Meeting resolves to increase this percentage up to a
maximum of 200%.
In this regard, the General Shareholders’ Meeting of BBVA held on March 15, 2024 resolved to increase this limit to a
maximum level of 200% of the fixed component of the total remuneration for a given number of the Identified Staff
members, in the terms indicated in the report issued for this purpose by the Board of Directors dated February 6, 2024.
In 2024, this remuneration scheme is reflected in the following remuneration policies:
– BBVA Group General Remuneration Policy, approved by the Board of Directors on March 29, 2023, that applies to
employees and BBVA Senior Management (excluding BBVA executive directors) and at Group companies with respect to
which BBVA exercises control over management. This policy includes the specific rules applicable to the members of the
Identified Staff, including BBVA Senior Management.
– BBVA Directors’ Remuneration Policy, approved by the General Shareholders’ Meeting of BBVA held on March 17, 2023,
that is applicable to the members of the Board of Directors of BBVA. The remuneration system for executive directors
corresponds, generally, with the applicable system to the Identified Staff, incorporating some particularities of their own,
derived from their condition of directors.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 176

T he delivery of shares in 2024 to the members of the Identified Staff is derived from the settlement of the A nnual Variable
Remuneration for 2023 and deferred variable remuneration from previous years, which are subject to the vesting and payment rules
established in the remuneration policies applicable in the year to which they correspond.
According to the remuneration policy applicable in 2023, during 2024 a total amount of 2,627,541 BBVA shares or instruments linked
to BBVA shares, corresponding, mostly, to the Upfront Portion of 2023 Annual Variable Remuneration and to other variable
components of remuneration, were delivered.
In addition, according to the remuneration policy applicable in 2018, during 2024 a total amount of 147,871 BBVA shares,
corresponding to the third and last payment of the Deferred Portion of 2018 Annual Variable Remuneration of the Chair and other
members of BBVA's Senior Management, were delivered.
Additionally, according to the remuneration policy applicable in 2019, during 2024 a total amount of 220,803 BBVA shares,
corresponding mostly to the second payment of the Deferred Portion of 2019 Annual Variable Remuneration of executive directors
and other members of BBVA's Senior Management, as well as to other variable components of remuneration, were delivered.
Likewise, according to the remuneration policy applicable in 2020, during 2024 a total amount of 2,244,441 BBVA shares were
delivered, corresponding, mainly, to the entire payment of the Deferred Portion of 2020 Annual Variable Remuneration of certain
members of the Identified Staff as well as to other variable components of remuneration. In 2020, the executive directors and other
members of BBVA's Senior Management, as a gesture of responsibility and commitment in response to the exceptional
circumstances arising from the COVID-19 crisis, waived their entire 2020 Annual Variable Remuneration.
In accordance with the remuneration policy applicable in 2021, during 2024 a total of 740,382 BBVA shares were delivered, the
majority corresponding to the second payment of the Deferred Portion of 2021 Annual Variable Remuneration of the Identified Staff,
which includes executive directors and other members of BBVA's Senior Management, as well as to other variable components of
remuneration.
Lastly, according to the remuneration policy applicable in 2022, during 2024 a total amount of 728,081 BBVA shares were delivered,
corresponding, mainly, to the first payment of the Deferred Portion of 2022 Annual Variable Remuneration of the Identified Staff,
among which executive directors and the rest of the members of BBVA's Senior Management are included, as well as to other variable
components of remuneration.
Detailed information on the delivery of shares to executive directors and the rest of the members of BBVA's Senior Management who
held this position as of December 31, 2024, is included in Note 54.
Lastly, in line with specific regulation applicable in Brazil and Portugal, BBVA Brazil Banco de Investimento and BBVA IFIC have
identified (on an individual basis, respectively) the staff in these countries whose annual variable remuneration should be subject to a
specific settlement and payment scheme established in their corresponding remuneration policies, more specifically:
– A percentage of the annual variable remuneration is subject to a three-year deferral that shall be paid yearly over the
mentioned period.
– 50% of the annual variable remuneration, both the upfront portion and deferred portion, shall be established in BBVA
shares.
– In BBVA Brazil Banco de Investimento, both the cash amounts and share amounts of the deferred portion may be subject to
update adjustments which are payable in cash.
– In BBVA IFIC the deferred portion of the annual variable remuneration may be reduced, but never increased, depending on
the result of multi-year performance indicators. The cash amounts of the deferred portion that are finally paid will be subject
to updating by applying the CPI measured as a year-on-year change in prices.
According to this remuneration scheme, during financial year 2024 a total of 6,581 BBVA shares corresponding to the upfront portion
of 2023 annual variable remuneration were delivered to the staff of BBVA Brazil Banco de Investimento.
Additionally, during 2024 a total of 1,832 BBVA shares corresponding to the first third of the deferred portion of 2022 annual variable
remuneration were delivered as well as a total of €856 as adjustments for updates, a total of 1,624 BBVA shares corresponding to the
second third of the deferred portion of 2021 annual variable remuneration and €1,324 as adjustments for updates, and a total of 1,368
BBVA shares corresponding to the last third of the deferred portion of 2020 annual variable remuneration and €1,305 as adjustments
for updates.
With regard to the BBVA IFIC group, it should be noted that the exception provided for in the remuneration policy for said year
corresponding to payment in shares has been applied to the annual variable remuneration for the year 2023 of some members of this
group, in line with the provisions of the regulations in force. For this reason in 2024 just 1,951 BBVA shares have been delivered to
BBVA IFIC identified members corresponding to 2023 variable remuneration.
Additionally, during 2024 a total of 3,218 BBVA shares corresponding to the second third of the deferred portion of 2021 annual
variable remuneration and a total of 2,149 BBVA shares corresponding to the last third of the deferred portion of 2020 annual variable
remuneration were delivered to this group.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 177

44.2 Other administrative expense
The breakdown of the balance under this heading in the consolidated income statements is as follows:

Other administrative expense. Breakdown by main concepts (Millions of Euros)
| 2024 | 2023 | 2022
Technology and systems | 1,732 | 1,512 | 1,391
Communications | 261 | 219 | 195
Advertising | 441 | 349 | 266
Property, fixtures and materials | 577 | 520 | 440
Taxes other than income tax | 481 | 451 | 370
Surveillance and cash courier services | 255 | 234 | 214
Other expense | 1,253 | 1,090 | 897
Total | 5,001 | 4,375 | 3,773

45. Depreciation and amortization
The breakdown of the balance under this heading in the consolidated income statements for the years ended December 31, 2024,
2023 and 2022 is as follows:

Depreciation and amortization (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Tangible assets | 17 | 972 | 867 | 818
For own use |  | 623 | 547 | 501
Right-of-use assets |  | 343 | 317 | 312
Investment properties and other |  | 5 | 3 | 5
Intangible assets | 18.2 | 561 | 536 | 510
Total |  | 1,533 | 1,403 | 1,328

46. Provisions or reversal of provisions
For the years ended December 31, 2024, 2023 and 2022, the net provisions recognized in this income statement line item were as
follows:

Provisions or reversal of provisions (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Pensions and other post-employment defined benefit obligations | 25 | 3 | 31 | (89)
Commitments and guarantees given |  | (84) | 76 | 87
Pending legal issues and tax litigation |  | 191 | 171 | 210
Other provisions |  | 88 | 95 | 84
Total |  | 198 | 373 | 291

47. Impairment or reversal of impairment on financial assets not measured at fair
value through profit or loss or net gains by modification
The breakdown of impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net
gains by modification by the nature of those assets in the consolidated income statements is as follows:

Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Financial assets at fair value through other comprehensive income - Debt securities |  | 58 | 42 | 76
Financial assets at amortized cost |  | 5,687 | 4,386 | 3,303
Of which: recovery of written-off assets by cash collection | 7.2.5 | (403) | (369) | (390)
Total |  | 5,745 | 4,428 | 3,379

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 178

48. Impairment or reversal of impairment of investments in joint ventures and
associates
The heading “Impairment or reversal of the impairment of investments in joint ventures or associates" included a net reversal of
impairment of €63 million in the year ended December 31, 2024 . Thi s heading included an net impairment of €9 million for the year
ended December 31, 2023, and it included a net reversal of impairment of €42 million for the year ended December 31, 2022 (see
Note 16.3).
49. Impairment or reversal of impairment on non-financial assets
The impairment losses on non-financial assets broken down by the nature of those assets in the consolidated income statements are
as follows:

Impairment or reversal of impairment on non-financial assets (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Tangible assets | 17 | (29) | 16 | (53)
Intangible assets |  | 15 | 26 | 25
Others |  | 13 | 12 | 55
Total |  | (1) | 54 | 27

50. Gains (losses) from non-current assets and disposal groups classified as held for
sale not qualifying as discontinued operations
The main items included in the balance under this heading in the consolidated income statements are as follows:

Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Gains on sale of real estate |  | 66 | 64 | 102
Impairment of non-current assets held for sale (1) | 21 | (83) | (42) | (221)
Gains (losses) on sale of investments classified as non-current assets held for sale |  | — | — | 11
Gains on sale of equity instruments classified as non-current assets held for sale |  | — | — | —
Total |  | (17) | 22 | (108)

(1) In 2022 it includes the closing of the transaction with Merlin Properties in which 100% of the shares of Tree Inversiones Inmobiliarias, SOCIMI, S.A. were acquired by the BBVA
Group (see Note 17).
51. Consolidated statements of cash flows
The variation between 2024, 2023 and 2022 of the financial liabilities from financing activities is the following:

Liabilities from financing activities (Millions of Euros)
| Liabilities at amortized cost: Debt certificates | Of which: Issuances of subordinated liabilities (1)
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Balance at the beginning | 68,707 | 55,429 | 55,763 | 15,832 | 12,485 | 14,794
Cash flows | 627 | 13,283 | (678) | 3,303 | 3,388 | (1,945)
Non-cash changes | 532 | (5) | 344 | 421 | (40) | (364)
Acquisition | — | — | — | — | — | —
Disposal | — | — | — | — | — | —
Disposals by companies held for sale | — | — | — | — | — | —
Foreign exchange movement | 532 | (5) | 344 | 421 | (40) | (364)
Fair value changes | — | — | — | — | — | —
Balance at the end | 69,867 | 68,707 | 55,429 | 19,556 | 15,832 | 12,485

(1) There w ere €56, €35 and €24 million of subordinated deposits as of December 31, 2024, 2023 and 2022, respectively (see Note 22.4). In addition, there were coupon
payments on subordinated liabilities for €388, €345 and €313 million in 2024, 2023 and 2022, respectively. Appendix VI details the outstanding subordinated debt issued by their
nominal value.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 179

52. Accountant fees and services
The details of the fees for the services contracted by entities of the BBVA Group for the year ended December 31, 2024, with their
respective auditors and other audit entities are as follows:

Fees for Audits conducted and other related services (1) (Millions of Euros) |  |
| 2024 | 2023 | 2022
Audits of the companies audited by firms belonging to the EY worldwide organization and other reports related with the audit (2) | 32.8 | 28.5 | 24.8
Other reports required pursuant to applicable legislation and tax regulations issued by the national supervisory bodies of the countries in which the Group operates, reviewed by firms belonging to the EY worldwide organization | 1.5 | 1.4 | 1.0
Fees for audits conducted by other firms | 0.1 | 0.1 | 0.1

(1) Regardless of the billed year.
(2) Including fees pertaining to annual legal audits (€26.0 million as of December 31, 2024).
In the year ended December 31, 2024, certain entities in the BBVA Group contracted other services (other than audits) as follows:

Other Services rendered (Millions of Euros) |  |  |
| 2024 | 2023 | 2022
Firms belonging to the EY worldwide organization | 0.2 | 0.2 | 0.1

This total of contracted services includes the detail of the services provided by Ernst & Young, S.L. to BBVA, S.A. or its controlled
companies at the date of preparation of these consolidated financial statements as follows:

Fees for audits conducted (1) (Millions of Euros) |  |
| 2024 | 2023 | 2022
Legal audit of BBVA,S.A. or its companies under control | 8.5 | 7.9 | 7.6
Other audit services of BBVA, S.A. or its companies under control | 5.6 | 5.4 | 5.2
Limited Review of BBVA, S.A. or its companies under control | 2.0 | 1.9 | 1.4
Reports related to issuances | 1.2 | 1.0 | 0.4
Assurance services and other required by the regulator | 1.2 | 0.8 | 0.8

(1) Services provided by Ernst & Young, S.L. to companies located in Spain, to the branch of BBVA in New York, the branch of BBVA in London and the branch of BBVA in
Frankfurt.
The services provided by the auditors meet the independence requirements of the external auditor established under Audit of
Accounts Law (Law 22/2015) and under the Sarbanes-Oxley Act of 2002 adopted by the SEC.
53. Related-party transactions
As financial institutions, BBVA and other entities in the Group engage in transactions with related parties in the normal course of their
business. These transactions are not significant and are carried out under normal market conditions. As of December 31, 2024, 2023
and 2022, the following are the transactions with related parties:
53.1 Transactions with significant shareholders
As of December 31, 2024, 2023 and 2022, there were no shareholders with significant influence (see Note 26).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 180

53.2 Transactions of BBVA Group entities with joint ventures and associates
The balances of the main captions in the consolidated balance sheets arising from the transactions carried out by the BBVA Group
with joint ventures and associates are as follows:

Balances arising from transactions of BBVA Group entities with joint ventures and associates (Millions of Euros)
| 2024 | 2023 | 2022
Assets |  |  |
Loans and advances to credit institutions | 13 | 5 | 9
Loans and advances to customers | 639 | 791 | 1,842
Debt securities | 4 | 4 | 7
Liabilities |  |  |
Deposits from credit institutions | 1 | — | 1
Customer deposits | 160 | 134 | 204
Memorandum accounts |  |  |
Financial guarantees given | 171 | 177 | 136
Other commitments given | 784 | 595 | 751
Loan commitments given | 117 | 119 | 10

The balances of the main captions in the consolidated income statements resulting from transactions with joint ventures and
associates are as follows:

Balances of consolidated income statement arising from transactions of BBVA Group entities with joint ventures and associates (Millions of Euros)
| 2024 | 2023 | 2022
Income statement |  |  |
Interest and other income | 37 | 44 | 20
Interest expense | 4 | 4 | 2
Fee and commission income | 7 | 4 | 5
Fee and commission expense | 55 | 49 | 40

There were no other material effects in the consolidated financial statements arising from dealings with these entities, other than the
effects from using the equity method (see Note 2.1) and from the insurance policies to cover pension or similar commitments (see
Note 25) and the derivatives transactions arranged by BBVA Group with these entities, associates and joint ventures.
In addition, as part of its normal activity, the BBVA Group has entered into agreements and commitments of various types with
shareholders of subsidiaries and associates, which have no material effects on the consolidated financial statements.
53.3 Transactions with members of the Board of Directors and Senior Management
The transactions entered into between BBVA or its Group companies with members of the Board of Directors and Senior
Management of the Bank or their related parties were within the scope of the ordinary course of business of the Bank and were
immaterial, defined as transactions the disclosure of which is not necessary to present a true and fair view of the Bank's equity,
financial position and results, and were concluded on normal markets terms or on terms applicable to the rest of employees.
The amount and nature of the main transactions carried out with members of the Board of Directors and Senior Management of the
Bank, or their respective related parties, are shown below.

