Annual Report (ESEF) • Feb 14, 2025
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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. Principles 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. Gains (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 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 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 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 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 Consolidated 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 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) 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 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 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 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 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 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 14 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 1.1 Introduction 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. In 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 following 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 Principles 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 statements. Intragroup 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. 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 18 – 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. 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 19 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, 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 20 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 model. 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. 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 21 – 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. the 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 specific 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. 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 22 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 loss" 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, net” 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 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 23 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. 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 24 “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". Hedging 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 risk 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 hedged 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. 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 25 – 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. The 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: – Significant 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 fraud. – 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. 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 26 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 stage 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 classification 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. 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 27 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 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 28 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 instruments 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. 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 29 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 ear. 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 assets 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 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 30 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 reduced 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 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 31 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. The 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. If 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. Internally 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. 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 32 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 applicable 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 onerous 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 flows2 . 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 policyholder 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. 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 33 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 for 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 80% 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 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 34 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 settled (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 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 35 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. 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 36 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. 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 37 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: 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 38 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: 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 39 – 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 branches locat ed in countries with hyperinflationary economies 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 Note 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 of December 31, 2024 was 36.74 Turkish lira per euro (32.65 and 19.96 in 2023 and 2022, 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 41 Argentina 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. Standards 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 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 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: Disclosures" 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. Annual 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 Standards 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 cash 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. 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 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 described 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 privilegiada), 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 shares 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). An 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 Note 2.2.18 to these Consolidated Financial Statements. 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 approved 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 notice (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 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. 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 above. 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 execution. 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 Proposal 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 determined by the BBVA Group'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 years 2023 and 2022 were revised, which has not affected the 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 (hereinafter "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 geopolitical 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. 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 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. Any of these factors may have a significant adverse impact on the Group’s business, financial condition and 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 53 – 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. 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 54 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. Spanish 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. – Environmental, social and governance (ESG) risks may adversely impact the Group ESG factors 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 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 55 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 activities 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. 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 56 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. 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 57 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. 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 58 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). 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 59 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) - 1100 >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. For 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. 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 60 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 methodological 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. 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 61 – 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 % 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 62 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 % 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 63 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 % 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 64 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 scenario. 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) 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 65 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) Additional 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. 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 66 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 presented 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 million, €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 consolidated 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 amount and loss allowances Movements, measured over a 12-month period, 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 allowances 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 Garanti 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. 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 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 approximately 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 Interest rate risk and credit spread in the banking book The structural 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. 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 81 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 durations. 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. 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 84 7.3.2 Structural exchange-rate 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 markets 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 €-27 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. 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 86 – 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. 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 87 – 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 million. The evolution in the BBVA Group’s market risk during 2024, measured 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 weight 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. 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 88 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. 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 89 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. 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 90 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. 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 91 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, monitoring 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. 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 92 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 individual LMU. The internal levels required are aimed at efficiently meeting the regulatory requirement, at a level above 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. 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 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 million, 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 relevant aspects related to the 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 lending 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 inflation. 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 the 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 2024: 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 December 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 ately 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 corresponds 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. Sensitivity 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 below 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 The equity 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 of 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 consolidated income 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 31, 2024, a net reversal of impairment was recorded for €63 million; 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 set 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% based 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 Other 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 liabilities 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 Regardless of the income tax expense recognized in the consolidated 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, the increase in current tax assets corresponds mainly to a higher tax receivable of 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 the other hand, the Group has not recognized for accounting purposes (or, as the case may be, has been subject to a valuation adjustment) 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 contributions and taxes Temporary tax on credit institutions in Spain On 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 €800 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 preparation 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 spectively. 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 clients. 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. Assets 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 liabilities 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 different 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 million 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, corresponds 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, 2023 and on December 19, 2023; and of the partial executions of the share capital reduction resolution adopted by the 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, the 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 Sistema 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 Annual 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 was €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 other 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 main 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 minority 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 management 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. At 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 management 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 recorded 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 contributions 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) For 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” in the consolidated balance sheets, net of tax effect. The characteristics of the Group's remuneration plans based on equity instruments are described below. Variable remuneration 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, the variable 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 The delivery of shares in 2024 to the members of the Identified Staff is derived from the settlement of the Annual 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 . This 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 were €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 31st 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. Remuneration 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 members as of December 31, 2024, and 15 members as of December 31, 2023, excluding 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 the 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 55.3Payments 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 Non-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. Disposals 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% have 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 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 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 Additionally, 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) Purchase of treasury shares — — — — — — — (2,000) — — — (2,000) Sale or cancellation of treasury shares — — — — — — (12) 578 — — — 566 Reclassification of other equity instruments to financial liabilities — — — — — — — — — — — — Reclassification of financial liabilities to other equity instruments — — — — — — — — — — — — Transfers within total equity — — — 2 4,092 — (2) — (4,816) 724 — — Increase/Reduction of equity due to business combinations — — — — — — — — — — — — Share based payments — — — (30) — — — — — — — (30) Other increases or (-) decreases in equity — — — 19 (345) — — — — — — (325) Balances as of December 31, 2023 2,861 19,769 — 40 7,416 — (804) (3) 4,807 (952) (1,443) 31,691 (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 216 CASH FLOWS STATEMENTS (Millions of Euros) 2024 2023 ⁽¹⁾ A) CASH FLOWS FROM OPERATING ACTIVITIES (1+2+3+4+5) (23,846) (1,809) 1.Profit (loss) for the year 10,235 4,807 2.Adjustments to obtain the cash flow from operating activities: (1,075) 1,766 Depreciation and amortization 641 651 Other adjustments (1,717) 1,115 3.Net increase/decrease in operating assets (2,045) (35,004) Financial assets held for trading 27,661 (25,437) Non-trading financial assets mandatorily at fair value through profit or loss (166) (184) Other financial assets designated at fair value through profit or loss — — Financial assets at fair value through other comprehensive income 4,610 5,428 Financial assets at amortized cost (33,796) (14,875) Other operating assets (355) 65 4.Net increase/decrease in operating liabilities (29,468) 27,697 Financial liabilities held for trading (37,406) 27,495 Other financial liabilities designated at fair value through profit or loss 594 501 Financial liabilities at amortized cost 7,882 506 Other operating liabilities (539) (805) 5.Collection/payments for income tax (1,492) (1,076) B) CASH FLOWS FROM INVESTING ACTIVITIES (1+2) (448) (140) 1.Investment (1,367) (906) Tangible assets (133) (77) Intangible assets (410) (382) Investments in subsidiaries, joint ventures and associates (824) (447) Other business units — — Non-current assets and disposal groups classified as held for sale and associated liabilities — — Other settlements related to investing activities — — 2.Divestments 919 765 Tangible assets 2 2 Intangible assets — — Investments in subsidiaries, joint ventures and associates 656 557 Other business units — — Non-current assets classified as held for sale and associated liabilities 261 207 Other collections related to investing activities — — C) CASH FLOWS FROM FINANCING ACTIVITIES (1 + 2) (3,522) (1,986) 1. Payments (7,368) (6,307) Dividends (shareholders remuneration) (3,921) (2,812) Subordinated liabilities (2,138) (1,495) Treasury share amortization (37) (94) Treasury share acquisition (1,273) (1,906) Other items relating to financing activities — — 2. Collections 3,846 4,321 Subordinated liabilities 3,000 3,679 Common stock increase — — Treasury share disposal 482 536 Other items relating to financing activities 364 106 D) EFFECT OF EXCHANGE RATE CHANGES (643) 175 E) NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS (A+B+C+D) (28,459) (3,760) F) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 49,213 52,973 G) CASH AND CASH EQUIVALENTS AT END OF THE YEAR (E+F) 20,755 49,213 COMPONENTS OF CASH AND EQUIVALENTS AT END OF THE YEAR (Millions of Euros) 2024 2023 ⁽¹⁾ Cash 1,027 990 Balance of cash equivalent in central banks 17,603 45,653 Other financial assets 2,124 2,570 Less: Bank overdraft refundable on demand — — TOTAL CASH AND CASH EQUIVALENTS AT END OF THE YEAR 20,755 49,213 (1) Presented for comparison purposes only. This Appendix is an integral part of Notes 2.1 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 217 APPENDIX X. Quantitative information on refinancing and restructuring operations and other requirements under Bank of Spain Circular 6/2012 a. Quantitative information on refinancing and restructuring operations The breakdown of refinancing and restructuring operations as of December 31, 2024, 2023 and 2022 is as follows: December 2024 BALANCE OF FORBEARANCE (Millions of Euros) TOTAL Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk Maximum amount of secured loans that can be considered Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans Credit institutions — — — — — — — General Governments 38 37 4 1 — — (6) Other financial corporations and individual entrepreneurs (financial business) 297 7 20 8 4 1 (5) Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 102,661 3,265 7,726 1,966 851 203 (2,067) Of which: financing the construction and property (including land) 445 349 569 181 81 10 (335) Other households (1) 348,925 1,894 54,201 4,181 2,972 27 (1,726) Total 451,921 5,203 61,951 6,156 3,827 231 (3,805) Of which: IMPAIRED Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk Maximum amount of secured loans that can be considered Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans Credit institutions — — — — — — — General Governments 23 9 4 1 — — (4) Other financial corporations and individual entrepreneurs (financial business) 179 4 13 4 1 1 (5) Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 77,926 2,072 4,989 1,093 395 26 (1,808) Of which: financing the construction and property (including land) 332 347 429 121 31 7 (328) Other households (1) 247,529 1,095 31,775 2,572 1,613 8 (1,519) Total 325,657 3,181 36,781 3,671 2,008 35 (3,336) (1) Number of operations does not include Garanti BBVA. Includes mortgage-backed real estate operations with loan to value ratio of greater than 1, and secured operations, other than transactions secured by real estate mortgage regardless of their loan to value ratio. 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 218 December 2023 BALANCE OF FORBEARANCE (Millions of Euros) TOTAL Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk Maximum amount of secured loans that can be considered Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans Credit institutions — — — — — — — General Governments 50 31 24 7 5 — (6) Other financial corporations and individual entrepreneurs (financial business) 292 17 24 11 5 3 (6) Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 79,943 3,870 10,602 2,395 1,053 264 (2,422) Of which: financing the construction and property (including land) 703 420 717 269 125 10 (428) Other households (1) 242,532 1,390 63,320 4,642 3,380 20 (1,677) Total 322,817 5,308 73,970 7,055 4,443 287 (4,111) Of which: IMPAIRED Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk Maximum amount of secured loans that can be considered Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans Credit institutions — — — — — — — General Governments 25 14 4 2 1 — (4) Other financial corporations and individual entrepreneurs (financial business) 206 5 17 4 1 2 (4) Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 59,133 2,409 6,483 1,323 473 56 (2,070) Of which: financing the construction and property (including land) 491 417 540 196 66 8 (417) Other households (1) 158,595 900 36,108 3,001 1,957 4 (1,519) Total 217,959 3,329 42,612 4,330 2,432 62 (3,597) (1) Number of operations does not include Garanti BBVA. Includes mortgage-backed real estate operations with loan to value ratio of greater than 1, and secured operations, other than transactions secured by real estate mortgage regardless of their loan to value ratio. 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 219 December 2022 BALANCE OF FORBEARANCE (Millions of Euros) TOTAL Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk Maximum amount of secured loans that can be considered Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans Credit institutions — — — — — — — General Governments 57 38 24 9 6 — (9) Other financial corporations and individual entrepreneurs (financial business) 303 10 22 6 1 3 (7) Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 75,713 5,882 8,687 2,792 1,238 223 (3,303) Of which: financing the construction and property (including land) 460 479 819 383 164 33 (497) Other households (1) 231,910 1,412 79,666 4,969 3,702 20 (1,601) Total 307,983 7,343 88,399 7,778 4,946 246 (4,920) Of which: IMPAIRED Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk Maximum amount of secured loans that can be considered Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans Credit institutions — — — — — — — General Governments 26 20 23 9 5 — (8) Other financial corporations and individual entrepreneurs (financial business) 232 9 17 4 — 1 (7) Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 59,944 3,104 6,005 1,604 500 66 (2,815) Of which: financing the construction and property (including land) 414 475 620 269 82 22 (480) Other households (1) 124,228 871 37,043 2,514 1,607 4 (1,412) Total 184,430 4,004 43,088 4,130 2,113 70 (4,242) (1) Number of operations does not include Garanti BBVA. Includes mortgage-backed real estate operations with loan to value ratio of greater than 1, and secured operations, other than transactions secured by real estate mortgage regardless of their loan to value ratio. In addition to the restructuring and refinancing transactions mentioned in this section, loans that were not considered impaired or renegotiated have been modified based on the criteria set out in the accounting regulation that applies. These loans have not been classified as renegotiated or impaired, since they were modified for commercial or competitive reasons (for instance, to improve relationships with clients) rather than for economic or legal reasons relating to the borrower's financial situation. The table below provides a breakdown by segments of the forbearance operations (net of provisions) as of December 31, 2024, 2023 and 2022: Forbearance operations. Breakdown by segments (Millions of Euros) 2024 2023 2022 Credit institutions — — — Central governments 32 32 39 Other financial corporations and individual entrepreneurs (financial activity) 9 22 9 Non-financial corporations and individual entrepreneurs (non-financial activity) 3,163 3,843 5,371 Of which: Financing the construction and property development (including land) 195 261 365 Households 4,349 4,354 4,780 Total carrying amount 7,553 8,251 10,200 Financing classified as non-current assets and disposal groups 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 Appendices 220 NPL ratio by type of renegotiated loan The non-performing ratio of the renegotiated portfolio is defined as the impaired balance of renegotiated loans that shows signs of difficulties as of the closing of the reporting period, divided by the total payment outstanding in that portfolio. As of December 31, 2024 and December 31, 2023, the non-performing ratio for each of the portfolios of renegotiated loans is as follows: NPL ratio by type of renegotiated loan Ratio of impaired loans - past due 2024 2023 General governments 28 % 42 % Commercial 61 % 60 % Of which: Construction and developer 88 % 89 % Other consumer 60 % 65 % b. Qualitative information on the concentration of risk by activity and guarantees Loans and advances to customers by activity (carrying amount) December 2024 (Millions of Euros) Loans to customers. Loan to value Total (1) Mortgage loans Secured loans Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% but less than or equal to 100% Over 100% General governments 22,011 245 6,059 902 2,472 441 2,143 346 Other financial institutions and individual entrepreneurs 28,150 683 16,999 357 376 272 8,469 8,208 Non-financial institutions and individual entrepreneurs 203,240 27,815 11,047 13,453 7,828 4,865 4,888 7,828 Construction and property development 6,572 4,304 266 1,947 1,299 700 291 334 Construction of civil works 6,837 582 386 227 274 89 22 356 Other purposes 189,831 22,929 10,394 11,278 6,255 4,077 4,575 7,138 Large companies 128,917 9,955 6,915 5,166 2,417 1,906 2,312 5,070 SMEs (2) and individual entrepreneurs 60,914 12,974 3,479 6,113 3,838 2,171 2,263 2,069 Rest of households and NPISHs (3) 170,213 95,846 2,387 23,100 26,889 31,365 12,450 4,430 Housing 98,560 94,573 111 22,569 26,301 31,099 10,794 3,920 Consumption 67,225 584 2,004 242 440 136 1,462 308 Other purposes 4,427 689 272 289 148 130 193 202 TOTAL 423,613 124,590 36,492 37,812 37,565 36,943 27,950 20,812 MEMORANDUM ITEM: Forbearance operations (4) 7,553 4,268 234 993 1,005 900 702 902 (1) The amounts included in this table are net of loss allowances. (2) Small and medium enterprises. (3) Non-profit institutions serving households. (4) Net of provisions. 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 221 December 2023 (Millions of Euros) Loans to customers. Loan to value Total (1) Mortgage loans Secured loans Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% but less than or equal to 100% Over 100% General governments 23,025 271 7,104 1,137 2,911 429 2,369 527 Other financial institutions and individual entrepreneurs 23,086 525 13,315 182 378 68 9,304 3,909 Non-financial institutions and individual entrepreneurs 183,279 24,472 10,791 11,930 7,260 4,556 4,230 7,287 Construction and property development 5,788 4,064 248 1,662 1,192 768 239 451 Construction of civil works 5,173 554 382 231 191 87 37 390 Other purposes 172,318 19,854 10,160 10,037 5,877 3,701 3,954 6,446 Large companies 111,122 7,360 5,744 4,092 2,071 1,479 1,882 3,579 SMEs (2) and individual entrepreneurs 61,196 12,494 4,416 5,944 3,806 2,222 2,072 2,867 Rest of households and NPISHs (3) 157,847 95,040 2,166 21,700 25,396 31,265 13,960 4,886 Housing 97,395 93,813 118 21,155 24,954 31,014 12,435 4,374 Consumption 56,520 475 1,879 230 291 137 1,423 273 Other purposes 3,933 753 169 315 152 114 102 239 TOTAL 387,238 120,308 33,376 34,949 35,944 36,319 29,864 16,609 MEMORANDUM ITEM: Forbearance operations (4) 8,251 4,894 240 1,050 1,072 1,001 953 1,058 (1) The amounts included in this table are net of loss allowances. (2) Small and medium enterprises. (3) Non-profit institutions serving households. (4) Net of provisions. December 2022 (Millions of Euros) Loans to customers. Loan to value Total (1) Mortgage loans Secured loans Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% but less than or equal to 100% Over 100% General governments 20,661 297 5,382 1,121 1,555 338 1,919 746 Other financial institutions and individual entrepreneurs 23,484 336 15,430 296 128 139 3,644 11,560 Non-financial institutions and individual entrepreneurs 172,854 25,454 6,829 9,902 6,972 4,495 2,958 7,956 Construction and property development 5,166 3,701 201 1,468 1,083 660 247 445 Construction of civil works 5,582 610 317 276 185 104 45 318 Other purposes 162,106 21,143 6,311 8,159 5,704 3,732 2,666 7,194 Large companies 105,852 7,509 3,771 3,308 1,839 1,218 1,358 3,557 SMEs (2) and individual entrepreneurs 56,254 13,634 2,540 4,851 3,866 2,514 1,307 3,637 Rest of households and NPISHs (3) 150,095 93,556 1,990 21,473 25,693 29,940 13,114 5,327 Housing 95,237 92,264 123 20,886 25,325 29,696 11,564 4,915 Consumption 50,295 461 1,660 266 166 111 1,403 176 Other purposes 4,564 831 208 321 202 133 147 235 TOTAL 367,095 119,644 29,632 32,792 34,348 34,911 21,636 25,589 MEMORANDUM ITEM: Forbearance operations (4) 10,200 5,685 174 1,351 1,130 1,167 884 1,327 (1) The amounts included in this table are net of loss allowances. (2) Small and medium enterprises. (3) Non-profit institutions serving households. (4) Net of provisions. 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 222 c. Information on the concentration of risk by activity and geographical areas December 2024 (Millions of Euros) TOTAL (1) Spain Rest of European Union America Other Credit institutions 134,618 20,574 36,788 44,739 32,516 General governments 148,541 63,146 15,277 58,857 11,261 Central Administration 127,232 49,454 14,743 52,035 11,000 Other 21,310 13,692 534 6,822 261 Other financial institutions and individual entrepreneurs 62,821 5,508 19,786 22,289 15,239 Non-financial institutions and individual entrepreneurs 279,097 86,803 32,185 100,623 59,487 Construction and property development 10,778 3,168 722 2,448 4,439 Construction of civil works 11,556 6,484 1,222 1,257 2,593 Other purposes 256,764 77,151 30,241 96,919 52,454 Large companies 187,984 51,296 28,984 71,896 35,808 SMEs and individual entrepreneurs 68,780 25,855 1,257 25,022 16,646 Other households and NPISHs 170,724 90,552 2,644 60,413 17,115 Housing 98,561 70,761 1,235 24,757 1,807 Consumer 67,257 16,271 1,149 35,055 14,782 Other purposes 4,906 3,520 259 600 526 TOTAL 795,801 266,583 106,680 286,921 135,617 (1) The definition of risk for the purpose of this statement includes the following items on the public balance sheet: “Loans and advances to credit institutions”, “Loans and advances”, “Debt securities”, “Equity instruments”, “Other equity securities”, “Derivatives and hedging derivatives”, “Investments in subsidiaries, joint ventures and associates” and “Guarantees given”. The amounts included in this table are net of loss allowances. December 2023 (Millions of Euros) TOTAL ⁽¹⁾ Spain Rest of European Union America Other Credit institutions 192,222 54,246 61,342 42,084 34,550 General governments 144,082 59,385 12,198 61,473 11,025 Central Administration 121,149 45,259 11,767 53,640 10,482 Other 22,933 14,125 431 7,833 543 Other financial institutions 54,064 9,564 18,279 18,097 8,124 Non-financial institutions and individual entrepreneurs 246,103 80,219 23,614 90,342 51,928 Construction and property development 9,256 2,888 640 2,573 3,156 Construction of civil works 9,524 5,988 885 1,558 1,093 Other purposes 227,323 71,344 22,089 86,211 47,679 Large companies 159,906 45,738 21,086 61,867 31,214 SMEs and individual entrepreneurs 67,417 25,606 1,003 24,344 16,464 Other households and NPISHs 158,344 88,561 2,477 58,686 8,620 Housing 97,395 70,073 1,302 24,899 1,120 Consumer 56,521 15,111 956 33,207 7,246 Other purposes 4,428 3,377 218 579 254 TOTAL 794,814 291,975 117,910 270,682 114,247 (1) The definition of risk for the purpose of this statement includes the following items on the public balance sheet: “Loans and advances to credit institutions”, “Loans and advances”, “Debt securities”, “Equity instruments”, “Other equity securities”, “Derivatives and hedging derivatives”, “Investments in subsidiaries, joint ventures and associates” and “Guarantees given”. The amounts included in this table are net of loss allowances. 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 223 December 2022 (Millions of Euros) TOTAL (1) Spain Rest of European Union America Other Credit institutions 166,533 58,290 36,043 42,872 29,328 General governments 127,562 52,873 13,677 47,261 13,752 Central Administration 106,827 39,349 13,153 41,201 13,124 Other 20,736 13,524 524 6,060 628 Other financial institutions 49,608 9,884 16,254 15,090 8,380 Non-financial institutions and individual entrepreneurs 235,280 81,464 25,039 80,016 48,761 Construction and property development 8,590 2,636 659 2,149 3,146 Construction of civil works 9,361 5,942 1,078 1,037 1,304 Other purposes 217,329 72,886 23,302 76,830 44,311 Large companies 154,798 45,864 22,686 54,975 31,274 SMEs and individual entrepreneurs 62,531 27,023 616 21,855 13,038 Other households and NPISHs 150,496 88,548 2,591 48,756 10,602 Housing 95,238 70,901 1,483 21,455 1,398 Consumer 50,296 14,595 236 26,697 8,768 Other purposes 4,962 3,052 871 604 436 TOTAL 729,480 291,059 93,603 233,994 110,823 (1) The definition of risk for the purpose of this statement includes the following items on the public balance sheet: “Loans and advances to credit institutions”, “Loans and advances”, “Debt securities”, “Equity instruments”, “Other equity securities”, “Derivatives and hedging derivatives”, “Investments in subsidiaries, joint ventures and associates” and “Guarantees given”. The amounts included in this table are net of loss allowances. This Appendix is an integral part of Note 7.2.7 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 224 APPENDIX XI. Additional information on risk concentration a. Sovereign risk exposure The table below provides a breakdown of exposure to financial assets (excluding derivatives and equity instruments), as of December 31, 2024, 2023 and 2022: by type of counterparty and the country of residence of such counterparty. The below figures do not take into account accumulated other comprehensive income, loss allowances or loan-loss provisions: Risk exposure by countries (Millions of Euros) Sovereign risk 2024 2023 2022 Spain 63,277 59,704 53,437 Italy 12,264 10,744 12,287 Turkey 9,995 9,284 9,934 Portugal 288 424 670 Germany 195 142 254 France 1,366 182 148 Netherlands 10 14 14 Romania 791 587 539 Rest of Europe 1,227 1,187 1,188 Subtotal Europe 89,413 82,268 78,470 Mexico 43,909 48,929 36,840 The United States 6,408 5,591 4,989 Colombia 4,021 3,540 2,657 Peru 1,208 1,526 1,108 Argentina 2,633 1,308 1,246 Venezuela — — — Rest of countries 1,337 1,782 3,726 Subtotal rest of countries 59,517 62,676 50,566 Total exposure to financial instruments 148,930 144,945 129,036 The exposure to sovereign risk set out in the above table includes positions held in government debt securities in countries where the Group operates. They are used for ALCO’s management of the interest-rate risk on the balance sheets of the Group’s entities in these countries, as well as for hedging of pension and insurance commitments by insurance entities within 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 Appendices 225 b. Concentration of risk on activities in the real-estate market in Spain Quantitative information on activities in the real-estate market in Spain As of December 31, 2024, 2023 and 2022, the Group's exposure to the construction and real estate development sectors (excluding the mortgage portfolio) in Spain amounted to €9,600 million, €9,476 million and €9,549 million, respectively, of which €2,207 million, €2,105 million and €1,861 million, respectively, related to construction loans, real estate development activities and house purchases in Spain. Data as of December 31, 2024, 2023 and 2022 is shown below: Financing Allocated by credit institutions to Construction and Real Estate Development and lending for house purchase (Millions of Euros) Gross amount Drawn over the guarantee value Accumulated impairment 2024 2023 2022 2024 2023 2022 2024 2023 2022 Financing to construction and real estate development (including land) (Business in Spain) 2,207 2,105 1,861 473 482 350 (102) (115) (157) Of which: Impaired assets 136 183 239 45 53 82 (88) (98) (122) Memorandum item: — — — — — — — — — Write-offs 2,100 2,097 2,086 Memorandum item: — — — — — — — — — Total loans and advances to customers, excluding the General Governments (Business in Spain) (book value) 177,946 168,660 172,880 Total consolidated assets (total business) (book value) 772,402 775,558 712,092 Impairment and provisions for normal exposures (4,841) (4,752) (4,622) The following is a description of the real estate credit risk based on the types of associated guarantees: Financing allocated by credit institutions to construction and real estate development and lending for house purchase (Millions of Euros) 2024 2023 2022 Without secured loan 408 359 232 With secured loan 1,799 1,746 1,629 Terminated buildings 832 857 898 Homes 656 685 710 Other 177 172 188 Buildings under construction 869 749 556 Homes 843 731 536 Other 26 18 21 Land 97 139 175 Urbanized land 76 92 119 Rest of land 22 47 56 Total 2,207 2,105 1,861 As of December 31, 2024, 2023 and 2022, 37.7%, 40.7% and 48.3% of loans to developers were guaranteed with buildings (78.8%, 79.9% and 79.1% are homes), and only 4.4%, 6.6% and 9.4% by land, of which 78.4%, 66.2% and 67.9% are in urban locations, respectively. The table below provides the breakdown of the financial guarantees given as of December 31, 2024, 2023 and 2022: Financial guarantees given (Millions of Euros) 2024 2023 2022 Houses purchase loans 53 36 54 Without mortgage 2 3 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 226 The information on the retail mortgage portfolio risk (housing mortgage) as of December 31, 2024, 2023 and 2022 is as follows: Financing allocated by credit institutions to construction and Real Estate development and lending for house purchase. (Millions of Euros) Gross amount Of which: impaired loans 2024 2023 2022 2024 2023 2022 Houses purchase loans 71,709 71,144 71,799 2,889 3,267 2,486 Without mortgage 1,416 1,415 1,539 9 10 8 With mortgage 70,294 69,729 70,260 2,880 3,257 2,477 The loan to value (LTV) ratio of the above portfolio is as follows: LTV breakdown of mortgage to households for the purchase of a home (business in Spain) (Millions of Euros) Total risk over the amount of the last valuation available (Loan to value-LTV) Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% but less than or equal to 100% Over 100% Total Gross amount December 31, 2024 18,584 21,171 23,193 4,643 2,702 70,294 Of which: Impaired loans 314 502 622 539 904 2,880 Gross amount December 31, 2023 17,201 20,302 22,850 5,856 3,519 69,729 Of which: Impaired loans 307 464 642 617 1,227 3,257 Gross amount December 31, 2022 16,981 20,060 22,255 6,794 4,171 70,260 Of which: Impaired loans 248 341 438 450 999 2,477 Outstanding home mortgage loans as of December 31, 2024, 2023 and 2022 had an average LTV of 41%, 42% and 43% 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 Appendices 227 The breakdown of foreclosed, acquired, purchased or exchanged assets from debt from loans relating to business in Spain, as well as the holdings and financing to non-consolidated entities holding such assets is as follows: Information about Assets Received in Payment of Debts (Business in Spain) (Millions of euros) Gross Value ⁽¹⁾ ⁽²⁾ Provisions Of which: Valuation adjustments on impaired assets, from the time of foreclosure Carrying amount 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 Real estate assets from loans to the construction and real estate development sectors in Spain 303 398 539 (246) (307) (389) (159) (183) (229) 57 92 150 Terminated buildings 41 72 125 (24) (44) (72) (16) (24) (38) 17 28 54 Homes 19 31 49 (10) (16) (25) (6) (7) (11) 9 15 24 Other 23 41 76 (15) (28) (47) (10) (17) (27) 8 13 30 Buildings under construction 8 8 21 (6) (7) (16) (2) (2) (8) 2 1 5 Homes 8 7 20 (6) (6) (15) (2) (2) (7) 2 1 5 Other — 1 1 — (1) (1) — (1) — — — — Land 254 318 393 (216) (256) (302) (141) (156) (183) 38 62 91 Urbanized land 248 299 366 (210) (242) (285) (138) (145) (170) 38 57 81 Rest of land 6 19 27 (5) (14) (17) (3) (11) (12) 1 5 10 Real estate assets from mortgage financing for households for the purchase of a home 392 544 736 (209) (299) (410) (72) (99) (134) 183 245 327 Rest of foreclosed real estate assets 283 364 449 (195) (231) (270) (61) (76) (80) 88 133 179 Equity instruments, investments and financing to non- consolidated companies holding said assets ⁽³⁾ — — 656 — — (397) — (358) — — 259 Total 978 1,306 2,381 (650) (837) (1,466) (292) (358) (801) 328 469 915 (1) Represents original loan value at the time of foreclosure. (2) The value of real estate assets foreclosed or received in payment of debts should be initially recognized at the lower of the carrying amount of the financial assets and the fair value at the time of foreclosure less estimated sales costs. The gross value of the assets acquired in payment of debts is €620 million and €827 million as of December 31, 2024 and December 31, 2023, respectively. (3) In 2024 and 2023 stake in Metrovacesa, S.A. is excluded. Given its corporate purpose and the transformation and turnover of its assets, the assets of Metrovacesa, S.A. are not considered to come from foreclosures. As of December 31, 2024, 2023 and 2022, the gross book value of the Group’s real-estate assets from corporate financing of real- estate construction and development was €303, €398 and €539 million, respectively, with an average coverage ratio of 81.2%, 77.0% and 72.2%, respectively. The gross book value of real-estate assets from mortgage lending to households for home purchase as of December 31, 2024, 2023 and 2022, amounted to €392, €544 and €736 million, respectively, with an average coverage ratio of 53.3%, 55.0% and 55.6%. As of December 31, 2024, 2023 and 2022, the gross book value of the BBVA Group’s total real-estate assets (business in Spain), including other real-estate assets received as debt payment, was €978, €1,306 and €1,725 million, respectively. The coverage ratio was 66.5% , 64.1% and 62.0%, respectively. This Appendix is an integral part of Note 7 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 228 c. Concentration of risk by geographical areas Below is a breakdown of the balances of financial instruments recognized in the consolidated balance sheets by their concentration in geographical areas and according to the residence of the customer or counterparty. As of December 31, 2024, 2023 and 2022 it does not take into account loss allowances or loan-loss provisions: Risks by geographical areas. December 2024 (Millions of Euros) Spain Rest of Europe Mexico The United States Turkey South America Rest of business Total Derivatives 3,391 19,034 2,269 6,996 70 3,044 1,199 36,003 Equity instruments (1) 2,034 5,850 6,700 2,782 103 214 310 17,993 Debt securities ⁽²⁾ 53,698 22,913 39,208 9,992 10,067 8,443 1,586 145,907 Central banks — — — — — 1,359 89 1,448 General governments 50,854 15,410 36,667 6,408 9,756 6,410 200 125,705 Credit institutions 2,040 3,092 1,527 64 153 302 408 7,585 Other financial corporations 350 2,126 428 1,577 3 158 250 4,893 Non-financial corporations 455 2,285 585 1,943 155 213 638 6,275 Loans and advances 179,935 70,972 95,747 17,794 52,234 58,668 18,278 493,628 Central banks 18 1,626 — — 5,876 1,297 — 8,817 General governments 12,001 137 7,187 — 239 1,831 755 22,150 Credit institutions 5,063 27,439 2,731 349 1,044 2,828 4,216 43,669 Other financial corporations 2,926 15,069 2,106 2,953 1,987 1,992 5,463 32,496 Non-financial corporations 63,409 23,821 40,016 14,468 22,812 27,155 7,778 199,459 Households 96,517 2,879 43,708 25 20,275 23,565 67 187,037 Total risk in financial assets 239,058 118,770 143,924 37,564 62,473 70,369 21,372 693,530 Loan commitments given 37,120 43,253 24,000 22,579 38,003 19,841 3,718 188,515 Financial guarantees given 3,056 5,376 212 2,958 8,911 1,031 960 22,503 Other commitments given 19,266 12,922 2,826 4,279 5,421 3,202 3,299 51,215 Off-balance sheet exposures 59,441 61,551 27,038 29,816 52,336 24,074 7,977 262,233 Total risks in financial instruments 298,500 180,321 170,962 67,380 114,809 94,443 29,349 955,763 (1) Equity instruments are shown net of valuation adjustment. (2) The debt securities of the "Financial assets at fair value through other comprehensive income" portfolio do not include gains/losses. 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 229 Risks by geographical areas. December 2023 (Millions of Euros) Spain Rest of Europe Mexico The United States Turkey South America Rest of business Total Derivatives 3,688 17,106 2,017 7,487 51 2,956 987 34,293 Equity instruments ⁽¹⁾ 1,424 2,999 6,418 2,399 76 206 246 13,768 Debt securities ⁽²⁾ 49,620 19,547 43,825 9,103 8,932 7,071 2,502 140,600 Central banks — 15 — — — 1,179 80 1,274 General governments 46,667 12,359 40,982 5,584 8,789 4,647 967 119,995 Credit institutions 2,154 3,017 1,914 123 16 323 459 8,005 Other financial corporations 442 2,065 334 1,223 2 680 222 4,967 Non-financial corporations 357 2,091 596 2,173 125 242 773 6,357 Loans and advances 176,482 92,253 98,561 12,957 41,619 52,131 13,488 487,491 Central banks 201 2,199 — — 5,316 1,590 680 9,985 General governments 12,394 145 7,856 — 496 2,082 492 23,466 Credit institutions 7,141 53,077 5,759 636 1,428 2,391 3,691 74,122 Other financial corporations 2,961 15,190 2,529 1,690 1,264 1,891 724 26,250 Non-financial corporations 59,083 18,905 38,001 10,604 19,591 22,542 7,820 176,546 Households 94,703 2,737 44,415 27 13,525 21,634 81 177,121 Total risk in financial assets 231,214 131,905 150,821 31,948 50,678 62,364 17,223 676,153 Loan commitments given 34,931 42,914 24,811 17,773 20,883 9,600 1,956 152,868 Financial guarantees given 2,694 5,542 69 2,338 6,587 991 618 18,839 Other commitments given 17,187 8,191 2,812 3,135 5,057 2,991 3,205 42,577 Off-balance sheet exposures 54,812 56,646 27,691 23,245 32,527 13,581 5,780 214,283 Total risks in financial instruments 286,026 188,551 178,512 55,193 83,205 75,946 23,002 890,436 (1) Equity instruments are shown net of valuation adjustment. (2) The debt securities of the "Financial assets at fair value through other comprehensive income" portfolio do not include gains/losses. 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 230 Risks by geographical areas. December 2022 (Millions of Euros) Spain Rest of Europe Mexico The United States Turkey South America Rest of business Total Derivatives 5,222 20,494 1,824 7,679 128 3,493 1,068 39,908 Equity instruments (1) 1,342 3,068 5,012 2,026 145 225 294 12,113 Debt securities 43,274 20,373 34,083 8,102 8,722 8,395 4,802 127,750 Central banks — 16 — — — 3,843 89 3,948 General governments 41,324 13,869 31,713 5,229 8,700 3,460 3,041 107,336 Credit institutions 1,162 2,470 1,351 117 14 268 443 5,824 Other financial corporations 434 1,712 304 1,032 3 567 215 4,266 Non-financial corporations 354 2,306 715 1,724 5 257 1,015 6,375 Loans and advances 176,153 65,763 77,317 12,508 42,080 46,362 11,157 431,340 Central banks 713 1,060 — — 3,898 370 10 6,051 General governments 11,500 269 6,301 — 585 1,771 495 20,922 Credit institutions 5,184 27,591 2,546 336 2,457 1,974 1,235 41,323 Other financial corporations 3,688 16,662 1,315 1,814 1,206 1,415 1,307 27,407 Non-financial corporations 60,459 17,290 32,294 10,325 21,678 21,559 8,008 171,613 Households 94,609 2,890 34,861 34 12,255 19,273 101 164,023 Total risk in financial assets 225,990 109,698 118,236 30,316 51,074 58,475 17,322 611,111 Loan commitments given 35,649 42,532 20,479 14,849 10,628 10,996 1,788 136,920 Financial guarantees given 3,020 4,372 7 1,397 6,169 1,011 536 16,511 Other commitments given 15,626 8,008 2,723 2,536 4,278 3,207 2,758 39,137 Off-balance sheet exposures 54,294 54,912 23,209 18,783 21,074 15,213 5,082 192,568 Total risks in financial instruments 280,285 164,610 141,445 49,098 72,149 73,689 22,403 803,678 (1) Equity instruments are shown net of valuation adjustment. The breakdown of the main figures in the most significant foreign currencies in the consolidated balance sheets is set forth in Appendix VII. 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 231 The breakdown of loans and advances in the heading of “Loans and advances”, impaired by geographical area as December 31, 2024, 2023 and 2022. Impaired financial assets by geographical areas (Millions of Euros) 2024 2023 2022 Spain 7,581 8,068 7,468 Rest of Europe 104 99 93 Mexico 2,517 2,472 1,939 South America 2,260 2,176 1,721 Turkey 1,749 1,631 2,272 Rest of business 2 — — IMPAIRED RISKS 14,213 14,446 13,493 This Appendix is an integral part of Note 7.2.8 of the consolidated financial statements for the year ended December 31, 2024. 1 BBVA disclosed by means of public relevant events sent to CNMV: (i) on 07/27/2012 the closing of the acquisition of UNNIM Banc, S.A. and (ii) on 04/24/2015 the closing of the acquisition of Catalunya Banc, 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 Appendices 232 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 December 31, 2024 (Millions of Euros) Country CIT payments cash basis CIT expense consol PBT consol Gross margin Nº employees (1) Activity Main Entity Germany 8 11 40 75 55 Banking services BBVA, S.A. - Frankfurt Branch Office Argentina 234 76 363 1,707 5,737 Finance, banking and insurance services Banco BBVA Argentina S.A. Belgium 2 1 5 9 16 Banking services BBVA, S.A. - Brussels Branch Office Bolivia — — (1) 2 58 Pensions BBVA Previsión AFP S.A. Brazil — — (8) 3 — Financial services BBVA Brasil Banco de Investimento, S.A. Chile 3 5 23 147 773 Financial services Forum Servicios Financieros, S.A. China 5 4 26 80 149 Banking services BBVA, S.A. - Shanghai Branch Office; BBVA,S.A. - Hong-Kong Branch Office Cyprus 7 11 48 49 98 Banking services Garanti BBVA AS - Nicosia Branch Office Colombia 187 37 125 1,174 6,524 Finance, banking and insurance services BBVA Colombia S.A. Curaçao — — 7 8 15 Finance and banking services Banco Provincial Overseas N.V. Spain 1,261 1,207 3,968 9,156 27,786 Finance, banking and insurance services BBVA, S.A. United States 81 92 430 550 510 Finance and banking services BBVA, S.A. - New York Branch Office France 24 20 36 128 76 Banking services BBVA, S.A. - Paris Branch Office Italy 22 52 158 164 85 Banking services BBVA, S.A. - Milan Branch Office Japan — — (3) 2 8 Banking services BBVA, S.A. - Tokio Branch Office Malta 4 2 28 31 14 Banking services Garanti BBVA AS - La Valeta Branch Office Mexico 2,284 2,073 7,429 15,153 48,892 Finance, banking and insurance services BBVA México, S.A. Netherlands 54 39 139 174 234 Finance and banking services Garantibank BBVA International N.V. Peru 214 143 625 1,892 7,766 Finance and banking services Banco BBVA Perú Portugal 15 22 74 161 421 Finance and banking services BBVA, S.A. - Portugal Branch Office United Kingdom 22 16 117 263 234 Banking services BBVA, S.A. - London Branch Office Romania 7 7 34 143 1,165 Finance and banking services Garanti Bank S.A. Singapore 4 6 45 50 16 Banking services BBVA, S.A. - Singapore Branch Office Switzerland 3 2 10 60 123 Finance and banking services BBVA Switzerland S.A. Taiwan 9 1 5 8 14 Banking services BBVA, S.A. - Taipei Branch Office Turkey 758 955 1,493 3,811 21,126 Finance, banking and insurance services Garanti BBVA A.S. Uruguay 30 17 94 268 552 Finance and banking services BBVA Uruguay S.A. Venezuela 10 31 95 213 1,822 Finance, banking and insurance services BBVA Banco Provincial S.A. Total 5,248 4,830 15,405 35,481 124,269 (1) Full time employees. The 49 employees of representative offices are not included in the total number. The amounts of "Cash payments of corporate income tax" are highly conditioned by, and derive fundamentally from the methodology for calculating the instalment payments provided for in the regulations governing corporate income tax in the different geographical areas where the Group operates, producing differences between the instalment payments made in the current year and the refund of instalments from previous years that may result once the final tax returns have been filed. In this respect, it should also be noted that it is normal for there to be, differences between the amounts of "Corporate tax cash payments" and "Corporate tax expense", as the tax paid in a year is not necessarily directly related to the pre-tax profit existing in a jurisdiction, but takes into account the tax payments (and refunds) in respect of profits made in previous years, as well as the instalment payments made in the current year and the withholding of input tax. However, the "Corporate Income Tax Expense" is more directly related to the existing Profit before tax for a given year. The results of this breakdown of the branches are integrated in the financial statements of the parent companies on which they depend. As of December 31, 2024, the return of the Group’s assets calculated by dividing the “Profit” between “Total Assets” is 1.37%. In 2024 1, BBVA group has not received public aid for the financial sector which has the aim of promoting the carrying out of banking activities and which is significant. This statement is made for the purposes of article 89 of Directive 2013/36/EU of the European Parliament and of the Council of June 26 (on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms) and its transposition to Spanish legislation by means of Law 10/2014 on Monitoring, Supervision and Solvency of Credit Institutions of June 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 Glossary 233 Glossary Additional Tier 1 Capital Includes: Preferred stock and convertible perpetual securities and deductions. Amortized cost The amortized cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus, the cumulative amortization using the effective interest rate method of any difference between the initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance. Associates Companies in which the Group has a significant influence, without having control. Significant influence is deemed to exist when the Group owns 20% or more of the voting rights of an investee directly or indirectly. Baseline macroeconomic scenarios IFRS 9 requires that an entity must evaluate a range of possible outcomes when estimating provisions and measuring expected credit losses, through macroeconomic scenarios. The baseline macroeconomic scenario presents the situation of the particular economic cycle. Basic earnings per share Calculated by dividing “Profit attributable to Parent Company” corresponding to ordinary shareholders of the entity by the weighted average number of shares outstanding throughout the year (i.e., excluding the average number of treasury shares held over the year). Basis risk Risk arising from hedging exposure to one interest rate with exposure to a rate that reprices under slightly different conditions. Building Block Approach (BBA) This is one of the three measurement models for the valuation of insurance and reinsurance contracts. This model is used by default and it applies to contracts with coverage periods of more than one year and not classified as contracts with direct participation, being mandatory except when the conditions to apply the other two methods are met: Variable Fee Approach or Premium Allocation Approach. Business combination A business combination is a transaction, or any other event, through which a single entity obtains the control of one or more businesses. Business model The assessment as to how an asset shall be classified is made on the basis of both the business model for managing the financial asset and the contractual cash flow characteristic of the financial asset (SPPI Criterion). Financial assets are classified on the basis of its business model for managing the financial assets. The Group’s business models shall be determined at a level that reflects how groups of financial assets are managed together to achieve a particular business objective and generate cash flows. Cash flow hedges Those that hedge the exposure to variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction and could affect profit or loss. Commissions Income and expenses relating to commissions and similar fees are recognized in the income statement using criteria that vary according to their nature. The most significant income and expense items in this connection are: · Fees and commissions relating linked to financial assets and liabilities measured at fair value through profit or loss, which are recognized when collected. · Fees and commissions arising from transactions or services that are provided over a period of time, which are recognized over the life of these transactions or services. · Fees and commissions generated by a single act are accrued upon execution of that act. Consolidation method Method used for the consolidation of the accounts of the Group’s subsidiaries. The assets and liabilities of the Group entities are incorporated line-by-line on the consolidate balance sheets, after conciliation and the elimination in full of intragroup balances, including amounts payable and receivable. Group entity income statement income and expense headings are similarly combined line by line into the consolidated income statement, having made the following consolidation eliminations: a) income and expenses in respect of intragroup transactions are eliminated in full. b) profits and losses resulting from intragroup transactions are similarly eliminated. The carrying amount of the parent's investment and the parent's share of equity in each subsidiary are eliminated. Contingencies Current obligations of the entity arising as a result of past events whose existence depends on the occurrence or non-occurrence of one or more future events independent of the will of the entity. Contingent commitments Possible obligations of the entity that arise from past events and whose existence depends on the occurrence or non-occurrence of one or more future events independent of the entity’s will and that could lead to the recognition of financial assets. Control An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. An investor controls an investee if and only if the investor has all the following: a. Power; An investor has power over an investee when the investor has existing rights that give it the current ability to direct the relevant activities, i.e. the activities that significantly affect the investee’s returns. b. Returns; An investor is exposed, or has rights, to variable returns from its involvement with the investee when the investor’s returns from its involvement have the potential to vary as a result of the investee’s performance. The investor’s returns can be only positive, only negative or both positive and negative. c. Link between power and returns; An investor controls an investee if the investor not only has power over the investee and exposure or rights to variable returns from its involvement with the investee, but also has the ability to use its power to affect the investor’s returns from its involvement with the investee. 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 Glossary 234 Correlation risk Correlation risk is related to derivatives whose final value depends on the performance of more than one underlying asset (primarily, stock baskets) and indicates the existing variability in the correlations between each pair of assets. Credit Valuation Adjustment (CVA) An adjustment to the valuation of OTC derivative contracts to reflect the creditworthiness of OTC derivative counterparties. Current service cost Current service cost is the increase in the present value of a defined benefit obligation resulting from employee service in the current period. Current tax assets Taxes recoverable over the next twelve months. Current tax liabilities Corporate income tax payable on taxable profit for the year and other taxes payable in the next twelve months. Debit Valuation Adjustment (DVA) An adjustment made by an entity to the valuation of OTC derivative liabilities to reflect within fair value the entity’s own credit risk. Debt certificates Obligations and other interest-bearing securities that create or evidence a debt on the part of their issuer, including debt securities issued for trading among an open group of investors, that accrue interest, implied or explicit, whose rate, fixed or benchmarked to other rates, is established contractually, and take the form of securities or book-entries, irrespective of the issuer. Default An asset will be considered as defaulted whenever it is more than 90 days past due. Deferred tax assets Taxes recoverable in future years, including loss carry forwards or tax credits for deductions and tax rebates pending application. Deferred tax liabilities Income taxes payable in subsequent years. Defined benefit plans Post-employment obligation under which the entity, directly or indirectly via the plan, retains the contractual or implicit obligation to pay remuneration directly to employees when required or to pay additional amounts if the insurer, or other entity required to pay, does not cover all the benefits relating to the services rendered by the employees when insurance policies do not cover all of the corresponding post-employees benefits. Defined contribution plans Defined contribution plans are retirement benefit plans under which amounts to be paid as retirement benefits are determined by contributions to a fund together with investment earnings thereon. The employer's obligations in respect of its employees current and prior years' employment service are discharged by contributions to the fund. Deposits from central banks Deposits of all classes, including loans and money market operations, received from the Bank of Spain and other central banks. Deposits from credit institutions Deposits of all classes, including loans and money market operations received, from credit entities. Deposits from customers Redeemable cash balances received by the entity, with the exception of debt certificates, money market operations through counterparties and subordinated liabilities, which are not received from either central banks or credit entities. This category also includes cash deposits and consignments received that can be readily withdrawn. Derivatives The fair value in favor (assets) or again (liabilities) of the entity of derivatives not designated as accounting hedges. Derivatives - Hedge accounting Derivatives designated as hedging instruments in an accounting hedge. The fair value or future cash flows of those derivatives is expected to offset the differences in the fair value or cash flows of the items hedged. Diluted earnings per share Calculated by using a method similar to that used to calculate basic earnings per share; the weighted average number of shares outstanding, and the profit attributable to the parent company corresponding to ordinary shareholders of the entity, if appropriate, is adjusted to take into account the potential dilutive effect of certain financial instruments that could generate the issue of new Bank shares (share option commitments with employees, warrants on parent company shares, convertible debt instruments, etc.). Dividends and retributions Dividend income collected announced during the year, corresponding to profits generated by investees after the acquisition of the stake. Domestic activity Domestic balances are those of BBVA´s Group entities domiciled in Spain, which reflect BBVA´s domestic activities, being the allocation of assets and liabilities based on the domicile of the Group entity at which the relevant asset or liability is accounted for. Early retirements Employees that no longer render their services to the entity but which, without being legally retired, remain entitled to make economic claims on the entity until they formally retire. Economic capital Methods or practices that allow banks to consistently assess risk and attribute capital to cover the economic effects of risk-taking activities. Effective interest rate (EIR) Discount rate that exactly equals the value of a financial instrument with the cash flows estimated over the expected life of the instrument based on its contractual period as well as its anticipated amortization, but without taking the future losses of credit risk into consideration. Employee expenses All compensation accrued during the year in respect of personnel on the payroll, under permanent or temporary contracts, irrespective of their jobs or functions, irrespective of the concept, including the current costs of servicing pension plans, own share based compensation schemes and capitalized personnel expenses. Amounts reimbursed by the state Social Security or other welfare entities in respect of employee illness are deducted from personnel expenses. 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 Glossary 235 Equity The residual interest in an entity's assets after deducting its liabilities. It includes owner or venturer contributions to the entity, at incorporation and subsequently, unless they meet the definition of liabilities, and accumulated net profits or losses, fair value adjustments affecting equity and, if warranted, non-controlling interests. Equity instruments An equity instrument that evidences a residual interest in the assets of an entity, that is after deducting all of its liabilities. Equity instruments issued other than capital Includes equity instruments that are financial instruments other than “Capital” and “Equity component of compound financial instruments”. Equity method Is a method of accounting whereby the investment is initially recognized at cost and adjusted thereafter for the post-acquisition change in the investor’s share of the investee’s net assets. The investor’s profit or loss includes its share of the investee’s profit or loss and the investor’s other comprehensive income includes its share of the investee’s other comprehensive income. Exchange/translation differences Exchange differences: Includes the earnings obtained in currency trading and the differences arising on translating monetary items denominated in foreign currency to the functional currency. Exchange differences (valuation adjustments): those recorded due to the translation of the financial statements in foreign currency to the functional currency of the Group and others recorded against equity. Expected Credit Loss (ECL) Expected credit losses are a probability-weighted estimate of credit losses over the expected life of the financial instrument. Hence, credit losses are the present value of expected cash shortfalls. The measurement and estimate of these expected credit losses should reflect: 1. An unbiased and probability-weighted amount. 2. The time value of money by discounting this amount to the reporting date using a rate that approximates the EIR of the asset, and 3. Reasonable and supportable information that is available without undue cost or effort. The expected credit losses must be measured as the difference between the asset’s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate or an approximation thereof (forward looking). Exposure at default EAD is the amount of risk exposure at the date of default by the counterparty. Fair value The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value hedges Derivatives that hedge the exposure to changes in the fair value of assets and liabilities or firm commitments that have not be recognized, or of an identified portion of said assets, liabilities or firm commitments, attributable to a specific risk, provided it could affect the income statement. Financial assets at amortized cost Financial assets that do not meet the definition of financial assets designated at fair value through profit or loss and arise from the financial entities' ordinary activities to capture funds, regardless of their instrumentation or maturity. Financial assets at fair value through other comprehensive income Financial instruments with determined or determinable cash flows and in which the entire payment made by the entity will be recovered, except for reasons attributable to the solvency of the debtor. This category includes both the investments from the typical lending activity as well as debts contracted by the purchasers of goods, or users of services, that form part of the entity’s business. It also includes all finance lease arrangements in which the subsidiaries act as lessors. Financial guarantees Contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs when a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument, irrespective of its instrumentation. These guarantees may take the form of deposits, technical or financial guarantees, insurance contracts or credit derivatives. Financial guarantees given Transactions through which the entity guarantees commitments assumed by third parties in respect of financial guarantees granted or other types of contracts. Financial instrument A financial instrument is any contract that gives rise to a financial asset of one entity and to a financial liability or equity instrument of another entity. Financial liabilities at amortized cost Financial liabilities that do not meet the definition of financial liabilities designated at fair value through profit or loss and arise from the financial entities' ordinary activities to capture funds, regardless of their instrumentation or maturity. Foreign activity International balances are those of BBVA´s Group entities domiciled outside of Spain, which reflect our foreign activities, being the allocation of assets and liabilities based on the domicile of the Group entity at which the relevant asset or liability is accounted for. Goodwill Goodwill acquired in a business combination represents a payment made by the acquirer in anticipation of future economic benefits from assets that are not able to be individually identified and separately recognized. Hedges of net investments in foreign operations Foreign currency hedge of a net investment in a foreign operation. Held for trading (assets and liabilities) Financial assets and liabilities acquired or incurred primarily for the purpose of profiting from variations in their prices in the short term. This category also includes financial derivatives not qualifying for hedge accounting, and in the case of borrowed securities, financial liabilities originated by the firm sale of financial assets acquired under repurchase agreements or received on loan (“short positions”). 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 Glossary 236 IFRS (International Financial Reporting Standards) For the purposes of these Financial Statements, "International Financial Reporting Standards" include International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and related interpretations (SIC interpretations/IFRIC interpretations), as may be developed or adopted by the International Accounting Standards Board (IASB, International Accounting Standard Board). Immunized portfolios This is considered to be the portfolios on which "cash flow matching" is carried out, that is, balance sheet management with the aim of trying to mitigate the risk derived from the different maturities and interest rates between assets and liabilities. Impaired financial assets An asset is credit-impaired according to IFRS 9 if one or more events have occurred and they have a detrimental impact on the estimated future cash flows of the asset. Evidence that a financial asset is credit-impaired includes observable data about the following events: a. a significant financial difficulty of the issuer or the borrower, b. a breach of contract (e.g. a default or past due event), c. a lender having granted a concession to the borrower – for economic or contractual reasons relating to the borrower’s financial difficulty – that the lender would not otherwise consider, d. it becoming probable that the borrower will enter bankruptcy or other financial reorganization, e. the disappearance of an active market for that financial asset because of financial difficulties, or f. the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses. Income from equity instruments Dividends and income on equity instruments collected or announced during the year corresponding to profits generated by investees after the ownership interest is acquired. Income is recognized gross, i.e., without deducting any withholdings made, if any. Inside Information Type of filing made with the CNMV that contains information which by its nature may affect the price of one or more securities, or the market as a whole, and which has not yet been the subject of publicity or dissemination. Insurance contracts linked to pensions The fair value of insurance contracts written to cover pension commitments. Inventories Assets, other than financial instruments, under production, construction or development, held for sale during the normal course of business, or to be consumed in the production process or during the rendering of services. Inventories include land and other properties held for sale at the real estate development business. Investment properties Investment property is property (land or a building—or part of a building—or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both, rather than for own use or sale in the ordinary course of business. Joint arrangement An arrangement of which two or more parties have joint control. Joint control The contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint operation A joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets of the arrangement and obligations for the liabilities. A joint venturer shall recognize the following for its participation in a joint operation: a. its assets, including any share of the assets of joint ownership; b. its liabilities, including any share of the liabilities incurred jointly; c. income from the sale of its share of production from the joint venture; d. its share of the proceeds from the sale of production from the joint venturer; and e. its expenses, including any share of the joint expenses. A joint venturer shall account for the assets, liabilities, income and expenses related to its participation in a joint operation in accordance with IFRS applicable to the assets, liabilities, income and expenses specific question. Joint venture A joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint venturer shall recognize its interest in a joint venture as an investment and shall account for that investment using the equity method in accordance with IAS 28 Investments in Associates and Joint Ventures. Leases A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time, a stream of cash flows that is essentially equivalent to the combination of principal and interest payments under a loan agreement. a) A lease is classified as a finance lease when it substantially transfers all the risks and rewards incidental to ownership of the asset forming the subject-matter of the contract. b) A lease will be classified as operating lease when it is not a financial lease. Lease liability Lease that represents the lessee’s obligation to make lease payments during the lease term. Liabilities included in disposal groups classified as held for sale The balance of liabilities directly associated with assets classified as non-current assets held for sale, including those recognized under liabilities in the entity's balance sheet at the balance sheet date corresponding to discontinued operations. Liabilities under insurance contracts The technical reserves of direct insurance and inward reinsurance recorded by the entities to cover claims arising from insurance contracts in force at period-end. Loans and advances to customers Loans and receivables, irrespective of their type, granted to third parties that are not credit entities. Loss given default (LGD) It is the estimate of the loss arising in the event of default. It depends mainly on the characteristics of the counterparty, and the valuation of the guarantees or collateral associated with the asset. 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 Glossary 237 Mortgage-covered bonds Financial asset or security created from mortgage loans and backed by the guarantee of the mortgage loan portfolio of the entity. Non Performing Loans (NPL) The balance of non performing risks, whether for reasons of default by customers or for other reasons, for exposures on balance loans to customers. This figure is shown gross: in other words, it is not adjusted for value corrections (loan loss reserves) made. Non-controlling interests The net amount of the profit or loss and net assets of a subsidiary attributable to associates outside the group (that is, the amount that is not owned, directly or indirectly, by the parent), including that amount in the corresponding part of the earnings for the period. Non-current assets and disposal groups held for sale A non-current asset or disposal group, whose carrying amount is expected to be realized through a sale transaction, rather than through continuing use, and which meets the following requirements: a. it is immediately available for sale in its present condition at the balance sheet date, i.e. only normal procedures are required for the sale of the asset. b. the sale is considered highly probable. Non-monetary assets Assets and liabilities that do not provide any right to receive or deliver a determined or determinable amount of monetary units, such as tangible and intangible assets, goodwill and ordinary shares subordinate to all other classes of capital instruments. Non-trading financial assets mandatorily at fair value through Profit or loss The financial assets registered under this heading either have contractual cash flows that do not comply with the SPPI test conditions, or are not covered by a business model whose objective is (i) maintaining financial assets to obtain cash flows, or (ii) obtaining contractual cash flows and selling financial assets. Option risk Risks arising from options, including embedded options. Other financial assets/ liabilities at fair value through profit or loss Instruments designated by the entity from the inception at fair value with changes in profit or loss. An entity may only designate a financial instrument at fair value through profit or loss, if doing so more relevant information is obtained, because: a. It eliminates or significantly reduces a measurement or recognition inconsistency (sometimes called "accounting mismatch") that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. It might be acceptable to designate only some of a number of similar financial assets or financial liabilities if doing so a significant reduction (and possibly a greater reduction than other allowable designations) in the inconsistency is achieved. b. The performance of a group of financial assets or financial liabilities is managed and evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity´s key management personnel. These are financial assets managed jointly with “Liabilities under insurance and reinsurance contracts” measured at fair value, in combination with derivatives written with a view to significantly mitigating exposure to changes in these contracts' fair value, or in combination with financial liabilities and derivatives designed to significantly reduce global exposure to interest rate risk. These headings include customer loans and deposits effected via so-called unit-linked life insurance contracts, in which the policyholder assumes the investment risk. Other Relevant Information Type of filing with the CNMV that contains a news item or piece of information that may influence investors' decisions on a given security, with a consequent impact on the share price. Other reserves This heading is broken down as follows: i) Reserves or accumulated losses of investments in subsidiaries, joint ventures and associates: include the accumulated amount of income and expenses generated by the aforementioned investments through profit or loss in past years. ii) Other: includes reserves different from those separately disclosed in other items and may include legal reserve and statutory reserve. Other retributions to employees long term Includes the amount of compensation plans to employees long term. Own/treasury shares The amount of own equity instruments held by the entity. Past service cost It is the change in the present value of the defined benefit obligation for employee service in prior periods, resulting in the current period from the introduction of, or changes to, post-employment benefits or other long-term employee benefits. Post-employment benefits Retirement benefit plans are arrangements whereby an enterprise provides benefits for its employees on or after termination of service. Premium Allocation Approach (PAA) This is one of the three measurement models for the valuation of insurance and reinsurance contracts. This is a simplification of the general method (BBA) in the valuation of the provision for the remaining coverage, which can be adopted if the coverage period of the group of contracts is less than or equal to one year, according to the limits of the contract, or if the liability for the remaining coverage obtained does not differ materially from that produced under the general method. Probability of default (PD) It is the probability of the counterparty failing to meet its principal and/or interest payment obligations. The PD is associated with the rating/scoring of each counterparty/transaction. Property, plant and equipment/tangible assets Buildings, land, fixtures, vehicles, computer equipment and other facilities owned by the entity or acquired under finance leases. Provisions Provisions include amounts recognized to cover the Group’s current obligations arising as a result of past events, certain in terms of nature but uncertain in terms of amount and/or cancellation date. 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 Glossary 238 Provisions for contingent liabilities and commitments Provisions recorded to cover exposures arising as a result of transactions through which the entity guarantees commitments assumed by third parties in respect of financial guarantees granted or other types of contracts, and provisions for contingent commitments, i.e., irrevocable commitments which may arise upon recognition of financial assets. Provisions for pensions and similar obligation Constitutes all provisions recognized to cover retirement benefits, including commitments assumed vis- à-vis beneficiaries of early retirement and analogous schemes. Provisions or (-) reversal of provisions Provisions recognized during the year, net of recoveries on amounts provisioned in prior years, with the exception of provisions for pensions and contributions to pension funds which constitute current or interest expense. Refinanced operation An operation which is totally or partially brought up to date with its payments as a result of a refinancing operation made by the entity itself or by another company in its group. Refinancing operation An operation which, irrespective of the holder or guarantees involved, is granted or used for financial or legal reasons related to current or foreseeable financial difficulties that the holder(s) may have in settling one or more operations granted by the entity itself or by other companies in its group to the holder(s) or to another company or companies of its group, or through which such operations are totally or partially brought up to date with their payments, in order to enable the holders of the settled or refinanced operations to pay off their loans (principal and interest) because they are unable, or are expected to be unable, to meet the conditions in a timely and appropriate manner. Repricing risk Risks related to the timing mismatch in the maturity and repricing of assets and liabilities and off-balance sheet short and long-term positions. Restructured operation An operation whose financial conditions are modified for economic or legal reasons related to the holder's (or holders') current or foreseeable financial difficulties, in order to enable payment of the loan (principal and interest), because the holder is unable, or is expected to be unable, to meet those conditions in a timely and appropriate manner, even if such modification is provided for in the contract. In any event, the following are considered restructured operations: operations in which a haircut is made or assets are received in order to reduce the loan, or in which their conditions are modified in order to extend their maturity, change the amortization table in order to reduce the amount of the installments in the short term or reduce their frequency, or to establish or extend the grace period for the principal, the interest or both; except when it can be proved that the conditions are modified for reasons other than the financial difficulties of the holders and, are similar to those applied on the market on the modification date for operations granted to customers with a similar risk profile. Retained earnings Accumulated net profits or losses recognized in the income statement in prior years and retained in equity upon distribution. Right of use asset Asset that represents the lessee’s right to use an underlying asset during the lease term. Securitization fund A fund that is configured as a separate equity and administered by a management company. An entity that would like funding sells certain assets to the securitization fund, which, in turn, issues securities backed by said assets. Share premium The amount paid in by owners for issued equity at a premium to the shares' nominal value. Shareholders' funds Contributions by stockholders, accumulated earnings recognized in the income statement and the equity components of compound financial instruments. Short positions Financial liabilities arising as a result of the final sale of financial assets acquired under repurchase agreements or received on loan. Significant increase in credit risk In order to determine whether there has been a significant increase in credit risk for lifetime expected losses recognition, the Group has developed a two-prong approach: – Quantitative criterion: based on comparing the current expected probability of default over the life of the transaction with the original adjusted expected probability of default. The thresholds used for considering a significant increase in risk take into account special cases according to geographic areas and portfolios. – Qualitative criterion: most indicators for detecting significant risk increase are included in the Group's systems through rating/scoring systems or macroeconomic scenarios, so quantitative analysis covers the majority of circumstances. The Group will use additional qualitative criteria when it considers it necessary to include circumstances that are not reflected in the rating/score systems or macroeconomic scenarios used. Significant influence Is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those policies. If an entity holds, directly or indirectly (i.e. through subsidiaries), 20 per cent or more of the voting power of the investee, it is presumed that the entity has significant influence, unless it can be clearly demonstrated that this is not the case. Conversely, if the entity holds, directly or indirectly (i.e. through subsidiaries), less than 20 per cent of the voting power of the investee, it is presumed that the entity does not have significant influence, unless such influence can be clearly demonstrated. A substantial or majority ownership by another investor does not necessarily preclude an entity from having significant influence. The existence of significant influence by an entity is usually evidenced in one or more of the following ways: a. representation on the board of directors or equivalent governing body of the investee; b) participation in policy-making processes, including participation in decisions about dividends or other distributions; b. material transactions between the entity and its investee; c. interchange of managerial personnel; or d. provision of essential technical information. 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 Glossary 239 Solely Payments of Principle and Interest (SPPI) The assessment as to how an asset shall be classified is made on the basis of both the business model for managing the financial asset and the contractual cash flow characteristic of the financial asset (SPPI Criterion). To determine whether a financial asset shall be classified as measured at amortized cost or FVOCI, a Group assesses (apart from the business model) whether the cash flows from the financial asset represent, on specified dates, solely payments of principal and interest on the principal amount outstanding (SPPI). Stages IFRS 9 classifies financial instruments into three categories, which depend on the evolution of their credit risk from the moment of initial recognition. The first category includes the transactions when they are initially recognized - without significant increase in credit risk (stage 1); the second comprises the operations for which a significant increase in credit risk has been identified since its initial recognition - significant increase in credit risk (stage 2) and the third one, the impaired operations Impaired (s tage 3). The transfer logic is defined in a symmetrical way, whenever the condition that triggered a transfer to stage 2 is no longer met, the exposure will be transferred to stage 1. In the case of forbearances transferred to stage 2, as long as the loan is flagged as forbearance it will keep its status as stage 2. However, when the loan is not flagged as forbearance it will be transferred back to stage 1. Statements of cash flows The indirect method has been used for the preparation of the statement of cash flows. This method starts from the entity’s profit and adjusts its amount for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments, and items of income or expense associated with cash flows classified as investment or finance. As well as cash, short-term, highly liquid investments subject to a low risk of changes in value, such as cash and deposits in central banks, are classified as cash and cash equivalents. When preparing these financial statements the following definitions have been used: · Cash flows: Inflows and outflows of cash and cash equivalents. · Operating activities: The typical activities of credit institutions and other activities that cannot be classified as investment or financing activities. · Investing activities: The acquisition, sale or other disposal of long-term assets and other investments not included in cash and cash equivalents or in operating activities. · Financing activities: Activities that result in changes in the size and composition of the Group’s equity and of liabilities that do not form part of operating activities. Statements of changes in equity The statements of changes in equity reflect all the movements generated in each year in each of the headings of the equity, including those from transactions undertaken with shareholders when they act as such, and those due to changes in accounting criteria or corrections of errors, if any. The applicable regulations establish that certain categories of assets and liabilities are recognized at their fair value with a charge to equity. These charges, known as “Accumulated other comprehensive income”, are included in the Group’s total equity net of tax effect, which has been recognized as deferred tax assets or liabilities, as appropriate. Statements of recognized income and expense The statement of recognized income and expenses reflect the income and expenses generated in each fiscal year, distinguishing between those recognized in the profit and loss accounts and the “Other recognized income and expenses”; which are recorded directly in the equity. The “Other recognized income and expenses” includes the variations that have occurred in the period in “accumulated other comprehensive income”, detailed by concepts. The sum of the variations recorded in the “accumulated other comprehensive income” caption of the equity and the profit for the year represents the “Total income and expenses”. Structured credit products Special financial instrument backed by other instruments building a subordination structure. Structured entities A structured entity 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 any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. A structured entity often has some or all of the following features or attributes: a. restricted activities. b. a narrow and well-defined objective, such as to effect a tax-efficient lease, carry out research and development activities, provide a source of capital or funding to an entity or provide investment opportunities for investors and passing on risks and rewards associated with the assets of the structured entity to investors. c. insufficient equity to permit the structured entity to finance its activities without subordinated financial support. d. financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches). Subordinated liabilities Financing received, regardless of its instrumentation, which ranks after the common creditors in the event of a liquidation. 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 Glossary 240 Subsidiaries Companies over which the Group exercises control. An entity is presumed to have control over another when it possesses the right to oversee its financial and operational policies, through a legal, statutory or contractual procedure, in order to obtain benefits from its economic activities. Control is presumed to exist when the parent owns, directly or indirectly through subsidiaries, more than one half of an entity's voting power, unless, exceptionally, it can be clearly demonstrated that ownership of more than one half of an entity's voting rights does not constitute control of it. Control also exists when the parent owns half or less of the voting power of an entity when there is: a. an agreement that gives the parent the right to control the votes of other shareholders; b. power to govern the financial and operating policies of the entity under a statute or an agreement; power to appoint or remove the majority of the members of the board of directors or equivalent governing body and control of the entity is by that board or body; c. power to cast the majority of votes at meetings of the board of directors or equivalent governing body and control of the entity is by that board or body. Tangible book value Tangible Book Value represents the tangible equity's value for the shareholders as it does not include the intangible assets and the minority interests (non-controlling interests). It is calculated by discounting intangible assets, that is, goodwill and the rest of consolidated intangibles recorded under the public balance sheet (goodwill and intangible assets of companies accounted for by the equity method or companies classified as non-current assets for sale are not subtracted). It is also shown as ex-dividends. Tax liabilities All tax related liabilities except for provisions for taxes. Territorial bonds Financial assets or fixed asset security issued with the guarantee of portfolio loans of the public sector of the issuing entity. Tier 1 Capital Mainly includes: Common stock, parent company reserves, reserves in companies, non-controlling interests, deductions and others and attributed net income. Tier 2 Capital Mainly includes: Subordinated, preferred shares and non- controlling interests. Unit-link This is life insurance in which the policyholder assumes the risk. In these policies, the funds for the technical insurance provisions are invested in the name of and on behalf of the policyholder in shares of Collective Investment Institutions and other financial assets chosen by the policyholder, who bears the investment risk. Value at Risk (VaR) Value at Risk (VaR) is the basic variable for measuring and controlling the Group’s market risk. This risk metric estimates the maximum loss that may occur in a portfolio’s market positions for a particular time horizon and given confidence level. VaR figures are estimated following the methodology of VaR without smoothing, which awards equal weight to the daily information for the immediately preceding last two years. This is currently the official methodology for measuring market risks vis-à-vis compliance limits of the risk. Variable Fee Approach (VFA) This is one of the three measurement models for the valuation of insurance and reinsurance contracts. Applies to those insurance contracts in which the requirements established by IFRS 17 par.B101 are met: fully identified underlying assets, significant participation of the policyholder in the profitability of the underlying assets and that the payment of future benefits is significantly related to the value of the underlying assets. Watch List (WL) Watch List is defined as such risk that, derived from an individualized credit assessment, involves a significant increase in credit risk from the moment of origination, due to economic or financial difficulties or because it has suffered, or is estimated to suffer, adverse situations in its environment, without meeting the criteria for its classification as non performing. Write- off When the recovery of any recognized amount is considered to be remote, this amount is removed from the balance sheet, without prejudice to any actions taken by the entities in order to collect the amount until their rights extinguish in full through expiry, forgiveness or for other reasons. Yield curve risk Risks arising from changes in the slope and the shape of the yield curve. 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 Legal Disclaimer 241 Legal disclaimer This document is provided for informative purposes only and is not intended to provide financial advice and, therefore, does not constitute, nor should it be interpreted as, an offer to sell, exchange or acquire, or an invitation for offers to acquire securities issued by any of the aforementioned companies, or to contract any financial product. Any decision to purchase or invest in securities or contract any financial product must be made solely and exclusively on the basis of the information made available to such effects by the relevant company in relation to each such specific matter. The information contained in this document is subject to and should be read in conjunction with all other publicly available information of the issuer. This document contains forward-looking statements that constitute or may constitute “forward-looking statements” (within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995) with respect to intentions, objectives, expectations or estimates as of the date hereof, including those relating to future targets of both a financial and non-financial nature (such as environmental, social or governance (“ESG”) performance targets). Forward-looking statements may be identified by the fact that they do not refer to historical or current facts and include words such as “believe”, “expect”, “estimate”, “project”, “anticipate”, “duty”, “intend”, “likelihood”, “risk”, “VaR”, “purpose”, “commitment”, “goal”, “target” and similar expressions or variations of those expressions. They include, for example, statements regarding future growth rates or the achievement of future targets, including those relating to ESG performance. The information contained in this document reflects our current expectations, estimates and targets, which are based on various assumptions, judgments and projections, including non-financial considerations such as those related to sustainability, which may differ from and not be comparable to those used by other companies. Forward-looking statements are not guarantees of future results, and actual results may differ materially from those anticipated in the forward-looking statements as a result of certain risks, uncertainties and other factors. These factors include, but are not limited to, (1) market conditions, macroeconomic factors, domestic and international stock market conditions, exchange rates, inflation and interest rates; (2) regulatory, oversight, political, governmental, social and demographic factors; (3) changes in the financial condition, creditworthiness or solvency of our clients, debtors or counterparties, such as changes in default rates, as well as changes in consumer spending, savings and investment behavior, and changes in our credit ratings; (4) competitive pressures and actions we take in response thereto; (5) performance of our IT, operations and control systems and our ability to adapt to technological changes; (6) climate change and the occurrence of natural or man-made disasters, such as an outbreak or escalation of hostilities; (7) our ability to appropriately address any ESG expectations or obligations (related to our business, management, corporate governance, disclosure or otherwise), and the cost thereof; and (8) our ability to successfully complete and integrate acquisitions. In the particular case of certain targets related to our ESG performance, such as, decarbonization targets or alignment of our portfolios, the achievement and progress towards such targets will depend to a large extent on the actions of third parties, such as clients, governments and other stakeholders, and may therefore be materially affected by such actions, or lack thereof, as well as by other exogenous factors that do not depend on BBVA (including, but not limited to, new technological developments, regulatory developments, military conflicts, the evolution of climate and energy crises, etc.). Therefore, these targets may be subject to future revisions. The factors mentioned in the preceding paragraphs could cause actual future results to differ substantially from those set forth in the forecasts, intentions, objectives, targets or other forward-looking statements included in this document or in other past or future documents. Accordingly, results, including those related to ESG performance targets, among others, may differ materially from the statements contained in the forward-looking statements. Recipients of this document are cautioned not to place undue reliance on such forward-looking statements. Past performance or growth rates are not indicative of future performance, results or share price (including earnings per share). Nothing in this document should be construed as a forecast of results or future earnings. BBVA does not intend, and undertakes no obligation, to update or revise the contents of this or any other document if there are any changes in the information contained therein, or including the forward-looking statements contained in any such document, as a result of events or circumstances after the date of such document or otherwise except as required by applicable law. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. 1 Contents BBVA in brief 2 1. Who we are 2 2. Highlights 4 3. BBVA Group strategy 7 Consolidated Non-financial Information Statement 18 1. General information 19 2. Environmental information 60 3. Social information 115 4. Governance information 170 5. Complementary information to the Consolidated Non-financial Information Statement 191 6. Appendices to the Consolidated Non-financial Information Statement 205 Financial information 358 1. BBVA Group 359 2. Business areas 380 Risk management 406 1. General risk management and control model 406 2. Credit risk 415 3. Market risk 417 4. Structural risks 417 5. Climate change risks 420 6. Operational risk 420 7. Reputational risk 425 8. Risk factors 426 Alternative Performance Measures (APMs) 430 Subsequent events 440 BBVA Annual Corporate Governance Report 441 Annual Report on the Remuneration of BBVA Directors 442 Legal disclaimer 443 The figures in this BBVA Group Consolidated Management Report have been rounded. Therefore, it is possible that the amounts that appear in certain tables are not the exact arithmetic sum of the figures that precede them. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 2 B BVA in brief 1. Who we are BBVA is a global financial group with a customer-centric vision, characterized by its pioneering commitment to digitalization, innovation, and sustainability. It currently has over more than 77.2 million active customers and over 125,916 employees. BBVA operates in more than 25 countries worldwide, has a leading position in the Spanish market and, is the largest financial institution in Mexico and has leading franchises in South America and Turkey. BBVA also has a remarkable investment banking, transaction banking, and capital markets business, leveraged on the cross-border business among its geographies and sector-specific expertise, with specialized focus on supporting companies in their decarbonization efforts. BBVA stands out for the strength of its financial indicators, which have allowed it to adapt to the changes and challenges in the macroeconomic environment, while maintaining its firm commitment to value creation, not only for its shareholders, but also for its customers, employees and society as a whole, additionally promoting inclusive development. BBVAs GLOBAL PRESENCE DECEMBER 2024 Countries Branches Employees Active customers >25 5,749 125,916 77.2 M DIGITAL CAPABILITIES DECEMBER 2024 CUSTOMERS DIGITAL SALES Mobile Customers Units PRV(1) 58.0 M 78.5 % 60.9 % (1) Product Relative Value (PRV) as an indicator of the economic representation of the units sold. FINANCIAL HIGHLIGHTS DECEMBER 2024 Net attributable profit 2024 CET1 Fully Loaded 10,054 M€ 12.88 % Total assets Deposits from customers 772,402 M€ 447,646 M€ Loans to customers (gross) 424,087 M€ SUSTAINABLE BUSINESS AND CONTRIBUTION TO SOCIETY(1) Sustainable Business Channeling Investment in the Community 304 MM€ 567 M€ between 2018 and 2024 between 2021 and 2024 (1) The Group has set itself the goal of channeling €300 billion into sustainable business between 2018 and 2025 and has committed to investing €550 million in social programs between 2021 and 2025. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 3 GROSS INCOME ⁽¹⁾ AND TOTAL ASSETS ⁽¹⁾ BREAKDOWN (PERCENTAGE. 2024) Gross income Total assets ⁽¹⁾ Excludes the Corporate Center. Leading Franchises RANKING AND MARKET SHARE (%)1 SPAIN #3 14.1% MEXICO #1 25.4% TURKEY #2 18.9% COLOMBIA #4 11.1% PERU #2 22.4% ARGENTINA #3 10.3% (1) Market share of loans as of November 2024 (Spain, Mexico, Colombia and Peru), and December 2024 (Turkey and Argentina). Ranking considering main competitors in each country. Turkey only considering private banks. Source market shares: Bank of Spain (Spain), CNBV (Mexico), BRSA (Turkey), Asobancaria (Colombia), ASBANC (Peru) and BCRA (Argentina) . BBVA organizes its operations into several geographical areas (mainly Spain, Mexico, Turkey, and South America) and, key indicators such as net interest income, fees, efficiency, and asset quality are detailed for each of them. In the "Financial Information" section of this consolidated Management Report, a breakdown of BBVA Group's business areas by segments and key regions is presented. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 4 2. Highlights 1 European comparable group: BNP, CASA, SG, HSBC, LBG, BARC, ISP, UCG, ING, NDA, SAN, CABK, DB, data calculated on the basis of figures reported at September 2024 annualized. BBVA data as of end-December 2024. 2 Year-on-year evolution based on figures reported as of September 2024. 3 Includes €29 cents (gross) paid in October 2024 and €41 cents (gross) to be paid in April 2025 (pending approval by the Corporate Authorities), as well as the share buyback program in the amount of 993 million euros (pending approval by the Corporate Authorities and regulatory approval). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 5 In 2024, BBVA made significant progress in executing its strategy, leading the transformation of the banking sector and achieving record financial results. This success was driven by a clear focus on growth and value creation, enabling BBVA to continue generating opportunities for customers, employees, shareholders, and society as a whole. The year’s main milestones were: – BBVA reported its highest earnings ever, with an attributable profit of 10,054 million euros, 25.4% increase from 2023. – BBVA continued to increase its activity, with a loan growth of 14.3% and increased market share: – It granted more than 160,000 mortgages to enable families to buy home. – It supported SMEs and the self-employed with more than 715,000 loans to help them grow their business, without forgetting the financing to large companies to boost their growth, which amounted to 70,000 loans in 2024. – Nearly to 22 billion euros, were allocated to financing initiatives for inclusive growth, including inclusive infrastructure, financial inclusion, entrepreneurship, job creation and access to basic goods and services. – BBVA continues to lead the European banking sector in terms of profitability and efficiency. Its ROTE reached 19.7% in 2024 compared to 13.7% for the European 1 peer group, while its efficiency ratio stood at 40.0% versus 50.8% for its peers. – BBVA continues to make firm progress in its commitment to value creation: – Tangible total equity per share plus dividends grew by 17.2% during the year, above the 15.1% of the European 2 peer group. – Shareholder remuneration rose significantly. BBVA will allocate more than 5 3 billion euros of its 2024 results to shareholder remuneration, representing a 50% payout. – It should be noted that the strength of its financial indicators was accompanied by robust liquidity (LCR of 134.0% and NSFR of 127.0%) and solvency (CET1 of 12.88%) ratios, well above regulatory requirements. – BBVA has continued to make good progress in the execution of its strategy. As an example of this: – BBVA continues to beat record figures in customer acquisition and maintains leadership positions in the main geographical areas. BBVA's success is driven by its leadership in the digital world and its commitment to innovation, but also by offering the best service through other channels such as branches or remote managers. BBVA wants to provide the best personalized experience without leaving anyone behind. – Sustainability remains a key growth driver. In 2024, BBVA has channeled around 304 billion euros, reaching its 2025 target a year ahead of schedule. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 6 Key data and highlights by geography in 2024 SPAIN n Good investment evolution focused on the most profitable segments n Operating income growth of 30.8% n Evolution of risk indicators in line with expectations n Excellent results MEXICO n Investment growth in all segments, both wholesale and retail n Very positive performance of recurring revenues due to business growth n Excellent double-digit operating income growth n Evolution of risk indicators in line with expectations TURKEY n Loan growth continues, both in Turkish lira and foreign currency n Good performance of net fee and commission income and net trading income n Risk indicator standardization n Growth in net attributable profit despite hyperinflationary environment SOUTH AMERICA n Growth in lending activity and in the acquisition of customer funds n Argentina: growth in net attributable profit despite a still complex macroeconomic environment n Colombia: despite the good performance of recurring revenues, the net attributable profit was impacted by higher provisions n Peru: growth in net attributable profit due to good revenue performance, improved efficiency and lower provisions Detailed information on the business areas is disclosed in chapter “2. Business Areas” of section “Financial information". This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 7 3. BBVA Group strategy Context and global vision BBVA has successfully completed in 2024 the strategic cycle that began in 2020, clearly exceeding all the targets announced at the Investor Day in 2021: (1) Excluding discontinued operations and non-recurring results. (2) Target customers refers to those customers in which the bank wants to grow and retain, as they are considered valuable due to their assets, liabilities and/or transactionality with BBVA. BBVA thus concludes a strategic cycle in a position of undoubted strength, which allows to face the challenges of an increasingly complex global and sectorial environment. The current macroeconomic environment is influenced by geopolitical tensions, a steady normalization of interest rates and an increasing aging of the population, which will generate challenges and opportunities in the financial sector. Geopolitical tensions, protectionism and polarization are mutually reinforcing: – The rise of China and the isolationist tendency of the United States are creating a power vacuum that increases the likelihood of geopolitical conflicts and the risk of economic fragmentation. – Countries appear to be leaning more toward security and resilience than on efficiency, with an approach that prioritizes protectionism over economic liberalism. – Near/friend-shoring and more protectionist onshore industrial policies are on the rise, which could generate growth opportunities in the financial industry, especially in the business and corporate segment, and in geographical areas such as Mexico (which has close commercial ties with the United States) or Turkey (as a potential key trade zone, or hub, with Europe). – Political polarization is intensifying in many countries. Populism continues to spread and is leading to more uncertainty in political decision-making. Normalization of interest rates, with equilibrium rates expected to be higher than those of the last decade. – The apparent control of inflation put an end to aggressive interest rate increases, and has allowed the gradual cycle of rate cuts to begin. – Interest rate developments will exert pressure on margins in the short-term, although rates are not expected to return to the negative levels of the previous decade and should stabilize at structurally positive levels. The aging of the population could impact the customer profile and the demand for products and services. – The population is expected to grow more slowly. Aging could affect not only developed countries, but also emerging ones. Immigration will play a key role in this regard. – This trend is likely to have an impact on the demand for products and services in the financial industry. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 8 • An increase in the volume of older customers would reduce the relative demand for credit and increase the importance and demand for savings management. • This change in the customer profile would probably also have an impact on the attractiveness and competitive dynamics of different industries, such as the health sector. Meanwhile, the rest of the long-term global trends on which BBVA's strategy is based and which play a critical role in the transformation of the economy, have continued to consolidate and evolve. Sustainability will continue to be a driver of growth for the economy: – Investment towards a decarbonized economy is consolidating, driven by greater energy demand and the profitability of renewable energies. The profitability is also increasing in new technologies thanks to innovation. Today, it is estimated that nearly half of the emission reductions come from technologies that are still in their early stages and have not been tested on a large scale. – Banks will play a very important role in channeling investments and advising their customers in this transition process that seeks a decarbonized and more efficient economy in a context of growing energy demand. – Lastly, investments to improve production processes and the value chain of companies aimed to preserve natural capital are also growing. Natural capital depletion must be reversed due to its significant economic and financial impacts. Digitalization continues to gain momentum in many sectors. We are entering a new era of disruption led by Artificial Intelligence (AI), which is reshaping the competitive dynamics of many sectors, including the financial system. Its impact on the entire value chain is generating great opportunities: – Hyper-personalization of value propositions. – Process automation, with a strong expected impact on middle and back-office tasks, improving control data, productivity and also customer experience. – Other technologies such as blockchain, quantum computing, cloud computing, etc. continue to advance and generate a true era of opportunities for society and for the financial sector. Finally, the financial system is facing an increasingly complex competitive environment, with new digital competitors (e.g., neobanks) and non-bank players (e.g., payment specialists) that are redefining and hardening the dynamics towards supranational competition versus more local historical models. In this context, BBVA has carried out in 2024 an intense reflection on the above trends and has designed a new Strategic Plan that presents an evolution of the framework (purpose, values and strategic priorities) on which the main lines of action for the period from 2025 to 2029 will be designed. Purpose BBVA has always been committed to generate a positive impact on all its stakeholders, starting with its customers. The purpose until now, “to bring the age of opportunity to everyone”, reflects that vocation. The 2025-2029 strategic plan gives new impetus to that vision with a renewed purpose, which reinforces BBVA's role as a key ally for people and businesses. More than a bank, BBVA wants to be a springboard to help those who seek to go further and achieve their goals. This is another step towards consolidating BBVA as a Group designed to accompany and advise its customers in the materialization of their projects, making this commitment its new axis of differentiation. – Support means to be present at all times, especially in vital moments. Providing constant support, listening, understanding and adapting to their needs. Empathy is key to all of the above; it seeks to identify BBVA with its customers, share their concerns, projects and dreams, and turn the Group into that ally that truly understands what they need. – Your drive. BBVA recognizes that behind every project, every goal and every step forward, there is something deeper: the will. That inner strength that drives people to excel, to pursue their goals and to believe in a better future. It is the determination to move forward, the motivation that drives them every day. – Go further is the essence of progress and innovation. It is an attitude that is part of BBVA's DNA, always seeking to anticipate, to see today what will come tomorrow and to look to the future with optimism. This ability to anticipate and evolve brings enormous wealth to the people and companies that choose BBVA as a partner to achieve their dreams. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 9 Values The 2025 - 2029 strategic plan upholds BBVA's solid values: Customer comes first; We think big; and We are one team. These values and their associated behaviors are the guidelines that guide employees in their day-to-day decision making and help them to make the Group's Purpose a reality. Behaviors evolve slightly to bring BBVA even closer to its customers' needs, strengthening its ability to put itself in their shoes, understand their motivations and anticipate their expectations. Through this deeper connection, BBVA reinforces its commitment to generate a positive and differential impact on their lives. The values are integrated in the key models and levers that promote the Group's transformation, as well as in the global processes of people management: from the selection of new employees, role assignment processes, evaluation, people development and training, to incentives for meeting objectives. Strategic priorities BBVA has established six new strategic priorities to advance the execution of its strategy. They are based on three main ideas: – A new axis of differentiation. – Reinforce our commitment to growth and value creation. – Solid foundations to generate a significant impact across the board. Embed a radical client perspective in all we do BBVA seeks to turn this priority into a new axis of differentiation, developing a value proposition focused on helping its customers meet their goals, with a genuine commitment to their financial health and being present at key moments in their lives. The new differentiation axis is made possible by new technologies led by artificial intelligence and the responsible use of data that enable hyper-personalization and added value for customers. The needs around money are different for each customer and BBVA wants to go beyond a standard digital proposition. The customer perspective has to be present in everything we do, with excellent execution where BBVA cannot fail. Customer interactions must be positive, eliminating negative experiences. All of the above requires a rethinking of the way in which we interact with customers, with a growing role for artificial intelligence and placing the customer's perspective at the center when designing our entire value proposition and processes. This new axis of differentiation is a cross-cutting priority that includes the entire Group, both business and support areas. All BBVA is committed to having the customer present in all its decisions. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 10 Boost sustainability as a growth engine BBVA has been a pioneer in identifying the impact of sustainability in the financial sector. The new priority goes a step further and seeks to become an engine of differential growth, taking advantage of the need to finance investments to meet a growing demand for efficient and clean energy. Specialized advice tailored to each market segment, together with the transformation of risk processes, are key to generating differential growth. Scale up all enterprise segments The business segments, from SMEs to large corporations, represent a clear growth opportunity for BBVA. The objective of this priority is to turn BBVA into the bank of reference for companies, by radically incorporating this customer perspective in its value proposition mentioned above. BBVA has competitive advantages to succeed in this priority, such as specialization in sustainability and global presence in more than 25 countries to reinforce a cross-border proposal. Growth in companies also helps to strengthen BBVA's retail business, offering a comprehensive universal banking proposition in the face of new competitors that are only present in the retail segment. Promote a Value and Capital Creation Mindset The objective of this priority is to continue advancing in the concept of profitable growth, closely linked to BBVA's strategy and the generation of long-term value. All processes must consider value creation as a critical factor in decision making, which implies changes in management models, incentives, monitoring and reporting. Initiatives such as balance sheet rotation are key to optimizing the use of capital and maximizing profitability, while enabling a greater positive impact on the customer. In line with optimal capital utilization, this priority reinforces the importance of businesses with low capital consumption and high value creation, such as insurance, private banking, asset management and the payments ecosystem. Unlock the Potential of artificial intelligence and innovation through data availability and Next Gen tech The responsible use of data and new technologies has always been a key factor in BBVA's strategy. The new strategic plan highlights the importance of data availability as a critical step to generate a differential impact on the entire value chain, both at the customer level with a hyper-personalized and differential proposal, and at the level of efficiency and control thanks to process automation. The evolution to Next Gen technologies is fundamental to efficiently face all the requirements derived from hyper-personalization and increased customer interactions. Strengthen our empathy, succeed as a winning team The 2025 - 2029 strategic plan puts the focus back on the team as a critical factor in strategy execution. Empathy becomes a key element throughout the organization to drive the customer perspective in a radical way. The new priorities demand a team with a winning and ambitious character to continue leading the transformation. A team that is proud to be part of BBVA, that does not conform and always seeks excellence and differential added value for the customer. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 11 The new Strategic Plan 2025-2029 is adapted to reflect the trends of the new environment, leveraging on the successful execution of the previous strategic cycle. Main lines of action in 2024 Improving our clients’ financial health BBVA wants to help and accompany its customers in their day-to-day lives for them to be able to meet their goals, through comprehensive financial solutions and promoting greater knowledge that allows them to better manage their assets. To accompany customers on this journey, BBVA has defined a four-step journey based on proactive and adapted functionalities, experiences and tools thanks to the use of new technologies, such as artificial intelligence, the responsible use of data and the solid experience of its human team. – Day-to-day control: The aim is to ensure that customers are aware of their income and expenses, classified by category, so that they can set spending limits and monitor them (e.g. “My budgets”). In addition, the bank provides them with advance information on upcoming transactions, so that they are prepared (e.g. “Small expenses”: expenses of less than three euros but which, due to their high recurrence, can reduce their saving capability). – Savings: The importance of having a financial cushion (ideally six months, equivalent to having six times the average monthly expenses saved in savings and investment products) to be able to face unexpected events is vital for financial health. BBVA helps customers set savings goals and provides automatic rules to achieve these objectives. In this way, the goal is to turn saving into a habit (e.g. “Set up your account”). – Debt control : The financial institution wants to help customers understand how much they can borrow, and what is the best product for the purpose they want to achieve. To do this, it offers them updated information at all times about their borrowing capacity, the maximum level allowed, and the current status of their debt. Customers can thus know what is the limit of reasonable debt that they can assume (e.g. “BBVA Valora”). – Planning: BBVA helps customers to make a plan in order to achieve their goals, and live with peace of mind throughout all stages of their lives. To do so, BBVA provides advice on savings and investment solutions aimed to help customers to manage their own savings (e.g. “BBVA Invest”). In 2024, BBVA has reached the following achievements: – 40% of global customers have connect via mobile and interacted with financial health features. – Improvement of the Net Promoter Score (NPS) indicator among users of financial health features. In Spain, during 2024, the NPS of customers who use these features has been between 9 and 10 percentage points higher than those who do not use them. Likewise, customers who use these features tend to have a lower churn rate (35%-40% less) and make more digital purchases (55% more). – Greater saving capacity of customers who use financial health tools: in Spain they improve their balances by an average of 11% compared to those who do not use them and in Mexico this figure is 20% (exercise carried out in 2024 with data up to 2023). Helping our clients transition towards a sustainable future For BBVA, sustainability means “helping our clients transition toward a sustainable future” by promoting environmental protection, economic growth and social development. BBVA seeks to generate a positive impact on its stakeholders through the development of its business and thanks to the multiplier effect of banking. Climate change impacts industries and the way customers consume, move around and fit out their homes, requiring significant investments that will continue for decades to come. In addition, climate change and human actions are putting stress on natural capital (water, crops, commodities...), making it increasingly important for customers to ensure the continued availability and quality of essential resources for production and service delivery. Finally, there are still major inequalities in the world, which may be increased by the effects of the economic transformation needed to decarbonize the economy, or the destruction of natural capital. Banks can play a key role in the development of inclusive growth by means of increasing banking penetration among the population, fostering financial education, and developing inclusive infrastructures (such as healthcare, education and communications). 4 The Objective 2025 includes channeling financial flows, cumulatively, in relation to activities, customers or products considered sustainable or that promote sustainability in accordance with both internal and market standards, existing regulations and best practices. For more information, see the section “Evolution of the sustainable business channeling”. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 12 BBVA's sustainability strategy has a roadmap with two clear objectives: – Promoting new business through sustainability with a global and holistic approach in the area of global warming, natural capital and the social sphere: BBVA aims to reach 300 billion euros of channeled sustainable business from 2018 to 2025) 4, having already reached the figure of 304 billion as of December 31, 2024 (around 99 billion in 2024). Related to the climate change, BBVA has channeled more than 77 billion euros in 2024, earmarked, among others, for the electrification of industry, energy efficiency measures, the development of renewable projects and the promotion of solar self-consumption, as well as the transformation of the transport and logistics sector. In addition, inclusive growth represents around 22 billion euros of the entire sustainable business channeling by 2024. – Sectoral decarbonization plans, with intermediate decarbonization targets (year 2030) in oil and gas, power generation, automobiles, cement, steel, coal, aviation, shipping, aluminum and real estate (both commercial and residential in Spain). BBVA, for the fifth consecutive year, has obtained the best score in the category of banks in the European region, and the third best score globally (the latter shared with other entities), in the latest S&P Global Corporate Sustainability Assessment. This assessment by the S&P rating agency determines the inclusion of companies in the Dow Jones Sustainability Index. Reaching more customers BBVA seeks to grow by positioning itself where its customers are, both through its own channels and through channels and agreements with third parties. All of this without losing focus on profitable growth, investing in the most relevant product verticals and value segments. BBVA also continues to advance in its commitment to developing new business models with a medium- and long- term growth horizon. The main initiatives in customer acquisition (own and third-party channels, value verticals and innovation) and the progress achieved in 2024 are as follows: Own and third-party channels The Group acquired 11.4 million new customers through its own channels in 2024. As a result of improved digital capabilities, customer acquisition through these channels in 2024 broke a new historical record. It increased continuously in recent years, reaching more than 7.5 million, representing 66% of the total number of new customers (tripling in size since 2019). Meanwhile, the number of customers using mobile solutions has doubled since December 2019, reaching 58 million, a 75% of the total of active customers. Digital sales now account for 78.5% of the total number of units sold. Growth and customer satisfaction increase business volume through increased cross-selling. In addition, they represent a reinforcement of customer loyalty. As an example, in Spain 71% of new customers become Target Customers within six months. BBVA focus on innovation, particularly in the use of artificial intelligence, has an increasingly impact on customer acquisition through its own channels. That is improving the experience and value proposition, while simplifying and making all processes more efficient. BBVA is also committed to attracting customers through third-party channels using Open Banking and integrated finance to provide a complete experience. 5 Latest data available from November 2024. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 13 Segments and verticals of value BBVA wants to boost segments and value verticals. For this reason, it is focusing on growth in product segments and verticals with a significant impact on value creation to generate profitable growth: enterprise segments (including small and medium-sized enterprises (hereinafter, SMEs), enterprise banking and the Corporate & Investment Banking area), payments, insurance and private banking and asset management. The main developments during 2024 are described below: Enterprise segments During 2024, BBVA has decided to give a new boost to the enterprise segments. Small and medium-sized enterprises SMEs are a key segment for BBVA. Revenues generated in this segment have grown by 40% compared to 2023, contributing more than 3 billion euros to The BBVA Group's gross income. BBVA is promoting the progressive digitization of services and facilitating online operations, while maintaining a focus on risk models, as well as remote and digital capabilities. All of this has a tangible impact: – Pre-approved credit offers almost tripled compared to the previous year, positively impacting more than 2 million customers and representing 50% of loan originations for the year. – New credit origination through digital channels increased more than 3.5 times in 2024 (representing more than a third of the total credit originated) thanks to Do It Yourself (DIY) solutions, present in the Group's main markets and which include both working capital and long-term loans. One of these products is a fully digital solution linked to the transaction processing of the point of sale (POS) terminal. It is already available in five countries and was recognized with the SME Forum Award for Product Innovation in 2024 for Latin America. Enterprise banking BBVA has created a new Commercial Client Solutions area that is born with the ambition of transforming the segment with the clear objective of positioning BBVA as the reference bank for all business customers. Additionally, BBVA has continued to promote the business of international companies (cross-border) in order to help its customers in their expansion into new markets through a differentiated service and a model based on the assignment of specialized managers. These improvements have allowed it to continue recording very significant growth in the gross income generated by companies and corporations outside its geography, exceeding the 22% year-on-year and 38% above the initial growth forecasts. In turn, the bank has an ecosystem for managing the treasury of these companies and large corporations that has registered a growth of 24% in its customer base, reflecting its ability to adapt to the needs of an increasingly globalized market. Companies that use these services not only improve the efficiency of their financial operations, but also take advantage of BBVA’s international reach, creating synergies between their businesses in different countries. This treasury management ecosystem has established itself as a key piece in the growth strategy: the gross income of customers has grown by 11% in the last year, while treasury management fees have increased by 14%. In total, these figures represent 36% of the “Cash Management” fees in the CIB and international corporate banking area. Corporate & Investment Banking (CIB) During 2024, CIB has been one of the Group's main growth vectors, developing its strategy through three fundamental pillars: – Capitalize on the Group's global nature and the geographic diversity of the area to maximize cross-border activity, which has grown this year by more than 20%, accounting for more than 23% 5 of CIB's total activity. – Taking advantage of the opportunity offered by sustainability, which is the key pillar of BBVA's wholesale banking value proposition at a global level. To successfully managing decarbonization and supporting customers, CIB has developed a specialized coverage with a sectorial focus, has established strategic partners in the field of infrastructure and has invested in top-tier climate funds. – Implement the growth strategy of the Institutional Business unit. This is a transformational plan that aims to increase business with institutional customers and become their strategic partner. To this end, work is being done on developing a specific product offering and expanding teams, especially in key markets such as the United States and the United Kingdom. Thus, at the end of 2024, CIB accounted for approximately 16% of the Group's total gross income, increasing revenues by 27% in the last year. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 14 Payments Payments is a strategic business for BBVA due to its contribution to value creation, as it is a key lever for strengthening the financial relationship with customers, both for retailers through the acquiring business, and for individuals through cards and other payment solutions. In 2024, BBVA has maintained its strong growth, increasing revenue by 20% compared to the previous year and promoting the launch of new payment solutions. This growth has been leveraged, among others, by solutions such as e-commerce payment through Bizum in Spain. With its acquiring business, BBVA seeks to be the reference partner for retailers, with in-store payment solutions and also in digital/ electronic commerce. Active retailers have grown by 11% and revenue by 25%. Additionally, the growth of POS sales through digital channels is noteworthy, going from representing 2.6% in 2023 to 13% in 2024 of total terminal sales. In the individual segment, BBVA has extended Aqua cards to practically all countries, thereby consolidating its position as a benchmark product in terms of customer security. This is the new generation of cards without printed numbers and with a dynamic CVV that offer a different experience and greater security compared to traditional cards. The number of Aqua cards has already reached 6 million, significantly reducing e-commerce fraud. Aqua cards for SMEs have also been launched in Spain and flexible financing options have been promoted, both debit and credit. In addition, BBVA continues to invest in the development of new payment channels that facilitate digitization and the reduction of cash payments, participating in different industry solutions existing in all its markets (Bizum in Spain, Dimo in Mexico, Plin in Peru, Modo in Argentina...), integrating new use cases for sending money between people and QR payments in retailers, and making the best payment experience available to its customers in the App. Insurance Insurance products are key to offering comprehensive advice to customers and having an impact on their financial health. The Group is developing technical and service capabilities that allow it not only to serve customers better through innovation, but also to achieve sustained growth in premiums and attributable profit. In 2024, the volume of premiums grew by 18% compared to 2023. In the non-life business, the Group has maintained the strategic alliances with third parties in different countries (Allianz and Sanitas/ BUPA in Spain, BUPA in Mexico and Turkey, etc.). Modern and innovative servicing products and solutions have also been launched, aligned to trends and best practices in the insurance industry, such as the new " Insurances space" in Spain (a new section in the App where all contracted insurance policies are found, and new ones can be managed and acquired in an intuitive and personalized way), or the SoS Auto section in Mexico (a feature that allows car claims to be reported directly from the App). In the life insurance business, the deployment of modular solutions adapted to the needs of the customer in the geographical areas where this activity is offered, has continued, as well as the launch of new life and life savings products. In 2024, the Guaranteed Multi- Place Savings Plan was launched in Spain and the Dynamic Life product with customizable savings in Peru. Private banking and asset management In 2024, BBVA puts the focus on strengthening and extending its tailored advisory model to Private Banking customers by developing an increasingly global experience. Greater access to Private Banking solutions was promoted through international platforms with a common advisory model, highlighting the case of Spain for international customers, and the launch of Private Banking in the United States, which already has nearly 500 million dollars in assets under management. In addition, the Group has continued its work to extend the Private Banking model to an increasing number of customers, thanks to the promotion of hybrid advice, strongly leveraged on remote capabilities and distribution models that benefit from BBVA's capillarity. As a result the number of customers in this segment grew by more than 37 thousand during 2024 and the assets under management by 11 billion euros. In terms of Asset Management, 2024 was a year of strong growth in all the geographical areas. This growth was the result of strong activity with customers, mainly in fixed-income investment solutions, in a context of higher interest rates, as well as the boost to discretionary portfolio management. This was complemented by a good performance of the financial markets. Also noteworthy is the joint work with the Group's distribution networks, with a special focus on private banking. Overall, gross fees generated by Private Banking and Asset Management amounted to 1,550 million euros in 2024 (representing a year-on-year growth of 8.1%). 6 Ranking published in 2023. 7 In constant terms. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 15 Innovation Innovation is a key factor for the long-term profitable growth strategy in customers. BBVA particularly highlights the importance of innovation in the strategy to achieve profitable growth. The main example of this importance is the growth in new and attractive markets through purely digital retail banks: – BBVA's 100% digital initiatives in markets where the Group can leverage a competitive advantage: • In Italy, initial forecasts are being exceeded, with more than 620 thousand customers in 2024 thanks to the support of BBVA's infrastructure and mobile App in Spain. BBVA Italy has positioned itself as the fourth best bank in the country, ahead of many traditional and native financial institutions, according to the World's Best Banks ranking carried out annually by Forbes and Statista 6. In 2024, BBVA customers in Italy tripled their card purchases and recorded nearly 35 million transactions. • In Germany, led by the success in Italy, BBVA has launched a 100% digital bank, a market with scale and high potential in which BBVA seeks to repeat the experience of Italy. – Strategic stakes in purely digital banks outside its traditional markets, such as Atom in the United Kingdom and Neon in Brazil. Also noteworthy is the positioning and consolidation of BBVA Spark as a relevant player in driving the entrepreneurial and investment ecosystem in 2024. The unit was created as a further step in BBVA's commitment to innovation and technology with the aim of being the bank of reference for entrepreneurs and venture capital investors and helping them scale their small businesses with banking and debt products and services. BBVA Spark has been present in Spain and Mexico since 2022, Colombia and Argentina since 2023, and has recently extended a business in Europe with a team of debt specialists based in London. In 2024, the unit has more than 1,500 customers, and has reached 500 million euros committed in financing and has accumulated 900 million euros committed in private equity funds: – Financing: BBVA Spark offers its customers a wide range of financial services with an agile and specialized relationship model. This model ranges from national and international accounts, collections and payments, online banking and insurance, to structured finance solutions adapted to the needs of companies based on their stage of development and maturity. Additionally, the financial offering is completed with a strong connection with the entrepreneurial ecosystem through Open Innovation and other relevant events, facilitating contact and access with the different participants. – Investment: BBVA Spark has a team that leads all strategic investments in BBVA Group private equity funds. In 2024, BBVA's investment in funds has continued to focus on positioning itself in high-growth areas such as decarbonization and innovative entrepreneurship. Specifically, this year it has committed nearly 200 million euros to venture capital funds. Driving operational excellence BBVA seeks to provide the best value proposition to its customers, with experiences and products tailored to their needs, through simple and automated processes, maintaining robust risk management and optimal capital allocation. BBVA continues to transform its relationship model to adapt to changing customer behavior, placing customers at the center of its activity, with the aim of providing the best service and being more efficient and productive. Through the use of data and new technologies (for example, artificial intelligence), BBVA seeks to combine a personalized, high-value experience and facilitate access to its products and services with simple, consistent processes. All of this with a scalable, efficient business model, countering the current trend of commoditization of the banking industry. As a result, the number of target customers per employee has almost doubled in the last four years, while the Group's NPS has increased by more than 10 percentage points. The transformation of the relationship model is accompanied by a change in the operational model, focused on: – Process reengineering, seeking greater automation and improved productivity, – Improvement of the time-to-market of new products and functionalities. The global nature of its products and solutions enables BBVA to be more efficient. The industrialization and homogenization of the construction of software for digital channels allows a solution created in one geographic area to be quickly exported to the rest. BBVA has thus significantly improved time-to-market, the quality of its solutions and efficiency, providing customers with the same capabilities and experience in all the geographic areas. Two examples of software reuse are the mobile application for retail customers and the mobile application for companies, which has been developed in less than a year by reusing software components. This focus on operational excellence has led the Group to once again consolidate its leadership position in terms of the efficiency ratio, with 40.0% in 2024 (226 basis points better than in 2023 7) while the average for European competitors was 50.8% in September 2024 (latest data available). BBVA prioritizes the allocation of capital to the most profitable business opportunities. In addition, the Group has a model that links a dynamic pricing system with the allocation of capital per individual transaction. This differential way of doing banking, where the search for profitability is present in each transaction, has an immediate translation into the Group's financial figures. Specifically, the return on risk-weighted asset (RORWA) at the end of 2024 stood at 2.76%, 38 basis points above 2023. For more information on RORWA, see the “Alternative Performance Measures (APM)” section. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 16 The best and most engaged team The team is a key factor for success in the strategy. A team with a culture and values that are lived on a daily basis, guided by the Purpose and driven by a talent development model. This model revolves around the employee and is based on trust, empowerment, meritocracy, transparency and diversity. BBVA has an employee value proposition based on three strategic principles on which BBVA has worked in 2024 to promote initiatives with a positive impact in different areas of people management: – A culture and values of connection and inspiration. A team structured around a common goal and guided on a daily basis by an inspiring culture. – A winning team that drives the business. Attracting and developing the best talent and fostering a high-performance culture based on transparency, empowerment and meritocracy. Inspirational leadership and an agile, well-sized organization, with clear and known roles and responsibilities. – A work environment that fosters development. An open and flexible environment, with a focus on employee well-being, inclusive and diverse, where everyone can grow personally and professionally. In 2024, the Group achieved an excellent result in the employee engagement survey, exceeding the target set for 2024 and improving on the 2023 result (4.46 and 78th percentile in 2024 improving on 4.43 and 76th percentile in 2023). BBVA remains firm in its commitment to inclusion and diversity as a source of value creation, as demonstrated by the positive evolution of the percentage of women in management positions (35.4% as of December 2024 compared to 34.7% in 2023), in line with the goal set for 2024 of 35% women in management positions. Specific initiatives have also been launched for other types of diversity, which have enabled, for example, a 17% increase in the number of people with disabilities hired by the Group. During 2024, training in key skills such as sustainability, cybersecurity, artificial intelligence and data continued to be promoted. Data and technology Data and technology are clear accelerators of the strategy. The commitment to developing advanced data analysis capabilities, such as artificial intelligence, together with secure and reliable technology, allows for the creation of differential solutions that help generate competitive advantages. The responsible use of data and new technologies also allows for increasingly global and reusable solutions and processes across different geographies, reducing the unit cost of processing. Data and Artificial Intelligence BBVA is a data-driven company in which the quality and advanced integration of data, together with artificial intelligence, are key accelerators for achieving a positive differential impact on the lives of customers, as pursued by BBVA's Purpose. The BBVA Group has a team of nearly 6,700 data scientists, specialists and engineers dedicated to developing this unique value proposition. During 2024, the Group's firm commitment to promoting the use of analytical models in end-to-end solutions across the Group and business areas reflected in a 52% growth in projects compared to 2023. BBVA's data strategy is based on the following pillars: – The availability of quality data is critical for building a differentiated and personalized proposition that allows for better decisions to be made in the areas of business, risk and finance. During 2024, the focus has been on: • Delivering the main regulatory processes has made it possible to ensure regulatory compliance and improve the quality of this data for decision-making. • Launch strategic initiatives that ensure the availability of quality data and appropriate governance, as well as the renewal of the Group's most critical processes. – The use of advanced analytical models enables the enrichment of business solutions and products, as well as the improvement of risk decisions. The promotion of these projects enables the creation of value impacts for the Group. – Harnessing the potential of artificial intelligence (including generative intelligence) to enhance the value proposition and transform the customer relationship model, optimize BBVA's operations and processes, and increase employee innovation, efficiency and productivity. Several significant advances have been made in this area. • Signing an agreement with OpenAI for the use of some 3,000 Chat GTP licenses that were distributed throughout the organization, allowing the different teams to train and explore the power of these capabilities. • Developing a first set of projects that use this technology, which allowed for the delivery of the first disruptive use cases in 2024 (for example, a conversational assistant and hyper-personalization of services in the App). 8 Considering only transactions processed in BBVA Group's global data centers: 71% in Peru, 67% in Spain, 61% in Colombia, 57% in Mexico and 30% in Argentina. Transactions in Turkey are processed locally, 54% of them using low-cost technologies. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA in brief 17 Technology Technology is a key element in enabling BBVA's transformation strategy. The goal is to create differentiated solutions for customers while executing operations in the most reliable, secure and efficient way possible, using the most advanced technological capabilities. During 2024, investment and work on infrastructure resilience has continued as a fundamental pillar, with a significant reduction in the number of relevant incidents and a shorter recovery time from them, which has resulted in better service levels for customers. With regard to the protection of the Group and its customers, BBVA has continued to enhance its cyber threat detection and protection capabilities in an increasingly complex environment with greater exposure to cyberattacks. In addition, BBVA has managed to improve its fraud and Anti Money Laundering (AML) detection capabilities after the creation of the Financial Crime Prevention unit to achieve synergies between fraud and money laundering prevention. Likewise, throughout 2024, the banking platform has continued to evolve, transforming Core Banking to be able to build banking functionality more quickly and efficiently, and accelerating the technological transformation of digital channels globally to guarantee the best experience for customers. In addition, the construction of the data platform in the public cloud has been completed, which will allow BBVA to increase its capacity to generate advanced analytics, using the most modern technologies and with higher levels of resilience. On the other hand, the migration of transactions to more efficient technologies has continued. In 2024, transactions processed using more efficient technologies 8 already represent around 60% of the total in Spain, Mexico, Peru, Colombia and Argentina, which is allowing the increase in transactions to be efficiently absorbed while maintaining stable processing costs. The software development function has also continued to be transformed, with initiatives such as 'ONE', which has enabled more than 18,000 software engineers to work in a more collaborative and coordinated manner, sharing the Group's and industry's best practices to create solutions best suited to customer needs. The incorporation of generative artificial intelligence capabilities is also contributing to improved team productivity and the quality of solutions. Thanks to this commitment to cutting-edge technologies, BBVA continues to be a benchmark within the industry in technological capabilities, always adapted to the needs of its customers. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 18 Consolidated Non-financial Information Statement 1. General information 1.1 Introduction 1.2 Double materiality analysis 1.3 Sustainability strategy 1.4 Sustainability governance model 2. Environmental information 2.1 Climate change 2.2 Natural capital 3. Social information 3.1 Own workforce 3.2 Consumers and end users 3.3 Contribution to society 4. Information on governance 4.1 Business conduct 4.2 Suppliers 4.3 Fiscal contribution and transparency 5. Complementary information to the Consolidated Non-financial Information Statement 5.1 Transition plan equivalency table 5.2 ISSB equivalency table 5.3 Table of contents of the Principles for Responsible Banking UNEP-FI 6. Appendices to the Consolidated Non-financial Information Statement 6.1 Table of contents of Law 11/2018 6.2 Table of contents of Law 7/2021 6.3 Tables of contents of the ESRS 6.4 Tables relating to Article 8 of the European Taxonomy This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 19 1. General information 1.1 Introduction 1.1.1 General basis for the preparation of the Consolidated Non-financial Information Statement 1.1.2 Information regarding specific circumstances 1.2 Double materiality analysis 1.2.1 Results and determination of materiality 1.2.2 Methodology 1.3 Sustainability strategy 1.3.1 Strategy and objectives 1.3.2 Evolution of sustainable business channeling 1.4 Sustainability governance model 1.4.1 Sustainability governance 1.4.2 ESG assessment and monitoring of customers 1.4.3 Human rights due diligence 1.4.4 Internal Control over the Consolidated Non-Financial Information Statement 9 For more information on the subsidiaries that make up the Group, see Annex I of the BBVA Group Consolidated Annual Accounts. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 20 1.1 Introduction 1.1.1 General basis for the preparation of the Consolidated Non- Financial Information Statement Legal Framework Banco Bilbao Vizcaya Argentaria, S.A. is the parent company of a group of subsidiaries, joint ventures, and associates engaged in various activities and which, together with the parent company, constitute the BBVA Group (hereinafter, “BBVA”, “Group”, or “BBVA Group”). In accordance with the provisions of the Commercial Code and the Capital Companies Act, the BBVA Group has prepared this Consolidated Non-Financial Information Statement (hereinafter, the “NFIS”), which includes, among other matters, the information necessary to understand the evolution, results, and position of the Group, as well as the impact of its activity with regard to environmental and social issues, respect for human rights, and the fight against corruption and bribery, in addition to matters relating to personnel. The BBVA Group's NFIS has been prepared in accordance with the regulatory framework in force in Spain as of December 31, 2024, specifically; Law 11/2018 on non-financial information, Law 7/2021 on climate change, as well as the regulation relating to the European Taxonomy (Regulation (EU) 2020/852 and Commission delegated regulations 2021/2139 and 2021/2178 as amended by Delegated Regulations (EU) 2022/1214, 2023/2485 and 2023/2486). It should also be noted that a new regulatory framework regarding the publication of corporate sustainability information has come into force in the European Union: Directive 2013/34/EU, as amended by Directive (EU) 2022/2464 (hereinafter, the “CSRD”), and Delegated Regulation (EU) 2023/2772, which specifically develops the common standards for sustainability reporting (hereinafter, ESRS - European Sustainability Reporting Standards). The CSRD had not been transposed into Spanish law as of December 31, 2024. In the absence of transposition of the European directive, the National Securities Market Commission (CNMV) and the Institute of Accounting and Auditing of Accounts (ICAC) issued a joint statement recommending that sustainability information for the year 2024 should be published in accordance with the CSRD and the ESRS, additionally including certain disclosure required by Law 11/2018 that are not expressly contemplated by the ESRS. This disclosure focuses primarily on the areas of: – Certain employee-related information – Contribution to society and contributions to foundations and non-profit entities – Suppliers – Fiscal contribution and transparency In light of the above, BBVA publishes non-financial information by considering the regulatory framework in force in Spain as of December 31, 2024, using the new ESRS regulatory framework as a reference. In the “Appendices to the Consolidated Non-Financial Information Statement” section of this report, tables pertaining to the requirements of Law 11/2018, Law 7/2021, and the information contained in the ESRS are included, with references to each of the sections of this NFIS where the information is located. The information contained in the NFIS has been subject to a limited review by Ernst & Young Auditores, S. L., in its capacity as an independent verification services provider, with the scope indicated in its Verification Report which is included in the Appendix of this Management Report. Unless otherwise indicated, references in this NFIS to other documents, including, but not limited to, other reports and websites, including that of BBVA, are for informational purposes only. The contents of such other documents or websites are not incorporated by reference into this NFIS, nor should they be considered part of it for any purpose. Consolidation Perimeter The scope of consolidation used for the purposes of this NFIS is the same as that used as a basis for preparing the financial statements 9. However, in those cases in which the scope of the information disclosed in the NFIS differs from the previous scope, it is specifically detailed. Certain companies that are consolidated in the Group individually comply either with the criteria established by Law 11/2018 or by European and local regulations and are included within their scope of application. However, these companies may be exempt from preparing and submitting individual reports of this nature as they are included in this NFIS. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 21 BBVA Group´s Value Chain The ESRS consider that the scope of sustainability information extends beyond an entity’s own operations and encompasses material impacts, risks, and opportunities throughout its value chain. This value chain comprises the activities, resources, and relationships that the entity employs and relies upon when defining its products or services, ranging from conception through to delivery, consumption, and end of life, across all the geographies in which it operates. With the aim of identifying and determining the scope of the sustainability information pertaining to its value chain and the stakeholders within it, the BBVA Group has analyzed various sources of information, including, among others: – Sustainability related objectives and how they may affect stakeholders within the value chain – Business model and identification of key dependencies in terms of products or services – Markets and customer segments – Main stakeholder groups with which it interacts, as well as the identification of impacts, risks, and opportunities that could arise from such interaction – Number of employees and their geographical distribution As a result of this analysis, the BBVA Group’s value chain has been categorized into three elements or phases: upstream, which includes supply chain providers; own operations, which primarily comprises employees and the Group’s own real estate assets; and downstream, referring to the Group’s banking, insurance, and asset management customers, both retail and corporate. Upstream This phase includes entities that supply resources and provide services necessary for the development of the Group's activity. It primarily involves relationships with suppliers and partners for technology, information systems, legal or consultancy services, general supplies, among others. In line with sustainability criteria, regulatory compliance, information security, and respect for human rights, and prior to establishing a commercial relationship, BBVA evaluates its suppliers in order to foster responsible management. Own Operations This encompasses BBVA’s own assets and internal processes that enable it to provide financial solutions, from product design and development to risk management. It also covers all BBVA Group companies and their employees. Downstream This refers to the phase in which BBVA markets and distributes its products and services to customers, as well as the monitoring of the effects those products and services generate in the broader environment. In this regard, the Group identifies customers in its three main business segments, banking, insurance, and asset management, as the stakeholders involved in this phase of the value chain. The ESRS only require the disclosure of information related to the value chain that is material. As a result of the double materiality analysis, described later, no material impacts, risks, and/or opportunities exclusively associated with insurance and asset management activities have been identified. Consequently, no specific policies, actions, objectives, or metrics covering these activities are disclosed beyond those that inherently encompass them. For further information, see the chapter on “Double Materiality Analysis”. 10 Information corresponding to the management of resources regarding own employees and consumers and end users referred to in the ESRS S1-4.37, S4-4.30, as well as the information required by the ESRS E1-8 63, has been considered confidential or sensitive. 11 ESRS 1, section 6.4, paragraph 80 12 GRI: Global Reporting Framework This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 22 Other relevant aspects BBVA discloses non-financial information in line with the regulatory framework in force in Spain as at December 31, 2024, using the new framework established by the ESRS for reference. In preparing this report, certain confidential or potentially sensitive information—whose non-disclosure is permitted by the ESRS in certain cases, has not been included 10. The BBVA Group has not withheld any disclosure regarding imminent events or matters under negotiation. BBVA, in accordance with the provisions of the ESRS, incorporates transition periods for some information requirements. Below is a non-exhaustive list: – The identification and disclosure of certain quantitative aspects relating to the value chain; – The anticipated financial effects concerning the material impacts, risks, and opportunities identified in the double materiality analysis (see the “Double Materiality Analysis” section); – The financial effects related to revenue derived from activities affected by physical and transition risks; – Specific characteristics of non-salaried workers; – Information concerning public or private protection programs for salaried workers against possible loss of income under various circumstances. With regard to time horizons, it should be noted that BBVA, making use of the provisions in the ESRS 11, employs a proprietary definition of time horizons that is aligned with its internal management processes. In the “Complementary information to the Consolidated Non-financial Information Statement” section of this report, BBVA includes tables of equivalences and/or content references to other sustainability standards and frameworks, among others, Responsible Banking Principles UNEP-FI. Although these do not form part of the applicable legal framework, BBVA has deemed them relevant to include. From January 1, 2025 until the date of preparation of this Consolidated Non-Financial Information Statement, no additional subsequent events have occurred, other than those mentioned in the Consolidated Financial Statements, that could significantly affect the information contained in this report. 1.1.2 Information regarding specific circumstances Changes in the preparation and presentation of sustainability information For the preparation and presentation of the sustainability information for 2024, the Group has implemented the following main changes compared to the 2023 financial year: – Disclosure standard used to comply with the requirements of Law 11/2018: BBVA complies with the requirements of Law 11/2018 taking as reference the ESRS, unlike in 2023 where compliance was based on the GRI 12 framework. – Decarbonization targets: In 2024, BBVA has published new decarbonization targets for three additional sectors, aluminum and residential and commercial real estate in Spain (for more information, see the chapter “Climate Change” in the “Environmental Information” section). – Scope 3 emissions: The measurement boundary for the published Scope 3 emissions has been expanded (for more information, see the “Climate Change” section within “Environmental Information”). – Gender Pay Gap: The information required by Law 11/2018 to calculate the pay gap has been supplemented with the gender pay gap required by the ESRS (for more information, see the “Own Workforce” chapter in the “Social Information” section). This report includes comparative information except in those cases where the information required by the ESRS was not disclosed in prior periods. No material errors from previous periods have been identified, nor have data been recalculated beyond what is expressly mentioned in this report. Estimates subject to uncertainty and indirect estimates In preparing the Consolidated Non-Financial Information Statement (NFIS), a series of estimates and assumptions has been made in various areas, and both external and internal data measurement, collection, and verification practices and methodologies have been used. Many of these are still under development. A non-exhaustive overview is provided below: – Calculation of emissions. – Establishment and monitoring of transition objectives for portfolio alignment. – Estimation of the potential impacts of climate and environmental risks, as well as social and governance risks. These estimates have been made using the best information available as at December 31, 2024. The Group is pursuing various work streams to enhance the accuracy and reliability of the data. Nevertheless, it is important to recognize that future events may necessitate adjustments to these estimates. In this regard, it should be noted that, during the 2024 financial year, no significant changes have been made to the estimates from previous years. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 23 1.2 Double materiality analysis Sustainability is a strategic pillar for the Group, generating impacts on society and the environment, while safeguarding its competitiveness and financial results. The Group has previously identified its sustainability-related matters based on international reference standards and best practices. In 2024, the double materiality analysis process has been updated to incorporate the principles of the CSRD and ESRS, as well as the implementation guide for the assessment of materiality issued by the European Financial Reporting Advisory Group (EFRAG). The double materiality principle incorporated in the CSRD and ESRS means that a subtopic is classified as material if it has a significant impact on people or the environment (impact materiality), if it significantly affects the financial position of the entity (financial materiality), or for both reasons. This approach takes into account the nature of the Group's operations, key business relationships, geographical distribution, and other relevant factors identified through analysis exercises conducted in previous years. The main new features include the consideration of the impacts, risks and opportunities (hereinafter, IROs) defined for the subtopics identified by the ESRS, including those related to the value chain (see the section “General basis for the preparation of the Consolidated Non-Financial Information Statement”). Subtopics for which a material impact, risk or opportunity has been identified are disclosed in this report and, in turn, form part of one of the general topics identified in the ESRS. Finally, the double materiality analysis must be understood as a dynamic process, subject to periodic reviews and adjustments as the entity's needs, strategic priorities, market conditions, dialogue with stakeholders, availability of new tools, adoption of emerging technologies and regulatory changes, among other factors, evolve. Integrating the double materiality analysis into the strategy The results of the double materiality analysis are related to the definition of the Group's strategy, as well as being consistent with various internal exercises to assess climate risks, non-financial or reputational risks. They also reflect the growing activity around sustainable business channeling, advances in digitalization and best practices developed in the field of business conduct. The results of the double materiality analysis corresponding to the general topics of the ESRS are summarized below, distinguishing between material topics (exceeding the established threshold), relevant topics (close to the threshold), and non-material topics (below the established threshold). This summary at topical level groups the IROs identified for each of the subtopics established by the standard and which are detailed below. DOUBLE MATERIALITY ANALYSIS - RESULTS (BBVA GROUP. 2024) Impact materiality Financial Materiality Final results Negative Impact Positive Impact Risk Opportunities Total MATERIAL Climate change Own workforce Consumers and end-users Business conduct NOT MATERIAL Pollution Water and marine resources Biodiversity and ecosystems Use of resources and circular economy Workers in the value chain Affected communities Material Relevant Not material 13 RCP (Representative Concentration Pathway) 7.0. Refers to the emissions scenario established by the IPCC (Intergovernmental Panel on Climate Change) with respect to pre- industrial levels. 14 NGFS (Network for Greening the Financial System). This is a network of central banks and supervisors created to strengthen the management of climate and environmental risks in the financial sector, and to promote the transition towards a sustainable economy. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 24 1.2.1 Results and determination of materiality BBVA has identified material impacts, risks and opportunities in several sub-topics, which in turn correspond to four general topics: 1. Climate change 2. Own workforce 3. Consumers and end-users, and 4. Business conduct Material IROs linked to climate change and customers and end users are mainly concentrated in the downstream phase of the value chain, while those related to business conduct and employees originate in the Group's own operations phase. To carry out the analysis, specific aspects have been considered for each topic analyzed, including the internal and external factors affecting them, as well as specific criteria and tools, as described later in the methodology section. In adapting to the ESRS, whose subtopics are precisely defined, information pertaining to inclusive growth, which had been identified as a material topic in previous years, has been integrated transversally within strategies targeting the Group’s own workforce and consumers and end users. This maintains its importance in the sustainability agenda, as well as in enhancing access to financial services, where digitalization remains a key tool For each general topic, the list of material IROs corresponding to each subtopic, the key methodological elements supporting the conclusions, and a brief explanation of the actions taken are provided below, aspects that are developed further in the corresponding chapters of this report. Climate change Climate change is material for BBVA because it has significant effects both on the environment and on its own operations. This consideration aligns with BBVA's strategy, which integrates climate action as one of its fundamental pillars to guide decision-making and the development of financial solutions. To determine the materiality of IROs related to climate change, BBVA has analyzed its greenhouse gas emissions and assessed the physical and transition risks that could affect both its assets and financing activities. Specifically, the analysis considered how extreme climate events (e.g., floods or droughts) may impact the Group’s portfolio, as well as how climate-related factors (emerging regulations, changes in demand for specific sectors, etc.) might influence the entity’s main risk categories (credit, market, and operational). To this end, BBVA’s Risk Assessment exercise in force at the time of the evaluation was used, incorporating various climate scenarios (including RCP 7.0 13 and NGFS 14) across different time horizons for its portfolio. The key role of banks, and BBVA in particular, in financing the transition to a decarbonized economy has been considered. The channeling of sustainable business related to climate change already has an immediate impact, although it could potentially generate greater opportunities in the short term. On the other hand, the emissions generated by the companies currently financed by the Group are already having impacts that require immediate management measures to meet the objectives of the Paris Agreement. Below is a breakdown of the material IROs for the general topic of Climate Change, grouped by the subtopics of Climate Change Mitigation, Climate Change Adaptation and Energy (energy transition). It Includes the assessment of impacts, as well as the risks and opportunities deemed material, identifying whether the greatest evaluated effect is currently occurring or is considered potential within a specific time horizon: This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 25 Subtopic IRO Description I/R/O Actual / Potential Time horizon (1) Climate change mitigation Reduction of emissions associated with increased demand for sustainable financial services Positive Impact Actual - Increase in GHG emissions from the portfolio due to the financing of companies, sectors or operations with high emissions or without transition strategies, which put at risk the decarbonization objectives set by the Paris Agreement Negative Impact Actual - Growth in demand for new or existing sustainable financial products, which increases customer base and revenue Opportunity Actual - Channeling sustainable business towards activities and customers linked to decarbonization Opportunity Potential Short term Climate change adaptation Contributing to the adaptation of customers to the effects of climate change by channeling sustainable business, facilitating their resilience to the effects Positive Impact Potential Short term Financial Risk arising from financing customers affected by changes in legislation, the market, technology and consumer preferences; linked to the transition to a low-carbon economy (transition risk) Risk Potential Long Term Energy Contributing to customers' transition towards more sustainable and efficient energy systems Positive Impact Actual - Channeling sustainable business into activities related to energy efficiency, transition and innovation Opportunity Potential Short term (1) Time horizons: Short term: Up to 1 year / Medium term: From the end of the first year up to four years / Long term: More than four years. As a result of the assessment, climate change has been established as a key material topic for BBVA. While sectors with high emissions (such as energy, construction, transportation, etc.) may be affected by extreme weather events and stringent regulations, the transition to a low-carbon economy also represents a business opportunity for the Group. Through innovation in financial services, BBVA can promote decarbonization and enhance the resilience of its customers, generating value for both society and the Group. Furthermore, the global effort to combat climate change is insufficient if the challenge associated with natural capital is not addressed at the same time. It is essential for companies’ decarbonization processes to also reflect their dependencies and impacts on nature and biodiversity, while considering the principles of a just transition. The fight against climate change and the preservation of healthy ecosystems are deeply interconnected challenges: global warming directly affects ecosystems, contributing, for instance, to their degradation and loss, and vice versa. During 2024, the Group has advanced in areas related to natural capital, identifying risks and opportunities that, although relevant, currently do not reach the same level of materiality as those related to climate change. In some cases, when these two aspects converge or overlap, climate change management is prioritized over natural capital. In this report, under the “Environmental Information” section, the “Natural capital” chapter has been included, which discusses the analysis undertaken to determine its materiality, as well as the progress the Group has made in managing its related risks and in identifying opportunities. Own workforce BBVA recognizes the importance of people as a fundamental pillar of its corporate strategy. The commitment to creating a positive and motivating work environment is material because employees contribute directly to achieving business objectives, enhancing customer service quality, and consolidating the corporate culture. To determine the IROs associated with own workforce management, key factors such as working conditions, remuneration policies, and equal opportunities have been analyzed. This approach incorporates both the dimension of impact materiality (the effects that BBVA's workforce management can have on society and on employees themselves) and financial materiality (the risks or opportunities that employee satisfaction and well-being present for the Group's overall performance). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 26 Below is a table that includes the material IROs for the topic of own workforce: Subtopic IRO Description I/R/O Actual / Potential Time horizon (1) Working Conditions Generation and adoption of a robust corporate culture by employees, which ensures the achievement of our purpose Positive impact Potential Short term Increased employee satisfaction and productivity generated by quality job offers and competitive remuneration Positive impact Potential Short term Equal treatment and opportunities for all Promoting and supporting equal opportunities among employees Positive impact Potential Short term (1) Time horizons: Short term: Up to 1 year / Medium term: From the end of the first year up to four years / Long term: More than four years. Each of these IROs is considered potential in the short term, as the benefits and improvements derived from the policies and programs implemented can be observed progressively. They are considered material for BBVA because they impact the ability to attract and retain talent, the quality of the service offered to customers, and the entity's resilience to changes in the labor market. The Group addresses these aspects in its strategy and operations, reflecting a commitment to continuous improvement and the strengthening of its human resources. To this end, an inclusive and diverse environment is fostered, professional development programs are promoted, and public monitoring indicators are maintained. These measures are aligned with the corporate values that support the Group's Purpose. This information is further detailed in the “Own workforce” chapter. Consumers and end users Consumers and end users are a fundamental part of the Group activity. Their satisfaction and financial security have a direct impact on the Groups performance and reputation. This general topic is material and is recognized in BBVA's strategy, based on caring for people, digital transformation and commitment to the environment. In this way, the relationship with the customer transcends formal requirements to become a key factor in growth and competitive differentiation. To assess the IROs related to consumers and end users, BBVA takes into account the accessibility and adaptability of its products and services, the protection of personal data, transparency in commercial interactions and cybersecurity. These aspects, which respond to the Group's strategy, allow it to expand its customer base, strengthen its financial health and increase transactionality through digitalization and innovation. These areas are supported by various corporate policies (for example, privacy and cybersecurity protocols, customer claim channels, etc.), as well as key indicators such as the Net Promoter Score (NPS) that cover current factors, already tangible. With this, BBVA continuously monitors customer satisfaction, the adoption of digital solutions and the quality of the commercial relationship, allowing for agile adjustments in the offer of products and services. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 27 Below is a table illustrating the IROs identified as material for this topic, differentiating between current and potential IROs, and briefly describing why each is relevant: Subtopic IRO Description I/R/O Actual / Potential Time horizon (1) Information- related incidents Design and implement procedures and actions related to cybersecurity that safeguard customers' finances (2). Positive Impact Actual - Identify risks in the processing of personal data to prevent and manage security incidents Positive Impact Actual - Promoting customer education and awareness on sustainability issues Positive Impact Actual - Strengthening stakeholder trust through greater transparency in the management of personal data Positive Impact Actual - Strengthening the protection of customer data through mechanisms that guarantee the control and exercise of their rights Positive Impact Actual - Reduction in customer satisfaction linked to the use of data in information and awareness campaigns Risk Actual - Risk of lack of trust resulting from insufficient transparency regarding products and services offered Risk Actual - Risk of legal sanctions and costs associated with corrective measures for non-compliance with data protection regulations Risk Actual - Risk of security incidents due to incorrect identification of risks related to personal data (breaches of confidentiality, integrity, availability) Risk Potential Short Term Risk of loss of credibility and reputation in the market if the Group does not guarantee transparency in the processing of personal data, engages in improper use, does not provide adequate control mechanisms or limits the exercise of rights of stakeholders Risk Potential Short Term Risk of loss of customer confidence resulting from cyber attacks and security breaches (2) Risk Potential Short Term Risk of reduced competitiveness and income due to failures in information systems or cyber attacks (2) Risk Potential Medium Term Operational risk associated with high dependence on IT providers in the event of possible security incidents Risk Potential Medium Term Incidents related to information and personal security Risk of customer fraud occurring due to lack of knowledge in cybersecurity, negatively impacting their finances and generating a potential risk of customer loss Risk Actual - Social inclusion Increased accessibility and convenience of financial services through digitalization Positive Impact Actual - Growth in the number of customers, improvement in their customer's loyalty and increase in their transactionality, through innovation and the development of digital products and services Opportunity Actual - (1) Time horizons: Short term: Up to 1 year / Medium term: From the end of the first year up to four years / Long term: More than four years. (2) For the purposes of presentation in this report and for its management at BBVA, the positive impact and risks identified in the area of cybersecurity are assigned to the thematic standard of "Consumers and end users" The relationship with consumers and end users is at the heart of BBVA's business model. Promoting digitalization and financial inclusion not only strengthens the customer base but also fosters responsible and transparent management, aligned with the corporate strategy. To delve deeper into these aspects, detailed information is provided in the "Consumers and end users” chapter, which outlines BBVA’s main action plans, initiatives, and results in this area. 15 i.e. MSCI y Sustainalytics. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 28 Business Conduct The Group has identified IROs related to business conduct by considering the sector to which it belongs, as well as other factors such as it geographical presence, the type of activity (e.g., financing), and the structure of business transactions, such as direct banking services to consumers or transactions between companies. The following table shows the material IROs for the business conduct topic: Subtopic IRO Description I/R/O Actual / Potential Time horizon (1) Corruption and Bribery Contribution to socio-economic well-being through measures to prevent money laundering and terrorist financing, aligned with the principles of good corporate governance (2) Positive Impact Actual - Risk of legal sanctions, litigation and reputational damage associated with unethical practices, such as corruption, fraud or bribery Risk Potential Medium Term Corporate Culture Risk of legal or regulatory sanctions, significant financial or reputational losses (2) that BBVA may suffer as a result of: (i) non-compliance with applicable internal or external legislation and regulations regarding the prevention of money laundering and the financing of terrorism or (ii) the use of BBVA products and services for illicit purposes related to money laundering and/or terrorist financing. Risk of legal sanctions, financial losses and reputational damage due to non-compliance with regulations or misuse of BBVA products and services for illegal activities related to money laundering and terrorist financing Risk Actual - Protection of Whistleblowers Risk of legal penalties, litigation and reputational damage associated with inadequate or inaccessible claim mechanisms Risk Potential Medium Term (1) Time horizons: Short term: Up to 1 year / Medium term: From the end of the first year up to four years / Long term: More than four years. (2) For the purposes of presentation in this report and for its management at BBVA, the positive impact and risks identified in the area of money laundering and terrorist financing are assigned to the thematic standard of "Business Conduct". BBVA's strategy and operations incorporate the concepts of integrity and business ethics through the reinforcement of control mechanisms, including policies and measures adopted to ensure the protection of whistleblowers, as well as the management of reputational and regulatory risks associated with corruption, bribery, and money laundering. This information is further detailed in the “Business conduct” chapter. 1.2.2 Methodology The BBVA Group's 2024 double materiality analysis is based on a review of the results of previous years and on the most accurate and up-to-date information available, integrating tools, standards and processes that are both internal and market benchmarks. This approach allows the development and evolution of the exercise to be aligned and consistent with the Group's strategy, the needs of stakeholders and to comply with regulatory provisions. The applied methodology has been structured into three phases: context analysis, identification and definition of IROs, and their subsequent evaluation. During this process, the heads of each area actively participated, contributing with their expertise both in the identification, definition and evaluation of the IROs. This multidisciplinary approach provided a comprehensive view that covers all business segments and phases of the defined value chain. The process has been developed taking into account the control and governance mechanisms established by the Group, including the management and supervisory bodies. For more information, see the section "Sustainability Governance". Phase A: Context analysis In the 2024 exercise, the context analysis has been reinforced to enhance the identification of potential material topics for the Group, deepening the information, processes, and tools, both internal and external, used in previous years. This approach includes updating these resources, providing a comprehensive perspective that ensures alignment with the subtopics defined by the ESRS. Internal documentation considered includes key policies, such as the general sustainability policy and those related to employees, suppliers, and corporate governance, reflecting the Group’s commitment to responsible management. Externally, information from regulators and supervisory entities has been reviewed, incorporating essential regulations, such as the Climate Change Law and various European guidelines, aligning the regulatory framework with sustainability objectives. Regarding analysts and investors, the topics evaluated by leading ESG rating agencies 15 were considered, ensuring coherence with market expectations and benchmarking against key industry peers. 16 SASB: Sustainability Accounting Standard Board. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 29 On the environmental front, a broad set of publications on biodiversity, climate change, and deforestation has been integrated to strengthen the analysis of environmental impacts. Finally, market standards such as GRI and SASB 16 have been taken into account, ensuring an integrated perspective aligned with the Group’s strategic objectives. Phase B: Identification and definition of Impacts, Risks and Opportunities (IROs) Building on the findings of the context analysis and the previous double materiality exercise, BBVA has incorporated specialized tools and information sources to ensure a structured approach aligned with market best practices. Among these tools is the UNEP-FI Impact Tool, used to identify sectoral and geographic impacts from the Group’s credit portfolios, and human rights due diligence, which facilitates the identification of human rights-related impacts. The findings of the Climate Change Risk Assessment in effect at the time of evaluation and the Reputational and Non-Financial Risk matrices have also been considered, providing a comprehensive perspective in risk evaluation. Finally, BBVA has drawn on sector-specific standards such as those established by SASB and the guidelines of the European Banking Authority (EBA), which have supplied additional criteria for identifying and managing risks and opportunities relevant to the financial sector. In this regard, BBVA applies a perspective that acknowledges and addresses the interdependencies among IROs, for example, those tied to investments in carbon-intensive sectors. Such investments can lead to greenhouse gas emissions as well as financial risks associated with the transition to a low-carbon economy. Once identified, IROs were defined and classified based on the following criteria for subsequent evaluation: – Actual/Potential: distinguishing between current IROs and those expected in the future; – Time Horizons: the time horizons applied in the double materiality analysis are the following; – Short-term: Up to 1 year, aligned with financial statements. – Medium term: From the end of the first year to four years – Long term: More than four years, adapting time horizons according to internal processes, in accordance with the provisions of ESRS 1. – Value Chain Phase: classified as upstream, own operations, and downstream. – ESRS Subtopic: allocation of each IRO to subtopic categories defined by ESRS. As previously mentioned, the material IROs identified are concentrated in the downstream phase of the value chain, except for those related to corporate conduct and the Bank’s own workforce, which fall under the Group’s own operations phase. This classification and analysis have made it possible to identify both positive and negative impacts, as well as associated opportunities and risks. The results are discussed in the corresponding sections of this report. Phase C: Evaluation Based on the IROs defined and classified in the previous phase, BBVA applied an internal methodology consistent with both the Implementation Guidance on Double Materiality Analysis issued by EFRAG and ESRS 1. Each IRO was evaluated using specific tools, depending on its characteristics. The results were then standardized and prioritized using a common scale, establishing a threshold that reflects the Group’s strategic priorities. This approach takes into account the outcomes of internal risk evaluation exercises, including non-financial and reputational risks, reinforces sustainable channeling of business as a pillar of the sustainability strategy, and highlights the Group’s commitment to digitalization as a lever to deliver an enhanced customer experience. Impact materiality assessment Impact materiality, an inside-out perspective, assesses the positive or negative effects of the Group's activities on its surroundings: people, the environment and society. This assessment is organized into two key axes: severity and probability. Severity is defined through three key factors: – Scale: Measures the relevance of the impact, ranging from minimal effects to critical consequences. This approach ensures the most disruptive impacts receive priority in decision-making. – Scope: Determines the extent of the impact, classifying it according to its geographic or sectoral scope (local, national or global). – Irremediable Character: Applied exclusively to negative impacts, it assesses the ability to reverse the damage caused. Meanwhile, probability means the likelihood that a specific event or condition might occur and have a significant effect on an entity, taking into account the time horizons associated with each impact. This dimension is used only for the evaluation of potential impacts, measured on a scale ranging from “unlikely” to “almost certain.” In the case of negative impacts, the protection of and respect for human rights take precedence. Following the ESRS 1 guidelines, BBVA’s applied methodology prioritizes the severity of negative impacts on human rights, regardless of their probability of occurrence. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 30 The final assessment of impacts is conducted by quantifying and weighting the aforementioned severity factors (classified into positive and negative impacts) and the likelihood of occurrence (considering the time horizon). Once assessed, those impacts exceeding a specific threshold are deemed material. For current impacts, materiality is assigned to those whose severity reaches medium-high or higher. For potential impacts, materiality applies to those combining medium-high severity with medium-high. Financial materiality assessment Financial materiality involves evaluating the effects that identified risks and opportunities may have on the Group's financial position. This analysis, aligned with internationally recognized standards, adopts an "outside-in" approach and considers key factors such as growth, operational performance, and access to capital. The methodology used weighs both the likelihood of occurrence and the magnitude of the financial effects, based on a set of internal and external tools and information sources. To ensure consistency throughout the process, the thresholds established for these elements have been aligned with those of the impact materiality analysis. Among the tools employed is ENCORE (Exploring Natural Capital Opportunities, Risks, and Exposure), which facilitates the identification and management of risks related to natural capital by providing information on the dependence and impact of economic activities on ecosystem services. BBVA’s Climate Risk Assessment has enabled the evaluation of how climate and environmental risks could affect traditional risks over various time horizons. For the double materiality analysis, the assessment used the outcomes of the risk evaluation that was current at the time. Updates to this analysis are detailed in the “Management of risks associated with climate change” section, corroborating the preliminary findings. In the social and governance sphere, BBVA has relied on sector-based standards such as SASB, which provides metrics for assessing social and governance risks, particularly in areas related to human capital and corporate ethics. BBVA has identified growth opportunities through sustainable business channeling and digitalization, in line with its strategic priorities. This approach fosters the transition to sustainable economic models, maximizes the long-term value of financial products, and contributes to achieving global sustainability objectives. For more information, see chapter "Sustainability Strategy." The assessment of risks and opportunities has also enabled the analysis of current and potential effects on the Group’s financial position through various variables. Sustainable business channeling, along with improved customer accessibility leveraged by digitalization, have contributed and will continue to contribute to the Group's financial performance. On the other hand, at present, no significant adjustments to the value of its assets, provisions or contingencies related to climate change have been recorded in the Group's financial statements, with the exception of the charge to results for an amount of 33 million euros made in the 2024 financial year to cover the possible impairment due to credit risk derived from the effects of the DANA that has affected an area of Spain. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 31 1.3 Sustainability strategy Climate change represents one of the greatest challenges in history, carrying extraordinary economic consequences that all stakeholders must adapt to. It also affects biodiversity by accelerating the degradation of nature, destroying ecosystems vital to life and certain customer activities. Both climate change and biodiversity loss contribute to widening social inequalities. The transition to a low-carbon economy in harmony with nature is essential. This swift will involve significant investments in value chains, productive sectors and key industries, which will also represent a great business opportunity, contributing to inclusive growth. Technological advancements related to energy efficiency, renewable energy, sustainable mobility, sustainable agriculture, and the circular economy are increasing profitability and, therefore, driving exponential adoption. Furthermore, digitalization fosters greater financial inclusion, which in turn increases access to banking, stimulates business creation, and generates employment. 1.3.1 Strategy and objectives BBVA has defined sustainability as one of its six strategic priorities, covering the following three dimensions in the geographies where it operates: – Climate. Business opportunities related to global warming: electric transport, energy efficiency, renewable energy, etc. For more information, see the section “Evolution of sustainable business channeling”. – Natural Capital. Business opportunities related to nature: water, land, biodiversity, and waste and pollution. For more information, see the section “Evolution of sustainable business channeling” and the chapter “Natural capital”). – Inclusive growth. Business opportunities related to inclusive economic growth: inclusive infrastructures, financial inclusion, entrepreneurship, job creation, access to basic goods and services. For more information, see the section “Evolution of the sustainable business channeling”. The execution of this strategy is based on the achievement of two main objectives: (1) Oil & Gas (upstream), Power generation, Auto (manufacturers), Steel (manufacturers), Cement (manufacturers), Coal (thermal coal mining), Aviation (airlines), Shipping (operators), Real estate (commercial), Real estate (residential), Aluminum (primary manufacturing).The geographical scope of the real estate sector's (commercial and residential) intermediate emissions reduction target for 2030 is Spain. (2) Percentage calculated in terms of the volume of loans in the portfolio, which includes both drawn and undrawn financing (such as Loans, unused Revolving Credit Lines, Guarantees, ECA lines, among others). Data as of December 2024. Corresponds to high-emission sectors that include Oil & Gas, Power generation, Autos, Steel, Cement, Thermal coal mining, Aviation and Aluminum at the BBVA Group level. Customers actively managing their transition are considered to be those classified as “Advanced”, “Robust” or “Moderate” according to internal transition assessment tools such as the Transition Risk Indicator (TRi), taking into account their medium-term emissions reduction targets and levers for managing said emissions and their committed investments to execute their transition plan. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 32 Additionally, in a philanthropic realm, in 2021, BBVA set itself the goal of contributing to society, aiming to invest 550 million euros in social programs to benefit 100 million people between 2021 and 2025. These objectives are implemented globally under the common strategy that applies across the Group. However, the execution of these objectives is adapted to the specific needs and circumstances of each country and each entity, due to the characteristics of the local context and operations. This allows strategic efforts to be adjusted according to local and corporate priorities, while ensuring alignment with the global vision. To promote the achievement of the objectives, the following are included in BBVA's variable remuneration system: – Promoting new business through sustainability: • Annual Variable remuneration linked to the promotion of sustainable business for all employees, including executive directors and Senior management of BBVA. • Incentives linked to sustainable business specific to the commercial network. – Achieving net zero emissions: since 2023, long-term variable remuneration has been linked to certain decarbonization target (for more information, see the section “Transition plan of BBVA Group”) for members of the collective, including executive directors and Senior management of BBVA. For more information on the inclusion of non-financial indicators in the calculation of the annual variable remuneration, see the section “Sustainability governance” within the chapter “Sustainability governance model” and the section “Quality employment and competitive remuneration” within the “Own workforce” chapter. Promoting new business through sustainability BBVA is promoting the creation of new business around sustainability with three priority areas: 1. Promoting the development of financial solutions and customized proposals for customers to capture business opportunities related to sustainability: – For wholesale customers (corporate and institutional), sectoral solutions are promoted based on innovation and the development of specialized knowledge focused on both the opportunities of the transition towards more sustainable production models, as well as on the customer's contribution to inclusive growth. To promote and identify new opportunities, BBVA maintains a dialogue with customers based on: • Sector knowledge of the implementation and execution of sustainability strategies. • Specialization in sectors that face the greatest challenges in the transition to a low-carbon economy, through the development of roadmaps for each industry, aligned with the Paris Agreement and energy transition objectives. • Support in the analysis of the sustainability of the entire value chain of customers (for example, the carbon footprint of their suppliers), with the aim of developing strategies that reduce the environmental impact of these value chains and increase their resilience. • Offering sustainable products or products that promote sustainability (bonds, loans, transactional banking activities, etc.) that meet the financial needs of customers and support their transition. • Preparation and monitoring of alignment plans with customers. For more information, see the section “Transition plan of BBVA Group”. – For enterprise customers, the Group promotes simple and scalable solutions that enable potential economic savings, for example, in terms of energy efficiency or fleet renewal, as well as helping the customer to contribute to inclusive growth through the specific product offering (as, for example, pension plans or health insurance for their employees, etc.). Additionally, consultation tools have been developed, based on advanced data analytics, that enable a personalized dialogue with customers. One example is the carbon footprint calculator, which allows the carbon footprint of a company to be inferred with limited data. Aiming to capture new opportunities, progress has been made in creating teams of product specialists and managers across the Group. During 2024, these teams have been extended to the countries of South America and Turkey, while in the previous existing ones, in Spain and Mexico, have been strengthened since 2023. – For retail customers: customized digital solutions based on data analysis for the mass market, with a focus on energy savings at the customers’ household, solutions for their mobility or products for their financial and social inclusion. 17 6.17% of exposure at default at BBVA Group level to sectors defined as High Transition Risk, with a high or very high level of exposure to this risk (Oil & Gas, Electricity Generation, Autos, Steel, Cement, Coal Mining and Transport). Data as of December 31, 2024. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 33 Digital solutions accompany the customer throughout the entire process: from decision-making to contracting, through strategic alliances with third parties. Highlights include: • Promoting sustainable mobility: financing electric and plug-in hybrid cars, through the agreement with the employers' association that integrates the vehicle dealer associations and the dealers. • Promoting solar self-consumption and developing energy saving projects in the main geographical areas where BBVA is present. To this end, alliances have been made with solar panel installation companies in Mexico, Spain, Argentina and Colombia. • Boosting women's banking penetration in Mexico, to promote the opening of digital accounts with special conditions, and access to personalized products. This initiative is supported by agreements with companies dedicated to the sale of products by catalog in Mexico. Additionally, BBVA invests in funds to support the decarbonization of the economy, which allow the bank to expand its knowledge and finance new technologies. 2. Development of differential risk management capabilities: BBVA, with low exposure to high-carbon sectors 17, is focused on increasing business volume by financing the reduction of its customers emissions and leveraging on its competitive advantage in sustainability, backed by its differential knowledge of climate risk management. This allows capturing business opportunities while managing risk. To this end, specific risk frameworks have been developed to support new businesses (for example, new sustainable technologies) and a plan has been defined to attract new customers based on their level of decarbonization transition. Furthermore, BBVA is continuously developing its capabilities through the creation of advanced tools and the ongoing training of its risk teams. It is worth noting that in 2024, 91% of the loan portfolio in high-emission sectors has a Transition Risk Indicator (hereinafter, TRi). 3. Implementation of control processes: BBVA is constantly working on defining and adapting processes to ensure operational efficiency and adequate internal controls, including the definition of solid criteria for classifying sustainable business, with special attention in regards to data quality, the evaluation of non-financial risks and the definition of mitigating measures. This process implementation is based on the integration of sustainability in the organization with a solid governance model (see section “Sustainability governance”) and an identification and evaluation of aspects related to the sustainability of customers (see section “ESG assessment and monitoring of customers”). This objective is realized in the channeling metrics. For more information on these plans, see the section “Evolution of the sustainable business channeling”. Achieving net zero emissions by 2050 BBVA has defined a decarbonization strategy for its portfolio alignment and has developed a management model to monitor decarbonization objectives. To capture the potential for business growth, BBVA relies on: – Sector alignment plans to define a commercial strategy and guide selective growth based on the study of business risks and opportunities. For more information on these plans, see the section “Transition plan of BBVA Group”. – Assessment of customers’ transition plans based on the TRi , supported by specific tools that are integrated into the business strategy and decision-making process. For more information on monitoring transition plans, see the section “Transition plan of BBVA Group”. – Integration into the deal admission process: proactive and dynamic portfolio management, assessing the impact of individual transactions. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 34 BBVA recognizes a major challenge since meeting the objectives of decarbonization or aligning their portfolios depends, to a large extent, on the actions of third parties, such as customers, governments and other stakeholders. Collaboration between the financial sector and these actors is key to achieving an effective and lasting change towards a cleaner and more sustainable economy. In addition to financing the climate transition through its business, BBVA contributes to the development of new and innovative low- carbon technologies through investment commitments in climate funds focused on decarbonization. These funds invest globally in companies at the forefront of technological and climate innovation, seeking innovative solutions that help decarbonize the planet. Regarding the direct environmental impact management strategy, this is articulated around three main pillars: – Calculation of energy consumption and carbon footprint. – Reduction of environmental impact, including the reduction of energy consumption through energy efficiency initiatives, the implementation of measures to mitigate water and paper consumption, the use of electricity from renewable sources and the awareness and involvement of employees and other stakeholders. – Purchase and retirement of carbon credits for an amount equivalent to Scope 1, 2 and Scope 3 categories 5 (waste generated in operations), 6 (business travel) and 7 (employee commuting) emissions. For more information on the progress of the portfolio’s decarbonization targets, see chapter “Climate change”. Engagement with the industry and the public sector Aimed at supporting the financial system's transition towards sustainability, BBVA has played an active role in various global initiatives for more than two decades. Below are the main sustainability-related initiatives and forums in which BBVA participates: This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 35 In 2024, supervisory activities related to climate risk have become highly relevant. BBVA has actively participated in working sessions with various supervisory bodies, such as the European Central Bank (ECB), the Bank of Spain, the Banking Regulation and Supervision Agency (BRSA) of Turkey and the Mexican authorities, including the Bank of Mexico, among others. To promote sustainable finance within the regulatory framework, BBVA has participated in forums and associations at global, European and national levels in 2024, such as the Institute of International Finance (IIF), the Association for Financial Markets in Europe (AFME), the European Financial Services Roundtable (EFR) and the Spanish Banking Association (AEB). Additionally, BBVA is a member of the High Level Expert Group (HLEG) of the European Commission, which provides recommendations to the European Commission to promote sustainable financing in emerging countries, concluding its work last April 2024. 1.3.2 Evolution of sustainable business channeling BBVA promotes the development of sustainable products or products that promote sustainability, with the aim of taking advantage of the growth of this type of business. The entity adopts a customized approach for each customer segment, including wholesale customers (corporate and institutional), enterprise customers and retail customers. The development of products and services is accompanied by interaction and constant dialogue with customers. In 2018, BBVA set a 100 billion euros sustainable business channeling target through 2025. In 2021 and 2022 it increased that 2025 target, tripling its initial target and setting itself at 300 billion euros in the period 2018-2025. This target covers wholesale, enterprise and retail banking in Spain, Mexico, Turkey, Argentina, Colombia, Peru and Uruguay. In the case of wholesale customers, in addition to these countries, it also covers the United States and the branches of Banco Bilbao Vizcaya Argentaria, S.A. in Belgium, France, Italy, Germany, Portugal and the United Kingdom. This objective includes the channeling of financial flows, on a cumulative basis, in relation to activities, customers or products considered sustainable or that promote sustainability in accordance with the criteria indicated in the section “Criteria for determining the channeling of sustainable business” below. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 36 Channeling breakdown Between 2018 and 2024, BBVA channeled a total of 304 billion euros into sustainable business, thus achieving, one year ahead of schedule, the target set of 300 billion euros. Of the total channeled sustainable business between 2018 and 2024, 78% correspond to climate change and the remaining 22% to promote inclusive growth. CUMULATIVE CHANNEL 2018-2024 (BBVA GROUP) (1) In those cases where it is not feasible or sufficient information is not available to allow an exact distribution between the categories of climate change and inclusive growth, internal estimates are made based on available information. Climate change: Also includes Natural Capital. (2) Includes the activity of the BBVA Microfinance Foundation (FMBBVA), which is not part of the consolidated Group and which has channeled around 9 billion euros in the period from 2018 to 2024, mainly to support vulnerable entrepreneurs with microcredits. (3) Green, social, sustainable or sustainability-linked bonds (in accordance with both internal and market standards, existing regulations and best practices) in which BBVA acts as bookrunner. (4) Fundamentally includes (i) products, both long and short term, whose funds are destined to activities considered sustainable (according to internal and market standards, existing regulations and best practices), (ii) generalist products, both long and short term, (ii) generalist products, both long and short term, aimed at customers considered sustainable based on their revenues from sustainable activities (in accordance with existing regulations and/or internal standards) or in accordance with company-level certifications of recognized prestige in the market, as well as (iii) products, both long and short term, linked to sustainability (in accordance with internal and market standards and best practices), such as those linked to environmental and/or social indicators. (5) Green and/or social projects in accordance with internal and market standards, existing regulations and best practices. (6) Art. 8 or 9 investment products under the Sustainable Finance Disclosure Regulation (SFDR) or similar criteria outside the EU managed, brokered or marketed by BBVA. “Other": includes deposits under the Sustainable Transaction Banking Framework until such time as it was replaced by the CIB Sustainable Products Framework (both Frameworks published on the bank's website), insurance policies related to energy efficiency and inclusive growth, and electric vehicles auto renting, mainly. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 37 In 2024, around 99 billion euros have been channeled. This represents an increase of 42% with respect to 2023. This amount is broken down below by category, segment, product, scope and geography: (1) In general, the criterion used for the distribution of the channeling by geographies is that of the place of registration of the corresponding operation. However, there are certain exceptions when several geographies are involved in the operation. (2) In those cases where it is not feasible or sufficient information is not available to allow an accurate distribution between climate change and inclusive growth categories, internal estimates are made based on available information. Climate change: Also includes Natural Capital (3) Includes the activity of the BBVA Microfinance Foundation (FMBBVA), which is not part of the consolidated Group and which has channeled around 1,500 million euros in the period from 2018 to 2024, mainly to support vulnerable entrepreneurs with microcredits. (4) It covers more than one area of action, but with the information available it is not possible to make an exact allocation. Channeling by customer segment 1. Wholesale customers In 2024, the sustainable business channelling in wholesale customers amounted to around 51 billion euros which is an increase of 27% compared to 2023, of which 46 billion is linked to climate change and 5 billion to inclusive growth. (1) Green, social, sustainable or sustainability-linked bonds (in accordance with internal and market standards, existing regulations and best practices) in which BBVA acts as bookrunner. (2) Basically includes (i) products, both long and short term, whose funds are allocated to activities considered sustainable (in accordance with internal and market standards, existing regulations and best practices), (ii) generalist products, both long and short term, (ii) generalist products, both long and short term, which are intended for customers considered sustainable based on their revenues from sustainable activities (in accordance with existing regulations and/or internal standards) or in accordance with company- level certifications of recognized prestige in the market, as well as (iii) products, both long and short term, linked to sustainability (in accordance with both internal and market standards and best practices), such as those linked to environmental and/or social indicators. (3) Green and/or social projects in accordance with internal and market standards, existing regulations and best practices. 18 Source: Houston Energy Transition Initiative. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 38 Financing and transactional banking activity In financing and transactional banking activity, BBVA has channeled 40 billion euros, of which 36 billion are related to climate change and 4 billion to inclusive growth, highlighting: – 25 billion euros correspond mainly to financing and transactional banking activity and general financing to customers considered sustainable based on their revenues from sustainable activities: 22 billion euros related to climate change, where energy or mobility stand out, and 3 billion euros related to inclusive growth, highlighting inclusive infrastructures that provide access to basic services. – 15 billion euros mainly corresponds to financing and transactional banking activity linked to the performance of environmental and/or social indicators: 14 billion euros linked to climate change and 800 million euros to inclusive growth. Of this 15 billion euros, 3 billion euros corresponds to confirming linked to sustainability based on an evaluation and classification of suppliers based on sustainability criteria. Bonds The total volume placed by BBVA during 2024 amounts to 7 billion euros, where the activity with European customers stands out. BBVA continues to support the development of the green and social bond market across the Group. BBVA has acted as bookrunner in issues of green bonds (4 billion euros), social bonds (600 million euros), sustainable bonds including both climate and social funds (500 million euros) and bonds linked to environmental and/or social indicators (2 billion euros) of customers. Financing sustainable projects BBVA has maintained a prominent role in the financing of green, social or sustainable projects, participating in the channeling of 4 billion euros, with the following areas standing out: – 2 billion euros in renewable energy projects, mainly solar and wind, participating in one-off operations, particularly in the United States, where it has channeled more than half of the total of this mobilization. Notable examples are the financing of an offshore wind farm in the coast of Virginia and the financing of a solar photovoltaic project and an energy storage battery system in Texas. – 542 million euros in new clean technology projects, including the financing of the first carbon capture and storage projects in the United Kingdom, the financing of a giga battery factory in Hungary, the financing of the development of a national network of 2,900 electric vehicle charging points in Italy, and the financing of a major portfolio of energy transition infrastructures in Italy. – 1 billion euro in other areas, including natural capital, where the financing of a project to expand a wastewater treatment plant in Mexico stands out. During 2024, solutions and initiatives that improve the performance of customers in the area of sustainability stood out, focusing on three strategic lines: – Confirming, based on an evaluation and ranking of BBVA customers' suppliers based on sustainability criteria. This can enable them to access better discounts on their invoices for those who score higher. In addition, this product is a lever for corporate customers to improve the sustainability of their value chain. – The financing of new clean technologies, considering innovation is a lever for achieving decarbonization, has continued to promote the financing of projects aimed at developing clean technologies. BBVA focuses on the internal development of specialized knowledge to finance clean technologies such as batteries (for transport or energy storage), green hydrogen or biofuels. All this has the aim of accompanying customers in the transformation of their production models. – Expansion in attractive markets, highlighting growth in Brazil and the United States. During 2024, BBVA has strengthened its presence in Brazil, a key country for the transition to a more sustainable future in this region. BBVA has also created a sustainability center in Houston, a city where more than 4,700 energy-related companies 18 are headquartered, with the aim of accompanying companies in their transformation plans. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 39 2. Enterprise customers In 2024, the sustainable business channeling of enterprise customers amounted to around 34 billion euros, growing by 62% compared to 2023, 26 billion euros linked to climate change and 8 billion euros to inclusive growth. (1) Green, social, sustainable or sustainability-linked bonds (in accordance with internal and market standards, existing regulations and best practices) in which BBVA acts as bookrunner. (2) Basically includes (i) products, both long and short term, whose funds are allocated to activities considered sustainable (in accordance with internal and market standards, existing regulations and best practices), (ii) generalist products, both long and short term, (ii) generalist products, both long and short term, aimed at customers considered sustainable based on their income from sustainable activities (in accordance with existing regulations and/or internal standards) or in accordance with company-level certifications of recognized prestige in the market, as well as (iii) products, both long and short term, linked to the sustainability of the company's business, and (iv) generalist products, both long and short term, linked to the sustainability of the company's business. Corporate financing and transactional banking activity By 2024, 32 billion euros has been channeled of which 25 billion euros in areas related to climate change and 7 billion euros in areas related to inclusive growth, in which the following stand out: – 15 billion euros correspond to finalist financing and transactional banking: 12 billion euros related to climate change, highlighting activities in the agricultural sector and construction, and 3 billion euros allocated to financial inclusion activities such as inclusive infrastructures. – 9 billion euros in financing linked to environmental or social indicators, of which 500 million euros correspond to confirming linked to sustainability based on an evaluation and classification of suppliers under sustainability criteria. – 8 billion euros linked to generalist financing to customers considered sustainable based on their income from sustainable activities, allocating around 5 billion euros to activities related to climate change and 3 billion euros to inclusive growth. Bonds In the field of bonds in 2024, 2 billion euros were placed, broken down into 600 million euros in green bonds, 700 million euros in sustainable bonds and 200 million euros linked to environmental and/or social indicators. This channeling has been achieved thanks to a personalized dialogue with each customer. This dialogue is adapted to their sector, size, country and level of business maturity, addressing two main aspects: – Solutions aimed at generating potential economic savings, prioritizing cross-cutting issues such as energy efficiency, fleet renewal, water management, circularity, agriculture, inclusive infrastructures and fostering entrepreneurship. – The use of advanced data analytics to develop advisory tools, such as the carbon footprint calculator for customers. During 2024, it also noted the promotion of local initiatives such as the launch of a biodiversity bond in Colombia or new business opportunities in the wine sector in Mexico and Spain (for more information, see the section “Identification and measurement of risks and opportunities associated with natural capital”. The number of sustainable operations closed, such as loans, confirming and lines of credit, almost tripled compared to the previous year, reaching more than 75 thousand closed operations. Mexico stands out, accounting for more than 66% of these operations. In order to obtain these results, several training events have been held with managers from different countries, encompassing the potential of products related to sustainability and solutions driven by digitalization, through structured commercial plans, supported by sustainable advisory services. 19 About this 14 billion euros, around 4 billion euros corresponds to financing for small and medium-sized companies and 5 billion euros corresponds to Consumer Finance. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 40 3. Retail customers During 2024, the BBVA Group contributed to the channeling of sustainable business through various products for retail customers growing by 60% compared to 2023, channeling a total of 14 billion euros 19, of which 5 billion euros are linked to climate change and 9 billion euros are linked to inclusive growth. (1) Includes the activity of the BBVA Microfinance Foundation (BBVAMF), which is not part of the consolidated Group and which has channeled around 1,500 million euros in the period from 2018 to 2024, mainly to support vulnerable entrepreneurs with microcredits. (2) Fundamentally includes (i) products, both long and short term, whose funds are allocated to activities considered sustainable (in accordance with both internal and market standards, existing regulations and best practices), (ii) generalist products, both long and short term, (ii) generalist products, both long and short term, intended for customers considered sustainable based on their revenues from sustainable activities (according to existing regulations and/or internal standards) or according to company-level certifications of recognized prestige in the market, as well as (iii) products, both long and short term, linked to sustainability (according to both internal and market standards and best practices), such as those linked to environmental and/or social indicators. (3) Art. 8 or 9 under the Sustainable Finance Disclosure Regulation (SFDR) or similar criteria outside the EU managed, brokered or marketed by BBVA. (4) Includes insurance policies related to energy efficiency and inclusive growth. Financing and transactional banking activity During 2024, the channeling of financing and transactional banking activity has been mainly for solutions focused on energy savings and promoting financial inclusion. Solutions focused on energy savings. By 2024, the Group had channeled 2 billion euros: – Customized digital solutions for the mass consumption and energy efficiency market. Approximately 1 billion euros have been channeled into this item. • BBVA uses data analytics to offer customers an opportunity to save energy in their homes and transportation. The goal is to encourage more sustainable practices to contribute to the reduction of CO2 emissions. • During 2024, BBVA has channeled around 44 million euros in financing for solar panels, close to 56 million euros in financing for energy efficiency measures for households and 864 million euros for financing the acquisition of hybrid or electric vehicles. These solutions are being promoted in all geographies. • By 2024, BBVA has improved its sustainable value proposition: In the household area, BBVA in Spain: ◦ It has completed its range of products with a comprehensive set of solutions related to self-consumption options, aerothermal energy, windows and others designed to facilitate customers' access to sustainable technologies. By 2024, BBVA had financed more than 16,000 of such operations. ◦ Launched a new energy-saving advisory service which accompanies customers in optimizing their consumption and recommends a tailored energy transition plan. ◦ Financed the refurbishment of residential communities and home renovations, promoting projects related to sustainability. In the automotive sector, BBVA has: ◦ Consolidated its value proposition with the launch of a one-stop-shop for cars in Spain, which allows customers to access financing or leasing for more than 200 electric vehicle models from its partner dealers, directly from the mobile application. ◦ Strengthened fleet advisory services for SMEs and companies, helping them to adopt electric or hybrid mobility solutions. – Mortgages for high-energy-rated homes were channeled in 2024 in all geographies, except Argentina for an amount of 1 billion euros. 20 Regarding the results of the double materiality analysis, no material IROs have been identified within the framework of BBVA AM's activity (see chapter “Double materiality analysis”). 21 Universal, intended to apply to all managed products, or Specific, which apply only to products with a certain sustainability ambition. These are exclusions due to non- compliance with international standards and regulations on environmental, social and governance aspects, due to the development of certain economic activities, due to geographical areas and due to the requirements of the European Union's climate reference indices. 22 This definition has been developed following the criteria established by EU regulations to define a sustainable investment. 23 There are particular cases, such as green, social, sustainable and sustainability-linked bonds, shares or interests in investment vehicles that disclose under Article 9 of the SFDR, etc.). 24 The achievement and progressive progress of the decarbonization objectives will depend to a large extent on the actions of third parties, such as customers, governments and other stakeholders, and may therefore be materially affected by such actions, or lack thereof, as well as by other exogenous factors that do not depend on BBVA (including, but not limited to, new technological and regulatory developments, military conflicts, the evolution of climate and energy crises, etc.). Consequently, these objectives may be subject to future revisions. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 41 Solutions to promote financial inclusion. In 2024, BBVA has channeled 6 billion euros through various products and services aimed at retail customers, entrepreneurs and SMEs to promote their inclusion in the financial system and their inclusive growth. In particular, in 2024 it has promoted: – Financial inclusion of more than 280,000 unbanked or underbanked people, through different products such as digital accounts, savings accounts, credit cards, digital payment methods, as well as actions to promote financial and digital literacy among customers. – The bankarization of 3.3 million entrepreneurs and micro enterprises, through micro loans, micro insurance, mobile payment solutions, point-of-sale terminals, as a signatory of the Collective Commitment to Financial Education and Inclusion promoted by UNEP-FI (in the framework of the guidelines for banks for the “Establishment of objectives for Financial Inclusion and Financial Health”). The objective is to support 4.5 million unbanked and underbanked entrepreneurs between 2018 and 2025. This will improve their financial resilience by providing them with effective access to financial and non-financial products and services. So far, between 2018 and 2024, BBVA has supported 4.2 million entrepreneurs. These solutions are complemented by other financial inclusion initiatives such as the promotion of the creation of accounts for minors with parental control, an app adapted to them and Bizum for those aged 12 and over in Spain. Investment products In terms of investment products, BBVA Asset Management (hereinafter BBVA AM) manages customer assets in various geographies worldwide. BBVA AM has its own Sustainability Plan aligned with the Group's strategy 20. BBVA AM's Sustainability Plan is based on: – The investment strategy for portfolios of sustainable products, mutual funds, pension plans and discretionary management portfolios. It is based on 4 pillars: • The ESG integration model: develops an internal rating for the assets in the portfolio. It is used for companies, governments and collective investment institutions (CIIs) managed by third parties and currently covers a significant percentage of BBVA AM's investment universe. • Exclusion: exclusions of various kinds 21 have been defined to comply with a series of international minimum guarantees in social, labor and human rights matters. It is governed by the Exclusions Rule that applies to the direct investment of the vehicles and managed portfolios, with the exceptions included in said Rule, such as indexed portfolios, among others. The Exclusions Rule is reviewed on an ongoing basis, most recently in December 2023 and June 2024. • Involvement: BBVA AM is involved with the companies in which it invests through the exercise of voting rights at the general shareholders' meetings, and through engagement actions. • Impact: an internal analysis methodology has been developed, supported by information received from external suppliers, for the selection of investment strategies aligned with the SDGs and to identify and monitor instruments for financing sustainable projects 22. To this end, in general 23, activities or investments are checked to ensure that they have a positive impact on an SDG, complying with a series of minimum requirements in relation to minimum safeguards and no significant damage. In 2024, progress was made in: the application of ESG criteria analysis, both in the portfolios and in the different countries in which BBVA AM operates; transparency, with the creation of a section dedicated to sustainability on the website; and the incorporation of metrics and data related to ESG issues into the investment process. In 2024, progress was made: i) in the application of ESG criteria analyze, across portfolios and countries in which BBVA AM operates; ii) increasing transparency, with the creation of a section dedicated to sustainability on the website; iii) and with the incorporation of metrics and data related to ESG issues into the investment process. – Climate risk management is integrated into the general risk management and control processes at BBVA AM with the development of systems and data and metrics calculations that support climate risk management and the sustainability strategy in general. The carbon intensity calculations of portfolios, calculations of the Main Adverse Events at issuer, portfolio and management entity level, metrics of external fund managers and calculation of alignment paths to Net Zero objectives of the companies in which BBVA AM invests are highlighted. – Intermediate decarbonization targets for their portfolios to 2030 24, framed within the Net Zero targets to 2050. The scope of these intermediate targets has been established considering the assets included, the metrics used to measure them, the initial level and the 2030 target. The situation of these metrics at the end of 2024, in terms of their baseline and the degree of achievement with respect to the objectives set for 2030, is as follows: • Corporate portfolio: good performance in terms of degree of alignment and emissions. • EU government debt portfolio: good performance in terms of degree of alignment, however the overall performance of the portfolio has been affected by the divergent behavior of the different countries. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 42 BBVA AM objectives Criteria to determine the sustainable business channeling BBVA has the aim to promote its business model through sustainability by developing sustainable products to take advantage of the growth opportunity generated by this type of business. The entity takes a personalized approach to each customer segment, including; wholesale customers (corporate and institutional), enterprise customers and retail customers, and type of products, whether banking or asset management. For this purpose, the Group uses its own tools and market standards that help it designate which products or services are intended to promote sustainability among its customers. For the determination of the channeling the following standards are taken into account: – Internal standards: (i) Internal standards inspired by the European taxonomy (as they consider the element “substantial contribution” to the environmental objectives defined by said taxonomy) and best market practices, which may, additionally, present a certain degree of flexibility when applied in non-European geographical areas in order to reflect their different national situations and avoid the exclusion of emerging markets. In countries where local taxonomies exist, these could be applied. Additionally, given its important presence in emerging countries, BBVA has developed an internal standard for inclusive growth, defining activities that can be considered sustainable due to their contribution to social objectives. This standard has been developed based on the United Nations SDGs, international principles on Human Rights, the Social Bond Principles, best market practices and the draft EU social taxonomy. Because social aspects have very local and regional characteristics, own methodologies have been developed and thresholds have been established based on national and international indicators. (ii) CIB Sustainable Products Framework: applicable to certain products of BBVA's CIB activity such as transactional banking products or some structured products of the Global Markets activity. It is based on the SDGs, market practices and internal standards, with the opinion of an independent third party. This Framework is public and is available on the BBVA shareholders and investors website. – Market standards for products and activities based on the use of funds: mainly the Green Bond Principles and the Social Bond Principles of the International Capital Markets Association, as well as the Green Loan Principles and the Social Loan Principles of the Loan Market Association. Additionally, other market standards such as the SDGs are taken into account. – Market standards for products and activities linked to sustainability (generally, linked to a series of indicators or criteria related to ESG aspects, thus trying to encourage positive behaviors in terms of sustainability): mainly, the Sustainability Linked Bond Principles of the International Capital Markets Association and the Sustainability Linked Loan Principles of the Loan Market Association. In addition to internal and market standards and best practices, the existing regulations on the matter are taken into account (highlighting the Taxonomy Regulation 2020/852 and the Disclosure Regulation 2019/2088). Furthermore, BBVA considers the sustainable activities of its customers that comply with internal standards and/or applicable regulations, in accordance with public information (with the support in certain cases of external data providers to collect said information) and using company-level certifications and of recognized prestige in the market. Internal criteria are used to determine the amount of sustainable business channeled, based on both internal and external information, whether public, provided by customers or by a third party (mainly data providers and independent experts). 25 Incorporated into Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022 amending the implementing technical standards set out in Implementing Regulation (EU) 2021/637. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 43 The channeled amount includes financing, intermediation, investment, off-balance sheet items, and insurance operations. These operations have contractual amortization due dates, so this accumulated amount does not represent the amount recognized on the balance sheet. The sustainable business channeling referred to above is an internal metric that may differ from other metrics of a regulatory nature. In particular, this metric differs from the metrics to be broken down according to the European Taxonomy (Regulation 2020/852, Delegated Regulation 2021/2178, Delegated Regulation 2022/1214, Delegated Regulation 2023/2485 and Delegated Regulation 2023/2486) as well as the information to be disclosed under the implementing technical standards (ITS) on Pillar information 3 relating to environmental, social and governance risks 25. The main differences are summarized below: SUSTAINABLE BUSINESS CHANNELING METRICS RELATED TO EUROPEAN TAXONOMY – Includes the channeling of financial flows in relation to activities, customers or products considered sustainable or that promote sustainability in accordance with both internal and market standards, existing regulations and best practices. – Includes the channeling of financial flows that may not be recorded on the balance sheet (e.g. certain transactional banking activity, mutual funds or bonds in which BBVA acts as bookrunner, etc.). – The concept is cumulative (reflects cumulative balances originated since 2018) and reflects the total flow channeled at the time of origination. – Includes the channeling of flows that contribute to a purpose of a social nature, such as inclusive growth, and other environmental objectives. – They are constructed based on environmentally sustainable economic activities according to the European regulation. – Key metrics (e.g. GAR) include exposures on the asset side of the balance sheet (1). – Only consider the current exposure mainly reflected on the balance sheet, corresponding to the reporting date. – They consider the contribution to an environmental purpose primarily, although the regulations provide for minimal social safeguards. (1) According to the regulatory definition (FINREP) of exposure: outstanding risk on loans and advances, as well as bonds in the investment portfolio. 26 In Spain, the revised text of the Corporate Enterprises Act, approved by Royal Legislative Decree 1/2010, of July 2, does not require employee representation as part of the board of directors in listed companies. For this reason, the board does not have employee representatives. 27 The composition of the Board of Directors is defined by the appointments and re-elections approved by the General Shareholders' Meeting, as well as by the Board of Directors through the distribution of roles within the Board. For more information on the composition of the Board of Directors, please consult the Annual Corporate Governance Report, included as part of the Management Report. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 44 1.4 Sustainability governance model 1.4.1 Sustainability governance Corporate bodies BBVA's Corporate Governance system The Sustainability governance model is integrated into BBVA's corporate governance system, in the terms detailed below. BBVA has a corporate governance system, made up of a set of principles, rules and mechanisms that integrate and regulate the structures and operation of its corporate bodies (hereinafter, the “System” or the “Corporate Governance System”). This System is configured, mainly, by the provisions of the Statutes, the regulations of its different corporate bodies and the general policies of the Bank approved by the Board of Directors. The System is aligned with BBVA's Culture and Values and is geared towards achieving the Bank's social interest and Purpose. To ensure this, the Board supervises its effectiveness, adapting it, when it deems necessary or appropriate, to the environment in which the Bank and its Group carry out their activity, taking into account the regulatory and supervisory requirements applicable at all times and the best practices of the industry, as well as the opinion of the Bank's different stakeholders. Board of Directors One of the main elements of BBVA's Corporate Governance system is the Board of Directors, which, as the highest body of representation, administration, management and oversight, performs both the functions of management of the Entity and those of supervision and control of management. As of December 31, 2024, BBVA’s Board of Directors comprises 15 members, two of whom were executive and 13 26 are non-executive directors 27. BBVA's Board of Directors has a balanced composition, with high levels of independence and diversity, both with regard to the presence of men and women and the different types of directors, capabilities, experience and knowledge. At the close of the 2024 fiscal year, BBVA’s Board of Directors comprises 46.66% women and 53.34% men, meeting the target set forth in the Board of Directors’ Selection, Suitability, and Diversity Policy. In terms of independence, at the close of the 2024 fiscal year, BBVA’s Board of Directors includes ten independent directors, representing 66.66% of the total Board members and 76.92% of the non-executive directors on the Board. In terms of nationality, the Board of Directors has a total of seven nationalities (Spanish, Turkish, Portuguese, Danish, American, Mexican and Belgian), with 40% of non-Spanish directors. Committees of the Board of Directors In order to better perform its functions, the Board of Directors has a structure of fees that assist it on matters within its competence and that have been established on the basis of an appropriate distribution of functions, included in their corresponding regulations (hereinafter, the Committees and the Board of Directors will be referred to jointly as the "Corporate Bodies"). These Committees are made up of directors with specific knowledge within their respective areas of action, which also have a cross-composition structure that ensures efficient interaction. In the exercise of their functions, the Committees carry out an in-depth review of the issues and proposals presented by the executive areas for consideration by the Corporate Bodies, thus becoming an essential element for the decision-making and supervision and control processes that correspond to them. Among the tasks performed by the Board's Committees, the most notable are the supervision and control functions exercised by the Risk and Compliance Committee, whose main task is to assist the Board of Directors in determining and monitoring the Group's risk control and management policy, including internal risk control and non-financial risks, without prejudice to the functions corresponding to internal financial control, which are supervised by the Audit Committee; those of technological risk, which are analyzed by the Technology and Cybersecurity Committee; and those of business and reputational risk, which correspond to the Executive Committee. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 45 Functions and responsibilities of the Corporate Bodies The Board of Directors shall have the powers established at any time by applicable legislation and the Bylaws as well as, specifically and among others, those established in article 17 of its Regulations. Among other functions, and as an essential part of the Corporate Governance System, the Board of Directors has, in accordance with article 17.1. a) i) of its Regulations, the power to approve the general policies and strategies of the Entity. In execution of this power, the Board has defined a general management and control framework, made up of the main strategic-prospective decisions of the Group (including the Strategic Plan, the Budget or the Risk Appetite Framework) and has approved a series of general policies, which contain the main guidelines of the Board of Directors for the management and supervision of the different areas of activity of the Group. Likewise, in general, the Board carries out, directly or through its Committees, the monitoring of the decisions adopted, including the supervision of the implementation of general policies, and the supervision of the management of the Company and its Group. In order to properly fulfil its functions, the Board of Directors has a governance model that ensures the stake of all directors, with full freedom of judgement, in relation to: (i) appropriate decision-making and supervision and control processes; (ii) a complete, integral, adequate and consistent information model; and (iii) anticipatory management of identified conflicts of interest, both real and potential. In this way, BBVA has a decision-making process that, in general, originates in the executive areas of the Bank, with the preparation of decision proposals, coordinated with the main strategic decisions already adopted by the Board, which are submitted to the consideration of the competent Corporate Bodies for analysis, debate, and decision, supported by an information model that provides complete, integral, adequate and consistent information. This Model is characterized by the interaction of the different Corporate Bodies with each other and with those responsible for the executive areas, generating recurring spaces for analysis and debate in order to make decisions that are aligned with the social interest and with the Purpose of the Bank. Once the decisions have been adopted by the Corporate Bodies, the executive areas are responsible for executing, developing or implementing said decisions, reporting them to the competent Corporate Bodies for supervision and control, in accordance with the established supervision and control processes. In this regard, to ensure that the Corporate Bodies can fulfil the supervision and control functions assigned to them, BBVA has a set of processes that articulate the way in which the Corporate Bodies carry out these functions, in order to ensure that their decisions are being executed appropriately or, where appropriate, specific aspects that require the adoption of measures can be identified (the “Supervision and Control Model”). The exercise of the functions of supervision and control of each specific area is addressed by the Board of Directors both directly in its meetings and through the activity of its different Committees, which play a very important role in the supervision and control of management. The Committees thus support the Council by monitoring issues within their area of expertise, with a frequency and level of detail greater than that of the Council, to which they also report periodically to inform on the most relevant issues addressed by each of them. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 46 The decision-making and supervision and control models described above are complemented by an information model that ensures that the Corporate Bodies have the necessary and timely information to carry out the functions assigned to them. In particular, BBVA's information model is characterized by providing the Corporate Bodies with information that is: complete, integral, adequate and consistent. The information model is made up of information from different sources that allows the directors, after evaluating it as a whole, in a constructive manner and with a critical spirit, to debate the issues submitted for their consideration within the corresponding Corporate Bodies and to carry out the functions assigned to them. In accordance with this model and as established in article 5 of the Board of Directors Regulations of Directors, the directors have, prior to the meetings, the necessary information to be able to form an opinion on the issues that correspond to the Corporate Bodies, being able to request other information and advice that is required for the fulfillment of their functions, as well as request the Board of Directors for the assistance of external experts in those matters submitted to its consideration that, due to their special complexity or significance, so require. Governance model of the Corporate Bodies in matters of sustainability Within the context of the Group's general management and control framework, the Board of Directors has incorporated Sustainability as one of the Bank's strategic priorities, as reflected in the Group's Strategic Plan for the years 2019-2024. As part of this framework, BBVA's Board of Directors has approved the General Sustainability Policy, which defines and establishes the general principles and management and control objectives and guidelines that the Group must follow in terms of sustainable development, understood as meeting the needs of the present generation without compromising the ability of future generations to meet their own needs, in line with the definition established in this regard by the United Nations. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 47 The Corporate Bodies promote that Sustainability, which includes environmental, social and governance aspects (hereinafter "ESG"), is integrated into all the Group's small businesses and activities, from a global perspective, and that the material impacts, risks and opportunities arising from it are adequately managed. To this end, the Bank has a Global Sustainability Area, which is responsible, among other things, for designing and promoting the execution of the Group's strategic Sustainability agenda and business development in this area; for establishing the Group's objectives in these matters; and for promoting and coordinating the Group's various lines of work in this area, developed by the different areas, maintaining the objective of promoting integrity in the relationship with the different stakeholders in all areas of the Group. Likewise, the different executive areas promote the different aspects of Sustainability in their respective areas of competencies, considering it in the definition of their strategies, work plans, initiatives and resource management, and establishing, when appropriate, objectives and metrics that allow measuring the progress made by each of them in these areas. The impacts, risks and opportunities arising from the different aspects of Sustainability that are of material importance to the Bank are taken into consideration in the various decisions approved by the Board of Directors that make up the general management and control framework of BBVA. In particular, they find a place in the Strategic Plan, which incorporates Sustainability as one of the strategic priorities, in the Budget, which sets annual targets for strategic indicators , among others, related to Sustainability], and in the Risk Appetite Framework, which includes mentions of Sustainability in the Risk Appetite Statement, as well as specific metrics related to Sustainability (for example, high transition risk (HTR) metric and the portfolio decarbonization metric). Furthermore, the various general policies of the BBVA Group that establish the basic management guidelines in the different areas of special relevance for the proper development of the Bank's activity also include various issues related to Sustainability. In this context, BBVA has governance models for the different elements that contribute to Sustainability and the generation of long- term value, which the environment classifies as “ESG” factors or which must be included in the concept of “Sustainability”. This includes the management of the environmental impact of our direct activity and that of our customers on climate change, the treatment of social issues, both within the organization with regard to our own employees and in society and, fundamentally, in our customers, as well as the Bank's actions in the different areas aimed at guaranteeing appropriate business conduct. Within the framework of the development of management and supervision functions of issues related to Sustainability, the Board of Directors has provided itself with a governance model that has the Board itself as its central axis and is supported by the specialized assistance of its various Committees on the matters of their respective competencies. In the case of the Executive Committee, it supports the Board of Directors in decision-making and in the ongoing monitoring of BBVA's strategy and objectives in terms of Sustainability, which are defined taking into consideration the impacts, risks and opportunities derived from Sustainability that are of relative importance to the Bank. The Executive Committee also supports the Board in supervising the development and execution of the strategy by the Group's executive areas. For its part, the Risk and Compliance Committee, supports the Board in integrating Sustainability into the analysis, planning and management of the Group's financial and non-financial risks, and in supervising their execution. The Audit Committee supervises the process of preparing and the content of the information that must be formulated by the Corporate Bodies in matters of Sustainability for publication, as part of the public information of the Group. The Appointments Committee , in addition to assisting the Board in evaluating the effectiveness of the Corporate Governance System described above, also ensures that the competencies related to Sustainability are taken into account when analyzing the composition of the Board of Directors. Furthermore, the Remuneration Committee analyses the selection and monitors the evolution of strategic indicators linked to variable remuneration, including indicators related to Sustainability. Finally, the Technology and Cybersecurity Committee assists the Council in monitoring the technology strategy and managing cybersecurity. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 48 Through this governance model, the Corporate Bodies carry out the task of defining, supervising and monitoring the implementation of the Group's Sustainability strategy, for which the impacts, risks and opportunities that this generates for the Group are taken into consideration. It also allows the Corporate Bodies to establish or supervise the establishment at executive level, as appropriate, of the Bank's objectives in these areas and to monitor progress towards their achievement. Activity of the Corporate Bodies in the area of Sustainability The Board of Directors has incorporated Sustainability as one of the Bank's strategic priorities, as reflected in the Group's Strategic Plan for the period 2019-2024, and has approved the General Sustainability Policy, which defines and establishes the general principles, and the management and control objectives and guidelines that the Group must follow in terms of sustainable development and whose supervision is the responsibility of the Board itself. This Policy, revised in 2022, integrates the previous Corporate Social Responsibility Policies and the General Sustainability Policy and identifies BBVA's main stakeholders and other groups (customers, employees, shareholders and investors, suppliers, regulators and supervisors, as well as investment in the community) and the different areas of action (fiscal responsibility, prevention of illegal conduct and corruption, stake in international initiatives and commitment to human rights). In addition, with this Policy, BBVA defines its contribution to the United Nations 2030 Agenda for Sustainable Development. In addition, the Board of Directors has adopted other specific management decisions in the area of Sustainability, such as: the establishment of a strategic indicator for Sustainable Business Channeling, setting a target of 300 billion euros for the period 2018-2025, which is also part of the indicators established for staff incentives; objectives for the decarbonization of the portfolio aligned with the goal of achieving net zero emissions by 2050; or the Investment in the Community of 550 million euros. To supervise and control the execution of the decisions adopted by the Board of Directors in matters of Sustainability, the Corporate Bodies have the reports received from both the Global Sustainability Area and the different areas of the Group, which incorporate Sustainability in the reporting of their small businesses and activities. These reports are submitted by the executive areas to the Corporate Bodies based on their competence, on a periodic or ad hoc basis. For these purposes, it should be noted that in 2024, the Corporate Bodies have periodically received specific reports from the Global Sustainability Area, through which they have been able to monitor the different aspects of the strategy related to Sustainability and the objectives established in this area, as well as the main projects and lines of work of the Group in this area. Likewise, the different business and global areas of the Group have reported to the Corporate Bodies on their activity, which includes Sustainability as one of its relevant pillars as it is a strategic priority of the organization, giving an account of the initiatives, projects and specific activities developed and the means available to them for the execution of this priority. In this way, most of the impacts, risks and opportunities derived from Sustainability that are of relative importance to the Bank, listed in the “Double materiality analysis” chapter of this Report, have been reported to the Corporate Bodies throughout the year, either specifically or as part of broader reports from the different executive areas of the Bank on Sustainability matters. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 49 Knowledge, experience and capabilities of the Board of Directors In order to perform its duties in this area in the best possible way and, in particular, to be able to form an appropriate opinion on the material impacts, risks and opportunities that Sustainability generates for the Group, the Board considers it necessary to have knowledge and experience in this area. To this end, it continues to develop initiatives that have resulted in the incorporation, within the process of progressive renewal of its members, of people with extensive knowledge and experience in these matters, and in the extension of the ongoing training program for its members to subjects related to Sustainability. In this regard, the composition of the Board of Directors is continuously reviewed both directly by the Board of Directors and through the Appointments Committee to ensure diversity of viewpoints, alignment with strategic needs and that the Board of Directors as a whole has an appropriate composition at all times. As can be seen from this matrix of competencies and diversity, the BBVA Board of Directors has a diversity of knowledge, competencies and experience (national and international) in essential areas for BBVA, which allows it to have, as a whole, a balanced, diverse and qualified composition, which facilitates the development of the functions of the corporate bodies. In this regard, the Board has the knowledge and experience in areas considered key to BBVA's strategy, business and activities, as well as knowledge of the environment, activities, strategy and risks of both the Bank and the Group. Specifically, in the area of Sustainability, the Board of Directors has been strengthening its competencies, both through specific training and through the incorporation in recent years of directors with extensive experience and knowledge in Sustainability. This knowledge and experience relates to general issues related to Sustainability (for example, inclusive growth, climate transition, etc.), as well as to specific aspects of Sustainability in the financial sector, affecting not only the transition process of the sector as a whole, but also specific products and services related to those offered by the Group in the countries in which it operates. All of this makes it possible to ensure that the Board of Directors, as a whole, has solid competencies in matters of Sustainability in general terms and in relation to the Bank's impacts and strategies, through the sustainable products and services it promotes in the countries in which it operates, more specifically. In turn, this knowledge is complemented by the reports, presentations and specific training offered to the Board of Directors and its various Committees by the Bank's executive teams, which have extensive experience and knowledge in their respective areas of specialization and, specifically, with respect to the products and services offered by the Group in the countries in which it operates. For its part, in order to update knowledge of matters relevant to the performance of its functions and as a complement to the knowledge and competencies of the directors, the Board of Directors has an annual continuous training program, in which non- executive directors receive, through different sessions, specific training on those matters that are considered relevant to the exercise of their functions, such as, among others, those related to Sustainability. In order to configure the training program for directors, consideration is given to, on the one hand, the changes in the small businesses environment or in the regulatory or supervisory sphere that may arise at any given time and, on the other hand, the specific suggestions and requests of directors on topics that are of interest to them. Specifically, during the 2024 financial year, of the training sessions included in the training program of the Board of Directors, some of them dealt specifically with issues related to Sustainability, notwithstanding the fact that, in other presentations with a more general focus, other issues related to Sustainability were also analyzed. All of these sessions have been given by Group experts in each of the subjects covered and supporting documentation has been provided in advance in order to prepare the session and raise questions. Each of the training sessions has been developed with the open stake of the directors, where the issues that each director has considered appropriate have been addressed and which have been addressed by the speakers. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 50 For more information on BBVA's Corporate Governance system, please consult the 2024 Annual Corporate Governance Report, which is incorporated by reference into The BBVA Group's consolidated Management Report. Integrating sustainability into the variable remuneration model for executive directors BBVA has a Remuneration Policy for BBVA Directors approved by the General Shareholders' Meeting on March 17, 2023 for the years 2023, 2024, 2025 and 2026, which regulates the remuneration of the members of the Board of Directors, both executive and non- executive, and which is available on the Bank's website. The BBVA Directors' Remuneration Policy is part of the elements designed by the Board of Directors as part of the bank's Corporate Governance system and has been defined within the framework of commercial legislation and the specific regulations applicable to credit institutions, also taking into account best practices and recommendations in terms of compensation at a local and international level. Suggestions received within the framework of the constant and constructive dialogue that BBVA maintains with its shareholders, investors and other stakeholders have also been taken into consideration. In accordance with the provisions of the BBVA Directors' Remuneration Policy, BBVA executive directors have an annual variable remuneration that includes a short-term incentive, like the rest of the Group's staff, and also a long-term incentive, like the rest of the staff whose professional activities have a significant impact on the risk profile of BBVA and/or its Group. The short-term incentive will be calculated taking as a reference the target short-term incentive established for each executive director in the BBVA Directors' Remuneration Policy (which represents the amount of the short-term incentive if 100% of the pre- established objectives are achieved), based on the result of a series of indicators, both financial and non-financial, with an annual measurement period, which are aligned with the most relevant management metrics and with the Group's strategic priorities. ANNUAL VARIABLE REMUNERATION 2024 - SHORT-TERM INCENTIVE ANNUAL INDICATORS (BBVA GROUP. PERCENTAGE %) (Measurement period 2024) Weighting on ICP Objective Weighting on RVA Target (1) Weighting on RVA 2024 granted (2) FINANCIAL Net attributable profit 20 13 14 RORC 20 13 14 Efficiency ratio 20 13 11 NON-FINANCIAL Net Promoted Score (NPS) 15 10 7 Target customers 15 10 7 Sustainable business channel 10 6 7 (1) The target short-term incentive (TSI) represents 64% of the target annual variable compensation (AVR) for executive directors. (2) Taking into account the short-term incentive generated with an achievement level of 126% of the target short-term incentive and assuming an achievement level of 150% of the target long-term incentive. However, the final amount of the annual variable compensation will depend on the result of the long-term indicators (at year-end 2027), which may be in a range of 0% to 150% achievement. The long-term incentive will be calculated using as a reference the target long-term incentive (which represents the amount of the long-term incentive if 100% of the pre-established objectives are achieved), in the amounts established in the BBVA Directors' Remuneration Policy for each executive director, based on the result of a series of long-term indicators , both financial and non- financial, which allow the Group's performance to be taken into account in a multi-annual framework, and which prioritize the creation of value and profitability for the shareholder and for the Group in the long term, as well as the progressive achievement of the Bank's goals and objectives in the area of Sustainability. ANNUAL VARIABLE REMUNERATION 2024 - LONG-TERM INCENTIVE LONG-TERM INDICATORS (BBVA GROUP. PERCENTAGE %) (Multi-year measurement period with targets to 2027) Weighting on ILP Target Weighting on RVA Target (1) Weighting on RVA 2024 granted (2) FINANCIAL Tangible Book Value per share (TBV per share) 40 14 16 Relative Total Shareholder Return (Relative TSR) 40 14 16 NON-FINANCIAL Portfolio decarbonization (3) 15 5 6 Percentage of women in management positions 5 2 2 (1) The target long-term incentive (LTI) represents 36% of the target annual variable compensation (AVR) of the executive directors. (2) Taking into account the short-term incentive generated with an achievement level of 126% of the target short-term incentive and assuming an achievement level of 150% of the target long-term incentive. However, the final amount of the annual variable compensation will depend on the result of the long-term indicators (at year-end 2027), which may be in a range of 0% to 150% achievement. (3) The amount of the long-term incentive for the year 2024 of the executive directors (assuming a level of achievement of 150%) associated with the Decarbonization of the portfolio indicator represents 3.7% of the total remuneration for the year 2024 of the Chairman and 3.0% of the total remuneration for the year 2024 of the Chief Executive Officer. Total compensation includes in both cases the fixed and variable components of the executive directors' compensation. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 51 The indicators for calculating the annual variable remuneration include several non-financial or Sustainability-related indicators -IReNe, Target Clients, Sustainable Business Channeling, Decarbonization of the Portfolio and Percentage of Women in Management Positions- which together represent 32.8% of the target annual variable remuneration. For more information on the indicators approved for calculating the annual variable remuneration for the 2024 financial year, as well as on the objectives, results and level of achievement of the annual indicators for executive directors, see the section "Quality employment and competitive remuneration" within the chapter "Own workforce" relating to the Corporate variable remuneration Model applicable in 2024. Furthermore, for more information on the remuneration system for members of the Board of Directors and the individual remuneration accrued by directors in the 2024 financial year, you can consult the Annual Report on Remuneration of BBVA Directors 2024, which is incorporated by reference into The BBVA Group's consolidated Management Report. General Sustainability Policy The General Sustainability Policy covers several key areas that are considered essential for the responsible growth of BBVA. Specifically, this policy covers the following general principles of action in the area of sustainability: – Supporting customers in their transition toward more sustainable business models by acting as a lever to promote such behaviors or actions, for example, through the channeling of sustainable business in relation to decarbonization and the energy transition, and contributing to customers' adaptation to climate change. – Progressively incorporating sustainability-related opportunities and risks into its strategy, business, processes and risk management. BBVA observes this principle by expanding its sustainable product portfolio and considering climate transition risk in its operations. – Being mindful of the direct and indirect environmental and social impacts of its businesses and activities in key areas, promoting the positive impacts and minimizing the negative ones, such as managing the impact of GHG emissions from the financed portfolio and the services offered to customers. – Respecting the dignity and human rights of people in accordance with various widely recognized national and international commitments to which it has adhered. – Undertaking community investment programs and activities to address the most relevant challenges of the communities in which the Group is present, with the aspiration of creating opportunities for all. – Getting involved as an agent of social change alongside other stakeholders (employees, shareholders, suppliers or society in general) with the aim of creating opportunities for all, and bringing to bear its competencies, business knowledge, capabilities and resources to succeed in this task. As part of this principle, BBVA carries out training to increase awareness and education in sustainability among employees and customers. These themes are aligned with the impacts, risks and opportunities (IROs) identified in the double materiality analysis and reflect the commitments made by BBVA in different areas. For more information on the identified IROs, see the “Double materiality analysis” chapter. The Board of Directors itself, as the highest oversight body of BBVA, will supervise the effective application of the policy, either directly or through its Committees. This policy is public to all stakeholders and is available on the corporate website bbva.com. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 52 Framework for integrating sustainability into the executive level and financing structure Integration of sustainability in the executive level across the Group The implementation of the sustainability strategy, approved by BBVA's Corporate Bodies, involves cross-functional integration at the executive level. For this implementation, the Group has the Global Sustainability Area, whose Head reports directly to both the Chief Executive Officer, in business matters, and to the Group Executive Chairman in matters of transformation and sustainability strategy. Thus, the execution of the Sustainability strategy is transversal in nature in the Group, and it is the responsibility of all its areas to progressively incorporate it into their strategic agenda and work dynamics. To this end, the Global Sustainability Area has the responsibility, among others, of designing and promoting the execution of the Group's strategic sustainability agenda (with a focus on the fight against climate change, the protection of natural capital and inclusive growth) and business development in this area; establishing the Group's objectives in these matters; and promoting and coordinating the Group's different lines of work in this area, developed by the different areas; maintaining in all areas of the Group the objective of promoting integrity in the relationship with the different stakeholders. In this way, the Sustainability governance model in the Group integrates the governance model of the Corporate Bodies with a transversal structure at the executive level led by the Global Sustainability Area, which promotes the execution of the strategic priority in the different areas of the Group, in accordance with the main focuses of action in terms of Sustainability provided for in the Group's General Sustainability Policy (climate change and protection of natural capital as well as inclusive growth). (1) Includes: Corporate & Investment Banking and Commercial Client Solutions & Retail Client Solutions Spain, Mexico, Turkey and South America. As detailed in the graph above, the Global Sustainability Area incorporates dependencies from the business units of both Commercial Client Solutions and Retail Client Solutions as well as CIB, a business unit with which it shares its Head, with the aim of strengthening and accelerating the integration of Sustainability into the Group's business. In addition, BBVA has developed a network of experts, made up of Sustainability specialists from different areas of the Group (Retail Client Solutions, Commercial Client Solutions, Corporate & Investment Banking, Asset Management, GRM, Finance, Regulation & Internal Control, Legal, Internal Audit and the Global Sustainability Area itself). These teams of specialists are responsible for generating knowledge in the field of Sustainability in the Group for proposals and solutions for customers, as well as supporting the areas in the development and implementation of new value propositions in the area of Sustainability, the integration of Sustainability risks in risk management, the management of non-financial risks, as well as the definition of a public agenda and Sustainability standards. In 2022, the Sustainability Alignment Steering Group (hereinafter SASG) was created to make proposals and monitor the alignment objectives of the sectors for which specific objectives have been set and to supervise their compliance. It is made up of the heads of the Corporate & Investment Banking, GRM, Global Sustainability Area, Strategy and Regulation & Internal Control business areas. Following its passage through the SASG, the monitoring of compliance with the objectives, including the explanation of possible deviations and redirection measures (if applicable) is presented on a quarterly basis for review at the highest executive level and subsequently to the Corporate Bodies, with a minimum frequency of biannually. For more information, see the section “Transition Plan of BBVA Group”. 28 The figure includes information from Spain, Mexico, Turkey, Argentina, Colombia, Peru, Uruguay and Venezuela. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 53 With regard to the area of ESG public disclosure, the Group has an ESG Reporting Committee. The Committee serves as a coordination and support body at executive level aimed at ensuring that the information to be disclosed on Sustainability matters that is to be formulated by the corporate bodies of the BBVA Group reflects the Sustainability objectives and strategy, risk management model and relevant quality standards. The Committee is led by the Finance area and the following areas participate in it: Global Sustainability Area, Global Risk Management, Regulation & Internal Control, Legal Services, General Secretary, Data, Chair Office, Talent & Culture, and Internal Audit. To strengthen the cross-cutting integration of sustainability, BBVA has incorporated other aspects related to Sustainability into its day-to-day operations, both in its relationship with customers and in its internal processes, including its management control and reporting processes. The following actions can be highlighted: – Progressive integration of sustainability into financial reports for Senior Management and the business areas In Spain for example, these reports include an analysis of the trend in profits and returns and the impact on the income statement, and certain decisions on how best to allocate internal resources are made on the basis of this information. – Use of financial information for decision-making based on the sustainability axis Likewise in Spain, for example, this information includes data on Sustainable Business Channeling, profitability, percentage of penetration of sustainable activity, as well as balance sheets and income statements that enable the Group to monitor the sustainable business for each segment of activity. – Incorporating global and local Sustainability projects into the single SDA (Single Development Agenda) project agenda Development and Implementation of Global and Local Sustainability Projects under the Single Development Agenda (SDA). The SDA is a unified governance framework where projects are prioritized, and the necessary financial resources and human capital are allocated for their execution. The amount allocated to sustainability-related projects totals 52.5 million euros in 2024 28. The investments are focused on the following areas: (i) Transformational projects to be able to offer sustainable products for existing businesses as well as to grow in new markets, strengthening our long-term competitive position; (ii) Risk and process projects aimed at the comprehensive adaptation of current components and the implementation of new controls for physical and transition risks; (iii) Transition support projects to assist in achieving the decarbonization objectives; (iv) Community investment projects with a strong focus on inclusive growth; (v) Projects to implement the main requirements related to ESG reporting; and (vi) Technological projects to integrate the sustainability axis into the data models and implement global indicators to track the volume of sustainable financing channeled. Integration into the financing structure The issuance of own green, social and sustainable bonds – with both a green and social component – plays a key role in achieving the aforementioned objectives. Green, social and sustainable bonds and other debt instruments are effective instruments for financing BBVA's business in customer projects in sectors such as renewable energy, energy efficiency, waste management, water treatment or access to essential needs and services such as housing or inclusive finance. In April 2018, BBVA published its framework for issuing its own green, social and sustainable bonds, linked to the UN Sustainable Development Goals (SDGs). Under this framework, BBVA can issue three types of bonds: – Green bonds: debt instruments whose proceeds will be used to finance new and/or existing green projects; – Social bonds: debt instruments whose proceeds will be used to finance new and/or existing social projects; – Sustainable bonds: debt instruments whose proceeds will be used to finance new and/or existing green and social projects. This framework is aligned with the Green and Social Bond Principles and the ICMA Sustainable Bonds Guidelines of 2018, supported by robust governance and strict management and monitoring of the net proceeds obtained, verified by an independent third party. The framework is public and available on the BBVA shareholders and investors website. In 2022, a new global framework for the issuance of sustainable debt instruments was published (replacing – except for current issues – the 2018 Bond Framework). The framework was updated to align it with the eligibility criteria for the environmental and inclusive growth categories provided for in BBVA's internal standards, based on the principle of substantial contribution provided for in the EU taxonomy for climate change, and also to extend it to other debt instruments in addition to bonds. Like the previous version, the 2022 framework is aligned with the Green Bond Principles, the Social Bond Principles and the ICMA Sustainability Bond Guidelines. It also has been verified by an independent third party and is available on BBVA's shareholders and investors website. The framework is reviewed annually and may be updated, depending on the relevance of the changes (the last update was carried out in 2023). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 54 The green, social and sustainable bonds - with both a green and social component - issued by Group entities under the frameworks described in the previous paragraphs and pending amortization as of December 31, 2024 are: GREEN, SOCIAL AND SUSTAINABLE BONDS OUTSTANDING IN 2024 ISSUED BY BBVA, S.A. OR GUARANTEED BY BBVA S.A. Issuing Entity Category Type of issue (1) Year of issue Nominal (millions) Currency BBVA S.A Green bond SNP 2018 1,000 EUR BBVA S.A Green bond SNP 2019 1,000 EUR BBVA S.A Green bond AT1 2020 1,000 EUR BBVA S.A Green bond SP 2022 215 CHF BBVA S.A Green bond SP 2022 210 CHF BBVA S.A Green bond SP 2022 1,250 EUR BBVA S.A Green bond SP 2024 1,000 EUR BBVA Global Markets Green bond SP 2019 34 EUR BBVA Global Markets Green bond SP 2022 43 PLN BBVA Global Markets Green bond SP 2023 64 PLN BBVA Global Markets Green bond SP 2024 10 USD BBVA Global Markets Green bond SP 2024 16 AUD BBVA Global Markets Green bond SP 2024 16 AUD BBVA Global Markets Green bond SP 2024 30 USD BBVA Global Markets Green bond SP 2024 10 USD BBVA S.A Social bond SP 2020 1,000 EUR In the area of green, social, and sustainable bonds, business areas that issue products identified as such under the applicable criteria receive a bonus, provided the financing cost of these types of bonds is lower than that of conventional bonds. This is determined by BBVA’s Funds Transfer Pricing (FTP) system, which is reviewed within the Corporate Asset Liability Committee framework and serves as the baseline for the Group’s other geographical areas. The FTP system is an essential component of BBVA’s liquidity and funding management. It serves as a tool to assign a price to the products offered by the Bank, reflecting the liquidity and funding cost of each transaction and acting as a key component for profitability measurement. 29 Procedure approved in 2023. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 55 1.4.2 ESG assessment and monitoring of customers BBVA obtains ESG information from its customers and third parties to assess and monitor the ESG suitability of customers and deals. Wholesale customers BBVA assesses and monitors its wholesale customers' under 4 dimensions: – Their activities with special focus to those with potential negative environmental and social impact, covered under the Environmental and Social Framework – Their transition risks leveraging on Transition Risk assessment tools – Their behavior / controversies: Encompassed in the ESG controversies management procedure – Their projects assessed under the Equator Principles Environmental and Social Framework The Environmental and Social Framework (hereinafter, the “Framework”) aims to establish criteria for the identification, assessment and monitoring of certain activities of the following sectors, selected for their high potential impact on nature and society: mining, agro-industry, energy, infrastructure and defense. In this way, the Framework identifies restrictions, either via prohibited activities or activities requiring special attention in these sectors. BBVA, with the support of an independent advisor, analyses whether wholesale customers covered by its Framework do not engage in prohibited activities in the sectors covered by it. It also analyses whether they engage in an activity requiring special attention, in which case BBVA assesses the environmental and social impacts derived from the activity to be financed and may, where appropriate, initiate a plan for dialogue and support with the customer under the terms provided in the Framework. In December 2024, an update of the Framework was carried out, approved by the Head of the Global Sustainability Area, in order to evaluate its effectiveness and update it based on best practices, the evolution of international standards and the expectations of our stakeholders. Transition Risk assessment BBVA has developed a “Guide to integrating ESG factors into wholesale credit analysis” which identifies the most relevant environmental and social aspects by industry and obtains metrics to monitor the performance of corporate customers. Additionally, BBVA has defined an internal taxonomy of transition risk in order to classify sectors based on their sensitivity to this type of risk. This taxonomy is used to develop and define the sector frameworks that are used in credit acceptance. The sector frameworks include metrics that allow assessment of the vulnerability of each customer to transition risks, and this aspect is integrated to support risk decisions. The Transition Risk Indicator (TRi) classify customers according to their emissions profile and decarbonization strategies, with a sectoral approach and based on the analysis of key variables. This metric allows the monitoring of the evolution of the customers. Additional information on this point is detailed in section “Management of risks associated with climate change” of this report. ESG controversies management In 2024, BBVA implemented a procedure for managing environmental and social controversies associated with wholesale customers 29. Specifically, the outcomes are incorporated in the customer financial programs. This procedure identifies existing processes that prevent controversies from materializing, as well as establishing the management and resolution method. Equator Principles Although financing projects in sectors such as energy, transport and social services boosts economic development and creates jobs, it also has potential environmental and social impacts. For this reason, BBVA implements environmental and social risk assessment processes to mitigate and prevent negative impacts, reinforcing the economic, social and environmental value of these financing projects. In 2004, BBVA signed the Equator Principles (EP), which establish standards for environmental and social risk management in project financing. Currently in their fourth version (EP4), these principles are applied globally in all industrial sectors and cover five project- related financial products: 1. Advice on financing 2. Financing 3. Corporate loans 4. Bridge loans 5. Re-financing and acquisition. 30 Corporate Banking customers are generally smaller than CIB customers, with corporate banking product needs and requiring the assignment of a relationship manager (according to internal segmentation criteria, subject to periodic review). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 56 In accordance with the EP, BBVA subjects each project under the scope of EP4 to an environmental and social due diligence analysis, considering impacts on environmental and human rights. This analysis is integrated into BBVA's internal processes for structuring, admitting and monitoring operations, aligning with its Framework. Each deal is classified according to its risk level (categories A, B or C) and the documentation provided by the customer and independent advisors is reviewed. A specialized team at BBVA supervises and evaluates these projects, contributing to the decisions of the risk committees and approvals. Regarding the human rights assessment and in accordance with the EP, BBVA requires due diligence on projects that may impact indigenous communities. In cases where this circumstance occurs, the free, prior and informed consent of these communities must be obtained, regardless of the geographic location of the project - in line with the recommendations of the EP Association. It also requires, in accordance with the projects, liaison with the communities impacted by the projects. If potential risks are detected, the operation must include effective management of these risks, as well as operational mechanisms for managing claims. Regarding climate impacts, in accordance with the EP, the impacts of the projects are assessed considering scenarios, as well as mitigation and management measures adopted. The data on the financed operations that were analyzed under the Equator Principles during fiscal years 2023 and 2022 are detailed below: DATA OF FINANCED TRANSACTIONS ANALYZED ACCORDING TO THE EQUATOR PRINCIPLES CRITERIA Category A (1) Category B (2) Category C (3) 2024 2023 2024 2023 2024 2023 Number of transactions 5 5 40 25 17 13 Total amount (millions of euros) 5,366 21,326 27,079 12,675 21,972 15,986 Amount financed by BBVA (millions of euros) 440 957 2,943 1,597 1,334 1,020 (1) Category A: projects with potentially significant adverse social or environmental impacts that are irreversible or unprecedented. (2) Category B: projects with potentially limited adverse social and environmental impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures. (3) Category C: projects with minimal or no social or environmental impacts. Of a total of 81 deals analyzed (100% of operations under the scope of the Equator Principles, in 2023: 81), 62 operations have been signed in 2024 (43 in 2023) and 8 operations have been rejected for reasons related to the business and risk (credit and environmental and social) of the operations (11 operations were rejected in 2023). Of the deals signed in 2024, 50% correspond to the power generation sector, 44% to the infrastructure sector and 6% to other sectors. By geographical area, 56% to the Americas and 44% belong to Europe, the Middle East and Africa (EMEA). Enterprise customers Enterprise customers follow a similar approach to wholesale customers. That is since December 2024, the Framework has been revised to include Corporate Banking customers 30 within this segment (materiality thresholds defined for each geography based on their capital base, associated risk amount, leverage level, and credit rating). Moreover, the Transition Risk Assessment applies to enterprise customers (adapted to the size and complexity of the customers). Finally, the scope of the ESG controversies and EP proceedings covers Corporate Banking customers. In 2024, progress has been made in developing internal capabilities to classify customers based on their publicly available information, low-carbon business profile and decarbonization plans. BBVA has used data analytics to calculate the carbon footprint of companies and uses it to offer value solutions to its customers. Retail customers BBVA identifies, accredits and documents the activity carried out by retail customers through KYC under a risk approach. KYC allows us to have a better knowledge of customers, their operations, product segmentation, channels, needs and transaction traceability. BBVA has made available to its individual customers the possibility of knowing the impact of their actions on the environment, through the use of the carbon footprint calculation tool, with the aim of helping them in the transition to a more sustainable world. For more information, see the section “Raising awareness on sustainability issues” within the chapter “Consumers and end users”. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 57 1.4.3 Human rights due diligence BBVA aims to contribute to the respect for Human Rights. This is why it frames this willpower in the Group's General Sustainability Policy and aligns it with its Code of Conduct. In this regard, this policy is aligned with the International Bill of Human Rights, the Guidelines of the Organization for Economic Cooperation and Development (hereinafter, OECD) for Multinational Business, or the fundamental conventions of the International Labor Organization, among others. Specifically, as provided in the General Sustainability Policy, the Group ensures compliance with all applicable laws and respect for internationally recognized human rights in all its relations with employees, customers, shareholders, suppliers and, in general, with the communities in which it conducts its businesses and activities. In 2024, BBVA has continued to take an active role in the field of future EU legislative initiatives in this area, participating in the Working Groups on Sustainable Finance of the European Banking Federation (EBF), the Financial Markets Association of Europe and the European Financial Services Roundtable. BBVA contributes its opinion to the development of sectoral positions on various EU initiatives. In this context, it is worth highlighting the work of dialogue and support with the European regulator in relation to the development of the directive on corporate due diligence in matters of sustainability. BBVA identifies the social and labor risks that arise from its activity in the different areas and countries in which it operates in order to manage the potential impacts generated, through the entity's ordinary risk management processes, or through standards and existing processes that integrate the human rights perspective, such as the Equator Principles (for more information, see the “Reputational risk” section of the “Risk management” chapter; and the Equator Principles section of the “ESG assessment and monitoring of customers” section). Human Rights Due Diligence Process Within the framework of the above, since 2018, the BBVA Group has carried out two global Human Rights Due Diligence exercises with the aim of preventing, mitigating and remedying potential impacts on human rights (such as human trafficking, forced labor, child labor, freedom of association and collective bargaining and, equal pay or discrimination). Through it, BBVA has analyzed the following aspects: – Identification of the main issues or potential impacts of operations. – Improvements within BBVA to try to prevent and mitigate these impacts. – The availability of channels and processes that facilitate grievance mechanisms for those affected in the event of a breach. As a result, Action Plan on Human Rights was drawn up and published, with the actions to be developed by the BBVA Group in this area in the following years. Similarly, the global due diligence processes were replicated in Spain, Mexico, Turkey, Argentina, Colombia, Peru, Uruguay and Venezuela. In 2021, each country prioritized the issues with the greatest impact and frequency as a result of the country's social and governmental practices and the interviews held with the management areas and global risk control specialists. As a consequence, each country developed its own action plan. To ensure effective follow-up, a six-monthly evaluation of the action plans was carried out at the local level. Strategies adopted to mitigate risks included the strengthening of key procedures at the local level to implement established global policies, in addition to interviews with management areas and risk control specialists at the global level. In this regard, using these exercises, internal Group processes, actions and policies, among others, address and mitigate the possibility of occurrence of the following issues; human trafficking and forced labor, child labor, freedom of association and collective bargaining, equal pay or discrimination. To identify and assess impacts, the Group has developed an internal taxonomy that assesses 28 human rights issues grouped into 6 thematic blocks: employment conditions, projects and products (with a focus on large corporate customers), supply chain, customer welfare, respect for communities and cross-cutting issues (such as data protection and the impact of new technologies on human rights). It is worth noting that 9 of these issues fall under the thematic block ‘employment conditions’ which includes issues related to own staff, such as combating discrimination in employment and pay, fair recruitment and pay, employment rights and relations, and health and safety. In addition, 3 issues in the taxonomy cover aspects of customer welfare such as accessibility, service and safety and respect. In the case of both employees and customers, it was taken into account that policies relating to these issues are in line with the United Nations Guiding Principles on Business and Human Rights and the ILO Declaration on Fundamental Principles and Rights at Work or the OECD Guidelines for Multinational Enterprises. In the due diligence process each of the 28 issues has been evaluated around the: – Inherent risk: based on the severity of the impact and the frequency of occurrence of each issue. – Residual risk: assessing the mitigating aspects available to BBVA to manage each issue. In this identification and assessment phase, the potential negative impacts on stakeholders were taken into account, such as employees themselves (with a focus on women), suppliers or subcontractors, customers, as well as the indigenous population and local communities. In 2024, the progress of the Action Plan on Human Rights 2021-2023 continued to be monitored. 31 The information referred to in this paragraph covers companies that represent 98.0% of the Group's official workforce, as it does not include the companies BBVA Agencia Insurances Colombia, BBVA Insurances Grales Colombia, BBVA Valores Colombia, Openpay Colombia, Movistar Consumer Finance Colombia, SAS, BBVA Red Exterior de oficina, BBVA Brasil, BCO. Investimento, BBVA Holding Chile, SA, BBVA Foundation Mexico, AC, Distrito Castellana Norte (DCN), Garantibank International NV, Garanti Bank SA (Romania), Ralfi IFN SA, Motoractive IFN SA, Garanti Bank G, Motoractive Multiservices SRL, Garanti Kultur / SAL. 32 The National Contact Point for Responsible Business Conduct aims to promote compliance with the OECD Guidelines on Responsible Business Conduct for Multinational Business and manage the claim mechanisms established therein. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 58 To assess the availability of grievance mechanisms, the main complaint channels that the Group makes available to interested parties were analyzed. The evaluation of these channels was carried out according to the effectiveness criteria set out in article 31 of the United Nations Guiding Principles on Business and Human Rights: legitimate, accessible, predictable, equitable, transparent, compatible with rights, a source of continuous learning and based on stake and dialogue with stakeholders. It is worth noting that BBVA has a Whistleblower Channel that allows any stakeholder to report, confidentially and anonymously, if they so prefer, any behavior that, in their opinion, is directly or indirectly related to human rights. In particular, the Whistleblowing Channel is the tool available to all employees to file a complaint when they consider that a situation of harassment has arisen. The BBVA Group is committed to acting proactively, effectively and firmly to prevent, detect, correct and punish any type of conduct constituting harassment, and to this end it has protocols and procedures for action available to employees. In 2024, complaints received through this channel showed no evidence of human rights violations attributable to Group entities. For more information, see the ‘Whistleblowing channel’ section in the “Governance information” chapter of this report. In 2024, the sexual harassment protocol was activated on 63 occasions, with the existence of sexual harassment being confirmed in 19 cases that ended in the dismissal of the persons reported. The workplace harassment protocol was activated in the same period on 54 occasions, and harassment was not found in any of them. The protocol for harassment due to sexual orientation, sexual identity and gender expression was activated on one occasion, and no harassment was found. During the year 2024 there have been no firm sanctions or fines for cases of discrimination or harassment 31. Additionally, in 2024 BBVA has not been informed of potential claims filed at the National Contact Points (hereinafter, PNC) 32 where it is present. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 59 1.4.4 Internal control over the Consolidated Non-financial Information Statement The information in the BBVA Group's Consolidated Non-financial Information Statement (NFIS) is prepared under an internal control Model that supports its reliability. In recent years, the Group has worked on strengthening its NFIS internal control Model. This model is based on the same methodological, governance and control components that operate in the Financial Reporting internal control System, ensuring coherence and integration between the two. In addition, it is subject to ongoing assessment by the Group's internal control units, coordinated by the Internal Financial Control area, located in the Group's various entities. To ensure the necessary independence in the implementation of the control model for information relating to the NFIS, the various internal control units are integrated into the Regulation & Internal Control area. This area, whose Head reports to the Board of Directors, through its Committees, defines and coordinates the entire internal control model of the Group, which is structured into three lines of defense and is described in the”General risk management and control model”, included in the “Risk Management” section of this document. The main risks associated with the NFIS disclosure process relate to the following aspects: the interpretation and application of regulations regarding non-financial and sustainability information; the completeness and integrity of data from multiple internal and external sources; the availability of information; the processing of both qualitative and quantitative data and the inherent complexity of their validation, as well as the accuracy of estimates used. To mitigate these risks, controls are carried out related to the monitoring, updating and documentation of the applicable regulations, the coordination of the preparation process, the identification of key processes, roles and responsibilities, data validation, cross- checking, documentation of the methodologies used in estimates and supervision and review by the various Committees and Governing Bodies. There are inherent limitations to the effectiveness of any control model, including controls and procedures relating to the development and disclosure of information. Consequently, even effective controls and procedures for the development and disclosure of information have limitations in providing assurance that all of their control objectives are achieved. The different Control units follow a common and homogeneous methodology established at the corporate level, which basically consists of: i) Identifying the risks with the greatest potential impact on the generation of information and the processes involved in the generation of said information. ii) Performing an analysis of the risk situations, errors or inaccuracies that may arise in each of these processes. iii) Defining and operationalizing the most appropriate controls to mitigate the identified risks. iv) Evaluating the design and operation of the controls. v) Developing action plans and assigning those responsible for remedying any potential control weaknesses identified. Finally, the results of the annual internal evaluation of the internal control Model on the NFIS, carried out by the Group's control areas, are reported to the Audit Committee. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 60 2. Environmental information 2.1 Climate change 2.1.1 Transition plan of BBVA Group 2.1.2 Management of risks associated with climate change 2.1.3 Resilience of the strategy to climate change risks 2.1.4 Energy consumption and carbon footprint of BBVA Group 2.1.5 Sustainable financing under Article 8 of the European Taxonomy 2.2 Natural capital 2.2.1 Identification and measurement of risks and opportunities associated with natural capital 2.2.2 Management of other direct environmental impacts For BBVA, "Helping our clients transition toward a sustainable future" is a strategic priority. The environmental dimension of sustainability is of great importance to BBVA. That is why, through its products and services, it plays an important role in its customers’ transition. With this relevance of the environmental dimension, the following elements related to climate change are highlighted: BBVA has designed a Transition Plan in which intermediate emissions reduction targets for 2030 have been set for 11 sectors, a decarbonization strategy for the loan portfolio has been developed, and its progress is being monitored. The Group has also incorporated the management of risks associated with climate change into its processes, integrating this factor into its risk planning, in order to continue making progress in its identification and assessment. Additionally, the steps that the Group is taking to check the resilience of its strategy in the face of different climate scenarios are described. The decarbonization plan for customers is complemented by a plan to reduce the BBVA Group's own footprint, for which its energy consumption and carbon footprint are being measured and managed. Finally, BBVA is making progress in identifying and measuring the risks associated with natural capital and in developing business opportunities in this area, as well as in managing its other direct environmental impacts. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 61 2.1 Climate change Climate change is one of the greatest challenges of our time and BBVA recognizes its important role in mitigating it. Firstly, because of its responsibility to society as a purpose-driven organization. Secondly, because BBVA aspires to adequately manage the physical risks of climate change and those associated with the transition to a decarbonized economy. Finally, because accompanying its customers in this transition with advice and financing represents an unprecedented business opportunity. The transition to a decarbonized economy involves a profound and necessary transformation, which entails a radical change in sectors, business models and activities, and requires massive investment from the public and private sectors. This investment will only occur if it makes economic sense. As a result, BBVA has defined Climate as one of the three dimensions of its sustainability strategy, the execution of which relies on achieving its main objectives: Promoting new business through sustainability and Achieving net zero emissions by 2050. This relevance is also reflected in the results of the double materiality analysis. Climate change (mitigation, adaptation and energy transition) has been determined as a material issue for the Group, identifying positive and negative impacts as well as risks and opportunities (hereinafter, IROs). Among the positive impacts, BBVA's efforts to finance its customers' transition to a more sustainable energy system stand out, which is promoted through the strategies and objectives set by the Group to promote investments that contribute to energy efficiency. Another positive consequence of the Group's management of the fight against climate change is its contribution to the adaptation of customers to climate change, helping them to improve their resilience. Despite the progress made, BBVA's activity also generates negative impacts, which come from greenhouse gas emissions associated with its financed portfolio. In terms of risks, the most relevant identified as material is the climate transition risk. Customers that do not implement changes in their management to address sustainability challenges could face physical and transition risks that could result in an increased probability of default. In terms of opportunities, due to its business model, the Group has the possibility of channeling sustainable business linked to decarbonization and innovation of energy systems, thus collaborating in financing the transition and offering its experience to a greater number of customers. To determine the materiality of the aforementioned IROs, the methodology described in the section “Double materiality analysis” has been applied. This methodology has taken into account different internal and external inputs, such as, for example, the Risk Assessment exercise for climate risk (physical and climate transition risks, including the use of different time horizons and climate scenarios for each of the Group's traditional prudential risks), the current business volume in this area, or the extensive knowledge of the areas responsible for different aspects of BBVA's relationship with its customers. 33 As of 2024, the ISSB has assumed responsibility for monitoring corporate reporting related to compliance with the guidelines established at the time by the Task Force on Climate-related Financial Disclosures (TCFD). 34 The achievement and steady progress toward the decarbonization objectives will depend largely on the actions of third parties, such as customers, governments and other stakeholders, and may therefore be materially affected by such action, or lack thereof, as well as by other exogenous factors that do not depend on BBVA (including, but not limited to, new technological and regulatory developments, armed conflicts, the course of the climate and energy crises themselves, etc.). Consequently, these objectives may be subject to future reviews. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 62 2.1.1 Transition plan of BBVA Group BBVA has defined a decarbonization strategy that reflects its goal to contribute to the transition towards a low-carbon economy. In this context, it has developed a Transition Plan, following the framework of the recommendations of TCFD 33 and the Glasgow Financial Alliance for Net Zero (GFANZ). In this regard, BBVA has integrated key aspects such as climate change mitigation and adaptation, decarbonization objectives, set down in sectoral transition plans, and channeling sustainable business into its strategy, governance model, policies and customer relations. These elements show the progress made by the Group on this path. For more information on the general aspects of the sustainability strategy, see the chapter “Sustainability strategy”. BBVA's strategy is based on achieving two main objectives, each with its own actions and levers for achievement: – Promoting new business through sustainability: With the goal of channeling 300 billion euros into sustainable business by 2025, BBVA is promoting the creation of new business around sustainability. As a result of the progress made in this area, BBVA has managed to channel a total of 304 billion euros into sustainable business between 2018 and 2024. This goal has been achieved one year ahead of schedule. For more information, see the section “Evolution of the sustainable business channeling” within the chapter “Sustainability strategy”. – Achieve Net Zero Emissions by 2050: To reach this goal, BBVA has: • set interim emissions reduction targets for 2030; • developed a decarbonization strategy for its loan portfolio, and • ha established metrics to monitor the progress of the decarbonization. Additionally, to mitigate the direct environmental impacts generated by its activity, BBVA calculates its carbon footprint and has had an emissions reduction plan in place for years, including targets, under its Global Eco-efficiency Plan. For more information, see the section “Energy consumption and carbon footprint of BBVA Group”. In the chapter “Transition plan equivalency table” within the section “Complementary information to the Consolidated Non-Financial Information Statement” a table of equivalences disclosed that shows these GFANZ recommendations and the disclosure in this report prepared under the premises described in the section “General basis for the preparation of the Consolidated Non-Financial Information Statement”. Intermediate emission reduction targets for 2030 BBVA has set specific emissions reduction targets for 2030 34 with a sector-based approach that addresses the specific characteristics and challenges of each industry on its path towards decarbonization. BBVA has prioritized those sectors with the most emissions-intensive production processes, such as Oil & Gas, Power generation, Auto, Steel, Cement, Coal, Aviation, Shipping, Aluminum and Real estate (commercial and residential), following the guidelines of the Net Zero Banking Alliance (NZBA). The targets are applied at the consolidated Group level in the geographies in which it operates, except for the targets for the real estate sector, both commercial and residential, which apply only to Spain. The following table shows the decarbonization targets for 2030 that have been defined. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 63 PACTA Sector and Value Chain Metrics Scope of emissions Scenario Base year (1) Objective 2030 Target reduction 2023 2024 Market data 2024 Reduction 2023 vs base year Reduction 2024 vs base year Methodology Attributed emissions associated with the value chain (MTn CO2e) (2) Oil and Gas (upstream) Absolute emissions (million ton CO2e) 1&2&3 IEA_NZE 14 9.80 (30)% 10.6 10.5 n/a (24)% (25)% PCAF 10.5 Electricity (generation) Emission intensity (kg CO2e/MWh) 1&2 IEA_NZE 221 107 (52)% 167 139 427 (24)% (37)% PACTA 8.1 Auto (manufacturers) Emission intensity (g CO2/v-km) 3 IEA_NZE 205 110 (46)% 173 165 153 (16)% (19)% PACTA 2.8 Steel (manufacturers) Emission intensity (kg CO2e/ton of steel) 1&2 ISF-NZ 1,270 984 (23)% 1,181 1,146 1,690 (7)% (10)% PACTA 2.2 Cement (manufacturers) Emission intensity (kg CO2e/ton cement) 1&2 ISF-NZ 700 579 (17)% 713 731 710 2% 4% PACTA 4.3 Coal (thermal coal) Total amount (€Mn) (4) n/a n/a * * * 1,552 1,578 n/a (9)% (8)% n/a 0.04 Aviation (airlines) Emissions intensity (g CO 2/PKM) (5) 1 IEA_NZE 89 (5) 73 (5) (18)% 90 90 94 0.8% 0.4% PACTA 0.39 Shipping (operators) Alignment delta (g CO2e/ (dwtnautical miles)) (3) 1 IMO n/a </=0% n/a Minimum: 17,4% Striving: 21,7% (6) Minimum: (7,49)% Striving: (2,99)% n/a n/a n/a IMO 0.7 Residential real estate (operational emissions) Emissions intensity (kg CO 2e/m2/y) 1&2 PNIEC 21.2 14.8 (30)% 21.2 n/a n/a n/a n/a PCAF 1.7 Commercial real estate (operating emissions) Emissions intensity (Kg CO 2e/m2/y) 1&2 PNIEC 21 11.7 (44)% 21.0 n/a n/a n/a n/a PCAF 3.3 Aluminum (primary manufacturing) Alignment delta (ton CO 2e/ton aluminum) (3) 1&2 IAI&MPP n/a </=0% n/a (1.4)% n/a n/a n/a n/a SAFF 0.6 n/a: not applicable * BBVA has set a goal of eliminating its exposure to coal customers by 2030 in developed countries and by 2040 globally, in the terms of its Environmental and Social Framework. (1) Base year 2020 for the Power generation, Autos, Cement and Steel sectors; 2021 for Oil & Gas; 2022 for Aviation; 2023 for Real Estate (commercial and residential). The base year corresponds to the year prior to the year of publication of the sectoral target. In the case of the Shipping and Aluminum sectors, the delta of the annual alignment is calculated taking as a reference the trajectory for said year set by the IMO and the IAI & MPP, respectively. The Thermal Coal sector is not referenced to the base year as it does not apply a reduction target, but BBVA has set the objective of eliminating its exposure to coal customers by 2030 in developed countries and by 2040 globally, in the terms of its Environmental and Social Framework. (2) The calculation has been carried out using the PCAF methodology for BBVA, S.A, BBVA Mexico, BBVA Colombia, BBVA Peru, Garanti BBVA and BBVA Argentina. The calculation of the attributed emissions associated with the value chain has been carried out by adding all the scope 1 and 2 emissions of the different NACE sectors included within the sectors analyzed. PACTA calculates the intensity of emissions for the part of the value chain where most of the emissions are generated in order to make the sector's emissions more efficient. In this way, it is assumed that, by aligning the part of the value chain responsible for the emissions, the sector as a whole is aligned. In the case of the Oil & Gas sector, the objective is formulated in absolute emissions of scopes 1+2+3 and the published metric does not seek to make production more efficient, but rather to reduce the sector's total emissions. Furthermore, this objective does not affect the sector's midstream and downstream efficiency. For this reason, the emissions data for the entire value chain is not published and the emissions data itself must be taken as a reference. (3) A positive score indicates that the portfolio intensity is higher than required by the decarbonization pathway. A negative score or 0 indicates that the portfolio intensity is aligned. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 64 (4) The total amount of the loan portfolio weighted by revenues from thermal coal mining or by the installed capacity for the generation of electrical energy derived from thermal coal with coal customers (defined in the terms of the Environmental and Social Framework) amounts to 1,578 million euros as of December 31, 2024. The total amount of the loan portfolio weighted by revenues from thermal coal mining or by the installed capacity for the generation of electrical energy derived from thermal coal with coal customers that have limited expectations of making the transition in time to meet BBVA's coal phase-out objective as of the same date amounts to 152 million euros. (5) PKM (passenger per kilometer) measures the emissions intensity per passenger per kilometer traveled. It is determined by multiplying the number of passengers (total seats per load factor) by the kilometers traveled. The IEA_NZE scenario does not consider the belly freight factor. The gCO2/PKM metric of BBVA's portfolio is adjusted annually by the belly freight factor. Without considering this factor, the emissions intensity data in the base year 2022 is 103 gCO2/PKM and the emissions intensity target for 2030 is 85 gCO2/PKM. In 2023 it was 106 gCO2/PKM, as disclosed in Pillar 3 as of December 31, 2023. In 2024 it is 104.02 gCO2/PKM, as disclosed in Pillar 3 as of December 31, 2024. (6) The shipping sector alignment metric for fiscal year 2022, reported in 2023, placed the portfolio intensity at +6.8% above that required by the IMO's 2018 decarbonization path. As a result of the review of the minimum and effort paths published by the IMO in 2023, BBVA has updated the Shipping sector alignment metric for fiscal year 2022, reported in 2023, standing at +17.4% and +21.7% respectively, indicating an intensity higher than that required by the IMO's 2018 decarbonization path. the IMO's 2023 decarbonization trajectory. 35 Non-Performing Loans (Stage 3 exposures for the purposes of The BBVA Group's consolidated accounts in accordance with IFRS 9) are excluded for the purposes of calculating the exposure. 36 Developing countries are defined as those determined according to the criteria of IMF. World Economic Outlook. October 2015. Tables D and E (p. 149, 150). The geographic scope of a business group will be defined by the location of the headquarters of the parent company. 37 The main provider of information on emissions intensity is the company Asset Impact (formerly Asset Resolution), which provides asset information for the portfolio included in the calculation scope. The information coverage varies between 95% and 100%, depending on the sector analyzed. 38 Includes committed financing, both drawn and undrawn, with wholesale Corporate & Investment Banking and Corporate Banking customers, except for the Oil & Gas sector, which considers only financing drawn with wholesale Corporate & Investment Banking and Corporate Banking customers. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 65 In 2021, using the PACTA (Paris Agreement Capital Transition Assessment) methodology, BBVA published its 2030 alignment targets for the Power generation, Auto, Steel and Cement sectors. The Net Zero scenario of the International Energy Agency (IEA_NZE) and the Institute for Sustainable Futures Sectoral Pathways to Net Zero Emissions (ISF NZ) were used as a reference. In 2023, the International Energy Agency published an update of the net zero emissions scenario for 2050, without this having entailed any change in BBVA's 2030 interim decarbonization targets published in 2021. Also in 2021, BBVA announced its target to eliminate its exposure 35 to customers belonging to business groups that have thermal coal mining activities or that generate electricity from thermal coal. All of this will be carried out before 2030 in developed countries and before 2040 globally 36 (under the terms of the Environmental and Social Framework). During 2022, BBVA published its alignment target for the Oil & Gas sector. BBVA was involved, together with other banks, in defining a specific guide for this sector. Given the sector’s relevance to global emissions and the information available, BBVA decided to use the PCAF methodology and established an absolute emissions reduction target for Scopes 1, 2 and 3 for the upstream Oil & Gas sector (which includes exploration, drilling, extraction and production of oil). In 2023, BBVA published its 2030 alignment targets for the Aviation and Shipping sectors. The International Energy Agency's Net Zero scenario (IEA_NZE) for Aviation and the strategy established in 2018 by the International Maritime Organization (IMO) on reducing emissions for Shipping were used as a reference. In June 2023, the IMO updated its strategy, setting new interim reduction targets for 2030 and 2040 and net zero emissions for 2050, which has led to the change in the Shipping sector's alignment metric for the 2022 financial year. In 2024, BBVA published its decarbonization targets for the Aluminum and Commercial and Residential Real Estate sectors. For the Aluminum sector, the Net Zero scenario of the International Aluminum Institute (IAI) and the Mission Possible Partnership 1.5 °C Roadmaps (MPP) were used as a reference, which are science-based benchmarks recognized by the sector. In the case of the real estate sector, the scope of the target is limited to Spain and the National Integrated Energy and Climate Plan (hereinafter, PNIEC) was used as a reference its defines the national objectives for emissions reduction, penetration of renewable energies and energy efficiency. It is important to know that the baseline for these metrics may vary, as the sources of information used 37 and the methodologies are constantly evolving. BBVA's goal is to maintain the level of reduction ambition even though the baselines may be modified. Additionally, compliance with these objectives is not expected to be a linear process in the short-term. In order to achieve the targets in the long term, it may be necessary to assume a certain deterioration in the alignment metric in the short-term, through possible increases in financing with customers with a higher starting point in terms of CO2 emissions, but who are carrying out actions to decarbonize. BBVA has not established targets for the Agricultural sector for the time being due to the peculiarities of this very fragmented sector, where there is still little data available to be able to monitor the targets. During the year 2024 the NZBA has initiated a working group to try to clarify which methodologies and metrics are the best to measure the alignment of this sector and establish specific guidelines. BBVA believes that the most desirable approach is to set targets for emissions intensity per unit of production. For the time being, there is no data available with sufficient granularity to set such targets. BBVA is aware that the success of decarbonization also lies in the hands of governments, regulators and supervisory bodies, through their public and/or sectoral policies. Collaboration between the financial sector and these actors is key to achieving an effective and lasting change towards a cleaner and more sustainable economy. Loan portfolio decarbonization strategy BBVA has set the goal of achieving net zero emissions by 2050. For this reason, BBVA believes that the emissions from customers who receive financing from the Group at a global level, is a fundamental part of its management. In order to support customers on the path towards the transition to a low-carbon economy, sectoral transition plans have been developed to enable the proactive deployment of a decarbonization strategy for the customer portfolio. In line with the Net Zero Banking Alliance (NZBA) guidelines, sectors with more emissions-intensive production processes have been prioritized, such as Oil & Gas, Power generation, Auto, Steel, Cement, Coal, Aviation, Shipping, Aluminum and Real estate (commercial and residential). Each plan developed includes a detailed analysis of each sector, that assesses its role in the decarbonization of the economy, identifies their inherent risk of each sector, defines response strategies to these risks, integrates an analysis of the current state of the portfolio 38 and the level of alignment with respect to the target set for the sector. Meanwhile, business opportunities with existing and new customers are identified, expressing, showing different appetite levels for customers in each sector. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 66 All this is reflected in the formulation of a sectoral strategic plan that defines a commercial strategy to: – Guide targeted growth by funding and supporting existing and new customers who are actively managing their transition to net zero emissions by 2050; – Monitor progress in the alignment exercise, to meet the interim objectives set for 2030; – Manage and mitigate customer portfolio transition risk. BBVA has developed specific tools to facilitate proactive management and compliance with the alignment objectives, including: – Transition Risk Indicator (TRi), a tool used to evaluate the current emissions profile and the maturity of the decarbonization strategies of each customer with a sectoral approach and based on the analysis of the most significant variables. It allows customers to be categorized according to their transition risk and the their transition plans maturity, allowing for personalized advice on their decarbonization strategy. – Sustainability Client Toolkit, a tool that brings together ESG information from large corporations and/or entities with information necessary for its management, offering it all a single repository, facilitating its access and use by frontline teams. – Sectoral Transition Plans Management dashboard collects the main alignment indicators obtained through the PACTA (Paris Agreement Capital Transition Assessment) methodology and facilitates monitoring of their evolution and progress toward meeting objectives. – The “What If” simulator, allows for the evaluation, in real time, of the potential impact of transactions both on the decarbonization curve of each customer, as well as on the BBVA Group portfolio curve for the corresponding sector, allowing for proactive and dynamic management of the loan portfolio. Accompanying customers BBVA integrates its decarbonization strategy and sectoral transition plans as a key element in business decision-making and in the development of various internal processes. Sectoral transition plans, together with the aforementioned tools (e.g. TRi), enable an assessment of the maturity level of transition processes among customers in order to deploy a support strategy. This strengthens the strategic dialogue with them and offer them a value proposition tailored to their needs. Actions to manage alignment metrics include: – Collecting, evaluating and monitoring climate transition plans publicly disclosed by customers. – Evaluating the impact on alignment metrics of all new transactions as part of the business operations approval process by using specific tools. – Generating a dialogue with customers about their transition strategies, seeking opportunities to support them through investment and financing proposals and solutions. In 2024, BBVA formalized a procedure to develop and monitor customer support plans. These support plans constitute an internal tool to support customers and are a key part of BBVA's contribution to the energy transition. Customer support plans are based on tailored actions and strategic dialogue around the decarbonization levers of each sector. BBVA provides customers with advisory on the design and development of transition plans, based on the reduction of emissions and with clear objectives, and monitors their compliance. The plan includes the definition of milestones or objectives that are monitored, and allows steps to be taken to help achieve them. Among these measures, it may include underweighting business growth or even initiating an orderly exit process from the customer when their progress does not contribute to achieving emission reduction targets. Alignment Governance Model In order to monitor the sector alignment targets for 2030 and assess their compliance, BBVA created the Sustainability Alignment Steering Group (SASG) in 2022. It is led by the Global Head of Sustainability & Corporate Investment Banking and its permanent members are the global heads of Global Risk Management, Commercial Client Solutions, Strategy & M&A, Regulation & Internal Control and Finance. The functions of the SASG are as follows: – Analyzing and discussing the 2030 alignment objectives, which are presented by the Global Head of Sustainability & Corporate Investment Banking for approval by the Executive Committee and the Board of Directors of BBVA. – Evaluating the degree of compliance with the alignment objectives and the evolution of the decarbonization strategy of the portfolio of loans. – Analyzing and discussing the proposals for sector alignment plans and their updates, which are submitted to the SASG by the business units, with the support of the technical teams of the participating areas. – Promoting the creation and deployment of the tools, methodologies and metrics necessary for the operationalization of sector alignment plans in the management processes already existing at the business units. – Analyzing and understanding best industry practices and promoting the integration of sustainability criteria in the day-to- day running of the business. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 67 In 2024, the Group has strengthened its governance model of the decarbonization strategy with the sector model for wholesale clients. This structure allows BBVA to strengthen its position with wholesale customers through a relationship model that incorporates specialists with expertise in each key sector. This allows BBVA to provide more effective support, enhance strategic dialogue, and address customers' core business needs more efficiently. BBVA has global sector managers in the priority sectors for the decarbonization of the loan portfolio: energy; industry and transport; infrastructure and construction. These sector leaders are responsible for steering the business strategy for each sector, carrying out the actions defined in the sector alignment plans and implementing a customer support plan to assist them in their transition to a low- carbon economy. Additionally, BBVA completes its sector coverage with managers for the consumer, retail and health sectors; technology, media and communications; financial institutions and financial sponsors. In addition, since 2023, there has been a long-term incentive scheme linked, among others, to the degree of compliance with the decarbonization objectives in the Oil & Gas, Power generation, Auto, Steel, Cement and Coal sectors. For more information on the calculation of variable remuneration, see the “Competitive remuneration” section in the “Own workforce” chapter. BBVA is following NZBA guidelines and recommendations to make progress in defining decarbonization targets and achieving net zero emissions by 2050. The Group will continue to work on evaluating new sector plans and expanding the scope of existing plans as the industry progresses in defining methodologies and data availability. Actions with the industry During 2024, BBVA strengthened its active involvement in various working groups for the development and improvement of measurement standards and methodologies: – Integration into sectoral working groups with the aim of advancing the development of strategies towards net-zero emissions in sectors where decarbonization may present greater challenges, such as the cement sector. – Participation in the Center for Climate Aligned Finance (CCAF) of the Rocky Mountain Institute (RMI) for the development of sectoral methodologies and to make further improvements to the Paris Agreement Capital Transition Assessment (PACTA) standard. In 2024, BBVA and the RMI signed a strategic collaboration agreement thanks to which BBVA became part of a group of financial institutions, non-governmental organizations and corporations belonging to key sectors for the decarbonization of the economy. The leadership of this group is crucial to promote sustainable finance initiatives, harmonize alignment efforts, accelerate the deployment of climate-aligned policies, make investments in climate transition, and implement best practices. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 68 Loan portfolio decarbonization progress Below is the evolution of BBVA decarbonization strategy for all those sectors for which BBVA has set an interim emissions reduction target for 2030. For the aluminum, commercial and residential real estate sector, BBVA will publish the progress of the sectoral transition plans within a period of 12 months from the date of publication of the objectives. Oil & Gas BBVA has set a target to reduce absolute carbon emissions by 30% in the upstream Oil & Gas sector (which includes exploration, drilling, extraction and production activities) between 2021 and 2030, measured in millions of tons of CO2e (Scopes 1, 2 and 3). (1) Alignment metric as of December 2024. For the Oil & Gas sector, the portfolio alignment metric is an absolute emissions metric with a 2021 baseline and the target reduction is only associated with the drawn amounts. (2) The fulfillment of these objectives is not expected as a linear process in the short term. To achieve these in the long term, it may be necessary to assume some deterioration in the alignment metric in the short term, through possible increases in financing with customers with a higher starting point in terms of CO2 emissions, but that are carrying out actions to decarbonize. (3) Change in the upstream loan portfolio in millions of euros between 2021 and 2024 considering drawn and undrawn financing (such as loans, unused revolving credit facilities, guarantees, ECA lines, among others). (4) Percentage calculated in terms of the volume of loans in the portfolio, which includes both drawn and undrawn financing (such as loans, unused revolving credit facilities, guarantees, ECA lines, among others). Data as of December 2024. Customers actively managing their transition are considered to be those classified as "Advanced", "Robust" or "Moderate" according to internal transition assessment tools such as the Transition Risk Indicator (TRi), considering their medium-term emissions reduction targets and levers for managing such emissions and their committed investments to execute their transition plan. To calculate the emissions of this sector, BBVA has developed its own methodology, based on the PCAF methodology. The calculation has been carried out on the upstream business of the companies in the sector, accounting for the scope 1, 2 and 3 emissions of the equivalent barrels produced by the companies. To attribute these emissions, the PCAF methodology has been used (weight of the financing provided on the overall debt and capital profile of the different business groups). The emissions data has been obtained from the Asset Impact database (the same as the one used for the PACTA methodology) and, when necessary due to lack of information, an approximate calculation has been made (score 5 PCAF) using economic emission factors. Performance in 2024 The absolute emissions financed in the upstream Oil & Gas sector have been 10.5 Mt CO2e as of December 2024, having been reduced by 25% compared to the base year 2021 and by 1% compared to 2023. This significant reduction has been a consequence of the proactive management of the portfolio, which has reduced the drawn financing by 28% compared to the base year 2021 and 8% compared to 2023, and a prioritization of customers who are actively managing their transition to support them in their objectives. Actions with customers – Support for customers who are actively managing their transition, which currently represent 66% of the total upstream loan portfolio vs. 61% at the end of 2023. – Collaboration with customers to advise them on the design and development of solid plans and establish clear emissions reduction targets. – Support customers in their transition towards other forms of low-carbon energy generation by financing the necessary investments that facilitate their diversification and decarbonization, such as renewable energy generation and biofuel production. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 69 Power generation BBVA has set a target of reducing its carbon emissions intensity by 52% in the Power generation sector between 2020 and 2030, measured in kilograms of CO2e/MWh (scope 1 and 2). (1) Alignment metrics as of December 2024. (2) The achievement of these objectives is not expected to be a linear process in the short term. It is possible that, in order to achieve them in the long term, it may be necessary to assume some deterioration in the alignment metric in the short term, through possible increases in financing with customers with a higher starting point in terms of CO2 emissions, but who are taking actions to decarbonize. (3) Historical data have been updated due to improved information sources. (4) Change in the financing portfolio in millions of euros between 2020 and 2024 considering drawn and undrawn financing (such as loans, unused revolving credit lines, guarantees, ECA lines, among others). (5) Percentage calculated in terms of the volume of loans in the portfolio, which includes both drawn and undrawn financing (such as loans, unused revolving credit lines, guarantees, ECA lines, among others). Data as of December 2024. Customers are classified as “Advanced”, “Robust” or “Moderate” according to internal transition assessment tools such as the Transition Risk Indicator (TRi). The following aspects are taken into consideration : their medium-term emission reduction targets, the levers for managing these emissions and their committed investments to execute their transition plan, are considered to be actively managing their transition. The portfolio alignment metric for the Power generation sector follows the PACTA methodology. It is calculated by taking the weighted average of the emissions intensity of each customer by its weight in the portfolio. The weight of each customer in the portfolio corresponds to its granted financing weighted by its associated electricity generated percentage based on its activity. Performance in 2024 The carbon emissions intensity of the Power generation portfolio was 139 Kg CO2/MWh as of December 2024, 17% lower than the 2023 and 37% lower than the base year 2020. Additionally, this figure is 67% lower than the market average, according to information sources from data provider Asset Impact. This evolution shows the strength of BBVA's loan portfolio, which has grown 17% compared to the previous year and 31% compared to the base year 2020, with strong support for clean energy, which is a relevant axis of the strategy. The reduction in emissions intensity in 2024 has been the result of a 75% growth in renewable energy projects compared to 2023, reaching 4,828 million euros by the end of 2024. All of this, together with the improvement of customer intensities and proactive portfolio management fostering growth with customers actively managing their transition, lead to better performance of the sector's financing portfolio. Actions with customers – Support to customers investing in renewable energies. – Active engagement with customers who require advice in the definition and implementation of energy transition strategies. – Focus on growth with customers that are actively managing their transition, investing in less intensive technologies and have an outstanding strategy and performance. These customers currently represent 86% of the total amount of the loan portfolio related to Power generation which remains unchanged compared to the previous year. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 70 Auto BBVA has set a target of reducing its carbon emissions intensity by 46% in the automotive sector between 2020 and 2030, measured in grams of CO2/v-km (scope 3). (1) Alignment metrics as of December 2024. (2) The achievement of these objectives is not expected to be a linear process in the short term. It is possible that, in order to achieve them in the long term, it may be necessary to assume some deterioration in the alignment metric in the short term, through possible increases in financing with customers with a higher starting point in terms of CO2 emissions, but who are taking actions to decarbonize. (3) Historical data has been updated due to improved information sources. (4) Change in financing portfolio in million euros between 2020 and 2024 considering drawn and undrawn financing (such as loans, undrawn revolving credit lines, guarantees, ECA lines, among others). (5) Percentage calculated in terms of the volume of loans in portfolio, which includes both drawn and undrawn financing (such as loans, unused revolving credit lines, guarantees, ECA lines, among others). Data as of December 2024. Customers classified as “Advanced”, “Robust” or “Moderate” according to internal transition assessment tools such as the Transition Risk Indicator (TRi), considering their medium-term emission reduction targets and levers for managing these emissions and their committed investments to execute their transition plan, are considered to be actively managing their transition. The portfolio alignment metric for the automotive sector follows the PACTA methodology. This methodology is based on the identification of the Group's financing related to automotive manufacturing by customers. In the case of the automotive sector, the metric analyses automotive manufacturers by measuring the emissions per km of the vehicles they produce. Performance in 2024 The carbon emissions intensity of the automobile manufacturer portfolio is 165g CO2/v-km as of December 2024 which continues to reduce the existing gap with the sector's average intensity. The improvements mean a 19% decrease compared to 2020 and a 4% decrease compared to 2023. The variations are mainly attributed to the incorporation of new customers with lower intensity than the average of the portfolio and well below the market average, as well as the portfolio's customers progress in their transition with a progressive increase in the penetration of electric and plug-in hybrid-electric vehicles in the different markets, despite the slowdown in the sales rate that the sector has experienced in 2024. Actions with customers – Financing of new customers with pure electric production lines as they position themselves in the market, particularly in the context of their geographic expansion strategies. – Boost in battery manufacturing and the development of charging infrastructure powered by renewable energy sources, which are key levers for the decarbonization of the sector. – Customers who actively manage their transition currently represent 100% of the total amount of the loan portfolio related to automotive manufacturing. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 71 Steel BBVA has set a target of reducing its carbon emissions intensity by 23% in the steel sector between 2020 and 2030, measured in kilograms of CO2e/ton of steel (Scope 1 and 2). (1) Alignment metrics as of December 2024. (2) Meeting these objectives is not expected to be a linear process in the short term. It is possible that, in order to achieve them in the long term, it will be necessary to assume some deterioration in the alignment metrics in the short term, through possible increases in financing with customers with a higher starting point in terms of CO2 emissions, but who are taking actions to decarbonize. (3) Historical data have been updated due to improvements in information sources. (4) Change in the financing portfolio in millions of euros between 2020 and 2024 considering drawn and undrawn financing (such as loans, unused revolving credit lines, guarantees, ECA lines, among others). (5) Percentage calculated in terms of the volume of loans in portfolio, which includes both drawn and undrawn financing (such as loans, unused revolving credit lines, guarantees, ECA lines, among others). Data as of December 2024. Customers classified as “Advanced”, “Robust” or “Moderate” according to internal transition assessment tools such as the Transition Risk Indicator (TRi), considering their medium-term emission reduction targets and levers for managing these emissions and their committed investments to execute their transition plan, are considered to be actively managing their transition. The portfolio alignment metric for the steel sector follows the PACTA methodology. This methodology is based on the identification of the Group's financing related to customers in steel manufacturing. In the case of the steel sector, the metric analyzes steelmakers by measuring emissions per ton of steel produced. Performance in 2024 The carbon intensity of the steelmaker portfolio was 1,146 kg CO2e/ton of steel as of December 2024. The intensity of the steel customer portfolio has consistently outperformed the market as a whole over the last two years due to the overweight of customers with electric arc furnace (EAF) production, which is much less intensive than blast furnaces. The curve is at a level of CO2e emissions 10% lower than in the base year 2020 and 3% lower than in 2023. This reduction in intensity is based on better performance in customer intensity and increasing business with customers who are adopting more efficient manufacturing processes in terms of CO2e emissions. Actions with customers – Financing of new customers investing in Electric Arc Furnace (EAF) and Hydrogen-based direct reduced iron (H2-DRI) production models, as well as a higher proportion of recycled materials. – Active engagement with customers who require advice in the definition and implementation of energy transition strategies. – Focus on growth with customers actively managing their transition, who invest in less intensive technologies and currently represent 78% of the total amount of the steelmaking-related financing portfolio, compared to 76% at the end of the previous year. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 72 Cement BBVA has set a target of reducing its carbon emissions intensity by 17% in the cement sector between 2020 and 2030, measured in kilograms of CO2e/ton of cement (scope 1 and 2). (1) Alignment metrics as of December 2024. (2) The achievement of these objectives is not expected to be a linear process in the short term. It is possible that, in order to achieve them in the long term, it will be necessary to assume some deterioration in the alignment metric in the short term, through possible increases in financing with customers with a higher starting point in terms of CO2 emissions, but who are carrying out actions to decarbonize. (3) Historical data have been updated due to improved information sources. (4) Change in funding portfolio in millions of euros between 2020 and 2024 considering drawn and undrawn funding (such as loans, undrawn revolving credit lines, guarantees, ECA lines, among others). (5) Percentage calculated in terms of the volume of loans in the portfolio, which includes both drawn and undrawn financing (such as loans, undrawn revolving credit lines, guarantees, ECA lines, etc.). Data as of December 2024. Customers classified as “Advanced”, “Robust” or “Moderate” according to internal transition assessment tools such as the Transition Risk Indicator (TRi), considering their medium-term emission reduction targets and levers for managing these emissions and their committed investments to execute their transition plan, are considered to be actively managing their transition. The portfolio alignment metric for the cement sector follows the PACTA methodology. This methodology is based on the identification of the Group's financing related to customers in cement manufacturing. In the case of the cement sector, the metric analyses cement manufacturers, disregarding their derivatives and measuring emissions per ton of cement produced. Performance in 2024 The carbon emissions intensity of the cement manufacturers' portfolio was 731 kg CO2e per ton of cement as of December 2024, representing a 4% increase compared to the 2020 baseline and a 2.5% increase compared to the 2023 intensity. Methodological improvements were implemented with the incorporation of new customer emissions databases to calculate the final data provided by the data provider, Asset Impact. It has affected customer intensity, leading to a general increase in portfolio intensity as well as an increase in the average sector intensity. BBVA has been analyzing the evolution of the cement portfolio emissions intensity data provided by the data provider and the evolution of such data reported by customers in order to reconcile both sources. The data BBVA uses to measure emissions intensity is subject to continuous improvement. Also there is an ongoing development of new calculation methodologies that provide greater rigor to the measurement process. As a result, BBVA does not rule out recalculating the 2020 baseline and the data reported in subsequent years to incorporate these improvements into the reported metric. The emissions intensity reduction target for the 2020–2030 period would remain unchanged in this context. Despite the increase in emissions intensity, portfolio management between 2020 and 2024 reflected a 14% growth as a result of growth with customers in the sector actively managing their transition. Actions with customers – Selective business strategy depending on the progress of customers that allow us to continue advancing in the transition of customers and supporting the financing of those who invest in new technologies, such as carbon capture and storage (CCS), among others. – Active engagement with customers who require advice in the definition and implementation of energy transition strategies. – Focus on growth with customers actively managing their transition, which now represent 85% of the total amount of the cement manufacturing-related financing portfolio compared to 83% at the end of the previous year. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 73 Thermal coal In 2021, BBVA announced its objective to eliminate its exposure to customers with thermal coal mining activity, or thermal coal-fired power generation, by 2030 in developed countries and by 2040 globally (under the terms defined in the Environmental and Social Framework). (1) Change in the financing portfolio in millions of euros between 2022 and 2024 considering drawn and undrawn financing (such as loans, undrawn revolving credit lines, guarantees, ECA lines, among others). (2) Percentage calculated in terms of the volume of loans in portfolio, which includes both drawn and undrawn financing (such as loans, undrawn revolving credit lines, guarantees, ECA lines, among others) corresponding to customers who are expected to manage their transition in time to meet the thermal coal phase-out target. Data as of December 2024. Customers classified as “Advanced”, “Robust” or “Moderate” according to internal transition assessment tools such as the Transition Risk Indicator (TRi), considering their medium-term emission reduction targets and levers for managing these emissions and their committed investments to execute their transition plan, are considered as customers actively managing their transition. As established in the BBVA Environmental and Social Framework, thermal coal customers are defined as those customers that belong to a business group with 5% or more of their group-level revenues coming from mining (exploration and exploitation) of thermal coal, or a customer belonging to a business group whose main activity is the generation of electricity and which has 5% or more of thermal coal electricity generation installed capacity. Performance in 2024 The total amount of the financing portfolio weighted by revenues from thermal coal mining or installed capacity for thermal coal-fired power generation with coal customers (as defined in the terms of the Environmental and Social Framework) amounts to 1,578 million euros as of December 2024. The thermal coal portfolio has experienced an 8% reduction compared to 2022. This evolution is due to a lower exposure of existing customers to thermal coal-related activities and a progressive exit of those existing customers who are not reducing their thermal coal-related activity (as customer financing matures). The total amount of the financing portfolio with coal customers that have limited expectations of transitioning in time to meet BBVA's coal phase out target at the same date amounts to 152 million euros. Between 2022 and 2024, BBVA has reduced its exposure to these customers by 63% and by 32% in the last year. Actions with customers – Focus on financing sustainable projects to support the transition of the sector. – Active engagement with customers who require advice in the definition and execution of energy transition strategies and continuous monitoring of exposure with customers who do not have a public commitment to reduce their thermal coal operations in line with BBVA's phase-out target in 2030 and 2040 in developing countries. – Customers expected to manage their transition in time to meet the thermal coal phase-out target represent 90% of the financing portfolio. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 74 Aviation BBVA has set a target to reduce its carbon intensity by 18% in the aviation sector between 2022 and 2030, measured in grams of CO2/PKM (passenger per kilometer) (Scope 1). (1) Alignment metric as of December 2024. PKM (passenger per kilometer) measures the emissions intensity per passenger per kilometer traveled. It is determined by multiplying the number of passengers (total seats per load factor) by kilometers traveled. The gCO2/ PKM metric of the BBVA portfolio is adjusted annually by the belly freight factor. Excluding this factor, the emissions intensity figure in the base year 2022 is 103gCO2/PKM and the emissions intensity target for 2030 is 85gCO2/PKM. In 2023 it was 106gCO2/ PKM, according to Pillar 3 disclosure as of December 31, 2023. In 2024 it is 104.02 gCO2/PKM, according to Pillar 3 disclosure as of December 31, 2024. (2) Meeting these targets is not envisaged as a linear process in the short term. It is possible that, in order to achieve them in the long term, it may be necessary to assume some deterioration in the alignment metrics in the short term, through possible increases in financing with customers with a higher starting point in terms of CO2 emissions, but who are undertaking actions to decarbonize. (3) Historical data has been updated due to improved information sources. (4) Change in financing portfolio in million euros between 2022 and 2024 considering drawn and undrawn financing (such as loans, undrawn revolving credit lines, guarantees, ECA lines. (5) Percentage calculated in terms of the volume of loans in portfolio, which includes both drawn and undrawn funding (such as loans, undrawn revolving credit lines, guarantees, ECA lines, among others). Data as of December 2024. Customers classified as “Advanced”, “Robust” or “Moderate” according to internal transition assessment tools such as the Transition Risk Indicator (TRi), considering their medium-term emission reduction targets and levers for managing these emissions and their committed investments to execute their transition plan, are considered to be actively managing their transition. The portfolio alignment metric for the aviation sector follows the PACTA methodology. This methodology is based on the identification of the Group's financing related to airlines. In the case of the aviation sector, the metric analyses airlines by measuring emissions per passenger kilometer of flights operated. Performance in 2024 The carbon intensity of the aviation portfolio was 90g CO2/PKM as of December 2024 and remains below the average intensity for the sector. The portfolio's CO2 emissions intensity level remains practically unchanged from the 2022 base year and 2023. BBVA is aware that the decarbonization of the aviation sector is closely linked to the industry-wide transition to sustainable aviation fuels (SAF). Variations in the financing portfolio are the result of portfolio mix management, overweighting business with those customers investing in fleet renewal by incorporating more efficient, state-of-the-art aircraft and making progress towards their emission reduction commitments. BBVA is constantly assessing the progress of new methodologies for sectoral alignment. In this context, BBVA is evaluating the approach for measuring emissions associated with the aviation portfolio proposed in the Pegasus Guidelines developed by RMI's Center for Climate Aligned Finance and published in 2024. Actions with customers – Support for the financing of investments for the renovation of aircraft that significantly improve fuel efficiency. – Active engagement with customers who require advice in the definition and implementation of energy transition strategies. – Focus on growth with customers actively managing their transition, currently representing 90% of the total amount of the airline-related financing portfolio compared to 87% at the end of the previous year. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 75 Shipping In June 2023, the International Maritime Organization (hereafter IMO) published an update of its strategy to reduce emissions from ships. This new strategy envisages an increased ambition to achieve net zero emissions by 2050 and sets indicative 2030 checkpoints to achieve an emissions reduction of at least 20% by 2030, and striving to reach 30%. As a consequence of the review of the minimum and striving trajectories published by IMO, BBVA has updated the shipping sector alignment metric for the 2022 fiscal year and reported in 2023. The alignment metrics resulting from this update stand at +17.4% and +21.7% respectively, indicating an intensity above that required by the IMO's new decarbonization trajectory. BBVA's 2030 target of aligning to the IMO trajectory remains unchanged. In other words, to achieve a percentage deviation (delta) of 0% or less with respect to this decarbonization path in 2030. (1) Alignment metric for fiscal year 2023.The portfolio alignment metric for the shipping sector is compatible with the IMO standard. To calculate the alignment, BBVA has calculated the percentage difference between the intensity of each vessel financed and the decarbonization trajectory set by the IMO in 2023 for that particular vessel type and for the year indicated. The 2023 IMO decarbonization trajectory of 2023 contemplates two levels of ambition: – “Minimum” according to the ambition to reduce total annual GHG emissions from international shipping by at least 20 % by 2030. – “Striving” according to the ambition to reduce total annual GHG emissions from international shipping by striving to reach 30% by 2030. The portfolio alignment metric for the shipping sector is expressed as (+/-): – A score of 0% represents a portfolio that is exactly in line with the decarbonization trajectory. – A negative score indicates that the portfolio intensity is lower than required by the decarbonization trajectory. – A positive score indicates that the portfolio intensity is higher than required by the decarbonization trajectory. Performance in 2024 The alignment metrics with respect to the IMO Strategy minimum trajectory for the year 2023 are -7.49% and -2.99% for the striving trajectory. The data shows positive evolution compared to last year due to the modernization of several vessels in the portfolio achieving better fuel efficiency ratios and increased use of low carbon fuels. Additionally, the new sector coverage model has allowed to incorporate to the portfolio the financing of new vessels with Energy Efficiency Index aligned with the IMO trajectory. Actions with customers – Supporting the financing of new customers investing in vessels with decarbonization trajectories lower than those established by the IMO. – Active engagement with customers who require advice in the definition and implementation of energy transition strategies. aimed at making their fleet more efficient. – Focus on growth with customers actively managing their transition, investing in the modernization and renewal of more efficient vessels. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 76 Commercial real estate BBVA has set a target to reduce its carbon intensity by 44% in the commercial real estate sector in Spain between 2023 and 2030, measured in kilograms of CO2e/m2/year (Scope 1 and 2). (1) Alignment metrics as of December 2023. Sector average intensity data not available. The geographic perimeter of the intermediate 2030 emissions reduction target for the real estate sector is Spain. (2) Compliance with these targets is not expected to be a linear process in the short term. It is possible that, in order to achieve them in the long term, it will be necessary to assume a certain deterioration in the alignment metric in the short term, through possible increases in financing with customers with a higher starting point in terms of CO2 emissions, but who are taking actions to decarbonize. The portfolio alignment metric for the commercial real estate sector follows the CRREM (Carbon Risk Real Estate Monitor) methodology, which defines a metric in terms of emissions intensity (kg CO2e per square meter per year). CO2e emissions are largely influenced by the energy mix of the country where the property is located. This information on energy efficiency is available in energy performance certificates. However, there is currently limited availability of certificates and lack of homogeneity between countries, which leads to the use of PCAF estimates for each building typology. Taking the above into account, the scope of the target set is Spain, and it will be developed for other geographies as the industry progresses in the definition of consensus methodologies and data becomes available. BBVA continues to make progress in evolving the information systems it has available to capture energy performance certificates (EPC) for its real estate portfolio. For the definition of the 2030 target, the scenario of the National Integrated Energy and Climate Plan (hereinafter, PNIEC) has been taken as a reference, as a roadmap that defines the national targets for emissions reduction, renewable energy penetration and energy efficiency. This scenario is the one on which BBVA bases its hypotheses and its fulfillment will be key to achieving the targets set in the PNIEC. Achieving BBVA's objectives requires a coordinated effort, with the participation of multiple stakeholders and where climate policies and appropriate public incentives will be particularly relevant for the decarbonization of the commercial real estate sector. Actions with customers – Accompanying customers in moving towards the acquisition and management of more efficient properties. – Advise customers on their real estate renovation needs with an impact on energy efficiency and emission reductions. – Monitor the origination of activity by offering financing alternatives for renovations at the time of property acquisition when possible. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 77 Residential real estate In 2024, BBVA has set a target to reduce its carbon emissions intensity by 30% in the Spanish residential real estate sector between 2023 and 2030, measured in kilograms of CO2e/m2/year (Scope 1 and 2). (1) Alignment metrics as of December 2023. Sector average intensity data not available. The geographic perimeter of the intermediate 2030 emissions reduction target for the real estate sector is Spain. (2) Compliance with these targets is not expected to be a linear process in the short term. It is possible that, in order to achieve them in the long term, it will be necessary to assume a certain deterioration in the alignment metric in the short term, through possible increases in financing with customers with a higher starting point in terms of CO2 emissions, but who are taking actions to decarbonize. The portfolio alignment metric for the residential real estate sector follows the Carbon Risk Real Estate Monitor (CRREM) methodology, which defines a metric in terms of emissions intensity (kg CO2e per square meter per year). In the real estate sector, energy efficiency (kWh/m2) is commonly used to indicate the energy consumption of a building. CO2e emissions are largely influenced by the energy mix of the country where the property is located. This information on energy efficiency is available in energy performance certificates. However, there is currently limited availability of certificates and a lack of homogeneity between countries, which leads to the use of PCAF estimates for each building typology. Taking into account the above, the scope of the target set is Spain. BBVA will continue to work in the other geographies as the industry progresses in the definition of consensus methodologies and data availability. BBVA continues to make progress in evolving the information systems it has available in order to be able to capture energy performance certificates (EPC) for its real estate portfolio. For the definition of the 2030 target, the scenario of the National Integrated Energy and Climate Plan (hereinafter, PNIEC) has been taken as a reference, as a roadmap that defines the national targets for emissions reduction, renewable energy penetration and energy efficiency. This scenario is the one on which BBVA bases its hypotheses and its fulfillment will be key to achieving the targets set in the PNIEC. The achievement of BBVA's objectives requires a coordinated effort, with the participation of multiple stakeholders and where climate policies and appropriate public incentives will be particularly relevant for the decarbonization of the residential real estate sector. Actions with customers – Accompanying and advising customers, offering various solutions that promote the improvement of the energy efficiency of their properties and maximize savings opportunities whenever possible. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 78 Aluminum BBVA has set the goal of aligning with the decarbonization path determined by the International Aluminum Institute (IAI) and the Mission Possible Partnership's Aluminum Transition Strategy (MPP) by 2030. In other words, to achieve a percentage deviation (delta) of 0% or less with respect to this decarbonization path in 2030. (1) A negative score or 0 indicates that the portfolio intensity is aligned. A positive score indicates that the portfolio intensity is greater than required by the decarbonization trajectory. For aluminum, the alignment metric of 2023 is calculated based on the 2022 annual trajectory. (2) The sector decarbonization trajectory for primary aluminum production, according to the IAI (International Aluminium Institute) and MPP's Aluminium Transition Strategy (Mission Possible Partnership) scenario, is included for illustrative purposes. It does not represent the intensity trajectory of BBVA's primary aluminum production portfolio. The financing portfolio alignment metric in this sector has been calculated using the Sustainable Aluminum Finance Framework methodology developed by Rocky Mountain Institute (RMI). It is currently the only standardized methodology available for the sector and provides banks with the tools they need to measure, compare and disclose the climate alignment of their lending portfolios to this sector. This methodology benchmarks the International Aluminium Institute's (IAI) Net Zero scenario and Mission Possible Partnership 1.5°C Roadmaps (MPP), which are science-based benchmarks recognized by the industry. The aluminum sector concentrates most of its emissions in the primary manufacturing process (which includes mining, refining and smelting activities) and measuring emissions per ton of aluminum manufactured. BBVA’s alignment metric is -1.4% indicating that the intensity of BBVA's portfolio is lower than required by the decarbonization trajectory. Actions with customers – Supporting the financing of new customers who are defining ambitious plans, many of them based on new clean technologies (cleantech), for zero-emission aluminum production by 2050. – Active engagement with customers in moving towards greater use of renewable energy (mainly solar or hydroelectric) to meet their energy needs. – Focus on growth with customers actively managing their transition, currently representing 100% of the total portfolio amount. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 79 2.1.2 Management of risks associated with climate change The management of climate and environmental risk factors is key to implement BBVA's strategy, which is based on managing risks appropriately, supporting the transition to a low-carbon economy, and meeting the ambition of achieving net-zero carbon emissions by 2050. The potential impacts of climate and environmental (C&E) risks, as well as social and governance risks, are assessed in the risk management cycle as follows: Identification and evaluation of climate risks In order to carry out the process of identifying the risks and opportunities associated with climate change and other environmental aspects, BBVA has identified the sectors with the highest transition risk and/or the highest physical risk. To do so, BBVA has been developing its internal taxonomies of climate and environmental risks in recent years, understood as common definitions of the risk drivers and their transmission channels with potential impacts on traditional prudential risks: This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 80 BBVA has a risk taxonomy that forms part of its risk management framework. The taxonomy is an inventory of all the risks to which BBVA is exposed, or may be exposed, as a result of the development of its business activity and strategy and, therefore, is adapted to BBVA's risk profile. The taxonomy allows risks to be categorized into different levels. First, there is a general level or ‘tier 1 risks’, which corresponds to the most aggregated categories of financial and non-financial risks. The ‘tier 2 risks’ represent a lower, or more granular level, which corresponds to the risk drivers that are part of the ‘tier 1 risks’. This second level of risks includes climate and environmental, social and governance risks as a source of risk. CLIMATE AND ENVIRONMENTAL RISKS (BBVA GROUP. 2024) Climate Environmental Risk drivers Transition Physical Transition and physicals Credit The transition to a low-carbon emissions economy may involve significant costs and investments, putting the revenues of some customers in certain sectors at risk. This could potentially increase their PD and affect the value of collateral. Risk metrics may be affected for exposures in sectors or geographic areas more exposed to extreme weather events or changes in weather patterns. The need for adaptation due to the loss of ecosystem services capacity can potentially entail additional costs or significant investments in certain sectors to maintain their operation. Real estate Properties with lower energy efficiency may experience their value affected, impacting the value of our collateral. Due to their location in certain geographic areas, properties may be exposed to extreme weather events that influence the market’s perception of their value, potentially diminishing the value of BBVA’s real estate collateral - Market Transition risks can generate negative impacts on the value of financial assets and an increase in their volatility. Extreme weather events can affect asset value expectations resulting in sudden depreciations or increased volatility in the value of financial assets. Perceptions of inadequate environmental practices by some sectors or industries can lead to volatility in asset values. Liquidity Transition risks may directly or indirectly affect expected cash flows or reduce the liquidity of certain assets, affecting the bank's liquidity position. Physical risks can directly affect a financial institution's cash outflows or indirectly through customers' need for liquidity following extreme weather events. - Business and strategy Transition, physical and natural capital risks may impact the strategy and business plan indirectly due to the business position with certain economic sectors whose business model may be more affected by the transition to a low-carbon economy, by physical changes in the climate or by risks of loss of ecosystem services capacity; Operational The evolution of the customers' perception of the relationships maintained or the financing provided to certain customers and industries can generate legal risks. Extreme weather events can cause disruptions and interruptions to own operations or damage to own assets. The evolution of the customers' perception of the relationships maintained or the financing provided to certain customers and industries can generate legal risks. Reputational Potential negative perception of stakeholders when their expectations of our climate and environmental management are not met. Climate transition risk Transition risks are those associated with the adjustment process towards a low-carbon economy in response to climate change, and which arise from regulatory, market and consumer behavioral changes necessary to meet global climate targets. The sectors identified with the greatest climate risk have a considerable transformation and adaptation challenge that will require, and is already requiring, large investments. They are also the sectors that will demand the greatest understanding and monitoring of risks. BBVA has an internal sector classification of transition risk whose main objective is to identify the vulnerability of sectors to transition risk and to rank them based on this aspect. In this way, the sectors are categorized as very high, high, moderate or low vulnerability. The most sensitive activities to transition risk, known as HTR (High Transition Risk) sectors, are those that generate energy or fossil fuels (Oil & Gas, Power generation, Coal mining); emissions-intensive basic industries (steel, Cement), and end-user activities of energy that generate emissions through their products or services (Autos, Aviation and Shipping). 39 Measured by EAD (Exposure At Default). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 81 In 2024, this categorization was updated to reflect changes in climate change mitigation regulations, as well as technological and market changes that have occurred. As a result of this exercise, with data as of December 31, 2024, 11.7% of the exposure 39 of the wholesale portfolio (equivalent to 5.9% of the Group's portfolio) has been identified as corresponding to sectors that are defined as HTR, with a high or very high level of exposure to this risk. This calculation was made on a portfolio of 253,795 million euros (out of the Group's total 500,636 million euros), corresponding to the wholesale loan portfolio. The following graph shows the percentage of exposure of each of the sectors considered HTR over the total of the wholesale portfolio: * Includes Aviation and Shipping. With respect to the portfolio of small businesses with high or very high transition risk, the associated exposure is limited, amounting to around 2.10% of the total small businesses and not very representative of the entire Group. Climate physical risk Physical risks stem from climate change and can manifest both in the heightened frequency and severity of extreme weather events and in long-term alterations to climate patterns. These types of events can lead to physical damage to company assets, disruptions in the supply chain or increased costs necessary to address them. During 2024, BBVA has developed an internal physical risk taxonomy whose main objective is to identify the economic activities most exposed to physical climate risks and the most relevant natural hazards in the main geographies where BBVA has a presence, as well as explaining the transmission channels of physical risks to prudential financial risks. In this way, it is identified that the most relevant natural hazards in the geographies where BBVA operates are tropical cyclone, heat wave, forest fire, river and coastal flooding and drought. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 82 Risk assessment As part of the General Risk Management and Control Model, the Group periodically conducts processes to identify and assess risks. These processes enable the detection of material risks that may adversely affect BBVA’s risk profile and facilitate proactive, anticipatory management. Through this self-assessment, various climate change–related risk factors are analyzed to determine their impact on core risk categories such as credit, market, and liquidity. As a result, every type of risk faced by BBVA is addressed, including those that are difficult to quantify. Since 2022, the General Risk Management and Control Model explicitly incorporates sustainability as a central element of BBVA’s strategy. The Global Risk Assessment is a forward-looking exercise updated at least twice a year, allowing for a comparison across risk categories, business activities and time periods. This approach clarifies BBVA's position and trajectory while identifying material risks that demand capital coverage. Since 2020, the Group conducted a climate assessment, primarily qualitative, to determine BBVA's vulnerability to transition and physical risk. In 2024, progress continued toward a quantitative approach to developing the Climate Risk Assessment, defining a series of metrics that have allowed for an objective assessment of risk levels in both transition risk and physical risk. In the case of physical risk, the Group has assessed potential impacts for each of the hazards analyzed, as well as other environmental risks, specifically analyzing water stress scenarios. In the case of credit risk, these assessments are based on NGFS transition risk scenarios (“Net Zero, Delayed Transition” and “Current Policies”) and physical risk (SSP2-4.5 and SSP3-7.0). Additionally, progress has been made in estimating the impact of both transition risk and physical risk on BBVA’s strategy and business model. The results are submitted to the highest executive risk committee (GRMC) as well as to the corporate bodies, as this management is integrated into key corporate processes such as the Risk Appetite Framework and the Internal Capital Self- Assessment (ICAAP). The climate change risk assessment process runs in parallel with the Group's overall risk assessment, but with a broader time frame. The analysis is carried out for a short-term (3 years), medium-term (3-5 years) and long-term (more than 5 years) horizon, which enables a comprehensive consideration of the expected impacts as well as an alignment with the EBA's requirements. In the assessment of climate change risks, as with the assessment of other risks, the two perspectives of the global assessment are included: 1. Identification of risk events: both, transition risk and physical risk are considered as part of the process of identifying risk events that could have a significant impact on the Group. The following matrix of risk events identified in 2024 provides a graphical depiction of their estimated impact on the Group and their assigned probability. . RISKS WITH SHORT-TERM MATERIALIZATION Climate change risks, including transition risk and physical risk, have been considered within the matrix of risk events that could materialize in the short term (12-18 months). On the one hand, the bursting of a green bubble and an increase in the preference for less environmentally friendly assets is considered a transition risk event of medium-low impact and probability. The probability of physical risk events in BBVA's footprint is considered low, for a medium-low impact, and the probability of a potential greenwashing event is considered higher. 2. Risk level assessment: this approach is based on an assessment of the profile of each type of risk, which is then reflected in a heat map. The risk assessment covers the most relevant geographic areas of the BBVA Group (Spain, Mexico, Turkey, Argentina, Peru and Colombia). Since 2023, a business risk analysis has been incorporated, and in 2024, impacts arising from natural capital risk were added. This exercise incorporates various factors, such as the carbon footprint of customers and the energy efficiency of real estate collateral and financed emissions. Similarly, work has been done on the preliminary inclusion of quantitative metrics for certain risk factors, especially exposures to activities sensitive to transition risk or locations exposed to physical risk. The conclusions of the risk assessment for 2024 indicate that the main risks emerge in credit portfolios in the medium and long term. In particular, the transition risk manifests itself earlier in Spain due to the faster adoption of decarbonization policies in Europe, while emerging areas present less regulatory pressure. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 83 In the long term, the primary driver of credit risk lies in the technological investments that companies must make to achieve decarbonization. Regarding the impact of physical risk on credit portfolios, the higher frequency/severity of extreme weather events and structural changes in weather patterns explains the deterioration shown in the medium-long term assessment. The impact of transition risk on liquidity risk is low due to the stability of the retail deposit base and the high asset quality of the liquid asset cushion. Market risk is also low due to the diversification of the equity portfolio and low exposure to sectors sensitive to transition risk in the fixed income portfolio. Regarding operational risk, there is a difference in perceived risk in Spain (medium-low in the short term and medium in the medium and long term) and in the rest of the geographical areas (low) in transition risk, and in the case of physical risk, low for all the geographical areas evaluated. CLIMATE CHANGE RISK ASSESSMENT 2024 Spain Other geographical areas BBVA Group CP MP LP CP MP LP CP MP LP Transition risk Credit Liquidity and financing Structural equity Credit spread Markets (trading) Insurances Operational Reputational Business TOTAL Physical risk Credit Liquidity and financing Structural equity Credit spread Market Risk (trading) Insurances Operational Reputational Business TOTAL Other environmental risks Credit TOTAL Definition of time horizons: CP: Short term; up to 3 years MP: Medium term, from 3 years to 5 years. LP: Long term, more than 5 years. Low risk Medium-low risk Medium risk Medium-high risk High risk Not applicable This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 84 Scenario analysis and stress testing Scenarios and internal stress tests Climate scenarios have been integrated into the governance of the BBVA Group's internal scenarios: 1. In the development of the baseline budget scenario, the analysis of current climate policies across the Group is incorporated, their effective importance within the overall economic policy framework, their consistency with the transition to a decarbonized economy, and with the budgetary scenario itself. Potential biases on the expected economic growth are qualitatively assessed. 2. Incorporation of transition climate risks into one of the alternative risk scenarios (HLRS) that are continuously monitored and assessed by the Scenario Working Group. The continuous monitoring of alternative risk scenarios facilitates the choice of the scenario used in the Group's ICAAP. Since 2022, various physical risk events have been assessed in the Group with the aim of considering them as input in the ICAAP. In 2022, a drought risk scenario was considered in Spain, and in 2023, among the events taken into account as an Add-on to the adverse scenario of the ICAAP, a risk scenario for the Mexican economy triggered by cyclones is considered. During 2024, work has been carried out on defining events with simultaneous occurrence in different geographies, leading to the inclusion of drought scenarios in Spain and Mexico as part of the adverse scenario in the ICAAP 2024. Additionally, the adverse macroeconomic scenario will incorporate, for the first time, an additional shock as a consequence of a transition risk scenario originating from the burst of a green asset bubble. From a methodological point of view, progress is being made along two lines of action: the first is the incorporation of a sectoral layer in the loss projection models, taking into account the different idiosyncrasies of each of the sectors in the face of climate scenarios; the second line is the development of a more granular projection, considering information at the customer level or asset locations. Regulatory and supervisory scenarios and stress tests At the beginning of 2024, BBVA participated in the Fit-for-55 One-off supervisory exercise. Its main objective was to collect data on the exposures of credit and market portfolios and the climate transition risks associated with the commitments of the Fit-for-55 package. Additionally, the request for information considers elements related to the locations of the financed assets, in order to assess the possible physical risks to which the banks' portfolio is exposed. Finally, information was also requested on the entity's revenues in various sectors, with the purpose of analyzing the dependence of financial institutions on the most polluting sectors and assessing the associated business risk. This request for information, coordinated by the EBA, serves as input to top-down projections made by the ECB. In November 2024, the EBA published a report detailing the results. The report highlights that climate transition risks, on their own, do not pose a threat to the financial stability of the European Union. However, when combined with macroeconomic shocks, they can increase the losses of financial institutions and cause disruptions. Additionally, it emphasizes the importance of proactive climate risk management and the need for close collaboration between financial institutions and regulators to ensure an orderly transition to a sustainable economy. Customer-level risk analysis Assessing transition risk and customer decarbonization plans The analysis of customers in the High Transition Risk sectors identified in the internal transition risk taxonomy is based on a score developed by BBVA called the Transition Risk Indicator (hereinafter TRi). During 2024, a cross-sectoral version of the TRi (called the Generic TRi) has been developed, which joins the existing ones for Oil & Gas, Power generation, cars, Steel, Cement and Auto parts. The objective is to have a transition risk score and an assessment of their decarbonization plans for all customers in the corporate banking segment regardless of the sector in which they operate. The TRi assesses the transition risk exposure of customers based on their activities and geographies. Furthermore, the credibility of the transition plans is assessed through: – the level of ambition of the emissions reduction targets and – the level of implementation of these plans. The latter concept is measured by the maturity of their governance structures, the specification of their climate strategy in terms of the technological levers defined to achieve the objectives and the actual evolution of greenhouse gas emissions. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 85 The TRi is a useful internal tool for the business areas in the segmentation of customers in the sectoral alignment plans for the portfolios that form part of BBVA's targets. This allows the application of the risk mitigation policies established in the Sector Frameworks. Below is the result of the transition scoring system, which is used to classify customers by their level of exposure to transition risk and maturity in their management: TRANSITION SCORE OF THE MAIN CUSTOMERS BY SECTOR1 (1) Scoring system related to the transition of the Corporate portfolio (the size of the circles represents the number of customers in each category) and its coverage. Physical risk exposure assessment Physical risk is associated with the location of assets and vulnerability based on their activity and can materialize in credit risk through different transmission channels, impacting in multiple ways such as, for example, the purchasing power of customers, small businesses productivity, market demand or the value of assets. BBVA has continued to make progress in assessing the materiality of chronic and acute risks in its various portfolios. The analysis of physical risk is based on three pillars: 40 Classified according to their economic activity code (NACE). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 86 Threat Regarding the threat, in 2024 the calculation methodology for the collateralized portfolio has evolved. This evolution is based on the use of an external tool that allows for the analysis of both acute risks (river and rain flooding, tropical cyclones, wildfires, heat and cold waves) and chronic risks (sea level rise, drought) under different climate change scenarios from the Intergovernmental Panel on Climate Change (IPCC). Based on the calculations performed and in order to integrate the management of physical risks in collateralized operations, an internal physical risk score has been developed at the collateral level. This score allows for the ranking of collaterals by their level of exposure to physical risk under different chronic and acute hazards in the SSP2-4.5 and SSP3-7.0 scenarios across different time horizons. The scenario used was SSP2-4.5 with a time horizon set for 2040. For the rest of the wholesale portfolios, the methodology has been updated to include climate change data based on the IPCC scenarios as mentioned earlier. The tool indicate the risk levels of different natural hazards (both acute and chronic as mentioned above), at global level and with varying levels of detail depending on the geographical area of the planet. These risk levels are calculated using climate change indices recognized by the World Meteorological Organization (WMO). The information used is provided by the IPCC, except for tropical cyclones, which still relies on the version based on Thinkhazard. Exposure For the exposure component, during 2023, the granularity of the analysis was increased by optimizing the relationship between the administrative levels of the Think Hazard tool and the postal codes available in the different BBVA portfolios. Subsequently, during 2024, efforts were made to match information about geographic coordinates of collateral and assets available in the databases to postal addresses. Likewise, work has been done on utilizing both open databases of productive assets from various sectors and location providers to include the locations of our customers' assets in the analysis during 2025. Vulnerability For the vulnerability component, the analysis is based on eight indicators that capture the sensitivity of economic activities to both direct and indirect physical impacts. The sensitivity of each sector to climate hazards is indirectly assessed through the analysis of its sensitivity to these vulnerability indicators. This methodology follows the best practices identified by the Taskforce on Climate-related Financial Disclosures (TCFD) and UNEP-FI. As a result, a qualitative classification of sectors is generated according to the potential impact of chronic or acute climate changes on their business model and activities. The threat and vulnerability scores are applied at the contract level based on its location to identify exposure prone to physical risk. EXPOSURE TO PHYSICAL RISK AS OF DECEMBER 31, 2024 (PERCENTAGE) (1) (1) The breakdown includes the portfolios of Spain, Mexico, Turkey, Peru, Colombia and Argentina. The Group quantifies the exposure of the loan portfolio that could be impacted by physical climate risk by sector 40, considering the monetary amount and the amount of assets with physical risk before climate change adaptation actions, as well as the breakdown of this exposure by type of physical risk (acute, chronic or both). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 87 INDICATORS OF POTENTIAL PHYSICAL RISK LINKED TO CLIMATE CHANGE: EXPOSURES SUBJECT TO PHYSICAL RISK (MILLIONS OF EUROS) Gross carrying amount a) Chronic Risk b) Acute Risk c) Chronic and acute Total subject to physical risks A - Agriculture, livestock, forestry and fishing 5,104 505 1,293 695 2,493 B - Extractive industries 4,420 335 1,059 383 1,778 C - Manufacturing industry 56,795 5,070 2,056 1,909 9,035 D - Supply of electricity, gas, steam and air conditioning 18,759 1,978 4,546 276 6,800 E- Water supply; sanitation, waste management and decontamination activities 1,272 — 12 — 12 F - Construction 11,235 26 814 28 868 G - Wholesale and retail trade; repair of motor vehicles and motorcycles 38,159 15 395 14 424 H - Transport and storage 13,069 5 74 33 112 L - Real estate activities 11,507 202 977 81 1,261 Loans secured by residential real estate 97,034 456 10,065 199 10,720 Loans secured by commercial real estate 30,553 1,234 3,252 730 5,216 Recovered collateral 820 43 39 2 84 I - Accommodation and catering activities 9,520 2,960 1,342 801 5,103 J - Information and communication 14,625 — 6 — 6 K - Financial and insurance activities 3,417 — 8 — 9 Other sectors 17,005 110 260 15 384 Regarding the analysis of the financial effects on results due to events caused by climatic hazards, the Group considers the transitional period for their disclosure established by the ESRS. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 88 Exposure by sectors to climate and environmental risks In 2024, BBVA has developed an internal taxonomy, designed to assess the exposure of the main economic activities to climate and environmental transition, physical and natural capital risks. For more information on natural capital risk, see the section “Identification and measurement of risks associated with natural capital” within the chapter “Natural Capital”. RISK LEVEL OF ECONOMIC ACTIVITIES (BBVA GROUP. 2024) Climate Natural capital Sector Subsector Transition risk Physical risk Transition and physical Transport vehicles and components Autos OEMs Autopart suppliers Other OEMs Basic Materials Mining Of which: Coal mining Steel & processed metals Of which: Iron & steel making Chemicals Of which: Agrochemicals Paper and forest products Construction and Construction materials Construction Construction materials Of which: Cement-based products and materials Energy Integrated Oil & Gas Upstream Downstream Oilfield services Basic consumption Primary exploitation Food, beverage, and tobacco production Transportation Air transportation Marine transportation Transport infrastructure operators Utilities Traditional/Multitech Electric Power Generation Low Carbon Electric Power Generation Electric Power T/D/Supply Integrated Utilities Gas T/D/Supply Others Exposure (EAD High or Very High) 12% 23% 34% Very high High Medium Low This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 89 Definition of risk appetite and planning Climate change risk management at BBVA is based on the risk planning process. This process is determined by the defined risk appetite and is specified in the management frameworks that establish its treatment in daily operations. Risk Appetite Framework (RAF) BBVA's Risk Appetite Framework (RAF), approved by the corporate bodies and applicable to all material geographic areas of the Group, determines the risk levels that BBVA is willing to assume to achieve its objectives, taking into account the organic evolution of the business. It is structured hierarchically, based on the thresholds of the core metrics and metrics by type of risk, which lead to a framework of management limits. This framework has a general statement that includes the general principles of the risk strategy and the target risk profile. This statement underlines the commitment to sustainable development as a fundamental part of BBVA's business model, emphasizing the support of the customer in their transition towards a sustainable future. In addition, the climate axis is incorporated into risk management. This statement is complemented and detailed with a quantification of the appetite through metrics and thresholds that provide a clear and concise guide on the maximum risk profile that can be assumed. The definition of the tolerances established in the Risk Appetite Framework is supported by the risk assessment analyses and described scenarios. On one hand, the framework includes a classification of the activities most exposed to transition risk, using quantitative metrics established by the Group. In this way, exposure in the case of default (Exposure at Default, hereafter EAD) is assessed for activities classified as HTR. Based on this classification, BBVA's Board of Directors approves thresholds at the Group and relevant geographical area level, setting the maximum appetite for this risk. On the other hand, since 2024, the RAF includes a new indicator linked to the degree of compliance with decarbonization objectives for a series of sectors for which BBVA publishes specific targets. Additionally, for management limits, a metric called Significant Market Misalignment is measured, which evaluates exposure to customers whose emission intensity is above 30% of the market average. This metric has a transition risk management approach, focusing on customers with a clear level of misalignment with respect to the emissions intensity trajectories established by the International Energy Agency's Net Zero Emissions scenario for each of the sectors. The calculation perimeter is the lending portfolio of the automotive, Power generation, Steel and Cement sectors. Looking ahead into the 2025 RAF, progress has been made in better defining maximum risk appetite levels for activities classified as HTR, thus limiting those exposures with worse TRi scores, while supporting growth in those customers who transition better. Currently, work is underway to establish monitoring metrics relating to physical risk and financed emissions. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 90 Integration into the definition of risk appetite at customer level Following international reference frameworks such as SASB's Materiality Map and rating agencies, BBVA has identified the sub- sectors of activity it finances and the most relevant environmental and social factors in each one, including, in addition to climate change, aspects related to natural capital, such as pollution and waste, biodiversity and land use or water resource management. This exercise is included in the "Sector Guide for the Integration of Sustainability Factors in Credit Analysis" where the most common metrics and reference thresholds in relation to environmental aspects are defined and it is used as a support tool in the admission process. In the Wholesale Portfolio, the adaptation of policies and procedures focuses particularly on the integration of transition risk and physical risk in the Sector Frameworks (a basic tool in defining risk appetite in wholesale credit portfolios). During 2024, the sectoral analyses of the risks derived from decarbonization have been updated and supplemented according to reference scenarios. The following have also continued to be defined: – For all sectors, good practices and weaknesses in environmental and social management at the customer level using sector- specific metrics and indicators. These serve as admission guidelines in the annual customer review process. In sectors with greater exposure to physical risk, specific admission guidelines have begun to be defined based on the location of the customers' activities. – For sectors identified as HTR in the internal transition risk taxonomy, transition risk mitigation policies have been defined at customer level that can adjust risk appetite (growth). These policies are based on the result of the Transition Risk indicator. Compliance with the definition of appetite established in the Sector Frameworks is a condition that must also be met by the alignment plans drawn up for each sector with emissions reduction objectives. In the Retail portfolio, during 2024, progress has continued to be made in integrating sustainability aspects, and in particular those related to decarbonization and physical risk, into the Action Frameworks for Mortgages, Small Businesses and Vehicle Loans. In the case of Mortgages, origination limits have been defined for the first time in Spain and Turkey, combining the letter of the Energy Efficiency Certificate and the loan-to-value ratio. In this way, the transition risk begins to be integrated into the definition of the risk appetite of this portfolio. Another of the main aspects that determine the transition risk of these portfolios is the financed carbon emissions associated with each of them. Therefore, the calculation of financed emissions serves as a lever to identify the portfolios that are most sensitive to changes in regulation, technology or energy or CO2 prices. In turn, as a risk mitigation lever, BBVA acts as a facilitator of financing the investments necessary for mitigating and adapting to climate change with more sustainable lifestyles and products. Furthermore, BBVA has applied differentiated prices to loans with sustainability content, such as in the “Hipoteca Casa Eficiente” (Efficient Home Mortgage), for homes with a consumer rating of A or B. As with mortgages, financing with sustainable products is encouraged when the sustainability criteria are met, which is the case for electric or plug-in hybrid cars. The availability of very specific data on customers and operations is an essential requirement for effective management of climate and environmental risk. Risk management and reporting Policies and regulations BBVA’s wholesale and retail credit risk management standards and policies ensure that we identify and assess material climate and environmental risks in a timely manner. These standards and policies define key responsibilities, processes and tools applicable to each of the portfolio segments as well as the Group's roles as part of climate and environmental risk management activities. Regarding the integration into admission processes and annual review of customers in the corporate banking segment, regardless of the risk committee in which it is reviewed, an advanced climate and environmental risk analysis is carried out that includes five aspects: – Evaluation of compliance with BBVA's Environmental and Social Framework. – Result of the Transition Risk indicator, which represents an assessment of the transition risk and decarbonization plans. – Assessment of compliance with the admission guidelines and climate risk mitigation criteria defined in the wholesale Sector Frameworks. – Compliance with the criteria defined in the Sector Alignment Plans. – Controversy analysis, understood as the presence of significant incidents related to the customer's environmental, social or governance performance. Specialized ESG risk assessment teams located in each of the geographies and Business Areas where BBVA operates, supports this decentralized analysis carried out by risk analysts. This analysis can affect risk decisions, specifically the management policy and risk appetite with customers defined by the Risk Committees, as indicated in the wholesale Sector Frameworks, in the Environmental and Social Framework or in the Alignment Plans. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 91 To facilitate the above analysis and the collection of customer data, in 2024 the use of the Client Sustainability Toolkit has been reinforced in the corporate banking segment. This is a common front-end for risk and business teams that allows the visualization of updated customer information related to sustainability, integrating information from external databases, such as CO2 emissions, decarbonization objectives, ESG ratings, controversies, consumption metrics and water management. The results of internal calculation engines - such as the level of alignment, financed emissions and the TRi - allow the manual capture of data by the teams involved in the customer review. The calculation of the TRi score is integrated into this work environment. During 2024, information has been collected on approximately 3,000 customers in the corporate banking segment from all the geographies where BBVA operates. Allowances and Capital During 2024, work has been carried out on incorporating climate risks into the measurement of provisions and economic capital for credit risk, in order to incorporate this new source of risk into the credit risk parameters. This development has focused on two lines of work: on the one hand, a top-down effect based on macroeconomic scenarios is incorporated and, on the other hand, the idiosyncrasies of customers are incorporated through bottom-up effects. In respect of the calculation of the expected credit losses for credit risk of the loan portfolios, the Group has begun incorporating climate risk factors through statistical models that take into account both, potential damage to collateral and the effect on customers' ability to pay due to physical and transition risk in the Group's main geographical areas (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 at all times. In 2024, due to the damage caused by the Isolated Depression in High Levels (DANA) in various Spanish municipalities, the Group has recognized credit risk provisions amounting to 33 million euros. Sustainability data strategy During 2024, the sustainability data strategy continued to be deployed, re-evaluating data needs, identifying data gaps, and developing a business process review plan to eliminate these gaps. In addition to ensuring data availability, new ESG data requirements are continuously reviewed and shared with relevant stakeholders. BBVA has strengthened its practices by executing its plan and establishing a systematic process to collect the quantitative data needed to manage climate-related risks. During 2024, the Group has continued a process transformation project covering mortgages, auto loans, and customer/financial program reviews across all geographies. This initiative aims to enhance data collection needed for regulatory reporting and for managing climate and environmental risks (including energy efficiency, emissions, and ESG data on customers). This project involves collaboration among teams from risks, sustainability, finance, and businesses units across the Group. The collected data meets both regulatory and management needs, such as those needed for the calculation of the TRi, energy efficiency certificates for properties taken as collateral, ESG ratings, greenhouse gas emissions, location of assets and collaterals, and specific sector indicators. Collecting first-party customer and operational data remains a priority objective, and several approaches are being considered. New data providers are continuously explored to enhance coverage in terms of geographies, segments and sectors. At the same time, AI- based capabilities are being developed to gather customers data through unstructured public sources. Additionally, onboarding processes are being modified to incorporate the data collection directly by customers, which is particularly relevant for SMEs where public data is not available. The data will be used for both business and management purposes. In particular, BBVA continues to make progress in collecting data on real Energy Performance Certificates (EPCs) for real estate assets in the geographies where these types of certificates exist. In the case of Spain, work is being done to integrate the EPCs into mortgage origination process. To this end, BBVA is actively participating in various sector forums, with the aim of eliminating the barriers that currently prevent the EPCs from being captured in 100% of new transactions, homogenizing methodologies for assessing the transition risk in collateral at a European level, thereby providing transparency to the market. In the other regions where there is no legislative framework comparable to that of the European Union on energy efficiency in buildings, BBVA is carrying out projects aimed at estimating energy consumption and financed emissions that are as close to reality as possible and allow for their integration into risk processes. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 92 Training and upskilling in climate and environmental risks During 2024, the Group's risk teams have continued working to integrate climate and environmental risk management into daily operations. To this end, a series of training pathways has been designed at three levels to adapt to the needs of Risk teams with a global perspective. Each level covers a set of activities and modules: – Initiation: Multidisciplinary training program designed to all employees. To this end, BBVA launched the sustainability pathway within “The Camp”, the Group’s training ecosystem for employee upskilling. This training program includes general aspects of sustainability, ESG risks, sustainable development goals, and climate change. – Advanced: Training for all functions involved in climate and environmental risk management, with two key initiatives launched in 2024. First, the "ABC of Sustainability Risks" program was developed, covering advanced aspects of climate and environmental risk management to enhance the analysis of customer performance and transition plans. Additionally, in 2024, 10 editions of the "Sustainability Bootcamp" were conducted, a specialization program for sustainability professionals that covers the full business generation cycle, including climate and environmental risk management, among other topics. – Expert: Training aimed at professionals with a strong daily focus on sustainability. In 2024, BBVA conducted the "Sustainability Risk Bootcamp – Expert Level," with the participation of 25 Risk team professionals. This program provided a highly practical deep dive into the Group’s risk management initiatives. It also includes both internal and external certifications, such as the Global Association of Risk Professionals (GARP). Additionally, during 2024, BBVA has developed content aimed at teams involved in customer admission and review processes in the analysis of transition and cleantech plans, which will continue to be reinforced during 2025. Internal and external disclosure The comprehensive preparation and provision of information and material changes in the identification and evaluation of BBVA is key to its use of risk appetite and/or key ESG risk management and control decisions. Key risk management metrics (KRIs) related to climate change (e.g. metrics included in the Risk Appetite Framework, financed emissions, assessment of customer transition plans, among others) are integrated into internal risk reports. In addition, during 2024, an internal risk metrics dashboard has been developed that makes materially relevant information on risk identification, monitoring, and trends in exposure and climate risk mitigation actions available to all BBVA teams. BBVA's reports on climate and environmental risk management are primarily included in this Consolidated Non-Financial Information Statement (NFIS) and in the Prudential Relevance Report (Pillar 3). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 93 2.1.3 Resilience of the strategy to climate change risks The concept of climate resilience requires organizations to develop an adaptive capacity to respond to climate change by taking advantage of opportunities and managing the associated transition and physical risks. BBVA follows the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which advises organizations to describe the ability of their strategy to seize opportunities related to climate change, consistent with an orderly transition to a low- carbon economy. It also emphasizes the importance of resilience to potential scenarios with higher climate risks. To enable connectivity between international disclosure frameworks, the European Sustainability Reporting Standards (ESRS) are based on the TCFD recommendations. As previously mentioned, BBVA's strategy may be affected by climate-related risks and opportunities. In this regard, efficient management of the material risks and opportunities arising from climate change is key to successfully achieving BBVA's strategy. Thus, work is being done to measure the impact of different climate scenarios, both transition and physical risks, on its strategy and business. The initial results, from the perspective of regulatory and internal exercises, show immaterial impacts on both transition risk and physical risk. However, it is important to consider that methodological constraints, especially in terms of data and scenario design, could be causing the financial system to underestimate the losses. In this context, BBVA is working to reinforce and strengthen bottom-up analytical methodologies and capabilities in order to obtain projections of customers' financial statements and estimate impacts on collateral values based on different climate scenarios and on different time horizons. In this way, in terms of risk management, the impact derived from climate risks is fully integrated into the different phases of the risk cycle: identification, assessment, management, reporting, etc., as well as in the risk appetite framework, credit underwriting circuits and other relevant areas directly linked to the achievement of the bank’s strategy. Additionally, in order to evaluate the impact of climate change on traditional prudential risks (credit, market, liquidity, operational, etc.), the bank conducts a risk assessment exercise to determine the materiality of the risks identified in the double materiality analysis on different time horizons. Climate risk is assessed for the entire value chain, although due to the idiosyncrasy of BBVA's business, the part of the value chain most impacted by climate risk is the downstream segment, specifically the counterparties to which BBVA grants financing. During 2024, a stress test exercise was conducted to assess the strength and resilience of the business strategy in the event of a potential strategic exit from relationships with certain customers, under the assumption that they fail to meet the milestones established in the engagement plans developed. These engagement plans are a key pillar of BBVA’s transition financing strategy, providing support to customers while reinforcing their commitment to actions that enhance their transition process and ESG profile. Customers in this situation are closely monitored, and they are expected to make improvements in the short and medium term. The results of this exercise, under the most adverse scenario (considering a complete exit from these customers), highlight the robustness of the business strategy. Additionally, BBVA continues to take numerous actions to manage the impact of climate change on its strategy, its risk management processes and the management of its portfolio most exposed to physical and transition risks, such as by including climate aspects in the capital and the Internal Capital Self-Assessment (ICAAP) exercise, credit risk allowances, scenario analysis, internal and external stress testing exercises, and climate data strategy, among others. Lastly, the resilience of the strategy when exposed to different climate scenarios is reinforced by the fact that BBVA has set sustainability as one of its six strategic priorities, with a special focus on the fight against climate change, integrating into this its objective of aligning its loan portfolio with scenarios compatible with the Paris Agreement. Highlights include the interim objectives for 2030 to reduce CO 2 emissions in the Oil & Gas, Power generation, Auto, Steel, Cement, Coal, Aviation and Shipping, Aluminum and Real estate (commercial and residential) sectors, as well as its eco-efficiency plan to reduce its operational footprint. 41 The information corresponding to this section is prepared with the same preparation bases and criteria established according to the regulation of Pillar III of the prudential relevance report (Pillar III). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 94 2.1.4 Energy consumption and carbon footprint of BBVA Group 41 1. Calculation of financed CO2e emissions BBVA continues to measure the emissions associated with our financing and direct investment activities, also known as Scope 3 Category 15 greenhouse gas (GHG) emissions. To carry out this measurement, BBVA has adopted the PCAF (Partnership for Carbon Accounting Financials) methodology. This calculation will cover all portfolios included in the scope of the PCAF standard (first edition) and the Group's significant geographic areas, providing a global view of the financed emissions. In accordance with the defined roadmap, at the end of December 2024, the calculation includes the measurement of financed emissions in the area of corporate loans, project finance, commercial real estate, mortgages and automotive (hereinafter lending), and has also incorporated the fixed-income and equity portfolio (hereinafter ex-lending) in the area of BBVA, S.A. (excluding branches in Portugal), BBVA Mexico, BBVA Colombia, BBVA Peru, BBVA Argentina and Garanti Bank, which includes the perimeter of Garanti BBVA in Turkey and its subsidiaries Garanti Bank International and Garanti Bank Romania. The result of the estimation is expressed both in terms of absolute emissions financed and economic intensity (tons of absolute emissions per million euros financed). In addition, the quality score defined in the PCAF methodology is presented, which assesses the availability and reliability of the data used in the calculation. This score ranges from 1 to 5, with 5 being the worst score assigned when sector estimates using emission factors provided by PCAF are used, and 1 being the best score when reported and verified customer emission data are used. The version of the factors used is the most recent one provided by PCAF as of September 2024. Throughout 2024, the fixed-income and equity portfolios have been incorporated, and two new geographies have also been added (Garanti Bank and BBVA Argentina), additionally, the emission factors provided by PCAF have been updated to estimate financed emissions when reported data is not available. PCAF ASSET TYPES (MtCO2e) (BBVA GROUP. 2024) This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 95 DISTRIBUTION OF FINANCED EMISSIONS BY GEOGRAPHY (PERCENTAGE. 2024) Total emissions (Scope 1+2+3) Emissions (Scope 1+2) (1) Data from BBVA, S.A. without Portugal. As indicated, throughout the year, work has been carried out on including the calculation of financed emissions in the ex-lending portfolio (incorporating 3 million tons of CO2e) and the portfolios of Garanti BBVA (incorporating 47 million tons of CO2e) and Argentina (adding 7 million tons of CO2e). The following graph shows the impact of the different factors that explain the evolution of the calculation of financed emissions during 2024: EVOLUTION OF THE CALCULATION OF FINANCED EMISSIONS BETWEEN 2023 AND 2024 (MtCO2 e) Considering the same perimeter as at the end of 2023, financed emissions have been reduced by 15.3%, from 159.1 to 134.69 MtCO2e. By geography, the reduction of 7.8 MtCO2e in Spain stands out due to adjustments to emission factors, as well as in Colombia and Peru, with a reduction of6.4 and 8.1 MtCO2e respectively, mainly due to the reduction in exposure to relevant customers in the fossil fuel portfolio. For the financed emissions, an economic intensity metric has been calculated using the entity's exposure to its counterparties for its associated emissions. In this sense, the intensity coefficient has resulted in 690 tCO2e/Mn€. In the future, fluctuations in the measurement of financed emissions can be expected, both due to revisions of emissions factors provided by PCAF and due to greater use of data reported by customers as their publication becomes more widespread. Below is a table detailing the financed emissions at the Group level by economic activity, along with a breakdown by emission scope (1, 2, and 3) and intensity coefficient. Additionally, a column is included with the "score", which reflects the quality of the emissions calculation on a scale from 1 to 5, where 5 represents the lowest quality and 1 the most precise calculation. 42 Calculation of the coverage of emissions financed with emission reduction targets for 2030: Numerator: Scope 1 and 2 emissions from the sectors for which targets have been set (asset class business loans and project finance) + asset class CRE and RRE emissions + asset class Vehicle loans emissions). Denominator: Total scope 1 and 2 emissions from all asset classes. Assumptions incorporated into the calculation: (1) Only scope 1 and 2 emissions are computed to avoid double counting of emissions; (2) In order to compute emissions from the automotive sector, whose KPI is established on the basis of scope 3, scope 1 and 2 emissions from the financed vehicle fleet (car loans) are taken into account, which are those that would coincide with the perimeter of the metric used (scope 3 of the producers); (3)In the case of the O&G sector, whose alignment metric is established on the upstream scope 1+2+3, only the scope 1 and 2 emissions of the entire sector are computed, also to avoid falling into double counting of emissions. The emissions taken into account in this calculation, therefore, differ from those included in the specific alignment metric of the sector; (4)For the calculation of coverage, the total data of scope 1+2 emissions is included in the denominator but only the data of Spain from CRE and RRE in the numerator (joined to the rest of Asset Class) since only alignment objectives have been set for this country. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 96 FINANCED EMISSIONS (BBVA GROUP) 2024 (1) 2023 (2) Emissions financed (MtCO2e) Intensity (tCO 2e/M€) Score Emissions financed (MtCO2e) Intensity (tCO 2e/M€) Score Sector Total Scope 1 + 2 Scope 3 Scope 1 + 2 Scope 1 + 2 + 3 Total Scope 1 + 2 Scope 3 Scope 1 + 2 Scope 1 + 2 + 3 Manufacturing 86.2 20.4 65.8 415 1,675 3.8 71.7 16.5 55.2 471 1,577 3.6 Generation of electricity, gas, steam and air conditioning 21.5 12.3 9.1 751 1,066 3.7 13.2 6.7 6.5 569 555 3.0 Wholesale and retail trade 43.1 13.1 30.0 419 1,409 4.1 20.9 4.1 16.8 179 730 4.3 Mining and quarrying 10.3 3.2 7.1 733 2,735 3.0 30.0 24.3 5.7 5,430 1,268 2.8 Transport and storage 5.3 2.8 2.5 231 499 4.0 4.3 1.9 2.4 208 261 4.2 Agriculture, forestry and fisheries 8.3 5.9 2.4 1,497 2,285 4.3 7.6 5.4 2.2 1,540 608 4.1 Other sectors 10.8 3.4 7.4 61 196 3.9 6.6 2.2 4.4 52 109 4.1 Mortgages 3.4 3.4 — 36 36 3.6 2.7 2.7 — 29 — 3.7 Other retail portfolios 1.8 1.8 — 211 211 4.2 2.1 2.1 — 293 — 4.5 Total 190.6 66.3 124.3 240 690 3.8 159.1 65.9 93.2 289 408 3.8 (1) Includes data from BBVA, S.A. (excluding Portugal), BBVA Mexico, BBVA Peru, BBVA Colombia, BBVA Argentina and Garanti BBVA (including Garanti Bank International and Garanti Bank Romania). (2) Includes data from BBVA, S.A. (excluding Portugal), BBVA Mexico, BBVA Peru and BBVA Colombia. For the analysis of the effects on results due to transition risk, the transitional period for disclosure established by the ESRS has been considered. Financed emissions from the loan portfolio with intermediate decarbonization targets for 2030 For those sectors with an alignment metric and emission reduction targets set for 2030, BBVA has calculated the amount of emissions covered by these targets, according to the PCAF methodology. These sectors can be divided into subsectors that represent the different parts of the sector's value chain. The different alignment methodologies according to sector have in common that they focus on measuring a specific part of the value chain, the part that is considered to contribute to the reduction of the sector's emissions to the greatest extent. If emissions are reduced in that part of the value chain, the entire sector will benefit from the reduction. To calculate the coverage of emissions financed with emissions reduction targets for 2030, BBVA takes into account all emissions from all sectors with emissions reduction targets for 2030, including the entire value chain in the numerator of the calculation. The denominator includes all emissions reported by BBVA using the PCAF methodology 42. The emissions coverage obtained at the end of December 2024 is 38.6 MT of CO2e of scope 1 and 2 for the total of the sectors with alignment metrics following the methodologies described above, which represents 58% of the total financed emissions. In terms of exposure, for the same sectors, the coverage percentage is 43% using the figure of balances drawn balances in all segments and countries. 43 For the purposes of this report, the terms retire and cancel are used indistinctly with regards to carbon credits. 44 In 2023, upstream transportation and distribution emissions were included in category 3.1 Purchased goods and services. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 97 2. Energy consumption and carbon footprint calculation The global strategy for managing BBVA's environmental impacts, with the exception of the financed emissions mentioned in the previous section, is structured around three main lines of action: 1. Calculation of the energy consumption and the carbon footprint, incorporating new geographies and a new category within Scope 3 of the carbon footprint (3.4 Upstream Transportation and Distribution) into the measurement perimeter. 2. Reduction of environmental impact, including the reduction of energy consumption through energy efficiency initiatives, the implementation of measures to mitigate water and paper consumption, the use of renewable energy electricity, and the awareness and involvement of employees and other stakeholders. 3. Purchase and retirement of carbon credits 43 for an amount equivalent to Scope 1, 2 and categories 5 (waste generated in operations), 6 (businesses travel) and 7 (employee commuting) of scope 3. BBVA has an internal methodology, applicable in the Group's different geographies, for collecting information on consumption associated with direct environmental impacts. Under this common standard, the information is consolidated and subsequently used to calculate the Group's carbon footprint. Energy consumption ENERGY CONSUMPTION AND MIX (BBVA GROUP) 2023 (1) 2024 (2) Total fossil energy consumption (MWh) (3) 76,195 69,174 Share of fossil fuels in total energy consumption (%) 11% 10% Consumption of fuel from nuclear sources (MWh) — — Share of nuclear sources in total energy consumption (%) — — Fuel consumption from renewable sources, such as biomass (which also includes industrial and municipal waste of biological origin, biogas, renewable hydrogen, etc.) (MWh) — — Consumption of electricity, heat, steam and cooling purchased or acquired from renewable sources (MWh) 602,071 638,408 Consumption of self-generated renewable energy not used as fuel (MWh) — — Total renewable energy consumption (MWh) 602,071 638,408 Share of renewable sources in total energy consumption (%) 89% 90% Total energy consumption (MWh) 678,266 707,582 (1) The 2023 data differs from those published in the previous Consolidated Non-Financial Information Statement because the estimates included at the close of the 2023 fiscal year have been replaced with actual consumption data available after the publication of that report. (2) For the year 2024, estimates are used for data not available at the closing date of this report. (3) Includes the consumption of non-renewable electricity and fossil fuels (natural gas, liquefied petroleum gas - LPG, diesel, and coal), excluding fuels consumed in fleets. Carbon footprint BBVA Group's carbon footprint is composed of the following classification of emissions: – Scope 1 emissions, which include direct emissions from combustion plants in buildings for own use (including data centers), vehicle fleet fuel and emissions from refrigerant gas leaks. – Scope 2 emissions, greenhouse gas emissions, which include indirect emissions related to the production of purchased electricity and consumed by Group’s buildings (including data centers) and foreign branches. – Scope 3 emissions, which include other indirect emissions that occur in the company's value chain as a result of its activity. The following Scope 3 categories that are considered material and applicable to the Group's businesses are published: • 3.1: Purchased goods and services • 3.2: Capital goods • 3.3: Fuel and energy-related activities (not included in Scope 1 or Scope 2) • 3.4: Upstream transportation and distribution 44 • 3.5: Waste generated in operations • 3.6: Business travel • 3.7: Employee commuting • 3.13: Downstream leased assets 45 Includes Scope 1 emissions from fossil fuels and fleet fuels, Scope 2 emissions, and Scope 3, category 3.6 emissions from air and train travel. 46 Excluding category 3.15 Investments (see section "Calculation of financed emissions"). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 98 BBVA will work on estimating the rest of the applicable categories of scope 3 not currently included in the calculation of the footprint, although it is considered that it will not have a material impact. GHG EMISSIONS BROKEN DOWN BY SCOPE 1, 2 AND 3 (EXCEPT FINANCED EMISSIONS) (BBVA GROUP) (1) Retrospective Milestones and target years Base year 2023 (2) 2024 (3) % 2024 / 2023 2025 2030 Annual % target / base year Scope 1 GHG emissions Gross scope 1 GHG emissions (tCO 2eq) 62,672 39,859 41,856 5% n.a. n.a. n.a. Percentage of Scope 1 GHG emissions from regulated emissions trading schemes (%) n/a n/a n/a n/a n/a n/a n/a Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions (tCO 2eq) n.a. 193,690 198,679 3% n.a. n.a. n.a. Gross market-based scope 2 GHG emissions (tCO2eq) 186,172 6,995 4,481 (36)% n.a. n.a. (4) n.a. Significant scope 3 GHG emissions Total Gross indirect (Scope 3) GHG emissions (tCO2eq) n.a. 1,452,294 1,346,681 (7)% n.a. n.a. n.a. 1. Purchased goods and services n.a. 1,050,073 741,491 (29)% n.a. n.a. n.a. 2. Capital goods n.a. 215,516 225,548 5% n.a. n.a. n.a. 3. Fuel and energy-related activities (not included in scope 1 or scope 2) n.a. 77,160 79,017 2% n.a. n.a. n.a. 4. Upstream transportation and distribution (5) n.a. n/d 181,893 n/d n.a. n.a. n.a. 5. Waste generated in operations n.a. 882 1,289 46% n.a. n.a. n.a. 6. Business traveling n.a. 30,269 32,631 8% n.a. n.a. n.a. 7. Employee commuting n.a. 73,777 81,673 11% n.a. n.a. n.a. 13. Downstream leased assets n.a. 4,616 3139 (32)% n.a. n.a. n.a. Total GHG emissions (except financed emissions) Total GHG emissions (location-based) (tCO2eq) n.a. 1,685,842 1,587,215 (6)% n.a. n.a. n.a. Total GHG emissions (market-based) (tCO2eq) n.a. 1,499,147 1,393,017 (7)% n.a. n.a. n.a. n/a: not applicable. n.a.: not available (1) Currently, BBVA does not have operational targets in place for 2030, as the 2030 Eco-efficiency Plan is under development and will include a new definition of targets. In addition, the targets that were defined for 2025 have already been achieved. (2) The data for 2023 differ from those published in the previous Statement of Non-Financial Information because the estimates included at the close of the 2023 fiscal year have been replaced by the actual consumption available after the publication of that report and certain values have been modified in accordance with the new data. (3) For the year 2024, estimates are used for data not available at the closing date of this report. (4) BBVA has an internal target of 100% renewable electricity by 2030. (5) In 2023, emissions from category 3.4 Transportation and upstream distribution were included in category 3.1 Purchased goods and services. Regarding the types of GHG, 99.4% of the emissions generated by BBVA are CO2, while CH4 and N2O emissions represent 0.2% and 0.4%, respectively 45. Emissions calculation methodology 46 Both Scope 1 and 2 emissions, as well as Scope 3 emissions, are calculated taking into consideration the GHG Protocol standard established by the World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD). The calculation process for Scope 2 and Scope 3 categories: 3.1, 3.2, 3.3, 3.4 and 3.13, has been carried out with an external provider. The GHGs taken into account in each of the scopes and categories depend on the methodological particularities of the emission factors considered. 47 The electricity consumed is 100% renewable in Colombia, Spain, Mexico, Peru, Turkey, Portugal and Uruguay, 92% in the Netherlands, 79% in Venezuela, 74% in Argentina and 29% in Romania. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 99 Scope 1 emissions Fossil fuels – To calculate the carbon footprint from the use of fossil fuels in the facilities, the emission factor is multiplied by the fuel consumption data. The fossil fuels considered are natural gas, diesel fuel in facilities, liquefied petroleum gas and coal. – The combined emission factor data for each fossil fuel is obtained from the emission factors and global warming potentials of each of the three main GHGs (CO2, CH4 and N2O), the lower calorific value or net calorific value and the density of the fuel. – Sources used are 2006 IPCC Guidelines for National Greenhouse Gas Inventories for emission factors and the IPCC Fifth Assessment Report and the International Energy Agency (IEA) for conversion to CO2e. Refrigerants – The available emission factors are multiplied by the kilograms of each type of refrigerant being recharged. – The emission factors used are those published by the Department for Environment, Food and Rural Affairs, UK (DEFRA). Fleet fuels – The consumption data in liters is converted to kilometers traveled and multiplied by the available emission factors. – The emission factors used correspond to the latest data available from DEFRA. Scope 2 emissions They are calculated from the data on electricity consumed at the Group's facilities by multiplying electricity consumption by the emission factors. BBVA calculates Scope 2 emissions using two different methods: – Location-based emissions: To calculate the carbon footprint, the electricity consumption data in kWh for each geography is multiplied by the emission factor of the energy mix of each country. The external provider used by BBVA to calculate Scope 2 emissions employs the emission factors from the International Energy Agency (IEA) for this method. – Market-based emissions: The calculation differentiates between electricity consumption from renewable and non- renewable sources, based on the supply contracts established between BBVA and the electricity suppliers. • Renewable: In order to consider electricity consumption as renewable, the electricity supplier must guarantee compliance with any of the conditions established in the GHG Protocol for instruments acquired by BBVA, such as renewable electricity certificates, renewable energy purchase agreements (PPAs) or guarantees of origin. The emission factor to be used in these cases is 0 kg CO2e/kWh. • Non-renewable: For non-renewable electricity emission factors from IEA and European Residual Mixes from Association of Issuing Bodies (AIB) will be used. 97% of the electricity consumed by BBVA is renewable 47. To achieve this, BBVA uses different contractual instruments: of the total renewable electricity, 52.7% is purchased via IRECs, 41.5% via PPAs, 5.6% through guarantees of origin and 0.2% comes from self-consumption facilities. Scope 3 emissions 3.1. Purchased goods and services – The data used as the basis for the calculation correspond to the Group's operating expenses and include those companies whose billing is recorded through the global technological platform that supports all phases of the procurement process. – Regarding emission factors: • Supplier-specific emission factors have been used when the supplier publishes its emissions in full. In 2024, the percentage of emissions calculated with emission factors obtained from supplier-specific data is 17% (compared to 4% in 2023). • Emission factors from the Comprehensive Environmental Data Archive (CEDA) have been used when supplier- specific data are not available, based on the category and location of each expenditure. 3.2. Capital goods – The calculation methodology is the same as for 3.1, taking capital expenditure data instead of operating expenses. – In 2024, the percentage of emissions calculated with emission factors obtained from supplier-specific data is 12% (compared to 1% in 2023). 3.3. Fuel and energy-related activities (not included in Scope 1 or Scope 2 – Consumption and activity data used to calculate Scopes 1 and 2 are used as the basis for the calculation. – Well-to-tank (WTT) and transmission and distribution (T&D) emission factors apply. Sources for the emission factors are DEFRA, IEA and European Residual Mixes. 48 Includes the entities BBVA, S.A., BBVA Mexico, S.A., BBVA Peru Bank, BBVA Colombia, S.A., BBVA Banco Provincial, S.A., BBVA Argentina Bank, S.A., BBVA Seguros Mexico, S.A., BBVA Pensiones Mexico, BBVA Seguros Salud Mexico, BBVA Foundation Mexico, BBVA Brokerage House Mexico, BBVA Adm. Servs. Mexico, BBVA Operadora Mexico, BBVA Axial Tech S.A. de CV, Multiasistencia S.A. de CV, Gran Jorge Juan, S.A., COPESA, S.A., SEDAE, S.A., SECOSEG S.A. de CV, Banco Occidental, S.A., Aplica Nextgen Servicios, Aplica Nextgen Operadora, SECOBAN, S.A., Multiasistencia Operadora, Futuro Familiar S.A. de CV and Financiera Ayudamos, S.A. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 100 3.4. Upstream transportation and distribution – The calculation methodology is the same as for 3.1, using the operational expense data corresponding to transportation and distribution activities, such as courier services, debit and credit card distribution, cash transportation, and office furniture transportation and logistics services. – In 2024, the percentage of emissions calculated with emission factors obtained from specific supplier data is 3%. 3.5. Waste generated in operations – This indicator is calculated based on the data of kilograms of waste generated in the buildings and their utilization percentages. The recycling, recovery, or valorization method used for each type of waste is taken into account. – The emission factors used correspond to the latest data available from DEFRA. 3.6. Business travel – This indicator is calculated from the data on kilometers traveled during business trips made by plane and/or train. – Air travel is classified into three sections based on the number of kilometers travelled to identify short-distance (less than 500 km), medium-distance (between 500 and 3,700 km) and long-distance (more than 3,700 km) trips. – The emission factors used correspond to the latest data available from DEFRA. 3.7. Employee commuting – This indicator is calculated based on data from the means of transportation used by employees to access their workplaces, collected through a survey sent to employees in the geographies within the carbon footprint calculation perimeter of the Group. – The emission factors used correspond to the latest data available from DEFRA. 3.13. Downstream leased assets – Includes emissions from BBVA-owned buildings leased to third parties. – Activity data is used as the basis for the calculation. – The sources of the emission factors used are US EPA, European Residual Mixes, IEA, DEFRA and IPCC. BBVA will continue to work on the review and identification of new concepts to be included in the above categories of the Group's carbon footprint, as part of the process of continuous improvement of its measurement. Perimeter of calculation – The data for energy consumption and emissions from Scope 1, 2, and Scope 3 corresponding to fuel and energy-related activities not included in Scope 1 or Scope 2 (3.3), waste generated from operations (3.5), business travel (3.6), and employee commuting (3.7) includes the countries Spain, Mexico, Turkey, Peru, Colombia, Argentina, Uruguay, Portugal, and, for the first time in 2024, Venezuela, Romania, and the Netherlands. Certain geographic areas (Chile, Bolivia, Switzerland, United States, Brazil, and BBVA branches outside Spain) and certain companies within the BBVA Group are not included in the perimeter. The perimeter not included in this measurement (geographies and/or subsidiaries in the above-mentioned countries) represent 2.6% of the total BBVA Group employees. – The data for scope 3 emissions corresponding to purchased goods and services (3.1), capital goods (3.2) and upstream transportation and distribution (3.4) are calculated based on the Group's annual turnover and include those companies whose turnover is recorded through the global technological platform that supports all phases of the procurement process in the BBVA Group in Spain, Mexico, Peru, Colombia, Argentina and Venezuela 48. – The data for Scope 3 emissions related to downstream leased assets (3.13) includes the countries Spain, Mexico, Peru, Colombia, Argentina, Venezuela, Uruguay, and, for the first time in 2024, Portugal and Turkey (the emission data for the geographies of Portugal, Mexico, Peru, Turkey, Venezuela, and Uruguay are zero as they do not report leased assets subject to be considered in this category). 49 For the Ecoefficiency Plan 2021-2025, 2019 is used as the baseline, as the consumption values for 2020 were affected by the COVID-19 pandemic. 50 Indicators of this Plan are subject to formalized monitoring by the Global Head of the Talent and Culture area. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 101 3. Reduction of environmental impact Global Eco-efficiency Plan 2021-2025 BBVA Group has a reduction plan for its direct environmental impact, the Global Ecoefficiency Plan 2021-2025 49, last renewed in 2021, with its objectives being fully achieved in 2023. During 2024, the Group has been working on further improving all the indicators of the plan. The focus of the Global Ecoefficiency Plan 50 is on reducing consumption, aiming to decrease the Group's direct environmental impact and improve the utilization of natural resources. The indicators can be found in the following table: EVOLUTION OF THE GLOBAL ECO-EFFICIENCY PLAN INDICATORS (BBVA GROUP) (1) Values 2024 (2) Achievement 2024 (∆ 24-19) (3) 2024 interannual GEP Goal 2025 GEP Goal Renewable electricity 97% +58 p.p. 76% 77% Electricity consumption per employee (MWh/Employee) (4) 5.49 (18)% (9)% (10)% Energy consumption per employee (MWh/Employee) (5) 5.91 (21)% (6)% (7)% Water consumption per employee (m3/Employee) 12.10 (36)% (6)% (11)% Paper consumption per employee (kg/Employee) 29.71 (40)% (10)% (11)% Net waste per employee (t/Employee) (6) 0.01 (55)% (3)% (4)% Scope 1&2 carbon emissions (tCO 2e) (7) 46,337 (81)% (65)% (67)% Environmentally certified area (8) 60% +19 p.p. 44% 45% (1) The data shown for 2024 include the countries of Spain, Mexico, Turkey, Peru, Colombia, Argentina, Uruguay, Portugal, Venezuela, Romania and the Netherlands. Certain geographical areas (Chile, Bolivia, Switzerland, the United States, Brazil and BBVA branches outside Spain) and certain BBVA Group companies, which account for 2.6% of the BBVA Group's total number of employees, are not included in the perimeter. Some of the data for 2024 are estimates as complete information for the year was not yet available at the date of publication of the report. The geographical areas of Venezuela, Romania and the Netherlands are included in the calculation perimeter in 2024, as they are not included in the KPIs of the Global Eco-efficiency Plan, which were established in 2021. (2) For the year 2024, estimates are used for data not available at the closing date of this report. (3) The Achievement 2024 indicators for Renewable Electricity and Environmentally Certified Area are expressed as a percentage point change over the 2019 value. (4) Includes the sum of renewable and non-renewable electricity (per employee). (5) Includes the consumption of electricity and fossil fuels (natural gas, liquefied petroleum gas (LPG), diesel and coal), except fuels consumed in fleets. (6) Net waste is the total waste generated minus the waste that is recycled. (7) Includes Scope 1 (fuels in facilities and vehicle fleet and refrigerant gases), Scope 2 market-based. (8) Includes IS0 14001, ISO 50001, LEED, Edge and WWF Green Office and Zero Waste certifications. The achievement of these indicators has been made possible through the following action vectors: Consumption Regarding electricity consumption, BBVA's strategy is focused on the use of renewable energy. This strategy includes reaching agreements on energy purchases (Power Purchase Agreements or PPAs) like those already in place in Spain, Mexico, Turkey, and Argentina, as well as acquiring renewable energy certificates such as Guarantees of Origin in Spain and Portugal, or international renewable energy certifications (IRECs) in Mexico, Turkey, Peru, Colombia, and Argentina. The strategy also promotes self- generation of renewable energy through the installation of photovoltaic and thermosolar panels at the Group's facilities, as is already happening in several subsidiaries such as Spain, Turkey, Argentina, and Uruguay. Additionally, BBVA continues working on implementing Energy Saving Measures (MAEs) in the management of its properties, with the goal of controlling and reducing consumption. For information related to indicators on water and paper consumption, waste, and environmentally certified surface area, see the section "Natural Capital". Carbon footprint Regarding the carbon footprint, for Scope 1 and 2 CO2 emissions, the reduction of emissions is achieved through energy efficiency strategies, the renewal of fleets with traditional fuels to hybrid and electric fleets, and the use of renewable energy. To mitigate Scope 3 carbon emissions, BBVA is working on a series of measures, such as: – Suppliers (categories 3.1, 3.2, 3.4): BBVA is actively working to increase the percentage of emissions calculated using emission factors obtained from data provided by suppliers in Scope 3 categories 3.1, 3.2, and 3.4. This approach improves the accuracy of measurements and develops more effective strategies for reducing emissions across the supply chain. 51 Except for the geographies of Romania and Venezuela, whose emissions have been reported for the first time in 2024. 52 The reduction project credits were acquired in 2022, prior to the implementation of the requirement that the projects be carbon capture projects. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 102 – Waste generated in operations (category 3.5): Implementation of certifications such as ISO 14.001:2015 and Zero Waste. – Business Travel (category 3.6): The carbon footprint generated by air and train travel is communicated internally to various BBVA departments. This, combined with recommendations and alternatives to reduce emissions, encourages employees’ awareness when planning their business trips. – Employee commuting (category 3.7): BBVA has 363 charging points for 100% electric and plug-in hybrid (PHEV) vehicles available at the Group’s buildings for its employees. New Global Eco-efficiency Plan 2025-2030 BBVA is developing a new Global Ecoefficiency Plan, with goals set for 2030, and its implementation will begin in 2025. The creation of this plan involves the active participation of teams from the different geographies where BBVA operates, with the purpose of identifying and applying key strategies to optimize resource use, reduce consumption, and set global goals. These strategies may include levers such as the progressive renewal of the vehicle fleet, improvements to lighting systems, and the renewal of climate control equipment and boilers, among others. Additionally, BBVA already has an internal goal to achieve 100% renewable electricity by 2030. 4. Purchase and retirement of carbon credits In addition to the reduction efforts, BBVA contributes to the decarbonization of the economy, in a complementary way beyond its value chain, through the purchase and retirement of carbon credits. BBVA purchases and retires carbon credits in an amount equivalent to its CO2 emissions from the categories over which it has direct management capacity (i.e., scopes 1, 2 and categories 5, 6 and 7 of scope 3) 51. In order to ensure the quality of these carbon credits, BBVA has established certain requirements that the selected projects must meet, including the obligation for them to be certified under the highest quality standards such as VCS (Verra's Verified Carbon Standard), Gold Standard, American Carbon Registry (ARC), Climate Action Reserve (CAR) and Plan Vivo and, from 2023, that projects must be CO2 absorption or capture projects. Additionally, BBVA has an internal Voluntary Carbon Market standard, based on best practices, to evaluate, among others, the different types of carbon credits, certifiers and standards and quality criteria (including concepts such as additionality, permanence and other environmental and social aspects), in order to ensure that projects have a real and verifiable climate impact. In 2024, BBVA has acquired loans from two forest restoration projects in Mexico (X-Pichil and Santa Elena). This year, the entire purchase was made through BBVA's carbon credits trading desk. Credits retired in 2024 BBVA retires the carbon credits in the year following the reference year, whenever possible, once the complete actual carbon footprint data is available. If the final footprint is higher than the estimated one, the deficit will be accounted for in the purchase of credits for the following year, increasing the number of credits to be acquired. If the footprint is lower than estimated, the excess credits will be retired in the following year. In 2024, BBVA has retired carbon credits purchased in previous years related to the carbon footprint of 2023 52: – Cumare Project (Colombia) (VCS): 47,949 credits retired – Guanaré Project (Uruguay) (VCS): 2,723 credits retired – Manantiales Wind Project (Argentina) (VCS): 1,431 credits retired – Rotor Elektrik Project (Turkey) (Gold Standard): 5,607 credits retired – Carbioin Project (Mexico) (CAR): 16,000 credits retired – Community Project: set of forestry projects from ejidos (Mexico) (CAR): 19,000 credits retired Additionally, in 2024, 91 credits from the Santa Elena Project (Mexico) (CAR) have been retired for the emissions generated during the 2024 General Shareholders' Meeting. 53 Includes Argentina, Colombia, Spain (including Holding), Mexico, Peru, Portugal, Turkey, the Netherlands and Uruguay. 54 The actual purchase price is not specified due to confidentiality obligations. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 103 CARBON CREDITS CANCELLED (BBVA GROUP) 2023 2024 Total (tCO 2 eq) 88,401 92,801 Share of elimination projects (%) (1) 66.6 92.4 Proportion of reduction projects (%) 33.4 7.6 Verified Carbon Standard (VCS) (%) 44.1 56.2 Gold Standard (%) 21.9 6.0 Climate Action Reserve (CAR) (%) 33.9 37.7 Share of projects within the EU (%) — — (1) All removal credits withdrawn are for nature-based solutions projects. Credits to be retired in 2025 In 2025, BBVA will retire credits acquired in previous years: – Credits pending retirement related to the emissions for 2023, purchased in 2023. – The total number of credits equivalent to the emissions for 2024, purchased in 2024 and 2023. The amounts to be retired will be defined once the actual 2024 carbon footprint data is available, ensuring the retirement of an amount equivalent to the real emissions, also considering any deviations from the 2023 data published in this report and the previous year’s report. Additionally, BBVA Mexico is negotiating a long-term agreement with a local supplier for the purchase of carbon credits over the next 4 years, which will be retired year by year based on the local footprint of the country. Considering all of the above, the total amount of credits expected to be retired in 2025 are 212,787. CARBON CREDITS EXPECTED TO BE CANCELED IN THE FUTURE (BBVA GROUP) Amount up to 2025 Total (tCO 2 eq) 212,787 Other actions In addition to the purchase of carbon credits, BBVA is contributing to the development of carbon markets through initiatives such as the following: – In regulated markets, BBVA participates in government auctions in the EU ETS, offering its customers products to cover customers' EU ETS-related obligations. – In voluntary carbon markets, BBVA actively engages with its customers. Additionally, it is one of the investors in Carbonplace, a carbon credit trading platform. – BBVA actively participates in webinars and conferences, both internal and external, to promote carbon markets and help customers manage risks and seize opportunities. – Furthermore, BBVA is present in the Advisory Board of the European Energy Exchange (EEX) Global Carbon Index Family and LIFE COASE, a project co-financed by the Life Program of the European Commission. Internal carbon price The cost of the annual purchase of carbon credits is assumed locally in the different geographies of the Group (including Holding) 53 based on their individual carbon footprint, generating an internal carbon price mechanism and creating local emission reduction incentives. Thus, each unit must include a budget item for the purchase of carbon credits based on: – The estimated carbon footprint for the year for Scope 1 and 2, and categories 5, 6, and 7 of Scope 3 emissions. – The estimated market price of a CO2 capture carbon credit in the geographies where BBVA operates. For 2024, the domestic carbon price was set at 32 euros per ton, based on expectations of growth in voluntary carbon markets. The final price of the acquired carbon credits will depend on the market price at the time of the purchase 54. 55 The complete information defined in the templates in Annex VI of Delegated Act 2021/2178 on Article 8 Disclosure is shown in chapter “Tables relating to Article 8 of the European Taxonomy” within section “Appendices to the Consolidated Non-financial Information Statement” of this consolidated Management Report . This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 104 2.1.5 Sustainable financing under Article 8 of the European Taxonomy 55 Regulatory Framework Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 (hereinafter the Taxonomy Regulation) establishing a framework to facilitate sustainable investments aims to establish the criteria for determining whether an economic activity is considered environmentally sustainable, compatible with the objective of keeping global warming below 1.5 ºC with respect to pre-industrial levels and with the European Green Deal. Furthermore, Article 8 establishes certain disclosure obligations for companies subject to the Non-Financial Reporting Directive (NFRD). Based on the above, financial institutions must include a series of indicators related to sustainable economic activities in their Non- Financial Information Statement according to the EU Taxonomy. The Taxonomy Regulation identifies six environmental objectives: 1. Mitigation of climate change; 2. Adaptation to climate change; 3. Sustainable use and protection of water and marine resources; 4. Transition to a circular economy; 5. Pollution prevention and control; 6. Protection and recovery of biodiversity and ecosystems. Based on these objectives, the regulation has also developed technical criteria to assess whether an activity is environmentally sustainable. The first step is to determine whether an activity falls under those listed as eligible by the EU Taxonomy, which are those that can potentially contribute to one or more environmental objectives. For an economic activity to be deemed eligible, it must be included in the delegated acts that implement the European Taxonomy. However, this does not automatically mean it is classified as environmentally sustainable; it must also satisfy the established technical screening criteria. If it does not, it cannot be considered as such. Subsequently, once eligibility has been determined, it is necessary to check whether the activity is aligned with the EU taxonomy by verifying that the following technical selection criteria are met: – The activity contributes substantially to one or more of the six environmental objectives. – The activity does not cause significant harm to any of the other environmental objectives (Do No Significantly Harm or hereinafter DNSH). – The activity is carried out in accordance with the Minimum Social and Human Rights Safeguards (Minimum Social Safeguards or MSS), the OECD Guidelines for Multinational Business and the United Nations Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight core conventions referred to in the International Labour Organization Declaration on Fundamental Principles and Rights at Work and the International Bill of Human Rights. The disclosure obligations based on the EU taxonomy and the technical selection criteria have been specified in successive regulatory developments and in communications on the interpretation and application of the delegated acts of the EU taxonomy. – Economic activities aligned with the environmental objectives of Mitigation and Adaptation to Climate Change. – Specific Disclosures on alignment of some activities related to Nuclear Energy and Gas. – Eligible economic activities in relation to environmental objectives: sustainable use and protection of water and marine resources, transition towards a circular economy, prevention and control of pollution, and finally the protection and recovery of biodiversity and ecosystems. It should be noted that economic activities that are not within the framework of the EU taxonomy or do not meet all its requirements do not imply that they are harmful or have a negative impact on the environment, but rather that they do not meet all the conditions to be part of this classification. 56 General purpose alignment, as indicated in this section. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 105 Economic Activities Aligned with the Environmental Objectives of Climate Change Mitigation and Adaptation The economic activities of credit institutions are mainly reflected in the different products and services they offer to customers, as well as in the investments they make to manage their assets and liquidity. These activities are considered aligned under the EU taxonomy to the extent that the activities carried out by certain counterparties of said products or investments provided for in the regulations are aligned. The Green Asset Ratio (GAR) is an indicator to reflect the extent to which certain assets on the banking balance sheet are aligned with the EU taxonomy. This indicator has been developed following the regulatory definitions of the European Commission. Currently, the EU taxonomy methodology does not allow financial institutions to include exposures to companies that are not subject to the Non- Financial Reporting Directive (NFRD) in the numerator of sustainability ratios. Therefore, exposures to companies based in third countries outside the EU and those in the EU that are not subject to this Directive, such as the majority of SMEs, are excluded from the numerator, even though they are included in the denominator. This means that, in practice, any eligible economic activity financed outside the EU (except for limited exceptions) will not be computed in the ratio. This structural characteristic of the GAR leads to significant differences depending on each bank's business model, customer base, and geographical footprint. Section 6.4 of this report includes all EU taxonomy information in the format required by the regulations. Below are the main assumptions used in preparing the EU Taxonomy information, as well as the areas where significant judgments have been made. Context, scope of assets and activities covered by GAR, and information on data sources and limitations In accordance with Delegated Regulation 2021/2178, Annex V, Section 1.1.1, credit institutions must disclose the Green Asset Ratio (GAR) based on their prudential consolidation scope, determined in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council (CRR). In this regard, for solvency purposes, the consolidated group will include dependent entities as defined in Article 18 of the CRR. The prudential consolidation scope differs from the consolidation perimeter according to accounting criteria, where entities will be included in the consolidated group when the parent company holds or can hold, directly or indirectly, control over them. Thus, when preparing the Group's Consolidated Financial Statements, all dependent companies and structured entities that are subject to consolidation have been consolidated using the full consolidation method. Associates and joint ventures (those with joint control agreements) are accounted for using the equity method. Under the prudential consolidation method, certain entities, mainly insurance and real estate companies, are consolidated by applying the equity method, as opposed to the accounting method described above, where they are consolidated by applying the full consolidation method. Likewise, under the prudential criteria, joint ventures are proportionally consolidated. The prudential perimeter is the same one used for disclosure in the prudential relevance report that the Group periodically publishes. As of December 31, 2024, the total consolidated balance sheet amount for the accounting perimeter is 772,402 million euros, while the prudential perimeter is 744,098 million euros. With respect to data sources, only and exclusively information on alignment 56 with the Taxonomy that is publicly available and provided in the annual reports by the counterparty or customer is used, and is obtained through external data providers. The information on counterparty alignment is irremediably lagged by one year, as it corresponds to the alignment of the immediately preceding year. In terms of limitations, the Group has information on the most significant entities representing 96% of total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value through Other Comprehensive Income (FVOCI)”, “Fair Value through Profit and Loss” and “Non-tradable at Fair Value through Profit and Loss”. This data represents the best information available to date. Description of compliance with the Taxonomy Regulation in the business strategy, product design processes, and engagement with customers and counterparties BBVA is promoting the development of sustainable products or products that promote sustainability, for which it has established a sustainable business channeling objective. For further information, see “evolution of sustainable business channeling” in this report, which describes the criteria that the Group has defined in this regard. Among the criteria defined, it is included that the internal standards are inspired by the European taxonomy, as they consider the element of “substantial contribution” to one of the objectives defined. The internal definition of sustainable business seeks, among other things, to promote solutions that support customers in their transition to a decarbonized economy, promote the protection of natural capital or inclusive growth, and is therefore broader than the taxonomic definitions. In addition, the Group's sustainable business is developed in the different geographies in which it operates, taking into account, where appropriate, the corresponding adaptations to reflect local specificities. 57 The template of Annex VI of the Delegated Act of Article 8 Disclosure is the reference for GAR disclosures: i) Covered assets (GAR, off-balance sheet), ii) GAR: information by sector, iii) GAR KPI stock, iv) GAR KPI flow, v) Financial guarantees, assets, and management. The original EU taxonomy tables and the necessary notes with details on the perimeter and methodology can be found in the section "6.4 Tables related to Article 8 of the European Taxonomy" of this report. 58 The IDAE's “State of the Energy Certification of Buildings” report published in 2023 indicates that the number of cumulative registrations up to letter C at the national level accounts for less than 5% of the total number of certificates. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 106 Regarding financing to customers and counterparties aligned with the Taxonomy, it must be considered whether the financing granted to a counterparty serves a general purpose for them, or if it serves a specific purpose, in which case it corresponds to commercial products with a specific goal. In order to comply with the Taxonomy Regulation and identify the Group's exposures to activities included in the European taxonomy, it is verified, where applicable, that customers and counterparties are aligned with the taxonomy. General-purpose financing Non-financial companies subject to the NFRD (Non-Financial Reporting Directive) were required to publish for the first time in their management reports at the close of the 2022 fiscal year, their KPIs 57 (Key Performance Indicators) related to climate change mitigation and adaptation objectives: i) Turnover, and ii) their capital expenditure (CapEx) and operating expenses (OpEx). Starting in 2024, these publications will include indicators corresponding to other environmental objectives. The information published by non- financial companies subject to the NFRD is necessary for financial institutions to calculate the eligibility and alignment of certain exposures recorded on their balance sheet. Thus, financial institutions use the data published by these counterparties to calculate the proportion of the general-purpose exposure aligned with the EU taxonomy. As indicated above, the Group has obtained, through an external provider, the data published by certain companies and uses it to calculate the alignment of general-purpose financing granted to them. Public customer information has also been used to more accurately reflect eligible activities, representing an evolution of granular information from major EU customers. In the retail portfolio (households), as opposed to the previous year, financing for the acquisition or renovation of housing and car financing has been included as eligible, and other general-purpose financing has been excluded. The KPIs established by the regulation for credit institutions provide a comprehensive breakdown of the bank’s exposures to activities covered (eligible) by the EU taxonomy, and additionally those that are not only eligible but also meet all necessary requirements to be considered sustainable (aligned). Specific-purpose financing The alignment with the EU taxonomy of financing provided for a known purpose or destination must be analyzed considering all the requirements established by the technical selection criteria mentioned earlier: (i) substantial contribution, (ii) do no significant harm (DNSH), and (iii) social safeguards. To determine that specific financing does not cause significant harm (DNSH), it must be demonstrated that it does not negatively affect other environmental objectives based on guidelines established by the regulation. For example, financing granted to a company contributing substantially to the mitigation of climate change must also ensure compliance with DNSH criteria for the remaining objectives. For instance, concerning the activity "electricity generation using photovoltaic solar technology", a key technology for the EU's renewable energy transition, under the DNSH criterion for the circular economy objective, the expectation is that the availability and, when feasible, the use of highly durable and recyclable components, as well as those that are easy to dismantle and restore, are evaluated, according to the taxonomy regulation. BBVA evaluates the substantial contribution of specific financing; however, the current level of maturity regarding the implementation and usability of the EU taxonomy in the banking industry makes it complex to establish a similar process to ensure compliance with DNSH and MSS principles. Therefore, part of the specific financing granted by BBVA, which makes a substantial contribution to an environmental objective, is not included in the alignment metrics. BBVA has identified specific financing with a substantial contribution in other specific products such as project financing or other products or activities included in the EU taxonomy that have not been included in the alignment metrics for the reasons described above. Among the cases of financing with a specific purpose included in the Group's GAR are: – Financing for vehicles that comply with the criteria of the EU taxonomy on a substantial contribution to the climate change mitigation objective, provided that the vehicle manufacturers have published that they meet the DNSH and MSS criteria. – Loans granted to households for the purchase of high energy-efficient homes, considering properties that meet the criteria of substantial contribution to climate change mitigation. For buildings constructed before December 31, 2020, the property is within the top 15% of the national housing stock 58 in terms of energy efficiency. New building constructions for which: The primary energy demand, which defines the energy efficiency of the resulting building, is at least 10% lower than the threshold established for nearly zero-energy building (NZEB) requirements in national measures implementing European Parliament and Council Directive 2010/31/EU. The energy performance is certified by a non-inferred Energy Performance Certificate (EPC), obtained from existing public records, provided by an independent certified appraisal company or other processes for obtaining information on the pre- existing portfolio. The taxonomy requires compliance with the "Do No Significant Harm" (DNSH) principle for other environmental objectives. In this regard, the Spanish Technical Building Code (CTE) acts as a set of rules regulating building construction in Spain since 2006, transposed from European laws, and sets basic requirements: This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 107 • The proper application of the Basic Document HS “Health and Sanitation” which is related to the basic requirement of "Hygiene, Health, and Environmental Protection”. • The correct application of the Basic Document SI “Security in case of fire” which is related to the basic requirement reflects the building’s adaptation to contingencies related to physical risks. • The correct application of the Basic Document SE “Structural Safety” which is related to the protection against "dynamic forces produced by wind, a collision, or an earthquake, represented by equivalent static forces," i.e., against physical risks. Regarding the minimum social safeguards (MSS), the correct application of DB SUA “Use Safety and Accessibility” covers part of the social safeguard by allowing access for people with reduced mobility. Although they would not be applicable in the case of the acquisition of residential property between two private individuals, since safeguards would be more relevant for companies engaged in real estate, construction, or development, we understand that social safeguards are included in Spanish and EU legislation. Nature and objectives of economic activities aligned with the taxonomy and the evolution of these economic activities aligned with the taxonomy over time The economic activities aligned with the environmental objectives of mitigation and adaptation to climate change of the EU taxonomy represent the total alignment of the Group's balance sheet, given that at year-end there is no public information available for the remaining environmental objectives that has been published by the counterparties. The alignment of the environmental objectives of climate change mitigation and adaptation can be measured for each of the various economic activities of the counterparties subject to disclosure requirements. Below is a summary of the key ratios related to the EU taxonomy as of the end of 2023 and 2024. Due to its length, the full information is included in section “Tables related to Article 8 of the European Taxonomy” of this report. RATIOS (BBVA GROUP, PERCENTAGE %) 2023 2024 Turnover CapEx Turnover CapEx % exposure to eligible assets according to the taxonomy (1) 28.65% 28.86% 26.03% 26.25% % exposure to taxonomy-eligible assets (GAR) (2) 0.52% 0.80% 0.57% 0.84% (1) Climate change mitigation (CCM); Climate change adaptation (CCA); Water and marine resources (WTR); Circular economy (CE); Pollution (PPC); Biodiversity and ecosystems (BIO). (2) Climate change mitigation (CCM); Climate change adaptation (CCA). The 2024 alignment indicators show a slight improvement compared to 2023, mainly influenced by new mortgage production in Spain and, to a lesser extent, the modest contribution of the aligned amounts with financial institutions, which have published for the first time in 2024. On the other hand, the financing granted to non-financial counterparties subject to disclosure requirements under EU regulations remains, overall, at slightly lower levels than the previous year, as does its contribution to the indicators. Additionally, the evolution of these ratios also includes a component linked to the denominator, which is higher than in the previous period and reflects the development of activities excluded from the GAR calculation, particularly counterparties not subject to disclosure requirements and those outside the EU scope. Consolidated key performance indicator (KPI) considering different business segments. On November 8, 2024, the "Commission Communication on the interpretation of certain legal provisions of the delegated act on disclosure of information under Article 8 of the EU Taxonomy Regulation" was officially approved. This FAQ document aims to clarify the content of the delegated disclosure act to support its application. In question 7, it states that corporate groups with subsidiaries operating in different business segments related to asset management, banking, investment service companies, or insurance activities must report each of those activities at a consolidated level, considering the subsidiary entities performing each of the aforementioned activities, and providing the consolidated indicators described in the annex templates of Delegated Regulation 2023/2486. The information on the EU Taxonomy corresponding to different business segments, including information related to asset management entities and insurance companies with activity in the European Union, is included in section 6.4 of this report. Activities carried out by investment companies that are part of the Group and that could come from customers or counterparties subject to the taxonomy (Art. 19 bis and 29 bis of Directive 2013/34 or NFRD) are not representative. On the other hand, according to the aforementioned Commission Communication, a global consolidated alignment indicator with the EU Taxonomy must be published. This indicator will be the weighted average of the indicators corresponding to each activity related to asset management, banking, investment service companies, or insurance activities, considering the proportion of each activity's turnover to the total consolidated turnover. Based on an approximation of the revenues contributed to the Group by the banking, insurance, and asset management activities for which alignment metrics have been calculated according to the EU Taxonomy, the consolidated alignment ratio for the Group is 0.58% and 0.85% when measured by turnover and CapEx of the counterparties, respectively. 59 Debt Capital Markets. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 108 Transition activities included in the EU taxonomy (Nuclear and Gas) Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022 sets out the requirements for economic activities involving the generation of energy using natural gas and nuclear power plants to be included in the EU taxonomy, as they are considered transition activities. Nuclear energy, which is described as "low carbon" and "subject to strict environmental and safety conditions ensuring respect for the principle of not causing significant harm, can play a role in the transition to climate neutrality". Regarding the generation of electricity using natural gas, it is considered less polluting than other alternatives, such as coal. The activities included in the Delegated Act on Gas and Nuclear are: – Nuclear power: • Pre-commercial phases of advanced technologies to produce energy from nuclear processes with minimal fuel cycle waste. • Safe construction and operation of new nuclear power plants for the generation of electricity or heat, including hydrogen production, using the best available technologies. • Generating electricity from nuclear energy at existing facilities. – Energy from gaseous fossil fuels: • Electricity generation from gaseous fossil fuels. • High-efficiency cogeneration of heat/cooling and electricity from gaseous fossil fuels. • Production of heat/cold from gaseous fossil fuels in an efficient urban heating and cooling system. The BBVA Group's exposure to gas and nuclear power generation activities of NFRD customers (subject to EU non-financial reporting rules) eligible under the EU Taxonomy amounts to 190 million euros in terms of turnover, of which 28 million euros are considered aligned. In terms of CapEx, 70 million euros are eligible and 22 million euros are aligned. Incorporation of environmental objectives into the EU taxonomy Commission Delegated Regulation (EU) 2023/2486 of 27 June 2023 completes the EU taxonomy by setting out the technical screening criteria for determining economic activities that contribute to environmental objectives not yet included in the taxonomy: i) the sustainable use and protection of water and marine resources, ii) the transition to a circular economy, iii) the prevention and control of pollution, iv) the protection and recovery of biodiversity and ecosystems, and establishes new requirements for the disclosure of specific public information on those economic activities. In fiscal year 2023, credit institutions must publish exposure to eligible economic activities included in the aforementioned delegated regulation. When an economic activity contributes substantially to multiple environmental objectives, it is assigned to the most significant environmental objective for calculation purposes (generally Climate Change Mitigation (CCM)) while avoiding double counting. The BBVA Group's exposure ratio to eligible activities included in the delegated regulation of the 4 environmental objectives recently covered in the taxonomy is 0.99% and the exposure to ineligible activities taking into account all environmental objectives published to date is 19.80%. To estimate eligibility, given that the delegated regulation has been recently published and there has not been time for NFRD customers to publish their degree of eligibility, the customer's economic activity information used for internal risk management and based on the Statistical Classification of Economic Activities of the European Community (NACE) has been used. Trading Portfolio Global Markets is the area that manages BBVA's financial liabilities held for trading and is part of the CIB business area which, as already mentioned, has developed a Sustainable Products framework. The financial liabilities held for trading is mainly responsible for two different activities. The first consists of promoting the availability of products for customers to manage their own risks or make their investments, and the second consists of managing the risks inherent to the financial liabilities held for trading. The main activity taking into account some ESG factor comes from facilitating the issuance of bonds (DCM) 59 with some ESG characteristics by customers. Demand for other types of financial liabilities held for trading products by customers to manage their own ESG risks has still proven to be limited and sporadic. As for the management of risks inherent to the financial liabilities held for trading, this is carried out under a strict risk-reward angle, where ESG factors do not currently represent a key factor (unless market dynamics or profitability turn towards them). Trading portfolio exposure amounts to 19% of total asset. In accordance with the maturities established by Regulation (EU) 2020/852 and its delegated regulations, BBVA will disclose quantitative information on trading exposures that comply with the EU taxonomy, including the general composition, observed trends, objectives and policy for the first time at year-end 2025. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 109 2.2 Natural capital The global effort to combat climate change is insufficient if the challenge associated with natural capital is not simultaneously addressed. It is essential for companies’ decarbonization processes to also encompass their dependencies on and impacts to nature and biodiversity. The BBVA Group has identified potential business opportunities connected to natural capital, such as nature, agriculture, water, and the circular economy, as noted in the “Sustainability Strategy” chapter. While these are relevant, those related to climate change currently predominate. With regard to risks, specialized methodologies and tools have been used, including ENCORE, which evaluated the dependence of 21 key ecosystem services in different economic activities within the Group’s financing portfolio. This evaluation considered factors such as water availability and quality, biodiversity, and land use. As a result, sectors with high exposure to natural capital, related risks were identified, particularly those strongly dependent on ecosystems, indicating that natural capital is a relevant topic for the Group. Concerning biodiversity and ecosystems, both the impact of corporate activities on them and their dependence on these natural resources have been assessed, along with associated physical and transition risks. The identification and evaluation of dependencies, impacts, and risks were undertaken from a geographic perspective, taking into account regulations, changes in the state of nature, and the availability of ecosystem services, following the LEAP framework of the Taskforce on Nature-related Financial Disclosures (TNFD). Additionally, systemic risks were considered, those that may emerge from customers’ activities that significantly affect biodiversity. Regarding the Group’s own operations, because it mainly conducts business in corporate or urban settings and does not engage in industrial activities that directly affect ecosystems or local communities, no specifically impacted groups were identified that would require consultation on these matters. The Group also has an Eco-Efficiency Plan that includes measures in this area. As for customer-related activities, within its Environmental and Social Framework, the Group, among other stipulations, prohibits financing new projects that endanger: UNESCO World Heritage Sites, wetlands listed under the Ramsar Convention, sites in the Alliance for Zero Extinction, and areas categorized as I–IV by the International Union for Conservation of Nature. Finally, in order to comply with certain requirements of Law 11/2018, the description of the progress made with respect to the targets established in the Global Eco-efficiency Plan 2021-2025 related to water and paper consumption, the circular economy and sustainable construction is included in the section “Management of other direct environmental impacts”. 2.2.1 Identification and measurement of risks and opportunities associated with natural capital As indicated, the natural capital challenge needs to be addressed at the same time as tackling climate change. To reflect this, companies’ transition plans need to reflect their dependencies and impacts on nature and biodiversity, including the just transition. Ensuring healthy ecosystems and combating climate change are intrinsically linked challenges. Global warming affects ecosystems directly, for example through their loss. According to BBVA's General Sustainability Policy, Natural Capital comprises the Earth's natural assets (soil, air, water, flora and fauna), and the ecosystems resulting from them, which make human life possible. Strategy BBVA includes natural capital in its holistic vision of sustainability, covering the geographies where it operates. For more information on the strategy and objectives related to natural capital, please refer to the "Sustainability Strategy" chapter. Policies and frameworks The General Sustainability Policy expressly includes the protection of natural capital as one of its areas of action. Specifically, BBVA recognizes the need to protect ecosystem services and natural assets, as well as species and natural ecological processes, and considers biodiversity and natural capital in its relationship with its customers. For more information on the governance model and applicable policies, see chapter “Sustainability governance model.” This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 110 The Environmental and Social Framework specifically sets out a number of general prohibited activities in relation to biodiversity loss and the fight against deforestation: – New projects that put at risk UNESCO World Heritage sites, Ramsar wetlands, Partnership for Zero Extinction sites, and International Union for Conservation of Nature Category I-IV areas. – New projects that involve resettlement or violation of the rights of indigenous or vulnerable groups without their free, prior and informed consent. In addition to these general restrictions, specific prohibitions have been put in place for new projects in the agro-industrial sector related to the protection of ecosystems. These include, among others, restrictions on new projects that involve the burning of natural ecosystems for the purpose of clearing land for agricultural or livestock development, the removal of high conservation value and high carbon forests, as well as on palm oil farms that are not certified by the Roundtable for Sustainable Palm Oil (RSPO) or are not in the process of certification. New palm oil farm projects in swamps and peat-rich areas are also excluded. In December 2024, a review of the Environmental and Social Framework was conducted to assess its effectiveness and update it based on best practices, the evolution of international standards, and the expectations of our stakeholders. As part of its project management, BBVA applies the Equator Principles (EP), which require an adequate assessment and mitigation of biodiversity risks in the projects it finances under the scope of the EP. Additionally, the Equator Principles were updated in 2020, strengthening their focus on biodiversity. It should be noted that for projects with impacts on critical habitats, BBVA, as part of the implementation of the EP, requires the implementation of biodiversity management plans aligned, when applicable, with the IFC (International Finance Corporation) Performance Standards, which require identifying and quantifying impacts on biodiversity, critical habitats and natural resources. Risk management Natural capital risks are those arising from actions to protect natural capital (transition risks) and the loss of ecosystem services that serve as inputs or facilitate economic activities (physical risks). These are a source of economic risks due to the dependencies and impacts of economic activities on/from natural capital. Customer activity may affect natural capital (impacts) while the loss of natural capital may generate risks for the operations and business model of BBVA customers (dependencies). – Customers with a high ecosystem impact face a higher level of transition risk due to regulatory and policy changes, substitution of more efficient and less polluting technologies, changes in consumer demand and market changes. – Customers with a high dependence on natural capital may face greater physical risks generated by the deterioration of ecosystems, such as the reduction in available water resources or the loss of the ability to protect against adverse climatic phenomena. During 2024, BBVA has developed an internal taxonomy of natural capital risks based on the heat map of impacts and dependencies carried out in 2023. To carry out this exercise of identifying impacts and dependencies, the methodology of the ENCORE tool (Exploring Natural Capital Opportunities, Risks and Exposure) developed by the Natural Capital Finance Alliance was predominantly used, which is also consistent with aspects contained in other reference tools such as the SBTN Materiality Screening Tool, developed by the Science Based Target Network (SBTN). The ENCORE tool provides a comprehensive assessment of the 21 ecosystem services on which each of the 167 economic activities depend for their production processes and an assessment of the 7 impact drivers, assigning a level of dependency and impact (Very High, High, Medium, Low) for each of them. This analysis includes aspects related to the availability and quality of water, biodiversity and land use, as well as the contamination of ecosystems and waste generation. As a result, by combining the levels of impact and dependency, an exposure level (Very High, High, Medium, Low) is assigned to each sector in relation to natural capital risk. Activities deemed sensitive to natural capital risk amount to an EAD (Exposure at Default) of 71,786 billion, representing 34% of the wholesale portfolio. The details of the activities considered are included in the table "Risk level of economic activities" in the section "Management of risks associated with climate change." This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 111 The circles included in the chart represent BBVA's exposure at the sub-sector level as a percentage of total EAD, excluding exposure to sectors outside the scope of this exercise, such as financial entities and institutions: NATURAL CAPITAL - HEAT MAP OF IMPACTS AND DEPENDENCIES Additionally, efforts have been made to complement the previously explained sectoral approach with a geographical perspective to capture the relationship between customers' activities and nature in the main geographies where BBVA operates. This follows the initial steps of the LEAP approach from the TNFD. This international standard recommends identifying and assessing dependencies and impacts by considering regulations, changes in the state of nature, and the availability of ecosystem services. BBVA follows the LEAP approach by incorporating the following elements in the identification of natural capital risks. Firstly, an analysis of regulations on biodiversity, water management, and waste and pollution management in the key geographies where BBVA operates, to capture the transition risks arising from natural capital. Additionally, physical natural capital risk scores from public sources such as Aqueduct Water Stress or Ecoregion Intactness Index, among others, are considered, which provide an overview of risk at a geographical level. In conclusion, taxonomies allow for the establishment of a transition and physical climate risk level, as well as a natural capital risk level for economic activities. The measuring of other environmental risks (natural capital) as a source of credit risk in the annual Risk assessment has been incorporated as a new feature in 2024. For more information, see the section "Management of risks associated with climate change". Opportunities In line with the strategic priority of "promoting new business through sustainability" since 2023, work has been carried out to identify new business opportunities in sustainability based on analysis of: – Disruptions (Regulation, technology, consumer habits, new players and impact on the value chain) – Climate and physical Transition risks by sector – Turnover From this analysis, investments in water and the circular economy have emerged as key trends for sustainable business in the coming years. The opportunity in water has been prioritized due to the alignment made with natural capital risks in the development of the heat map of impacts and capital dependencies (2023) with the ENCORE tool (Exploring Natural Capital Opportunities, Risks and Exposure) developed by the Natural Capital Finance Alliance. The investment needs in water infrastructure in countries with the highest water risk (Aqueduct Capital Risk Atlas) and in key sectors such as agriculture and the manufacturing industry have been key to prioritizing water as a business opportunity. In 2024, BBVA continued to drive this and other opportunities, based on the development of its natural capital taxonomy, aligned with physical risk in key sectors and based on four dimensions of natural capital: water, soil, biodiversity, waste, and pollution. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 112 It is important to note that the promotion of business opportunities in the four dimensions of natural capital has so far only led to a greater commercial focus, partnerships, and further development of specific products in activities that were already part of the climate action channel. In 2024, BBVA continued to participate in the UNEP FI working group to explore the nexus between the circular economy, nature, pollution, and inclusive growth. Furthermore, BBVA is active in international organizations in the context of natural capital protection. In this regard, as a member of the Taskforce on Nature-related Financial Disclosures (TNFD) since 2022, BBVA follows the publication of various versions of the framework for managing and disclosing nature-related risks and opportunities, as well as the guides published. Since 2023, BBVA has been part of the UNEP FI Biodiversity Community, designed as a capacity-building program for banks embarking on their journey towards biodiversity. As a new development in 2024, BBVA actively participated in the United Nations Biodiversity Conference 2024 (COP16) in Cali, Colombia, sharing its experience with the issuance of a blue bond and a biodiversity bond in collaboration with the IFC, which are detailed further below in this section. The following progress in the opportunities in each of the dimensions of natural capital has been made: Water In 2024, globally, solutions continued to be provided to corporate and enterprise customers on water-related issues inspired by the Water Footprint Loan (the first syndicated credit line linked to indicators related to the reduction of the water footprint launched in 2022). Likewise, in 2024, BBVA Mexico launched a sustainability challenge focused on the “Preservation, use and sanitation of water.” The objective of this initiative is to develop scientific and technological research projects, as well as to promote ventures dedicated to the preservation, use and sanitation of water in this country by solving water challenges with a focus on high social impact. As part of broader efforts to expand its Blue Economy products, BBVA launched several initiatives in 2024: – In Spain, in collaboration with Veolia, to promote the voluntary measurement and management of water footprint of customers in sectors with the greatest impact on water, thus promoting the financing of efficiency measures and the implementation of compensation or recovery projects with nature-based solutions to be water positive. – At BBVA Colombia, a second issue of the blue bond launched in 2023 was carried out for water management, the reduction of plastic pollution in the oceans and the restoration of the marine ecosystem. – At BBVA Mexico, acting as book runner, in association with Desarrollos Hidráulicos de Cancún (DHC), it issued its first blue bond focused on improving hydraulic infrastructure and providing drinking water to local communities. Finally, at the level of direct impact, in 2024, BBVA began measuring the group's water footprint at a global level and the first analysis of water recovery projects in areas of high water stress in Spain. Biodiversity and Soil In 2024, BBVA Colombia and the International Finance Corporation (IFC) will issue a biodiversity bond, of which BBVA Colombia issued up to a total of 70 million dollars. The resources will be used, among others, to finance projects focused on reforestation, regeneration of natural forests on degraded lands, conservation or rehabilitation of mangroves, climate-smart agriculture, and restoration of habitats for wildlife. In parallel, and given the link between agriculture and the use of water and soil, in 2024, the development of internal tools has been promoted to evaluate the transition of agricultural customers in Mexico and Latin America. The financing of efficient and precision irrigation solutions was, as well as practices that favor the reduction of emissions and regenerative agriculture. Waste and pollution At the waste level, in 2024, a line of work has been started in Spain around the circular economy. Among the lines of work, the opportunity to promote leasing plans (that include maintenance) solutions stands out. Moreover, investment needs have been identified in the entire value chain of waste management of extended producer responsibility systems, mainly in the packaging sectors (in particular to address regulatory changes towards a circular and plastic-free economy). In 2024, it is notable that CIB, in coordination with a peer, acted as an agent in the structuring of the Sustainable Finance Framework for the issuance of a 600 million euros bond by a major Spanish company specialized in citizen services. This bond aims to finance investments in environmental activities, including pollution prevention and control, clean transportation, and the circular economy. 60 The decrease compared to the data published in 2023 (-6 p.p.) is due to the incorporation into the perimeter of the geographies of Venezuela, Romania and the Netherlands, which currently do not have certified paper. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 113 2.2.2 Management of other direct environmental impacts Within the framework of the Global Eco-efficiency Plan (see section “Energy consumption and carbon footprint of BBVA Group” in the previous chapter, “Climate change”), in addition to the objectives related to the reduction of CO2 emissions and energy and electricity consumption, BBVA established objectives related to water and paper consumption, the circular economy and sustainable construction. Water and paper consumption In order to reduce BBVA's environmental footprint, the following lines of action have been promoted: – Initiatives to reduce water consumption, such as gray water recycling systems and reuse of rainwater for irrigation at the headquarters in Spain and Mexico or the installation of dry urinals in some of the buildings in Spain. – Digitization and centralization of printing measures to reduce paper consumption, which is additionally recycled or environmentally certified in most geographical areas (Spain, Mexico, Turkey, Peru, Colombia, Argentina and Portugal) by 67% in 2024 60. CONSUMPTION (BBVA GROUP) (1) 2024 (1) 2023 (2) ∆ 24-23 Total water consumption (cubic meters) 1,517,371 1,485,268 2% Public water supply (cubic meters) 1,448,837 1,422,750 2% Recycled water (cubic meters) 68,534 62,518 10% Paper (tons) (3) 3,555 2,909 22% (1) The data shown for the year 2024 include the countries Spain, Mexico, Turkey, Peru, Colombia, Argentina, Uruguay, Portugal and, for the first time in 2024, Venezuela, Romania and the Netherlands. Certain geographical areas (Chile, Bolivia, Switzerland, the United States, Brazil and BBVA branches outside Spain) and certain BBVA Group companies are not included in the perimeter. The perimeter not included in this measurement (geographical areas and/or subsidiaries in the countries mentioned) represents 2.6% of the BBVA Group's total number of employees. For the year 2024, estimates are used for those data that are not available at the closing date of this report. (2) The data for 2023 differ from those published in the previous Consolidated Non-Financial Information Statement because the estimates included at the end of the 2023 financial year have been replaced by the actual consumption available after the publication of said report. Likewise, data on the geography of Venezuela, not included in the previous report, are included for 2023. (3) In 2024 there was an increase in paper consumption due to an expansion in the measurement perimeter of the data from Turkey and the increase in marketing campaigns in the geography of Spain. Circular Economy BBVA is working to reduce the impact from waste generation through sustainable construction standards or by implementing Environmental Management Systems certified with ISO 14001 and additionally by implementing the Zero Waste certification from Aenor in Ciudad BBVA, BBVA's headquarters in Spain, and the Opplus building in Malaga. The goal is to reduce to a minimum the waste that is sent to landfills, so the Group's facilities have clearly differentiated and marked areas that allow for proper segregation and subsequent recycling of waste. WASTE (CIRCULAR ECONOMY) (BBVA GROUP) (1) 2024 (2) 2023 (3) ∆ 24-23 Hazardous waste (tons) 273 274 (1)% Recycled hazardous waste (tons) 117 136 (14)% Disposed hazardous waste (tons) 155 138 13% Non-hazardous waste (tons) 3,449 2,409 43% Non-hazardous waste (%) 1,454 1,076 35% Disposed non-hazardous waste (tons) 1,995 1,333 50% (1) In 2024, there will be an increase in the volume of non-hazardous waste generated due to a change in perimeter with respect to the 2023 data (the geographies of Romania and the Netherlands are included) and the development of specific projects (opening of new canteens in Mexico and collection of non-reusable furniture in Colombia) that affect the fraction of organic waste and non-hazardous waste respectively. (2) The figures for 2024 include Spain, Mexico, Turkey, Peru, Colombia, Argentina, Uruguay, Portugal and, for the first time in 2024, Venezuela, Romania and the Netherlands. Certain geographical areas (Chile, Bolivia, Switzerland, the United States, Brazil and BBVA branches outside Spain) and certain BBVA Group companies are not included in the perimeter. The perimeter not included in this measurement (geographical areas and/or subsidiaries in the countries mentioned) represents 2.6% of the BBVA Group's total number of employees. For the year 2024, estimates are used for those data that are not available at the closing date of this report. (3) The data for 2023 differ from those published in the previous Consolidated Non-Financial Information Statement because the estimates included at the end of the 2023 financial year have been replaced by the actual consumption available after the publication of said report. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 114 Sustainable Construction Another objective is to ensure the implementation of the best environmental and energy standards in BBVA buildings, which is why it is intended to achieve a large percentage of environmentally certified surface areas. In this regard, BBVA facilities have various construction and management certifications. Among the building certifications, there are 19 buildings and 11 branches of the Group with the prestigious LEED (Leadership in Energy and Environmental Design) standard for sustainable construction. Among these buildings are the main headquarters of the Group in Spain, Mexico, Turkey and Argentina. In addition, three of them have received the highest certification category, LEED Platinum. Additionally, there are 7 WWF Green Office distinctions in Turkey and 40 Edge in Peru, certifications that promote the reduction of the ecological footprint and carbon emissions. In terms of management certifications, BBVA has implemented an Environmental Management System based on the ISO 14.001:2015 Standard in different buildings, which is certified every year by an independent entity. This certification controls and evaluates the environmental performance of the operations of some of its buildings. This system is implemented in 112 buildings and 1,051 branches in the main countries where the Group operates. Lastly, BBVA has managed to certify 36 buildings and 1,926 branches with an Energy Management System also certified by an independent third party and which meets the ISO 50.001:2018 standard. Given the activities in which the Group is engaged, it has no liabilities, expenses, assets, provisions or contingencies of an environmental nature that could be significant in relation to its equity, financial position and results. For this reason, as of December 31, 2024, the consolidated annual accounts did not contain any line that must be included in the environmental information document provided for in Order JUS/616/2022, of June 30, approving the new model for filing in the Commercial Registry the consolidated annual accounts of those subjects required to publish them. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 115 3. Social information 3.1 Own w orkforce 3.1.1 Culture and values 3.1.2 Quality employment and competitive remuneration 3.1.3 Equal opportunities 3.1.4 Labor rights 3.1.5 Occupational health and safety 3.1.6 Workforce characteristics 3.2 Consumers and end users 3.2.1 Customer experience 3.2.2 Accessibility to services and products 3.2.3 Raising awareness on sustainability issues 3.2.4 Transparency in information provided to customers about products and services 3.2.5 Responsible use of data 3.2.6 Cybersecurity 3.2.7 Complaints channel 3.3 Contribution to society 3.3.1 Contribution to the community 3.3.2 Other contributions to society 3.3.3 Volunteer work Through its Purpose, values and strategic priorities, BBVA seeks to have a positive impact on the lives of people, businesses and society as a whole. Financial institutions play a key role in the economy, essential to ensure the functioning of the rest of the system. This is where BBVA's origin and main mission lies: to act as a driving force of activity by providing credit to the real economy, businesses and families, financing long-term structural challenges (decarbonization, innovation, digitalization) to contribute to the economic growth of society. In addition to its main financing activity, BBVA supports the economic and social development of the communities where it is present through the following lines of action: – Generate a quality employment for its more than 125,000 employees in all the geographies in which it operates. – Helping customers improve their financial health and, ultimately, meet their life goals, as well as their transition to sustainability. To respond to the needs of its customers, while maintaining supervisor conduct, BBVA has developed a differential value proposition thanks to innovation and new technologies. – Supporting society in general and the most vulnerable groups in particular through the social action of its banks and foundations, as reflected in its 2025 Community Investment Goal to support inclusive growth. 61 Data without Turkey. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 116 3.1 Own workforce Value proposition BBVA has one Purpose: “To bring the age of opportunity to everyone”. A Purpose that seeks to help all stakeholders, customers, shareholders and also its employees, to meet their life goals. The aim as an organization is to have the best and most engaged team, which is one of BBVA’s six strategic priorities (see “BBVA Group Strategy”). Therefore, BBVA must be able to attract, motivate, train and retain the best talent, aligned with the Group’s values. BBVA's people management strategy is based on three strategic principles: The comprehensive management of these three principles had a positive impact on the Group's employees engagement in 2024, as shown by the results of the 2024 Gallup survey, where BBVA obtained a score of 4.46 (+0.03 compared to 2023), ranking in the 78th percentile in relation to all companies participating in the survey (+2% compared to 2023), consolidating its position among the top 25% companies. In 2024, BBVA has continued to promote employee initiatives that have enabled progress in different areas of people management, aligned with the three strategic principles. A culture and values of inspiration and connection: – In October 2024 BBVA celebrated the seventh edition of Values Day under the slogan “Know, Understand and Connect”, the day focused on BBVA’s first value, “The Customer comes first”, and on the core behavior “We are empathetic”. More than 82,000 unique users participated in some of the activities available via the application. – In 2024 BBVA launched a global volunteering plan in which 13,500 employees from across the Group took part, as detailed in the “Volunteer work” section included in the chapter “Contribution to society”. Similarly, and showing the same solidarity that BBVA has always displayed with society, a voluntary initiative was launched during the year so that employees and non-employees alike make donations for those affected by the flash floods that devastated the Valencian Community in October. A winning team in our businesses: – In February 2024, the more than 18,000 managers across the Group underwent a specific assessment of their capabilities as well as an NPS assessment done by their teams, showing that 68% 61 of the managers have a score equal to or greater than 75, out of a maximum of 100. This information has served as a starting point for the definition of personalized development plans. – In 2024, a new model for talent acquisition and mobility was implemented globally, which will allow to attract the best talent on the market and mobilize talent internally at BBVA, improving the experience of all stakeholders (candidates, managers) and reducing management times. 62 Data without Turkey. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 117 – BBVA continues to promote the training and recruitment of profiles with key capabilities. In 2024, the Group had trained more than 2,600 62 employees in Generative AI and more than 35,000 employees of the business areas with sustainability skills to support customers in the transition of their businesses. – In addition, BBVA has reorganized its global customer area into the corporate and retail segments, as a key element in the transformation of customer service and experience at BBVA. The best environment for our talent: – Women account for 35.4% of BBVA’s management team, exceeding the target of 35% set in 2022, and which had been increased to 36.8% in 2026. – In Spain, a model for managing pensions plans based on the employee's life cycle was implemented to promote financial well-being. In relation to physical well-being, in Mexico, in addition to traditional medical examinations, a comprehensive health program has been carried, involving around 12,000 employees in a survey that assessed their eating habits, sleep quality, mental health and smoking. Communication channels The BBVA Group provides its employees with various channels for communicating and interacting with the Talent & Culture area: – First, employees have access to the Employee Support Service (SAE) which is up and running at the main banks and companies in the countries in which the Group operates (Spain, Mexico, Turkey, Argentina, Colombia and Peru), and which responds to operational, administrative and management queries. The service is run by the Group's own staff and supported by a market-based technological solution that tracks the status of each query received (Turkey has a specific tool developed internally for its employees with similar functionalities). – Second, employees have access to the Talent & Culture Advisor Channel, which complements the SAE service by responding to employee queries with advice on their professional development. This service is supported by the same technological solutions as the SAE and currently covers the same group of employees (Mexico is in the process of implementing it for the entire workforce; it is currently available for the managers segment). Both channels have service quality metrics, which are evaluated by the employee (surveys, NPS), and are available 24 hours online through direct access from the bank's Intranet. The other geographies and companies, which are smaller in size, have channels for consultation, interaction and monitoring, which are heterogeneous and decentralized, and which respond to the needs of their employees. In addition to the above, where the employee believes that there has been behavior that is incompatible with the principles and values set out in the BBVA Code of Conduct, or that breaches internal regulations or applicable legislation, the Group provides the Whistleblowing Channel, which allows such behavior to be reported confidentially and anonymously. More information on the Whistleblowing Channel and how it works is provided in the Compliance section (section “Whistleblowing Channel” within the “Business Conduct” chapter). Impacts on employees As a result of the double materiality analysis (see chapter “Double materiality analysis”), three impacts of BBVA on its employees have been identified: 1. The adoption by employees of a robust corporate culture and values of inspiration and connection that ensure the achievement of the Purpose. 2. Generation of greater employee satisfaction and productivity, providing to the business a winning team, through a quality employment and a competitive remuneration. 3. Provide the best environment for your talent, with special emphasis on promoting and supporting equal opportunities among employees. For all of these positive impacts, BBVA has policies, actions and objectives that are detailed below in their respective sections of the document, with specific teams tasked with achieving them. BBVA also develops employee management plans that help to ensure a better work environment and that consist of guaranteeing compliance with employees' labor rights, expanding perks and benefits, and positively contributing to employee well-being through improvements in their safety, health and physical integrity. The Talent & Culture area has established two strategic objectives that allow BBVA to measure the degree of implementation of the policies and the scope of the actions developed for employees: – Employee commitment to BBVA. All the impacts identified on employees have an impact on their commitment to the Group. BBVA measures the level of employee engagement on an annual basis by surveys conducted by the external company Gallup, which has a standardized methodology that has been tested over the years. The core questions of this survey are repeated in all the participating companies, which belong to different sectors and countries, providing a broad database to allow for a reliable comparison. 63 From this scope, three subsidiaries in Argentine that together account for less than 0.1% of the total number of employees (Volkswagen Financial Services Compañía Financiera SA and PSA Finance Argentina Compañía Financiera SA) are excluded. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 118 BBVA's Global Head of Talent & Culture set the target for 2024 to maintain employee commitment in the top quartile of Gallup's customer base, i.e. between the 75th and 100th percentile, which implies an above-average level of employee engagement that only one in four companies participating in the process achieve. – The percentage of women who form part of the Group's management team, as it is a representative indicator of equal opportunities in terms of gender diversity. The measurement and methodology are detailed in the section "Equal opportunities". Workforce Note 1: Data as of December 31, 2024. Note 2: The number of employees is established based on location criteria. As of December 31, 2024, the Group had 125,916 employees located in more than 25 countries, representing an increase of 3.6% over the year. The growth in the workforce is mainly due to the hiring of profiles associated with the Group's transformation, especially in the strategic areas of Engineering and Client Solutions, as well as hiring in the CIB teams and in the sales networks in geographies such as Mexico, to support customer and business growth. The official workforce is defined as the active employees regardless of the working hours of all the companies under the consolidation perimeter 63. Any disclosure contained in this chapter refers to this number of employees unless specifically indicated otherwise. This list does not include information on Non-Employees as defined by the ESRS, since their number is not significant. More information on the composition of the workforce can be found in the “Workforce characteristics” section. 64 Applicable to all group companies except: AFP Previsión and Provivienda in Bolivia, Comercializadora and Movistar Consumer Finance Colombia SAS in Colombia, BBVA Servicios SAU, OPPLUS Operaciones y Servicios, SA, Madiva Soluciones SL, Bilbao Vizcaya Investments SAU, European Securitization, Management and Administration of RE and DCN in Spain, Adquira Mëxico SA de CV, Openpay SAPI de CV in Mexico, OPPLUS Lima, Openpay Perú SA, Peruvian Financing Company SAC in Peru, Anidaport Invest. Inmobiliarios in Portugal, Emprendimientos de Valor SA and BBVA Distribuidora de Seguro, in Uruguay. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 119 3.1.1 Culture and values BBVA's values and behaviors guide employees in their day-to-day decision-making and help them achieve the Group's Purpose of “To bring the age of opportunity to everyone.” Values and behaviors are the hallmark of everyone who works in the Group and define BBVA's actions. BBVA's values are integrated into the key models and levers that promote the Group's transformation. They are also embedded in global people management processes, from the selection of new employees to incentives for meeting annual objectives, including processes for assigning roles, evaluation, people development and training. Culture guide and actions In 2024, the Corporate Culture Guide was formalized, establishing the framework for fostering and consolidating a robust corporate culture in all areas and geographies, thereby promoting an ethical work environment aligned with BBVA's values. The Guide is based on BBVA's internal Code of Conduct, which sets out the behavioral guidelines to align employee conduct with the Group's values. The Guide is available to all employees on the internal Culture and Commitment portal, in Spanish and English, and applies to most BBVA Group entities 64, which represent 96.4% of the workforce. This Guide describes the standards, roles, responsibilities and governance mechanisms needed to foster and consolidate a robust organizational culture in all areas and geographies of BBVA. It also ensures the achievement of the Purpose and has a positive impact on the level of employee commitment to BBVA, a strategic objective of the Talent & Culture area, which is measured annually through the Gallup survey. BBVA's Global Head of Culture & Engagement, who reports to the Global Head of Talent & Culture, is responsible for creating a robust culture and values that ensure the achievement of the Purpose and for implementing and monitoring this Guide. The global culture team, together with its local counterparts in each geography, is responsible for defining the strategic framework and culture initiatives at BBVA and updating the Guide when necessary. The most relevant initiatives, as well as the results of the engagement survey, are shared with the Group's senior management. BBVA's culture team involves employees in defining and monitoring new initiatives, both in design (through customer-focused methodologies, "Design Thinking") and testing, as well as in continuous improvement following implementation. Each initiative establishes the way in which this involvement is carried out, through workshops, individual interviews or ad-hoc surveys. In parallel, metrics or KPIs for monitoring are defined for each initiative. BBVA conducts an annual employee engagement survey, managed externally by Gallup and led by the Global Head of Culture & Engagement. Following the survey, the results are communicated to the managers, who organize a meeting with their team to review the results and identify strengths and areas for improvement. They then define the team's action plan, which is recorded in the internal tools. In 2024, 88% of managers who were given a report, recorded the corresponding action plans. This annual, global survey assesses the 12 engagement attributes of the Gallup methodology (highlighting the organization's mission or Purpose) and additional questions customized by BBVA regarding the Group's Values, diversity and well-being. In 2024, the “Values Index” (the result of the average of the 3 questions on the Group's Values) scored 4.66 out of 5, which represents an increase of +0.02 compared to the previous year. Based on the survey results , action plans are defined and implemented at three levels: 1) global actions for BBVA, 2) local actions for each area and geography, and 3) actions for each team. This allows the BBVA team to be involved in generating a robust culture and Values that ensure the achievement of the Purpose. The survey itself includes three questions to assess whether these team results reviews were carried out in previous years and to evaluate the effectiveness of the action plans. 65 The workforce of all banks and most companies participate in this activity. 19 companies, accounting for less than 4% of employees, do not participate in the activity. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 120 At an individual level, development and growth in BBVA Values are also encouraged. This is done with the results of the annual performance evaluation process, which includes the Values as skills, and after which an action plan is defined in those skills where the employee falls short of the level required for their role. Annual recognitions are also granted to those employees who embody BBVA’s Values (such as the “ViVa Awards” or “Living our Values”), both locally and globally. Values Day is one of the key initiatives in promoting the Group’s culture. On this day, the entire BBVA 65 team celebrates the Group’s values, each year with a different cultural transformation objective. In 2024, in its seventh edition, an exercise in empathy was carried out with the aim of connecting in a more human and empathetic way with colleagues and customers. To do so, a model was defined that classified people into four different ways of being. The BBVA team was able to get to know each other better through digital activities in which they discovered which way of being was most similar to them and found advice on understanding people with other ways of being in order to better connect with them. More than 65,000 employees took the personality test, with a very positive rating (68% of employees gave it the maximum rating of five). As part of this culture of feedback and recognition, BBVA launched the OrgullososdeRed@BBVA initiative in 2024, which had a great impact among employees. Held annually, it consists of a photography contest between the retail banking and corporate banking teams with the aim of showing the rest of the organization how they live the BBVA Values on a daily basis, putting the customer first, being a single team or thinking big. More than 2,600 photographs were received, of which eight were selected locally in each geography for the next phase of global voting, carried out on the culture and commitment portal, which was visited by more than 29,000 employees, with more than 35,000 likes. BBVA continues to promote a corporate culture of social and environmental commitment to help customers in the transition to a sustainable future, with a focus on climate change and inclusive and sustainable social development . Within this program, among other actions, employees are given access to volunteering actions. For more information, see chapter “Contribution to society”. As part of BBVA's support for society, which has been repeatedly demonstrated over the past few years in the face of natural disasters that have affected the Group geographies (for example, the earthquake in Turkey in 2022 or Hurricane Otis in Mexico in 2023), it has once again been represented in the voluntary initiative launched by BBVA so that employees and non-employees can participate with donations for those affected by the DANA that devastated the Valencian Community in October of this year. For more information on volunteering actions , see the section “Volunteer work” within the “Contribution to society” chapter. Strategic objectives In 2024, the Group carried out its eighth listening process (Gallup survey), with 95% of the workforce (with more than 6 months of tenure) taking part. BBVA had an outstanding result in terms of its employees' commitment to BBVA, with the global index results standing at 4.46 (on a scale of 5), up 0.03 on 2023, and climbing within the top quartile of the Gallup customer base to the 78th percentile, improving compared to the 76th percentile in 2023. These results are the product, among other factors, of the work of all the teams that draw up the action plans, with almost 86% of teams having specific plans this year. The main indicators of commitment are as follows: ENGAGEMENT INDICATORS 2024 2023 Employee Engagement Index: GrandMean (scale 5) (1) 4.46 4.43 BBVA's engagement percentile compared to total companies 78 76 Employee satisfaction index (scale 5) 4.55 4.52 Engagement ratio (number of employees engaged versus number not engaged) 16.89 16.56 (1) By age ranges, the results of this year's commitment index were: 4.49 points out of 5 for employees under 25 years of age; 4.42 points for employees aged 25 to 34; 4.45 points for employees aged 35 to 44; 4.50 points for employees aged 45 to 54; and 4.50 for employees over 55 years of age. By gender, the results were similar for men (4.48) and women (4.44). 66 The model has been implemented in all the banks of the Group and has not been implemented in the following subsidiaries: Adquira México S.A., BBVA Technology, AFP Previsión, Anidaport Invest. Inmobiliarios, BBVA Distribuidora de Seguros, BBVA Institución Financiera CR, BBVA Perú Holding, BBVA Servicios S.A.U., Comercializadora, Contents Area S.L. Continental Titulizadora, DCN, Emprendimientos de Valor S.A., Europea de Titulización, Gestión y Administración de RE, Gran Jorge Juan S.A., Madiva Soluciones S.L., Movistar Consumer Finance Colombia, OP PLUS,OPERACIONES Y SERVIC., Openpay Argentina, Openpay Colombia, Opendpay Perú, Openpay S.A.P.I. DE C.V., OPPLUS LIMA, Provivienda, Sociedad Peruana de Financiamiento and several Garanti companies. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 121 3.1.2 Quality employment and competitive remuneration Quality employment Attracting talent BBVA seeks to offer a unique value proposition through a common brand as a global and digital entity. The Group has clear policies at a global level that strengthen transparency, trust and flexibility for all stakeholders in the process. Innovation and technology are the fundamental levers of BBVA's transformation. In 2024, BBVA evolved its global model for attracting talent and internal mobility, redefining its organizational, operational and process model to boost proactive candidate searches and expand its presence in strategic niches in technology and investment banking. In addition, the technological transformation carried out enabled selection teams to be equipped with cutting-edge tools, promoting an analytical and personalized approach that places the candidate experience at the center of each process. This progress was complemented by new capabilities in attraction and branding, designed to strengthen BBVA's global positioning as a benchmark employer. These initiatives improve the connection with the most dynamic and competitive markets, as well as reinforcing BBVA's proposition as a place where talent finds the best environment to give its best. In this way, BBVA aims to position itself at the forefront of talent acquisition and in building a more innovative and sustainable future. Professional development BBVA offers its employees quality employment that materializes in different areas. One of them is professional development, in which the Group has a corporate model of professional development that provides employees with autonomy, information and tools to make the best professional decisions for their growth and development. It is a global model that places the person at the center of their professional development and is based on the criteria of trust, empowerment and transparency, which govern the relationship between BBVA and its employees. In this way, at BBVA employees are responsible for their own professional development and have the role of the manager as their main support to accompany and guide them throughout their journey at BBVA. The fact that BBVA has an advanced development model has a positive impact on the level of employee commitment to the Group, a strategic objective of the Talent & Culture area and, which is measured annually through the Gallup survey. During 2024, BBVA continued to promote the role of the manager as a key figure in BBVA's transformation, defining the characteristics of a good manager and the key competencies they must possess in order to periodically evaluate them and develop and implement personalized growth plans that allow them to continue growing professionally. This leadership approach seeks to empower and demand teams to give their best while fostering inspirational and honest leaders who achieve business objectives, live BBVA's values and develop their teams. Managers play a key role within the organization in driving transformation. The professional development model has been implemented at almost all of the Group's companies, reaching 93.3% 66 of employees. In all geographies, there are Talent & Culture teams responsible for its periodic implementation, monitoring and subsequent feedback collection. To make this happen, the model has a series of activity monitoring metrics that are shared monthly in all internal forums of interest. The model has the following elements: 1. Know yourself. Module in which employees can find information about their strengths and areas for improvement. The following tools are available for this purpose: – People assessment: helps employees to know themselves better. It shows the assessment made by fellow employees, peers and managers regarding the employee's competencies. In addition, it compares their results with what is required for their role so that the employee can identify their strengths and areas for improvement. This process is carried out once a year and, based on its results, a personalized growth plan is drawn up. – Individual performance: setting annual objectives for the employee and then evaluating their achievement based on a performance scale. This evaluation is one of the elements that determine the employee's annual variable remuneration and, therefore, clear criteria are defined to ensure the transparency of the process. Together with the evaluation of people, individual performance is part of the annual evaluation process, which offers a comprehensive view of the employee's performance in the year, highlighting both their achievements and areas for improvement to boost their professional development. – Talent map: this is the result of the assessment of people and individual performance, and identifies and positions each employee on the BBVA talent map (segmented into 9 boxes). Depending on the location of each employee on the map, a personalized selection of development and training resources is available. In this way, a differentiated value proposition and user experience is defined, both for managers and employees, which has an impact on management processes such as internal mobility, compensation, training or development. 67 Data without Turkey. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 122 The annual evaluation process lasts approximately four months. It begins in November with the first phase of selection of participants and ends in February with the delivery of the annual evaluation report, which includes information about the employee's competencies, performance, potential and talent map. 2. Improvement. Module in which each employee can develop the knowledge they need in their current role and those they need to prepare to take on new responsibilities. To do so, the following tools are available: – Personalized growth plan: annual plan that employees prepare with the support of their manager. Each employee receives a personalized proposal for a plan specially designed according to the results reflected in their annual evaluation report. The plan serves as a the basis for their further development, establishing the path, objectives and goals. It has follow-up metrics for monitoring the degree of compliance throughout the year. This plan is delivered at the same time as the annual evaluation report, in February, and is valid for one year. The entire group of managers has a specific plan to increase their capabilities. This tool is available to all Group employees except Turkey, which plans to implement it next year. – BBVA Campus: BBVA's training model, which includes a wide range of resources to promote training in strategic capabilities for BBVA, its areas, its business and its employees. It contains a personalized training catalog specially selected to meet the Group's needs, which employees can access online at any time and is available in all geographies. It features an internal virtual currency (B-Token) through which employees have the possibility to choose and register for any course that interests them. BBVA Campus also includes a “reskilling accelerator” (The Camp) to promote the development of knowledge identified as key to advancing the transformation toward the bank of the future. – “Open Mentoring”: a global program that establishes an advisory relationship in which the mentor shares his or her knowledge and experience that helps the mentee develop their skills, acquire new knowledge and expand their network of contacts within the Group. The initiative had more than 4,200 relationships in 2024 (two and a half times more than the 1,600 relationships in 2023). Mentoring programs increased during the year to also include personalized programs with a specific value offer and tailored to the employee's life stage such as: International mentoring, Female talent mentoring, The Good Managers mentoring or Mentoring linked to career plans. Mentoring processes last 6 months, although this may vary depending on the type of process or at the request of the people involved, and can begin at any time of the year. – “Coaching”: a program in which the employee sets a development goal and is supported by a certified coach who accompanies him/her, thus helping to achieve the best results. Coaching processes last approximately 5-6 months and can begin at different times of the year. Coaching program continued to increase throughout 2024, involving more than 1,400 employees across the Group. More than half of the employees did so with the support of the more than 350 certified internal coaches that the Group has. 3. Explore. Module in which the employee can find all the information they need to explore new paths and take on new responsibilities in their development. To do so, the following tools are available: – “Mobility”: a tool that provides employees with the internal mobility offers available at any given time in the Group so that they can apply and continue to take on new professional challenges. Any employee who meets the required profile can apply and monitor their applications at any time. – “Global Mobility”: framework through which the Group's international mobility is regulated based on a flexible and transparent global policy focused on business needs, thus promoting employee development and improving their experience. – “Opportunity”: a tool that employees can use to set future goals in relation to the role they are interested in occupying and find out what is the best professional path within the Group to achieve it from their current role. Employees can personalize the different actions they want to carry out to achieve the established professional goal. They can also identify other roles of interest since it offers them information on all the roles that exist in BBVA. The tool is available all year round for consultation or setting actions with the exemption of some geographical areas. Since this year, BBVA has the technical knowledge of more than 16,700 67 employees in central areas registered on the Workday platform, which allows it to carry out personalized talent management, driving the Group's transformation through internal mobility, continuous training and the strategic allocation of resources where they are most needed. One of the development objectives is to promote the use of skills, thus optimizing talent management and better decision-making, both for areas and employees. The corporate professional development model is kept up to date with a focus on continuous improvement. New developments are communicated through different channels (Intranet, employee newsletters, personalized postcards or emails) depending on the nature and scope of the update. In addition, the model is permanently available on the Intranet in both its Spanish and English versions. The main improvements introduced in 2024 are: – Technological process improvements that facilitate better access to global talent, eliminating geographic barriers and fostering collaboration between the Group's different countries. In this way, BBVA identifies potential candidates anywhere in the world, significantly expanding access to the skills, cultural perspectives and experiences of employees, which enriches innovation and improves the competitiveness of teams. This new paradigm boosts productivity and fosters a more inclusive model, where talent is leveraged regardless of its location. – The creation of personalized growth plans for all Group employees represents an important innovation compared to the previous year, when, for the first time, personalized growth plans were incorporated for the manager group. These plans for managers have meant that 100% of the employees in the manager group have had a personalized growth plan drawn up based on the results of their evaluation report and which includes a proposal for training and development actions specially designed for each manager and which promote the development of their areas of improvement and reinforce their strengths. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 123 – The implementation of relevant training and development elements specific to the manager group: • Polaris and Neuroleadership Program: They provide managers with greater "self-knowledge" that allows them to have a greater impact on the development and growth of the professionals in their environment. • Personalized Edition Collective Mentoring TGM: Managers who are leaders in their outstanding evaluations mentor other managers, prioritizing multi-geography connections. • Exclusive places in the Coaching program for the manager group. – Creation of the Career Manager role and the continuous feedback model that replaces the People Leader and the Project Review tool that Solutions Development teams had been using. The Career Manager role is assumed by an employee with a higher role and who is also closely involved in the employee's day-to-day work, to accompany, guide, orient, evaluate and encourage their growth. The development model has channels to collect continuous feedback that allow the degree of implementation of the model to be assessed and possible changes to be evaluated when warranted. The feedback collection channel varies depending on the development model tool (surveys, monitoring of metrics and indicators such as NPS or interviews are used), as well as the stakeholders involved in its collection and analysis (front teams, core services, employees, etc.). All the information received is analyzed and prioritized for the definition of action plans, either at a specific time of the year or continuously, with the impact of improvements being monitored again. Additionally, activity metrics are monitored in the different tools to validate that there are no biases. For example, in the annual evaluation, the way skills are valued according to gender or age has been analyzed, and in coaching, the distribution according to gender has been analyzed. Feedback can be collected at any time of the year, with more formal moments closer to the end of using the tool (annual evaluation, coaching, mentoring) or more informal moments linked to day-to-day monitoring through the permanent spaces that every employee has with the front-line channels. Additionally, there are permanent channels for active listening to employees, such as Communities of Practice (CoPs). The entire team is involved in the process of implementing and determining changes to the annual evaluation process. If there are significant changes that impact the core of the model (annual evaluation), there must be written approval by the Global Head of Talent & Culture. PERFORMANCE EVALUATION OF EMPLOYEES BY GENDER (BBVA GROUP. PERCENTAGE %) 2024 2023 Male Female Male Female Employees that participated in performance reviews (1) 97 97 96 97 (1) Data corresponding to evaluations according to the Professional Development Model in the companies in which it is implemented, divided by the number of employees at the end of the year. Of the total workforce at the end of the year, the figures are 89% for men and 91% for women in 2024 and 89% for men and 91% for women in 2023. Performance evaluations according to other models have not been included. Training BBVA's training model places employees at the center of their professional development, using data to define a personalized value proposition with the aim of providing them with the necessary resources to be the protagonists of their learning experience and thus be able to make decisions that accelerate their professional growth. BBVA Campus, a learning model for the Future. Innovation is a fundamental pillar of BBVA Campus, which uses cutting-edge methodologies that provide a unique and differentiated training proposal for each professional, and that anticipates and responds to BBVA’s strategic needs. For technical and specialist roles, BBVA Campus also provides access to specialized resources from leading external platforms in the market or internationally renowned certifications that allow the development of the skills required by the strategy of the business areas. In 2024, BBVA has continued to boost the strategic capabilities needed to face the challenges of the future, prioritizing key areas such as cybersecurity, data, design and behavioral economics, which are grouped into the following categories: 1. Business Accelerators: Programs focused on business skills, sustainability and digital transformation, aligned with expansion and strategic objectives. 2. Enabling skills: transversal courses that reinforce competencies applicable to any role. 3. Interpersonal skills: training in leadership, communication and teamwork, essential for the development of social skills. 4. Technological capabilities: specialization in emerging technologies such as Artificial Intelligence and cybersecurity, key to the evolution of the company. These resources, in turn, are structured by levels and allow employees to progress in their professional development in a way that is adapted to the needs of their functions and levels of competence. 68 Includes both the training activity managed at Campus BBVA and external certifications. 69 Data without Turkey. 70 Employees of all banks participate in Campus, except the employees of the following subsidiaries: Provivienda; Movistar Consumer Finance Colombia SAS; BBVA Mexico BBVA Foundation , AC; Peruvian Society of Financing SAC; BBVA Financial Institution CR; Anidaport Invest. Real Estate; BBVA Services, SAU; Madiva Solutions SL; Hans Factory, SL; Bilbao Vizcaya Investments, SAU; European Securitization; Distrito Castellana Norte (DCN); BBVA Global Wealth Advisors, Inc. 71 Data without Turkey. 72 Data without Turkey. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 124 This effort has been supported by a variety of learning methodologies that have allowed the impact of training to be maximized, adapting to the specific needs of employees and fostering a culture of continuous learning, highlighting a variety of training programs and formats that combine and incorporate: – Asynchronous and synchronous training, combining digital content with live sessions to balance autonomy and interaction. – Immersive and practical learning, using simulations, virtual reality and tools to replicate real work scenarios. – Collaboration and peer learning through group projects that promote the exchange of knowledge and the joint development of solutions. In 2024, the Group has promoted sustainability training through programs for specialists such as “Bootcamp Master” (with four lines of training, one transversal and three highly specialized in risks, standards and corporate banking, in which BBVA has collaborated with leading external companies specialized in sustainability and in which more than 340 employees have participated) or external specialization programs taught by leading entities in addition to specific sustainability certifications (between both, more than 430 employees have participated). BBVA has also promoted training for business professionals, with each area and region defining specific plans to support customers in their transition towards a more sustainable future. These include the more than 35,000 business employees trained (over 83,000 hours 68) in products, risks, standards and operational and commercial systems of corporate, SMEs and individual banking, or the training of CIB employees in those sectors with the greatest transition challenges (infrastructure, mining or automotive) and training on portfolio alignment and specific tools and procedures. Generic sustainability training for all employees has also been strengthened. More than 85,000 employees have completed at least one such course. BBVA Campus is supporting the incorporation of emerging technologies such as generative Artificial Intelligence into the daily execution of employee tasks to maximize their value. In 2024, as part of the “Data University”, “AcademIA” was launched, which incorporates, in a structured and organized manner based on the level of specialization required, all the training resources that allow employees to learn more about the impact of this technology that BBVA is incorporating to improve creativity, productivity and efficiency. A notable element of this initiative is that it has the stake of world-class academic institutions and that, through the programs designed, it is accelerating the level of adoption of a tool such as ChatGPT. Within the scope of “AcademIA”, more than 5,500 employees have been trained since its launch. In the field of cybersecurity, more than 400 employees have been trained in specialized courses by 2024, and in order to continue promoting a culture of security among employees, generic training has been provided to more than 74,000 employees. Online training remains the preferred methodology, accounting for over 59.3% 69 of total training hours in recent years. This approach has proven effective and allows the possibility of integrating learning into their daily routines in a natural way, and has high satisfaction rates among employees. Investment in training has grown significantly, reaching an average of 501 euros per employee in 2024, representing an increase of 19% compared to the previous year. This virtual platform is universally accessible to employees of almost all Group companies 70, which together account for 99.8% of Group employees. Through it, employees can access a variety of resources in different formats, such as MOOCs, podcasts, videos, blogs, communities of practice and simulators, designed to adapt to the different learning styles and preferences of employees. Based on data, the platform recommends content adapted to the development needs of each employee and resources of interest based on the defined “playlists”. As part of the “The Good Manager” initiative, in 2024 Campus BBVA has launched a personalized growth plan for this group. Through the development of an advanced algorithm that analyzes specific data about the professional, the manager receives recommendations that are tailored to their needs and daily challenges. These personalized growth plans contain training and development actions specially designed for the manager group: – Lidera: A program that structures resources to support managers from the beginning of their role and function throughout their career (66% 71 of group managers completed at least the access level in 2024). – Leadership Development Program, Polaris and Neuroleadership Program: They allow the managers to improve "self- knowledge" in order to have more impact on the development and growth of the professionals in their environment (551 managers of the Group completed these programs) The average progress of personalized growth plans is 51% 72 as of December 2024. Gamification is a key element in the design of learning experiences, as it helps employees become invested in their growth and development over time. Initiatives such as The Camp (the accelerator of reskilling strategic capabilities) and learning communities such as “Ninja” (aimed at more technological profiles) and “Space Career” (for Data profiles) are in place to reinforce very specific skills in a digital, dynamic and interactive environment to make learning more attractive but, above all, practical. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 125 The basic training data is shown below: BASIC TRAINING DATA (BBVA GROUP) 2024 2023 Investment in training (millions of euros) 63.0 51.1 Investment in training per employee (euros) (1) 501 421 Hours of training per employee (2) 53.4 49.3 Employees who have received training (%) (2) 99.1% 99.1% (1) Ratio calculated considering the total workforce of the Group at the end of each financial year. (2) Ratio calculated by dividing the total training hours for the entire year by the Group's total workforce with access to the training platform at the end of the year. AVERAGE HOURS OF TRAINING BY GENDER (BBVA GROUP) (1) 2024 2023 Male Female Male Female Management team (2) 53 55 37 43 Managers 64 65 58 57 Other employees 47 47 45 46 Total 55 53 49 50 (1) Data including the Group's total workforce at the end of the year, with access to the training platform. (2) The management team includes the highest level of management in the Group. TRAINING DATA BY PROFESSIONAL CATEGORY AND GENDER (BBVA GROUP. 2024) (1) (2) Number of employees with training Training hours (in thousands) Total Male Female Total Male Female Management team (3) 5,751 3,711 2,040 308 195 112 Managers 42,864 21,776 21,088 2,779 1,405 1,374 Other employees 75,852 34,861 40,991 3,626 1,672 1,954 Total 124,467 60,348 64,119 6,713 3,272 3,441 (1) Data includes the Group's total workforce with access to the training platform at the end of the year. (2) Information provided to comply with explicit requirements of Law 11/2018. (3) The management team includes the highest level of management in the Group. TRAINING DATA BY PROFESSIONAL CATEGORY AND GENDER (BBVA GROUP. 2023) (1) (2) Number of employees with training Training hours (in thousands) Total Male Female Total Male Female Management team (3) 5,377 3,509 1,868 210 129 81 Managers 40,463 20,616 19,847 2,339 1,199 1,139 Other employees 74,255 33,670 40,585 3,382 1,514 1,869 Total 120,095 57,795 62,300 5,931 2,842 3,089 (1) Data includes the Group's total workforce with access to the training platform at the end of the year. (2) Information provided to comply with explicit requirements of Law 11/2018. (3) The management team includes the highest level of management in the Group. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 126 Competitive remuneration Remuneration Policies at BBVA The corporate governance system defined by the Board of Directors, which guarantees sound management and supervision of the entity, includes gender-neutral remuneration policies and practices, compatible with prudent and effective risk management, aimed at encouraging responsible conduct and fair treatment of customers, while helping to avoid conflicts of interest and promoting competitive remuneration. BBVA has the following remuneration policies in place, designed within the framework of the specific regulations applicable to credit institutions and taking into account best practices and recommendations on matters of remuneration both locally and internationally (the “Remuneration Policies”): – The General Remuneration Policy of the BBVA Group, which applies, in general, to all Group employees, including BBVA's Senior Management, with the exception of BBVA's executive directors, (the "General Remuneration Policy of the BBVA Group" or the "Policy"). The Policy complies with the provisions of Law 10/2014, of June 26, on the regulation, supervision and solvency of credit institutions ("Law 10/2014") and its implementing regulations, including Bank of Spain Circular 2/2016, of February 2, to credit institutions on matters of supervision and solvency ("Circular 2/2016"), and is adapted to the Guidelines of the European Banking Authority on sound remuneration policies, of July 2, 2021 ("EBA Guidelines"), which the Bank of Spain has assimilated. The BBVA Group's General Remuneration Policy for 2024 is the one approved by the Board of Directors, at the proposal of the Remuneration Committee on March 29, 2023, which governs remuneration for financial year 2023 and beyond and which is available to all employees on the corporate intranet. This Policy will remain in force until the Board of Directors agrees to modify it or approves a new policy to replace it. – The BBVA Directors' Remuneration Policy (which applies to both non-executive and executive directors), which is also fully aligned with applicable regulatory requirements and, specifically, with those set out in the Revised Text of the Corporate Enterprises Act, approved by Royal Legislative Decree 1/2010, of July 2 (“Corporate Enterprises Act”), which regulates the specificities of the remuneration policy applicable to directors of listed companies. The BBVA Directors’ Remuneration Policy applicable in 2024 was approved by the BBVA General Shareholders’ Meeting held on March 17, 2023 for the years 2023, 2024, 2025 and 2026, and is available on BBVA’s corporate website (www.bbva.com). In accordance with the provisions of Article 529 novodecies of the Corporate Enterprises Act, upon reaching the last financial year foreseen for its application has arrived, a new Remuneration Policy for BBVA Directors will be submitted to the General Shareholders’ Meeting for consideration before the end of said financial year. Both Remuneration Policies are based on the same general principles and are geared towards the recurrent generation of value for the Group, the alignment of the interests of its employees and shareholders, prudent risk management and the development of the defined strategy. BBVA's Remuneration Policies are aligned with the interests of its employees and take into consideration the best market practices and the suggestions received from its shareholders, investors and other stakeholders. Within the framework of constant and constructive dialogue, BBVA fosters a culture of trust and commitment with its stakeholders, while complying with transparency standards. The Remuneration Policies are based in the following general principles: – Creating long-term value. – Achieving results based on prudent and responsible risk-taking. – Attracting and retaining the best talent. – Rewarding the level of responsibility and professional accomplishment. – Ensuring internal equity and external competitiveness and equal pay between men and women. – Encouraging responsible conduct and fair treatment of customers, while also avoiding conflicts of interest. – Ensuring transparency of the remuneration model. These principles are there to ensure that the Policies: – Contribute to the BBVA Group's business strategy and to the achievement of its objectives, values and interests, as well as to the creation of value and long-term sustainability. – Are compatible with and promote prudent and effective risk management, without offering incentives for risk-taking that exceeds the level tolerated by the Group, in a manner consistent with the BBVA Group's risk strategy and culture. – Are clear, understandable and transparent, with simple wording that allows users to understand the different elements that make up the remuneration and the conditions for its award, vesting and payment. To this end, the Policies clearly distinguish between the criteria for establishing fixed remuneration and variable remuneration and are transparent in terms of setting targets and parameters for its calculation. – Provide a competitive remuneration system, with the aim of attracting and retaining the best talent and adequately rewarding the functions performed. – Are gender-neutral, reflecting equal compensation for the same functions or functions of equal value and not establishing any difference or discrimination based on gender. – Include measures to avoid conflicts of interest, promoting the independence of judgement of the people involved in decision- making, in supervising and controlling the management, and in establishing remuneration systems, incorporating predetermined calculation rules that avoid discretion in their application. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 127 – Seek to ensure that remuneration is not based exclusively or primarily on quantitative criteria, taking into account appropriate qualitative criteria that reflect compliance with applicable law and regulations. The BBVA Board of Directors , as the highest body of representation, administration, management and oversight of BBVA, periodically reviews the Remuneration Policies and, both directly and through its Remuneration Committee, which assists it in remuneration matters, supervises their application, based on the information and reports received from the Talent & Culture and Internal Audit areas, thus ensuring that they are applied appropriately and in accordance with BBVA's Corporate Governance system. BBVA Group General Remuneration Policy The purpose of The BBVA Group's General Remuneration Policy is to regulate the remuneration of BBVA Group employees and to determine, for the Group , the specific provisions applicable to certain groups of employees, such as personnel who perform control functions, personnel who perform functions related to the sale of products and the provision of services to customers, and personnel whose professional activities have a significant impact on the risk profile (the "Identified Staff"). This Policy is coordinated at a corporate level by BBVA's global Talent & Culture area and is the reference framework for establishing and developing general policies, regulations, procedures or local or sector-specific remuneration models in a coherent and consistent manner. Thus, and in accordance with the Internal Regulatory Framework established in the Group , this Policy is extended to the subsidiaries through a transposition process, which allows the entities that form part of the BBVA Group to develop their own remuneration policies at a local level, which must be adopted by the highest competent body of the subsidiary in a coherent and consistent manner with the provisions of the Group's Remuneration Policy while incorporating any specific circumstances or needs required by applicable local or sector regulations. The General Remuneration Policy sets out the remuneration model applicable, in general, to the entire BBVA Group workforce, which consists of: – A fixed remuneration, which takes into account the level of responsibility, the functions performed and the track record of each employee, the principles of internal equity and the value of the function in the market. Fixed remuneration accounts for a significant part of the total remuneration. The granting and the amount of the fixed remuneration are based on predetermined objective and non-discretionary criteria. – A variable remuneration, consisting of those payments or benefits in addition to the fixed remuneration , whether monetary or not, that revolve around variable parameters. This remuneration must be linked, in general, to the achievement of previously established targets and will include both the annual variable remuneration corresponding to the corporate model (defined below) and, where applicable, other variable incentive schemes and any other variable component that the Group may grant at any time to its staff or to certain groups of employees. In applying the remuneration policies, the Group continuously and globally carries out actions that guarantee compliance with the general principles governing them. The global Talent & Culture team, together with the Talent & Culture teams in each of the geographic areas, are responsible for leading and promoting these actions, which include: – Defining fixed remuneration ranges and target variable remuneration , adapted to the specific circumstances of each geography, so as to ensure fair and equitable remuneration for the same functions or functions of equal value, preserving internal equity and not establishing any difference or discrimination based on gender. – Conducting market studies in each of the geographies, in order to guarantee competitive remuneration that takes into account external competitiveness. – Establishing of a minimum entry salary for the lowest professional category, which must be above the legal minimum salary established in each of the jurisdictions in which the Group operates. – Conducting salary reviews to maintain employees' purchasing power. – Monitoring the adjusted pay gap, calculated for employees occupying equal positions, both at Group level and at the level of each geographical area. Application of The BBVA Group's General Remuneration Policy in 2024 Corporate Annual Variable Remuneration Model applicable in 2024 As established in the Group's General Remuneration Policy, BBVA has a corporate variable remuneration model that is generally applicable to all employees, depending on their functions, and which consists of granting an incentive that reflects performance measured through the fulfillment of targets associated with Group, Area and individual indicators, both financial and non-financial, measured annually. These indicators take into account the strategic priorities defined by the Group, as well as current and future risks, and allow annual variable remuneration to be linked to the degree of compliance with BBVA's strategy. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 128 In 2024, the level of achievement of the annual Group -wide indicators was 126% (126% in 2023), based on the result obtained for each of the financial and non-financial indicators. The level of achievement of the annual Group -wide financial and non-financial indicators for incentive purposes is detailed below: ANNUAL VARIABLE REMUNERATION 2024 - ANNUAL FINANCIAL AND NON-FINANCIAL INDICATORS (BBVA GROUP) (MEASUREMENT PERIOD 2024) 2024 2023 Annual indicator Weight (1) Goal Result (2) Level of attainment Weight (1) Goal Result (2) Level of attainment FINANCIAL Attributed result 20% 8,957 mill. € 10,054 mill. € 150% 20% 7,124 mill. € 8,019 mill. € 138% RORC 20% 19.34% 20.98% 142% 20% 16.55% 18.06% 123% Efficiency ratio 20% 41.13% 40.00% 118% 20% 44.13% 41.66% 137% NON-FINANCIAL Net Promoted Score (NPS) (3) 15% 100 102 102% 15% 100 109 109% Target customers (3) 15% 100 97 97% 15% 100 98 98% Mobilization of sustainable financing (4) 10% 76,349 mill. € 92,737 mill.€ 136% 10% 55,004 mill. € 68,218 mill. € 150% (1) Weights set for the Annual Variable Compensation 2023 and 2024 for BBVA Group staff, including executive directors. (2) Approved results for incentive purposes. (3) For the NPS and Target Customers indicators, targets are at country level. The Group's achievement for these indicators is calculated as the average weighted by the net margin of the achievements obtained by the countries. (4) The result of the “Target 2025” announced by the Bank for channeling sustainable business does not coincide with the result for incentive purposes, as the latter does not take into account the activity of the BBVA Microfinance Foundation. In particular, the annual indicators include the sustainable business channeling indicator, which measures the amount of sustainable business or business that promotes sustainability channeled by BBVA and is aimed at contributing to the fight against climate change and the promotion of inclusive growth. It is directly related to the Bank's strategic priority of “Helping our clients transition towards a sustainable future”. These indicators also include the Net Promoted Score (NPS), the purpose of which is to determine the level of customer recommendation, as well as the factors that influence this decision. In the case of the members of the Identified Collective, their Annual Variable Remuneration includes a short-term incentive, calculated on the basis of the same annual Group-wide indicators described above, as well as the Area and Individual indicators of each beneficiary, and additionally, a long-term incentive. The long-term incentive will be calculated on the basis of the results of a series of multi-year financial and non-financial indicators, which will prioritize the creation of value and profitability for the shareholder and for the Group in the long term, as well as the progressive achievement of the Bank's sustainability goals and objectives. In particular, the indicators for calculating the long-term incentive include a portfolio decarbonization indicator, whcih will measure the degree of compliance with the decarbonization objectives of a series of sectors for which BBVA has published specific objectives and, therefore, is directly related to the BBVA Group's strategic priority of helping customers transition towards a sustainable future and with its climate action objectives. Additionally, a social indicator is included that measures the trend percentage of women in management positions in the Group, which is fully aligned with the strategic priority of having the best, most committed and diverse team, guided by the Bank's purpose and its values and behaviors. The long-term indicators for calculating the long-term incentive for the Identified Staff, which forms part of the Annual Variable Remuneration for the year 2024, and whose achievement will be determined when its measurement period ends (at the end of 2027), are detailed below: LONG-TERM INCENTIVE FOR THE IDENTIFIED GROUP 2024 - LONG-TERM INDICATORS RVA 2024 (BBVA GROUP, PERCENTAGE %) (MULTI-YEAR MEASUREMENT PERIOD WITH OBJECTIVES UP TO 2027) Weight Long-term indicator 2024 2023 FINANCIAL Tangible Book Value per share (TBV per share) 40% 40% Relative Total Shareholder Return (Relative TSR) 40% 40% NON-FINANCIAL Decarbonization of the portfolio 15% 15% Percentage of women in Management positions 5% 5% For more information on the indicators, both annual and long-term, see also the Annual Report on the Remuneration of BBVA Directors (IARC) of 2024. 73 The calculations on the gap and on average remuneration have been made taking into account 99.7% of the workforce, as it does not include data from the companies DCN, Banco Provincial Overseas Curaçao, Openpay Peru, Opplus Lima (Peru), Sociedad Peruana de Financiamientos SAC, AFP Previsión, Provivienda (Bolivia), BBVA Bancomer Houston Agency. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 129 Gross pay gap The gross pay gap reflects the difference between the pay received by men and the pay received by women. It is calculated as the difference between the gross pay (mean or median) of men minus the gross remuneration (mean or median) of women, expressed as a percentage of the gross pay (mean or median) of men. The total remuneration considered includes the annual basic remuneration (or base salary), salary supplements (except for mobility, housing and expatriation supplements) and the target variable remuneration (or target bonus). BBVA does not include in its calculation items such as allowances, social benefits, and so forth, the amount of which is very little representative of the total remuneration of employees, and whose granting criteria and amounts are clearly defined, without discriminating between men and women. The gross gender pay gap at BBVA Group 73 for 2024 is as follows: GROSS PAY GAP (BBVA GROUP, PERCENTAGE %) 2024 BBVA Group (Average) 28.3 BBVA Group (Median) 23.0 In recent years, the BBVA Group has worked to increase the proportion of women in management positions, establishing specific targets in all the geographies in which it operates, which demonstrates its commitment to achieving greater gender balance at all levels of the organization. It should be noted that the gross pay gap does not allow for a comparison of the remuneration of men and women who perform similar functions, but rather compares the remuneration of men and women in different roles, so it is not representative of gender discrimination. Adjusted pay gap BBVA's remuneration policies are gender-neutral, reflecting equal remuneration for the same functions or functions of equal value, and not establishing any difference or discrimination based on gender. The remuneration model rewards the level of responsibility, the functions performed and the track record of each employee, ensuring internal equity and external competitiveness, as well as equal pay between men and women. This model defines positions around which remuneration pivots. Each of these positions has a unique theoretical value based on different factors, such as the level of responsibility, the complexity of the function, or the impact on results. Likewise, each position has a unique value linked to the achievement of previously established objectives. The adjusted pay gap compares the total compensation received by men and women in equal positions in the group, with the items included being the same as in the gross pay gap. For each of the positions described above, BBVA calculates the median total remuneration received by all men and women occupying such positions and, on this basis, calculates the adjusted pay gap for the position as the percentage resulting from dividing the difference in the median remunerations received by men minus the median remunerations received by women by the median remunerations of men. The BBVA Group's adjusted pay gap is calculated as the weighted average of the gaps obtained in each of the positions. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 130 The adjusted wage gap in the main geographies in which the Group operates for the years 2024 and 2023 is as follows: ADJUSTED PAY GAP (MEDIAN) (1) (BBVA GROUP, PERCENTAGE %) (2) (3) 2024 2023 Spain (BBVA,S.A.) 0.9 2.1 Mexico -0.2 -0.7 Turkey 0.8 0.3 Colombia 2.1 1.2 Peru 0.7 1.4 Argentina 3.3 4.2 Venezuela 1.4 0.4 Chile -3.7 -1.4 Uruguay 3.4 2.4 BBVA Group 0.6 0.5 (1) The median is used for this calculation, since this statistical indicator is less affected by the presence of biases in the distribution of extreme values and better represents the Group's actual situation. (2) The calculation of the adjusted gap includes 90.8% of the Group's employees. The remaining employees cannot be included in the calculation because they are associated with positions in which there is no representation of both genders. (3) Information provided to comply with explicit requirements of Law 11/2018. Average salaries The following tables show the average remuneration of BBVA Group employees as a whole and, individually, of BBVA, S.A. employees located in Spain, and of employees located in Mexico, Turkey, Colombia, Peru, Argentina, Venezuela, Chile and Uruguay: AVERAGE REMUNERATION (1) BY PROFESSIONAL CATEGORY, AGE STAGES AND GENDER (BBVA GROUP. EUROS) (2) 2024 2023 (3) Management team (4) Managers Rest of employees Management team (4) Managers Rest of employees < 30 years Male 67,347 23,989 18,544 79,593 23,543 16,082 Female 59,314 20,486 15,132 57,127 18,716 12,940 30-50 years Male 123,640 44,565 24,061 114,046 39,921 22,640 Female 100,672 37,737 21,737 91,511 32,548 20,980 > 50 years Male 181,127 59,981 37,117 175,471 54,849 34,885 Female 133,099 51,290 36,149 121,657 47,104 33,974 (1) Includes basic annual compensation (or base salary) and salary supplements (except for mobility, housing and expatriation allowances). This represents 99% of total fixed compensation. (2) Information provided to comply with explicit requirements of Law 11/2018. (3) Data for 2023 differs from that published in the 2023 Consolidated Statement of Non-Financial Information, as the age brackets have been aligned with ESRS requirements. (4) This group excludes BBVA Senior Management. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 131 AVERAGE REMUNERATION (1) BY PROFESSIONAL CATEGORY AND GENDER (EUROS) (2) 2024 2023 Management team (3) Managers Rest of employees Management team (3) Managers Rest of employees Spain (BBVA,S.A.) Male 140,740 58,578 43,822 142,187 57,124 43,519 Female 115,961 53,623 42,719 113,323 51,985 41,795 Mexico Male 126,827 33,640 15,811 140,740 35,969 16,457 Female 96,143 29,938 14,261 104,911 32,328 15,019 Turkey (4) Male 152,526 47,419 21,670 95,371 22,026 18,654 Female 116,627 35,500 20,495 67,941 18,149 16,445 Colombia Male 111,837 35,109 16,842 108,287 35,314 16,923 Female 71,667 29,718 15,144 73,094 30,093 15,087 Peru Male 115,418 28,744 16,776 107,538 27,500 15,716 Female 73,208 22,735 11,806 70,683 22,132 11,242 Argentina Male 112,065 45,455 29,794 63,006 24,086 15,583 Female 100,002 38,688 26,417 55,834 20,140 13,616 Venezuela (5) Male 52,099 1,397 931 17,083 1,377 913 Female 20,591 1,301 859 18,993 1,278 840 Chile Male 102,164 35,145 13,291 118,689 36,592 13,737 Female 80,106 27,612 10,036 81,717 27,999 10,467 Uruguay Male 184,703 93,709 64,877 175,750 96,390 74,966 Female 144,276 80,668 61,182 153,201 81,654 70,491 (1) Includes basic annual compensation (or base salary) and salary supplements (except for mobility, housing and expatriation allowances). This represents 99% of total fixed compensation. (2) Information provided to comply with explicit requirements of Law 11/2018. (3) This group excludes BBVA Senior Management. (4) Turkey considers the entire Garanti Group, including those companies outside the geographical scope of Turkey where Garanti has a presence. (5) The significant increase in the remuneration of the male members of the management team in Venezuela is due to the fact that certain positions were vacant at the end of 2023. The differences observed in the average remuneration of certain professional categories derive from the varied composition of these categories and from other factors such as the subject’s length of service within the organization or the position. The average remuneration of each category is influenced by aspects such as the different distribution of men and women in the highest-paid positions or the higher proportion of women in countries with lower average remuneration. In 2024, the decreases in average remunerations (expressed in current euros) observed in some countries, such as Mexico and Chile, are due to the depreciation of their respective currencies against the euro, which have not been offset by the wage increases implemented in those regions to compensate for inflation rates. On the other hand, the increases in average remunerations (expressed in current euros) in Turkey and Argentina are the result of salary increases made to compensate for inflation rates, which have been higher in both countries than the depreciation of their respective currencies. In the case of executive directors and other members of BBVA's Senior Management who held such status as of December 31, 2024, information on their remuneration is included in Note 54 of the BBVA Group's Consolidated Financial Statements for the year 2024. For BBVA's executive directors, remuneration is presented individually and by pay item, while for the rest of BBVA's Senior Management, remuneration is presented in aggregate form. The average total remuneration of BBVA's Senior management (excluding executive directors) in 2024 was 2,442 thousand euros in the case of men (2,437 thousand euros in 2023) and 1,953 thousand euros in the case of women (1,981 thousand euros in 2023). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 132 Total annual remuneration BBVA calculates the annual total remuneration ratio for BBVA, S.A. employees located in Spain, as well as for employees located in Mexico, Turkey, Peru, Colombia, Argentina, Uruguay and Chile, as the ratio between the annual total remuneration (fixed remuneration plus accrued variable remuneration and pension contributions) of the highest-paid person in each geographic area and the median annual total remuneration (fixed remuneration plus accrued variable remuneration and pension contributions) of all employees in the same geographic area, taking the full-time annualized remuneration and excluding the highest-paid person. The annual total compensation ratios in the main geographies in which the Group operates for 2024 and 2023 are as follows: ANNUAL TOTAL COMPENSATION RATIO (1) 2024 2023 (2) Spain (BBVA, S.A.) 124.1 126.0 Mexico 221.2 252.1 Turkey (3) — 208.2 Colombia 87.2 89.2 Peru 131.8 125.4 Argentina (3) — 83.0 Chile (3) — 108.7 Uruguay 7.7 8.1 (1) Data for Venezuela is not provided since, in both 2023 and 2024, there was a change in the highest paid person and the position was vacant. (2) Data for 2023 differ from those published in the 2023 Consolidated Statement of Non-Financial Information, as the amount of variable compensation has been updated using the final score applied for its calculation. (3) New Country Manager in 2024. Not provided as the position was vacant. Pensions and other benefits BBVA has differentiated pension systems based on the geographic areas and coverage offered to the different groups of employees, with no differences on the basis of gender or other personal circumstances. In general, the pension system functions as a defined contribution system for retirement contingency. The Group's Employee Commitment/Benefits Standard is compatible with its business strategy, its objectives and its long-term interests. Contributions to the Group's employee pension systems are made within the framework of the employment regulations and individual or collective agreements applicable at each entity, sector or geographical area. The calculation bases on which the benefits are based (commitments for retirement, death and disability) reflects fixed annual amounts, with no temporary fluctuations arising from variable components or individual results. As for other benefits, the Group has a local framework in place, where each entity (according to its sector of activity and the geographical area in which it operates) offers a package of benefits for employees as part of its specific remuneration scheme without applying differences based on gender or personal reasons of any other kind. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 133 3.1.3 Equal opportunities BBVA is committed to diversity and inclusion, which is a key part of its mission and values, promoting equal opportunities among all its employees so that its team faithfully represents the society in which it operates. Having diverse teams allows BBVA to understand and respond more effectively to the needs of its customers, recognizing that each person contributes valuable perspectives that enrich both the organization and society as a whole. This commitment to equal opportunities has a positive impact on the level of employee commitment to the Group, a strategic objective of the Talent & Culture area, which is measured annually through the Gallup survey. BBVA Diversity Guidelines In 2022, BBVA published its “Diversity Guidelines”, a document that constitutes the general guide of action regarding diversity, inclusion and equity, taking as a fundamental basis the BBVA Purpose: “To bring the age of opportunity to everyone.”. This document, approved by the Global Head of Talent & Culture, embodies at an institutional level BBVA's commitment to diversity, inclusion and equity where respect for differences is part of the strategy. This commitment to equal opportunities involves promoting and living diversity in BBVA's relationship with its different stakeholders (customers, partners, employees, etc.) by promoting a culture that embraces the differences that exist in the BBVA community, where the uniqueness of each person is the driving force that encourages them to develop their full potential. The guidelines explicitly prohibit discrimination based on race, sex, age, or any other circumstance and define the five groups with which BBVA works: – Gender diversity. – LGBTQI+ diversity. – Generational diversity. – People with disabilities. – Cultural and ethnic diversity. BBVA makes these guidelines known to its employees through various communication channels: newsletter, Intranet, Diversity Days and training on Campus, which are also available in English. The diversity teams in the different areas and geographies are responsible for ensuring compliance with these guidelines and proposing updates when appropriate, something that has not yet happened. Further regulations also linked to equal opportunities include the BBVA Code of Conduct, which expressly prohibits any type of discrimination based on sex, race, age or sexual condition, and the Equality Plan, signed in Spain with employee representatives in 2023. Likewise, BBVA has prevention and action protocols in place against sexual harassment in the main geographies in which it is present, which expressly set out its rejection of any behavior of a sexual nature or connotation that has the intention or produces the effect of attacking the dignity of a person. BBVA applies this protocol as a means of preventing, detecting, correcting and sanctioning any such conduct within the company. Employee engagement BBVA counts with the participation of its stakeholders in the so called Employee Resource Groups (ERGs). These ERGs, due to their identity in terms of diversity, inclusion and equity, are two-way spaces for communication, interaction and learning on how to approach diversity at BBVA. They are made up of employees who, voluntarily, unpaid and in their free time, decide to put their knowledge and experience at the service of diversity at BBVA. ERGs have been set up in the five lines of work on diversity (gender, LGBTIQ+, generational, people with disabilities and cultural and ethnic). These groups work in a coordinated manner alongside BBVA's diversity teams, to whom they provide feedback from colleagues, advice and specialized help on their areas of expertise, and they take part in the various events that the Group organizes around diversity. Periodic meetings of the diversity team are organized with representatives of the different ERGs and they are also invited to the biweekly meetings of the Community of Practice. The effectiveness of this collaboration with employees and the results obtained are demonstrated by the high number of initiatives launched and the significant number of employees impacted by the initiatives. This employee listening process is complemented by a specific question on diversity “BBVA always values diversity” in the Gallup engagement survey, as explained in the “Culture and values” section. The responses show that BBVA continues to make positive progress in terms of diversity, with a score of 4.75 out of 5, which exceeds the scores of 4.72 in 2023 and 4.64 in 2022. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 134 Initiatives to promote diversity Diversity initiatives are led by the Holding Diversity team, which defines the diversity strategy and coordinates with counterpart teams in the respective geographies and areas through the Community of Practice, with the aim of defining the initiatives to be implemented in the different lines of work. The initiatives pursue the dual objective of promoting equal opportunities among its employees and raising awareness about the advantages of being a diverse and inclusive organization. In 2024, the following stand out: 1. Gender diversity: I am female talent. With the aim of promoting the professional growth of BBVA women and achieving a more equitable representation in management positions, the second edition of “I Am Female Talent” was launched, a program through which a group of BBVA employees with great potential was identified. The employees were provided with various tools to be able to develop themselves to the fullest, as: – Specialized training: through preferential access to management development programs (PDD) and scholarships in external training programs such as “Yo Soy Promociona” or “Yo Soy Progresa”. – Mentoring: includes the “Top Mentoring” program through which employees are mentored by the top managers in their areas, including members of BBVA’s Senior Management . – Coaching: Their involvement was prioritized by assigning them a place on BBVA's coaching programs. – Networking activities: involvement in activities, both internal and external, with women from other companies with the aim of building professional ties that help them advance in their professional careers. The visibility of the participants was also improved through attendance at external events, interviews and presence on social media, thus expanding their impact and influence. This program is in force in most of BBVA's geographies, albeit with local differences in each country. In 2024, more than 300 female employees of Holding Spain took part. This annual program has been designed and implemented by the diversity teams of the different countries in collaboration with the training team, whose activities take place throughout the year. In 2024, with the program in its second year, the number of participating employees increased and new features were included, such as communication workshops and thematic cafés. 2. LGBTIQ+ Diversity: report on the management of LGBTIQ+ Diversity in Spain. BBVA promotes initiatives that favor the real and effective inclusion of LGBTIQ+ people. For this reason, the BBVA diversity team teamed up with the Business Network for LGBTI+ Diversity and Inclusion (REDI) to produce a report titled “The management of LGBTI Diversity in Spain”. The report analyzes the experience of Spanish organizations in managing LGBTIQ+ diversity, the work environment and the impact of diversity and inclusion policies, both in organizations and in their workforces. This specific action aims to understand how to appropriately manage LGBTIQ+ diversity as well as the advantages that this represents for its collaborators. 3. Generational diversity: annual Added Value awards. People's talent and their contribution to society should not be limited by age. That is why the BBVA diversity team, in collaboration with the Transforma Foundation, organized the third edition of the annual “Valor Añadido” Awards, with the presence of a group of BBVA employees with more than 40 years of service in the Group. These awards promote the recognition of people over 55 years of age who have contributed with their work and their merits in the educational, scientific, technical, cultural, social and business areas, unlocking the true value of senior talent in Spain, especially if their greatest achievement has been attained in the later stage of their career. The aim is to raise awareness among social agents of the challenges posed by the aging of society. 4. Inclusion of people with disabilities: job fairs. In terms of diversity for people with disabilities, BBVA reaffirms its commitment to the integration of this group into the workforce. In Mexico, seven job fairs were organized throughout 2024 specifically for the hiring of people with disabilities. More than 1,500 candidates were registered, of whom 124 were hired in 2024, thus helping to increase their weight in BBVA. BBVA has developed a comprehensive plan for the integration of people with disabilities that rests on three pillars: awareness, accessibility and employability. All of this has resulted in a 17% increase in the number of employees with disabilities at the Group in the last year, reaching 1,046 in 2024 (in 2023 there were 891), which represents 0.83% of the official workforce. 5. Ethnic diversity: self-recognition campaign. In order to promote the inclusion of people of diverse ethnicities at BBVA and improve their professional development opportunities, the diversity team in Colombia, in collaboration with the training team, launched a sustained year-round campaign of voluntary self-recognition of employees with ethnic origins. Currently, 89 people have self-identified, for whom a personalized professional growth plan has been drawn up. Also, in 2024, the Rooney Rule was implemented for the coverage of branch network opening in certain parts of Colombia, requiring that for each vacancy, a percentage of candidates belonging to ethnic minorities of at least 2/3 be interviewed. Additionally, BBVA is working to ensure that all its processes are free of discrimination and that employees share an inclusive and safe work environment. In recent years, numerous training, visibility, process change, talent management, measurement, and other initiatives have been launched to ensure that all BBVA employees have the same opportunities. 74 For the purposes of diversity calculations, executive directors have been included in both the calculation of the Board of Directors and that of Senior management. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 135 Objectives In terms of equal opportunities, BBVA has worked hard to promote gender equality. In this regard, in recent years it has approved in recent years objectives for achieving a minimum proportion of women at the highest levels of the organization. Thus, after having already achieved the target of 40% women on the Board of Directors in 2023, another milestone was reached in 2024 having 35% of women on the management team by 2024, a target committed to in 2022. Following the achievement of these milestones, BBVA's commitment remains unchanged and further efforts are being made to increase this percentage to values closer to parity. In this regard, a new objective of 36.8% of women in management positions by the end of 2026 was set in February 2024, as announced when communicating the objectives associated with long-term variable remuneration for2023 (more information can be found in the “Quality employment and competitive remuneration” chapter). The definition of these objectives, proposed to the Board of Directors, was carried out by a team of Talent & Culture experts, setting challenging but reasonable targets. The premises for calculating these objectives were: a) to increase diversity in those areas where the ratio has been consistently lower; b) to understand the idiosyncrasies of each area and geography; c) to respect a reasonable but challenging proportion of women entering management level. This process has also relied on the collaboration and validation of the Talent & Culture teams from all the areas and geographies involved. The objectives were subsequently approved by the Board of Directors through the Remuneration Committee as described in the chapter “Quality employment and competitive remuneration ”. As this is a strategic objective of Talent & Culture, it is monitored monthly by BBVA's diversity team and reported quarterly to Senior Management. The Group Executive Chair and Chief Executive Officer periodically review the data on the trend in this KPI at the different levels of the organization, with the aim of evaluating whether the measures applied are yielding positive results . Additionally, and as indicated in the introduction to this chapter, all positive impacts on employees affect their commitment to the Group, which BBVA measures annually through the Gallup survey. Gender diversity metrics In terms of gender diversity, in 2024 and 2023 women achieved the following percentages of representation: REPRESENTATION OF WOMEN IN BBVA GROUP (PERCENTAGE %) 2024 2023 Women in the Board of Directors 46.7 40.0 Women in Senior Management 22.2 23.5 Women in Senior Management and Top Management 23.8 23.5 Women in the Management Team 35.4 34.7 Women in the Management Team (including office directors) 43.1 42.2 Women in Business Generation and Profit-Making Positions 57.9 57.6 Women in STEM Positions 30.7 30.6 Women in Middle Management Positions 29.2 26.6 Women in Junior Management Positions 35.7 35.1 The gender distribution of the Board of Directors and Senior Management for 2024 and 2023 is shown in the following table 74: DISTRIBUTION OF MEMBERS OF THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT BY GENDER (BBVA GROUP. NUMBER) 2024 2023 Male Female Male Female Board of Directors 8 7 9 6 Senior Management 14 4 13 4 75 The information referred to in this chapter covers companies that represent 98.0% of the Group's official workforce, as it does not include the companies BBVA Agencia Insurances Colombia, BBVA Insurances Grales Colombia, BBVA Valores Colombia, Openpay Colombia, Movistar Consumer Finance Colombia, SAS, BBVA Red Exterior de oficinas, BBVA Brasil, BCO. Investimento, BBVA Holding Chile, SA, BBVA Foundation Mexico, AC, Distrito Castellana Norte (DCN), Garantibank International NV, Garanti Bank SA (Romania), Ralfi IFN SA, Motoractive IFN SA, Garanti Bank G, Motoractive Multiservices SRL, Garanti Kultur / SALT. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 136 3.1.4 Labor rights 75 Regulatory framework Working conditions, as well as the rights and obligations of employees in the workplace, are set out in regulations, collective agreements and individual or collective agreements, in accordance with the various regulations in force in the countries in which BBVA is present. In accordance with the above, the regulatory framework governing the conditions of the entire workforce is as follows: – Employment regulations applicable in each of the geographies in which the bank is present in form of laws, regulations or standards issued by the competent bodies in each geography and are applicable to all workers in each geography. – Sectoral agreements with the unions of each sector. These agreements must respect applicable labor regulations but may improve upon what is provided for in them. For example, in Spain the Banking Collective Agreement is negotiated in the banking sector and applies to its employees, and this is the one that applies to BBVA, S.A. – Bilateral agreements between the bank and the trade unions that exist at each of the group's companies. These agreements must comply with the provisions of the sector regulations or agreements (points a and b), but may improve upon what is provided for therein. – Unilateral measures carried out by each entity to improve what is provided for in the previous aspects. To ensure compliance with all legal requirements, carry out bargaining processes and monitor the effectiveness of the measures agreed upon, there are permanent local Advisory and Labor Relations teams set up in each geographical area. At some companies that do not have local teams, advisory services are arranged with external law firms or lawyers specialized in the subject. Additionally, there is a global team with a cross-cutting vision of labor issues that provides guidelines and strategic advice to local teams. The agreements described are updated as frequently as required by regulations or as determined by the negotiating parties. The employment conditions and rights of people working at BBVA are duly communicated through the usual channels that each entity maintains with its employees (Intranet, e-cards, Talent & Culture portal, forums, etc.), in employment contracts and even in the onboarding programs provided to new hires. The introductory section on “Own workforce” describes, in greater detail, the communication channels available to employees. These labor regulations, which govern the obligations and rights of workers, cover a wide variety of aspects of working conditions such as working hours, holidays and leave (paid or not), types of contracts, disciplinary system, remuneration and benefits, etc. At the Group, 43% of workers are subject to the provisions of the various collective agreements and conventions (described in the second and third points of the previous regulatory scheme), while the remaining 57% are subject to the conditions agreed with the workers themselves. Unionization and collective bargaining Employees in geographical areas where applicable regulations so provide may freely exercise their right to union membership and activity. The agreements and collective bargaining agreements signed with trade union organizations regulate aspects related to the internal taxonomy of human rights drawn up within the framework of the Human Rights Due Diligence (thematic block of rights and labor relations, sections 6 and 7 of Annex 2 of the Human Rights Action Plan ). For more information on this exercise, see the section “Human rights due diligence”. 100% of the Group's employees in Spain (with the exception of Senior Management) are subject to the provisions of sector-specific collective agreements, which are sometimes supplemented by company-level collective agreements that develop and improve upon the provisions of said agreements, and which are signed with the employees’ representatives at those companies that have such representation. It is the responsibility of the negotiating parties to establish the duration of the agreements. In Spain, all workers have the right to freely join a union and to engage in union activities. Any rule or decision that entails any type of discrimination based on membership or non-membership of a union, or the exercise of union activities in general, will be null and void. Workers' representatives are elected every four years by personal, free, direct and secret suffrage, and are informed of any relevant changes that may occur in the working organization at the company, in accordance with the terms provided for in current legislation. In Mexico and Peru, the Collective Labor Agreement regulates the working conditions of workers who freely decide to unionize, while the working conditions of non-unionized workers are regulated in individual employment contracts and internal company policies. In Colombia, there are two types of collective agreements that regulate the working conditions of all bank employees. First, there is the Collective Agreement, which applies to employees who freely decide to join a union and is signed between the bank and the union organizations, and second, the Collective Pact, which applies to non-unionized employees and is signed between the bank and those workers not affiliated with any union. The agreements run for three years. Both groups of workers, unionized and non-unionized, maintain fluid and direct dialogue with BBVA. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 137 In the case of Argentina, Uruguay and Venezuela, the collective agreement applies to 100% of the workforce (with the exception of members of Senior Management) regardless of whether they are unionized or not. They maintain fluid communication with the internal union commissions at the local level and with the sections of the banking association at the national level. In Uruguay, a collective agreement negotiation process was carried out in 2024 with the unions with the aim of adapting working conditions to reflect the current situation, prioritizing innovation, flexibility, and recognition of the contribution of value and which culminated in the signing of the agreement. In Portugal, the collective agreement applies to 100% of the BBVA Portugal workforce, while at BBVA Institución Financiera CR the working conditions of employees are applied in accordance with what is agreed in the employment contracts and internal policy. In Turkey, the United States, Chile, Switzerland and Bolivia there are no union representatives, so the working conditions of workers are applied according to what is agreed in the employment contracts and the internal policy of each company. COLLECTIVE BARGAINING COVERAGE AND SOCIAL DIALOGUE (BBVA GROUP) Collective Bargaining Coverage Social dialogue Coverage Rate Employees – EEA (for countries with >50 empl. representing >10% total empl.) Employees – Non-EEA (estimate for regions with >50 empl. representing >10% total empl) Workplace representation (EEA only) (for countries with >50 empl. representing >10% total empl) 0-19% Turkey 20-39% Mexico 40-59% South America 60-79% 80-100% Spain Spain Maternity and paternity-related leave In Spain (BBVA, S.A.), in order to protect the period of pregnancy and child care, affected workers may shorten their working hours by reducing the time of a midday break or reducing the work day by one hour. The enjoyment of leave for infant care is improved, so that if this is through a reduction in working hours, the time of the reduction is extended from half an hour to one hour, and if it is enjoyed in the form of accumulated leave, the period for taking this leave is extended until the child is twelve months old instead of nine. During maternity or paternity leave, BBVA supplements the economic benefits up to 100% of the usual salary, and upon return, both the mother and the non-gestational parent can convert their split shift day into a continuous one until the child is twelve months old (an option that also extends to cases of adoption of a child up to five years of age. The period to be able to enjoy a reduction in working hours is extended from when the child turns twelve until the end of the school year. And in the event of the birth or adoption of a disabled child, employees may have twenty-two days' leave, reduce their working hours or have additional flexibility to that which generally exists in working hours. In BBVA Mexico, parental leave for the birth of a child is extended by 20 working days for fathers and by 28 for mothers. In cases of adoption, parental leave is extended by seventy days for the mother and thirty for the father. In Colombia, parental leave is also extended by ten working days. In both countries, these days of parental leave are added to the days contemplated in their local legislation. In Turkey (Garanti Bank), paternity leave is extended by five additional days with pay, in addition to the five statutory days. For employees of BBVA Peru, BBVA Argentina and BBVA Switzerland, paternity leave is extended by twenty calendar days, thirty calendar days and ten working days respectively. At BBVA Banco Argentina, in cases of premature birth, the mother is entitled to paid leave for the same number of days that the birth occurred early. Additionally, in the event of the birth or adoption of a disabled child, paternity and maternity leave is extended by sixty calendar days. Additionally, BBVA offers its employees the possibility of enjoying certain permits to care for family members for health reasons, with varying degrees of coverage depending on the specifics of local legislation and public systems. In this regard, Spain, Mexico, Colombia, Argentina, Peru, Uruguay, Venezuela, Switzerland and Portugal have a range of licenses/leaves that can be taken for this purpose with different levels of remuneration, as well as specific financial aid. WORK-LIFE BALANCE (BBVA GROUP) 2024 2023 Number % Number % The total number of employees who have been entitled to family leave (1) 100 (3) 100 (2) The total number of employees who have taken leave for family reasons (1) (2) 3,916 3,691 Of which men: 1,744 1,585 Of which women: 2,172 2,106 (1) Family leave includes paternity and maternity leave for birth and adoption of children. (2) The data is provided as a number and not as a percentage, since the percentage is not significant. (3) In the case of the USA, 100% of the workforce is eligible but there is a minimum length of service of 1 year required. 76 Information provided to comply with explicit requirements of Law 11/2018. The information referred to in this chapter includes entities that represent 97.2% of the official workforce as the following entities are not included: AFP Previsión, AnidaPort Invest. Inmobiliarios, BBVA Agencia Seguros Colombia, BBVA Asset Management SGIIC, BBVA Bancomer SA: Houston Agenc, BBVA Brasil Bco. Investimento, BBVA Broker SA Correduria de Seguros, BBVA Consumer Finance EDPYME, BBVA Global Wealth Advisors, Inc, BBVA Holding Chile S.A, BBVA Institución financiera CR, BBVA Mediación, BBVA Pensiones, S.A. E.G.F.P., BBVA Perú Holding S.A.C., BBVA Portugal, BBVA Re Inhouse, Cia. Reaseguro, BBVA Red Exterior de Oficinas, BBVA Securities New York, BBVA Seguros, S.A., BBVA Servicios, S.A.U., Bilbao Vizcaya Investments, S.A.U., Comercializadora corporativa, Contents Area, S.L., Continental Titulizadora, Continental Bolsa Sociedad AGE, Distrito Castellana Norte (DCN), Ecasa S.A., Emprendimientos de valor S.A., Europea de Titulizacion, Forum Distribuidora de Peru, Forum Distribuidora S.A., Forum Servicios Financieros S.A., Gestion Prevision y Pensiones, Gestion y Administracion de Re, Gran Jorge Juan S.A., Hans Factory S.L., Inmuebles y Recuperaciones, Madiva Soluciones S.L., Movistar Consumer Finance Colombia S.A.S., Openpay Colombia, Openpay Perú S.A, Opplus Lima, Provivienda, Sociedad Administradora Fondos, Sociedad Peruana de Financiamientos S.A.C. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 138 Flexible work model (remote working) In 2024, BBVA maintained the flexible work model in those functions where it is viable, with a general model that consists of working a minimum of 60% of the working day in person and a maximum of 40% remotely, although there are adaptations to this model, depending, among other factors, on the local legislation of each country or by the type of function performed. This voluntary work model, which is generally reversible for both BBVA and the employee, is based on flexibility, responsibility and trust in people. While respecting the flexibility to specify the days of remote work, efforts are made to coordinate the people who make up the work teams so as to help make sure that they work together at the same time, in the belief that closeness between people is key to building solid and cohesive teams. BBVA believes that this benefit also allows for better organization of work, since the employee distributes his work time in a more efficient way, with a positive influence on his satisfaction, commitment and productivity. Digital disconnection The right to digital disconnection is included in the different regulations and internal policies of each country. It is recognized it as a fundamental right for achieving a better organization of working time in order to respect private and family life, to improve the reconciliation of personal, family and work life and to help optimize of workers' occupational health. To promote disconnection, initiatives have been carried out such as not sending emails, not calling meetings after certain hours in the afternoon or during weekends and holidays or not calling meetings one afternoon a week to dedicate that time to task planning and individual work. Workers are reminded of these measures through regular communications. 3.1.5 Occupational health and safety 76 BBVA considers the positive contribution to the safety, health and physical integrity of its employees as a basic principle for improving the work environment. Prevention of occupational risks The Group's occupational risk prevention model is regulated by local rules, conventions and agreements in the geographies in which BBVA is present. In all cases, employees have the right to consult and get involved in these matters, which is exercised and articulated through union or stakeholder representation on the various existing committees. The percentage of Group employees represented on health and safety committees is 99.8%. BBVA's Occupational Risk Prevention Management System: (1) identifies and assesses risks, establishes the criteria, methods and resources that ensure the effectiveness of the management system; (2) analyzes the results obtained; and (3) implements actions to improve processes and the system. This system complies with the requirements of the OSHAS 18001:2007 standard. Some geographies are already certified according to ISO 45.001 (for example, Argentina), which adopts a proactive approach to risk assessment, while others, such as Spain, are in the process of certification. As a cornerstone of this system, the Group has an Occupational Risk Prevention Plan, which is integrated into the Group's general management system. It has also an occupational risk prevention policy implemented annually through actions and with specific objectives for action in this area. Among these actions, BBVA includes: occupational risk assessments (including psychosocial risks); specific assessments of particularly sensitive personnel and pregnant workers; training and information for workers; safety inspections, investigation and reporting of accidents; actions to coordinate business activities for works and services; health surveillance through medical examinations; preventive health campaigns as well as satisfaction surveys. There is also an Emergency Action Plan that includes guidelines for dealing with possible emergencies, determines the necessary people who, duly organized and trained, guarantee speed and efficiency in the actions to be undertaken and offer information to the users of the facilities on how they should act in the event of an emergency, while also ensuring coordination with external services. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 139 The following data on absenteeism are provided: VOLUME AND TYPE OF EMPLOYEES ABSENTEEISM (BBVA GROUP) (1) 2024 2023 (2) Total Male Female Total Male Female Number of absences due to common illness and work-related accidents (including accidents on the way to and from work). 46,159 19,328 26,831 32,794 11,224 21,570 Number of days of absenteeism due to common illness and absence due to occupational accidents (including accidents on the way to and from work) 585,820 192,369 393,451 553,206 204,615 348,591 Absenteeism rate (%) (3) 1.3 0.9 1.7 1.3 1.0 1.6 (1) Information provided to comply with explicit requirements of Law 11/2018. (2) In itinere accidents included only for Mexico. (3) Absenteeism rate (%): (Number of calendar days lost due to illness -except maternity- and occupational accidents (including in itinere) / divided by 365 number of employees) x 100. The figure for 2023 has been recalculated based on this formula and therefore differs from that presented in the 2023 management report. Injuries due to workplace accidents WORK-RELATED INJURIES BY GENDER (BBVA GROUP) 2024 2023 (1) Total Male Female Total Male Female Number of occupational accidents with medical leave (excluding in itinere) 280 99 181 278 97 181 Days lost due to work-related injuries and fatalities (number) 5,765 1,679 4,086 9,511 2,704 6,807 Frequency rate (2) 1.3 0.9 1.6 1.3 0.9 1.6 Severity rate (3) 0.03 0.02 0.04 0.04 0.03 0.06 Incidence rate (4) 2.3 1.7 2.9 2.4 1.7 3.0 (1) The 2023 figure has been recalculated to exclude in itinere accidents in Mexico that had been included in error and therefore differs from that presented in the 2023 management report. (2) Occupational accident frequency rate: accidents per million hours worked. Calculated as No. of accidents with medical leave x 1,000,000 / divided by No. of hours worked. * Only accidents with medical leave are considered. * Accidents in itinere are not considered. * Relapses are not considered. * The number of hours worked is calculated as average number of employees during the year x number of hours per year. (3) Severity or seriousness index of accidents at work: days lost per 1,000 hours worked. It is calculated as number of days lost x 1,000 / divided by number of hours worked. * Accidents with sick leave are considered. * Accidents in itinere are not considered. * Relapses are not considered. * The number of hours worked is calculated as average number of employees during the year x number of hours per year. (4) Incidence rate: accidents per thousand workers. It is calculated as number of accidents with sick leave x 1000 / divided by the number of workers. * Accidents with sick leave are considered. * Accidents in itinere are not considered. * Relapses are not considered. * For the number of employees the average workforce is considered. WORK-RELATED ACCIDENTS AND OCCUPATIONAL ILLNESSES BY GENDER (BBVA GROUP) 2024 2023 Total Male Female Total Male Female Deaths resulting from occupational accidents and occupational diseases (number) 1 1 — 2 2 — Cases of work-related health problems (cases of occupational diseases) 6 1 5 4 1 3 Health and wellness program BBVA's Health and Wellbeing program is made up of two pillars: Work Better and Enjoy life. The tagline “You Move Us” is a set of initiatives that aim to care for the people who are part of BBVA, providing the necessary empowerment for them to be the protagonists of their own health. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 140 The “Work Better” axis fosters a culture based on engagement, trust and respect for others’ time to achieve the best productivity and efficiency and optimal use of working time. Digital disconnection, work flexibility, active listening and efficient meetings are promoted. The “Enjoy Life” axis focuses on the comprehensive health and well-being of the staff, in line with the United Nations and WHO 2030 Agenda, and has been undertaken through two main pillars: 1. Mind (mental health / stress management). Various initiatives have been carried out: informative conferences attended by more than 10,000 employees, workshops and courses on emotional management and the implementation of a psychological support program for employees and their cohabiting family members, which has proved to be very popular. Workshops have been held on anxiety management, help with digital disconnection, positive psychology, mindfulness, a reading club, knitting, etc. Additionally, adequate sleep hygiene has been promoted among employees through conferences, courses, workshops and sleep studies. 2. Body. Campaigns have been carried out cancer prevention, food and nutrition, and to promote physical exercise, prevent neurodegenerative diseases, address migraines in the workplace, prevent diabetes, and vaccinate against influenza, Covid, dengue, etc., reinforced with courses, workshops and conferences delivered by renowned experts in the field. These events have had greater emphasis when they have coincided with the celebration of the corresponding World Days. In addition, this program is complemented by the following local initiatives per country in 2024: – In Spain (BBVA, S.A.) pays special attention to the early detection of different types of cancer. During 2024, the prostate- specific antigen tests for the detection of prostate cancer and the dermatoscopic study for the detection of skin cancer were notable examples. Tonometry and retinographies for the early detection of eye pathologies and nutritional campaigns were also carried out so that each employee can know their body composition and receive specific recommendations on how to improve it. Additionally, a genetic campaign for hereditary diseases has been carried out, permanent preventive campaigns were carried out on the control of modifiable cardiovascular risk factors (smoking cessation, control of hypertension, diabetes, obesity, etc.), stroke prevention, vaccination and blood donation campaigns, alongside with official bodies. – At BBVA Mexico, in addition to medical check-ups, a comprehensive health program was carried out with the involvement of some 12,000 employees in a survey that assessed eating habits, sleep quality, mental health and smoking. The results were used to define and launch initiatives such as: delivery of personalized recommendations based on the results of the survey, healthy snacks and menus, free classes to encourage physical exercise at the offices, and eye health campaigns with the possibility of purchasing glasses at a special discount. – In Turkey, Garanti Bank placed considerable focus on raising employee awareness of the importance of early detection of different types of cancer, carrying out specific campaigns for cervical cancer, lung cancer and breast cancer, as well as information on insurance coverage to cover the cost in relation to early detection tests for these types of cancers. – BBVA Peru highlights included the campaigns carried out to promote physical exercise, including interdepartmental Olympics, and actions related to cancer prevention. The unit also has an advanced lactation room that promotes breastfeeding and the reconciliation of professional and personal life. – BBVA Colombia conducted training campaigns on self-care and general health and well-being. It also provides employees with tools to connect with their life purpose as a means of self-care for their mental health and encourages the development of positive emotions as a coping strategy for everyday life. – BBVA Banco Argentina held tournaments to promote teamwork and physical activity, and also encouraged healthy breaks during the work day. Employees were offered free fruit to promote a balanced diet. Furthermore, the overall well-being of employees was promoted, including their children, through well-being actions with initiatives such as celebrating a Family Day or workshops explaining how to address certain aspects of childhood and adolescence. A preventive campaign was also carried out to detect skin cancer. – At BBVA Venezuela, screening tests have been carried out for various pathologies, focusing on hypertension and diabetes. Free vaccinations were offered to its employees, dentistry sessions were held, blood donation campaigns were organized and the culture of postural hygiene and the prevention of musculoskeletal pathologies were reinforced. Likewise, sessions dedicated exclusively to women's health were held. The effectiveness of these actions in improving the health and well-being of BBVA employees is evaluated in two ways, depending on the type of action: – Through participant satisfaction surveys (NPS). For example, during the Wellness Week held globally, employees in Spain gave a score of 9.25 out of 10 to the sports activities. In Mexico, 92% of employees said they were very satisfied with having taken part in the activities and 94% said that, after that week, they have more tools and notice a positive impact on their well-being. – In some cases, tangible results can be measured, for example, in Spain, first, in the personalized nutritional advice campaign, 60% of the employees who participated succeeded in improving their body composition, reducing fat and/or increasing muscle mass, and second, in the genetic campaign for hereditary diseases, nine cardiovascular mutations and two atherosclerotic mutations were detected. There are two platforms for the dissemination of content related to health and well-being, which are accessible to all Group employees, demonstrating BBVA's commitment to promoting health and safety at work: – The Work Better / Enjoy life portal, where employees can find the latest news on health and well-being: current campaigns, conferences and workshops, upcoming events, most visited resources, etc. – The Occupational Health Portal is structured into eight main blocks: (1) healthy work environment, including remote working; (2) healthy living with information on nutrition, physical exercise, sleep hygiene, etc., to lead a healthy life; (3) prevention of pathologies, such as cardiovascular risk, diabetes, eye pathologies and cancer; (4) procedures to follow in the event of an occupational accident, medical examinations, pregnancy, etc.; (5) road safety; (6) “Women, your health is your best gift”, with specific preventive information for women at all stages; (7) health conferences; (8) risk assessment and emergency measures. The portal also contains information on first aid and steps to take in the event of an emergency, as well as information on the specific risks associated with remote working and how to prevent them. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 141 3.1.6 Workforce characteristics The most significant information on the workforce is provided below. The data have been prepared based on the number of people as of December 31, 2024 and 2023 unless another date is explicitly indicated. The most relevant line of The BBVA Group's consolidated income statement where financial data related to its employees are collected is “Personnel expenses”, included within “Administration costs”. EMPLOYEES BY COUNTRY (BBVA GROUP) Country 2024 2023 (1) Spain 28,854 27,410 Mexico 48,893 46,891 Turkey 21,126 20,452 South America 23,773 23,679 Argentina 6,182 5,996 Bolivia 58 109 Brazil 34 6 Colombia 6,554 6,830 Chile 773 786 Peru 7,782 7,547 Uruguay 553 573 Venezuela 1,837 1,832 Rest 3,270 3,054 Germany 62 47 Belgium 16 19 China (2) 154 131 Chipre 98 111 South Korea 2 2 United Arab Emirates 1 1 The United States 513 405 France 77 75 India 2 2 Indonesia 2 2 Italy 85 65 Japan 8 6 Malta 14 14 Netherlands 249 239 Portugal 421 429 United Kingdom 234 154 Romania 1,177 1,200 Singapore 16 16 Switzerland 125 124 Taiwan 14 12 Total 125,916 121,486 (1) Data for 2023 differs from that published in the 2023 Consolidated Non-financial Information Statement because Garanti Group employees located in Cyprus, Malta, the Netherlands and Romania have been included in “Rest”. (2) Includes employees of BBVA entities in China and Hong Kong. EMPLOYEES BY GENDER (BBVA GROUP) Gender 2024 2023 Male 60,999 58,501 Female 64,917 62,985 Other – – Not reported – – Total 125,916 121,486 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 142 EMPLOYEES BY GENDER AND GEOGRAPHICAL AREA (BBVA GROUP) 2024 2023 (1) Number of employees Male Female Number of employees Male Female Spain 28,854 14,575 14,279 27,410 13,709 13,701 Mexico 48,893 24,240 24,653 46,891 23,122 23,769 Turkey 21,126 9,558 11,568 20,452 9,216 11,236 South America 23,773 11,059 12,714 23,679 11,011 12,668 Rest 3,270 1,567 1,703 3,054 1,443 1,611 Total 125,916 60,999 64,917 121,486 58,501 62,985 (1) The data for 2023 differ from those published in the Consolidated Non-financial Information Statement for 2023 due to the fact that employees of the Garanti Group , who are located in Cyprus, Malta, the Netherlands and Romania, have been included in "Rest". DISTRIBUTION OF EMPLOYEES BY TYPE OF CONTRACT, GENDER AND GEOGRAPHICAL AREA (BBVA GROUP. PERCENTAGE %) (1) 2024 2023 (2) On the total number of employees Male Female On the total number of employees Male Female Spain Permanent employee. Full-time 99.5 50.6 49.5 99.2 50.0 50.0 Permanent employee. Part-time 0.1 15.8 84.2 0.1 14.3 85.7 Temporary employee 0.4 47.9 52.1 0.7 49.8 50.3 Mexico Permanent employee. Full-time 94.1 49.5 50.5 93.4 48.9 51.1 Permanent employee. Part-time — 100.0 — — — — Temporary employee 5.9 51.2 48.8 6.6 54.8 45.2 Turkey Permanent employee. Full-time 99.2 45.1 54.9 98.9 44.9 55.1 Permanent employee. Part-time — — — — — — Temporary employee 0.9 58.1 41.9 1.1 58.4 41.6 South America Permanent employee. Full-time 93.8 47.2 52.8 94.3 47.1 52.9 Permanent employee. Part-time 0.7 45.2 54.8 0.8 37.1 62.9 Temporary employee 5.5 34.5 65.5 5.0 36.0 64.1 Rest Permanent employee. Full-time 96.9 48.2 51.8 97.0 47.4 52.6 Permanent employee. Part-time 0.5 11.8 88.2 0.6 5.9 94.1 Temporary employee 2.6 45.2 54.8 2.4 51.4 48.7 Group average Permanent employee. Full-time 96.2 48.5 51.5 95.9 48.1 51.9 Permanent employee. Part-time 0.2 39.7 60.3 0.2 32.6 67.4 Temporary employee 3.7 46.5 53.5 3.9 50.1 49.9 (1) Information provided to comply with explicit requirements of Law 11/2018. (2) The data for 2023 differ from those published in the Consolidated Non-financial Information Statement for 2023 due to the fact that employees of the Garanti Group , who are located in Cyprus, Malta, the Netherlands and Romania, have been included in "Rest". This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 143 DISTRIBUTION OF EMPLOYEES BY TYPE OF CONTRACT AND GENDER (BBVA GROUP. NUMBER) 2024 2023 Female Male Other Not reported Total Female Male Other Not reported Total Number of employees 64,917 60,999 — — 125,916 62,985 58,501 — — 121,486 Number of permanent salaried employees 62,457 58,864 — — 121,321 60,607 56,116 — — 116,723 Number of temporary salaried employees 2,460 2,135 — — 4,595 2,378 2,385 — — 4,763 Number of non-guaranteed hourly wage earners — — — — — — — — — — EMPLOYEE DISTRIBUTION BY AGE STAGES AND GEOGRAPHIC AREA (BBVA GROUP. NUMBER) 2024 2023 (1) (2) Average age <30 30-50 >50 Average age <30 30-50 >50 Spain 44 2,759 18,718 7,377 44 2,323 18,878 6,209 Mexico 35 14,737 30,843 3,313 35 15,120 28,625 3,146 Turkey 35 5,440 14,895 791 35 5,006 14,813 633 South America 38 5,626 14,628 3,519 38 5,666 14,412 3,601 Rest 42 434 2,010 826 43 358 1,913 784 Total 37.8 28,996 81,094 15,826 37.7 28,473 78,641 14,373 (1) Data for 2023 differs from that published in the 2023 Consolidated Non-Financial Information Statement, as the age brackets have been aligned with ESRS requirements. (2) The data for 2023 differ from those published in the Consolidated Non-financial Information Statement for 2023 due to the fact that employees of the Garanti Group , who are located in Cyprus, Malta, the Netherlands and Romania, have been included in "Rest". This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 144 DISTRIBUTION OF EMPLOYEES BY PROFESSIONAL CATEGORY, AGE BRACKET AND GEOGRAPHICAL AREA (BBVA GROUP. PERCENTAGE %) (1) 2024 2023 (2) (3) On the total number of employees <30 30-50 >50 On the total number of employees <30 30-50 >50 Spain Management team (4) 6.9 — 54.0 46.0 6.8 — 60.0 40.0 Managers 36.4 1.7 73.4 24.9 38.0 1.6 78.1 20.3 Rest of employees 56.7 15.8 60.7 23.5 55.2 14.3 63.6 22.1 Mexico Management team (4) 3.2 0.8 72.4 26.9 3.2 1.3 71.6 27.1 Managers 31.3 21.1 70.3 8.6 31.4 23.4 68.2 8.4 Rest of employees 65.5 35.9 59.2 4.9 65.4 38.0 57.1 4.9 Turkey Management team (4) 3.5 0.1 78.7 21.1 3.3 0.2 80.9 18.9 Managers 45.2 3.2 91.8 5.0 39.9 2.8 93.3 3.9 Rest of employees 51.3 47.3 51.2 1.5 56.7 41.2 57.2 1.6 South America Management team (4) 4.3 — 70.1 29.9 4.1 0.3 70.4 29.3 Managers 28.8 12.5 71.1 16.4 28.0 12.7 70.7 16.6 Rest of employees 66.9 30.0 56.9 13.2 67.9 30.0 56.2 13.8 Rest Management team (4) 15.3 0.2 57.4 42.4 14.3 0.2 58.9 40.8 Managers 27.3 4.0 70.5 25.5 25.3 3.5 71.4 25.1 Rest of employees 57.4 21.2 58.3 20.6 60.4 17.9 59.8 22.3 Group average Management team (4) 4.6 0.2 65.2 34.6 4.5 0.4 67.6 32.0 Managers 34.2 10.7 76.0 13.4 33.5 11.6 76.2 12.2 Rest of employees 61.2 31.7 57.9 10.5 62.0 31.5 58.3 10.2 (1) Information provided to comply with explicit requirements of Law 11/2018. (2) 2023 data differs from that published in the 2023 Consolidated Non-financial Information Statement as the age brackets have been aligned with ESRS requirements. (3) Data for 2023 differs from that published in the 2023 Consolidated Non-financial Information Statement due to the fact that Garanti Group employees located in Cyprus, Malta, the Netherlands and Romania have been included in “Rest”. (4) The management team includes the highest range of the Group´s management. 77 Part-time employees include full-time contracts with reduced hours. 78 Information provided to comply with explicit requirements of Law 11/2018. The annual average data are not disclosed by gender, age and professional category since the annual average does not differ significantly from the staff data at the end of the financial year provided. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 145 EMPLOYEE DISTRIBUTION BY PROFESSIONAL CATEGORY AND TYPE OF CONTRACT (BBVA GROUP. NUMBER) (1) 2024 2023 (2) Permanent employee Full- time Permanent employee Part- time Temporary employee Permanent employee Full- time Permanent employee Part- time Temporary employee Spain Management team (3) 1,990 — 1 1,866 — 1 Managers 10,504 1 2 10,419 2 2 Rest of employees 16,222 18 116 14,901 19 200 Mexico Management team (3) 1,562 — 4 1,489 — 6 Managers 14,859 — 460 14,002 — 727 Rest of employees 29,575 1 2,432 28,311 — 2,356 Turkey Management team (3) 729 — — 681 — — Managers 9,558 — — 8,169 — — Rest of employees 10,660 — 179 11,376 — 226 South America Management team (3) 1,023 — 1 964 — — Managers 6,823 — 13 6,621 — 12 Rest of employees 14,453 157 1,303 14,737 186 1,159 Rest Management team (3) 498 1 1 433 1 2 Managers 892 1 1 769 1 3 Rest of employees 1,779 15 82 1,761 15 69 Total Group Management team (3) 5,802 1 7 5,433 1 9 Managers 42,636 2 476 39,980 3 744 Rest of employees 72,689 191 4,112 71,086 220 4,010 (1) Information provided to comply with explicit requirements of Law 11/2018. (2) Data for 2023 differs from that published in the 2023 Consolidated Non-financial Information Statement due to the fact that Garanti Group employees located in Cyprus, Malta, the Netherlands and Romania have been included in “Rest”. (3) The management team includes the highest range of the Group´s management. In 2024, the annual average of full-time permanent contracts, part-time 77 permanent contracts and temporary contracts has been 96.0%, 0.2% and 3.8%, respectively (in 2023, 95.2%, 0.2% and 4.6%, respectively). In absolute terms, the annual average for 2024 has been 118,659 full-time permanent contracts, 201 part-time permanent contracts and 4,741 temporary contracts (in 2023 they were 113,235, 226 and 5,525, respectively). 78 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 146 DISCHARGE OF EMPLOYEES BY DISCHARGE TYPE AND GENDER (BBVA GROUP. NUMBER) 2024 2023 (1) Total Male Female Total Male Female Spain Retirement and early retirement 186 124 62 162 97 65 Voluntary redundancies 19 10 9 28 17 11 Resignations 587 335 252 566 335 231 Dismissals 67 50 17 92 50 42 Others (2) 664 285 379 670 230 440 Mexico Retirement and early retirement 366 219 147 272 146 126 Voluntary redundancies 2 2 — 68 34 34 Resignations 2,254 1,116 1,138 2,577 1,219 1,358 Dismissals 2,378 1,264 1,114 2,507 1,408 1,099 Others (2) 631 377 254 779 440 339 Turkey Retirement and early retirement 1 1 — 1 1 — Voluntary redundancies 211 111 100 112 68 44 Resignations 1,396 636 760 1,363 616 747 Dismissals 8 8 — 13 10 3 Others (2) 1,079 529 550 795 345 450 South America Retirement and early retirement 104 46 58 43 17 26 Voluntary redundancies 63 30 33 45 17 28 Resignations 1,788 747 1,041 1,957 781 1,176 Dismissals 1,032 493 539 698 306 392 Others (2) 1,015 479 536 909 377 532 Rest Retirement and early retirement 30 16 14 22 7 15 Voluntary redundancies 65 22 43 55 15 40 Resignations 256 97 159 215 72 143 Dismissals 26 18 8 38 27 11 Others (2) 32 20 12 76 23 53 Total Group 14,260 7,035 7,225 14,063 6,658 7,405 Retirement and early retirement 687 406 281 500 268 232 Voluntary redundancies 360 175 185 308 151 157 Resignations 6,281 2,931 3,350 6,678 3,023 3,655 Dismissals 3,511 1,833 1,678 3,348 1,801 1,547 Others (2) 3,421 1,690 1,731 3,229 1,415 1,814 (1) Data for 2023 differs from that published in the 2023 Consolidated Non-financial Information Statement due to the fact that Garanti Group employees located in Cyprus, Malta, the Netherlands and Romania have been included in “Rest”. (2) Others include terminations, death, leaves of absence and changes in the scope of consolidation. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 147 DISCHARGE OF EMPLOYEES BY DISCHARGE TYPE AND AGE STAGES (BBVA GROUP. NUMBER) (1) 2024 2023 (2) (3) Total <30 30-50 >50 Total <30 30-50 >50 Spain Retirement and early retirement 186 — 2 184 162 — 5 157 Voluntary redundancies 19 — 5 14 28 — 7 21 Resignations 587 189 378 20 566 185 357 24 Dismissals 67 8 38 21 92 9 66 17 Others (4) 664 176 385 103 670 188 407 75 Mexico Retirement and early retirement 366 — — 366 272 — — 272 Voluntary redundancies 2 1 1 — 68 34 34 — Resignations 2,254 937 1,281 36 2,577 1,307 1,241 29 Dismissals 2,378 615 1,635 128 2,507 950 1,481 76 Others (4) 631 322 291 18 779 460 290 29 Turkey Retirement and early retirement 1 — 1 — 1 — 1 — Voluntary redundancies 211 23 130 58 112 11 71 30 Resignations 1,396 778 568 50 1,363 670 657 36 Dismissals 8 6 2 — 13 3 10 — Others (4) 1,079 544 508 27 795 327 446 22 South America Retirement and early retirement 104 — 2 102 43 — 3 40 Voluntary redundancies 63 5 18 40 45 — 11 34 Resignations 1,788 767 986 35 1,957 951 967 39 Dismissals 1,032 186 611 235 698 161 448 89 Others (4) 1,015 355 459 201 909 420 359 130 Rest Retirement and early retirement 30 — — 30 22 — 1 21 Voluntary redundancies 65 16 38 11 55 10 35 10 Resignations 256 51 175 30 215 41 149 25 Dismissals 26 3 12 11 38 2 24 12 Others (4) 32 5 21 6 76 4 58 14 Total Group 14,260 4,987 7,547 1,726 14,063 5,733 7,128 1,202 Retirement and early retirement 687 — 5 682 500 — 10 490 Voluntary redundancies 360 45 192 123 308 55 158 95 Resignations 6,281 2,722 3,388 171 6,678 3,154 3,371 153 Dismissals 3,511 818 2,298 395 3,348 1,125 2,029 194 Others (4) 3,421 1,402 1,664 355 3,229 1,399 1,560 270 (1) Information provided to comply with explicit requirements of Law 11/2018. (2) 2023 data differs from that published in the 2023 Consolidated Non-financial Information Statement, as the age brackets have been aligned with ESRS requirements. (3) Data for 2023 differ from those published in the 2023 Consolidated Non-financial Information Statement because Garanti Group employees located in Cyprus, Malta, the Netherlands and Romania have been included in “Other”. (4) Other includes permanent departures, death, leaves of absence and changes in the scope of consolidation. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 148 DISMISSALS BY PROFESSIONAL CATEGORY AND AGE BRACKET (BBVA GROUP. NUMBER) (1) 2024 2023 (2) (3) Total <30 30-50 >50 Total <30 30-50 >50 Spain Management team (4) 6 — 2 4 10 — 3 7 Managers 17 — 14 3 23 — 20 3 Rest of employees 44 8 22 14 59 9 43 7 Mexico Management team (4) 48 — 37 11 36 — 30 6 Managers 882 192 650 40 1,261 449 783 29 Rest of employees 1,448 423 948 77 1,210 501 668 41 Turkey Management team (4) — — — — — — — — Managers 2 — 2 — 7 — 7 — Rest of employees 6 6 — — 6 3 3 — South America Management team (4) 33 — 16 17 25 — 12 13 Managers 382 27 251 104 163 22 110 31 Rest of employees 617 159 344 114 510 139 326 45 Rest Management team (4) 5 — 1 4 9 — 4 5 Managers 6 — 3 3 17 1 11 5 Rest of employees 15 3 8 4 12 1 9 2 Group average 3,511 818 2,298 395 3,348 1,125 2,029 194 Management team (4) 92 — 56 36 80 — 49 31 Managers 1,289 219 920 150 1,471 472 931 68 Rest of employees 2,130 599 1,322 209 1,797 653 1,049 95 (1) Information provided to comply with explicit requirements of Law 11/2018. (2) 2023 data differs from that published in the 2023 Consolidated Non-financial Information Statement, as the age brackets have been aligned with ESRS requirements. (3) Data for 2023 differs from that published in the 2023 Consolidated Non-financial Information Statement due to the fact that Garanti Group employees located in Cyprus, Malta, the Netherlands and Romania have been included in “Rest”. (4) The management team includes the highest range of the Group´s management. TOTAL TURNOVER RATE AND DISTRIBUTION BY GENDER (BBVA GROUP. PERCENTAGE %) (1) 2024 2023 (2) Total employee turnover rate Male Female Total employee turnover rate Male Female Spain 5.4 5.7 5.1 5.7 5.5 5.9 Mexico 11.8 12.6 11.0 13.6 14.6 12.7 Turkey 13.0 13.7 12.4 11.3 11.4 11.1 South America 16.9 16.3 17.4 15.6 13.8 17.1 Rest 13.0 11.5 14.4 13.8 10.4 16.8 Total 11.5 11.8 11.3 11.8 11.7 11.9 (1) Total turnover rate = (total terminations during the year / average year headcount) * 100 (2) Data for 2023 differ from those published in the 2023 Consolidated Non-financial Information Statement due to the change in the turnover rate formula and also because Garanti Group employees who are located in Cyprus, Malta, the Netherlands and Romania have been included in “Rest”. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 149 3.2 Consumers and end users Driven by its value “The customer comes first”, the BBVA Group places its retail customers at the center of its activity, so much so that it considers them to be one of its six strategic priorities. The relationship with customers goes beyond the provision of services and is aimed at helping them in their transition towards sustainability, improving their financial health and, in short, accompanying them in the fulfillment of their objectives. In order to respond to the needs of its customers, while maintaining responsible conduct, BBVA has developed a differential value proposition thanks to innovation and new technologies that promote a transparent, clear and accessible customer experience, while strengthening and reinforcing security in the existing interactions between the customer and the Group. Below, it will be explained how these priorities are integrated into BBVA's relationship with consumers and end users, presenting the policies, actions, initiatives and metrics that support its commitment to customers. With this focus, we outline the practical measures that promote transparency, accessibility, protection and consumer satisfaction, describing in detail those that BBVA carries out to: – Provide a transparent, clear and accessible customer experience, reinforcing trust and proximity. – Accompany customers in their transition to sustainability, offering solutions and advice that contribute to mitigating the effects of climate change and improving their financial health. – Promote digitalization and financial inclusion, facilitating access for all users to innovative and quality services. – Ensure information security and data protection, protecting customers' finances and privacy. These initiatives reflect BBVA's ongoing focus on placing the customer at the center of its strategy, in line with the corporate values that inspire its Purpose. For this reason, within the framework of the double materiality analysis, the following aspects have been identified as material: – In order to meet the needs of its customers and maintain supervisor conduct with them, BBVA has developed its activity and relationship with customers within the framework of transparency in products and services, in a clear and accessible way, while strengthening and reinforcing security in interactions. – BBVA integrates data protection as an essential pillar of its management and ensures compliance with the legislation in this area. To contribute positively to this objective, BBVA has processes for supervising and controlling the implementation of data protection regulations, promotes transparency in information related to the processing of personal data and provides control mechanisms over personal data to its owners. – The relationship with customers goes beyond the provision of services and is aimed at helping them in their transition towards sustainability. In this context, it makes sense for BBVA to raise awareness among its customers on sustainability issues by offering personalized solutions. – Digital transformation and new emerging technologies mean an increase in potential threats and exposure to risk and new challenges that affect security, privacy and, in general, the digital trust of customers. For BBVA, as a player in the financial sector, the security of its customers' information and finances is not only a fundamental part of ensuring operational resilience, but also one of the main elements of its strategy. Therefore, measures have been implemented to ensure effective protection of the information and assets that support the Group's business processes. – Growth in the number of customers through digital channels and innovation in products and services. BBVA is committed to ensuring that users can carry out most operations through online banking and mobile banking, for example, digitally contracting products or optimizing payments and transactions, thus improving their access to the financial sector and increasing their comfort in using these products and services. To determine the materiality of the impacts, risks and opportunities related to consumers and end users, the methodology described in the chapter “Double materiality analysis” has been applied. For all of these, the Group has established policies, actions and, in certain cases, objectives that are detailed below in their respective sections of the document, with specific teams in charge of their execution. Likewise, the mechanisms for listening to customers (see section “Customer experience”) and the support channels (see section “Complaints channel”) allow the management of issues related to material impacts and risks. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 150 3.2.1 Customer Experience Providing a differentiated customer experience and improving their financial health is one of the Group's strategic priorities. An experience characterized by its simplicity, convenience and agility, always accompanied by all the necessary information and tailored advice that helps the customer make a decision tailored to their financial needs at all times. To this end, the Group has implemented new ways of working, with multidisciplinary and multi-country teams that, in a synchronized manner, develop and implement a value proposition focused on the real needs of customers through three fundamental axes: – Helping customers make the right financial decisions by providing relevant information; – Providing the best solutions that generate confidence in customers, in a way that is clear, transparent and complete, and all of this; – Through an easy and convenient experience, using digital channels or human interaction according to the customer's needs. To achieve this efficiently and satisfactorily for the customers, it is essential to listen to them. For this reason, for more than a decade, the Group has been using the globally recognized Net Promoter Score (NPS) methodology, which allows for comprehensive management of customer and non-customer feedback, collected through various channels during the year. This methodology is included in the internal regulations applicable in all countries. This management, led by the Customer Experience teams in each of the countries, allows us to understand both the degree of recommendation among BBVA customers of the different products, channels and services, as well as more specific aspects of the customer's relationship with the Group (interaction with a manager, contracting of products, use of digital channels, ability to resolve queries, suggestions, incidents, etc.). This information is essential to verify the link that exists between the customer's needs and expectations and the initiatives implemented, to establish plans to eliminate the gaps detected and to provide better experiences (reducing waiting times in branches, expanding the coverage of the ATM network, optimizing journeys and security in digital channels, etc.). The in-depth analysis of the aspects to be improved and the assessment and validation of the most appropriate actions are carried out following one of the Group's Values, "The Customer comes first", involving them in the process, when the improvement requires it, in three fundamental phases: – Detailed analysis of the experience to be improved, – Proposals for improvement, and – Testing of the solutions to be implemented / already implemented. For this reason, for years now, the NPS has been part of the strategic indicators that are monitored monthly at the Senior Management level, both at the Group level and locally, being subject to a global governance procedure and model and included in the incentive model for all Group employees. The Group internalizes and applies this methodology by continuously collecting feedback, analyzing it monthly to identify strengths and areas for improvement, and disseminating it to the Management Committees. This allows it to establish tactical and strategic action plans, while also monitoring the impact of the improvements made. It also provides a common language, both internally and with customers, which encourages the involvement of everyone and ensures that the customer voice is integrated into all of the Group's actions right from the outste. These actions have led to a steady increase in the confidence of customers who recognize BBVA as one of the most secure and recommendable bank in each of the countries in which it is present. In 2024, BBVA ranked first in the personal NPS indicator in Spain with the best ever figure of 19.7% (15 basis points above the market average), in Mexico and Peru. Likewise, BBVA ranked second in Turkey and Uruguay. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 151 3.2.2 Accessibility to services and products Digitalization as a lever for a more accessible and sustainable bank Accessibility to products and services, through digitalization, is a key part of the BBVA Group's strategy. Throughout 2024, significant progress was made in this area, by promoting access to inclusive and sustainable financial services and products for all customers, regardless of their characteristics, capabilities or location. Improving customer experience, accessibility and inclusion through digitalization is a business strategy that has been embraced in the Strategic Plan (the “Plan”), developed over a 5 year horizon and which guides for the development and promotion of the digitalization of the Group's customers and future customers, as one of the main aspects developed by the Plan. Digitalization also stands out as an important lever to promote financial inclusion in the different geographies in which the Group operates with various digital products and services. For more information on how BBVA promotes inclusion or consolidation in the financial system, see the section “Evolution of sustainable business channeling” within the chapter “Sustainability strategy”. The ultimate responsibility for the Plan lies with the global head of each area and is applicable to all the geographies in which the Group operates. The Plan is developed through different programs (such as the “Boost Open Market & Engagement”), the aim of which is to attract customers through a completely digital and personalized onboarding process. These programs not only promote the adoption of digital services, but also improve the user experience by combining technological progress with human aspects, allowing the Group to offer a closer and more individualized service. The objectives set for each program are monitored at regular high-level meetings, at which the progress of the strategic initiatives related to digitalization and sustainability is reviewed, which in turn allows the evolution of the Plan to be monitored. An example of the success of the plan is that in 2024 approximately 67% of customers are attracted digitally. The Group has also defined a Global Accessibility Guide (the “Guide”), which serves as a reference when implementing and developing the initiatives included in the Plan. The Guide provides clear guidelines on how to ensure that the digital solutions developed are accessible and inclusive. It also underscores the importance of designing digital applications and services that respond to the needs of people with disabilities or technological barriers, ensuring that the digital transformation does not leave any customer behind. Since both the Plan and the Guide are documents structured around the strategic development of the BBVA Group's business, they are adapted and defined in line with its needs and the interests of its customers, which are taken into account thanks to the continuous feedback received from them. Specific third-party rules or regulations have not been taken into account in the development of the Plan. Collaboration with customers on digitalization The process of listening to and receiving opinions and experiences that the Group carries out with its customers regarding digitalization is based primarily on the collection of all the information processed through the BBVA mobile application, hereinafter the “App” (interests, opinions, usage habits, etc.). It is called “feedback”, a continuous and direct process that takes place through the App and other digital channels. In addition, the App requests opinions from customers on ease of use after making key transactions, such as transfers or arranging financial products, which provides BBVA with information to continuously improve its digital services. Additionally, in accordance with the provisions of the Guide, the BBVA App has been adapted to meet the needs of the most vulnerable groups, thus including them in the process. By implementing continuous customer experience improvement initiatives, customer opinions, behaviors and feedback received are thoroughly analyzed, and improvements are made in response to their needs and expectations and ensuring the effectiveness of the collaboration. This ensures that every step towards customer digitalization is carried out with their interests in mind. The BBVA Group conducts customer surveys - the results of which constitute the NPS - via the digital platform to evaluate the overall experience. The information collected in this process is analyzed in detail and used to adjust the functionalities and optimize access to online services. The effectiveness of this collaborative process is measured by Key Performance indicators (KPIs), monitored periodically, in some cases even daily. The main indicator is the NPS, which allows the management team of Retail Client Solutions to evaluate the initiatives implemented to improve the customer experience. For more information on the NPS, see the previous section on “Customer experience.” The responsibility for carrying out collaboration with customers around digitalization, through both the App and the annual survey, lies with the Global Head of Retail Client Solutions as well as the local managers in the geographic areas where BBVA operates. The local teams are responsible for coordinating and supervising the collection of all information, ensuring an approach tailored to the specific needs of each geographic area. All the information collected through this process, together with the market analysis, has served as input for the definition of the Strategic Plan. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 152 Actions in the field of digitalization Within the framework of the Plan, the Group is developing various initiatives and strengthening its commitment to the constant evolution of its App, as the main lever for improving the customer experience. The Global Mobile App team is at the forefront of this development. Thanks to an intuitive, personalized design that is adaptable to different types of users, customers - including vulnerable groups such as the elderly or people with disabilities - are able to manage their finances in a simple and secure way. As an example of this, a simplified version of the App has been launched aimed at the elderly, improving readability and ease of use for its most popular features. Below are some of the main actions carried out at the Group during 2024 and that will continue to be implemented throughout 2025 and rolled out across the different geographies in which the Group works, since the App is subject to continuous improvement: – Payment and transaction optimization: simplification of payment processes, improving clarity and speed when carrying out banking operations, in the BBVA Group App, which is available to customers in the Group's main geographies. – Digital arranging of products: expansion of the range of financial products accessible from the App in the Group's main geographies, minimizing the need to carry out this type of action physically. – Digitalization of customer service: incorporating automatic functions to resolve insurance incidents and other common queries, thus improving efficiency and response times. – Financial health: recommendations to customers on the most important actions to take to improve their financial health in a personalized and convenient way through the App. In addition, to take advantage of the opportunity represented by the growth in the number of customers, the improvement of their customer's loyalty and the increase in their transactionality through innovation and the development of digital products and services, the Group launched several initiatives aimed at optimizing the customer experience, boosting operational efficiency and strengthening its digital offering: – Digital product contracting: Expansion of the range of financial products accessible from the App in the Group's main geographies, minimizing the need to carry out this type of action physically. The digitalization of the product contracting processes also has a very favorable impact on the conversion ratios of new customers in the Group and facilitates their acquisition. – Value proposition communication campaigns: campaigns are launched in different media (digital and non-digital) and through own channels (App) to convey BBVA's solid value proposition, allowing the sale of digital products in a personalized way for each customer and the acquisition of new customers attracted by a convenient, innovative and differential value proposition. Objectives set around customer digitalization The actions carried out within the framework of the Plan are directly helping to increase the digital accessibility of customers, in many cases providing them with certain functionalities available through the App. The BBVA Group has established clear objectives in relation to digitalization, through an approach that integrates internal factors, such as the development of new functionalities and customer growth, and external factors, such as the analysis of the macroeconomic environment and the activity of competitors. The combination of these factors allows for an adaptable framework to respond to the changing needs of users and improve access to digital services. The objective set for 2024 for 2025 is to increase the Digital Intensity indicator, which measures customer interaction with the Group's digital platforms, by 11%, driving greater adoption and customer's loyalty with digital services. In terms of customer growth, the aim is to increase in 2025 the number of new customers acquired through digital means by 4 percentage points compared to 2024. Finally, in terms of sales, BBVA aims to increase the percentage of financial product sales through digital channels by 1.6 percentage points in 2025 compared to 2024, offering customers a fast and simple purchasing experience. These objectives are measured and monitored using KPIs, which allow BBVA management to assess progress and make adjustments when necessary. These objectives are set by the directors of BBVA's business lines, where the opinions and interests of customers are considered based on NPS surveys, although they do not have direct influence on their formulation. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 153 3.2.3 Raising awareness on sustainability issues BBVA Group's General Sustainability Policy places customers at the center of its strategy, reflecting the Group's commitment to accompanying them in their transition toward a sustainable future. This approach involves not only supporting them in their decarbonization goals, but also providing them with innovative financial solutions that facilitate investments with positive environmental and social impacts. Through specific initiatives and tailored products, BBVA seeks to provide its customers with solutions that promote practices that help to mitigate the effects of climate change. For more information on the General Sustainability Policy, see the section “Sustainability governance” within the section “General information” where its scope, objectives and the person responsible for its implementation are described. Collaboration with customers on sustainable awareness This is promoted mainly through what are known as “Solutions”, transmitted or made available to individual customers through the BBVA App. The development model of solutions and functionalities offered to customers includes different methods to obtain their vision, interests or needs: – Customer involvement during product conceptualization: when beginning the design or conceptualization of a product or solution, market research is carried out with customers, either qualitatively or quantitatively, so that customer opinions are gathered either with a prototype or in the phases prior to market launch. The business development team that defines and develops each product or solution is in charge of this research, for which it has experts in the discipline of Design and Market Research to carry out studies with customers. The results obtained, called “insights” or conclusions, are taken into consideration when defining and designing the solution or product. – The App is also used to gather opinions and experiences, through the ongoing involvement of customers, to understand how useful the functionalities or solutions are, and, in accordance with the provisions of the Global Accessibility Guide, the BBVA app has been adapted to meet the needs of the most vulnerable groups, thus including them in the process. The teams responsible for providing each solution to customers are the ones who use the information gathered to create and improve it based on the feedback received. The person ultimately in charge of ensuring this is carried out is the Sustainability Head of the Retail Client Solutions area, while the design leader of the business area involved is the one who ensures that this process of collaboration with customers is maintained throughout the production cycle of solutions at BBVA. The effectiveness of collaboration with customers in terms of awareness is measured through management indicators that are monitored for each solution, ensuring that the right decisions are made regarding their development and improvement. Thus, if a solution begins to receive fewer visits or is not as successful as it should, the causes are analyzed, and for this, customer feedback or new market research are often used to understand these causes and take the appropriate measures. Actions related to sustainable awareness The BBVA Group carries out a series of actions and initiatives that seek to meet the objective of providing its customers with solutions that promote practices that contribute to mitigating the effects of climate change. The Retail Client Solutions area, the business area responsible for managing retail customers and promoting the different initiatives developed in this area, has sustainability as one of its priorities, aimed at the needs of customers, so that the ongoing objective is to accompany customers in their sustainable transition. Within this support, they have at their disposal specific solutions and products that generate, first of all, awareness about the impact of their emissions on the environment and, secondly, that they understand the benefits of adopting or acquiring sustainable products, both from an environmental standpoint and in terms of the impact on their financial health. Therefore, it is about providing them with solutions that facilitate the acquisition of these goods with the help of strategic partners, as well as providing the appropriate financing if the customer needs it. When it comes to customer awareness of sustainability, key actions at BBVA include the following: – The Retail Client Solutions Marketing team, in coordination with the Communications area, has established a specific sustainability space on the bbva.com website, where it continuously publishes articles, news, podcasts, forums and monographs on various sustainability topics, promoting knowledge and awareness of sustainability. This website is accessible to the general public, including customers and non-customers alike, as well as individuals and companies. This section was launched in 2020 and new content is regularly posted. – In 2021 in Spain, the sustainability teams of Retail Client Solutions Spain and Holding made the “Carbon Footprint” feature available to customers in the App, where customers can see the impact on CO2 emissions of their energy expenses (electricity, gas and fuel) and their travel by plane, train, public transport, etc., as well as different actions they can take in their daily lives to reduce them. This feature aims to raise customer awareness about this and has been extended to other countries, starting with Turkey in 2022 and followed by Mexico in 2023, with Argentina planned in 2025. – When emerging markets in terms of renewable energy and self-consumption or electric cars in a given geography have matured, turnkey solutions are made available to the customer, which offer simulations of the savings in terms of money and emissions that can be achieved by using more environmentally friendly goods, such as solar panels, efficient appliances or hybrid and electric vehicles. In 2023, these solutions were made available to customers in Spain and were brought to Mexico during 2024 by the Holding and local sustainability teams in these geographic areas. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 154 These tools are available to all customers who create an account in BBVA App in the aforementioned geographies. During 2024, more than 1 million users in Spain and Mexico visited the Carbon Footprint functionalities and at the same time more than 1 billion euros have been mobilized in sustainable financing in these categories (Energy Efficiency and Auto) across the Group within the Retail segment. Additionally, the Group carries out other actions with the main objective of helping to improve the social results of consumers and end users, focusing on the area of inclusive growth, which consists of addressing the banking penetration and credit access needs of the most vulnerable customers, as well as promoting the entrepreneurship of its customers to encourage the economic development of the geographies in which the Group operates. In addition to initiatives aimed specifically at customers, BBVA also creates, publishes and disseminates information accessible to all its stakeholders with the aim of promoting sustainability. The channels used are: BBVA Channel Purpose Actions in 2024 Corporate website: bbva.com Dissemination of articles and news related to sustainability 545 articles related to sustainability have been published in 2024, impacting 3.2 million users and representing more than 6.2 million page views. Specialized monographs on sustainability Publication and dissemination of specialized monographs on sustainability, reinforcing the idea of informing and raising awareness on this subject 4 new monographs launched in 2024: sustainable reforestation, socially sustainable infrastructure, food waste and cleantech. 9,170 downloads of all monographs in 2024. Sustainable future podcast Analysis of topics of interest to citizens and answers to key questions on sustainability issues 15 podcasts in audio and video format recorded this year of Sustainable Future. In the total year 2024, more than 93 thousand listeners have been obtained in the different audio platforms. In the Youtube video format, more than 1,250 million views have been obtained. Social networks Publication, dissemination and interaction on social networks to disseminate knowledge on ESG issues, generating positive impact and raising awareness about the importance of taking action More than 1,350 publications generated since the beginning of the sustainability content positioning project (January 2021), which have resulted in more than 40 million impressions and more than 429,000 interactions. Sustainability Newsletter Dissemination of general sustainability content More than 13,800 subscribers to the Sustainability newsletter with an open rate of more than 36%. Aprendemos Juntos 2030 Promoting sustainability education to help people build a greener and more inclusive future. BBVA global project recognized by the United Nations for its contribution to the Sustainable Development Goals (SDG) During 2004, 83 new characters were published under the themes of the SDGs on the different platforms, which together with the existing ones, add up to more than 3.90 million views since the start of the project 7 years ago. Aprendemos Juntos KIDS, in its content aimed at the youngest audience in the house, has obtained more than 225 million views in 2024, compared to almost 74 million obtained in 2024. The digital community of Aprendemos juntos 2030 reaches 9.5 million users across different platforms. BBVA Greenfluencers Making visible the experiences and strategies of business leaders and organizations that are driving the transition towards a more sustainable future, through podcasts, videos and events. 9 new episodes released More than 4.9 million views in 2024 compared to 3.2 million in 2023. 79 This target was established by BBVA taking into account the opinions and interests of its customers, without them having any direct influence on its formulation. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 155 Business channeling goal As mentioned throughout this report, the Group found sustainability to be a great business opportunity for years thanks to its disruptive nature, and the need for entities, businesses and people to adapt, as well as society in general. Furthermore, its relevance has been steadily increased over time. Therefore, sustainability has been flagged as a strategic priority that is integrated into the Group's internal processes, as well as in the day-to-day business, since, as a financial institution, BBVA plays a key role in facilitating its customers' access to the financing they need for this adaptation. For this reason, as explained in the chapter “Sustainability strategy”, in 2018 the Group established a sustainable business channeling target 79 that has been raised on several occasions and which has been achieved in advance this year. To achieve this goal, the Group supports the different business areas, providing the capabilities needed to succeed for its execution, promoting initiatives that help customers make decisions in their homes, businesses and companies to make this transition. Therefore, advising its customers in all segments is crucial for BBVA to achieve this goal, as well as the financing products necessary for the execution of these decisions. 3.2.4 Transparency in information provided to customers about products and services The BBVA Group places customers at the center of its activity, with the aim of building long-lasting relationships based on mutual trust and the contribution of value, as set out in the Code of Conduct. The principles and guidelines set out in this Code are complemented, developed and specified in policies, rules and procedures whose purpose is to adequately address the interests of customers when services are provided to them or products are offered or recommended to them, through any distribution channels, and also considering the life cycle of the product or service. Customer Conduct Policy and Product Governance The Customer Conduct and Product Governance Policy establishes that BBVA will base its relationship with customers on the following principles: – Appropriate and responsible offering of products and services. – Transparency in advertising and in the information provided to customers about products and services by providing information before any product or service is arranged, as well as post-contractual information directed to customers and advertising and promotion activities for products and services. – Managing any potential conflicts of interest that are identified and that may undermine the interests of customers. – Financial inclusion and customer accessibility to the products and services offered by BBVA, taking into account their personal circumstances and avoiding any unjustified discrimination. – Prompt and diligent attention and resolution of customer queries, complaints and claims. – Adequate training of personnel involved in the manufacturing and distribution of products and in the provision of services to customers. The purpose of the Policy is to define and establish the principles and provisions to be taken into account in order to adequately address the interests of customers when providing them with services or offering or recommending products, through any distribution channel, considering the life cycle of the product or service. In summary, these provisions are grouped as follows: – Customer conduct provisions, which establish the guidelines for action to be observed with customers. They are classified as those that apply generally to all products or services offered or provided by BBVA, and those of a particular nature referring to specific activities or services: financing, investment services and activities, and management of collective investment schemes. – Product governance provisions, which establish measures to ensure that conduct provisions are observed throughout the entire life cycle of the product and service: from the moment they are designed, during their distribution or marketing, and in the post-contracting phase (follow-up and after-sales service). With this Policy, the Group has reaffirmed its commitment to align itself fully with the regulations and criteria of the supervisors applicable to the services it provides to customers in order to adequately address their interests. At European level, the most notable are Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on Markets in Financial Instruments and Directive 2016/97/EU of the European Parliament and of the Council of 20 January 2016 on the Distribution of Insurances, along with their corresponding delegated directives and/or implementing regulations at European level, and transpositions into Spanish law; as well as the Guidelines of the European Banking Authority on Governance and Oversight Procedures for Retail Banking Products, on Internal Governance and on the Loan Origination and Monitoring, which the Bank of Spain has adopted. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 156 The Policy applies to all BBVA Group entities when they design or distribute products to customers, provide services or manage collective investment vehicles . Its implementation takes into account external regulation and is appropriate and proportionate to the characteristics of the customers, products and services in question, as well as to the nature, scale and complexity of the entity's activity. It was approved by the Board of Directors of BBVA on February 9, 2022 and came into force the following day. It will remain in force until the Board of Directors agrees to modify it or approves a new version that replaces it. The responsibility for the application of this Policy falls on the Global Head of the Regulation & Internal Control area. Likewise, the Policy is reviewed annually. In 2024, this review was carried out with no modifications made. Once approved, it was communicated to the personnel involved in the design and distribution of products and in the provision of services to customers, through its publication on The BBVA Group's internal website and on the Internal Regulation Portal, in both Spanish and English. To inform stakeholders about the Customer Conduct and Product Governance Policy, the Group has disseminated a public statement summarizing its content on the shareholders and investors website, also available in both languages. Actions In order to define and develop the specific aspects and elements that allow for the management and prevention of risks in customer conduct, including the risk of lack of transparency in the information provided to customers about products and services, the Customer Conduct and Product Governance Program has been developed. This program establishes a set of management measures, including the following: – In the area of customer protection, BBVA Group entities involved in the provision of services, under proportionality criteria, have annual training and communication plans for employees. These plans are intended to ensure that the staff involved in the design and distribution of products and in the provision of services are adequately trained. The plans are aimed at covering the identified needs, and offer various training modalities, such as face-to-face or e-learning courses, videos and brochures, for both new and existing employees. The training content is based on transparency and customer protection regulations, and includes general and specific concepts, as well as specific issues that affect the functions performed by the group being trained. Additionally, these plans include a corporate online course on the General Policy on Customer Conduct and Product Governance launched in 2023, which aims to make known the general principles on which the relationship with customers is based when services are provided to them or products are offered or recommended to them, through any distribution channels, and also considering the life cycle of the product or service. This course is available in most of the jurisdictions in which the Group is present through the “BBVA Campus” tool. During 2024, the Group continued to advance in the gradual inclusion of this course in local training plans. – In terms of product governance, the Group has specific provisions to ensure that customer conduct provisions are considered throughout the life cycle of the product or service, both at the time they are conceived or designed, during their distribution or marketing, and in the post-contracting phase. Thus, prior to the launch or marketing of a new product or service, or when there is a significant change in the characteristics of existing products or services, these are subject to a systematic analysis and approval procedure, in order to ensure that they remain aligned with the principles and provisions set out in the Policy, its implementing rules or procedures, as well as with applicable legislation on customer protection. In particular, and among other actions, BBVA verifies compliance with the obligations regarding transparency in the information made available to customers and the certification and/or training requirements for staff, as well as any other aspects that are applicable depending on the type of product and service in question. Finally, the responsibilities of the business units include monitoring the distribution of the product and its evolution, through specific indicators defined in the launch phase based on its nature and complexity. This monitoring helps to identify relevant changes in the products and, where appropriate, their reconsideration or adaptation. In line with the above, during 2024, the Group has continued with the gradual deployment across the geographies of the Product Governance Standard approved in 2023. Risk monitoring in relation to customer conduct, including the lack of transparency in the information provided to customers about products and services, is carried out in accordance with the Compliance model (for more information on this, see the chapter “Business Conduct”). This model includes Customer Conduct Indicators that are generally followed by banks in the main countries in which the Group is present and that, at an aggregate level, are within the BBVA Group Risk Appetite Framework . These indicators have been designed to periodically monitor, on a quarterly basis, the risk of not protecting the interests of customers when providing them with services or offering them products from the perspective of transparency, appropriateness and fair treatment. Individually, they allow us to identify specific situations related to customer conduct (including transparency) on which to act and, together, they allow us to have an aggregate view of the current level of risk. The main indicators are as follows: – Complaint indicators, which used to monitor complaints submitted to Customer Service Departments and supervisors on matters relating to, among others, transparency in the information provided to customers and advertising. – Weakness indicators, which monitor the status of open weaknesses in terms of transparency, adequacy and fair treatment identified in independent reviews carried out by the Compliance Testing, Internal Audit and external audit teams and those carried out by local supervisory bodies. – Early cancellation indicators, which measure cancellations of credit cards, insurance and consumer loans three months after they have been taken out, which helps to identify signs of possible improper practices related to transparency, among other risks, and which need to be analyzed. – Certification indicator, which allows us to know the percentage of employees who have the certification required by applicable law and regulations to provide services or offer products to customers. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 157 Each management indicator has thresholds that set the values from which it is essential to analyze the origin of the deviation in order to address the corresponding action plans. All deviations from these thresholds are analyzed. Additionally, an annual review process is carried out on the Group's non-financial risk map (including transparency risk) as well as the map of measures and controls in place to mitigate these risks (Risk and Control Self-Assessment or "RCSA"), with the aim of ensuring their validity, detecting control weaknesses and promoting their resolution. This exercise allows for an aggregated view of the level of transparency risk in the Group. 3.2.5 Responsible use of data The BBVA Group has made data protection an essential pillar of its management and it is committed to complying with the legislation in this area, including the General Data Protection Regulation (“GDPR”). This regulation not only applies to data controllers established in the European Union, but also to those who, although not established in the EU, process personal data arising from an offer of goods or services aimed at EU citizens. In line with the above, the Group considers the fundamental right to data protection as one of its priorities in its relations with its customers, shareholders, suppliers, employees and third parties (“Data Subjects”), who, as owners of their personal data, deserve the effective application of the highest standards of protection and control over them. This fundamental principle is present in all of the Group's strategic and business decisions, and is the basis of the General Data Protection Policy and the Corporate Standard on personal data protection implementing the Policy, and which describe how all Group entities must process the personal data of Data Subjects to ensure their protection. General Privacy and Data Protection Policy The General Privacy and Data Protection Policy (the “Policy”), approved by the Board of Directors, establishes the general principles and management and control guidelines that the Group must follow in terms of the protection of personal data in the processes to ensure the proper identification of risks and promote transparency and control mechanisms in the data processing carried out in the BBVA Group entities, complying with the provisions of the applicable regulations and taking into account the interests of the main stakeholders in this matter. The Global Head of Data is in charge of promoting its knowledge. The Corporate Standard on personal data protection (hereinafter, the “Standard”), which implements the Policy, sets out the principles that must be followed by any process affecting personal data and assigns responsibilities to the different roles involved in the cycle of its treatment. This standard describes the privacy requirements that all Group entities must consider from the time a product, service, functionality, etc. is designed or planned, identifying the risks intrinsic to each personal data processing and defining and incorporating the necessary technical and organizational measures. Both documents are reviewed annually and are available on the corporate intranet for all employees to consult. A summary of these documents has been published on the shareholders' website for the general public to consult. Lastly, BBVA's Code of Conduct , which employees must be aware of and comply with, states that the protection of personal data is a fundamental right and that employees must ensure that the data of data subjects are protected and treated confidentially. Collaboration with customers The BBVA Group, based on applicable law and regulations, as well as the Policy and Standard described in the previous section, has drawn up various documents providing information on the processing of personal data addressed to data subjects. These documents explain the purpose for which the personal data are processed, as well as the way in which the data are obtained and protected. These documents are provided to the data subjects and are also available on the respective websites. They describe the data controllers, the purposes of the processing, the lawful basis, rules governing assignments to third parties or international transfers and the exercise of rights, among other matters. Likewise, so that data subjects, either directly or through their legal representatives, can make any queries related to their personal data, exercise rights or report data protection incidents, information is provided on the various communication channels available to them, such as a specific email inbox. The operation of these channels is periodically monitored by the Regulation & Internal Control area to ensure the quality and adequacy of the responses to the data subjects' perspectives and to ensure that the time frames established by applicable law and regulations are met. This process is coordinated, where appropriate, with the Customer Service or Complaints Departments. Likewise, if a data protection incident occurs, the corresponding analysis will be carried out and the necessary mitigating measures will be taken in relation to the possible risks derived from the rights and freedoms of the data subjects. Actions In order to comply with the Policy, the Data Protection Unit, integrated into the second line of risk management, has defined and developed specific aspects and management elements that allow the prevention, detection and management of risks in the area of personal data protection, such as security incidents affecting the protection of personal data or claims in this area that could impact credibility and reputation in the market or lead to possible litigation and financial penalties for regulatory non-compliance, identifying the risks intrinsic to each processing of personal data and defining and incorporating the necessary technical and organizational measures. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 158 In 2024, globally, the Group continued to work toward and promote different management measures, including: – Having a data protection governance structure that includes the involvement of all levels of the organization. – Conducting periodic assessments to ensure compliance with the rules and procedures associated with the management of personal data. – Providing regular training on personal data protection in order to raise awareness among all Group employees about the importance and value of this matter. These management measures are monitored in a global and continuous manner, through data protection indicators that allow us to identify the degree of compliance with the Group's corporate personal data protection program, giving BBVA an aggregated view of the current level of risk. The main indicators are the following: – Indicators of adaptation/transposition of internal regulations and procedures regarding the protection of personal data. – Indicators relating to claims and rights exercised. – Indicators on compulsory training. – Indicators tracking the resolution of the recommendations resulting from audit activities and reviews carried out by the Compliance teams. Additionally, on an annual basis, there is a non-financial risk assessment process, which includes, among others, the review of data protection risks and the controls mitigating those risks, with the aim of ensuring their validity, detecting weaknesses and promoting measures for their resolution. 3.2.6 Cybersecurity Digital transformation and new emerging technologies mean an increase in the threats that organizations must face, as well as in the surface area of exposure to risk, which entails new challenges that affect security, privacy and, in general, digital trust, all key aspects for the better development and stability of the digital economy. Based on this, BBVA designed and implemented a series of procedures, actions and measures in the area of information security and cybersecurity that aim to ensure the protection of assets and information and, therefore, the protection of its customers' finances, as well as maintaining their trust in the Group. For BBVA, information security is not only an essential element in ensuring operational resilience, but also one of the cornerstones in its strategy. Information security is structured around four fundamental areas of action: (I) Cybersecurity, (II) Data security, (III) Physical security and (IV) Security in business processes and fraud. A program has been designed for each of these pillars with the aim of reducing the risks to which the Group is exposed. These programs, which consider the best practices provided for in internationally recognized security standards, are periodically reviewed to assess progress and the effective impact in mitigating such risks. General Policy on Operational Resilience BBVA has developed an Operational Resilience Policy that enshrines the basic principles and guidelines for management and control that the Group must follow to ensure the sound management of digital operational resilience, information security and business continuity. This Policy is governed by the following general principles: Integrity, prudence in risk management, transparency, achieving a profitable and sustainable business in the long term, creating long-term value for all stakeholders and compliance with applicable legislation at all times. One of its main objectives is to guarantee the confidentiality, availability, integrity and authenticity of the information processed by the Group. This Policy takes into consideration the requirements of Regulation (EU) 2022/2554 on digital operational resilience of the financial sector (“Digital Operational Resilience Act”), the recommendations of the European Banking Authority in its “Guidelines on ICT and security risk management” (EBA/GL/2019/04) and the regulatory requirements of the countries where the Group operates. The Operational Resilience Policy has been approved by the BBVA Board of Directors and is applicable to all entities that make up the Group. The operational resilience processes are aligned with the Group's structure and business objectives, in order to guarantee adequate levels of resilience in the provision of services to customers, always in accordance with current legislation. The guidelines established in the Operational Resilience Policy in relation to information security management are developed in a series of security standards and procedures that make up the Information Security Regulatory Body. The security strategy considers the best practices and security measures established in internationally recognized standards such as ISO/IEC 27002 and the ISO 2700 family, COBIT 5 and NIST Cybersecurity Framework. Both the Policy and the Security Standards that constitute this Security Regulatory Body are reviewed annually and are published on the BBVA Corporate Intranet, which is accessible to all employees of the Entity. Mandatory training courses and periodic awareness- raising actions are carried out in order to ensure that employees understand their functions and obligations in terms of information security management and are aware of and comply with the guidelines established in the Operational Resilience Policy and the Security Standards. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 159 The Global Head of Engineering of the BBVA Group is responsible for ensuring the internal dissemination of the Operational Resilience Policy, for monitoring the degree of application of the Policy in the Group (based on the information provided by the heads of the corresponding areas) and for adopting the necessary measures to ensure its compliance. The Corporate Security area, part of the Engineering unit, is in charge of issues related to information security management and cybersecurity. Finally, it should be noted that the Operational Resilience Policy is aligned with the expectations and interests of customers, as it focuses on the adoption of best practices in the sector, the application of advanced technologies and the applicable regulations in this area with the aim of ensuring information security. There is no specific process of direct collaboration with customers. Actions In recent years, there has been an increase in the number of cyberattacks, accentuated by the presence of organized crime groups specializing in the banking sector and the use of emerging technologies to carry out attacks. In addition, the scope of social engineering attacks carried out via email, SMS messages, instant messaging systems and social networks continues to increase. In addition, the acceleration of digitalization in the world has led to the emergence of new challenges for companies, including those related to security in remote working, security in cloud environments, the increase in the surface area of exposure to risk and the management of risks associated with service providers. Based on this, the Group has adopted security measures aimed at responding to the potential threats to which it is exposed and guaranteeing the security of customer information. The main purpose of these measures is to: 1. Protect business processes from a comprehensive perspective, considering aspects related to logical and physical security, privacy and fraud management; 2. Ensure compliance with security and privacy principles from the design of new services and products; 3. Improve access control and customer authentication services associated with the provision of online services, both from a security perspective and from a customer experience perspective. In application of the Digital Operational Resilience Policy and the Security Regulatory Body, the Group continuously and globally implements initiatives to ensure compliance with the established guidelines and principles and strengthen information security management with a predictive and proactive approach. These actions are aimed at avoiding the loss of competitiveness and income caused by failures in information systems or insufficient protection against cyberattacks, including information leaks and security breaches, and at preserving customer confidence in the face of possible exposure to cyberattacks and breaches that may compromise confidential data, among others. During 2024, BBVA has continued to strengthen the measures adopted to ensure effective protection of the information and assets that support the Group's business processes, from a global perspective and with a comprehensive approach, considering both the technological area and the areas related to people, processes and security governance. The main initiatives developed in this area are related to the adoption of measures to ensure that all the Group's information assets are duly protected, limiting their use to the purpose of the processes for which they are intended and guaranteeing controlled access to them, based on the provisions of the Group's security guidelines. All initiatives are developed ensuring compliance with the applicable regulatory requirements regarding data security and privacy, especially personal data. Among the most notable actions are the following: – The Group has increased its prevention and monitoring efforts to ensure effective protection of BBVA's assets and customer information as cyberattacks continue to evolve and become increasingly sophisticated. In this context, the Global Computer Emergency Response Team (hereinafter CERT) is the first line of action for the detection and response to cyberattacks targeting global users and the Group's infrastructure. The Global CERT, based in Madrid, operates 24 hours a day, 7 days a week and provides service in all countries where BBVA operates, under a managed security services scheme, with lines of operation dedicated to fraud and cybersecurity. During 2024, system monitoring capabilities have continued to increase, paying special attention to critical assets that support business processes. Additionally, incident prevention, detection and response capabilities have continued to be strengthened, through the use of integrated sources of information, improved analytical capabilities and the use of automated platforms. Furthermore, new artificial intelligence and machine learning models are being developed to predict and prevent cyberattacks against banking infrastructure, with the aim of providing a safer experience for customers. The measures implemented allow for improved information security management from a predictive and proactive approach, based on the use of digital intelligence services and advanced analytical capabilities. These measures are intended to guarantee an immediate and effective response to any security incident that may occur, in coordination with the different business and support areas of the Group that are involved; to minimize possible negative consequences; and, if necessary, to communicate them in a timely manner to the corresponding supervisory or regulatory entities. – Additionally, the Threat Intelligence area has continued to be strengthened, adopting measures aimed at transforming detailed technical information into useful intelligence that can be used as a driver for decision-making related to risk management. The Threat Intelligence area continuously monitors the threats that affect the financial sector and analyzes risk trends, in order to implement measures to minimize the security risks to which BBVA is exposed. Besides, together with the incident detection and response teams, it analyzes the attacks that have occurred and their origin, in order to adopt the necessary action plans. The analyses carried out consider both security trends and the nature of attacks on information systems. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 160 – During 2024, an update was carried out on the standards that constitute the Security Regulatory Body in order to guarantee the inclusion of the requirements established in the new regulations that are coming into force, such as the Digital Operational Resilience Act and the Regulatory Technical Standards that develop it. – BBVA has continued to review, reinforce and recurrently test its security processes and procedures through simulation exercises in the areas of physical security and digital security. Specialized teams periodically carry out technical security tests in order to detect and correct possible security vulnerabilities. These tests include both technical tests of the technological platforms and simulations of real attacks by malicious users (using the same techniques, tactics and procedures). The results of these tests are essential in the process of continuous improvement of the Group's security strategy. – Other lines of action include the periodic implementation of crisis simulation exercises, both globally and locally, in order to improve the level of training and awareness of key BBVA personnel and ensure an immediate and effective response in the event of a security incident. – Cybersecurity initiatives are always carried out in close coordination with fraud prevention initiatives, so there are considerable interactions and synergies between the teams involved. The measures implemented allow for active monitoring of fraud risks and mitigation plans, assessment of their impact on the Group's small businesses and customers, and monitoring of relevant fraud facts, events and trends. Following the creation of the Financial Crime Prevention Unit, as part of efforts to actively support the deployment of appropriate anti-fraud policies and measures, in an environment of increasing sophistication and regulatory focus on financial crime, a joint analysis of fraud and money laundering operations (since the former is often an underlying crime of the latter) has continued during 2024, and operational processes have continued to be improved and advanced analytics, artificial intelligence and machine learning capabilities have been increased in order to strengthen fraud analytics capabilities, providing them with a more holistic view. BBVA and its subsidiaries have cybersecurity and fraud insurance, subject to certain limits, deductions and exclusions, applicable depending on each case. In addition, to effectively manage dependence on IT service providers and ensure operational continuity in the event of potential incidents that may impact them, the Group has implemented specific measures to strengthen resilience and security in its technological supply chain. During 2024, controls have continued to be strengthened to ensure adequate protection of information by third parties, given that one of the main risks that organizations currently face is risks arising from third parties. BBVA requires that the service providers it works with have internationally recognized security certifications. Additionally, in contracts signed with service providers, security clauses are included, in order to guarantee both an adequate level of security in relation to the services provided and compliance with all applicable legal requirements (paying special attention to current legislation on the protection of personal data). The effective implementation of these measures by suppliers that provide more critical services is periodically verified. This model is currently being reinforced in order to comply with all the requirements related to third-party management established in the new regulations that are coming into force, such as the Digital Operational Resilience Act. Finally, to strengthen customer protection against situations that may compromise their financial security due to limited knowledge of cybersecurity, the Group is developing initiatives focused on digital awareness and education. These actions seek to empower customers with tools and knowledge to prevent potential fraud. The main measures implemented are detailed below: – During 2024, as established in the Operational Resilience Policy, BBVA has continued to carry out communication and training activities for people in matters of security and privacy, by carrying out periodic training and awareness actions aimed at employees, customers and society in general. This fact reflects The BBVA Group's firm commitment to education in cybersecurity. Among the main campaigns, awareness-raising actions and recommendations included in the application, BBVA's online channels and on social networks, those related to information protection, secure password management, detection of social engineering (phishing, smishing, vishing), protection of devices (computers, mobile phones, etc.), secure connections, detection of malware and other computer attacks, detection of cyber scams, security in online purchases and action in the event of a security incident stand out. The theme of the different awareness-raising campaigns is selected based on a risk analysis focused on identifying the behaviors that imply a greater cybersecurity risk for the Group, using sources such as the "Threat Landscape" of the European Union Agency for Cybersecurity (ENISA). – In addition, the content on security tips has also been expanded to raise awareness and train customers about the main cybersecurity risks, with the aim of knowing how to prevent or manage potential threats. These initiatives improve the protection of BBVA customers, as well as the use of robust customer authentication mechanisms in e- commerce, the possibility of turning cards on and off from the BBVA app, the sending of real-time notifications about payments or transfers made and the reinforcement of card security to prevent possible fraudulent use of card data, such as the use of the Aqua card, which was the first card with a dynamic CVV (without numbering and without a printed CVV). BBVA has implemented an information security governance model to achieve the established security objectives. The main body of this governance model is the Technology and Cybersecurity Committee, whose functions include monitoring the technology and cybersecurity strategy and managing cybersecurity risks. This Committee assists the Board of Directors in monitoring the technological risks to which BBVA is exposed, the main trends in technology and cybersecurity, and any technological security event that may affect the Group. 80 (Ministerial Order ECO / 734/2004, of March 11, of the Ministry of Economy in Spain; PUSF regulations - Protection of Users of Financial Services, of 04/17/2023, of the BCRA in Argentina; Law for Transparency and Regulation of Financial Services, of 03/09/2018, in Mexico; Law 5411 of October 19, 2005 - Organization and operation of banking institutions in Turkey and the specific Regulation "Bireysel Müşterilerce Yapılan Başvuruları Değerlendirmede"; Law 1328/2009 and Decree 2281 of 2010 regulating the Financial Consumer Ombudsman in Colombia; Circular G184-2015 of the Superintendency of Banking, Insurances and AFPs in Peru; Instruction of 01/20/2020 of the NBR in Romania; etc. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 161 Additionally, the Corporate Security unit is organized through a scheme of committees and work groups that manage different aspects related to information security: security in operations, security associated with technology, physical security, security in business processes, security related to personnel, etc. These work groups supervise the execution of the security strategy and the effective implementation of the programs designed for each of the four pillars that constitute it. The Technology and Cybersecurity Committee meets every two months, while the working groups of the Corporate Security Unit hold monthly meetings. In order to monitor compliance with the objectives established in the Operational Resilience Policy on information security and cybersecurity and in the Security Standards that develop it, BBVA has established a series of indicators that are periodically presented to the corresponding governing bodies. Among the established security indicators , which are monitored on a monthly basis, the following stand out: those related to relevant incidents (considering different types of incidents), coverage of the technical security tests carried out to detect possible vulnerabilities, vulnerabilities detected and corrected, indicators related to the security monitoring of assets, effectiveness of the security measures implemented, staff training and awareness, physical security and monitoring of internal audits carried out, among others. Monitoring indicators have also been established related to the security projects that constitute the defined security programs and that are being implemented within the framework of the continuous improvement of information security. Each indicator has thresholds that establish the values from which it is necessary to analyze the origin of the deviation in order to address the corresponding action plans. In recent years, BBVA has updated its security governance, legal compliance and corporate assurance models to ensure they are adapted to an increasingly demanding and constantly evolving regulatory environment. BBVA has also obtained several certifications (TIER IV certification, ISAE 3402...) in different countries. To maintain these certifications, review processes are periodically carried out by external auditors who consider the specific requirements of each certification. The auditors are selected from among the most recognized audit firms in the specific areas of knowledge applicable in each case. Additionally, the annual financial audit includes the review of various areas related to information security and cybersecurity on BBVA's internal platforms. 3.2.7 Complaints channel BBVA makes various customer service channels available to customers and non-customers alike (physical, telephone and digital) in order to facilitate, in the most efficient and convenient way for each user, the communication and management of any type of need, query, comment or disagreement they may have in relation to a service, product or banking transaction. To ensure that they are known, all BBVA employees are obliged, as established in the Group's Code of Conduct, to direct users to the resolution channels enabled by the Group. The Group periodically communicates the availability of these channels, which are permanently updated and available to any user, customer or non-customer, on the home page of the online banking platform specific to each geography. Additionally, and in order to facilitate the exercise of the right to file a claim that every user of the financial services provided by BBVA has, a specific section on claims is included in the contracts, which describes the channels available and the process to follow. Claims are managed by our own teams, all of which are governed by a model based on two key aspects: swift resolution and, most importantly, the analysis and elimination of the root causes. This model is deployed locally in each geography, where internal guidelines are adapted to govern those aspects needed to comply with the corresponding local regulations in relation to the attention, treatment and resolution of claims 80. This model is considered to add value when it comes to improving the customer experience, generating peace of mind and strengthening customer trust, providing a quick resolution to their problems, through a simple and agile experience, and with a clear and personalized response. All claims are handled with diligence, impartiality, and respect for privacy, ensuring at all times the protection of personal data, which will be used exclusively for the management of the claim. Although it is not considered that the use of this channel may lead to reprisals, the bank reaffirms its commitment to the protection of customers' rights, ensuring that no person will be subject to adverse consequences for making use of this complaint mechanism. In compliance with the above, BBVA has a Customer Support Service in each of its geographies with banks, functioning as an internal service with sufficient autonomy so that its decisions cannot be affected by conflicts of interest. The service has technological and human resources enabling it to handle and swiftly resolve complaints received from customers and record all related information; a process that allows the Group to then identify improvements, both at the level of the management model itself, as well as specific improvements regarding the response process, cause analysis, etc. Specifically, monitoring the response time ensures the effectiveness of the process, with 95% of the Group's complaints managed in a timely manner in 2024. Information on the trend in the volume of complaints, response times, main reasons and root causes of these, among others, is regularly presented to: – the Board of Directors of the BBVA Group in the annual report; – Senior Management in each region for monitoring and decision-making; – the relevant regulators and supervisors (for example, at Group level in the semi-annual reports to the Bank of Spain and the European Central Bank). 81 The claims handled by these units cover banking entities located in the geographical areas indicated in this section and include retail and corporate banking businesses. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 162 In 2024, the Group's various claims units 81 worked on reducing response times achieved in 2023. This work is complemented, together with the business areas, by the identification of new cases as well as the elimination of the most common reasons for complaints; especially those related to fraud, which account for 49% of all the Group's claims and which have increased in recent years as a result of the widespread growth in card transactions and the various and increasingly sophisticated fraud techniques utilized. The security measures and communication and awareness campaigns carried out for customers made it possible to reduce these in Peru in 2024 (with 19% fewer cases than in 2023), and to contain them in the rest of the countries, with the exception of Uruguay. MAIN INDICATORS OF CLAIMS (BBVA GROUP) 2024 2023 Number of claims before the banking authority for each 10.000 active customers 10.61 12.39 Average time for setting claims (natural days) 6.99 8.46 Claims settled by First Contact Resolution (FCR) (% over total claims) 12.11 9.95 The improvement in 2024 of the average complaint resolution time by 17% at Group level is mainly due to the optimization of the complaint management process in Argentina, together with Spain and Uruguay. Claims filed with supra-banking authorities (per 10,000 active customers) during fiscal years 2024 and 2023 are as follows, having decreased in all countries during 2024: CLAIMS BEFORE THE BANKING AUTHORITY BY COUNTRY (NUMBER FOR EACH 10.000 ACTIVE CUSTOMERS) (1) 2024 2023 Spain 2.16 2.56 Mexico 9.91 12.42 Turkey 8.70 9.35 Romania 3.52 * Argentina 1.63 1.60 Colombia 98.24 104.09 Peru 2.25 3.10 Venezuela 0.03 0.03 Uruguay 0.14 0.63 Portugal 16.51 19.83 * Data reported for the first time in 2024. (1) The supra-banking authority refers to the external financial authority body in each country, where a customer can file a claim. In 2024, the average time for setting claims at the Group stood at 7 days, down 1.5 days compared to 2023, as a result of the aforementioned optimization of management processes in Argentina, Spain and Uruguay, the three countries with the longest response times in 2023. The increase in claims in Colombia and Venezuela has slightly impacted their resolution times. AVERAGE TIME FOR SETTING CLAIMS BY COUNTRY (NATURAL DAYS) (1) 2024 2023 Spain 11.07 12.78 Mexico 4.88 4.70 Turkey 3.45 3.74 Romania 15.11 * Argentina 10.38 15.89 Colombia 8.42 7.34 Peru 5.79 6.25 Venezuela 10.78 9.46 Uruguay 14.00 20.54 Portugal 6.41 3.62 * Data reported for the first time in 2024. (1) The claims considered for the calculation of the average resolution time include those received and resolved during the same financial year 82 Complaints that have been resolved in favor of the customer are considered to be well-founded. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 163 Claims resolved using the FCR model, which consists of resolving the incident at the same time it occurs, thus providing quality service and improving the customer experience, increased to 12.1% of total claims, thanks to an increase in the ratio in Mexico, Turkey and Argentina (countries that account for 91% of the volume of the Group's complaints resolved through FCR) offsetting the slight drop in the ratio in Peru and Colombia. CLAIMS SETTLE BY FIRST CONTACT RESOLUTION (FCR. PERCENTAGE OVER TOTAL CLAIMS) 2024 2023 Spain (1) n.a. n.a. Mexico 12.57 10.06 Turkey (2) 45.83 44.81 Romania (1) n.a. n.a. Argentina 8.78 2.56 Colombia (2) 15.54 23.87 Peru 3.32 4.64 Venezuela (1) n.a. n.a. Uruguay 2.56 4.36 Portugal (1) n.a. n.a. n.a.: not applicable. (1) In Spain, Portugal, Romania and Venezuela this type of procedure is not applied since claims are received on paper or by electronic means. (2) In Colombia and Turkey, FCR is considered first level resolution, that is, by the Front in less than 48 hours. Substantiated claims 82 regarding privacy breaches and loss of customer data filed with the relevant supra-bank authorities in the countries represent 0.004% of total claims (0.003% in 2023), driven by a slight increase in Turkey. Although the ratio of claims per 10,000 customers was reduced by 1.5%, the total volume of claims in 2024, whose breakdown by country is shown in the table below, represents a 6% increase in the volume of claims compared to the figure for 2023. The main reason for this was the ruling of the Court of Justice of the European Union (CJEU) regarding the refund of mortgage loan origination fees in Spain, whose deadline for processing mortgage claims was April 14, 2024, and which led to a 59% increase in claims in Spain. Mexico has also seen its claims volume increase as a result of natural customer growth (its ratio per 10,000 customers has been maintained at 2024 vs. 2023). These facts blur the improvements implemented in the claims management process in the Group, especially the 24% improvement in Peru. TOTAL VOLUME OF CLAIMS (BBVA GROUP. MILLIONS OF CLAIMS) 2024 2023 Spain 0.27 0.17 Mexico 1.34 1.22 Turkey 0.25 0.24 Romania 0.01 * Argentina 0.84 0.81 Colombia 0.14 0.13 Peru 0.35 0.45 Venezuela 0.02 0.01 Uruguay 0.02 0.02 Portugal — — * Data reported for the first time in 2024. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 164 Customer Support Service and Customer Ombudsman in Spain The activities of the Customer Support Service (CSS) and the Customer Ombudsman in 2024 were carried out in accordance with Article 17 of Ministerial Order (OM) ECO/734/2004, of March 11, of the Ministry of Economy and in compliance with the competencies and procedures set out in the Group’s Customer Protection Regulation in Spain, approved on July 23, 2004 by the Group’s Board of Directors and successive modifications (the last one on February 25, 2021). Article 5 that this Regulation states that the CSS and the Customer Ombudsman must present, to the BBVA Board of Directors within the first quarter of each year, a joint or separate explanatory report for all the entities of the BBVA Group included in the scope of this Regulation, containing statistical summaries, the general criteria contained in the decisions issued in relation to the most frequently complained about matters and recommendations and suggestions to improve the service provided to customers and avoid bad banking practices. Based on the aforementioned regulations, the SAC is entrusted with the function of attending to and resolving complaints and claims received from customers in relation to products and services marketed and sold in Spanish territory by BBVA Group entities. Meanwhile, and also based on the aforementioned regulations, the Customer Ombudsman hears and resolves, in the first instance, the complaints and claims submitted by members and beneficiaries of pension plans, as well as those relating to insurance and other financial products that the BBVA Group’s CSS sees fit to transfer due to the amount involved or particular complexity, as established in Article 4 of the Customer Protection Regulation. In the second instance, it hears and resolves complaints and claims, within the quantitative limits established by the Regulation, that customers decide to submit for its consideration after their claim hsa been rejected by the CSS. Activity report of the Customer Support Service in Spain At BBVA, customer protection is considered a fundamental priority, and despite the best efforts made and the control measures in place, this is not an error-free activity. Therefore, it is essential to anticipate the possibility of such errors occurring and to proceed proactively to correct them. To do so, the relevant protocols and delegations must be implemented so that this process is as quick as possible without the need to file a claim. To this end, the CSS is responsible for internally transferring the criteria and recommendations that regulators make clear in their reports, promoting compliance with applicable regulations on transparency and customer protection. The service also ensures compliance with the good banking practices and customs applied at BBVA. To this end, it participates in the various internal communication channels aimed at the commercial network or in the committees that authorize the creation of new products and services, among many other forums. The CSS is also tasked with addressing and resolving complaints from BBVA Group customers in Spain in a timely manner. It thus constitutes an early alert mechanism for problems arising from the marketing of products or services and/or the relationship between the bank and its customers. The management of these claims leads to actions aimed not only at solving the particular case, but also at detecting the causes that give rise to the claim. The CSS continuously analyses data on the management of claims in order to identify and address recurring or systemic problems, along with potential legal, operational and conduct risks. As a result of this analysis and evaluation work, the SAC coordinates and heads up various committees and working groups in which BBVA's recurring, systemic or potential problems are highlighted and in which solutions aimed at the continuous improvement of the service provided by BBVA are studied, assessed and promoted. The CSS, in line with BBVA's values, provides coherence and meaning to all operations, playing an essential role in BBVA’s relationship with its customers. In 2024, the BBVA Group’s CSS received a a total of 268,603 (167,998 in 2023) complaints from BBVA Group users in Spain of which 156,938 were admitted (138,827 in 2023). Meanwhile, 112,638 cases were not admitted for processing because they failed to comply with the requirements set out in OM ECO/734 (including complaints pending at the end of 2023). During the same period, 163,721 complaints were resolved by the CSS (including complaints pending at the end of 2023). A total of 3,403 complaints were pending analysis as of December 31, 2024. The increase in claims is mainly due to the increase in claims related to the costs of formalizing mortgage loans. Additional claims data as of December 31, 2024 and 2023 are broken down below: COMPLAINTS HANDLED BY THE CUSTOMER CARE SERVICE BY COMPLAINT TYPE (BBVA IN SPAIN. PERCENTAGE %) Type 2024 2023 Resources 17 24 Active Products 36 23 Cards 18 20 Fraud 10 11 Quality of service and advice 5 6 Insurance 4 5 Services, receipts 3 4 Fixed and variable income securities 1 1 Other 6 6 Total 100 100 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 165 COMPLAINTS MANAGED BY CUSTOMER SERVICE ACCORDING TO RESOLUTION (BBVA IN SPAIN. NUMBER) 2024 2023 In favor of the claimant 44,454 43,633 Partially in favor of the claimant 6,081 7,143 In favor of BBVA 113,186 82,457 Total 163,721 133,233 Report on the activity of the Customer Ombudsman in Spain In 2024, a total of 2,065 customer complaints were submitted to the Customer Ombudsman's Office (2,005 in 2023). Of these, 43 were not admitted for processing because they failed to meet the requirements set out in Ministerial Order ECO/734/2004, and 76 remained pending as of December 31, 2024. 42.39% of customers who filed a complaint with the Customer Ombudsman in 2024 obtained some form of satisfaction, total or partial, from a resolution by the Customer Ombudsman's Office in 2024 (42.33% in 2023). Customers who are not satisfied with the response from the Customer Ombudsman can contact the official supervisory bodies (Bank of Spain, CNMV and Directorate General of Insurances and Pensions Funds). A total of 154 complaints were submitted by customers to the supervisory bodies in 2024 (137 in 2023). BBVA continues to make progress in implementing the various recommendations and suggestions made by the Customer Ombudsman regarding the suitability of products to the profile of customers and the need for transparent, clear and responsible information. Throughout 2024, due to the type of complaints received, the Ombudsman's suggestions focused on the need to adopt measures to improve customer service protocols, especially in matters such as pension plans and blocking, and, as in previous years, to reinforce and improve the measures that the Bank is adopting to prevent and raise awareness among customers about cyber fraud. The data on claims managed by the Office of the Ombudsman by type of claim, at the end of 2024 and 2023, are detailed below: COMPLAINTS HANDLED BY THE CUSTOMER OMBUDSMAN OFFICE BY COMPLAINT TYPE (BBVA IN SPAIN. NUMBER) Type 2024 2023 Insurance and welfare products 907 772 Assets operations 28 72 Investment services 31 24 Liabilities operations 128 73 Other banking products (credit card, ATMs, etc.) 316 482 Collection and payment services 492 362 Other 163 220 Total 2,065 2,005 The type of complaints handled in the table above follows the criteria established by the Complaints Department of the Bank of Spain in its requests for information. Meanwhile, data on claims managed by the Office of the Ombudsman according to the decision reached, at the end of 2024 and 2023, are as follows: COMPLAINTS HANDLED BY THE CUSTOMER OMBUDSMAN OFFICE ACCORDING TO RESOLUTION (BBVA IN SPAIN. NUMBER) 2024 2023 Formal resolution — — Estimate (in whole or in part) 886 875 Dismissed 1,135 1,168 Processing suspended — 2 Total 2,021 2,045 83 Entity that is not part of the BBVA Group's consolidated scope. 84 More information can be found in the “Sustainability Strategy” chapter of this report. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 166 3.3 Contribution to society Beyond the positive impact generated directly by the banking business, BBVA also seeks to support society through its social action. This activity is mainly embodied in the social programs undertaken by the Group and its foundations, but also includes contributions to foundations and non-profit entities, as well as the promotion of a corporate culture of social and environmental support by enabling its employees to carry out volunteering actions. The following breakdowns on BBVA's commitment to contributing to society comply with the requirements of Spanish Law 11/2018 related to the impact of the activity on society and the actions of association or sponsorship. No material impacts, risks or opportunities related to these topics were identified within the framework of the double materiality analysis of the BBVA Group (see chapter "Double materiality analysis"). 3.3.1 Contribution to the community When it comes to contributing to the inclusive growth of the societies in which the Group is present, BBVA established the 2025 Community Investment Goal, through which it would allocate 550 million euros to social initiatives to support inclusive growth and reach 100 million people between 2021 and 2025. Both objectives were met, ahead of schedule, on December 31, 2024, with 594 million euros allocated to social programs and almost 106 million people reached. This plan is structured around three major areas of action and seeks to contribute to the fulfillment of certain Sustainable Development Goals (SDG): – Reducing inequalities and promoting entrepreneurship (SDGs 8 and 10): includes initiatives that provide access to basic goods and services necessary to improve people's social well-being; training in financial education and digital skills to empower the population, improve their financial resilience and promote financial inclusion, employability and digital security. It also includes support for vulnerable entrepreneurs through the activities of the BBVA Microfinance Foundation 83 and other programs to support SMEs and entrepreneurs. – Creating opportunities for all through education (SDG 4): includes programs to reduce the digital education gap, scholarships to support access to quality education, programs for the development of values and competencies, programs to support higher education and vocational training. It also includes initiatives for collaboration with public education systems and the creation of free, quality content that is disseminated through various channels of the Group, and – Supporting research and culture (SDG 9 and 11): includes initiatives to support researchers and creators in the fields of science, culture or economy, support for leading cultural institutions and scientific dissemination. Additionally, in 2024 BBVA launched a social response plan following the flash floods that struck the Spanish regions of Valencia, Castilla la Mancha and Andalusia on October 29, in order to help alleviate the effects of the humanitarian emergency. Among the measures adopted, it is worth highlighting the granting of a donation of 4 million euros in favor of the Spanish Red Cross (delivered in January 2025), as well as the launch of a donation campaign in favor of said entity, which has channeled donations from employees, customers and non-customers worth about 7.4 million euros through Bizum. In 2024, the Group allocated 182 million euros in community contributions (175 million euros in 2023) representing 1.72% of the adjusted attributable profit. Through this contribution, 85 million people have been reached during the year. BBVA puts this contribution to the community into practice through its local banks and foundations, as well as through support for other foundations, highlighting: – The BBVA Foundation, which focuses its activity on the generation of knowledge. Expanding the frontiers of knowledge is one of the most effective ways to successfully address the problems that affect today's society, such as the environment, sustainable development, health, demographic change, globalization, social integration and innovation in the service of creating opportunities for society as a whole. – The BBVA Foundation Mexico Foundation, which focuses its activity on the educational field with a benchmark program, “Chavos que Inspiran,” which offers 10 years of support that transforms the lives of talented, low-income young people throughout the country, allowing these scholarship recipients to be the first in their family to finish college, rising above the poverty line and achieving a socioeconomic level that would have taken their family at least 4 generations to reach. – The BBVA Microfinance Foundation, which focuses its activity on supporting vulnerable microentrepreneurs in Colombia, Chile, Panama, Peru and the Dominican Republic, through financial services such as microcredits, microinsurance and financial and digital education workshops. BBVA also carries out other notable initiatives to contribute to the community, such as community service activities, alliances with environmental organizations, support for non-profit entities, the promotion of corporate responsibility through its involvement in different working groups and in initiatives (SDG 17) 84. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 167 Below is the community contribution in 2024 and 2023 under the 2025 Community Investment Goal by geographic area and corporate foundations: CONTRIBUTION TO THE COMMUNITY (MILLIONS OF EUROS AND PERCENTAGE %) (1) 2024 % 2023 (2) % Spain and corporate areas 28.6 16 27.8 16 Mexico 107.5 59 83.3 48 Turkey 8.4 4 26.8 15 South America (3) 3.6 2 4.1 2 Foundations (4) 33.9 19 33.1 19 Total (5) 181.9 100 175.1 100 (1) To calculate the Community Engagement investment figure, BBVA uses the Business for Societal Impact (B4SI) methodology, an international standard that provides a framework for measuring the social and environmental investment that companies make beyond their business. In 2024, this figure is broken down as a contribution in cash (76%), management and personnel costs (16%), time (1%) and in-kind (7%). Likewise, when we analyze the motivation of the cash contribution, this is the breakdown in 2024: 8% one-time contribution, 88% social investment and 4% initiatives aligned with the business. (2) The data for 2023 differ from those published in the previous Consolidated Non-Financial Information Statement because the estimates included at the end of the 2023 financial year have been replaced by the actual data available after the publication of said report. (3) Does not include Uruguay (4) Includes the BBVA Foundation and the BBVA Microfinance Foundation, which are not part of the consolidated Group. (5) The total figure is an estimate, of which 93% is the actual investment figure as of November 30, 2024 and 7% is an estimate of the investment made in the month of December 2024. Below is a breakdown of the investment and people reached (as a percentage) of the contribution to the community in 2024 by focus of action, as described at the start of this section: CONTRIBUTION TO THE COMMUNITY (INVESTMENT) BY FOCUS. 2024 CONTRIBUTION TO THE COMMUNITY (PEOPLE REACHED) BY FOCUS. 2024 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 168 Below is a breakdown by type of person reached and by focal point, of the BBVA Group’s Community Investment Goal in 2024 and 2023: PEOPLE REACHED BREAKDOWN BY TYPE AND FOCUS AREAS (MILLIONS OF PEOPLE) (1) Direct beneficiaries (2) Indirect beneficiaries (3) Unique users (4) Focus area/Type of people reached 2024 2023 (5) 2024 2023 (5) 2024 2023 (5) Reduce inequalities and promote entrepreneurship 4.4 4.5 6.9 6.5 0.2 0.2 Create opportunities for all through education 1.4 1.0 1.0 1.0 58.9 55.5 Support research and culture 1.7 3.2 — — 10.6 8.7 (1) To calculate the number of direct beneficiaries in the Community Commitment, BBVA uses the Business for Societal Impact (B4SI) methodology, an international standard that provides a framework for measuring the social and environmental investment that companies make beyond their business. In 2024, the people reached data are estimates; 95% of the figure is the actual number of people reached as of November 30, 2024 and 15% is an estimate of the number of people reached in December 2024. (2) Data on persons who participate directly in the programs and initiatives developed or promoted by BBVA and who therefore receive a direct benefit. (3) Data on persons who are related to the participant of the initiatives and programs promoted and developed by BBVA and who receive an indirect benefit. (4) Data on the number of people accessing free and quality content on different BBVA platforms. (5) The data for 2023 differ from those published in the previous Consolidated Non-Financial Information Statement because the estimates included at the end of the 2023 financial year have been replaced by the actual data available after the publication of said report. Below are the 2025 targets and progress since 2021 in terms of investment and people reached for the 2025 Community Investment Goal by focus of action. GOALS AND PROGRESS RELATED TO THE CONTRIBUTION TO THE COMMUNITY (1) (MILLIONS OF EUROS AND MILLION PEOPLE) Community investment (2) People reached (3) 2025 Goal 2021-2024 Progress 2025 Goal 2021-2024 Progress Reduce inequalities and promote entrepreneurship 155 79.6 22 19.9 Create opportunities for all through education 215 370.5 53 65,1 Support research and culture 180 117.3 25 20.8 Total (4) 550 567.4 100 105.8 Other (5) — 26.8 — — Total 550 594.2 100 105.8 (1) To calculate the amount of investment and direct beneficiaries in the Contribution to the Community, BBVA uses the Business for Societal Impact (B4SI) methodology, an international standard that provides a framework for measuring the social and environmental investment that companies make beyond their business. The investment and people reached figures for 2024 are estimated figures. In relation to the investment figure, 93% is the actual figure as of November 30, 2024 and 7% is an estimate of the investment made in December 2024. In relation to the people reached figure, 95% of the figure is the actual number of people reached as of November 30, 2024 and 5% is an estimate of the people reached in December 2024. (2) This progress chart considers community investment for the years 2021, 2022, 2023 and 2024 with a global scope. (3) This progress table considers the net direct beneficiaries for the years 2021, 2022, 2023, 2024 and the net indirect beneficiaries for the years 2021, 2022, 2023 and 2024. For the calculation of net unique users, only the unique users of the current year are considered, as it is not possible to identify how many users from one year repeat the following year. (4) This total figure shows the objectives and progress of investment and people reached within the framework of the Goal 2025 of the investment in the Community and its 3 focuses of action. (5) This figure includes the target and progress of investment and people reached not aligned to the focuses of the Goal 2025 of the investment in the Community. 85 The data for 2023 differ from those published in the previous Consolidated Non-Financial Information Statement because the estimates included at the end of the 2023 financial year have been replaced by the actual data available after the publication of said report. 86 Information provided in compliance with section IV of article one of Law 11/2018. Does not include contributions made by Garanti BBVA. 87 The figure for contributions to foundations and non-profit entities is estimated. 76% of the figure corresponds to contributions actually made before November 30, 2024, while 24% is an estimate of contributions expected to be made in December 2024. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 169 3.3.2 Other contributions to society 85 As regards contributions to foundations and non-profit entities 86, the overall figure in 2024 was 17.9 87 million euros (42.3 million euros in 2023). In 2024, the Group made: – 167 donations to foundations and other non-profit social entities with a social purpose for an amount of 5.4 million euros, which include both one-off contributions and those that contribute to social programs (in 2023, 158 donations amounting to 30.8 million euros). – 182 contributions (not donations) to foundations and other non-profit social entities for an amount of 4.7million euros (in 2023, 146 contributions amounting to 1.9 million euros), including partnership and sponsorship actions. – 383 contributions, of a non-social nature (dues, institutional contributions and commercial sponsorships) to foundations, business associations, lobbies, think-tanks and other non-profit entities amounting to 7.7 million euros (in 2023, 413 contributions, of a non-social nature amounting to 9.6 million euros). The number of contributions shows a significant decrease compared to 2023, mainly due to the fact that in that year an extraordinary donation of approximately 20 million euros was made by Garanti BBVA to alleviate the effects of the earthquake in Turkey. 3.3.3 Volunteer work In its General Sustainability Policy, BBVA expresses its desire to promote a corporate culture of social and environmental support by enabling its employees to carry out volunteering activities. This policy applies in all countries where the Group is present. BBVA's corporate community service initiatives encourage employee collaboration to generate a significant social impact, increase sense of pride in belonging, satisfaction and productivity, and position BBVA as a benchmark company when it comes to corporate volunteering, thus increasing its appeal to both existing and potential employees. Volunteering is a key element in developing the approaches and lines of work of the 2025 Community Investment Goal (explained above in the section “Contribution to the community”). In fact, the 2030 Agenda for Sustainable Development has explicitly recognized volunteering as a vehicle for sustainable development and volunteer groups as actors in achieving the seventeen SDGs. Furthermore, volunteering activities are aligned with BBVA's Purpose and values. A total of close to 13,500 thousand BBVA employees took part in community service initiatives during 2024 (around 12 thousand in 2023), having dedicated close to 43,000 hours (82% during working hours and 18% outside of working hours). The time dedicated by employees in 2024 is equivalent to a contribution of 1 million euros (around 485 thousand euros in 2023). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 170 4. Governance information 4.1 Business conduct 4.1.1 Corporate culture and Code of Conduct 4.1.2 Whistleblowing Channel 4.1.3 Corruption and bribery 4.1.4 Anti-money laundering and financing of terrorism 4.1.5 Additional topics covered by the Compliance system 4.2 Suppliers 4.3 Fiscal contribution and transparency The BBVA Group is fully committed to the development of its activities and businesses, in compliance with current legislation and standards of ethics and business conduct, both nationally and internationally. To achieve this, it has a compliance system built around the Code of Conduct (published on the BBVA corporate website, www.bbva.com), the internal control model and the Compliance function. As set out in the chapter “Double materiality analysis”, BBVA has identified the following impacts, risks and opportunities (IROs) related to business conduct: – Contributing to socio-economic well-being through the prevention and fight against money laundering and terrorist financing. – Reputational risk, litigation and sanctions derived from unethical activities, such as corruption, fraud or bribery. – The risk of legal or regulatory sanctions, that could imply significant financial or reputational losses for BBVA as a result of (i) non-compliance of the applicable internal or external legislation and regulations regarding money laundering and terrorist financing or (ii) the use of BBVA products and services for illicit purposes linked to money laundering and/or terrorist financing. – Reputational risk, litigation and sanctions arising from inadequate or inaccessible claim mechanisms such as the whistleblowing channel. In addition to the IROs identified as material, the Group's compliance system covers other issues such as market conduct, the prevention and management of conflicts of interest and competition protection. This section details also information regarding suppliers and tax contribution and transparency in order to comply with certain requirements of Law 11/2018. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 171 4.1 Business conduct The role of the supervisory bodies The Board of Directors has approved the BBVA Code of Conduct, which was last updated in July 2024, to align it with new developments in the business and the environment in which BBVA operates, and to meet the expectations of the societies in which the Group is present. In order to better carry out its functions in the control and management of the Group's risks, including internal risk control and non- financial risks, the Board of Directors has the support of the Risk and Compliance Committee, which is composed exclusively of independent directors, including its Group Executive Chairman , and which has, among other functions, that of assisting the Board in supervising the Compliance function and the implementation of the risk and compliance culture in the Group. The Compliance function is integrated into the Regulation and Internal Control area, whose Head is appointed by the Board of Directors and reports hierarchically to this body. Likewise, it is the responsibility of the Risk and Compliance Committee to supervise the effectiveness of this function, ensuring that it has the necessary material and human resources for the effective performance of its functions, analyzing and, where appropriate, approving its annual work plan and monitoring its compliance. The Regulation and Internal Control area includes, among others, the Non-Financial Risk, Internal Control Risk and Compliance units, and is therefore responsible for, among other things, the proper functioning of the Group's internal control model. The Head of the Regulation and Internal Control area reports to the Board of Directors, both directly and through the Risk and Compliance Committee. In particular, the Head of the Regulation and Internal Control area reports monthly to the Risk and Compliance Committee and quarterly to the Board of Directors on the activities carried out by her area, as well as on any incidents that may arise and the actions to address them. Likewise, the Risk and Compliance Committee receives periodic information from the Global Head of the Compliance unit and, where appropriate, from other Group executives who report to this Committee. All of this is in order for the Committee to be able to properly exercise its functions of ensuring compliance with the applicable regulations in matters related to, among others, conduct with customers, the prevention of money laundering and terrorist financing, conduct in the securities markets, data protection, and the scope of the Group's actions in matters of competition. The Compliance function at BBVA is a global second line of defense function. This function is entrusted by the Board of Directors with the task of promoting and supervising, independently and objectively, that BBVA acts with integrity, particularly in key areas such as the prevention of money laundering and terrorist financing (hereinafter, PBC&FT), conduct with customers, conduct in the securities markets, protection of personal data, prevention of corruption and other aspects of corporate conduct (hereinafter, “Compliance matters”). The Board of Directors approves both the Charter of the Compliance Function, as well as the general policies associated with it, following analysis by the Risk and Compliance Committee, which also supports the Board in supervising its implementation, through the continuous monitoring and follow-up of the Compliance activity and programs in the Group. The strategic aspects and approval of internal regulations of the Compliance function are established and submitted for consideration by several executive committees, including the Internal Control and Regulation Committee, the Global Compliance Committee and the Internal Control Body for the prevention of money laundering and terrorist financing (PBC&FT). BBVA's Compliance model has periodic cycles of risk identification and assessment that allow for the development of a management strategy. This process results in the review and update of the multi-year strategy, as well as the development of annual lines of action aimed at maintaining and, where appropriate, strengthening mitigation and control measures, as well as the ongoing process of review and improvement of the model itself. These lines are incorporated as part of the Annual Plan of the Regulation and Internal Control function, which is analyzed and, where appropriate, approved by the Risk and Compliance Committee . This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 172 Additionally, the Compliance model is subject to continuous review and testing through annual verification processes in the different countries. These processes include inspections carried out by supervisory bodies, internal and external audits, as well as the Compliance Testing activity itself carried out by specialized teams in the Compliance units. In relation to this activity, during 2024 a special focus has been placed on the review of the AML/CFT and customer conduct risk management frameworks and processes. In relation to the experience of the members of the Board of Directors in matters of business conduct, BBVA has been implementing mechanisms to ensure that the members of the Board of Directors have the necessary knowledge to address these matters effectively both within the Board and in the various Committees of which they are part. Thus, firstly, the members of the Board of Directors have diverse and solid experience in key areas including issues related to business conduct and internal control, such as the prevention of money laundering and terrorist financing, non-financial risk management, regulatory compliance, etc. This experience is reflected both in the training of the members of the Board of Directors and in their professional career and experience (in general, both in management and supervision in national and international entities, public, private, etc.). Specifically, for the development of functions related to business conduct and internal control, the Risk and Compliance Committee assists the Board in supervising internal control, which includes the Compliance function, and in implementing risk and compliance cultures in the Group . As a result of its activity and the set of reports it receives, the Risk and Compliance Committee has a complete and transversal image of all the financial and non-financial risks of the Bank and its Group, which is complemented by the monitoring, in greater detail, of some non-financial risks by other Committees of the Board, such as accounting, tax and public information (reporting) risks by the Audit Committee, or technological and cybersecurity risks by the Technology and Cybersecurity Committee. The functions of the Risk and Compliance Committee include examining draft codes of ethics and conduct and their respective amendments, which have been prepared by the corresponding area of the Group, and issuing its opinion prior to the proposals that are to be made to the Corporate Bodies. In addition, from the executive level, the Committee is informed about the processes and control systems that the Group has in place for the supervision and control of these matters, which allows the directors to have greater knowledge of these matters. This Committee is made up entirely of independent directors, who have relevant experience and knowledge in matters related to business conduct and internal control. Added to this is the information that is submitted to the Board and the Committees by those responsible for these matters (in the areas of internal control to the Board and the Risk and Compliance Committee, and Internal Audit to the Board and the Audit Committee, among others). In addition, to reinforce and update the knowledge of the members of the Board of Directors in matters of business conduct, BBVA has a continuous training program, specifically designed to address critical issues related to the functions of the Board. This annual program is adapted to the needs of the Bank at any given time with the aim of updating knowledge of matters relevant to the performance of its functions and as a complement to the knowledge and competencies of the directors. In setting up the training program for directors, consideration is given to, on the one hand, changes in the business environment or in the regulatory or supervisory sphere that may arise at any given time (including those that may affect matters of business conduct); and, on the other hand, specific suggestions and requests from directors on issues of interest to them. The Compliance function Supervisory structure and accountability to the Board of Directors The Compliance function is part of the Regulation & Internal Control area, which has a clear hierarchical structure and reports directly to the Board of Directors, through the Risk and Compliance Committee. This Committee supervises the effectiveness of the Compliance function, ensuring that it has the necessary material and human resources to perform its functions. The Regulation & Internal Control area also includes the specialist units of Non-Financial Risk and internal control, which act as the second line of defense against the risks to which the Group is exposed. To reinforce its independence in the performance of its functions, the Head of the Regulation & Internal Control area reports monthly to the Risk and Compliance Committee and periodically to the Board of Directors on the activities carried out, incidents detected and measures adopted. In addition, the Risk and Compliance Committee receives periodic reports from the Global Head of the Compliance unit and, if necessary, from other Group executives who report to her. This enables the Committee to perform its supervisory functions, ensuring compliance with applicable regulations on issues such as AML/FT, anti-corruption and data protection. The Compliance area operates under a risk management approach, aligned with the standards of the Group's internal control model. Its activities include, among others, conducting periodic assessments of risks associated with Compliance issues ("Compliance risk"), advising on the required mitigation measures, supervising the first line of defense, responding to audits and inspections carried out by the competent authorities, as well as managing and escalating relevant incidents or findings to Senior management. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 173 The Board of Directors is responsible for approving both the Compliance statute and the associated policies (“ Compliance Policies”), delegating to the Risk and Compliance Committee the supervision of its implementation, which ensures a specific and continuous monitoring of the Compliance activity and programs at a global level. In this way, the Compliance function has a comprehensive management framework predicted on internal regulations, management programs and their corresponding disclosure, training and awareness initiatives, as well as monitoring and follow-up schemes, thereby promoting proactive risk management and a culture of integrity throughout the organization. In addition, in order to properly perform its functions, the Compliance unit has an organizational structure and internal systems aligned with the principles of internal governance established by European guidelines on this matter. This organization and the development of its activities are governed by the principles of the Bank for International Settlements (BIS) and current regulations governing compliance. Compliance Management Model The Compliance area is made up of a corporate unit with a Group-wide purview, led by a global leader, as well as local units in each geographic area where BBVA operates. These local units, led by managers designated for each geography, share the assigned mission and perform the Compliance function in the countries where BBVA operates. The function has managers specialized in each aspect relating to compliance and who help define and articulate the strategy and manage matters from an operational standpoint. They are also responsible for the execution and continuous improvement of the internal processes of the area. The Compliance framework is structured around the Code of Conduct, the Compliance Charter and the Compliance Policies, and is supported by a series of specific programs and a cross-cutting technological and data infrastructure that optimizes risk management. Among the tools implemented, there is a global Internal Regulation portal, specific tools for recording gifts and events, conflicts of interest, customer monitoring and prevention of market abuse, prevention and risk management of money laundering and terrorist financing, as well as management of the Whistleblowing Channel. Strategy and monitoring model The strategic aspects and approval of internal regulations in the Compliance area are established and reviewed by key executive committees, including the internal control and Regulation Committee, the Global Compliance Committee and the internal AML/FT control body. Compliance Policies are also submitted to the Risk and Compliance Committee and are ultimately approved by the Board of Directors. Within this framework, the Compliance model has periodic cycles of risk identification and assessment that allow for the management strategy to be adjusted and strengthened accordingly. This process includes the review of the strategy on a multi-year basis, the development of annual lines of action to reinforce mitigation and control measures, as well as detailed monitoring of Compliance risks. The results of the aforementioned cycles represent inputs for the development of the annual lines of action for the Compliance area, which are communicated to the Risk and Compliance Committee. These risks are monitored in accordance with the BBVA Group’s Compliance model, which incorporates specific management indicators enabling the supervision and evaluation of the policies and controls in place. The main indicators, together with those shown in the sections “Responsible use of data” and “Transparency in the information provided to customers about products and services” within the chapter “Consumers and end users” of this report, are the following: – Indicators related to the management of the Whistleblowing Channel, which allow the Group to monitor the number of complaints received and their distribution by country, area and type, as well as the results of their handling. – Integrity indicators (including corruption and bribery), which are regularly monitored by the executive team and taken into consideration for the purposes of promoting improvement actions where appropriate. These indicators include training data, identified sources of unethical conduct, data on disciplinary cases, data on identified and managed conflicts of interest and weaknesses identified in independent reviews. Actions arising from these indicators are regularly monitored by the executive team. – Anti-money laundering prevention indicators, which monitor transactions and customers flagged as high risk, as well as the number of alerts generated, reviewed and escalated in terms of Anti-money laundering and financing of terrorism (AML/ FT). In the case of indicators related to AML/FT, there are reference thresholds enabling the Group to detect significant deviations. In the event of any such deviations, the necessary processes are triggered to analyze their origin and apply the corresponding action plans. The other indicators are monitored more closely based on the available information. In addition, an annual review process is carried out on the Group's non-financial risk map and the map of associated measures and controls (Risk and Control Self-Assessment or RCSA). The purpose of this exercise is to ensure the validity and effectiveness of the controls in place, detect possible weaknesses and resolve them, thereby providing a consolidated and updated view of the current level of risk. In 2024, the documentation and management of these risks was strengthened by: – Updating the Group's Internal Regulation Standard. – Running regular verifications in different geographies through internal and external audits and inspections by supervisory bodies, as well as Compliance Testing activities. 88 The data excludes employees of the Garanti BBVA Group due to the recent launch of the corporate course in this subsidiary. The calculation criteria excludes those employees who are still within the time frame to complete the training. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 174 Particular emphasis was placed, in 2024 on reviewing AML/FT and customer conduct frameworks and processes (see sections “Transparency in information to customers about products and services” and “Responsible use of data” within the “Consumers and end users” chapter). In this regard, specific meetings were held with the Risk and Compliance Committee at which follow-up reports on the various programs implemented, independent reviews and other relevant regulatory issues related to Compliance were presented . This approach enables the BBVA Group to manage and proactively monitor the risks mentioned above, ensuring compliance with current regulations and promoting a culture of integrity throughout the organization. In 2024, the corporate bodies have been informed about Compliance issues through different reports. Thus, the Board of Directors has been informed by the person responsible for Regulation and Internal Control of the most relevant issues in relation to the internal control of the Bank and its Group, including the main issues in the area of Compliance. This monitoring was complemented by the supervision and control of compliance issues carried out by the Risk and Compliance Committee, both through the periodic presentations of the Compliance Director and through the report of the Compliance Director of Spain. In addition to this information, the Risk and Compliance Committee was informed about the results of the independent reviews, including specific presentations in which independent experts in different areas of compliance have participated, as well as other reports on other regulatory and supervisory issues in this area. In addition to all of the above, there is also the information submitted to the Board of Directors on the activity of the Risk and Compliance Committee, which was presented by the Chairman of this Committee. 4.1.1 Corporate culture and Code of Conduct The Code of Conduct establishes that all members of the BBVA Group must act with integrity and accountability, respecting applicable laws and regulations, and demonstrating due levels of prudence and professionalism given the trust placed in BBVA by customers and shareholders. In February 2022, the Board of Directors approved an update to the BBVA Code of Conduct to align it with new developments in the business and the environment in which BBVA operates, and to meet the expectations of the societies in which the Group is present. The new version of the Code of Conduct was communicated to all BBVA employees and made available on the corporate intranet and corporate website. This document was subsequently reviewed in July 2024 to adapt and update some provisions to the evolution of jurisprudence and BBVA's Internal Regulations. Periodic communication initiatives are also carried out on its contents. Additionally, in order to raise awareness and knowledge of the Code of Conduct, BBVA has a mandatory corporate course that all employees must complete every three years. This course includes messages from members of Senior Management addressing various aspects of conduct relevant to the daily activity of BBVA employees. In this way, it reflects the commitment of Senior Management to strengthening the culture. The Compliance unit monitors the completion of the course by employees, with mechanisms and reminders for those who have yet to complete it. By the end of December 2024, 92,621 employees had completed this Code of Conduct course, with completion rates exceeding 98% in most geographies 88. The course includes, among others, content related to customer conduct, leadership style and harassment, management of conflicts of interest and relations with suppliers, as well as the proper use of the Whistleblowing Channel. Additionally, the Group offers various courses on business ethics, including Training on the Anti-corruption Policy. In this context, notable activities carried out by the Compliance unit in 2024 included that of providing continuous advice on the application of the Code of Conduct. More precisely, the Group formally responded to 764 individual queries of different nature through the Consultation Channel (631 in 2023), relating, among other types, to the offer, delivery or acceptance of gifts and/or personal benefits, as well as attendance and organization of promotional and leisure events (28.7%), the treatment of conflicts of interest (21.5%), the selection, hiring and promotion of own staff (12.3%) or the development of other professional activities (11.1%). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 175 4.1.2 Whistleblowing Channel The Whistleblowing Channel is a key mechanism for managing risks associated with business conduct, such as those related to AML/ CFT, corruption and bribery, corporate culture, as well as the protection of whistleblowers. Through this channel, BBVA employees, as well as customers, suppliers or any other stakeholder, may report confidentially, and if they wish, anonymously, any behavior that violates the Code of Conduct or that breaches applicable legislation, including complaints relating to human rights. In 2023, BBVA's Board of Directors approved the General Policy for managing communications in the Whistleblowing Channel and protecting whistleblowers. This Policy sets out the fundamental principles governing the operation of the Whistleblowing Channel, establishes protection measures for both whistleblowers and people affected by the communications, and regulates the management of the Whistleblowing Channel in compliance with Law 2/2023, of February 20, on the protection of people who report regulatory breaches and the fight against corruption in Spain. Within this framework, BBVA has implemented specific measures to reinforce the confidentiality of communications and prevent any kind of reprisal, in line with the requirements of Spanish Law 2/2023. This Policy also includes information on accessibility, including the means available for use, as well as guarantees of confidentiality and ease of access for all users. The Policy was communicated to all BBVA employees, as well as to employees of the main BBVA subsidiaries in Spain and employees in other geographies. The Whistleblowing Channel Policy is reviewed annually. Additionally, a summary of the content of this Policy is available on the shareholders and investors website. During 2021, the Group implemented, in most of the geographical areas in which it is present, a global Whistleblowing Channel tool provided by an external provider. This online platform is accessible to all employees through the corporate intranet, while third parties outside BBVA can access it through a public link available on the BBVA Group website (www.bkms-system.com/bbva). This global tool raises the standards of security, confidentiality and anonymity of the whistleblower and, therefore, their protection. The Whistleblowing Channel is available in Spanish and English 24 hours a day, 365 days a year. The management of the Whistleblower Channel is the responsibility of the Compliance unit, which follows a structured process covering different phases. This process begins with the receipt of the communication and the sending of an acknowledgement of receipt to the informant within a maximum period of 7 days. Subsequently, the reported facts are reviewed by independent units within BBVA, unrelated to the matter under investigation, to ensure a confidential, objective and impartial review. Subsequently, a decision is issued and the case is closed based on the findings obtained, with action taken when necessary. In the event that disciplinary measures are adopted, these are determined by an independent committee with powers attributed for this purpose. This approach covers the handling of communications related to corruption and bribery cases, among others. In this context, the Compliance function aims to ensure that complaints are processed diligently and promptly, guaranteeing the confidentiality of the investigation processes. Likewise, the fundamental rights of both the informant and the person or persons reported are guaranteed, including the presumption of innocence, the protection of personal data, the right to honor and defense, the right to receive information and to be heard, and protection against reprisals or any other adverse consequences arising from complaints made in good faith. In recent years, BBVA has implemented specific actions aimed at homogenizing the corporate criteria for managing the Whistleblowing Channel across all BBVA Group entities, for example, by holding specific sessions for Compliance staff in different geographic areas, in which the application of the corporate criteria for managing the Channel is further explored. Training on the proper use of this resource has also been reinforced by including specific content in the Code of Conduct course, aimed at all BBVA Group employees, to help ensure that is properly understood and applied. 89 For more information on cases of discrimination or harassment that triggered specific action protocols in 2024, see the section “Human rights due diligence process - Claim mechanisms”. 90 Some of these communications were received in 2023. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 176 Complaints received in 2024 In 2024, a total of 2,283 complaints were received by the Group, up 10.8% on the previous year, mainly due to the efforts made within the Group to raise awareness of the Whistleblowing Channel in recent quarters. The main types of complaints relate to labor relations or labor complaints (49.98%), conduct with the customers (18.40%), discrimination or harassment (11.87%) 89, fraud (6.96%), conflicts of interest (5.56%), potential money laundering (1.62%), privacy and information security (1.62%) and other types (3.99%). These communications come from employees (67.7%) and third parties (6.3%). In the remaining cases (26%), the informants did not provide this information. COMPLAINTS RECEIVED BY TYPE (BBVA GROUP, 2024) In 2024, a total of 2,590 90 complaints were processed. Approximately 36% of the complaints processed in the year resulted in the imposition of disciplinary measures, which led to 169 dismissals on disciplinary grounds. None of the complaints processed through the Whistleblowing Channel have caused significant economic, criminal or reputational impacts. 4.1.3 Corruption and bribery The Group's General Anti-corruption Policy, the updated version of which was approved by the Board of Directors in 2023, is a central pillar of risk management at BBVA. This Policy serves as the basis for the Corruption Prevention Program and implements the principles and guidelines set out in section 5.3 of the Code of Conduct. The Policy aims to establish the framework for action to prevent, detect and promote the communication of corrupt practices or risk situations within the BBVA Group. It also establishes specific guidelines for behavior in sensitive activities or areas, facilitates the identification of scenarios that require special caution and ensures that, in case of doubt, appropriate advice is provided. In terms of its scope, the Policy applies to the Group and to all companies in which the Group has a direct or indirect stake of more than 50%. This Policy is therefore mandatory for employees, Senior Management and directors of the Group's companies. Furthermore, the Anti-corruption Policy is aligned with the spirit of national and international standards in the fight against corruption, taking into account the recommendations of international bodies, such as the United Nations Convention against Corruption, and those established by the International Organization for Standardization (ISO). The Policy has been communicated to all employees and to all members of the governing bodies of BBVA and the Group's main subsidiaries. As regards the communication of the Anti-corruption Policy to third parties, the Group has disseminated a public statement summarizing its content on the shareholders and investors website. This Policy is implemented through specific procedures that establish guidelines for action and precautionary measures in situations where the risk of corruption could materialize. These procedures include the Rules for Acquiring Goods and Arranging Services, the Corporate Rules on Gifts and Events, and regulations related to donations and commercial sponsorships, among others. They apply especially to areas that potentially carry a higher risk, such as those that have a relationship with customers, suppliers, agents, intermediaries and business partners; those that make donations, commercial sponsorships and contributions; those involved in the selection and hiring of personnel; or those with accounting functions or that record transactions. Consequently, this Policy is effective at preventing sanctions and litigation arising from cases of corruption, which, in turn, helps to mitigate the reputational risk for the Group. 91 Of which 164,477 correspond to 2024, which represents a percentage of 106% due to the reduction in the stock of operations pending resolution since December 2023, during 2024. 92 This corporate course is expected to be available in Turkey by 2025. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 177 Additionally, in line with the international standards mentioned above, BBVA has, in most of the geographies in which it is present, a corporate tool for recording gifts and events. The main objective is to ensure transparency and report any such benefits or perks received by employees, such as gifts or invitations to events, given that the receipt of gifts or invitations to events is subject to strict acceptance criteria. In addition, as a general rule, BBVA includes in its contracts with suppliers a clause in which they undertake to comply with applicable anti-corruption legislation. Corruption risk management model In this context and in accordance with its crime prevention model, BBVA has a Corruption Prevention Program that includes the following elements: – a risk map; – a specific governance model; – a set of mitigating measures aimed at reducing these risks; – procedures for action in the event of risk situations; – training and communication programs and plans; – indicators aimed at understanding the risk situation and its mitigation and control framework; – a whistleblowing channel; and – a disciplinary regime. As for the evaluation of corruption risk in the Group, various types of transactions were evaluated: (I) 175,303 transactions (106.58%) 91 in relation to AML/FT risk (to see the number of communications made to the corresponding authorities, see the following section on “Anti-money laundering and financing of terrorism”); (II) with respect to internal fraud risk, a total of 264,303 (100%) transactions were analyzed; and (III) from the ML/FT and Corruption risk dimension, a total of 4,348 (100%) third parties in the Group's procurement processes have been evaluated. In addition, in recent years, anti-corruption risk assessments have been carried out at banks in the main geographic areas where the Group is present. Based on the overall result of this analysis, it was concluded that the BBVA the Group corruption risk control framework is adequate. Anti-corruption and anti-bribery training programs BBVA has a corporate online course in most of the jurisdictions in which it is present, which is mandatory and must be completed periodically for all BBVA members, including those areas indicated above as carrying a higher risk of corruption 92. More precisely, in accordance with BBVA's Mandatory Corporate Training Standard, employees must take this course every 3 years. This course provides an introduction to the concept of corruption, addressing the different ways in which it can manifest itself, as well as a set of guidelines to prevent and combat it. It teaches learners how to comply with the law and ethical principles, both within the entity and in relations with customers, agents, intermediaries, suppliers, business partners, public or private institutions and other third parties with whom BBVA interacts. 93 In reference to the following geographical areas: Argentina, Chile, Colombia, Spain, Mexico, Peru, Switzerland, Turkey, Uruguay and Venezuela. 94 Number not including alternate directors. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 178 At the end of 2024, a total of 87,704 (95.6%) employees have been trained in this subject, with this information broken down as follows: PARTICIPANTS IN THE ANTI-CORRUPTION COURSE BY GEOGRAPHICAL AREA AND PROFESSIONAL CATEGORY (BBVA GROUP. NUMBER, PERCENTAGE %) (1) 2024 2023 Enrolled Undertaken % Undertaken Enrolled Undertaken % Undertaken Argentina 6,141 6,132 99.9 6,016 5,988 99.5 Management team 264 260 98.5 219 217 99.1 Managers 1,451 1,450 99.9 1,411 1,405 99.6 Rest of employees 4,426 4,422 99.9 4,386 4,366 99.5 Chile 753 729 96.8 768 696 90.6 Management team 53 52 98.1 51 48 94.1 Managers 113 111 98.2 110 106 96.4 Rest of employees 587 566 96.4 607 542 89.3 Colombia 5,815 5,659 97.3 6,832 6,623 96.9 Management team 201 201 100.0 212 210 99.1 Managers 1,858 1,854 99.8 1,822 1,816 99.7 Rest of employees 3,756 3,604 96.0 4,798 4,597 95.8 Spain 22,216 21,707 97.7 21,703 21,073 97.1 Management team 1,955 1,904 97.4 1,831 1,769 96.6 Managers 10,377 10,239 98.7 10,083 9,922 98.4 Rest of employees 9,884 9,564 96.8 9,789 9,382 95.8 Mexico 45,714 42,500 93.0 41,847 38,999 93.2 Management team 1,512 1,481 98.0 1,487 1,447 97.3 Managers 14,624 13,495 92.3 13,676 12,686 92.8 Rest of employees 29,578 27,524 93.1 26,684 24,866 93.2 Peru 7,447 7,382 99.1 7,204 7,005 97.2 Management team 362 359 99.2 335 328 97.9 Managers 2,510 2,475 98.6 2,409 2,353 97.7 Rest of employees 4,575 4,548 99.4 446 4,324 97.0 Switzerland 121 121 100.0 123 123 100.0 Management team 20 20 100.0 19 19 100.0 Managers 68 68 100.0 72 72 100.0 Rest of employees 33 33 100.0 32 32 100.0 Uruguay 508 502 98.8 563 546 97.0 Management team 53 53 100.0 54 54 100.0 Managers 260 258 99.2 224 220 98.2 Rest of employees 195 191 98.0 285 272 95.4 Venezuela 1,819 1,780 97.9 1,743 1,672 95.9 Management team 65 62 95.4 60 48 80.0 Managers 552 537 97.3 489 466 95.3 Rest of employees 1,202 1,181 98.3 1,194 1,158 97.0 Rest 1,250 1,192 95.4 1,224 1,158 94.6 Management team 292 287 98.3 304 298 98.0 Managers 501 479 95.6 452 432 95.6 Rest of employees 457 426 93.2 468 428 91.5 Total general 91,784 87,704 95.6 88,023 83,883 95.3 (1) The calculation criterion excludes those employees who are still within the time limit to complete the training. In early December 2024, a new corporate course on this subject was launched in the main geographies in which BBVA is present. On the other hand, the total number and percentage of members of the boards of directors of the main entities 93 that make up the Group that have received anti-corruption training since 2021 through to the date of this report is 89 94 (100%) 95 According to the definition of the term “conviction” established in Regulation (EU) 2019/816, civil liability arising from the crime is therefore excluded, given its civil nature. 96 The criteria established by the competent authority that has decided not to publish or to delay the publication of a sanction for reasons such as those mentioned in art. 56.5 of Law 10/2010, of April 28, on the prevention of money laundering and the financing of terrorism, will be adopted. 97 Cases of which the entity has become aware by being a party to the procedure are reported. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 179 Convictions and fines for breaches of anti-corruption and bribery regulations There were no final criminal convictions delivered in 2024, and nor were any final fines 95 handed down in court 96 during the year against entities comprising the BBVA Group as of December 31, 2024 under a global consolidation regime or against their employees 97, for having breached applicable anti-corruption and anti-bribery laws. Notwithstanding the above, and as detailed in the subsection “Corruption risk management model” of this section, BBVA runs an Anti-Corruption Program that includes, among other elements, procedures on how to act in the event of a risk situation. 4.1.4 Anti-money laundering and financing of terrorism Money laundering and financing of terrorism are global phenomena that represent a significant threat to socio-economic development and the well-being of society. Advances in financial information, technology and communications have facilitated the instantaneous transfer of money flows globally, making their control more complex. BBVA recognizes the fundamental role that financial institutions must play in preventing these illicit activities and is committed to actively contributing to their eradication, complying with the regulations and standards applicable in each jurisdiction in which it operates. In this regard, the prevention of money laundering and terrorist financing is an essential requirement for preserving BBVA's corporate integrity. It is also key to maintaining the trust of the stakeholders with whom the Group interacts (mainly customers, employees, shareholders and suppliers) in the different jurisdictions where it is present, as well as contributing to the socioeconomic well-being of society as a whole. ML/FT risk management model As a global financial group, BBVA operates in a variety of social environments whose well-being it is committed to. In this context, AML/FT is fully integrated into BBVA's corporate culture. Its practical implementation is reflected in the Group's Code of Conduct, the Charter of the Compliance Function , and the BBVA Risk Appetite Framework. As a result of the above, BBVA implements the Compliance model described above to manage the risk of ML/FT at all the Group's branches and subsidiaries. This model integrates the local regulations of the jurisdictions in which BBVA is present, the international best practices of the financial sector and the recommendations issued by international organizations, such as the Financial Action Task Force (FATF). Thus, the General Policy on AML/FT, approved by the Board of Directors, and the rules and procedures that develop it, embody the aforementioned model and provide a standard framework for risk management across the Group, by defining the common criteria and the general framework for action. The Group has continuously evolved its risk management model. Thus, the risk analyses carried out annually allow for the reinforcement of controls and, where appropriate, the establishment of additional mitigating measures to strengthen the model. In this regard, increasing regulatory demands and the sophistication of financial crime mean that the ML/FT risks to which BBVA is exposed are constantly changing, which implies a growing challenge to gather and maintain adequate customer knowledge. To respond to this challenge, BBVA launched a specific program in 2024 that covers the Group's main geographies. This program includes, among other measures, the prior development of global technological pieces (such as the one used to segment customers in terms of AML/FT) and the review of certain business processes. Furthermore, in 2023, BBVA created a global financial crime prevention unit, a first within the Spanish banking industry. With a comprehensive vision that prioritizes the prevention and protection of its customers, the objective of this new unit is to strengthen financial crime prevention actions by integrating fraud responsibilities and processes related to AML/FT, such as identification, alert management and analysis of suspicious transactions, which must be managed by the first line of defense. In this regard, during 2024, this unit has finalized the definition of a single, global process for end-to-end alert management. Technology and data management Convinced that technology and proper data management are essential to effectively implement the AML/FT program and proactively protect customers, the bank and society, BBVA has prioritized improving its technological infrastructure and using advanced analytical techniques and models: – In terms of technological infrastructure, in 2024 BBVA began the in-house development of an Anti-Money Laundering (AML) case manager enabling it to make the aforementioned alert management process operational. Starting in Spain, this development will be progressively rolled out across the Group starting in 2025. In the short run, the case manager will incorporate artificial intelligence capabilities to assist the investigator in generating a narrative that supports the classification of the case. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 180 – Regarding data exploitation, the Group continues to develop various applications of new data-based technologies (artificial intelligence, business analytics, GenAI, etc.) to improve AML/FT processes. These efforts seek to: • enhance risk detection capabilities, such as building advanced analytical models to detect suspicious activities linked to shell companies, networks and mule accounts; • make these processes more efficient; • strengthen analysis and research capabilities. Additionally, taking advantage of the creation of a global Compliance data model, BBVA evolved its global supervision model during 2024, which allows for a centralized analysis, with a "hawk-eye" approach on AML/FT processes, thus improving the capacity for data-driven decision-making. Monitoring and Review Model The internal control Body for AML/FT, which BBVA has at the corporate level, meets regularly to supervise the implementation and effectiveness of the ML/CFT risk management model across the Group. Meanwhile, the Operational internal control Body manages more operational aspects, which allows for clearer traceability of the decisions adopted for the daily management of ML/FT risk. In this context, the ML/FT risk management model undergoes regular independent reviews, carried out by both the Compliance Testing teams and by internal and external audits and those carried out by local supervisory bodies, both in Spain and in the rest of the jurisdictions. In accordance with Spanish regulations, an external expert conducts an annual review of the AML/FT program implemented in Spain. In 2024, the external expert concluded that "in general terms and taking into account the type of deficiencies detected, The BBVA Group's procedures in Spain are in line with current legislation and best market practices, with a positive trend having been observed compared to the previous Annual Report." Reporting suspicious transactions to the authorities In 2024, the Group resolved 175,303 investigations that led to 105,867 reports of suspicious transactions sent to the corresponding authorities in each country. These operations are mainly concentrated in jurisdictions such as Mexico, Turkey, Argentina and Spain. Training programs on money laundering and terrorist financing When it comes to training in the field of AML/FT, each BBVA Group entity has an annual training plan for employees. This plan, defined on the basis of identified needs, sets out training actions such as face-to-face or e-learning courses, videos and brochures both for new recruits and for current employees. Likewise, the content of each training action is adapted to the group to which it is addressed, including general training derived from applicable internal and external AML/FT regulations, as well as specific training relating to the functions performed by the group being trained. In 2024, 101.250 attendees took part in AML/FT training actions. Collaborations with international organizations in the field of AML/CFT It is worth highlighting BBVA's collaborative work with various government bodies and international organizations in this area: – Participation in various committees of the European Banking Federation (Executive Committee Financial Crime Strategy Group, Anti-Money Laundering & Financial Crime Committee and Financial Sanctions Expert Group), – Member of the working groups on KYC/RBA (Know Your Customer / Risk-based Approach) and Information Sharing of the European Banking Federation, member of the AML Working Group of the Institute of International Finance (IIF), – Participation in initiatives and forums aimed at increasing and improving the exchange of information for AML and FT purposes, such as the Europol Financial Intelligence Public Private Partnership (EFIPPP), – Participation in the “UNODC (United Nations Office on Drugs and Crime) private sector dialogue on disruption of financial crimes related to forestry crimes” as well as contributions to public consultations issued by national and international bodies (European Commission, European Banking Authority and GAFI-FATF (Financial Action Task Force), among others). 