Balance at 31 st December of each year (thousands of Euros)
| 2024 |  | 2023 |  | 2022
| Directors | Related parties of Directors | Senior Management (1) | Related parties of Senior Management |  | Directors | Related parties of Directors | Senior Management (1) | Related parties of Senior Management |  | Directors | Related parties of Directors | Senior Management (1) | Related parties of Senior Management
Loans and credits | 2,176 | 210 | 4,664 | 688 |  | 531 | 243 | 5,553 | 727 |  | 668 | 1,880 | 6,321 | 764
Bank guarantees | _ | _ | 10 | _ |  | _ | _ | 10 | _ |  | _ | _ | 10 | _

(1) Excluding executive directors.
Information on remuneration paid and other benefits granted to members of the Board of Directors and Senior Management of BBVA
is provided in Note 54.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 181

54. R emuneration and other benefits of the Board of Directors and members of the
Bank's Senior Management
Remuneration of non-executive directors
The remuneration of the non-executive directors corresponding to the financial years 2024 and 2023 is as follows, individually and by
remuneration item:

Remuneration of non-executive directors (thousands of Euros) (1) |
| Board of Directors | Executive Committee | Audit Committee | Risk and Compliance Committee | Remuneration Committee | Appointments and Corporate Governance Committee | Technology and Cybersecurity Committee | Other positions (2) | Total
2024 | 2023
José Miguel Andrés Torrecillas | 129 | 167 | 165 | — | — | 115 | — | 50 | 625 | 593
Jaime Caruana Lacorte | 129 | 167 | 22 | 107 | — | 31 | — | — | 455 | 502
Enrique Casanueva Nárdiz (3) | 107 | — | 44 | 71 | — | — | — | — | 223 | —
Sonia Dulá | 129 | — | 66 | 107 | — | — | — | — | 302 | 223
Raúl Galamba de Oliveira | 129 | — | — | 214 | — | 46 | 43 | 80 | 512 | 461
Belén Garijo López | 129 | 167 | — | — | 36 | 46 | — | — | 378 | 416
Connie Hedegaard Koksbang | 129 | — | 66 | — | — | — | — | — | 195 | 173
Lourdes Máiz Carro | 129 | — | 66 | — | 43 | — | — | — | 238 | 238
José Maldonado Ramos (4) | 32 | 42 | — | — | — | 12 | — | — | 85 | 342
Cristina de Parias Halcón (5) | 107 | — | — | — | — | 31 | 29 | — | 167 | —
Ana Peralta Moreno | 129 | — | 66 | — | 43 | — | — | — | 238 | 238
Juan Pi Llorens (4) | 32 | — | — | 27 | — | 12 | 11 | — | 81 | 361
Ana Revenga Shanklin | 129 | — | — | 107 | 86 | — | 43 | — | 364 | 307
Susana Rodríguez Vidarte (6) | — | — | — | — | — | — | — | — | — | 112
Carlos Salazar Lomelín (7) | 129 | — | — | — | 43 | — | — | — | 172 | 172
Jan Verplancke | 129 | — | — | — | 43 | — | 43 | — | 214 | 214
Total | 1,695 | 542 | 497 | 633 | 293 | 293 | 168 | 130 | 4,250 | 4,350

(1) Includes amounts corresponding to the positions on the Board and its various Committees, the composition of which was modified on April 26, 2024.
(2) Amounts corresponding to the positions of Deputy Chair of the Board of Directors and Lead Director.
(3) Director appointed by the General Shareholders' Meeting held on March 15, 2024. Remuneration in 2024 corresponding to the term in office in that financial year.
(4) Directors who left office on March 15, 2024. Remuneration in 2024 corresponding to the term in office in that financial year.
(5) Director appointed by the General Shareholders’ Meeting held on March 15, 2024. Remuneration in 2024 corresponding to the term in office in that financial year. In addition,
the director Cristina de Parias Halcón received in the 2024 and 2023 financial years, €72 thousand and €76 thousand, respectively, as per diems for her attendance to the
meetings of the management body of BBVA México, S.A. de C.V. and Grupo Financiero BBVA México, S.A. de C.V. Likewise, in 2024, she received €56 thousand and 14,697 BBVA
shares corresponding to the deferred portion of 2018 and 2019 annual variable remuneration accrued in her former condition of BBVA’s member of Senior Management, including
the update of its cash portion. In 2025, the last payment of the deferred portion of 2019 annual variable remuneration, including the update of its cash portion, is due to this
director (€30 thousand and 7,593 BBVA shares).
(6) Director who left office on March 17, 2023. Remuneration in 2023 corresponding to the term in office in that financial year.
(7) In addition, in financial years 2024 and 2023, the director Carlos Salazar Lomelín received €113 thousand and €67 thousand, respectively, as per diems for his attendance to
the meetings of the management body of BBVA México, S.A. de C.V. and Grupo Financiero BBVA México, S.A. de C.V. and of the strategy forum of BBVA México, S.A. de CV.
Likewise, during financial years 2024 and 2023, €112 thousand and €123 thousand were paid out, respectively, in healthcare and
casualty insurance premiums for non-executive directors.
Remuneration system with deferred delivery of shares for non-executive directors
BBVA has a fixed remuneration system with deferred delivery of shares for its non-executive directors, which was approved by the
General Shareholders’ Meeting held on March 18, 2006 and extended by resolutions of the General Shareholders’ Meetings held on
March 11, 2011 and March 11, 2016 for a further five-year period in each case, by the General Shareholders’ Meeting held on April 20,
2021 for a further three-year period and by the General Shareholders’ Meeting held on March 17, 2023 for a further four-year period.
This system is based on the annual allocation to non-executive directors of a number of theoretical shares of BBVA equivalent to 20%
of the total annual fixed allowance in cash received by each director in the previous financial year, calculated according to the average
closing price of the BBVA share during the 60 trading sessions prior to the dates of the Annual General Shareholders’ Meetings
approving the corresponding financial statements for each financial year.
The BBVA shares, in a number equivalent to the theoretical shares accumulated by each non-executive director, will be delivered to
each beneficiary, where applicable, after they leave directorship for any reason other than serious breach of their duties.
The theoretical shares allocated to non-executive directors who were beneficiaries of the remuneration system with deferred delivery
of shares in the 2024 and 2023 financial years, corresponding to 20% of the total annual fixed allowance in cash received by each of
them in the 2023 and 2022 financial years, respectively, were as follows:
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 182

| 2024 |  | 2023
| Theoretical shares allocated (1) | Theoretical shares accumulated as of December 31 |  | Theoretical shares allocated (1) | Theoretical shares accumulated as of December 31
José Miguel Andrés Torrecillas | 13,407 | 147,455 |  | 16,023 | 134,048
Jaime Caruana Lacorte | 11,350 | 106,310 |  | 17,255 | 94,960
Enrique Casanueva Nárdiz (2) | — | — |  | — | —
Sonia Dulá (3) | 5,042 | 5,042 |  | — | —
Raúl Galamba de Oliveira | 10,423 | 40,191 |  | 10,091 | 29,768
Belén Garijo López | 9,401 | 110,593 |  | 10,603 | 101,192
Connie Hedegaard Koksbang | 3,914 | 7,177 |  | 3,263 | 3,263
Lourdes Máiz Carro | 5,384 | 76,977 |  | 7,237 | 71,593
José Maldonado Ramos (4) | 7,735 | — |  | 10,397 | 146,874
Cristina de Parias Halcón (2) | — | — |  | — | —
Ana Peralta Moreno | 5,384 | 47,713 |  | 7,237 | 42,329
Juan Pi Llorens (4) | 8,157 | — |  | 13,943 | 148,542
Ana Revenga Shanklin | 6,947 | 31,161 |  | 8,035 | 24,214
Susana Rodríguez Vidarte (5) | — | — |  | 13,648 | —
Carlos Salazar Lomelín | 3,882 | 21,012 |  | 5,218 | 17,130
Jan Verplancke | 4,851 | 40,623 |  | 6,521 | 35,772
Total | 95,877 | 634,254 |  | 129,471 | 849,685

(1) The number of theoretical shares was calculated according to the average closing price of the BBVA share during the 60 trading sessions prior to the dates of the General
Shareholders’ Meetings of March 15, 2024 and March 17, 2023 which were €8.84 and €6.58 per share, respectively.
(2) Directors appointed by the General Meeting held on March 15, 2024; accordingly, the allocation of theoretical shares is not due until 2025.
(3) Director appointed by the General Meeting held on March 17, 2023; accordingly, the first allocation of theoretical shares was made in 2024.
(4) Directors who left office on March 15, 2024. In application of the system, José Maldonado Ramos and Juan Pi Llorens received a total of 154,609 and 156,699 BBVA shares,
respectively, after leaving office, which is equivalent to the total theoretical shares accumulated up to that date by each of them.
(5) Director who left office on March 17, 2023. In application of the system, she received a total of 191,423 BBVA shares, after leaving office, which was equivalent to the total
theoretical shares accumulated up to that date.
Remuneration of executive directors
The remuneration of executive directors for financial years 2024 and 2023 indicated below, individually and by remuneration item, are
the result of applying the BBVA Directors’ Remuneration Policy approved at the General Shareholders’ Meeting held on March 17,
2023.

Annual Fixed Remuneration (thousands of Euros) |
| 2024 | 2023
Chair | 2,924 | 2,924
Chief Executive Officer | 2,179 | 2,179
Total | 5,103 | 5,103

In addition, in accordance with the provisions established in the BBVA Directors’ Remuneration Policy and contractually, during the
2024 and 2023 financial years the Chair received, each year, the amount of €41 thousand of fixed allowances for vehicle rental and
others. Meanwhile, the Chief Executive Officer received, each year, the amount of €654 thousand of fixed remuneration in cash in lieu
of pension (equivalent to 30% of his Annual Fixed Remuneration), as he does not receive a retirement benefit (see section on
“Pension commitments with executive directors” in this Note), and the amount of €600 thousand for his mobility allowance.

Remuneration in kind (thousands of Euros) |  |

Likewise, the executive directors received remuneration in kind during the financial years 2024 and 2023, including insurance
premiums and others, totaling €140 thousand and €172 thousand in the case of the Chair and €128 thousand and €131 thousand in
the case of the Chief Executive Officer, respectively.

Variable remuneration |  |

With regard to variable remuneration, the BBVA Directors’ Remuneration Policy approved by the General Shareholders’ Meeting in
2023 establishes a model whereby the Annual Variable Remuneration (“AVR”) of the executive directors comprises two components:
a Short-Term Incentive (“STI”) and a Long-Term Incentive (“LTI”). The award of both incentives is contingent upon the achievement
of the minimum profit and capital ratio thresholds approved by the Board of Directors for this purpose. The sum of the STI and the LTI
constitutes the AVR for the year of each executive director.
The STI will be awarded once the reference year for measuring the annual indicators used for its calculation has ended. The amount of
the STI will be determined based on the results of these indicators, taking into account the targets, scales of achievement and
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 183

weightings established for each of them, which may range between 0% and 150% of the “Target STI”. The “Target STI” represents
the amount of the STI if 100% of the pre-established targets for these indicators are achieved.
Once the aforementioned minimum profit and capital ratio thresholds have been reached, the right to the LTI will accrue, the final
amount of which may range between 0% and 150% of the “Target LTI”. The “Target LTI” represents the amount of the LTI if 100% of
the pre-established targets for the long-term indicators approved for its calculation are achieved. The final amount of the LTI will be
determined once the last year of the measurement period of the long-term indicators has ended, based on their results and taking
into account the targets, scales of achievement and weightings established for each of them.
A percentage not exceeding 40% of the AVR will be vested and paid, provided that the required conditions are met, as a general rule,
in the first quarter of the year following the one to which it corresponds (the “Upfront Portion”), in equal parts in cash and BBVA
shares. The remaining amount, and at least 60% of the AVR, will be deferred over a five-year period and paid, if conditions are met, at
the end of each of the five years of deferral, 40% in cash and 60% in BBVA shares and/or instruments linked to BBVA shares (the
“Deferred Portion” or the “Deferred AVR”).
Within said deferral period, the payment of the LTI shall only begin after the expiration of the measurement period of the long-term
indicators’ targets, to the result of which its final amount is subject. Therefore, the LTI is part of the Deferred Portion of the AVR of
executive directors.
In accordance with the foregoing, in 2024 the executive directors accrued a Short-Term Incentive amounting to €2,871 thousand in
the case of the Chair and €2,147 thousand in the case of the Chief Executive Officer.
In addition, the executive directors accrued the right to a Long-Term Incentive for a maximum theoretical amount of €1,929 thousand
in the case of the Chair and €1,443 thousand for the Chief Executive Officer, which is equivalent, in both cases, to 150% of their Target
LTI. Once the measurement period for the long-term indicators established for their calculation has ended (at the end of 2027), their
final amount will be determined, which may range between 0% and 150% of the “Target LTI”. Therefore, if 100% of the pre-
established targets are met, this incentive will amount to €1,286 thousand in the case of the Chair and €962 thousand in the case of
the Chief Executive Officer.
In addition, the remaining rules applicable to the Annual Variable Remuneration of the executive directors set out in the BBVA
Directors’ Remuneration Policy will apply to the Annual Variable Remuneration for financial year 2024, which include: (i) a retention
period of one year following delivery of the BBVA shares or instruments linked to BBVA shares received; (ii) the prohibition of hedging
strategies or insurance that may undermine the effects of alignment with prudent risk management; (iii) update of the finally vested
Deferred Portion in cash in accordance with the CPI; (iv) malus and clawback arrangements throughout the whole periods of deferral
and retention of the shares or instruments; and (v) the limitation of variable remuneration to a maximum amount of 200% of the fixed
component of total remuneration, in accordance with the resolution approved by the General Shareholders’ Meeting held in 2024.
Taking into account the above, the Upfront Portion of the AVR for the financial years 2024 and 2023 of the executive directors which
is due for payment once each of said financial years has ended, in equal parts in cash and BBVA shares, is indicated below.

Annual Variable Remuneration (AVR) |  |  |  |
| 2024 (1) |  | 2023 (2)
| In cash (thousands of Euros) | In shares |  | In cash (thousands of Euros) | In shares
Chair | 897 | 92,803 |  | 897 | 107,835
Chief Executive Officer | 671 | 69,408 |  | 671 | 80,650
Total | 1,568 | 162,211 |  | 1,568 | 188,485

(1) Upfront Portion (37%) of the Annual Variable Remuneration, which represents the first payment of the Short-Term Incentive for
financial year 2024 and will be paid during the first quarter of financial year 2025, in equal parts in cash and BBVA shares. The
remaining amount of the 2024 Annual Variable Remuneration (which includes the 2024 Long-Term Incentive) will be deferred over a
5-year period (40% in cash and 60% in shares and/or instruments linked to shares).
The final amount of the Deferred AVR will depend on the result of the long-term indicators to be used to calculate the 2024 Long-
Term Incentive. Likewise, and as an ex post risk adjustment mechanism, the Deferred AVR may be reduced if the capital and liquidity
thresholds established to guarantee that payment occurs only if it is sustainable, in accordance with the Bank’s payment capacity, are
not reached.
(2) Upfront Portion (37%) of the Annual Variable Remuneration, which represents the first payment of the Short-Term Incentive for
financial year 2023 and which was paid in 2024, in equal parts in cash and BBVA shares. The remaining amount of the 2023 Annual
Variable Remuneration (which includes the 2023 Long-Term Incentive) was deferred over a 5-year period (40% in cash and 60% in
shares and/or instruments linked to shares).
The final amount of the Deferred AVR will depend on the result of the long-term indicators to be used to calculate the 2023 Long-
Term Incentive. Likewise, and as an ex post risk adjustment mechanism, the Deferred AVR may be reduced if the capital and liquidity
thresholds established to guarantee that payment occurs only if it is sustainable, in accordance with the Bank’s payment capacity, are
not reached.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 184

Deferred Annual Variable Remuneration (AVR) from previous financial years
|  |  | 2024 (1) |  | 2023 (2)
| Deferred AVR |  | In cash (thousands of Euros) | In shares |  | In cash (thousands of Euros) | In shares
Chair | 2023 |  | 221 | 38,821 |  | — | —
2022 |  | 236 | 56,941 |  | 229 | 56,941
2021 |  | 228 | 57,325 |  | 222 | 57,325
2020 |  | 0 | 0 |  | 0 | 0
2019 |  | 181 | 45,529 |  | 176 | 45,529
2018 |  | — | — |  | 132 | 35,795
Subtotal |  | 867 | 198,616 |  | 760 | 195,590
Chief Executive Officer | 2023 |  | 166 | 29,034 |  | — | —
2022 |  | 181 | 43,793 |  | 176 | 43,793
2021 |  | 173 | 43,552 |  | 169 | 43,552
2020 |  | 0 | 0 |  | 0 | 0
2019 |  | 163 | 40,858 |  | 158 | 40,858
2018 |  | — | — |  | — | —
Subtotal |  | 683 | 157,237 |  | 503 | 128,203
Total |  | 1,550 | 355,853 |  | 1,263 | 323,793

(1) Deferred remuneration payable after the 2024 year-end, including the update of its cash portion. Payment to the Chair and the
Chief Executive Officer will take place in 2025 in accordance with the vesting and payment rules set out in the remuneration policies
applicable in each financial year:
• 2023 Deferred AVR: the first payment of the Deferred STI (17.9% of the Deferred Portion) is due to executive directors.
Thereafter, the second payment of the Deferred STI (17.9% of the Deferred Portion) and the 2023 LTI (64.2% of the Deferred
Portion) will be deferred for both executive directors. The final amount of the 2023 LTI will depend on the result of the long-
term indicators approved for its calculation once its measurement period has elapsed (at the end of 2026), which may range
between an achievement of 0% to 150%. If the relevant conditions are met, the second payment of the Deferred STI will be
made in 2026 and the three payments of the 2023 LTI will be made in 2027, 2028 and 2029.
• 2022 Deferred AVR: the second payment (20% of the Deferred Portion) is due to executive directors. Thereafter, 60% of the
2022 Deferred AVR will be deferred for both executive directors, which, if the relevant conditions are met, will be paid in 2026,
2027, and 2028.
• 2021 Deferred AVR: the third payment (20% of the Deferred Portion) is due to executive directors, after having verified that
no reduction had to be made according to the result of the multi-year performance indicators approved in 2021 by the Board
of Directors. Thereafter, 40% of the 2021 Deferred AVR will be deferred for both executive directors which, if the relevant
conditions are met, will be paid in 2026 and 2027.
• 2020 Deferred AVR: given the exceptional circumstances arising from the COVID-19 crisis, executive directors voluntarily
waived the whole of their 2020 AVR.
• 2019 Deferred AVR: the third and final payment (20% of the Deferred Portion) is due to executive directors. Following this,
payment to executive directors of the 2019 Deferred AVR will be completed.
(2) Deferred remuneration which was payable after the 2023 year-end, including the update of its cash portion. Its payment to the
Chair and/or the Chief Executive Officer took place in 2024, in accordance with the vesting and payment rules set out in the
remuneration policies applicable in each financial year:
• 2022 Deferred AVR: in 2024, the first payment (20% of the Deferred Portion) was made to executive directors.
• 2021 Deferred AVR: in 2024, the second payment (20% of the Deferred Portion) was made to executive directors.
• 2020 Deferred AVR: given the exceptional circumstances arising from the COVID-19 crisis, executive directors voluntarily
waived the whole of their 2020 AVR.
• 2019 Deferred AVR: in 2024, the second payment (20% of the Deferred Portion) was made to executive directors.
• 2018 Deferred AVR: in 2024, the third and final payment (20% of the Deferred Portion) was made to the Chair. Following this,
payment to the Chair of the 2018 Deferred AVR, which was associated with his former position as Chief Executive Officer, was
completed.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 185

Pension commitments with executive directors
The Bank has not assumed any pension commitments with non-executive directors.
With regard to the executive directors, the BBVA Directors’ Remuneration Policy establishes a pension framework whereby, in the
case of the Chair, he is eligible to receive a retirement pension, paid in either income or capital, when he reaches the legally
established retirement age, provided that he does not leave his position as a result of serious dereliction of his duties. The amount of
this pension will be determined by the annual contributions made by the Bank, together with their corresponding accumulated yields
at that date.
The agreed annual contribution to cover the retirement contingency under the defined contribution system for the Chair, as set out in
the BBVA Directors’ Remuneration Policy, is €439 thousand. The Board of Directors may update this amount during the term of the
Policy, in the same manner as it may update the Annual Fixed Remuneration, pursuant to the terms established therein.
A portion of 15% of this annual contribution will be based on variable components and considered “discretionary pension benefits”. It
will, therefore, be subject to the conditions regarding delivery in shares, withholding, reduction and clawback established in the
applicable regulations, as well as any other conditions concerning variable remuneration that may be applicable in accordance with
the BBVA Directors’ Remuneration Policy.
In the event that the Chair’s contractual relationship is terminated before he reaches retirement age for reasons other than serious
dereliction of duties, the retirement pension payable to the Chair upon him reaching the legally established retirement age will be
calculated based on the funds accumulated through the contributions made by the Bank up to that date, as per the terms set out
above, plus the corresponding accumulated yield, with no additional contributions to be made by the Bank as of the time of
termination.
With respect to the commitments in favor of the Chair to cover the contingencies of death and disability, the Bank will pay the
corresponding annual insurance premiums in order to top up this coverage.
In accordance with the foregoing, in the financial year 2024, an amount of €456 thousand was recorded, comprising the agreed
annual contribution to cover the retirement contingency, which is €439 thousand, and a further amount of €17 thousand relating to
the upward adjustment of the “discretionary pension benefits” for the financial year 2023, which were declared at the end of that year
and which had to be included in the accumulated fund in 2024. Likewise, an amount of €252 thousand was paid in insurance
premiums for the death and disability contingencies.
As of December 31, 2024, the total accumulated fund to meet the retirement commitments with the Chair amounted to € 26,893
thousand.
Of the annual contribution for the retirement contingency corresponding to the financial year 2024, 15% (€66 thousand) was
recorded in that year as “discretionary pension benefits”. Following the end of the financial year, this amount was adjusted by
applying the same criteria used to determine the Short-Term Incentive that is part of the Chair’s Annual Variable Remuneration for
the 2024 financial year and was determined to amount to €83 thousand, which represents an upward adjustment of €17 thousand.
These “discretionary pension benefits” will be included in the accumulated fund in the 2025 financial year and will be subject to the
conditions established for them in the BBVA Directors’ Remuneration Policy.
With regard to the Chief Executive Officer, in accordance with the provisions of the BBVA Directors’ Remuneration Policy and those in
his contract, the Bank has not undertaken any retirement commitments, although he is entitled to an annual cash sum instead of a
retirement pension (“cash in lieu of pension”) equal to 30% of his Annual Fixed Remuneration. In accordance with the above, in the
2024 financial year, the Bank paid the Chief Executive Officer the amount of the “cash in lieu of pension” fixed remuneration, as
described in the “Remuneration of executive directors” section of this Note.
However, the Bank has undertaken commitments to cover the death and disability contingencies with the Chief Executive Officer, for
which the corresponding annual insurance premiums are paid. For these purposes, an amount €221 thousand was recognized in
2024 in this regard.

Pension systems (thousands of Euros)
| Contributions (1) |  | Accumulated funds
| Retirement |  | Death and disability |
| 2024 | 2023 |  | 2024 | 2023 |  | 2024 | 2023
Chair | 456 | 458 |  | 252 | 322 |  | 26,893 | 24,759
Chief Executive Officer | — | — |  | 221 | 230 |  | — | —
Total | 456 | 458 |  | 472 | 552 |  | 26,893 | 24,759

(1) Contributions recognized to meet the pension commitments with the executive directors in financial years 2024 and 2023. In the case of the Chair, these relate to the sum of
the annual retirement pension contribution and the adjustment made to the “discretionary pension benefits” for the financial years 2023 and 2022, the contribution of which to
the accumulated fund was to be made in the financial years 2024 and 2023, respectively, as well as to the premiums for the death and disability contingencies. In the case of the
Chief Executive Officer, the contributions recognized correspond exclusively to the insurance premiums paid by the Bank in 2024 and 2023 to cover the death and disability
contingencies given that, in his case, the Bank has not undertaken any commitments to cover the contingency of retirement.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 186

Payments for termination of the contractual relationship
In accordance with the BBVA Directors’ Remuneration Policy, the Bank has no commitments to make severance payments to
executive directors.
Remuneration of Senior Management
The remuneration of all Senior Management, excluding executive directors, for financial years 2024 and 2023, as indicated below,
broken down by remuneration item, are the result of applying the BBVA Group’s General Remuneration Policy approved by the Board
of Directors on March 29, 2023.

Fixed remuneration (thousands of Euros) |
| 2024 | 2023
Senior Management Total (1) | 19,928 | 18,187

(1) 16 memb ers as of December 31, 2024, and 15 members as of December 31, 2023, ex cluding executive directors in both cases.
In addition, in accordance with the provisions established in the BBVA Group’s General Remuneration Policy and contractually, during
the 2024 and 2023 financial years, the members of Senior Management collectively received fixed allowances for vehicle rental and
others totaling €347 thousand and €314 thousand, respectively.

Remuneration in kind (thousands of Euros) |  |

During the 2024 and 2023 financial years, remuneration in kind, including insurance premiums and others, totaling €603 thousand
and €590 thousand, respectively, was collectively paid to members of Senior Management.

Variable remuneration |  |

With regard to variable remuneration, the BBVA Group’s General Remuneration Policy establishes a model whereby the Annual
Variable Remuneration (“AVR”) for members of Senior Management, like that of executive directors, comprises two components: a
Short-Term Incentive (“STI”) and a Long-Term Incentive (“LTI”). The award of both incentives is contingent upon the achievement of
the minimum profit and capital ratio thresholds approved by the Board of Directors for this purpose. The sum of the STI and the LTI
constitutes the AVR for the year of each member of Senior Management.
Under this model, and in the same terms as set out above for the executive directors, in 2024 financial year, all members of Senior
Management accrued a Short-Term Incentive for a total combined amount of €7,271 thousand.
In addition, all members of Senior Management accrued the right to a Long-Term Incentive for a maximum theoretical amount of
€4,856 thousand, which is equivalent to the sum of 150% of the “Target LTI” of each beneficiary. The final amount of the LTI of each
beneficiary will be determined at the end of the measurement period of the long-term indicators established for its calculation (at the
end of 2027). This final amount may range between 0% and 150% of the “Target LTI”. Therefore, if 100% of the pre-established
targets are achieved, it will amount to a total of €3,237 thousand.
Moreover, the remaining rules applicable to the Annual Variable Remuneration of the members of the Senior Management
established in the BBVA Group’s General Remuneration Policy will apply to the Annual Variable Remuneration for financial year 2024,
which include: (i) a retention period of one year following delivery of the BBVA shares or instruments linked to BBVA shares received;
(ii) the prohibition of hedging strategies or insurance that may undermine the effects of alignment with prudent risk management; (iii)
update of the finally vested Deferred Portion in cash in accordance with the CPI; (iv) malus and clawback arrangements throughout
the whole periods of deferral and retention of the shares or instruments; and (v) the limitation of variable remuneration to a maximum
amount of 200% of the fixed component of total remuneration, in accordance with the resolution approved by the General
Shareholders’ Meeting in 2024.
Taking into account the above, the total sum of the Upfront Portion of the AVR for financial years 2024 and 2023 of the members of
Senior Management, due for payment once each of said financial years has ended, in equal parts in cash and BBVA shares, is
indicated below.

Annual Variable Remuneration (AVR) |  |  |  |
| 2024 (1) |  | 2023 (2)
| In cash (thousands of Euros) | In shares |  | In cash (thousands of Euros) | In shares
Senior Management Total (3) | 2,272 | 235,016 |  | 2,229 | 267,628

(1) Upfront Portion of the Annual Variable Remuneration, which represents the first payment of the Short-Term Incentive for financial
year 2024 and will be paid during the first quarter of financial year 2025, in equal parts in cash and BBVA shares. The remaining
amount of the 2024 Annual Variable Remuneration (which includes the 2024 Long-Term Incentive) will be deferred over a 5-year
period (40% in cash and 60% in shares or instruments linked to shares).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 187

The final amount of the Deferred AVR will depend on the result of the long-term indicators to be used to calculate the 2024 Long-
Term Incentive. Likewise, and as an ex post risk adjustment mechanism, the Deferred AVR may be reduced if the capital and liquidity
thresholds established to guarantee that payment occurs only if it is sustainable, in accordance with the Bank’s payment capacity, are
not reached.
(2) Upfront Portion of the Annual Variable Remuneration, which represents the first payment of the Short-Term Incentive for financial
year 2023 and which was paid in 2024, in equal parts in cash and BBVA shares. The remaining amount of the 2023 Annual Variable
Remuneration (which includes the 2023 Long-Term Incentive) was deferred over a 5-year period (40% in cash and 60% in shares
and/or instruments linked to shares).
The final amount of the Deferred AVR will depend on the result of the long-term indicators to be used to calculate the 2023 Long-
Term Incentive. Likewise, and as an ex post risk adjustment mechanism, the Deferred AVR may be reduced if the capital and liquidity
thresholds established to guarantee that payment occurs only if it is sustainable, in accordance with the Bank’s payment capacity, are
not reached.
(3) 16 members as of December 31, 2024 and 15 members as of December 31, 2023, excluding executive directors in both cases.

Deferred Annual Variable Remuneration (AVR) from previous financial years
|  |  | 2024 (1) |  | 2023 (2)
| Deferred AVR |  | In cash (thousands of Euros) | In shares |  | In cash (thousands of Euros) | In shares
Senior Management Total (3) | 2023 |  | 576 | 98,636 |  | — | —
2022 |  | 526 | 125,129 |  | 493 | 122,566
2021 |  | 490 | 119,207 |  | 457 | 116,528
2020 |  | 56 | 14,340 |  | 1,494 | 289,020
2019 |  | 314 | 77,447 |  | 303 | 77,447
2018 |  | — | — |  | 139 | 36,454
Total |  | 1,963 | 434,759 |  | 2,885 | 642,015

(1) Deferred remuneration payable after 2024 year-end, including the update of its cash portion. Payment thereof to members of
Senior Management who are beneficiaries will take place in 2025 in accordance with the remuneration policies applicable in each
financial year and the vesting and payment rules set forth therein applicable to each member of Senior Management, based on when
they became such a member:
• 2023 Deferred AVR: the first payment of the Deferred STI is due to members of Senior Management.
• 2022 Deferred AVR: the second payment is due to members of Senior Management.
• 2021 Deferred AVR: the third payment is due to members of Senior Management, after having verified that no reduction had
to be made according to the result of the multi-year performance indicators approved in 2021 by the Board of Directors.
• 2020 Deferred AVR: given the exceptional circumstances arising from the COVID-19 crisis, all members of Senior
Management voluntarily waived the whole of their 2020 AVR. Without prejudice to the foregoing, the second payment of the
deferred portion of a success bonus on the sale of BBVA USA is due to one member of Senior Management — an executive of
BBVA USA at that time —.
• 2019 Deferred AVR: the third and final payment is due to the members of Senior Management that are beneficiaries. In
addition, the third and final payment of the deferred portion of a retention plan is payable to one member of Senior
Management.
(2) Deferred remuneration which was payable after the 2023 year-end, including the update of its cash portion. Payment thereof to
members of Senior Management who were beneficiaries took place in 2024 in accordance with the vesting and payment rules set
forth in the remuneration policies applicable in each financial year:
• 2022 Deferred AVR: in 2024, the first payment was made to members of Senior Management.
• 2021 Deferred AVR: in 2024, the second payment was made to members of Senior Management.
• 2020 Deferred AVR: given the exceptional circumstances arising from the COVID-19 crisis, all members of Senior
Management voluntarily waived the whole of their 2020 AVR. Without prejudice to the foregoing, in 2024 the deferred portion
of a success bonus on the sale of BBVA USA was paid to two members of the Senior Management — who were executives of
BBVA USA at that time —. In 2024, one of them received the whole of the deferred portion and the other one received the first
payment of the deferred portion, in accordance with the vesting and payment rules set out in the remuneration policies
applicable to each of them in that financial year.
• 2019 Deferred AVR: in 2024, the second payment was made to the members of Senior Management who were beneficiaries.
In addition, the second payment of the deferred portion of a retention plan was paid to a member of Senior Management.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 188

• 2018 Deferred AVR: in 2024, the third and final payment was made to the members of Senior Management who were
beneficiaries.
(3) 16 members as of December 31, 2024 and 15 members as of December 31, 2023, excluding executive directors in both cases.
Pension commitments with members of Senior Management
In order to meet the pension commitments made to members of Senior Management (16 members as of December 31, 2024,
excluding the executive directors), a total combined amount of €4,226 thousand was recognized in financial year 2024 for the
contingency of retirement. This amount is equivalent to the annual contribution agreed to cover the contingency of retirement, plus a
further amount of €150 thousand pertaining to the upward adjustment of the “discretionary pension benefits” for financial year 2023,
which were declared at the end of that financial year and which had to be included to the accumulated fund in 2024. In addition, an
aggregate total amount of €1,181 thousand was paid in premiums to cover the contingencies of death and disability.
As of December 31, 2024, the total accumulated fund to meet the retirement commitments with members of Senior Management
amounted to €40,549 thousand.
As in the case of executive directors, 15% of the annual contributions agreed to cover the contingency of retirement for members of
Senior Management, will be based on variable components and will be considered “discretionary pension benefits”, and will therefore
be subject to the conditions regarding delivery in shares, withholding, reduction and recovery established in the applicable
regulations, as well as to any other conditions concerning variable remuneration that may be applicable to them in accordance with
the remuneration policy applicable to members of Senior Management.
For these purposes, of the annual contribution for the retirement contingency recognized in the 2024 financial year, a total amount of
€587 thousand was recognized in 2024 as “discretionary pension benefits”. Following the end of the financial year, and as in the case
of the Chair, this amount was adjusted by applying the same criteria used to determine the Short-Term Incentive that is part of the
Annual Variable Remuneration of the members of Senior Management for the 2024 financial year. As a result, the “discretionary
pension benefits” for the year, corresponding to all members of Senior Management, have been calculated at a total combined
amount of €741 thousand, which represents an upward adjustment of €154 thousand. These “discretionary pension benefits” will be
included in the accumulated fund in the 2025 financial year, and will be subject to the conditions established for them in the
remuneration policy applicable to members of Senior Management, in accordance with the regulations applicable to the Bank on this
matter.

Pension systems (thousands of Euros)
| Contributions (1) |  | Accumulated funds
| Retirement |  | Death and disability |
| 2024 | 2023 |  | 2024 | 2023 |  | 2024 | 2023
Senior Management Total (2) | 4,226 | 3,829 |  | 1,181 | 1,102 |  | 40,549 | 34,069

(1) Contributions recognized to meet pension commitments with all Senior Management in financial years 2024 and 2023, which relate to the sum of the annual retirement
pension contributions and the adjustments made to the “discretionary pension benefits” for 2023 and 2022 which were included in the accumulated fund in 2024 and 2023,
respectively, and to the insurance premiums paid by the Bank for death and disability contingencies.
(2) 16 members as of December 31, 2024, and 15 members as of December 31, 2023, excluding executive directors in both cases.
Payments for termination of the contractual relationship
Regarding Senior Management, excluding the executive directors, in 2024 the Bank did not make any severance payments arising
from the termination of the contractual relationship.
55. Other information
55.1 Environmental impact
Given the activities BBVA Group entities engage in, the Group has no environmental liabilities, expenses, assets, provisions or
contingencies that could have a significant effect on its consolidated equity, financial situation and profits. Consequently, as of
December 31, 2024, there is no item included in the Consolidated Financial Statements that requires disclosure in an environmental
information report pursuant to Ministry JUS/616/2022, of June 30, by which the new model for the presentation of consolidated
financial statements in the Commercial Register is approved. The accompanying Consolidated Management Report presents in more
detail the BBVA Group's management of environmental impacts and risks.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 189

55.2 Reporting requirements of the Spanish National Securities Market Commission
Dividends paid
The table below presents the dividends per share paid in cash during 2024, 2023 and 2022 (cash basis dividend, regardless of the
year in which they were accrued). For a complete analysis of all remuneration awarded to the shareholders in 2024, 2023 and 2022
(see Note 4).

Paid Dividends |  |  |
| 2024 | 2023 | 2022
| % Over nominal | Euros per share | Amount (Millions of Euros) | % Over nominal | Euros per share | Amount (Millions of Euros) | % Over nominal | Euros per share | Amount (Millions of Euros)
Ordinary shares | 138.78% | 0.68 | 3,921 | 95.92% | 0.47 | 2,812 | 71.43% | 0.35 | 2,190
Rest of shares | — | — | — | — | — | — | — | — | —
Total dividends paid in cash | 138.78 % | 0.68 | 3,921 | 95.92 % | 0.47 | 2,812 | 71.43 % | 0.35 | 2,190
Dividends with charge to income | 138.78% | 0.68 | 3,921 | 95.92% | 0.47 | 2,812 | 24.49% | 0.12 | 724
Dividends with charge to reserve or share premium | — | — | — | — | — | — | 46.94% | 0.23 | 1,467
Dividends in kind | — | — | — | — | — | — | — | — | —
Flexible payment | — | — | — | — | — | — | — | — | —

Ordinary income and attributable profit by operating segment
The detail of the consolidated ordinary income and profit for each operating segment is as follows as of December 31, 2024, 2023 and
2022:

Ordinary income and attributable profit by operating segment (Millions of Euros)
| Income from ordinary activities (1) | Profit/ (loss) (2)
| 2024 | 2023 ⁽³⁾ | 2022 | 2024 | 2023 ⁽³⁾ | 2022
Spain | 19,388 | 16,666 | 9,357 | 3,784 | 2,720 | 1,667
Mexico | 25,498 | 22,822 | 16,446 | 5,447 | 5,319 | 4,131
Turkey | 21,414 | 10,674 | 7,860 | 611 | 527 | 505
South America | 12,260 | 10,913 | 8,689 | 635 | 601 | 738
Rest of Business | 3,968 | 3,053 | 1,357 | 500 | 396 | 240
Subtotal operating segments | 82,529 | 64,127 | 43,710 | 10,978 | 9,564 | 7,280
Corporate Center and adjustments ⁽⁴⁾ | (153) | (717) | (81) | (924) | (1,544) | (922)
Total | 82,376 | 63,411 | 43,629 | 10,054 | 8,019 | 6,358

(1) The line comprises interest income; dividend income; fee and commission income; gains (losses) on derecognition of financial assets and liabilities not measured at fair value
through profit or loss, net; gains (losses) on financial assets and liabilities held for trading, net; gains (losses) on non-trading financial assets mandatorily at fair value through
profit or loss, net; gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net; gains (losses) from hedge accounting, net; other operating
income; and income from insurance and reinsurance contracts.
(2) See Note 6.
(3) In the first quarter of 2024 the Group changed its allocation criteria for certain expenses, mainly related with global international projects between the Corporate Center and
the operating segments, therefore, in order to make those year-on-year comparisons homogeneous, the figures for year 2023 have been restated, which has not affected t he
consolidated financial information of the Group.
(4) Adjustments include the impact of the purchase of offices in Spain in 2022 in the transaction with Merlin Properties (see Note 17).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 190

Interest income by geographical area
The breakdown of the balance of “Interest income and similar income” in the consolidated income statements by geographical area is
as follows:

Interest income. Breakdown by geographical area (Millions of Euros)
| Notes | 2024 | 2023 | 2022
Domestic |  | 14,758 | 12,621 | 5,410
Foreign |  | 46,901 | 35,229 | 26,023
European Union |  | 1,685 | 1,149 | 473
Eurozone |  | 1,426 | 925 | 327
Not Eurozone |  | 259 | 224 | 146
Other countries |  | 45,216 | 34,081 | 25,550
Total | 37.1 | 61,659 | 47,850 | 31,432

Number of employees
The detail of the average number of employees is as follows as of December 31, 2024, 2023 and 2022:

Average number of employees |  |  |
| 2024 | 2023 | 2022
Men | 59,754 | 56,907 | 53,642
Women | 63,846 | 62,078 | 59,389
Total | 123,600 | 118,985 | 113,031

The breakdown of the average number of employees in the BBVA Group as of December 31, 2024, 2023 and 2022 is as follows:

Average number of employees
| 2024 | 2023 | 2022
Spanish banks |  |  |
Management Team | 1,834 | 1,722 | 1,509
Managers | 10,150 | 9,582 | 8,863
Other line personnel and clerical staff | 9,796 | 9,878 | 9,984
Branches abroad | 1,259 | 1,131 | 1,041
Subtotal | 23,039 | 22,313 | 21,397
Banks abroad |  |  |
Mexico | 44,991 | 42,834 | 39,471
The United States | — | — | —
Turkey | 22,254 | 21,810 | 21,803
Venezuela | 1,794 | 1,772 | 1,709
Argentina | 5,914 | 5,771 | 5,674
Colombia | 5,398 | 5,419 | 5,385
Peru | 7,266 | 6,990 | 6,327
Other | 662 | 650 | 644
Subtotal | 88,278 | 85,245 | 81,013
Pension fund managers | 79 | 258 | 469
Other non-banking companies | 12,204 | 11,169 | 10,152
Total | 123,600 | 118,985 | 113,031

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Notes to the Consolidated Financial Statements | 191

The breakdown of the number of employees in the BBVA Group as of December 31, 2024, 2023 and 2022 by category and gender is
as follows:

Number of employees at the year end. Professional category and gender
| 2024 | 2023 | 2022
| Male | Female | Male | Female | Male | Female
Management team | 3,753 | 2,057 | 3,557 | 1,886 | 3,425 | 1,726
Managers | 21,901 | 21,213 | 20,741 | 19,986 | 19,361 | 19,116
Other line personnel and clerical staff | 35,345 | 41,647 | 34,203 | 41,113 | 32,139 | 39,908
Total | 60,999 | 64,917 | 58,501 | 62,985 | 54,925 | 60,750

55.3 Payments made and outstanding balances
The information required by Final Provision second of Law 31/2014 of December 3, which amends the Corporate Law to improve
corporate governance modifies Additional Provision third of Law 15/2010, of July 5, amending the Law 3/2004 of December 29,
through which measures for combating late payment in commercial transactions are set, is as follows:

Payments made and pending payments (Millions of Euros)
| 2024 | 2023
Average payment period to third parties (days) | 28 | 23
Ratio of outstanding payment transactions (days) (1) | 28 | 23
Ratio outstanding payment transactions (days) (1) | 19 | 18
Total payments | 3,028 | 3,053
Total outstanding payments | 166 | 136

(1) To obtain these ratios, the total number of registered invoices is taken into account.
Including other BBVA Group companies in Spain, the total payments made for the years 2024 and 2023 amounted to €3,033 million
and €3,058 million.
The data shown in the table above on payments to suppliers refer to those which by their nature are trade creditors for the supply of
goods and services, so data relating to "Other financial liabilities - Creditors for other payment obligations " is included in the balance.
As of December 31, 2023, according to Law 18/2022, of September 28, on creation and development of entities, BBVA paid a total of
131,378 invoices (representing 89.6% of the total invoices received) with a total amount of €2,071 million (representing 95.5% of the
volume invoiced) in a period less than or equal to the maximum established in the delinquency regulations.
56. Subsequent events
On January 14, 2025, BBVA carried out an issuance of perpetual contingent convertible securities with exclusion of shareholders' pre-
emptive subscription rights, for a total nominal amount of USD 1 billion. This issuance is listed on the New York Stock Exchange and
was targeted only at qualified investors, not being offered or sold to any retail clients. Likewise, on January 28, 2025, the Bank
announced its irrevocable decision to redeem in whole on March 5, 2025, the issuance of contingently convertible preferred securities
(which qualified as additional tier 1 instruments) carried out by the Bank on September 5, 2019, for an amount of USD 1 billion on the
First Reset Date and once the prior consent from the Regulator was obtained (see Note 22.4).
On January 30, 2025, it was announced that a cash distribution in the amount of €0.41 gross per share to be paid presumably in April
2025 as the final dividend for the year 2024, and the execution of a share buyback program of BBVA for an amount of €993 million
were planned to be proposed to the corresponding corporate bodies for consideration as ordinary remuneration to shareholders for
2024, subject to obtaining the corresponding regulatory authorizations and approval by the Board of Directors of the specific terms
and conditions of the program, which will be communicated to the market prior to the start of its execution (see Note 4).
From January 1, 2025 to the date of preparation of these Consolidated Financial Statements, no other subsequent events not
mentioned above in these financial statements have taken place that could significantly affect the Group’s earnings or its equity
position.
57. Explanation added for translation into English
These consolidated financial statements are presented on the basis of IFRS, as adopted by the European Union. Certain accounting
practices applied by the Group that conform to EU-IFRS may not conform to other generally accepted accounting principles.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 192

Appendices
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 193

APPENDIX I. Additional information on subsidiaries and structured entities composing
the BBVA Group as of December 31, 2024

|  |  | % share of participation (1) | Millions of Euros (2)
|  |  | Affiliate entity data
Company | Location | Activity | Direct | Indirect | Total | Net carrying amount | Equity excluding profit (loss) 31.12.2024 | Profit (loss) 31.12.2024
ACTIVOS MACORP SL | SPAIN | REAL ESTATE | 50.64 | 49.36 | 100.00 | 3 | 3 | —
ADQUIRA MEXICO SA DE CV | MEXICO | SERVICES | — | 100.00 | 100.00 | 10 | 6 | 4
ALCALA 120 PROMOC. Y GEST.IMMOB. S.L. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 19 | 19 | —
ANIDA GRUPO INMOBILIARIO SL | SPAIN | INVESTMENT COMPANY | 100.00 | — | 100.00 | 941 | 916 | 36
ANIDA INMOBILIARIA, S.A. DE C.V. | MEXICO | INVESTMENT COMPANY | — | 100.00 | 100.00 | 16 | 15 | 1
ANIDA OPERACIONES SINGULARES, S.A. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 874 | 860 | 14
ANIDA PROYECTOS INMOBILIARIOS, S.A. DE C.V. | MEXICO | REAL ESTATE | — | 100.00 | 100.00 | 14 | 13 | 1
ANIDAPORT INVESTIMENTOS IMOBILIARIOS, UNIPESSOAL, LTDA | PORTUGAL | REAL ESTATE | — | 100.00 | 100.00 | 22 | 13 | 3
ANTHEMIS BBVA VENTURE PARTNERSHIP LLP | UNITED KINGDOM | INVESTMENT COMPANY | — | 100.00 | 100.00 | 11 | 12 | —
ARRAHONA NEXUS, S.L. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 56 | 62 | —
ARRELS CT FINSOL, S.A. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 59 | 75 | —
ARRELS CT PATRIMONI I PROJECTES, S.A. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 22 | 22 | 1
ARRELS CT PROMOU SA | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 17 | 24 | 6
BANCO BBVA ARGENTINA S.A. | ARGENTINA | BANKING | 40.01 | 26.54 | 66.55 | 158 | 597 | 1,350
BANCO BBVA PERÚ SA ⁽³⁾ | PERU | BANKING | — | 47.13 | 47.13 | 1,606 | 2,942 | 465
BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY SA | URUGUAY | BANKING | 100.00 | — | 100.00 | 110 | 254 | 76
BANCO OCCIDENTAL SA | SPAIN | BANKING | 49.43 | 50.57 | 100.00 | 17 | 19 | 1
BANCO PROVINCIAL OVERSEAS NV | CURAÇAO | BANKING | — | 100.00 | 100.00 | 53 | 46 | 7
BANCO PROVINCIAL SA - BANCO UNIVERSAL | VENEZUELA | BANKING | 1.46 | 53.75 | 55.21 | 46 | 267 | (6)
BBV AMERICA SL | SPAIN | INVESTMENT COMPANY | 99.80 | 0.20 | 100.00 | — | 659 | 93
BBVA (SUIZA) SA | SWITZERLAND | BANKING | 100.00 | — | 100.00 | 115 | 153 | 9
BBVA AGENCIA DE SEGUROS COLOMBIA LTDA | COLOMBIA | INSURANCES SERVICES | — | 100.00 | 100.00 | — | — | —
BBVA ASSET MANAGEMENT ARGENTINA SAU SOCIEDAD GERENTE DE FONDOS COMUNES DE INVERSIÓN | ARGENTINA | INVESTMENT FUND MANAGEMENT | — | 100.00 | 100.00 | 29 | — | 28
BBVA ASSET MANAGEMENT MEXICO SA DE CV, SOC.OPERADORA DE FONDOS DE INVERSION, GRUPO FRO. BBVA MEXICO | MEXICO | INVESTMENT FUND MANAGEMENT | — | 100.00 | 100.00 | 38 | 10 | 29
BBVA ASSET MANAGEMENT SA SAF | PERU | INVESTMENT FUND MANAGEMENT | — | 100.00 | 100.00 | 8 | 6 | 2
BBVA ASSET MANAGEMENT SA SGIIC | SPAIN | INVESTMENT FUND MANAGEMENT | 100.00 | — | 100.00 | 36 | (84) | 156
BBVA ASSET MANAGEMENT SA SOCIEDAD FIDUCIARIA (BBVA FIDUCIARIA) | COLOMBIA | INVESTMENT FUND MANAGEMENT | — | 100.00 | 100.00 | 29 | 18 | 11
BBVA BOLSA SOCIEDAD AGENTE DE BOLSA S.A. | PERU | SECURITIES DEALER | — | 100.00 | 100.00 | 6 | 4 | 3
BBVA BRASIL BANCO DE INVESTIMENTO SA | BRAZIL | BANKING | 100.00 | — | 100.00 | 14 | 19 | (8)
BBVA BROKER ARGENTINA SA | ARGENTINA | INSURANCES SERVICES | — | 99.96 | 99.96 | — | 3 | 11
BBVA BROKER CORREDURIA DE SEGUROS Y REASEGUROS SA | SPAIN | FINANCIAL SERVICES | 99.94 | 0.06 | 100.00 | — | 4 | 7
BBVA COLOMBIA SA | COLOMBIA | BANKING | 78.12 | 18.22 | 96.34 | 740 | 1,592 | (84)
BBVA CONSUMER FINANCE ENTIDAD DE DESARROLLO A LA PEQUEÑA Y MICRO EMPRESA EDPYME SA (BBVA CONSUMER FINANCE - EDPYME) | PERU | IN LIQUIDATION | — | 100.00 | 100.00 | 5 | 4 | —
BBVA DISTRIBUIDORA DE SEGUROS S.R.L. | URUGUAY | FINANCIAL SERVICES | — | 100.00 | 100.00 | 7 | 2 | 4
BBVA FUNDOS S.GESTORA FUNDOS PENSOES SA | PORTUGAL | PENSION FUND MANAGEMENT | 100.00 | — | 100.00 | 11 | 9 | 2
BBVA GLOBAL FINANCE LTD | CAYMAN ISLANDS | OTHER ISSUANCE COMPANIES | 100.00 | — | 100.00 | — | 6 | —
BBVA GLOBAL MARKETS BV | NETHERLANDS | OTHER ISSUANCE COMPANIES | 100.00 | — | 100.00 | — | — | —

(1) In accordance with Article 3 of Royal Decree 1159/2010, of September 17, in order to determine the state, the voting power relating to subsidiaries was added to the voting
power directly held by the parent. Therefore, the number of votes corresponding to the parent company (including indirect control subsidiaries), corresponds to each subsidiary
holding a direct ownership interest.
(2) Amount without considering the interim dividends of the year, according to the provisional financial statements of each company, generally as of December 31, 2024. In the
carrying amount (net of provision and hedge in foreign operations), the Group´s ownership percentage has been applied, without considering the impairment of goodwill.
Information on individual companies and foreign companies at exchange rate as of December 31, 2024. The data of the companies in Turkey and Argentina are prior to the
application of hyperinflation accounting.
(3) Full consolidation method is used according to accounting rules (see Glossary).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 194

Additional information on subsidiaries and structured entities composing the BBVA
Group as of December 31, 2024 (continued)

|  |  | % share of participation (1) | Millions of Euros (2)
|  |  | Affiliate entity data
Company | Location | Activity | Direct | Indirect | Total | Net carrying amount | Equity excluding profit (loss) 31.12.2024 | Profit (loss) 31.12.2024
BBVA GLOBAL SECURITIES, B.V. | NETHERLANDS | OTHER ISSUANCE COMPANIES | 100.00 | — | 100.00 | — | — | —
BBVA GLOBAL WEALTH ADVISORS INC | UNITED STATES | FINANCIAL SERVICES | 100.00 | — | 100.00 | 7 | 16 | (10)
BBVA HOLDING CHILE SA | CHILE | INVESTMENT COMPANY | 61.22 | 38.78 | 100.00 | 158 | 290 | 18
BBVA INSTITUIÇAO FINANCEIRA DE CREDITO SA | PORTUGAL | FINANCIAL SERVICES | 49.90 | 50.10 | 100.00 | 39 | 63 | 2
BBVA LEASING MEXICO SA DE CV | MEXICO | FINANCIAL SERVICES | — | 100.00 | 100.00 | 51 | 257 | 31
BBVA MEDIACION OPERADOR DE BANCA- SEGUROS VINCULADO, S.A. | SPAIN | FINANCIAL SERVICES | 99.99 | 0.01 | 100.00 | 11 | (17) | 33
BBVA MEXICO SA INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO BBVA MEXICO | MEXICO | BANKING | — | 100.00 | 100.00 | 16,766 | 12,067 | 4,699
BBVA OPERADORA MEXICO SA DE CV | MEXICO | SERVICES | 100.00 | — | 100.00 | 72 | 68 | 7
BBVA PENSIONES MEXICO, S.A. DE C.V., GRUPO FINANCIERO BBVA MEXICO | MEXICO | INSURANCES SERVICES | — | 100.00 | 100.00 | 348 | 273 | 74
BBVA PENSIONES SA ENTIDAD GESTORA DE FONDOS DE PENSIONES | SPAIN | PENSION FUND MANAGEMENT | 100.00 | — | 100.00 | 13 | 14 | 12
BBVA PERU HOLDING SAC | PERU | INVESTMENT COMPANY | 100.00 | — | 100.00 | 149 | 1,404 | 219
BBVA PREVISION AFP SA ADM.DE FONDOS DE PENSIONES | BOLIVIA | PENSION FUND MANAGEMENT | 75.00 | 5.00 | 80.00 | 2 | 5 | (1)
BBVA PROCESSING SERVICES INC. | UNITED STATES | FINANCIAL SERVICES | 100.00 | — | 100.00 | 1 | 2 | —
BBVA RE INHOUSE COMPAÑIA DE REASEGUROS, S.E. | SPAIN | INSURANCES SERVICES | 100.00 | — | 100.00 | 63 | 60 | 5
BBVA SECURITIES INC | UNITED STATES | FINANCIAL SERVICES | 100.00 | — | 100.00 | 233 | 243 | 15
BBVA SEGUROS ARGENTINA SA | ARGENTINA | INSURANCES SERVICES | 87.78 | 12.22 | 100.00 | 11 | 30 | 25
BBVA SEGUROS CA | VENEZUELA | INSURANCES SERVICES | — | 100.00 | 100.00 | 10 | 9 | —
BBVA SEGUROS COLOMBIA SA | COLOMBIA | INSURANCES SERVICES | 94.00 | 6.00 | 100.00 | 10 | 29 | 10
BBVA SEGUROS DE VIDA COLOMBIA SA | COLOMBIA | INSURANCES SERVICES | 94.00 | 6.00 | 100.00 | 14 | 131 | 50
BBVA SEGUROS MÉXICO SA DE CV GRUPO FINANCIERO BBVA MEXICO | MEXICO | INSURANCES SERVICES | — | 100.00 | 100.00 | 674 | 110 | 564
BBVA SEGUROS SA DE SEGUROS Y REASEGUROS | SPAIN | INSURANCES SERVICES | 99.96 | — | 99.96 | 713 | 377 | 251
BBVA SEGUROS SALUD MEXICO SA DE CV GRUPO FRO. BBVA MEXICO. | MEXICO | INSURANCES SERVICES | — | 100.00 | 100.00 | 28 | 22 | 6
BBVA SERVICIOS ADMINISTRATIVOS MEXICO, S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | 25 | 23 | 2
BBVA SERVICIOS, S.A. | SPAIN | COMMERCIAL | — | 100.00 | 100.00 | — | — | —
BBVA SOCIEDAD TITULIZADORA S.A. | PERU | OTHER ISSUANCE COMPANIES | — | 100.00 | 100.00 | 1 | 1 | —
BBVA TECHNOLOGY AMERICA SA | MEXICO | SERVICES | 100.00 | — | 100.00 | 219 | 249 | 17
BBVA TECHNOLOGY SLU | SPAIN | SERVICES | 100.00 | — | 100.00 | 44 | 46 | 7
BBVA TRADE, S.A. | SPAIN | INVESTMENT COMPANY | — | 100.00 | 100.00 | 9 | 9 | 1
BBVA VALORES COLOMBIA SA COMISIONISTA DE BOLSA | COLOMBIA | SECURITIES DEALER | — | 100.00 | 100.00 | 14 | 11 | 4
BILBAO VIZCAYA INVESTMENTS SA UNIPERSONAL | SPAIN | INVESTMENT COMPANY | 100.00 | — | 100.00 | 482 | 510 | 41
CARTERA E INVERSIONES SA | SPAIN | INVESTMENT COMPANY | 100.00 | — | 100.00 | 92 | 137 | 1
CASA DE BOLSA BBVA MEXICO SA DE CV | MEXICO | SECURITIES DEALER | — | 100.00 | 100.00 | 85 | 41 | 44
CATALUNYACAIXA IMMOBILIARIA SA | SPAIN | REAL ESTATE | 100.00 | — | 100.00 | 159 | 145 | 13
CATALUNYACAIXA SERVEIS SA | SPAIN | SERVICES | 100.00 | — | 100.00 | 2 | 2 | —
CIDESSA DOS, S.L. | SPAIN | INVESTMENT COMPANY | — | 100.00 | 100.00 | 2 | 2 | —
CIERVANA SL | SPAIN | INVESTMENT COMPANY | 100.00 | — | 100.00 | 53 | 83 | 2
COMERCIALIZADORA CORPORATIVA SAC | PERU | FINANCIAL SERVICES | — | 50.00 | 50.00 | — | — | —

(1) In accordance with Article 3 of Royal Decree 1159/2010, of September 17, in order to determine the state, the voting power relating to subsidiaries was added to the voting
power directly held by the parent. Therefore, the number of votes corresponding to the parent company (including indirect control subsidiaries), corresponds to each subsidiary
holding a direct ownership interest.
(2) Amount without considering the interim dividends of the year, according to the provisional financial statements of each company, generally as of December 31, 2024. In the
carrying amount (net of provision and hedge in foreign operations), the Group´s ownership percentage has been applied, without considering the impairment of goodwill.
Information on individual companies and foreign companies at exchange rate as of December 31, 2024. The data of the companies in Turkey and Argentina are prior to the
application of hyperinflation accounting.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 195

Additional information on subsidiaries and structured entities composing the BBVA
Group as of December 31, 2024 (continued)

|  |  | % share of participation (1) | Millions of Euros (2)
|  |  | Affiliate entity data
Company | Location | Activity | Direct | Indirect | Total | Net carrying amount | Equity excluding profit (loss) 31.12.2024 | Profit (loss) 31.12.2024
COMERCIALIZADORA DE SERVICIOS FINANCIEROS, S.A. | COLOMBIA | SERVICES | — | 100.00 | 100.00 | 5 | 5 | —
COMPAÑIA CHILENA DE INVERSIONES SL | SPAIN | INVESTMENT COMPANY | 99.97 | 0.03 | 100.00 | 221 | 268 | 8
CONSOLIDAR A.F.J.P SA | ARGENTINA | IN LIQUIDATION | 46.11 | 53.89 | 100.00 | 1 | — | —
CONTENTS AREA, S.L. | SPAIN | SERVICES | — | 100.00 | 100.00 | 5 | 5 | —
CONTINENTAL DPR FINANCE COMPANY BV | NETHERLANDS | FINANCIAL SERVICES | — | 100.00 | 100.00 | — | — | —
CORPORACION GENERAL FINANCIERA SAU | SPAIN | INVESTMENT COMPANY | 100.00 | — | 100.00 | 510 | 939 | 67
CREA MADRID NUEVO NORTE SA | SPAIN | REAL ESTATE | — | 75.54 | 75.54 | 349 | 466 | (5)
DEUTSCHE BANK MEXICO SA FIDEICOMISO F/1859 | MEXICO | FINANCIAL SERVICES | — | 100.00 | 100.00 | — | — | —
DEUTSCHE BANK MEXICO SA FIDEICOMISO F/1860 | MEXICO | FINANCIAL SERVICES | — | 100.00 | 100.00 | — | — | —
DIGITAL INVESTMENTS SL | SPAIN | HOLDING THAT MANAGES MOSTLY FINANCIAL SUBSIDIARIES | 99.98 | 0.03 | 100.01 | 92 | 42 | —
ECASA, S.A. | CHILE | FINANCIAL SERVICES | — | 100.00 | 100.00 | 27 | 26 | 1
EMPRENDIMIENTOS DE VALOR S.A. | URUGUAY | FINANCIAL SERVICES | — | 100.00 | 100.00 | 3 | 3 | (1)
EUROPEA DE TITULIZACION SA SGFT | SPAIN | FINANCIAL SERVICES | 88.24 | — | 88.24 | 2 | 20 | 3
F/11395 FIDEICOMISO IRREVOCABLE DE ADMINISTRACION CON DERECHO DE REVERSION ⁽³⁾ | MEXICO | REAL ESTATE | — | 42.40 | 42.40 | — | 1 | —
F/253863 EL DESEO RESIDENCIAL | MEXICO | REAL ESTATE | — | 65.00 | 65.00 | — | 1 | —
FIDEICOMISO 28991-8 TRADING EN LOS MCADOS FINANCIEROS | MEXICO | FINANCIAL SERVICES | — | 100.00 | 100.00 | 4 | 3 | —
FIDEICOMISO F/29764-8 SOCIO LIQUIDADOR DE OPERACIONES FINANCIERAS DERIVADAS | MEXICO | FINANCIAL SERVICES | — | 100.00 | 100.00 | 99 | 87 | 12
FIDEICOMISO F/403112-6 DE ADMINISTRACION DOS LAGOS | MEXICO | REAL ESTATE | — | 100.00 | 100.00 | — | — | —
FIDEICOMISO HARES BBVA BANCOMER F/ 47997-2 | MEXICO | REAL ESTATE | — | 100.00 | 100.00 | 1 | — | 1
FIDEICOMISO INMUEBLES CONJUNTO RESIDENCIAL HORIZONTES DE VILLA CAMPESTRE | COLOMBIA | REAL ESTATE | — | 100.00 | 100.00 | — | 1 | —
FIDEICOMISO LOTE 6.1 ZARAGOZA | COLOMBIA | REAL ESTATE | — | 59.99 | 59.99 | — | 2 | —
FIDEICOMISO SCOTIABANK INVERLAT S A F100322908 | MEXICO | REAL ESTATE | — | 100.00 | 100.00 | — | — | —
FOMENTO Y DESARROLLO DE CONJUNTOS RESIDENCIALES S.L. EN LIQUIDACION | SPAIN | IN LIQUIDATION | — | 60.00 | 60.00 | — | — | —
FORUM COMERCIALIZADORA DEL PERU SA | PERU | SERVICES | — | 100.00 | 100.00 | 1 | 1 | —
FORUM DISTRIBUIDORA DEL PERU SA | PERU | FINANCIAL SERVICES | — | 100.00 | 100.00 | 8 | 9 | (1)
FORUM DISTRIBUIDORA, S.A. | CHILE | FINANCIAL SERVICES | — | 100.00 | 100.00 | 56 | 47 | 7
FORUM SERVICIOS FINANCIEROS, S.A. | CHILE | FINANCIAL SERVICES | — | 100.00 | 100.00 | 228 | 218 | 11
G NETHERLANDS BV | NETHERLANDS | INVESTMENT COMPANY | — | 100.00 | 100.00 | 393 | 323 | —
GARANTI BANK SA | ROMANIA | BANKING | — | 100.00 | 100.00 | 252 | 400 | 27
GARANTI BBVA AS | TURKEY | BANKING | 85.97 | — | 85.97 | 7,534 | 6,743 | 2,468
GARANTI BBVA DIJITAL VARLIKLAR ANONIM SIRKETI | TURKEY | FINANCIAL SERVICES | — | 100.00 | 100.00 | 36 | 33 | (3)
GARANTI BBVA EMEKLILIK AS | TURKEY | INSURANCES SERVICES | — | 84.91 | 84.91 | 147 | 69 | 114
GARANTI BBVA FACTORING AS | TURKEY | FINANCIAL SERVICES | — | 81.84 | 81.84 | 71 | 47 | 39
GARANTI BBVA FILO AS | TURKEY | SERVICES | — | 100.00 | 100.00 | 205 | 147 | 56
GARANTI BBVA FINANSAL TEKNOLOJILER AS | TURKEY | FINANCIAL SERVICES | — | 100.00 | 100.00 | 30 | 35 | 1
GARANTI BBVA LEASING AS | TURKEY | FINANCIAL SERVICES | — | 100.00 | 100.00 | 319 | 213 | 106
GARANTI BBVA PORTFOY YONETIMI AS | TURKEY | INVESTMENT FUND MANAGEMENT | — | 100.00 | 100.00 | 43 | 15 | 29

(1) In accordance with Article 3 of Royal Decree 1159/2010, of September 17, in order to determine the state, the voting power relating to subsidiaries was added to the voting
power directly held by the parent. Therefore, the number of votes corresponding to the parent company (including indirect control subsidiaries), corresponds to each subsidiary
holding a direct ownership interest.
(2) Amount without considering the interim dividends of the year, according to the provisional financial statements of each company, generally as of December 31, 2024. In the
carrying amount (net of provision and hedge in foreign operations), the Group´s ownership percentage has been applied, without considering the impairment of goodwill.
Information on individual companies and foreign companies at exchange rate as of December 31, 2024. The data of the companies in Turkey and Argentina are prior to the
application of hyperinflation accounting.
(3) Full consolidation method is used according to accounting rules (see Glossary).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 196

Additional information on subsidiaries and structured entities composing the BBVA
Group as of December 31, 2024 (continued)

|  |  | % share of participation (1) | Millions of Euros (2)
|  |  | Affiliate entity data
Company | Location | Activity | Direct | Indirect | Total | Net carrying amount | Equity excluding profit (loss) 31.12.2024 | Profit (loss) 31.12.2024
GARANTI BBVA YATIRIM AS | TURKEY | FINANCIAL SERVICES | — | 100.00 | 100.00 | 270 | 148 | 122
GARANTI DIVERSIFIED PAYMENT RIGHTS FINANCE COMPANY | CAYMAN ISLANDS | OTHER ISSUANCE COMPANIES | — | 100.00 | 100.00 | — | (11) | (1)
GARANTI FILO SIGORTA ARACILIK HIZMETLERI A.S. | TURKEY | FINANCIAL SERVICES | — | 100.00 | 100.00 | — | 1 | 1
GARANTI HOLDING BV | NETHERLANDS | INVESTMENT COMPANY | — | 100.00 | 100.00 | 643 | 393 | —
GARANTI KONUT FINANSMANI DANISMANLIK HIZMETLERI AS (GARANTI MORTGAGE) | TURKEY | SERVICES | — | 100.00 | 100.00 | — | — | —
GARANTI KULTUR AS | TURKEY | SERVICES | — | 100.00 | 100.00 | — | — | —
GARANTI ODEME SISTEMLERI AS (GOSAS) | TURKEY | FINANCIAL SERVICES | — | 100.00 | 100.00 | 19 | 10 | 11
GARANTI ODEME VE ELEKTRONIK PARA HIZMETLERI ANONIM SIRKETI | TURKEY | PAYMENT ENTITIES | — | 100.00 | 100.00 | 13 | 17 | (5)
GARANTI YATIRIM ORTAKLIGI AS ⁽³⁾ ⁽⁴⁾ | TURKEY | INVESTMENT COMPANY | — | 3.61 | 3.61 | — | 2 | —
GARANTIBANK BBVA INTERNATIONAL N.V. | NETHERLANDS | BANKING | — | 100.00 | 100.00 | 931 | 751 | 101
GESCAT GESTIO DE SOL SL | SPAIN | REAL ESTATE | 100.00 | — | 100.00 | 7 | 8 | (1)
GESCAT LLEVANT, S.L. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 1 | 1 | —
GESCAT LLOGUERS SL | SPAIN | REAL ESTATE | 100.00 | — | 100.00 | — | — | —
GESCAT VIVENDES EN COMERCIALITZACIO SL | SPAIN | REAL ESTATE | 100.00 | — | 100.00 | 32 | 29 | 3
GESTION DE PREVISION Y PENSIONES SA | SPAIN | PENSION FUND MANAGEMENT | 60.00 | — | 60.00 | 9 | 16 | 6
GESTION Y ADMINISTRACION DE RECIBOS, S.A. - GARSA | SPAIN | SERVICES | — | 100.00 | 100.00 | 1 | 2 | —
GRAN JORGE JUAN SA | SPAIN | REAL ESTATE | 100.00 | — | 100.00 | 424 | 461 | 16
GRUPO FINANCIERO BBVA MEXICO SA DE CV | MEXICO | FINANCIAL SERVICES | 99.98 | — | 99.98 | 9,395 | 14,614 | 5,419
HANS FACTORY SL | SPAIN | FINANCIAL SERVICES | — | 100.00 | 100.00 | 5 | 5 | (2)
INMUEBLES Y RECUPERACIONES BBVA SA | PERU | REAL ESTATE | — | 100.00 | 100.00 | 39 | 39 | —
INVERAHORRO SL | SPAIN | INVESTMENT COMPANY | 100.00 | — | 100.00 | 335 | 339 | (4)
INVERSIONES ALDAMA, C.A. | VENEZUELA | IN LIQUIDATION | — | 100.00 | 100.00 | — | — | —
INVERSIONES BANPRO INTERNATIONAL INC NV ⁽³⁾ | CURAÇAO | INVESTMENT COMPANY | 48.00 | — | 48.00 | 16 | 48 | 7
INVERSIONES BAPROBA CA | VENEZUELA | FINANCIAL SERVICES | 100.00 | — | 100.00 | — | — | —
INVERSIONES P.H.R.4, C.A. | VENEZUELA | INACTIVE | — | 60.46 | 60.46 | — | — | —
MADIVA SOLUCIONES, S.L. | SPAIN | SERVICES | — | 100.00 | 100.00 | 4 | 3 | 1
MOTORACTIVE IFN SA | ROMANIA | FINANCIAL SERVICES | — | 100.00 | 100.00 | 34 | 39 | 4
MOTORACTIVE MULTISERVICES SRL | ROMANIA | SERVICES | — | 100.00 | 100.00 | — | 4 | —
MOVISTAR CONSUMER FINANCE COLOMBIA SAS | COLOMBIA | IN LIQUIDATION | — | 50.00 | 50.00 | — | 16 | (10)
MULTIASISTENCIA, S.A. DE C.V. | MEXICO | INSURANCES SERVICES | — | 100.00 | 100.00 | 69 | 40 | 29
OPENPAY ARGENTINA SA | ARGENTINA | PAYMENT ENTITIES | — | 100.00 | 100.00 | 7 | 5 | (2)
OPENPAY COLOMBIA SAS | COLOMBIA | PAYMENT ENTITIES | — | 100.00 | 100.00 | 2 | 3 | (2)
OPENPAY PERÚ SA | PERU | PAYMENT ENTITIES | — | 100.00 | 100.00 | 17 | 7 | (6)
OPENPAY SA DE CV | MEXICO | PAYMENT ENTITIES | — | 100.00 | 100.00 | 41 | 35 | (16)
OPENPAY SERVICIOS S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | — | — | —
OPERADORA DOS LAGOS S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | — | — | —
OPPLUS OPERACIONES Y SERVICIOS SA | SPAIN | SERVICES | 100.00 | — | 100.00 | 1 | 42 | 8

(1) In accordance with Article 3 of Royal Decree 1159/2010, of September 17, in order to determine the state, the voting power relating to subsidiaries was added to the voting
power directly held by the parent. Therefore, the number of votes corresponding to the parent company (including indirect control subsidiaries), corresponds to each subsidiary
holding a direct ownership interest.
(2) Amount without considering the interim dividends of the year, according to the provisional financial statements of each company, generally as of December 31, 2024. In the
carrying amount (net of provision and hedge in foreign operations), the Group´s ownership percentage has been applied, without considering the impairment of goodwill.
Information on individual companies and foreign companies at exchange rate as of December 31, 2024. The data of the companies in Turkey and Argentina are prior to the
application of hyperinflation accounting.
(3) Full consolidation method is used according to accounting rules (see Glossary).
(4) The percentage of voting rights owned by the Group entities in this company is 99.97%.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 197

Additional information on subsidiaries and structured entities composing the BBVA
Group as of December 31, 2024 (continued)

|  |  | % share of participation (1) | Millions of Euros (2)
|  |  | Affiliate entity data
Company | Location | Activity | Direct | Indirect | Total | Net carrying amount | Equity excluding profit (loss) 31.12.2024 | Profit (loss) 31.12.2024
PECRI INVERSION SL | SPAIN | INVESTMENT COMPANY | 100.00 | — | 100.00 | 68 | 69 | (1)
PROMOTORA DEL VALLES, S.L. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 15 | 20 | 1
PRONORTE UNO PROCAM, S.A. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 1 | 1 | —
PROPEL EXPLORER FUND I LP | UNITED STATES | INVESTMENT COMPANY | — | 99.50 | 99.50 | 39 | 41 | (2)
PROPEL EXPLORER FUND II LP | UNITED STATES | INVESTMENT COMPANY | — | 99.50 | 99.50 | 8 | 9 | (1)
PROPEL VENTURE PARTNERS BRAZIL US LP | UNITED STATES | INVESTMENT COMPANY | — | 99.80 | 99.80 | 13 | 22 | (7)
PROPEL VENTURE PARTNERS GLOBAL US, LP | UNITED STATES | INVESTMENT COMPANY | — | 99.50 | 99.50 | 154 | 211 | 2
PROPEL VENTURE PARTNERS US FUND I, L.P. | UNITED STATES | VENTURE CAPITAL | — | 99.50 | 99.50 | 160 | 233 | (9)
PROPEL XYZ I LP | UNITED STATES | INVESTMENT COMPANY | — | 99.40 | 99.40 | 21 | 18 | 3
PRO-SALUD, C.A. | VENEZUELA | INACTIVE | — | 58.86 | 58.86 | — | — | —
PROVINCIAL DE VALORES CASA DE BOLSA CA | VENEZUELA | SECURITIES DEALER | — | 90.00 | 90.00 | 1 | 1 | —
PROVINCIAL SDAD.ADMIN.DE ENTIDADES DE INV.COLECTIVA CA | VENEZUELA | INVESTMENT FUND MANAGEMENT | — | 100.00 | 100.00 | 1 | 1 | —
PROVIVIENDA ENTIDAD RECAUDADORA Y ADMIN.DE APORTES, S.A. | BOLIVIA | PENSION FUND MANAGEMENT | — | 100.00 | 100.00 | — | 1 | —
PSA FINANCE ARGENTINA COMPAÑIA FINANCIERA SA | ARGENTINA | BANKING | — | 50.00 | 50.00 | 13 | 11 | 15
RALFI IFN SA | ROMANIA | FINANCIAL SERVICES | — | 100.00 | 100.00 | 36 | 10 | (4)
RPV COMPANY | CAYMAN ISLANDS | OTHER ISSUANCE COMPANIES | — | 100.00 | 100.00 | — | — | —
SATICEM GESTIO SL | SPAIN | REAL ESTATE | 100.00 | — | 100.00 | 2 | 2 | —
SATICEM HOLDING SL | SPAIN | REAL ESTATE | 100.00 | — | 100.00 | 5 | 5 | —
SOCIEDAD DE ESTUDIOS Y ANALISIS FINANCIERO SA | SPAIN | SERVICES | 100.00 | — | 100.00 | 19 | 19 | —
SOCIEDAD PERUANA DE FINANCIAMIENTO SAC | PERU | FINANCIAL SERVICES | — | 50.00 | 50.00 | 3 | 6 | (2)
SPORT CLUB 18 SA | SPAIN | INVESTMENT COMPANY | 100.00 | — | 100.00 | 20 | 11 | 9
TREE INVERSIONES INMOBILIARIAS SA | SPAIN | REAL ESTATE | 100.00 | — | 100.00 | 1,230 | 195 | 85
TRIFOI REAL ESTATE SRL | ROMANIA | REAL ESTATE | — | 100.00 | 100.00 | 1 | 1 | —
UNNIM SOCIEDAD PARA LA GESTION DE ACTIVOS INMOBILIARIOS SA | SPAIN | REAL ESTATE | 100.00 | — | 100.00 | 516 | 367 | 110
URBANIZADORA SANT LLORENC SA | SPAIN | INACTIVE | 60.60 | — | 60.60 | — | — | —
VOLKSWAGEN FINANCIAL SERVICES COMPAÑIA FINANCIERA SA | ARGENTINA | BANKING | — | 51.00 | 51.00 | 27 | 21 | 32

(1) In accordance with Article 3 of Royal Decree 1159/2010, of September 17, in order to determine the state, the voting power relating to subsidiaries was added to the voting
power directly held by the parent. Therefore, the number of votes corresponding to the parent company (including indirect control subsidiaries), corresponds to each subsidiary
holding a direct ownership interest.
(2) Amount without considering the interim dividends of the year, according to the provisional financial statements of each company, generally as of December 31, 2024. In the
carrying amount (net of provision and hedge in foreign operations), the Group´s ownership percentage has been applied, without considering the impairment of goodwill.
Information on individual companies and foreign companies at exchange rate as of December 31, 2024. The data of the companies in Turkey and Argentina are prior to the
application of hyperinflation accounting.
This Appendix is an integral part of Note 3 of the consolidated financial statements for the year ended December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 198

APPENDIX II. Additional information on investments joint ventures and associates in the
BBVA Group as of December 31, 2024
Most significant companies are included, which together represent 99.65% of the total investment in this group.

|  |  | % share of participation | Millions of Euros (1)
|  |  | Affiliate entity data
Company | Location | Activity | Direct | Indirect | Total | Consolid ated Net carrying amount | Assets 31.12.2024 | Liabilities 31.12.2024 | Equity excluding profit (loss) 31.12.2024 | Profit (loss) 31.12.2024
ASSOCIATES |  |  |  |  |  |  |  |  |  |
ADQUIRA ESPAÑA, S.A. | SPAIN | SERVICES | — | 44.44 | 44.44 | 5 | 19 | 9 | 10 | 1
ATOM HOLDCO LIMITED | UNITED KINGDOM | INVESTMENT COMPANY | 49.45 | — | 49.45 | 222 | 9,209 | 8,709 | 491 | 9
BBVA ALLIANZ SEGUROS Y REASEGUROS, S.A. | SPAIN | INSURANCES SERVICES | — | 50.00 | 50.00 | 265 | 1,053 | 488 | 543 | 23
COMPAÑIA PERUANA DE MEDIOS DE PAGO SAC (VISANET PERU) | PERU | PAYMENT ENTITIES | — | 20.20 | 20.20 | 2 | 290 | 281 | 5 | 4
CORPORACION SUICHE 7B CA | VENEZUELA | FINANCIAL SERVICES | — | 19.80 | 19.80 | 2 | 16 | 4 | 6 | 6
FIDEICOMISO F/00185 FIMPE - FIDEICOMISO F/00185 PARA EXTENDER A LA SOCIEDAD LOS BENEFICIOS DEL ACCESO A LA INFRAESTRUCTURA DE LOS MEDIOS DE PAGO ELECTRONICOS | MEXICO | FINANCIAL SERVICES | — | 28.50 | 28.50 | 1 | 5 | — | 3 | 2
METROVACESA SA | SPAIN | REAL ESTATE | 20.85 | — | 20.85 | 300 | 2,456 | 884 | 1,581 | (8)
PROMOCIONS TERRES CAVADES, S.A. | SPAIN | REAL ESTATE | — | 39.11 | 39.11 | 1 | 3 | — | 3 | —
REDSYS SERVICIOS DE PROCESAMIENTO SL | SPAIN | FINANCIAL SERVICES | 24.90 | — | 24.90 | 20 | 157 | 78 | 74 | 5
ROMBO COMPAÑIA FINANCIERA SA | ARGENTINA | BANKING | — | 40.00 | 40.00 | 10 | 88 | 64 | 7 | 17
SBD CREIXENT, S.A. | SPAIN | REAL ESTATE | — | 23.05 | 23.05 | 1 | 6 | — | 6 | —
SEGURIDAD Y PROTECCION BANCARIAS SA DE CV | MEXICO | SERVICES | — | 26.14 | 26.14 | 1 | 4 | — | 4 | 1
SERVICIOS ELECTRONICOS GLOBALES SA DE CV | MEXICO | SERVICES | — | 46.14 | 46.14 | 43 | 93 | — | 68 | 25
SERVIRED SOCIEDAD ESPAÑOLA DE MEDIOS DE PAGO SA | SPAIN | FINANCIAL SERVICES | 28.72 | — | 28.72 | 8 | 73 | 45 | 25 | 3
SISTEMAS DE TARJETAS Y MEDIOS DE PAGO SA | SPAIN | PAYMENT ENTITIES | 20.61 | — | 20.61 | 2 | 482 | 474 | 6 | 2
TELEFONICA FACTORING ESPAÑA SA ⁽²⁾ | SPAIN | FINANCIAL SERVICES | 30.00 | — | 30.00 | 3 | 80 | 63 | 7 | 10
TF PERU SAC | PERU | FINANCIAL SERVICES | — | 24.30 | 24.30 | 1 | 7 | 1 | 4 | 2
VERIDAS DIGITAL AUTHENTICATION SOLUTIONS S.L. | SPAIN | SERVICES | — | 29.38 | 29.38 | 5 | 28 | 12 | 11 | 4
JOINT VENTURES |  |  |  |  |  |  |  |  |  |
ALTURA MARKETS SOCIEDAD DE VALORES SA | SPAIN | SECURITIES DEALER | 50.00 | — | 50.00 | 38 | 1,749 | 1,673 | 62 | 14
COMPAÑIA MEXICANA DE PROCESAMIENTO SA DE CV | MEXICO | SERVICES | — | 50.00 | 50.00 | 6 | 11 | — | 13 | (2)
CORPORACION IBV PARTICIPACIONES EMPRESARIALES, S.A. ⁽³⁾ | SPAIN | INVESTMENT COMPANY | — | 50.00 | 50.00 | 29 | 62 | 4 | 58 | —
F/ 5356 FIDEICOMISO IRREVOCABLE DE ADM. INMOBILIARIA CON DERECHO DE REVERSIÓN- FIDEICOMISO SELVA | MEXICO | REAL ESTATE | — | 42.40 | 42.40 | 7 | 17 | — | 17 | —
FIDEICOMISO 1729 INVEX ENAJENACION DE CARTERA ⁽³⁾ | MEXICO | REAL ESTATE | — | 44.09 | 44.09 | 9 | 179 | — | 179 | —
INVERSIONES PLATCO CA | VENEZUELA | FINANCIAL SERVICES | — | 50.00 | 50.00 | 6 | 13 | 1 | 13 | (1)
RCI COLOMBIA SA COMPAÑIA DE FINANCIAMIENTO | COLOMBIA | FINANCIAL SERVICES | — | 49.00 | 49.00 | 37 | 780 | 704 | 76 | —

(1) In foreign companies the exchange rate of December 31, 2024 is applied.
(2) Financial Statements as of December 31, 2023.
(3) Classified as No n-current asset held for sale.
This Appendix is an integral part of Notes 3 and 16.1 of the consolidated financial statements for the year ended December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 199

APPENDIX III. Changes and notifications of participations in the BBVA Group in 2024
Acquisitions or increases of interest ownership in consolidated subsidiaries

Company (1) | Type of transaction | Total voting rights controlled after the disposal | Effective date for the last transaction (or notification Date)
BANCO BBVA PERÚ SA | ACQUISITION | 47.13 | 17-Sep-24
BBVA COLOMBIA SA | CAPITAL INCREASE | 96.35 | 12-Sep-24

(1) Variations of less than 0.1% have not been considered due to immateriality.
Dis posals or reduction of interest ownership in consolidated subsidiaries

Company (1) | Type of transaction | Total voting rights controlled after the disposal | Effective date for the last transaction (or notification Date)
OPCION VOLCAN, S.A. | MERGER | — | 19-Nov-24
CONTRATACION DE PERSONAL, S.A. DE C.V. | MERGER | — | 19-Nov-24
MULTIASISTENCIA SERVICIOS S.A. DE C.V. | MERGER | — | 25-Jan-24
MULTIASISTENCIA OPERADORA S.A. DE C.V. | MERGER | — | 25-Jan-24
MISAPRE, S.A. DE C.V. | LIQUIDATION | — | 10-Dec-24
SERVICIOS CORPORATIVOS DE SEGUROS, S.A. DE C.V. | MERGER | — | 19-Nov-24
FINANCIERA AYUDAMOS S.A. DE C.V., SOFOMER | LIQUIDATION | — | 27-Jun-24
DATA ARCHITECTURE AND TECHNOLOGY MEXICO SA DE CV | MERGER | — | 15-Oct-24
DATA ARQUITECTURE AND TECHNOLOGY OPERADORA SA DE CV | MERGER | — | 15-Oct-24
BBVA SERVICIOS CORPORATIVOS MEXICO, S.A. DE C.V. | MERGER | — | 19-Nov-24
SERVICIOS EXTERNOS DE APOYO EMPRESARIAL, S.A DE C.V. | MERGER | — | 19-Nov-24
BBVA NEXT TECHNOLOGIES, S.A. DE C.V. | MERGER | — | 15-Oct-24
BBVA NEXT TECHNOLOGIES OPERADORA, S.A. DE C.V. | MERGER | — | 15-Oct-24
MOMENTUM SOCIAL INVESTMENT HOLDING, S.L. | LIQUIDATION | — | 31-Oct-24
APLICA NEXTGEN SERVICIOS S.A. DE C.V | MERGER | — | 15-Oct-24
APLICA NEXTGEN OPERADORA S.A. DE C.V. | MERGER | — | 15-Oct-24
ARRAHONA IMMO, S.L. | LIQUIDATION | — | 11-Jul-24
CATALONIA PROMODIS 4, S.A. | LIQUIDATION | — | 29-Nov-24
PROMOU CT OPENSEGRE, S.L. | LIQUIDATION | — | 30-Nov-24
PORTICO PROCAM, S.L.(EN LIQUIDACIÓN) | LIQUIDATION | — | 16-May-24
CAIXA MANRESA IMMOBILIARIA ON CASA SL | LIQUIDATION | — | 30-Nov-24
SATICEM IMMOBLES EN ARRENDAMENT SL ( EN LIQUIDACIÓN) | LIQUIDATION | — | 16-May-24

(1) Variations of less than 0.1% ha ve not been considere d due to immateriality.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 200

Changes and notifications of participations in the BBVA Group in 2024 (continued)
Business combinations and other acquisitions or increases of interest ownership in associates and
joint-ventures accounted for under the equity method

Company (1) | Type of transaction | Total voting rights controlled after the disposal | Effective date for the last transaction (or notification Date)
PLAY DIGITAL SA | CAPITAL INCREASE | 12.16 | 31-Dec-24

(1) Variations of less than 0.1% have not been considered due to immateriality.
Disposal or reduction of interest ownership in associates and joint-ventures companies accounted
for under the equity method

Company (1) | Type of transaction | Total voting rights controlled after the disposal | Effective date for the last transaction (or notification Date)
COMPAÑIA ESPAÑOLA DE FINANCIACION DEL DESARROLLO SA | SHAREHOLDERS AGREEMENT | 16.67 | 01-May-24
AUREA, S.A. (CUBA) | LIQUIDATION | — | 01-Mar-24
TELEFONICA FACTORING MEXICO SA DE CV | LIQUIDATION | — | 04-Sep-24
NUEVO MARKETPLACE, S.L. ( EN LIQUIDACIÓN) | LIQUIDATION | — | 01-Feb-24
VERIDAS DIGITAL AUTHENTICATION SOLUTIONS S.L. | DILUTION PARTIC. | 29.38 | 12-Jan-24
SOLARIS SE | DILUTION PARTIC. | 14.70 | 31-Mar-24
EURO LENDERT, S.L. (EN LIQUIDACIÓN) | LIQUIDATION | — | 02-May-24

(1) Variations of less than 0.1% have not been considered due to immateriality.
This Appendix is an integral part of Notes 3 and 16.1 of the consolidated financial statements for the year ended December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 201

APPENDIX IV. Fully consolidated subsidiaries with more than 10% owned by non-Group
shareholders as of December 31, 2024

|  | % of voting rights controlled by the Bank
Company | Activity | Direct | Indirect | Total
BANCO BBVA PERÚ SA | BANKING | — | 47.13 | 47.13
BANCO PROVINCIAL SA - BANCO UNIVERSAL | BANKING | 1.46 | 53.75 | 55.21
INVERSIONES BANPRO INTERNATIONAL INC NV | INVESTMENT COMPANY | 48.00 | — | 48.00
PRO-SALUD, C.A. | NO ACTIVITY | — | 58.86 | 58.86
INVERSIONES P.H.R.4, C.A. | NO ACTIVITY | — | 60.46 | 60.46
COMERCIALIZADORA CORPORATIVA SAC | FINANCIAL SERVICES | — | 50.00 | 50.00
CREA MADRID NUEVO NORTE SA | REAL ESTATE | — | 75.54 | 75.54
GESTION DE PREVISION Y PENSIONES SA | PENSION FUND MANAGEMENT | 60.00 | — | 60.00
SOCIEDAD PERUANA DE FINANCIAMIENTO SAC | FINANCIAL SERVICES | — | 50.00 | 50.00
F/253863 EL DESEO RESIDENCIAL | REAL ESTATE | — | 65.00 | 65.00
VOLKSWAGEN FINANCIAL SERVICES COMPAÑIA FINANCIERA SA | BANKING | — | 51.00 | 51.00
FIDEICOMISO LOTE 6.1 ZARAGOZA | REAL ESTATE | — | 59.99 | 59.99
F/11395 FIDEICOMISO IRREVOCABLE DE ADMINISTRACION CON DERECHO DE REVERSION | REAL ESTATE | — | 42.40 | 42.40
MOVISTAR CONSUMER FINANCE COLOMBIA SAS | IN LIQUIDATION | — | 50.00 | 50.00
GARANTI BBVA EMEKLILIK AS | INSURANCES | — | 84.91 | 84.91
FOMENTO Y DESARROLLO DE CONJUNTOS RESIDENCIALES S.L. EN LIQUIDACION | IN LIQUIDATION | — | 60.00 | 60.00
PSA FINANCE ARGENTINA COMPAÑIA FINANCIERA SA | BANKING | — | 50.00 | 50.00

This Appendix is an integral part of Note 3 of the consolidated financial statements for the year ended December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 202

APPENDIX V. BBVA Group’s securitization funds. Structured entities in 2024.

|  |  | Millions of Euros
Securitization fund (consolidated) | Company | Origination date | Total securitized exposures at the origination date | Total securitized exposures as of December 31, 2024
TDA 19 MIXTO FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 27-Feb-04 | 600 | 23
TDA 22 MIXTO FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 09-Dec-04 | 592 | 32
HIPOCAT 9 FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 25-Nov-05 | 1,016 | 81
HIPOCAT 10 FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 05-Jul-06 | 1,526 | 120
AYT HIP MIXTO V | BANCO BILBAO VIZCAYA ARGENTARIA SA | 21-Jul-06 | 120 | 62
TDA 27 MIXTO FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 22-Dec-06 | 275 | 104
BBVA RMBS 1 FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 19-Feb-07 | 2,500 | 445
HIPOCAT 11 FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 09-Mar-07 | 1,628 | 137
BBVA RMBS 2 FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 26-Mar-07 | 5,000 | 838
BBVA-6 FTPYME FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 10-Jun-07 | 1,500 | 23
BBVA LEASING 1 FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 24-Jun-07 | 2,500 | 85
BBVA RMBS 3 FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 22-Jul-07 | 3,000 | 809
TDA 28 MIXTO FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 23-Jul-07 | 250 | 75
TDA TARRAGONA 1 FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 30-Nov-07 | 397 | 43
GAT VPO | BANCO BILBAO VIZCAYA ARGENTARIA SA | 25-Jun-09 | 780 | 8
BBVA RMBS 14 FTA | BANCO BILBAO VIZCAYA ARGENTARIA SA | 24-Nov-14 | 700 | 244
BBVA CONSUMER AUTO 2018-1 | BANCO BILBAO VIZCAYA ARGENTARIA SA | 18-Jun-18 | 800 | 62
BBVA CONSUMO 10 FT | BANCO BILBAO VIZCAYA ARGENTARIA SA | 08-Jul-19 | 2,000 | 324
BBVA CONSUMER AUTO 2020-1 | BANCO BILBAO VIZCAYA ARGENTARIA SA | 15-Jun-20 | 1,100 | 321
BBVA CONSUMO 11 FT | BANCO BILBAO VIZCAYA ARGENTARIA SA | 12-Mar-21 | 2,500 | 505
BBVA RMBS 20 FT | BANCO BILBAO VIZCAYA ARGENTARIA SA | 14-Jun-21 | 2,500 | 1,751
BBVA RMBS 21 FT | BANCO BILBAO VIZCAYA ARGENTARIA SA | 17-Mar-22 | 12,400 | 8,884
BBVA CONSUMER AUTO 2022-1 | BANCO BILBAO VIZCAYA ARGENTARIA SA | 13-Jun-22 | 1,200 | 532
BBVA RMBS 22 FT | BANCO BILBAO VIZCAYA ARGENTARIA SA | 28-Nov-22 | 1,400 | 1,190
BBVA CONSUMO 12 FT | BANCO BILBAO VIZCAYA ARGENTARIA SA | 13-Mar-23 | 3,000 | 1,675
BBVA CONSUMER AUTO 2023-1 | BANCO BILBAO VIZCAYA ARGENTARIA SA | 08-Jun-23 | 800 | 557
BBVA LEASING 3 FT | BANCO BILBAO VIZCAYA ARGENTARIA SA | 27-Nov-23 | 2,400 | 1,421
BBVA CONSUMO 13 FT | BANCO BILBAO VIZCAYA ARGENTARIA SA | 11-Mar-24 | 2,000 | 1,520
BBVA CONSUMER 2024-1 | BANCO BILBAO VIZCAYA ARGENTARIA SA | 20-May-24 | 800 | 664
BBVA RMBS 23 FT | BANCO BILBAO VIZCAYA ARGENTARIA SA | 13-Jun-24 | 5,450 | 5,181
BBVA CONSUMER AUTO 2024-1 | BANCO BILBAO VIZCAYA ARGENTARIA SA | 16-Sep-24 | 1,000 | 948

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 203

APPE NDIX VI. Details of the outstanding subordinated debt and preferred securities
issued by the Bank or entities in the Group consolidated as of December 31, 2024, 2023
and 2022
Outstanding as of December 31, 2024, 2023 and 2022 of subordinated issues

|  | Nominal value. Millions of Euros |  |
Issuer entity and issued date | Currency | December 2024 | December 2023 | December 2022 | Prevailing Interest Rate as of December 31, 2024 | Maturity Date
Issues in Euros |  |  |  |  |  |
BANCO BILBAO VIZCAYA ARGENTARIA S.A. |  |  |  |  |  |
March-08 | EUR | 125 | 125 | 125 | 6.03 % | March-33
July-08 | EUR | — | — | 100 | 6.20 % | July-23
March-19 | EUR | — | 1,000 | 1,000 | 6.00 % | Perpetual
July-20 | EUR | 1,000 | 1,000 | 1,000 | 6.00 % | Perpetual
February-17 | EUR | 999 | 1,000 | 1,000 | 3.50 % | February-27
February-17 | EUR | 99 | 99 | 99 | 4.00 % | February-32
March-17 | EUR | 65 | 65 | 65 | 4.00 % | February-32
May-17 | EUR | 150 | 150 | 150 | 2.54 % | May-27
September-18 | EUR | — | — | 1,000 | 5.88 % | Perpetual
February-19 | EUR | — | 750 | 750 | 2.58 % | February-29
January-20 | EUR | 994 | 994 | 994 | 1.00 % | January-30
June-23 | EUR | 745 | 741 | — | 5.75 % | September-33
June-23 | EUR | 1,000 | 1,000 | — | 8.38 % | Perpetual
February-24 | EUR | 1,247 | — | — | 4.88 % | February-36
June-24 | EUR | 750 | — | — | 6.88 % | Perpetual
August-24 | EUR | 996 | — | — | 4.38 % | August-36
Different issued | EUR | 128 | 127 | 177 | —% |
Total issued in Euros | EUR | 8,299 | 7,050 | 6,460 |  |

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 204

Outstanding as of December 31, 2024, 2023 and 2022 of subordinated issues

|  | Nominal value. Millions of Euros |  |
Issuer entity and issued date | Currency | December 2024 | December 2023 | December 2022 | Prevailing Interest Rate as of December 31, 2024 | Maturity Date
Issues in foreign currency |  |  |  |  |  |
BANCO BILBAO VIZCAYA ARGENTARIA S.A. |  |  |  |  |  |
March-17 | USD | 116 | 109 | 113 | 5.70 % | March-32
November-17 | USD | 963 | 905 | 938 | 6.13 % | Perpetual
May-18 | USD | 287 | 269 | 279 | 5.25 % | May-33
September-19 | USD | 963 | 905 | 938 | 6.50 % | Perpetual
September-23 | USD | 963 | 905 | — | 9.38 % | Perpetual
November-23 | USD | 722 | 679 | — | 7.88 % | November-34
May-17 | CHF | 21 | 22 | 20 | 1.60 % | May-27
July-20 | GBP | 362 | 345 | 338 | 3.10 % | July-31
August-23 | GBP | 361 | 345 | — | 8.25 % | November-33
Subtotal |  | 4,756 | 4,483 | 2,625 |  |
BBVA GLOBAL FINANCE LTD (1) |  |  |  |  |  |
December-95 | USD | 192 | 179 | 187 | 7.00 % | December-25
Subtotal |  | 192 | 179 | 187 |  |
BBVA BANCOMER S.A. INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO BBVA BANCOMER |  |  |  |  |  |
November-14 | USD | — | 178 | 187 | 5.35 % | November-29
January-18 | USD | 967 | 903 | 935 | 5.13 % | January-33
September-19 | USD | 724 | 676 | 702 | 5.88 % | September-34
June-23 | USD | 965 | 906 | — | 8.45 % | June-38
January-24 | USD | 871 | — | — | 8.13 % | January-39
Subtotal |  | 3,528 | 2,663 | 1,824 |  |
BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY S.A. |  |  |  |  |  |
November-17 | USD | — | — | 1 | 8.44 % | February-64
Subtotal |  | — | — | 1 |  |

(1) The issuances of BBVA Global Finance, Ltd, are guaranteed (secondary liability) by the Bank.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 205

Outstanding as of December 31, 2024, 2023 and 2022 of subordinated issues

|  | Nominal value. Millions of Euros |  |
Issuer entity and issued date | Currency | December 2024 | December 2023 | December 2022 | Prevailing Interest Rate as of December 31, 2022 | Maturity Date
BBVA COLOMBIA S.A. |  |  |  |  |  |
September-11 | COP | 34 | 37 | 30 | 10.14 % | September-26
February-13 | COP | — | — | 39 | 16.58 % | February-23
February-13 | COP | 36 | 39 | 32 | 8.79 % | February-28
November-14 | COP | 20 | 21 | 18 | 9.30 % | November-29
November-14 | COP | 27 | 27 | 20 | 9.43 % | November-34
April-15 | USD | 385 | 362 | 375 | 4.88 % | April-25
November-24 | USD | 48 | — | — | 8.19 % | November-34
Subtotal |  | 550 | 486 | 514 |  |
BANCO BBVA PERÚ |  |  |  |  |  |
June-07 | PEN | 25 | 24 | 23 | 3.47 % | June-32
November-07 | PEN | 23 | 21 | 21 | 3.56 % | November-32
July-08 | PEN | — | — | 18 | 3.06 % | July-23
September-08 | PEN | — | — | 20 | 3.09 % | September-23
December-08 | PEN | 13 | 12 | 12 | 4.19 % | December-33
February-08 | USD | 20 | 18 | 19 | 6.47 % | February-28
October-13 | USD | — | — | 43 | 6.53 % | October-28
September-14 | USD | — | 267 | 270 | 5.25 % | September-29
March-24 | USD | 291 | — | — | 6.20 % | March-34
Subtotal |  | 372 | 342 | 426 |  |
GARANTI BBVA AS |  |  |  |  |  |
May-17 | USD | 579 | 667 | 698 | 7.30 % | May-27
February-24 | USD | 470 | — | — | 8.55 % | February-34
December-24 | USD | 705 | — | — | 8.29 % | January-35
October-19 | TRY | — | 8 | 13 | 46.02 % | October-29
February-20 | TRY | 20 | 23 | 38 | 62.47 % | February-30
Subtotal |  | 1,775 | 698 | 749 |  |
Total Issues in other currencies |  | 11,173 | 8,851 | 6,326 |  |

Additiona lly, the Group maintains an issuance of preferred shares in Colombia that amounts to €1 million as of December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 206

APPENDIX VII. Consolidated balance sheets held in foreign currency as of December 31,
2024, 2023 and 2022

BALANCE SHEETS HELD IN FOREIGN CURRENCY (Millions of Euros)
| U.S. Dollar | Mexican pesos | Turkish lira | Other foreign currencies | Total foreign currencies
December 2024 |  |  |  |  |
Assets |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 20,836 | 6,899 | 3,334 | 4,400 | 35,469
Financial assets held for trading | 18,727 | 22,117 | 259 | 6,171 | 47,274
Non- trading financial assets mandatorily at fair value through profit or loss | 1,525 | 8,002 | 85 | 165 | 9,778
Financial assets at fair value through comprehensive income | 9,674 | 18,493 | 2,299 | 4,994 | 35,461
Financial assets at amortized cost | 67,256 | 83,444 | 40,105 | 52,379 | 243,185
Joint-ventures and associates | — | 17 | — | 590 | 607
Tangible assets | 168 | 2,256 | 2,013 | 1,333 | 5,770
Other assets | (326) | 7,125 | 2,457 | 3,363 | 12,619
Total | 117,860 | 148,353 | 50,553 | 73,396 | 390,162
Liabilities |  |  |  |  |
Financial liabilities held for trading | 14,474 | 18,660 | 268 | 2,776 | 36,178
Financial liabilities at amortized cost | 95,613 | 88,375 | 39,187 | 55,748 | 278,923
Other liabilities | 4,039 | 20,665 | 1,338 | 2,636 | 28,679
Total | 114,126 | 127,700 | 40,793 | 61,160 | 343,780
December 2023 |  |  |  |  |
Assets |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 13,372 | 7,581 | 3,764 | 4,089 | 28,807
Financial assets held for trading | 21,147 | 28,570 | 282 | 5,806 | 55,806
Non- trading financial assets mandatorily at fair value through profit or loss | 1,292 | 6,596 | 5 | 186 | 8,079
Financial assets at fair value through comprehensive income | 9,384 | 20,767 | 1,785 | 4,484 | 36,421
Financial assets at amortized cost | 58,732 | 81,907 | 31,298 | 46,122 | 218,059
Joint-ventures and associates | 5 | 19 | — | 590 | 614
Tangible assets | 105 | 2,609 | 1,446 | 995 | 5,155
Other assets | (1,049) | 6,872 | 1,761 | 2,346 | 9,930
Total | 102,988 | 154,922 | 40,341 | 64,619 | 362,870
Liabilities |  |  |  |  |
Financial liabilities held for trading | 21,204 | 17,829 | 207 | 2,705 | 41,946
Financial liabilities at amortized cost | 78,365 | 95,685 | 30,127 | 50,900 | 255,076
Other liabilities | 3,223 | 20,186 | 1,048 | 2,801 | 27,258
Total | 102,792 | 133,700 | 31,382 | 56,406 | 324,280
December 2022 |  |  |  |  |
Assets |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 19,888 | 4,831 | 476 | 3,469 | 28,665
Financial assets held for trading | 10,780 | 22,407 | 431 | 3,930 | 37,549
Non- trading financial assets mandatorily at fair value through profit or loss | 987 | 5,205 | 5 | 82 | 6,280
Financial assets at fair value through comprehensive income | 8,300 | 16,028 | 3,188 | 8,841 | 36,358
Financial assets at amortized cost | 52,248 | 70,744 | 29,938 | 42,173 | 195,103
Joint-ventures and associates | 5 | 17 | — | 333 | 354
Tangible assets | 14 | 2,143 | 1,166 | 1,137 | 4,459
Other assets | (365) | 4,609 | 1,789 | 3,070 | 9,103
Total | 91,858 | 125,984 | 36,994 | 63,036 | 317,872
Liabilities |  |  |  |  |
Financial liabilities held for trading | 9,722 | 18,110 | 234 | 1,499 | 29,564
Financial liabilities at amortized cost | 77,697 | 75,029 | 24,567 | 48,984 | 226,277
Other liabilities | 2,748 | 16,397 | 1,216 | 2,067 | 22,428
Total | 90,167 | 109,535 | 26,016 | 52,549 | 278,268

This Appendix is an integral part of Notes 2.2.17 of the consolidated financial statements for the year ended December 31, 2024.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 207

APPENDIX VIII. Consolidated income statements for the first and second half of 2024 and
2023

CONSOLIDATED INCOME STATEMENTS (Millions of Euros) |  |  |  |
| Six months ended June 30, 2024 | Six months ended December 31, 2024 | Six months ended June 30, 2023 ⁽¹⁾ | Six months ended December 31, 2023 ⁽¹⁾
Interest and other income | 30,680 | 30,979 | 21,897 | 25,953
Interest income using effective interest rate method | 27,328 | 27,896 | 19,459 | 22,682
Other interest income | 3,352 | 3,083 | 2,438 | 3,271
Interest expense | (17,687) | (18,705) | (10,487) | (14,274)
NET INTEREST INCOME | 12,993 | 12,274 | 11,410 | 11,680
Dividend income | 76 | 44 | 73 | 45
Share of profit or loss of entities accounted for using the equity method | 20 | 20 | 14 | 12
Fee and commission income | 6,149 | 6,887 | 4,498 | 5,400
Fee and commission expense | (2,307) | (2,742) | (1,590) | (2,021)
Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net | 128 | 199 | (1) | 77
Financial assets at amortized cost | 9 | 12 | 35 | 7
Other financial assets and liabilities | 119 | 187 | (36) | 71
Gains (losses) on financial assets and liabilities held for trading, net | 991 | 1,467 | 283 | 1,069
Reclassification of financial assets from fair value through other comprehensive income | — | — | — | —
Reclassification of financial assets from amortized cost | — | — | — | —
Other gains (losses) | 991 | 1,467 | 283 | 1,069
Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net | 53 | 126 | (35) | 371
Reclassification of financial assets from fair value through other comprehensive income | — | — | — | —
Reclassification of financial assets from amortized cost | — | — | — | —
Other gains (losses) | 53 | 126 | (35) | 371
Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net | 219 | 30 | 150 | (54)
Gains (losses) from hedge accounting, net | 98 | (93) | 73 | (90)
Exchange differences, net | 398 | 297 | 304 | 35
Other operating income | 310 | 313 | 333 | 286
Other operating expense | (2,415) | (1,535) | (1,944) | (2,098)
Income from insurance and reinsurance contracts | 1,800 | 1,921 | 1,645 | 1,436
Expense from insurance and reinsurance contracts | (1,066) | (1,173) | (1,065) | (756)
GROSS INCOME | 17,446 | 18,036 | 14,148 | 15,394
Administration costs | (6,100) | (6,560) | (5,262) | (5,643)
Personnel expense | (3,633) | (4,026) | (3,081) | (3,449)
Other administrative expense | (2,467) | (2,534) | (2,181) | (2,194)
Depreciation and amortization | (759) | (774) | (676) | (727)
Provisions or reversal of provisions | (38) | (159) | (129) | (245)
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | (2,839) | (2,906) | (1,993) | (2,436)
Financial assets measured at amortized cost | (2,781) | (2,906) | (1,958) | (2,428)
Financial assets at fair value through other comprehensive income | (59) | — | (35) | (8)
NET OPERATING INCOME | 7,708 | 7,636 | 6,088 | 6,344
Impairment or reversal of impairment of investments in joint ventures and associates | 52 | 10 | 10 | (19)
Impairment or reversal of impairment on non-financial assets | 30 | (28) | (13) | (40)
Tangible assets | 45 | (16) | 3 | (18)
Intangible assets | (11) | (4) | (10) | (16)
Other assets | (5) | (9) | (6) | (6)
Gains (losses) on derecognition of non-financial assets and subsidiaries, net | (1) | 15 | 8 | 20
Negative goodwill recognized in profit or loss | — | — | — | —
Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations | (10) | (8) | 29 | (8)
PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS | 7,780 | 7,626 | 6,122 | 6,297
Tax expense or income related to profit or loss from continuing operations | (2,525) | (2,306) | (1,978) | (2,025)
PROFIT (LOSS) AFTER TAX FROM CONTINUING OPERATIONS | 5,255 | 5,320 | 4,144 | 4,272
Profit (loss) after tax from discontinued operations | — | — | — | —
PROFIT (LOSS) | 5,255 | 5,320 | 4,144 | 4,272
ATTRIBUTABLE TO MINORITY INTERESTS (NON-CONTROLLING INTERESTS) | 261 | 260 | 266 | 131
ATTRIBUTABLE TO OWNERS OF THE PARENT | 4,994 | 5,060 | 3,878 | 4,141

(1) Presented for comparison purposes only (see Note 1.3).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 208

APPENDIX VIII. Consolidated income statements for the first and second half of 2024 and
2023 (continued)

EARNINGS (LOSSES) PER SHARE (Euros) |  |  |  |
| Six months ended June 30, 2024 | Six months ended December 31, 2024 | Six months ended June 30, 2023 ⁽¹⁾ | Six months ended December 31, 2023 ⁽¹⁾
EARNINGS (LOSSES) PER SHARE (Euros) | 0.83 | 0.84 | 0.62 | 0.67
Basic earnings (losses) per share from continuing operations | 0.83 | 0.84 | 0.62 | 0.67
Diluted earnings (losses) per share from continuing operations | 0.83 | 0.84 | 0.62 | 0.67
Basic earnings (losses) per share from discontinued operations | — | — | — | —
Diluted earnings (losses) per share from discontinued operations | — | — | — | —

(1) Presented for comparison purposes only (see Note 1.3).
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 209

APPENDIX IX. Financial Statements of Banco Bilbao Vizcaya Argentaria, S.A.

ASSETS (Millions of Euros)
| 2024 | 2023 ⁽¹⁾
CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEMAND DEPOSITS | 20,755 | 49,213
FINANCIAL ASSETS HELD FOR TRADING | 89,167 | 116,828
Derivatives | 36,405 | 32,937
Equity instruments | 6,457 | 3,339
Debt securities | 11,806 | 11,018
Loans and advances to central banks | 556 | 2,808
Loans and advances to credit institutions | 19,265 | 52,441
Loans and advances to customers | 14,679 | 14,285
NON-TRADING FINANCIAL ASSETS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS | 895 | 730
Equity instruments | 626 | 507
Debt securities | 269 | 223
Loans and advances to central banks | — | —
Loans and advances to credit institutions | — | —
Loans and advances to customers | — | —
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | — | —
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME | 14,842 | 19,426
Equity instruments | 1,193 | 1,019
Debt securities | 13,649 | 18,407
FINANCIAL ASSETS AT AMORTIZED COST | 295,471 | 261,765
Debt securities | 45,846 | 34,905
Loans and advances to central banks | 33 | —
Loans and advances to credit institutions | 18,774 | 13,074
Loans and advances to customers | 230,818 | 213,786
DERIVATIVES - HEDGE ACCOUNTING | 784 | 780
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK | (65) | (97)
INVESTMENTS IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES | 25,252 | 23,019
Subsidiaries | 24,683 | 22,637
Joint ventures | 24 | 24
Associates | 545 | 358
TANGIBLE ASSETS | 3,516 | 3,373
Properties, plant and equipment | 3,437 | 3,285
For own use | 3,437 | 3,285
Other assets leased out under an operating lease | — | —
Investment properties | 79 | 87
INTANGIBLE ASSETS | 983 | 894
Goodwill | — | —
Other intangible assets | 983 | 894
TAX ASSETS | 12,300 | 12,416
Current tax assets | 2,890 | 2,145
Deferred tax assets | 9,410 | 10,271
OTHER ASSETS | 4,064 | 2,023
Insurance contracts linked to pensions | 1,260 | 1,321
Inventories | 1,302 | 132
Other | 1,501 | 569
NON-CURRENT ASSETS AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE | 331 | 512
TOTAL ASSETS | 468,295 | 490,883

(1) Presented for comparison purposes only.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 210

LIABILITIES AND EQUITY (Millions of Euros)
| 2024 | 2023 ⁽¹⁾
FINANCIAL LIABILITIES HELD FOR TRADING | 70,943 | 108,349
Derivatives | 30,287 | 28,615
Short positions | 9,635 | 11,849
Deposits from central banks | 360 | 4,698
Deposits from credit institutions | 15,026 | 42,710
Customer deposits | 15,636 | 20,476
Debt certificates | — | —
Other financial liabilities | — | —
FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | 2,955 | 2,361
Deposits from central banks | — | —
Deposits from credit institutions | — | —
Customer deposits | 2,955 | 2,361
Debt certificates | — | —
Other financial liabilities | — | —
Subordinated liabilities | — | —
FINANCIAL LIABILITIES AT AMORTIZED COST | 349,381 | 339,476
Deposits from central banks | 6,985 | 10,962
Deposits from credit institutions | 24,686 | 33,563
Customer deposits | 260,366 | 234,754
Debt certificates | 47,086 | 50,132
Other financial liabilities | 10,258 | 10,065
Memorandum item: Subordinated liabilities | 13,355 | 11,741
DERIVATIVES - HEDGE ACCOUNTING | 1,536 | 2,075
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK | — | —
PROVISIONS | 2,823 | 3,131
Pensions and other post-employment defined benefit obligations | 1,673 | 1,871
Other long term employee benefits | 351 | 404
Provisions for taxes and other legal contingencies | 419 | 396
Commitments and guarantees given | 178 | 240
Other provisions | 201 | 221
TAX LIABILITIES | 1,137 | 992
Current tax liabilities | 225 | 197
Deferred tax liabilities | 912 | 795
OTHER LIABILITIES | 2,454 | 2,808
LIABILITIES INCLUDED IN DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE | — | —
TOTAL LIABILITIES | 431,229 | 459,192

(1) Presented for comparison purposes only.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 211

LIABILITIES AND EQUITY (Continued) (Millions of Euros) |  |
| 2024 | 2023 ⁽¹⁾
STOCKHOLDERS’ FUNDS | 38,220 | 33,134
Capital | 2,824 | 2,861
Paid up capital | 2,824 | 2,861
Unpaid capital which has been called up | — | —
Share premium | 19,184 | 19,769
Equity instruments issued other than capital | — | —
Equity component of compound financial instruments | — | —
Other equity instruments issued | — | —
Other equity | 40 | 40
Retained earnings | 8,663 | 7,416
Revaluation reserves | — | —
Other reserves | (1,047) | (804)
Less: treasury shares | (7) | (3)
Profit or loss attributable to owners of the parent | 10,235 | 4,807
Less: interim dividends | (1,671) | (952)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | (1,154) | (1,443)
Items that will not be reclassified to profit or loss | (1,140) | (1,212)
Actuarial gains (losses) on defined benefit pension plans | (48) | (54)
Non-current assets and disposal groups classified as held for sale | — | —
Fair value changes of equity instruments measured at fair value through other comprehensive income | (1,075) | (1,213)
Hedge ineffectiveness of fair value hedges for equity instruments measured at fair value through other comprehensive income | — | —
Fair value changes of equity instruments measured at fair value through other comprehensive income (hedged item) | — | —
Fair value changes of equity instruments measured at fair value through other comprehensive income (hedging instrument) | — | —
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk | (17) | 55
Items that may be reclassified to profit or loss | (14) | (230)
Hedge of net investments in foreign operations (effective portion) | — | —
Foreign currency translation | — | —
Hedging derivatives. Cash flow hedges (effective portion) | 251 | 45
Fair value changes of debt instruments measured at fair value through other comprehensive income | (264) | (275)
Hedging instruments (non-designated items) | — | —
Non-current assets and disposal groups classified as held for sale | — | —
TOTAL EQUITY | 37,066 | 31,691
TOTAL EQUITY AND TOTAL LIABILITIES | 468,295 | 490,883
MEMORANDUM ITEM - OFF BALANCE SHEET EXPOSURES (Millions of Euros) |  |
| 2024 | 2023 ⁽¹⁾
Loan commitments given | 108,206 | 98,667
Financial guarantees given | 21,811 | 18,784
Other commitments given | 37,641 | 30,013

(1) Presented for comparison purposes only.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 212

INCOME STATEMENTS (Millions of Euros) |  |
| 2024 | 2023 ⁽¹⁾
Interest income | 17,586 | 14,569
Interest expense | (11,190) | (9,005)
NET INTEREST INCOME | 6,396 | 5,564
Dividend income | 5,417 | 3,483
Fee and commission income | 2,936 | 2,689
Fee and commission expense | (695) | (613)
Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net | 76 | 24
Financial assets at amortized cost | 28 | —
Other financial assets and liabilities | 48 | 24
Gains or (losses) on financial assets and liabilities held for trading, net | 684 | (12)
Reclassification of financial assets from fair value through other comprehensive income | — | —
Reclassification of financial assets from amortized cost | — | —
Other profit or loss | 684 | (12)
Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net | 77 | 200
Reclassification of financial assets from fair value through other comprehensive income | — | —
Reclassification of financial assets from amortized cost | — | —
Other profit or loss | 77 | 200
Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net | 174 | 16
Gains (losses) from hedge accounting, net | 2 | (6)
Exchange differences, net | 258 | 23
Other operating income | 563 | 455
Other operating expense | (516) | (804)
GROSS INCOME | 15,373 | 11,020
Administrative expense | (4,540) | (4,157)
Personnel expense | (2,613) | (2,425)
Other administrative expense | (1,927) | (1,733)
Depreciation and amortization | (641) | (651)
Provisions or reversal of provisions | (132) | (116)
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | (741) | (677)
Financial assets measured at amortized cost | (744) | (682)
Financial assets at fair value through other comprehensive income | 3 | 6
NET OPERATING INCOME | 9,319 | 5,419
Impairment or reversal of impairment of investments in subsidiaries, joint ventures and associates | 2,246 | 118
Impairment or reversal of impairment on non-financial assets | (11) | 5
Tangible assets | (5) | 17
Intangible assets | (7) | (12)
Other assets | — | —
Gains (losses) on derecognition of non - financial assets and subsidiaries, net | 50 | 3
Negative goodwill recognized in profit or loss | — | —
Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations | (14) | 2
PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS | 11,590 | 5,547
Tax expense or income related to profit or loss from continuing operations | (1,355) | (740)
PROFIT (LOSS) AFTER TAX FROM CONTINUING OPERATIONS | 10,235 | 4,807
Profit (loss) after tax from discontinued operations | — | —
PROFIT (LOSS) FOR THE YEAR | 10,235 | 4,807

(1) Presented for comparison purposes only.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted
by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 213

STATEMENTS OF RECOGNIZED INCOME AND EXPENSE (Millions of Euros)
| 2024 | 2023 ⁽¹⁾
PROFIT RECOGNIZED IN INCOME STATEMENT | 10,235 | 4,807
OTHER RECOGNIZED INCOME (EXPENSE) | 249 | 730
ITEMS NOT SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT | 33 | 3
Actuarial gains (losses) from defined benefit pension plans | (25) | (24)
Non-current assets and disposal groups classified as held for sale | — | —
Fair value changes of equity instruments measured at fair value through other comprehensive income | 146 | 43
Gains (losses) from hedge accounting of equity instruments at fair value through other comprehensive income, net | — | —
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk | (102) | (24)
Other valuation adjustments | — | —
Income tax related to items not subject to reclassification to income statement | 13 | 9
ITEMS SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT | 217 | 727
Hedge of net investments in foreign operations [effective portion] | — | —
Valuation gains (losses) taken to equity | — | —
Transferred to profit or loss | — | —
Other reclassifications | — | —
Other reclassifications | — | —
Cash flow hedges [effective portion] | 294 | 767
Valuation gains (losses) taken to equity | 294 | 767
Transferred to profit or loss | — | —
Transferred to initial carrying amount of hedged items | — | —
Other reclassifications | — | —
Hedging instruments [non-designated elements] | — | —
Valuation gains (losses) taken to equity | — | —
Transferred to profit or loss | — | —
Other reclassifications | — | —
Debt securities at fair value through other comprehensive income | 16 | 271
Valuation gains (losses) taken to equity | 63 | 302
Transferred to profit or loss | (47) | (31)
Other reclassifications | — | —
Non-current assets and disposal groups held for sale | — | —
Valuation gains (losses) taken to equity | — | —
Income tax relating to items subject to reclassification to income statements | (93) | (311)
TOTAL RECOGNIZED INCOME/EXPENSE | 10,484 | 5,537

(1) Presented for comparison purposes only.
Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted by the European Union (see Notes 1 to 56). In the event of a
discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 214

Statement of changes in equity for the year ended December 31, 2024 of BBVA, S.A.

STATEMENT OF CHANGES IN EQUITY (Millions of Euros)
2024 | Capital | Share Premium | Equity instruments issued other than capital | Other Equity | Retained earnings | Revaluation reserves | Other reserves | (-) Treasury shares | Profit or loss attributable to owners of the parent | (-) Interim dividends | Accumulated other comprehensive income | Total
Balances as of January 1, 2024 | 2,861 | 19,769 | — | 40 | 7,416 | — | (804) | (3) | 4,807 | (952) | (1,443) | 31,691
Total income/expense recognized | — | — | — | — | — | — | — | — | 10,235 | — | 249 | 10,484
Other changes in equity | (37) | (585) | — | (1) | 1,247 | — | (243) | (4) | (4,807) | (719) | 39 | (5,109)
Issuances of common shares | — | — | — | — | — | — | — | — | — | — | — | —
Issuances of preferred shares | — | — | — | — | — | — | — | — | — | — | — | —
Issuance of other equity instruments | — | — | — | — | — | — | — | — | — | — | — | —
Period or maturity of other issued equity instruments | — | — | — | — | — | — | — | — | — | — | — | —
Conversion of debt on equity | — | — | — | — | — | — | — | — | — | — | — | —
Common Stock reduction | (37) | (585) | — | — | 29 | — | (189) | 781 | — | — | — | —
Dividend distribution | — | — | — | — | (2,249) | — | — | — | — | (1,671) | — | (3,921)
Purchase of treasury shares | — | — | — | — | — | — | — | (1,309) | — | — | — | (1,309)
Sale or cancellation of treasury shares | — | — | — | — | — | — | (6) | 524 | — | — | — | 519
Reclassification of financial liabilities to other equity instruments | — | — | — | — | — | — | — | — | — | — | — | —
Reclassification of other equity instruments to financial liabilities | — | — | — | — | — | — | — | — | — | — | — | —
Transfers between total equity entries | — | — | — | 9 | 3,855 | — | (48) | — | (4,807) | 952 | 39 | —
Increase/Reduction of equity due to business combinations | — | — | — | — | — | — | — | — | — | — | — | —
Share based payments | — | — | — | (26) | — | — | — | — | — | — | — | (26)
Other increases or (-) decreases in equity | — | — | — | 16 | (388) | — | — | — | — | — | — | (372)
Balances as of December 31, 2024 | 2,824 | 19,184 | — | 40 | 8,663 | — | (1,047) | (7) | 10,235 | (1,671) | (1,154) | 37,066

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted by the European Union (see Notes 1 to 56). In the event of a
discrepancy, the Spanish-language version prevails

Consolidated Financial Statements | Appendices | 215

Statement of changes in equity for the year ended December 31, 2023 of BBVA, S.A.

STATEMENT OF CHANGES IN EQUITY (Millions of Euros)
2023 ⁽¹⁾ | Capital | Share Premium | Equity instruments issued other than capital | Other Equity | Retained earnings | Revaluation reserves | Other reserves | (-) Treasury shares | Profit or loss attributable to owners of the parent | (-) Interim dividends | Accumulated other comprehensive income | Total
Balances as of January 1, 2023 | 2,955 | 20,856 | — | 49 | 5,453 | — | (474) | (3) | 4,816 | (724) | (2,172) | 30,756
Total income/expense recognized | — | — | — | — | — | — | — | — | 4,807 | — | 730 | 5,537
Other changes in equity | (94) | (1,087) | — | (9) | 1,963 | — | (330) | — | (4,816) | (228) | — | (4,602)
Issuances of common shares | — | — | — | — | — | — | — | — | — | — | — | —
Issuances of preferred shares | — | — | — | — | — | — | — | — | — | — | — | —
Issuance of other equity instruments | — | — | — | — | — | — | — | — | — | — | — | —
Settlement or maturity of other equity instruments issued | — | — | — | — | — | — | — | — | — | — | — | —
Conversion of debt on equity | — | — | — | — | — | — | — | — | — | — | — | —
Common Stock reduction | (94) | (1,087) | — | — | 75 | — | (316) | 1,422 | — | — | — | —
Dividend distribution | — | — | — | — | (1,860) | — | — | — | — | (952) | — | (2,812)