4.1.5 Additional topics covered by the Compliance system Conduct in the securities markets and with customers The BBVA Code of Conduct , mentioned above, not only establishes the guidelines on behavior for all members of the BBVA Group, in compliance with applicable laws and regulations, but also defines a set of specific principles for the entity's markets, customers and shareholders: – Markets: BBVA applies fundamental principles to guarantee integrity and transparency in the markets, preventing market abuse and promoting free competition. These principles are set out in the Securities Markets Conduct Policy, applicable to the Group , and adapted locally through an Internal Code of Conduct (RIC) for the most exposed employees, more than 8,000 in the Group . During 2024, Compliance supervised more than 57,474 personal transactions and analyzed transactions in the markets, reporting suspicious transactions to local supervisors. In addition, internal regulations were reinforced with the Standard on short-selling of financial instruments, and the Standard on Integrity in voluntary carbon markets, and the technological infrastructure to detect suspicious transactions continued to be strengthened. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 181 Additionally, in relation to fiduciary risk, BBVA understands it as the responsibility to act in the best interest of its customers in activities related to the investment of their assets. In this sense, in 2024, this function was strengthened by advancing a global fiduciary risk management program, standardizing local approaches and moving forward in the preparation of a global report that supports decision-making in the Group. – Customers: for more information on the Group's conduct with its customers and the actions promoted by Compliance in this area, see the sections “Responsible use of data” and “Transparency in information to customers about products and services” within the chapter “Consumers and end users” of this report. Crime prevention model Since the introduction of the criminal liability regime for legal entities in Spain , BBVA has developed a criminal risk management model based on its general risk management and control model. This model aims to implement specific measures to prevent the commission of crimes through a governance structure designed for this purpose. The crime prevention model is based on three elements: a prevention system, a governance structure and regular reviews of its application. The prevention system aims to: – Identify the activities carried out at BBVA that carry a risk of incurring criminal liability for the legal entity; – Identify the elements in place for controlling, preventing and mitigating such risks; and – Developing a specific risk management program for each type of crime for which BBVA could be held criminally liable. Within this framework, for each of the identified criminal risks, a specialized control area (“assurance providers”) is designated which, as part of the criminal risk management program, draws up a risk map for each type together with mitigation measures and action plans. The purpose of the governance structure is to supervise the operation, compliance and effectiveness of the model, as well as to identify the units responsible and report regularly to BBVA's governing bodies on the results of the monitoring of the system, including any relevant incidents or non-compliance. This model undergoes periodic independent reviews and functions as a dynamic and constantly evolving process. The experience acquired in its application, the modifications in the Bank's activity and structure, the changes in its control model, as well as legal, economic, social and technological developments, are taken into account for its adaptation and continuous improvement. In this context, in 2022 BBVA renewed the AENOR (Spanish Association for Standardization and Certification) certificate, which remains valid for 3 years. This certificate, whose validity is reviewed annually through an external audit, certifies that its criminal compliance management system complies with Standard UNE 19601:2017. Defense of competition In the area of competition protection, the BBVA Competition Policy was approved in July 2019. This Policy, which applies across the Group, represented a step forward in the development of standards of conduct on matters relating to competition. The Policy expands upon principle 4.16 of the BBVA Code of Conduct on free competition and addresses the most sensitive risk areas identified by national and international bodies. These risks include agreements with competitors, agreements with non-competing companies, as well as a possible dominant position. This Policy has been communicated to BBVA employees and has been transposed in the main geographies in which the Group operates. In addition, in recent years, various training and awareness-raising actions have been carried out to help ensure that these standards are properly understood and observed. Conflicts of interest BBVA has a general policy applicable to the Group, designed to reinforce the principles and main measures that all members of BBVA must assume and follow to identify, prevent and manage conflicts of interest. This policy is framed within the fundamental principles that guide the activity of the BBVA Group, such as integrity, prudence in risk management, transparency, achieving a sustainable business in the long term and compliance with applicable legislation. The policy also addresses key aspects, such as specific measures to prevent the emergence of conflicts, general guidelines on how to act should a conflict materialize, and governance and supervision mechanisms at different levels of the organization. In 2024, the implementation of the new corporate tool for filing and managing conflicts of interest was completed in most of the geographic areas in which BBVA is present. Additionally, in 2024, various awareness-raising actions were carried out on conflicts of interest. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 182 4.2 Suppliers The following information complies with the requirements of Law 11/2018 related to the inclusion of social, gender equality and environmental issues in the procurement policy, consideration of social and environmental responsibility in relations with suppliers, and supervision and audit systems and their results, without having identified any material IROs related to suppliers within the framework of the BBVA Group's double materiality analysis (see Section "Double materiality analysis"). BBVA provides transparent information to its suppliers in the procurement processes, enduring compliance with the current legal framework in all areas, including: tax, labor and environmental matters, human rights, and stimulating the demand for socially responsible products and services. As a part of the procurement process, BBVA adequately manages the impacts generated from carrying out of its activity, both real and potential, through a series of mechanisms and rules: the General Procurement Principles, a supplier evaluation process and the Corporate Rules on the Acquisition of Goods and the Arranging of Services. These impacts may be environmental, caused by labor practices carried out in suppliers' companies; a result of the absence of freedom of association; or related to human rights. The General Procurement Principles and Code of Ethics for Suppliers of the BBVA Group establish the fundamental guidelines that must be followed by all suppliers with which any Group company or entity has dealings. – The General Procurement Principles establish, among other aspects, that it is necessary to ensure compliance with all applicable legal requirements throughout the provisioning process regarding human, labor, association and environmental rights by all parties involved in this process, as well becoming involved in the Group's efforts to prevent corruption. It also ensures that the selection of suppliers remains in compliance with existing internal regulations at all times and, in particular, with the values of the Group's Code of Conduct, based on respect for legality (among other matters, those related to anti- corruption), commitment to integrity, competition, objectivity, transparency, value creation, confidentiality, continuous improvement and segregation of duties. – By implementing the Code of Ethics for Suppliers of the BBVA Group at the purchasing units of all countries in which the Group is present, minimum standards of conduct in terms of ethical, social and environmental matters were established which suppliers are expected to follow when providing products and services. The clauses of the contracts include in general the supplier's obligation to comply with the provisions of the BBVA Group's Code of Conduct and Code of Ethics for Suppliers in force at any given time. BBVA understands the importance of integrating ethical, social and environmental factors into its supply chain. The Purchasing function is based on three cornerstones of the procurement model: – Service, maximizing the quality and experience of the internal customer, who is accompanied throughout the process. – Risk, limiting the Group's operational risk in supplier contracts, thus ensuring compliance with regulations and processes and making specific criteria part of the Group's procurement processes. – Efficiency, contributing to the Group's efficiency through active management of costs and suppliers. BBVA has technological platforms that support all phases of the Group's procurement process, from budgeting to recording and accounting for invoices. Moreover, BBVA has a supplier portal that helps to build the Group's online relationship with its suppliers. The BBVA Group's supplier evaluation process includes a review of various key aspects, including financial, legal, labor, reputational, anti-corruption and money laundering prevention measures, concentration and country risks, sustainability, data protection and customer protection. The analysis of these aspects is aimed at mitigating potential risks when contracting with third parties, as well as verifying that each supplier complies with its legal obligations, while promoting their civic responsibilities and validate that they share the same values as the Group in terms of social responsibility. The sustainability module covers a broad spectrum of evaluated aspects: (I) compliance with environmental and social regulations, (II) management and measurement of environmental impacts, (III) human rights, (IV) control structures, (V) sustainability reporting, and (VI) ESG assessment of its supply chain. Supplier evaluation is reviewed periodically and is subject to continuous monitoring. As of December 31, 2024, of a total of 4,616 suppliers evaluated during the year, 4,475 were considered suitable and 141 unsuitable, with whom, whenever possible, the working relationship is severed or, failing that, an exit plan is established. As of December 31, 2024, the percentage of contract awards made to evaluated suppliers reached 99%. As of December 31, 2024, 97.6% of BBVA's total number of third parties (representing 87.9% of total turnover) corresponded to local third parties, thus enabling the BBVA to contribute to the economic and social development of the countries in which the Bank is present. A local third party, in this context, is defined by the Group as one whose tax number matches the country of the company receiving the goods or services. Lastly, in 2024, the Internal Audit carried out risk-based assessments of the procurement process and relevant suppliers in different areas and geographies. The reviews were carried out following proper procedure and the weaknesses detected will be resolved in due course. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 183 4.3 Fiscal contribution and transparency In accordance with the Sustainability General Policy, BBVA operates in compliance with its tax obligations and avoids any practice which represents illicit avoidance of its obligations to pay tax or harm to the public treasury. To do so, BBVA has corporate principles in tax matters and a fiscal strategy. In order to comply with certain requirements of Law 11/2018, a description of these principles and strategy is included, as well as the processes that accompany their application and the tax contribution of the BBVA Group in the geographies where it operates. BBVA's guiding principles on fiscal matters The principles that guide BBVA's tax actions are not removed from its responsible and sustainable way of understanding finance and banking. In the tax area, in addition to providing legitimate added value to investors, BBVA's actions must also address other stakeholders and must align with the values and commitments that it has undertaken with society in order to bring the age of opportunities to everyone. As such, the principles that guide its actions are: – Integrity. in the tax sphere, integrity is defined as the observance of the letter and spirit of the law and the maintenance of a cooperative and good faith relationship with the various tax administrations. – Prudence. In the tax context, BBVA assesses the implications of its decisions beforehand, including, among other assessments, the impact that its activity may have in the geographical areas in which we operate. – Transparency. In the tax area, BBVA provides information on its activity and its approach to taxation to customers and other stakeholders in a clear and accurate manner. – Achievement of a profitable and sustainable business in the long term. The tax function will provide proactive support to the Group's business areas, taking into account the explicit commitment to the payment of taxes, respect for human rights, prudence in risk management, and a horizon of generating recurring and sustainable results over time. – Long-term value creation for its stakeholders. The tax function is aware of the impact of its decisions not only for the BBVA Group, but also for society as a whole, and will therefore take into consideration, from a tax perspective, the interests of its different stakeholders. – Compliance with applicable legislation at all times. BBVA's fiscal strategy The corporate principles described above are the basis on which the General Policy on BBVA's Tax Strategy is structured, the update of which was approved by the Board of Directors in November 2023, and made public on its website (www.bbva.com). In summary, BBVA's tax strategy includes: – The explicit commitment to paying taxes and complying with the tax obligations, taking into account the environmental, social and corporate governance impacts of tax decisions. – The non-use of artificial investment structures, which do not respond to organizational or business reasons, and/or which do not have an adequate economic substance for the activity. – Restrictions on possible participation in structures in non-cooperative jurisdictions as defined in the applicable regulations, which must respond to economic reasons other than tax ones; not to seek to obtain tax advantages, or to undermine BBVA's transparency. In any case, the tax code will be applied to them and they will be subject to special control. – The performance of reasonable interpretations of tax regulations and double taxation treaties, including in their analysis the previous criteria established by the administration. – The establishment of internal transfer pricing rules for all transactions between related parties related entities, governed by the principles of free competition, value creation and assumption of risk and benefits. This excludes any type of circumvention through transfer pricing. – Adaptation to the new tax environment and challenges posed by the digitalization of the economy. – The promotion of a reciprocal cooperative relationship with the various tax administrations, based on the principles of transparency, mutual trust, good faith and loyalty. In addition, we actively collaborate in clarifying regulations and reducing conflict. – The promotion of transparent, clear and responsible reporting of its main tax figures, informing stakeholders of the payment of taxes. – When preparing any financial product, it takes into account the tax implications for the customers and provides them with the relevant information required to meet their tax obligations. In the BBVA Group, the Board of Directors is responsible for approving its tax strategy. Although the strategy is intended to be permanent, it is reviewed annually and will be updated when necessary to better express the Group's tax orientation and commitments in tax matters or upon the occurrence of any event that requires its modification. The strategy is universal in scope and affects all business units and all BBVA employees, regardless of the geographic area in which they are located. It is developed through a set of internal tax rules that are reviewed annually to ensure that they reflect best market practices and are fully aligned with the Group's strategy. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 184 In addition, the Board establishes in this General Policy the guidelines for monitoring compliance . In compliance with United Kingdom regulations, BBVA makes its tax strategy public for its branch in that jurisdiction. This strategy reproduces the Group-wide strategy with the adaptations required by United Kingdom regulations, and is also subject to third party review and verification. In addition to the above, it should be noted that Section 4.6.1 of BBVA's Code of Conduct requires its members to carry out their professional activity in such a way that BBVA adequately complies with its tax obligations, avoids any practices that involve illicit tax evasion or harm to the public treasury. The application of the Code is monitored by the Group's Compliance area and has its own communication and whistle-blowing channel. Accordingly, disciplinary and sanctioning procedures are fully applicable in the event of non-compliance. BBVA communicates and trains all staff in this matter. BBVA is fully committed to transparency in tax matters and voluntarily publishes its overall tax contribution annually in the Tax Policy section of the shareholders and investors website. As a financial entity, BBVA also complies, through the corresponding areas, with reporting obligations to tax authorities arising from the Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), the United States Qualified Intermediary (QI), and the country-by- country report. Furthermore, BBVA Group has internal rules and processes in place to comply with the requirements established by Directive 2018/822, of 25 May, 2018, amending Directive 2011/16/EU, as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross- border arrangements (known as DAC6). The main characteristics of the Group's tax strategy are: – BEPS compliance. This is inspired by the results of the reports of the Base Erosion and Profit Shifting (BEPS) Project promoted by the G20 and the OECD, which aim to align value generation with appropriate taxation where this value is produced. They also reflect the commitment to comply with and respect the tax regulation in the jurisdictions in which the Group operates, in accordance with Chapter XI of the OECD Guidelines for Multinational Enterprises. – It is geared towards social development. Taxes constitute BBVA's main contribution to the support of public expenses, thus contributing to the development of the societies in which it operates. BBVA's vision shares the views of the European Economic and Social Committee's opinion ECO/494 of December 11, 2019, on taxation, private investment and the United Nations' Sustainable Development Goals. For BBVA, paying taxes is key to achieving these objectives; in particular, it is clearly associated with the first goal (no poverty); the eighth (decent work and economic growth); the tenth (reduced inequalities); and the seventeenth (partnerships for the goals). As such, for BBVA, it is not only a matter of contributing the necessary resources in accordance with current legislation so that the tax authorities can exercise their policies aimed at complying with the SDGs, but also of taking into consideration legitimate public interests in its decision-making process, which implies responsible, compliance-oriented taxation and a proactive attitude of cooperation with the tax authorities. – Committed to protecting human rights. BBVA is concerned with the promotion, protection and assurance of an effective exercise of human rights including in the area of taxation, and we have fully embraced the Guiding Principles on Business and Human Rights. Taxation is linked to human rights insofar as, through the redistributive action of States, it makes it possible to provide economically disadvantaged persons with the means to effectively exercise their rights. BBVA is committed to paying taxes and ensures that these taxes are paid in the jurisdictions in which they are collected, aligning its contribution with the effective performance of its economic activity. The Group also collaborates with the Tax Administrations of the jurisdictions in which it operates. The Group maintains transparent, clear and truthful communication on tax matters with various NGOs committed to human rights and, internally, participates in the due diligence actions for the implementation of the Guiding Principles developed by the Group's Sustainability area, monitoring the performance of the plans it has launched in this regard. Control and management of fiscal risk The BBVA Group has created a Tax Control Framework that is integrated with the rest of the BBVA Group's control model, and which complies with the requirements for the improvement of Corporate Governance that Law 31/2014 amending the Spanish Corporate Enterprises Act introduced in terms of control and management of tax risk for listed companies. The BBVA Group's Tax Control Framework is based on its tax strategy and is applicable to all the jurisdictions in which BBVA operates and to all the Group's various different areas and businesses. This allows the BBVA Group to carry out an integrated management of its tax positions and risks in a manner consistent and in conjunction with other risks. The BBVA Group's Tax Control Framework is configured around three fundamental lines of action. 1. Specific plans are carried out annually to identify, mitigate and control tax risk within BBVA Group. The tax function has developed BBVA's General Tax Strategy Policy through a set of internal rules and procedures, in which the tax control mechanisms are established. Periodically, the head of the Group's Tax Department informs the Audit Committee of the most relevant tax information, including, among other matters, the Group’s tax rate, the total tax risk, the tax situation in the capital, and the transparency report in which the main criteria used and the main tax decisions adopted with an impact on the Group's financial information are included. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 185 2. Controls for tax risk management are subject to the annual cycle of review of internal control areas in order to evaluate their suitability and effectiveness. 3. The Group's Internal Audit area conducts periodic tax compliance reviews. Additionally, a series of specific tax risk indicators have also been developed, which are integrated into the Group's general risk management and control framework, to help establish and manage the Group's risk profile in tax matters. BBVA's tax function carries out the process of evaluating and monitoring these indicators, which allows for: – Properly identifying tax risks. – Assessing the impact of the materialization of tax risks. – Developing redirection measures that allow dynamic tax risk management. – Reporting and generating relevant information on the evolution of tax risks for the Group's Governing Bodies. Likewise, both the Tax Control Framework and the development and implementation of the strategy and the compliance with tax regulations are grounded on technological tools that enable an adequate degree of automation, which allows mitigating operational risks and ensures connectivity with the Tax Administrations of the jurisdictions in which it operates. Finally, the BBVA Group's Control Framework and, in short, the entire tax risk management and control system in the Group, complies with the standards established by the UNE 19.602 standard, and is subject to annual review by AENOR. In this regard, and in accordance with the provisions of the General Policy on the Group's tax strategy approved by the Board, and in the sense established by the UNE19602 standard, the Group has a tax compliance body in charge of ensuring the correct operation and effectiveness of the tax risk management systems, without prejudice to the functions that by Law correspond to the corporate bodies. During fiscal year 2024, the tax compliance body has held 3 meetings in which it has been addressed various issues related to tax control and tax risk management in the BBVA Group, as well as the progress and status of the various initiatives and action plans carried out. Cooperation with Tax Administrations As established by the Group's tax strategy, BBVA maintains a cooperative relationship with the tax administrations of the countries in which it operates based on the principles of transparency, mutual trust, good faith and loyalty. In particular, and with regard to Spain, BBVA is subject to the Code of Best Tax Practices (Código de Buenas Prácticas Tributarias, CBPT) adopted by the Large Corporations Forum (of which it is an active member) on July 20, 2010. The Group has once again voluntarily submitted the Annual Tax Transparency Report for Companies Adhering to the Code of Best Tax Practices and its Corporate Income Tax declaration for the previous year, which included its performance and proposals to strengthen best practices on tax transparency, adopted in a plenary session of the Spanish Large Corporations Forum on December 20, 2016, or companies adhering to the Code. In the aforementioned Transparency Report, the most significant criteria used to prepare the Corporate Income Tax Declaration are voluntarily explained to the Central Delegation of Major Contributors, and meetings are subsequently held with the tax authorities in order to further elaborate on any details that may be required. All of the above is before corresponding inspectorate actions commence. In addition, during this fiscal year 2024 and within the framework of the cooperative relations that BBVA has with the Tax Authority, a Self-Assessment Report of the Data Reported in the Country-by-Country Statement corresponding to 2022 has been submitted to the Agency. In the process of analyzing these data, BBVA Group has evaluated risks of a fiscal nature on the basis of indicators and ratios of a financial character identified by the OECD in its document "OECD (2017), BEPS Action 13 - Country-by-Country Reports: Manual on the effective use for the assessment of tax risk". BBVA also adopted the Code of Practice on Taxation for Banks, a United Kingdom initiative that provides for the approach expected from financial institutions in terms of governance, tax planning and engagement with the British tax authorities, in order to promote the adoption of best practices in this area, which is published on the HM Revenue & Customs (HMRC) website. In addition, the Dutch entity of the “GarantiBank International, NV” Group has a cooperative compliance agreement in force with the tax authorities of that country under the regime known as “Horizontal Monitoring” and that it is based on the Tax Control Framework implemented by that entity. Furthermore, BBVA is a collaborating financial institution in the collection processes of the geographic areas that request it. BBVA collaborates in the tax compliance of its customers, provides them with the necessary information for tax compliance, requires them to provide the tax compliance tests required by the regulations, and complies with the reporting provisions set forth in the DAC6 regulations. Under no circumstances does it advise or facilitate tax avoidance structures to its customers. Finally, in order to obtain legal certainty and ensure that its understanding of tax code is in line with the spirit of the law, BBVA consults the tax authorities on any aspects that are controversial or raise doubts, when deemed necessary. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 186 Dialogue with other stakeholders in tax matters and participation in technical tax discussion forums BBVA is aware of how important taxes are for the progress and sustainability of the societies in which it operates, which is why it maintains mutually constructive dialog with various NGOs, universities, laboratories of ideas (think tanks) and other tax-related forums, in relation to the Group's tax contribution. As a result of this dialogue, BBVA has been incorporating new transparency standards made public in the Total Tax Contribution Report (TTC), and has promoted initiatives that allow its extension to other multinationals, such as the European Business Tax Forum. BBVA is currently recognized by the Haz Foundation (formerly the Commitment and Transparency Foundation) with the "t*" seal of tax transparency and responsibility, and its tax strategy has been recognized as best practice in the Best Practices for Good Tax Governance report issued in 2022 by the Tax Executive Council of the Conference Board, The B Team and the European Business Tax Forum itself. Likewise, this way of understanding and approaching taxation has enabled BBVA to position itself as a benchmark in the tax sphere according to the DJSI, which has awarded in 2023 the highest possible score in tax sustainability for the sixth year in a row. It has also reaffirmed its position, for the second consecutive year, as the leading bank in terms of tax transparency in Europe in the analysis conducted by the Dutch Association of Investors for Sustainable Development (VBDO), since the VBDO included the BBVA Group in its benchmark. Furthermore, BBVA participates, along with other organizations, in the Spanish Banking Association's Tax Committee, and collaborates with this association in the tax working groups of the European Banking Federation. BBVA also participates in the main tax committees of the banking and trade associations of the jurisdictions in which it operates. Total tax contribution BBVA is committed to transparency in the payment of taxes and that is the reason why, for yet another year, it voluntarily discloses the total tax contribution in those countries in which it has a significant presence. The TTC report includes own and third-party payments for corporate tax, VAT, local taxes and fees, income tax withholdings, Social Security payments, and payments made during the year due to tax litigation in relation to the aforementioned taxes. In other words, this includes both the taxes related to the BBVA Group companies (taxes that represent a cost to said companies and affect their results) and taxes collected on behalf of third parties. The TTC Report provides all stakeholders with the opportunity to understand BBVA's tax payment and represents a forward-looking approach, as well as a commitment to corporate social responsibility, by which it assumes a leading position in fiscal transparency. GLOBAL TAX CONTRIBUTION (BBVA GROUP. MILLIONS OF EUROS) 2024 2023 Own taxes 8,463 7,668 Third-party taxes 8,977 5,950 Total tax contribution 17,440 13,618 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 187 Tax information by country TAX INFORMATION BY COUNTRY (BBVA GROUP. MILLION EUROS) 2024 2023 CIT payments cash basis CIT expense consol Profit (loss) before CIT Gross margin CIT payments cash basis CIT expense consol Profit (loss) before CIT Gross margin Germany 8 11 40 75 21 4 25 54 Argentina 234 76 363 1,707 9 120 310 1,041 Belgium 2 1 5 9 1 1 5 8 Bolivia — — (1) 2 3 1 2 12 Brazil — — (8) 3 1 — 1 3 Chile 3 5 23 147 8 2 22 153 China (1) 5 4 26 80 16 5 31 70 Cyprus 7 11 48 49 3 4 18 19 Colombia 187 37 125 1,174 281 23 159 968 Curaçao — — 7 8 — — 7 8 Spain 1,261 1,207 3,968 9,156 825 867 1,978 7,346 United States 81 92 430 550 68 53 228 184 France 24 20 36 128 27 17 79 110 Italy 22 52 158 164 50 32 95 122 Japan — — (3) 2 — — (3) (1) Malta 4 2 28 31 5 7 91 95 Mexico 2,284 2,073 7,429 15,153 2,787 2,001 7,241 13,889 Netherlands 54 39 139 174 26 37 139 188 Peru 214 143 625 1,892 241 107 540 1,745 Portugal 15 22 74 161 9 3 72 153 United Kingdom 22 16 117 263 19 23 99 194 Romania 7 7 34 143 12 6 34 120 Singapore 4 6 45 50 2 4 26 30 Switzerland 3 2 10 60 7 2 9 49 Taiwan 9 1 5 8 — — 13 12 Turkey 758 955 1,493 3,811 732 649 1,046 2,559 Uruguay 30 17 94 268 38 19 89 257 Venezuela 10 31 95 213 5 16 63 154 Total 5,248 4,830 15,405 35,481 5,196 4,003 12,419 29,542 General note: the results of this breakdown of the branches are integrated in the Consolidated Financial Statements of the parent companies on which they depend. (1) Includes Hong Kong and Shanghai branches. The amounts of "Corporate income tax cash payments" are highly conditioned and derive fundamentally from the methodology for calculating the installment payments provided for in the regulations governing corporate income tax in the different geographical areas, producing differences between the installment payments made in the current year and the refund of installment payments from previous years that may result once the definitive tax returns have been filed. In this respect, it should also be noted that it is normal for there to be differences between the amounts of "Corporate income tax cash payments" and "Corporate income tax expense", since the tax paid in the year is not necessarily directly related to the pre-tax profit existing in a jurisdiction, but takes into account the tax payments (and refunds) in respect of the profits obtained in previous years, as well as the installment payments made in the current year and the withholding of input taxes. However, the "Corporate income tax expense" for the current year is more directly related to the pre-tax profit for a given year. In 2024, the BBVA Group has not received any significant public aid to the financial sector aimed at promoting the development of banking activity. This statement is made for the purposes of the provisions of Article 89 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June (on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms) and its transposition into Spanish law through Law 10/2014 on the Regulation, Supervision and Solvency of Credit Institutions of 26 June. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 188 Below is a breakdown of tax information for the main countries and geographic areas where the Group operates: TAX INFORMATION BY COUNTRIES AND GEOGRAPHICAL AREAS 2024 (MILLIONS OF EUROS, NUMBER OF EMPLOYEES) Gross margin Profit (loss) before CIT CIT payments cash basis CIT expense consol (2) Nº employees (1) Tangible assets other than cash Argentina 1,707 363 234 76 5,737 747 Colombia 1,174 125 187 37 6,524 148 Spain 9,156 3,968 1,261 1,207 27,786 5,681 Mexico 15,153 7,429 2,284 2,073 48,892 2,344 Peru 1,892 625 214 143 7,766 404 Turkey 3,811 1,493 758 955 21,126 2,213 Rest of Europe and Asia 1,397 762 186 194 2,708 128 Rest of America 1,191 640 124 145 3,730 221 Total 35,481 15,405 5,248 4,830 124,269 11,886 (1) Full time employees. The 49 employees of representative offices are not included in the total number. (2) Regarding the Group's total income corporate tax expense for the year 2024, €3,970m and €860m correspond to current tax expense and deferred tax expense, respectively. TAX INFORMATION BY COUNTRIES AND GEOGRAPHICAL AREAS 2023 (MILLIONS OF EUROS, NUMBER OF EMPLOYEES) Gross margin Profit (loss) before CIT CIT payments cash basis CIT expense consol Nº employees (1) Tangible assets other than cash Argentina 1,040 310 9 120 5,585 409 Colombia 958 159 281 23 6,762 133 Spain 7,202 1,978 825 867 26,360 4,954 Mexico 14,201 7,241 2,787 2,001 46,890 2,690 Peru 1,736 540 241 107 7,532 399 Turkey 2,576 1,046 732 649 20,452 1,566 Rest of Europe and Asia 1,201 733 198 145 2,613 139 Rest of America 1,065 412 123 91 3,701 162 Total 29,979 12,419 5,196 4,003 119,895 10,452 (1) Full time employees. The 20 employees of representative offices are not included in the total number. Banking activity in Spain is carried out fundamentally through BBVA, S.A., which has a double dimension; on the one hand, the head of the banking business in Spain; and on the other, that of the parent entity or Holding of the BBVA Group. The main activity segments developed in Spain include commercial banking, business and corporation banking; and the insurance and Corporate and Investment Banking activities. In general terms, Spanish companies are integrated into a tax group, constituting for these purposes a single taxpayer in Corporate Tax. The nominal tax rate in Spain is 30%; However, there are certain effects and singularities of a fiscal and accounting nature due to the double dimension mentioned above, which may cause your effective tax rate to be different. In this regard, in fiscal year 2024 its tax rate is slightly higher than 30% and is affected, among others, by the non-deductibility of the temporary tax on credit institutions, the effects derived from the limitation of the exemption of intragroup dividends, or the withholdings borne at source on the aforementioned intragroup dividends from abroad. In fiscal year 2024, it has been recorded in the accounting records the impact associated with the declaration of unconstitutionality of certain measures related to 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 which, precisely, are aimed at reinstating the measures declared unconstitutional. In Mexico, the BBVA Group's presence is developed through the BBVA Mexico Group, which is the country's leading financial institution and one of the driving forces of the BBVA Group. Its main activity segments include commercial banking and business banking, insurance activity and Corporate and Investment Banking. The nominal tax rate in Mexico is 30% and its effective tax rate is below it, since there are certain effects and singularities of a fiscal and accounting nature that can cause its effective tax rate to be different from 30%. The most relevant being in 2024, the fiscal adjustment for inflation that contributes to the reduction of said rate. In Argentina, the Group's presence is developed through BBVA Argentina Bank, one of the country's main financial institutions. Its main activity segments include Commercial Banking and Business Banking, insurance activity and Corporate and Investment Banking. The nominal tax rate in Argentina is 35%. The fact of being considered a hyperinflationary economy and the consequent restatement of its financial statements, together with the presence of the inflationary tax adjustment, may cause distortions in the country's fiscal pressure. In fiscal year 2024, mainly due to the weight of the inflationary tax adjustment, the country's fiscal pressure is below its nominal rate. In Colombia, the presence of the BBVA Group is developed through BBVA Colombia, one of the main financial institutions in the country. Its main activity segments include Commercial Banking and Business Banking, insurance activity and Corporate and Investment Banking. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 189 Following the tax reform that took place in December 2022, the nominal tax rate in Colombia is 40% (financial sector) for the years 2023 to 2027, both included, and 35% for subsequent years. The effective tax rate is lower given that, among other aspects, there are certain effects of a fiscal nature (such as tax-exempt income in the insurance sector) and accounting that cause the effective tax rate to be different. of the nominal, and it must be taken into account in this exercise that the earnings before taxes of the geographical area has been low and, therefore, the relative weight of certain tax and accounting effects increases. In Peru, the BBVA Group's operations are conducted through BBVA Peru, one of the country's leading financial institutions. Its main business segments comprise Commercial and SME Banking and Corporate and Investment Banking. The nominal tax rate in Peru is 29.5% and in the 2024 financial year its effective tax rate is lower, mainly due to the weight of certain exempt income (i.e. exemption of interest on deposits in the Central Reserve Bank and interest on Treasury bonds). In Turkey, the Group's activity is mainly conducted through Garanti BBVA Group, of which BBVA is the largest shareholder. Its main business segments comprise commercial and corporate banking, insurance, and corporate and investment banking. Commencing January 1, 2022, the Group agreed to apply IAS 29 ("Financial Reporting in Hyperinflationary Economies") to the Group's entities in Turkey. This accounting adjustment due to hyperinflation is not tax deductible. Despite Turkey's status as a hyperinflationary economy, the Turkish tax code does not provide for the application of any inflation adjustment for the 2024 financial year, which causes significant upward distortions in Turkey's tax burden. Therefore, although the nominal tax rate for the financial sector in Turkey is 30% since fiscal year 2023 onwards, in fiscal year 2024 the effective tax rate in the country has been significantly higher than the mentioned nominal rate of 30% mainly due to the upward distortion of the tax burden resulting from the restatement of the financial statements due to the application of hyperinflation accounting and the impossibility of applying the tax adjustment for inflation. Likewise, the Group is also present in the United States, Chile, Venezuela, Uruguay, Bolivia, Brazil and Curaçao, fundamentally carrying out retail and commercial banking activities, as in the rest of the jurisdictions. The relative weight of these countries in the Group's accounts is very limited; representing less than 4.5% of the Group's total consolidated earnings before taxes in 2024. The average applicable nominal rate has amounted in 2024 to 24.09% and the effective tax rate has been very aligned, being 22.66%. Additionally, in the rest of Europe and Asia, the banking and financial entities located in Switzerland, the Netherlands, and Romania stand out, and on the other hand, the branches located in Frankfurt, Brussels, Paris, Milan, London, Portugal, Taipei, Tokyo, Hong Kong, Singapore, Shanghai, Malta and Cyprus, whose main activity falls within the field of Corporate and Investment Banking. The joint relative weight of these countries in the Group's accounts is limited, representing less than 5% of the total consolidated earnings before taxes of the Group generated in 2024. The applicable average nominal rate amounted to 25.28%. In fiscal year 2024, the effective tax rate has risen to 25,46%, in line with the average nominal rate. The scope of the geographical areas described above can be consulted in Appendix I of the Consolidated Annual Accounts. Additionally, it can be consulted in 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 of the Consolidated Annual Accounts. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 190 Offshore financial centers The Group has an express policy on activities in permanent establishments domiciled in offshore financial centers. Securities issuers As of December 31, 2024, BBVA’s permanent establishments registered in offshore financial centers considered tax havens by both the OECD and Spanish regulations are securities companies: BBVA Global Finance, Ltd., Garanti Diversified Payment Rights Finance Company and RPV Company. BBVA Group has three issuers registered in Grand Cayman, two of which belong to the Garanti Group. OUTSTANDING ISSUES IN OFF-SHORE FINANCIAL CENTERS (BBVA GROUP. MILLIONS OF EUROS) 2024 2023 Subordinated debts (1) BBVA Global Finance LTD 193 182 Other debt securities Garanti Diversified Payment Rights Finance Company 167 281 RPV Company 1,487 1,395 Total 1,847 1,858 (1) Securities issued before the entry into force of Law 19/2003 dated July 4, 2003. Supervision and control of the permanent establishments of BBVA Group in offshore financial centers BBVA Group has established risk management policies and criteria for all its permanent establishments in offshore financial centers, as it has for the rest of the entities within the Group. BBVA's Internal Audit area conducts risk-based reviews of these BBVA Group establishments in offshore financial centers and carries out follow-ups on the action plans derived from such reviews. Similarly, under a risk-based approach, the Group's non-financial risk control model includes these establishments within its scope. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 191 5. Complementary information to the Consolidated Non-financial Information Statement 5.1 Transition plan equivalency table 5.2 ISSB equivalency table 5.3 Table of contents of the Principles for Responsible Banking UNEP-FI 5.1 Transition plan equivalency table BBVA has incorporated the elements of a Transition Plan following the guidelines and recommendations for financial institutions published by the Glasgow Financial Alliance for Net Zero (GFANZ) in November 2022. From 2024, the corresponding to TCFD will be incorporated into the international disclosure framework developed by the ISSB, which assumes responsibility for its monitoring. The ESRS also includes the necessary breakdowns to cover it. Below is a table of equivalences between these GFANZ recommendations and the breakdowns in this report prepared under the premises described in the section “General basis for the preparation of the Consolidated Non-Financial Information Statement”: TRANSITION PLAN EQUIVALENCE TABLE (BBVA GROUP. 2024) Transition plan Section/Chapter Management Report 2024 Fundamentals Objectives and priorities NFIS/General information/Sustainability strategy Implementation strategy Products and services NFIS/General information/Sustainability strategy/Evolution of sustainable business channeling Activities and decision making NFIS/General information/Sustainability governance model NFIS/General information/Sustainability strategy NFIS/Environmental information/Climate change Policies and conditions NFIS/General information/Sustainability governance model NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/Environmental information/Climate change Engagement Strategy Commitment to clients and portfolio companies NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/Environmental Information/Climate Change/Transition plan of BBVA Group NFIS/General information/Sustainability strategy/Evolution of sustainable business channeling Commitment to the industry NFIS/General information/Sustainability strategy/Strategy and objectives Commitment to government and the public sector NFIS/General information/Sustainability strategy/Strategy and objectives Metrics and objectives Metrics and objectives NFIS/General information/Sustainability strategy NFIS/Environmental Information/Climate Change/Transition plan of BBVA Group NFIS/Environmental information/Climate change/Management of risks associated with climate change NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group Government Duties, responsibilities and remuneration NFIS/General information/Sustainability governance model Skills and culture NFIS/Social information/Own workforce/Quality employment and competitive remuneration NFIS/Environmental information/Climate change/Management of risks associated with climate change 98 The requirements IFRS S2.14 a , b; IFRS S2.16 a; IFRS S2.17; IFRS S2.15 a , b; IFRS S2.16 a , b, d ; IFRS S2.29 f ; IFRS S2.31; IFRS S2.B65(e); IFRS S2.35 are not reported. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 192 5.2 ISSB equivalency table The International Sustainability Standards Board (ISSB) and the European Commission services, together with the European Financial Reporting Advisory Group (EFRAG), have worked together during the development of the European Sustainability Reporting Standards (ESRS) and the IFRS Sustainability Disclosure Standards (ISSB standards) to achieve a high degree of alignment of the respective standards, with a specific focus on climate-related disclosures. Despite certain specific differences, both bodies have fostered harmonization through interoperability guidance. In addition, since 2024, the ISSB has assumed responsibility for monitoring reports made by companies regarding compliance with the guidelines of the Task Force on Climate-related Financial Disclosures (TCFD). In 2024, BBVA signed a collaboration agreement with the ISSB to promote the adoption of its sustainability information disclosure standards among its customers. In this context, and as part of its objective of promoting transparency regarding the disclosure of sustainability information, BBVA has voluntarily carried out an equivalence exercise between the NEIS and the ISSB standards, without the latter being mandatory for the Group. The following table presents a comparison between both standards and how the Group is responding to their information requirements, including some exceptions 98: ESRS-ISSB EQUIVALENCE (BBVA GROUP. 2024) Specific category ESRS DR ISSB Section of the report 01 Governance Governance Disclosure Requirement GOV-1 – The role of administrative, management and supervisory bodies IFRS S1.21 b NFIS/NFIS/General information/Introduction NFIS/General information/Sustainability governance model/Sustainability governance IFRS S2.6 a , b Disclosure requirement GOV-2 - Information provided to the company's management, executive and supervisory bodies and sustainability issues addressed by them IFRS S2.6 a NFIS/General information/Double materiality analysis NFIS/General information/Sustainability governance model/Sustainability governance Disclosure requirement related to ESRS 2 GOV-3 Integrating sustainability-related performance into incentive schemes IFRS S1.21 b NFIS/General information/Sustainability strategy/Introduction and ESG objectives NFIS/General information/Sustainability governance model/Human Rights Due Diligence NFIS/General information/Double materiality analysis NFIS/General information/Sustainability governance model/Sustainability governance IFRS S2.6 a 02 Strategy This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 193 Climate-Related Risk and Opportunities Disclosure Requirement BP-2 – Disclosures Regarding Specific Circumstances IFRS S2.10 d NFIS/NFIS/General information/Introduction/ Information regarding specific circumstances Disclosure requirement related to ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model IFRS S2.10 d NFIS/General information/Sustainability strategy NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change/Managing risks associated with climate change NFIS/Environmental information/Climate change NFIS/Environmental information/Climate change/Strategy resilience to climate change risks NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct IFRS S2.10 b IFRS S2.10 a , c Disclosure requirement related to ESRS 2 IRO-1 Description of processes for identifying and assessing material climate-related impacts, risks and opportunities IFRS S2.10 d NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change NFIS/Environmental information/Natural Capital NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct Strategy and Decision Making Disclosure Requirement E1-1 – Climate Change Mitigation Transition Plan IFRS S2.14 a , c NFIS/Environmental information/Climate change/Transition plan of BBVA Group Disclosure Requirement E1-4 – Climate Change Mitigation and Adaptation Targets IFRS S2.14 a NFIS/Environmental information/Climate change/Transition plan of BBVA Group Disclosure Requirement SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business model IFRS S2.14 a NFIS/General information/Sustainability strategy NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change/Managing risks associated with climate change NFIS/Environmental information/Climate change NFIS/Environmental information/Climate change/Strategy resilience to climate change risks NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct Minimum Disclosure Requirement – MDR-A Shares – Shares and resources in relation to material sustainability issues IFRS S2.14 c NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 194 Business Model and Value Chain Disclosure Requirement SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business model IFRS S2.13 a , b NFIS/General information/Sustainability strategy NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change/Managing risks associated with climate change NFIS/Environmental information/Climate change NFIS/Environmental information/Climate change/Strategy resilience to climate change risks NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct Climate Resilience ESRS 2 IRO-1: Description of processes for determining and assessing material climate-related impacts, risks and opportunities. IFRS S1.23 NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change NFIS/Environmental information/Natural Capital IFRS S1.B42 c IFRS S2.22 a, b Disclosure requirement related to ESRS 2 SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model IFRS S2.22 a, b NFIS/General information/Sustainability strategy NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change/Managing risks associated with climate change NFIS/Environmental information/Climate change NFIS/Environmental information/Climate change/Strategy resilience to climate change risks NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct 03 Risk management This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 195 Risk Management Disclosure Requirement E1-2 – Policies related to climate change mitigation and adaptation IFRS S2.25 a , b NFIS/General information/Sustainability governance model/Sustainability governance NFIS/Environmental information/Climate change/Transition plan of BBVA Group NFIS/Environmental information/Climate change/Management of risks associated with climate change NFIS/Environmental information/Natural Capital/Identification and measurement of natural capital Disclosure Requirement E1-9: Anticipated financial effects of material physical and transition risks and potential climate-related opportunities IFRS S2.25 b * NFIS/Environmental information/Climate change/Management of risks associated with climate change Disclosure Requirement IRO-1: Description of the process for identifying and assessing material impacts, risks and opportunities IFRS S2.25 a, b, c NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change NFIS/Environmental information/Natural Capital NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct Disclosure requirement related to ESRS 2 IRO-1 Description of processes for identifying and assessing material climate-related impacts, risks and opportunities IFRS S2.25 a , b NFIS/General information/Double materiality analysis/Results and determination of materiality NFIS/General information/Double materiality analysis/Methodology NFIS/Environmental information/Climate change/Management of risks associated with climate change Disclosure requirement related to ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model IFRS S2.25 b * NFIS/General information/Sustainability strategy NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change/Managing risks associated with climate change NFIS/Environmental information/Climate change NFIS/Environmental information/Climate change/Strategy resilience to climate change risks NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct Minimum Disclosure Requirement – MDR-P Policies – Policies adopted to manage material sustainability issues IFRS S2.25 a NFIS/General information/Double materiality analysis NFIS/General information/Sustainability governance model/Sustainability governance NFIS/Environmental information/Climate change NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct 04 Metrics This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 196 Disclosure Requirement E1-1 – Climate Change Mitigation Transition Plan IFRS S2.29 e NFIS/Environmental information/Climate change/Transition plan of BBVA Group Disclosure Requirement E1-6: Gross Scope 1, 2, 3 and Total GHG Emissions IFRS S2.29 a NFIS/Environmental information/Climate change/Energy Consumer and carbon footprint IFRS S2.B19 IFRS S2.B30 IFRS S2.B31 IFRS S2.B32 IFRS S2.B34 IFRS S2.B38–B57 Disclosure Requirement E1-9: Anticipated financial effects of material physical and transition risks and potential climate-related opportunities IFRS S2.29 b, c, d NFIS/Environmental information/Climate change/Management of risks associated with climate change IFRS S1.21(b) Disclosure requirement related to ESRS 2 GOV-3 Integrating sustainability-related performance into incentive schemes IFRS S2.29 g NFIS/General information/Sustainability strategy/Introduction and ESG objectives NFIS/General information/Sustainability governance model/Human Rights Due Diligence NFIS/General information/Double materiality analysis NFIS/General information/Sustainability governance model/Sustainability governance Minimum Disclosure Requirement – MDR-M Metrics – Metrics relating to material sustainability issues IFRS S1.50 NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct IFRS S2.29 a Minimum disclosure requirement – MDR-T objectives – Monitoring the effectiveness of policies and actions through objectives IFRS S2.29 a NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct 05 Objectives Objectives Disclosure Requirement E1-4 – Climate Change Mitigation and Adaptation Targets IFRS S2.33 b, d, e, g NFIS/Environmental information/Climate change/Transition plan of BBVA Group IFRS S2.34 a IFRS S2.36 d Disclosure Requirement E1-7: GHG Removals and GHG Mitigation Projects Financed Using Carbon Credits IFRS S2.36 e NFIS/Environmental information/Climate change/Energy Consumer and carbon footprint Minimum disclosure requirement – MDR-T objectives – Monitoring the effectiveness of policies and actions through objectives IFRS S2.33 a, b, c, d, e, f, g, h NFIS/General information/Double materiality analysis NFIS/Environmental information/Climate change NFIS/Social information/Own personnel NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct IFRS S2.34 b, c, d IFRS S2.B67 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 197 5.3 Table of contents of the Principles for responsible banking UNEP-FI UNEP-FI PRINCIPLES FOR RESPONSIBLE BANKING REPORTING INDEX Reporting and Self-Assessment Requirements High-level summary of the Bank's response Reference(s)/Link(s) to full Bank's response/relevant information Principle 1: Alignment Align the business strategy so that it is coherent and contributes to the needs of people and the objectives of society, as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks. 1.1. BUSINESS MODEL Describe (in detail) your bank's business model, including the main customer segments served, the types of products and services provided, the main sectors and classes of activities in the main geographic markets in which your bank operates or provides products and services. Also quantify the information disclosed, e.g., the distribution of your bank's portfolio (%) in terms of geographic markets, segments (i.e., by balance and/or off-balance sheet) or by disclosing the number of clients served. BBVA is a global financial group with a customer-centric vision and characterized by its pioneering commitment to digitalization, innovation and sustainability. It currently has 77.2 million active customers and 125,916 employees. BBVA is present in more than 25 countries, has a leading position in the Spanish market, is the largest financial institution in Mexico and has leading franchises in South America and Turkey. In 2024, BBVA has more than 772 billion in assets and 5,749 branches. BBVA focuses its business mainly on retail banking, business banking and corporate and investment banking. See section: "BBVA in brief". "1. Who we are" 1.2. STRATEGY ALIGNMENT Does your corporate strategy identify and reflect sustainability as a strategic priority(s) for your bank? ☒ Yes Please describe how your bank has aligned and/or plans to align its strategy so that it is consistent with the Sustainable Development Goals (SDGs), the Paris Climate Agreement, and relevant national and regional frameworks. In 2019, BBVA incorporated sustainability as one of its 6 strategic priorities globally, positioning sustainability as a business strategy. The sustainability strategy focuses on: 1. Promoting new business through sustainability with a global and holistic approach in the field of global warming, natural capital and the social sphere: BBVA aims to reach 300 billion euros of channeled sustainable business (2018-2025) having reached the figure of 304 billion by December 31, 2024, around 99 billion in the year. 2. Achieving zero net emissions in 2050 (Net Zero) with sectoral decarbonization plans in those sectors most relevant in decarbonization: BBVA has intermediate decarbonization targets (year 2030) that include the Oil & Gas, Power generation, cars, Cement, Steel, Coal, Aviation, Shipping sectors and in 2024 has incorporated targets for the Aluminum and real estate sectors (both commercial and residential in Spain). See further details in the sections of this annual report. See sections: "BBVA in brief" "3. BBVA Group strategy" "1.3 Sustainability strategy" Does your bank also reference any of the following sustainability regulatory reporting requirements or frameworks in its strategic or policy priorities to implement them? ☒ United Nations Guiding Principles on Business and Human Rights ☒ Fundamental Conventions of the International Labor Organization ☒ United Nations Global Compact ☒ Any applicable regulatory reporting requirements on environmental risk assessments, e.g., on climate risk ☒ All applicable regulatory reporting requirements on social risk assessments, e.g., about modern slavery The General Sustainability Policy refers to the United Nations Guiding Principles on Business and Human Rights, the International Bill of Human Rights, the Guidelines of the Organization for Economic Co-operation and Development (OECD) for Multinational Business , or the fundamental conventions of the International Labour Organization, among others. In relation to regulatory requirements for information on environmental and social risk assessments, it is worth mentioning the following European frameworks (approved or in the process of transposition) that require reporting or disclosure of ESG aspects and which BBVA is monitoring: ▰ CSRD (Corporate Sustainability Reporting Directive) and the sustainability reporting standards of EFRAG (European Financial Reporting Advisory Group) and ISSB (International Sustainability Standards Board). ▰ EBA ITS (Implementing Technical Standards) on Pillar 3 disclosures on Environmental, Social and Governance (ESG) risks ▰ Taxonomy Regulation (art. 8 disclosures - GAR) ▰ SFDR (Sustainable Finance Disclosure Regulation) ▰ Law 7/2021 Climate Change Law in Spain From 2024, TCFD breakdowns will be incorporated into the international disclosure framework developed by the ISSB, which is responsible for monitoring them. See sections: "1.4.3 Human rights due diligence" See General Sustainability Policy, available on the BBVA shareholders and investors website. Principle 2: Impact and goal setting Continuously increase positive impacts while reducing negative impacts and manage risks to people and the environment resulting from activities, products and services. To this end, set and publish targets where you can have the most significant impacts. 2.1 IMPACT ANALYSIS Demonstrate that your bank has conducted an impact analysis of your portfolio(s) to identify your most significant areas of impact and determine priority areas for targeting. BBVA has carried out an analysis of the impact of its portfolio(s) to identify its most significant areas of impact and determine priority areas for establishing objectives. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 198 a) Scope: What is the scope of your bank's impact analysis? Describe which parts of the bank's main business areas, products/services in the main geographic markets in which the bank operates (as described in point 1.1) have been considered in the impact analysis. Please also describe which areas have not yet been included and why. 1. In 2024, BBVA has updated the impact analysis using version 3 of the UNEP FI Portfolio Impact Analysis Tool for Banks. The Consumer Banking (retail portfolio) and Institutional Banking (wholesale portfolio) business areas have been included. The Investment Banking business area has not been considered since it represents less than 1% of The BBVA Group's gross income . BBVA Group 's Institutional Banking and Consumer Banking activities have been updated with the values corresponding to 2024 in Spain, Mexico, Turkey, Peru, Colombia, Argentina, Portugal and Uruguay. Likewise, updates have been incorporated to the Consumer Banking business area in Chile, a country that does not have an Institutional Banking business area. 2. Furthermore, during 2024 BBVA has carried out an initial assessment of the impacts and dependencies in the portfolio in relation to natural capital using the ENCORE tool to detect risks and opportunities in key sectors. 3. Furthermore, in line with the United Nations Guiding Principles on Business and Human Rights, since 2018, BBVA has been carrying out due diligence processes on Human Rights in order to prevent, mitigate and remedy potential impacts on human rights. The results of these processes are published in the Human Rights Action Plan 2021-22&23. In 2024, the progress of the Human Rights Action Plan 2021-2023 continued to be monitored. See sections: "1.4.1 Sustainability governance" "1.4.3 Human rights due diligence" "2.2 Natural Capital . 2.2.1 Identification and measurement of risks and opportunities associated with natural capital" BBVA and Human Rights, available on the BBVA shareholders and investors website Human Rights Action Plan 2021-22 &2023, available on the BBVA shareholders and investors website Financial information in addition to the Impact Analysis Tool for Banks UNEP-FI. b) Portfolio composition: Has your bank considered the composition of your portfolio (in %) in the analysis? Please provide a proportionate composition of your portfolio globally and by geographic scope i) by sectors and industries for business, corporate and investment banking portfolios (i.e. sector exposure or breakdown by industry in %), and/or ii) by products and services and by types of customers for consumer and individual banking portfolios. If your bank has taken another approach to determining the scale of the bank's exposure, please provide further details, to show how you have considered where the bank's core or principal activities lie in terms of industries or sectors. Composition of the portfolio by geography by type of business, dividing it by type of product and type of customer (in the case of Consumer Banking) and by NACE of financed activity sectors (in the case of Institutional Banking). 1. Consumer Banking. Geographic distribution of the portfolio: 47.65% Spain, 24.56% Mexico, 15.27% Turkey, 4.80% Peru, 4.94% Colombia, 1.05% Argentina, 0.70% Chile, 0.66% Portugal and 0.36% Uruguay. The most relevant products for low-income customers continue to be: ▰ Home loans/mortgages and ▰ Consumer loans & overdraft. The type of client has also been taken into account (low-income clients vs. other clients). 2. Institutional Banking. Geographic distribution of the portfolio: 59.75% Spain, 20.52% Mexico, 9.30% Turkey, 4.44% Peru, 3.22% Colombia, 0.74% Argentina, 1.21% Portugal and 0.82% Uruguay. The most relevant sectors at the Exposure at Default level are: ▰ Public administration and defence; compulsory social security ▰ Power, gas, steam and air conditioning supply ▰ Wholesale trade, except of motor vehicles and motorcycles ▰ Real estate activities ▰ Telecommunications Impact Analysis Tool for Banks UNEP-FI. c) Context: What are the main challenges and priorities related to sustainable development in the main countries/regions in which your bank and/or your customers operate? Please describe how these have been considered, including which stakeholders have been involved to help inform this element of the impact analysis. This step aims to put the impacts of your bank's portfolio in the context of the needs of society. In 2024, BBVA has updated the impact analysis using version 3 of the UNEP FI Portfolio Impact Analysis Tool for Banks. The Consumer Banking (retail portfolio) and Institutional Banking (wholesale portfolio) business areas have been included. The Investment Banking business area has not been considered since it represents less than 1% of The BBVA Group's gross income . BBVA Group 's Institutional Banking and Consumer Banking activities have been updated with the values corresponding to 2024 in Spain, Mexico, Turkey, Peru, Colombia, Argentina, Portugal and Uruguay. Likewise, updates have been incorporated to the Consumer Banking business area in Chile, a country that does not have an Institutional Banking business area. Likewise, during 2024 BBVA has carried out an initial assessment of the impacts and dependencies in the portfolio in relation to natural capital using the ENCORE tool to detect risks and opportunities in key sectors. BBVA has defined sustainability as one of its six strategic priorities, covering the following three dimensions in the geographies where it operates: - Climate. Business opportunities related to global warming: electric transport, energy efficiency, renewable energy, etc. For more information, see the section “Evolution of the sustainable business channeling”. - Natural Capital . Business opportunities related to nature: water, land, biodiversity, and waste and pollution. For more information, see the section “Evolution of the sustainable business channeling” and the chapter “Natural Capital ”). - Inclusive growth. Business opportunities related to inclusive social and economic growth: inclusive infrastructure, financial inclusion, entrepreneurship, job creation, access to basic goods and services. For more information, see the section “Evolution of sustainable business channeling”. See sections: "1.3 Sustainability strategy" "2.2 Natural Capital . 2.2.1 Identification and measurement of risks and opportunities associated with natural capital" Impact Analysis Tool for Banks UNEP-FI. BBVA's global sustainability policy available on the BBVA shareholders and investors website This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 199 Based on these first three elements of an impact analysis, what areas of positive and negative impact has your bank identified? What areas of significant impact (at least two) did you prioritize to follow your target setting strategy (see 2.2). Disclose. After identifying the impacts using the UNEP-FI Portfolio Impact Analysis Tool for Banks "Identification Module", the conversion modules (UNEP FI-ESRS Conversion Tool) have been used to link the detected impacts with the "ESRS Themes". As a result of the analysis developed in the previous sections, negative impacts are identified in the areas of climate change, pollution, circular economy, biodiversity and ecosystems, and water and marine resources, as well as in the conditions of workers in the value chain. Additionally, positive impacts are identified mainly in the areas of climate change and workers in the value chain. The following two areas have been identified as priority for having a significant impact based on the activities developed by the Group : 1. Climate change mitigation 2. Adaptation to climate change In the framework of the double materiality analysis, inclusive growth has not been identified as material. However, it is a strategic action area and it is part of the sustainability objectives (e.g. as part of the sustainable business channeling). See sections: "1.2 Double materiality analysis” “2.1.2 Management of risks associated with climate change” d) Performance measurement: Has your bank identified which sectors and industries, as well as the types of clients it finances or invests in, are causing the strongest real positive or negative impacts? Describe how you evaluated their performance, using appropriate indicators related to significant impact areas that apply to your bank's context. When determining priority areas for target setting among your areas of greatest significant impact, you should consider the bank's current performance levels, i.e. qualitative and/or quantitative indicators and/or proxies of the resulting social, economic and environmental impacts of the bank's activities and the provision of products and services. If you have identified climate and/ or health and financial inclusion as your most significant impact areas, please also refer to the applicable indicators in the Annex. If your bank has taken another approach to assess the intensity of the impact resulting from the bank's activities and the provision of products and services, please describe it. The output of this step will also provide the baseline (including indicators) that you can use to set goals in two areas of greatest impact. BBVA has identified the sectors and types of clients or areas where the financing activity has a greater positive and negative impact, establishing objectives that it monitors on a recurring basis. When identifying these sectors and customers, the following has been taken into account. (i) The main business areas: retail banking, business banking and corporate and investment banking (Corporate & Investment Banking) (ii) The countries in which it operates. (iii) The composition of the portfolio by sectors and the most relevant challenges and priorities in the environment. (iv) The importance of the identified social, economic and environmental impacts resulting from the bank's activities in each country and impact area. Impact Analysis Tool for Banks UNEP-FI. SELF-ASSESSMENT SUMMARY Which of the following components of the impact analysis has your bank completed, in order to identify the areas where your bank has its most significant (potential) positive and negative impacts? Range: Yes Portfolio Composition: Yes Context: Yes Performance Measurement: Yes What most significant impact areas have you identified for your bank, as a result of the impact analysis? Climate Change and Inclusive Growth How recent is the data used and disclosed in the impact analysis? Up to 12 months before publication 2.2 ESTABLISHMENT OF OBJECTIVES Demonstrate that your bank has established and published a minimum of two targets that address at least two different areas of greatest impact that you identified in your impact analysis BBVA has established specific, measurable (quantitative), achievable, relevant and time-bound (SMART) objectives, in line with science and the most ambitious objectives of the Paris Agreement, in the areas of "Climate Change/ Mitigation " and also in "Inclusive Growth" in 2024. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 200 a) Alignment: What international, regional or national policy frameworks for aligning your bank's portfolio have you identified as relevant? Demonstrate that the selected indicators and targets are linked to and drive alignment and further contribution to the appropriate Sustainable Development Goals, Paris Agreement targets and other relevant international, national or regional frameworks. Target 1. Climate Change (decarbonization) BBVA takes as a reference the Net Zero scenario of the International Energy Agency (IEA_NZE) and the Institute for Sustainable Futures Sectoral Pathways to Net Zero Emissions (ISF NZ) and the IMO (International Maritime Organization) Strategy on reducing emissions for Shipping. BBVA will measure performance through the following units of measurement: 1. Emissions intensity per unit of production for 6 sectors (Power generation, Autos, Steel, Cement, Aviation and real estate). These intensity metrics follow the SDA (Sectoral Decarbonization Approach) methodology and are aligned with PACTA (Paris Agreement Capital Transition Assessment). 2. Absolute CO2 emissions (measured in tonnes of CO2 equivalent) for the Oil & Gas portfolio. They are calculated using the PCAF methodology for calculating the attribution factor. The primary source of emissions data has been the database provided by an independent third party. 3. Total commitment measured in millions of euros for the Coal sector. 4. Alignment delta measured as a percentage for the Shipping and Aluminum sector. In 2024, BBVA has published the progress made in the decarbonization of its customers, as an example of the progress made in its own Transition Plan. In addition, in 2024, BBVA has published its decarbonization targets for the Aluminum and commercial and residential real estate sectors. For the Aluminum sector, the Net Zero scenario of the International Aluminum Institute (IAI) and the Mission Possible Partnership 1.5 °C Roadmaps (MPP) have been used as a reference, which are science-based benchmarks recognized by the sector. In the case of the real estate sector, the scope of the target is limited to Spain and the National Integrated Energy and Climate Plan (hereinafter, PNIEC) has been used as a reference as a roadmap that defines the national objectives for emissions reduction, penetration of renewable energies and energy efficiency. Target 2: Inclusive Growth: Inclusion and Financial Health Regarding the goal of supporting 4.5 million unbanked or underbanked entrepreneurs between 2018 and 2025 to improve their financial resilience by providing them with effective access to financial services , 4.2 million entrepreneurs have been supported between 2018 and 2024. This goal reflects the alignment of BBVA's business with the SDGs, specifically with: SDG 1 (End of poverty), SDG 5 (Gender equality), SDG 8 (Decent work and economic growth), SDG 9 (Industry, innovation and infrastructure), SDG 10 (Reduced inequalities) and SDG 17 (Partnerships for the goals). See sections: "BBVA in summary: 3. BBVA Group Strategy" "1.3 Sustainability Strategy" “1.3.2 Evolution of sustainable business channeling” "2.1.1 Transition plan of BBVA Group" "2.1.2 Management of risks associated with climate change" b) Baseline: Have you determined a baseline for the selected indicators and assessed the current level of alignment? Indicate the indicators used, as well as the year of the baseline. Target 1. Climate Change (decarbonization): In relation to its Climate Change objective, BBVA has established 2020 as the base year for calculating the decarbonization target for the Power generation, Automotive, Cement and Steel sectors; 2021 for Oil & Gas; 2022 for Aviation; and 2023 as the base year for real estate (commercial and residential). In 2024, BBVA has published its decarbonization targets for the Aluminum and commercial and residential real estate sectors. Target 2. Inclusive growth: Inclusion and Financial Health Base year 2021 to 2025 See sections: "2.1.1 Transition plan of BBVA Group" "2.1.2 Management of risks associated with climate change" "3. Social information" c) SMART Objectives (including Key Performance Indicators (KPIs)): Disclose the objectives for your first and second areas of greatest impact, if they already exist (as well as other areas of impact, if any). What KPI are you using to monitor progress toward achieving the goal? Disclose it. Target 1. Climate Change (decarbonization). Intermediate decarbonization targets by 2030 for the following sectors: Oil & Gas, Power generation, cars, Steel, Cement, Coal, Aviation, Shipping, Aluminum and real estate (commercial and residential) Target 2. Inclusive Growth: Inclusion and Financial Health Monitoring indicators: - Number of unbanked or underbanked entrepreneurs served in this period See sections: "2.1.2. Management of risks associated with climate change" "2.1.1 Transition plan of BBVA Group" "3. Social information" This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 201 d) Action plan: What actions that include milestones have you defined to meet the established objectives? Describe them. Also demonstrate that your bank has analyzed and recognized significant (potential) indirect impacts of the objectives set within the impact area or other impact areas and has established relevant actions to avoid, mitigate or offset possible negative impacts. Target 1. Climate Change (decarbonization). Milestones and action plan. In order to monitor decarbonization objectives and supervise their compliance, the Bank has approved an integrated governance framework, among others, made up of the heads of the Business, Risk, Sustainability and Strategy areas that report directly to senior management and the corporate bodies: the Sustainability Alignment Steering Group (SASG). In addition, BBVA has developed a series of internal tools that allow it to integrate the management of these objectives into the day-to-day risk and business processes: Transition Risk Indicator, Sustainability Client Toolkit, Alignment Management Dashboard and "What if" Simulator. Sector plans have also been developed in the Oil & Gas, Power generation, Autos, Steel, Cement, Coal, Aviation, Shipping, Aluminum and real estate (commercial and residential) sectors, which has made it possible to define strategies and business plans aimed at meeting decarbonization objectives. This work is an input for defining the risk appetite of the Sector Frameworks. The negative impact is mitigated and reduced through processes detailed in sections "1.4.2 ESG assessment and monitoring of customers" and "1.4.3 Human rights due diligence" Target 2. Inclusive growth: Inclusion and Financial Health milestones and action plan. Among the action plans, the development of technological solutions to bring financial services and training to small entrepreneurs stands out. In 2024, BBVA is exploring the feasibility of creating local financial inclusion plans in the Group's different geographies. See sections: "1.4.2 ESG assessment and monitoring of customers" "1.4.3 Human rights due diligence" "2.1.1 Transition plan of BBVA Group" "3. Social information" SELF-ASSESSMENT SUMMARY Which of the following target setting components in line with PRB requirements has your bank completed or is currently in an assessment process for your first and second areas of greatest impact? First area of greatest impact: Target 1. Climate Change (decarbonization) BBVA has set targets in this area of impact Alignment: Yes Base Year: Yes SMART goals: Yes Action plan: Yes Second area of greatest impact: Target 2. Inclusive Growth BBVA has set targets in this area of impact in 2023. Alignment: Yes Base Year: Yes SMART goals: Yes Action plan: Yes 2.3 IMPLEMENTATION AND MONITORING OF OBJECTIVES Demonstrate that your bank has implemented the actions that you had previously defined to meet the established objective BBVA is implementing the necessary actions to meet the objectives of "Climate Change" and "Inclusive Growth". For each goal separately: Demonstrate that your bank has implemented the actions that you had previously defined to meet the established objective. Report on your bank's progress since the last report towards the achievement of each of the stated objectives and the impact of its progress, using the indicators and KPIs to monitor progress that you have defined in 2.2. Or in case of changes in the implementation plans (relevant only for the 2nd and subsequent reports): Describe the potential changes (changes in priority impact areas, changes in indicators, acceleration/ revision of objectives, introduction of new ones). milestones or revisions to action plans) and explain why those changes have become necessary. Target 1. Climate Change (decarbonization) This Annual Report includes, for the 10 sectors for which decarbonization objectives have been defined, the chosen metrics, the emissions scope considered, the data for the base year, the data as of 31-12-2024 (annual degree of progress), the methodology used and the decarbonization objective for 2030 measured as a percentage of reduction compared to the base year. Target 2. Inclusive growth: Financial inclusion and financial health. Monitoring indicators: ▰ Number of unbanked or underbanked entrepreneurs served in this period BBVA has also published other ESG objectives related to these two areas: ▰ Climate Change and Inclusive Growth: BBVA monitors the 2025 Sustainable Business channeling target (target: €300 billion between 2021 and 2025) on a monthly basis. Between 2018 and 2024, BBVA has channeled €304 billion into sustainable business. In addition, between 2018 and 2024, BBVA has supported 4.2 million entrepreneurs. ▰ Contribution to the Community 2025 (target: €550 million and 100 million beneficiaries between 2021 and 2025). The objectives of this plan have been met, in advance, on December 31, 2024. Thus, between 2021 and 2024, BBVA has allocated €594 million to social programs that have reached almost 106 million people. See sections: "2.1.2 Management of risks associated with climate change" "2.1.1 Transition plan of BBVA Group" "2.2.2 Management of other direct environmental impacts" "3.3.1 Contribution to the community" Please provide your bank's conclusion/statement if you have met the requirements regarding Plans for Target Implementation and Monitoring BBVA has carried out an analysis of the impact of its portfolio(s) to identify its most significant areas of impact and determine priority areas for establishing objectives. BBVA has established and published objectives that address 2 areas of greatest impact identified in its impact analysis, such as "Climate Change" and "Inclusive Growth". BBVA is implementing actions to meet both objectives. Principle 3: CLIENTS Working responsibly with customers to encourage sustainable practices and enable economic activities that create shared prosperity for current and future generations. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 202 3.1 INVOLVEMENT WITH CLIENTS Does your bank have a customer engagement policy or process to encourage sustainable practices? Yes Does your bank have a policy for the sectors in which you have identified the greatest (potential) negative impacts? Yes Please describe how your bank has worked and/or plans to work with its clients to promote sustainable practices and enable sustainable economic activities. It should include information on relevant policies, actions planned/implemented to support client transition, selected indicators of client engagement and, where possible, impacts achieved. This should be based on and in line with impact analysis, goal setting and action plans established by the bank. This Annual Report details how ESG aspects are integrated into the relationship and involvement with clients, whether in ESG support and involvement with wholesale customers (corporate and institutional) and companies, or in ESG support and involvement with retail customers. In 2024, BBVA formalized a procedure for the development and monitoring of sector alignment plans, which covers wholesale and corporate clients. Thus, clients included in the scope of the Environmental and Social Framework and the Sector Alignment Plans are assessed based on their ESG profile and addressed, where appropriate, through support plans. Wholesale clients: to promote and identify new opportunities, BBVA maintains a dialogue with clients based on: Sector knowledge of the implementation and execution of sustainability strategies, specialization in sectors that face greater challenges in the transition to a low-carbon economy, support in the analysis of the sustainability of the entire value chain of clients, offering sustainable products or those that promote sustainability... Enterprise clients: In order to capture new opportunities, progress has been made in creating teams of product specialists and managers in all geographies. During 2024, these teams have been extended to the countries of South America and Turkey, while in Spain and Mexico the existing ones have been strengthened since 2023. Retail customers: Digital solutions support customers throughout the entire process, from decision-making to contracting, through strategic alliances with third parties. See sections: "1.3.1 Strategy and objectives" "1.3.2 Evolution of sustainable business channeling" "2.1.1 Transition plan of BBVA Group" 3.2 BUSINESS OPPORTUNITIES Please describe what strategic business opportunities in relation to increasing positive impacts and reducing negative impacts your bank has identified and/or how it has addressed these in the reporting period. Please provide information on existing products and services, information on sustainable products developed in terms of value (in USD or local currency) and/or as a % of your portfolio, and on which SDGs or impact areas you strive to have a positive impact (e.g., green mortgages — climate, social bonds—financial inclusion, etc.). Sustainability is a driver of growth for BBVA and has a holistic approach, with a focus on climate action and inclusive growth, and covers all segments. To capture this opportunity, work is being done on five lines of growth as detailed in the sections indicated in this annual report and in the column on the right. Between 2018 and 2024, BBVA has channeled a total of €304.361 billion in sustainable business. During 2024, BBVA has developed solutions and specific product offerings to promote financial inclusion and increase individual banking penetration in the geographies where the Group operates, thereby managing to channel around €99 billion this year. See sections: "1.3.2 Evolution of sustainable business channeling" "2.2.1 Identification and measurement of risks and opportunities associated with natural capital" Please provide your bank's conclusion/statement if you have met the requirements regarding Principle 3 Clients BBVA works responsibly with its clients to promote sustainable practices and enable economic activities that generate shared prosperity for current and future generations. Principle 4: Interested parties Proactively and responsibly consult, engage, and partner with relevant stakeholders to achieve societal objectives. 4.1 IDENTIFICATION AND CONSULTATION OF INTERESTED PARTIES Does your bank have a process for regularly identifying and consulting, engaging, collaborating and partnering with stakeholders (or stakeholder groups) that you have identified as relevant in relation to the impact analysis and target setting process? Yes Please describe which stakeholders (or stakeholder groups/types) you have identified, consulted or involved or with which stakeholders you have collaborated or partnered in order to implement the Principles and enhance the impacts of your bank. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed or what results were achieved, and how they contributed to the action planning process. In accordance with the General Sustainability Policy, BBVA integrates into its small businesses and activities the concerns of its stakeholders (customers, employees, shareholders and investors, suppliers, regulators and supervisors and society in general) on social, environmental, diversity, fiscal responsibility, respect for human rights and prevention of corruption and other illegal conduct. Throughout this Annual Report, progress and results relating to each of the aforementioned interest groups are mentioned, as well as specific consultation actions carried out (through recurring surveys of clients, non-customers, employees, suppliers, surveys and questions received from analysts and investors, civil society, etc.; human rights due diligence process, etc.) For more than 20 years, BBVA has been actively participating in various supranational initiatives, always in close collaboration with all stakeholders, which revolve around various priority areas such as universal reference frameworks, market standards, transparency and financial regulation. See sections: "1.2 Double materiality analysis" "1.3 Sustainability strategy. Engagement with the industry and the public sector" "1.4.3 Due Diligence and Human Rights" within "1.4 Sustainability governance model" "2.1.2 Management of risks associated with climate change" Please provide your bank's conclusion/statement if you have met the requirements regarding Principle 4. Interested Parties BBVA consults, participates and maintains a proactive and responsible dialogue with relevant stakeholders to achieve established objectives. Principle 5: Government and culture Implement commitment to these Principles through effective governance and a responsible banking culture This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 203 5.1. GOVERNANCE STRUCTURE FOR THE IMPLEMENTATION OF THE PRINCIPLES Does your bank have a governance system that incorporates PRB? Yes Please describe the relevant governance structures, policies and procedures that your bank has put in place/ plans to put in place to manage significant (potential) positive and negative impacts and support the effective implementation of the Principles. This includes information about which committee has responsibility for the sustainability strategy, as well as the approval and monitoring of the targets (including information about the highest level of governance to which the PRBs are subject), details about the chair of the committee and the process and frequency for the board to monitor the implementation of the PRB (including corrective actions in the event that objectives or milestones are not met or unexpected negative impacts are detected), as well as remuneration practices linked to sustainability objectives. The Global Sustainability Area is supervisor for the implementation of the sustainability strategy and has the support of the corporate bodies. It reports directly to the President (in areas related to strategy and transformation) and to the CEO (in business matters). The BBVA Board of Directors receives information on the degree of compliance according to the governance model established through the Global Sustainability Area. In 2024, the Corporate Bodies have periodically received specific reports from the Global Sustainability Area, through which they have been able to monitor the different aspects of the strategy related to Sustainability and the objectives established in this area, as well as the main projects and lines of work of the Group in this area. In 2024, the BBVA Directors' Remuneration Policy and The BBVA Group's General Remuneration Policy continue to include (as part of the Annual Variable Remuneration of the members of the Identified Staff, including executive directors and members of BBVA's Senior management ) a long-term incentive linked, among others, to the degree of compliance with the decarbonization objectives of a series of sectors for which the Bank publishes specific objectives. See sections: "1.4 Sustainability Governance Model" “Competitive remuneration” within the chapter “3.1.2 Quality employment and competitive remuneration ” 5.2 PROMOTE A RESPONSIBLE BANKING CULTURE Please describe your bank's initiatives and measures to foster a culture of responsible banking among its employees (e.g., skills development, e-learning, sustainability training for customer-facing roles, inclusion in compensation structures and performance management and leadership communication, among others). In 2024, the Group has promoted sustainability training through programs for specialists such as “Bootcamp Master” (it has four lines of training, one transversal and three highly specialized in risks, standards and corporate banking, in which BBVA has report with leading external companies specialized in sustainability and in which more than 340 employees have participated). To promote the achievement of the objectives, these are included in BBVA's variable remuneration system: ▰ Promote new business through sustainability: • Annual Variable remuneration linked to the promotion of sustainable business for all employees, including executive directors and senior management of BBVA. • Incentives linked to sustainable business specific to the commercial network. ▰ Achieving net zero emissions: from 2023, long-term variable remuneration is associated with certain decarbonization objectives (for more information, see the section “Transition Plan of BBVA Group”) for members of the identified group, including executive directors and senior management of BBVA. See section: "3.1.2 Quality employment and competitive remuneration" 5.3 DUE DILIGENCE POLICIES AND PROCESSES Does your bank have policies that address environmental and social risks within its portfolio? Describe them. Please describe what due diligence processes your bank has in place to identify and manage environmental and social risks associated with your portfolio. This may include aspects such as the identification of significant/ outstanding risks, the mitigation of environmental and social risks and the definition of action plans, the monitoring and reporting of risks and any existing grievance mechanisms, as well as the structures of governance that it has established to supervise these risks. To address environmental and social risks, BBVA has the following frameworks for action: ▰ Environmental and Social Framework, which identifies sectors with a potential environmental and social impact (mining, agribusiness, energy, infrastructure and defence) and the restrictions on their financing. ▰ Human Rights due diligence process for all BBVA areas. ▰ Identification and assessment of sectors sensitive to transition risk, quantification of exposure to carbon-sensitive sectors and setting of portfolio decarbonization targets in 10 CO2-intensive sectors. During 2024, BBVA has developed an internal taxonomy of natural capital risks based on the heat map of impacts and dependencies it carried out during 2023. To carry out this exercise of identifying impacts and dependencies, the methodology of the ENCORE tool (Exploring Natural Capital Opportunities, Risks and Exposure) developed by the Natural Capital Finance Alliance was predominantly used, which is also consistent with aspects contained in other reference tools such as the SBTN Materiality Screening Tool, developed by the Science Based Target Network (SBTN). The ENCORE tool provides a comprehensive assessment of the 21 ecosystem services on which each of the 167 economic activities depend for their production processes and an assessment of the 7 impact drivers, assigning a level of dependency and impact (Very High, High, Medium, Low) for each of them. This analysis includes aspects related to the availability and quality of water, biodiversity and land use, as well as the contamination of ecosystems and the generation of waste. As a result, by combining the impact and dependency levels, each sector is assigned a level of exposure (Very High, High, Medium, Low) to natural capital risk. The activities considered sensitive to natural capital risk total an EAD of €71,786 million, which represents a weight of 34% of the wholesale portfolio. The details of the activities considered are included in the table “Risk level of economic activities” in the section “Management of risks associated with climate change”. See sections: "2.2.1 Identification and measurement of risks and opportunities associated with natural capital" "1.4.2 ESG assessment and monitoring of customers" "1.4.3 Human rights due diligence" SELF-ASSESSMENT SUMMARY Does the CEO or other senior executives have regular oversight over the implementation of the Principles through the bank's governance system? Yes Does the governance system include structures to oversee the implementation of the PRB (e.g., including impact analysis and target setting, actions to achieve these targets, and corrective action processes in case targets are not met?) /milestones or unexpected negative impacts are detected)? Yes Does your bank have measures to promote a culture of sustainability among employees (as described in 5.2)? Yes Please provide your bank's conclusion/statement if you have met the requirements regarding the Governance Structure for the implementation of the Principles: The Board of Directors defines, promotes and monitors the sustainability and climate change strategy. With the creation of the new Global Sustainability Area reporting to the CEO and also reporting to the President, BBVA has reinforced its governance structure in order to ensure full compliance with these Responsible Banking Principles. A specific model has been created that monitors the degree of compliance with the Climate Change objective linked to decarbonization. Likewise, BBVA has measures to promote a culture of sustainability among employees and directors. Principle 6: Transparency and responsibility Periodically review our individual and collective implementation of these Principles and be transparent and accountable for the positive and negative impacts and contribution to the objectives of society. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 204 6.1. CHECK Has this publicly disclosed information about your PRB commitments been guaranteed by an independent insurer? Yes. If applicable, include the link or description of the assurance statement The information disclosed in sections Impact Analysis (2.1), Establishment of objectives (2.2), Implementation and monitoring of objectives (2.3) and Governance structure for the implementation of the Principles (5.1) has been verified by Ernst & Young Auditors, S. L., in its capacity as independent provider of verification services, with the scope indicated in its verification report. See section: Independent Assurance Report 6.2 REPORTING WITHIN OTHER FRAMEWORKS Does your bank disclose sustainability information in any of the standards and frameworks listed below? ☒ CDP ☒ TCFD ☒ Others BBVA publishes non-financial information for the 2024 financial year considering the regulatory framework in force in Spain as of December 31, 2024, for which it takes as a reference the new regulatory framework of the ESRS. BBVA has voluntarily carried out an equivalence exercise in 2024 between the information considering the ESRS and the equivalent ISSB standards, without the latter being mandatory for the Group. From 2024, the TCFD breakdowns will be incorporated into the international disclosure framework developed by the ISSB, which assumes responsibility for its monitoring. See section: "1.1.1 General basis for the preparation of the Consolidated Non-Financial Information Statement” "1.2 Double materiality analysis" "5.2 ISSB equivalency table" 6.3 PERSPECTIVE What are the next steps your bank will take in the next 12- month reporting period (particularly with regard to impact analysis, target setting, and governance structure for PRB implementation)? Over the next 12 months, BBVA plans to: ▰ Continue to measure annual progress in the degree of advanCement of decarbonization metrics. ▰ Update existing loan portfolio alignment plans, considering the impact and dependencies arising from natural capital. ▰ Continue to work on evaluating new sector plans and expanding the scope of existing alignment plans as the industry progresses in defining methodologies and data availability ▰ Continue measuring the financed emissions from other portfolios and other geographical areas in addition to Spain. ▰ Disclose in a consistent, reliable and standardized manner the essential environmental, social and governance aspects related to your business. ▰ Deepen understanding of the risks and opportunities arising from natural capital. BBVA's progress in implementing these principles is published annually in the BBVA Group Annual Report . Additionally, the subsidiaries, BBVA Garanti (Turkey) and BBVA Mexico, as signatories of the Principles of Responsible Banking at the local level, also publish their annual progress reports. CHALLENGES This is a short section to learn about the challenges your bank may face in implementing the Principles for Responsible Banking. Your feedback will be helpful in contextualizing the collective progress of the PRB signatory banks. What challenges have you prioritized to address when implementing the Principles for Responsible Banking? Choose what you consider to be the top three challenges your bank has prioritized addressing in the last 12 months (optional question). If you wish, you can explain the challenges and how you are addressing them: ☐ Mainstreaming PRB oversight into government ☐ Build momentum or keep it in the bank ☐ Getting started: where to start and what to focus on at first ☐ Carrying out an impact analysis ☐ Assessment of negative environmental and social impacts ☐ Choose the appropriate performance measurement methodology (ies) ☒ Goal setting ☐ Other ... ☒ Involvement with customers ☐ Involvement of interested parties ☒ Data availability ☐ Data quality ☐ Access to resources ☐ Reporting ☐ Assurance ☐ Prioritize actions internally Please provide your bank's conclusion/statement if you have met the requirements regarding progress in implementing the principles for responsible banking: BBVA periodically reviews the implementation of these Principles and has published the positive and negative impacts. BBVA publishes the non-financial information for the 2024 financial year taking as a reference the new European regulatory framework of the NEIS. From 2024 onwards, the disclosures corresponding to TCFD are incorporated into the international disclosure framework developed by the ISSB, which assumes responsibility for monitoring them. Between 2018 and 2024 BBVA has channeled a total of €304 billion in sustainable business, thus achieving, one year ahead of schedule, the target of €300 billion. In addition, in 2024 it has incorporated decarbonization targets for the aluminium and real estate sectors (both commercial and residential in Spain). BBVA has met its Community Investment target in advance, whereby it would allocate 550 million euros between 2021 and 2025, allocating 594 million euros to social programs. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 205 6. Appendices to the Consolidated Non- financial Information Statement 6.1 Table of contents of Law 11/2018 6.2 Table of contents of Law 7/2021 6.3 Tables of contents of the ESRS 6.4 Tables relating to Article 8 of the European Taxonomy 99 Law 5/2021 once again modifies article 49 of the Commercial Code on social and personnel issues. These modifications are included in this table of contents. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 206 6.1 Table of contents of Law 11/2018 99 Contents index of the Law 11/2018 Section/Chapter BBVA's Management Report 2024 ESRS Disclosure Requirement Page(s) General information Business model Brief description of the group’s business model BBVA in brief/Who we are NFIS/General information/Sustainability strategy/Strategy and objectives ESRS 2-SBM-1 ESRS 2-SBM-2 2-3 31-35 Geographical presence and Organization and Structure BBVA in brief/Who we are NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/General information/Sustainability governance model/Sustainability governance ESRS 2-SBM-1 ESRS 2-GOV-1 2- 3 31-35 44-54 Objectives and strategies of the organization BBVA in brief/ BBVA Group Strategy NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/General information/Sustainability strategy/Evolution of sustainable business channeling ESRS 2-SBM-1 ESRS 2-MDR-T 7-17 31-35 35-43 Main factors and trends that may affect your future evolution BBVA in brief/ BBVA Group Strategy NFIS/General information/Sustainability strategy/Strategy and objectives Financial information/BBVA Group/Macroeconomic and regulatory environment ESRS 2-SBM-1 7-17 31-35 360-365 General Reporting framework NFIS/General information/Introduction/General basis for the preparation of the Non-Financial Information Statement NFIS/General information/Introduction/Information regarding specific circumstances ESRS 2-BP-1 ESRS 2 BP-2 20-22 22 Principle of materiality NFIS/General information/Introduction/General basis for the preparation of the Non-Financial Information Statement NFIS/General information/Double materiality analysis/Results and determination of materiality NFIS/General information/Double materiality analysis/Methodology ESRS 2-BP-1 ESRS 2-IRO-1 ESRS 2-SBM-3 20-22 24-28 28-30 Management approach Description of the applicable policies NFIS/General information/Sustainability governance model/Sustainability governance NFIS/General information/Sustainability governance model/ESG assessment and monitoring of customers NFIS/Environmental information/Climate change/Transition plan of BBVA Group NFIS/Environmental information/Natural capital/Identification and measurement of risks and opportunities associated with natural capital NFIS/Social information/Own Workforce/Culture and values NFIS/Social information/Own Workforce/Quality employment and competitive remuneration NFIS/Social information/Own Workforce/Equal opportunities NFIS/Social information/Own Workforce/Labor rights NFIS/Social information/Own Workforce/Occupational health and safety NFIS/Social information/Consumers and end-users/Transparency in information provided to customers about products and services NFIS/Social information/Consumers and end-users/Responsible use of data NFIS/Social information/Consumers and end-users/Cybersecurity NFIS/Social information/Contribution to society/Contribution to the community NFIS/Governance information/Business conduct/Corporate culture and Code of Conduct NFIS/Governance information/Business conduct/Whistleblowing channel NFIS/Governance information/Business conduct/Corruption and bribery NFIS/Governance information/Business conduct/Anti-money laundering and financing of terrorism NFIS/Governance information/Suppliers NFIS/Governance information/Fiscal contribution and transparency ESRS 2-MDR-P ESRS E1-E1-2 ESRS S1-S1-1 ESRS S4-S4-1 ESRS G1-G1-1 ESRS G1-G1-3 44-54 55-56 62-78 109-112 119-120 121-132 133-135 136-138 138-140 155-157 157-158 158-161 166-168 174 175-176 176-179 179-180 182 183-190 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 207 Management approach The results of these policies NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/General information/Sustainability strategy/Evolution of sustainable business channeling NFIS/General information/Sustainability governance model/ESG assessment and monitoring of customers NFIS/Environmental information/Climate change/Transition plan of BBVA Group NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group NFIS/Environmental information/Natural capital/Identification and measurement of risks and opportunities associated with natural capital NFIS/Social information/Own Workforce/Culture and values NFIS/Social information/Own Workforce/Quality employment and competitive remuneration NFIS/Social information/Own Workforce/Equal opportunities NFIS/Social information/Own Workforce/Labor rights NFIS/Social information/Own Workforce/Occupational health and safety NFIS/Social information/Consumers and end-users/Transparency in information provided to customers about products and services NFIS/Social information/Consumers and end-users/Responsible use of data NFIS/Social information/Consumers and end-users/Cybersecurity NFIS/Social information/Contribution to society/Contribution to the community NFIS/Governance information/Business conduct/Corporate culture and Code of Conduct NFIS/Governance information/Business conduct/Whistleblowing channel NFIS/Governance information/Business conduct/Corruption and bribery NFIS/Governance information/Business conduct/Anti-money laundering and financing of terrorism NFIS/Governance information/Suppliers NFIS/Governance information/Fiscal contribution and transparency ESRS 2-SBM-1 ESRS E1-E1-1 ESRS E1-E1-2 ESRS E1-E1-3 ESRS E1-E1-4 ESRS S1-S1-1 ESRS S1-S1-3 ESRS S1-S1-4 ESRS S1-S1-5 ESRS S4-S4-1 ESRS S4-S4-3 ESRS S4-S4-4 ESRS S4-S4-5 ESRS G1-G1-1 ESRS G1-G1-3 31-35 35-43 55-56 62-78 94-96 109-112 119- 120 121- 132 133-135 136-138 138-140 155-157 157-158 158-161 166-168 174 175-176 176- 179 179-180 182 183-190 The main risks related to these issues involving the activities of the group NFIS/General information/Double materiality analysis/Results and determination of materiality NFIS/Environmental information/Climate change/Transition plan of BBVA Group NFIS/Environmental information/Climate change/Management of risks associated with climate change NFIS/Environmental information/Climate change/Resilience of the strategy to climate change risks NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group NFIS/Environmental information/Natural capital/Identification and measurement of risks and opportunities associated with natural capital NFIS/Social information/Consumers and end users/Customer experience NFIS/Social information/Consumers and end-users/Transparency in information provided to customers about products and services NFIS/Social information/Consumers and end-users/Responsible use of data NFIS/Social information/Consumers and end-users/Cybersecurity NFIS/Governance information/Business conduct/Corporate culture and Code of Conduct NFIS/Governance information/Business conduct/Whistleblowing channel NFIS/Governance information/Business conduct/Corruption and bribery NFIS/Governance information/Business conduct/Anti-money laundering and financing of terrorism ESRS 2-SBM-3 ESRS E1-SBM-3 ESRS E1-IRO-1 ESRS G1-IRO-1 ESRS E1-E1-E3 ESRS S4-SBM-3 ESRS S4-S4-4 ESRS G1-G1-1 ESRS G1-G1-3 ESRS G1-G1-4 24-28 62-78 79-92 93 94-96 109-112 150 155-157 157-158 158-161 174 175-176 176-179 179-180 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 208 Environmental questions Environmental management Detailed information on the current and foreseeable effects of the company's activities on the environment and, where appropriate, health and safety NFIS/General information/Double materiality analysis/Results and determination of materiality NFIS/Environmental information/Climate change/Transition plan of BBVA Group NFIS/Environmental information/Climate change/Management of risks associated with climate change NFIS/Environmental information/Climate change/Resilience of the strategy to climate change risks NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group NFIS/Environmental information/Natural capital/Identification and measurement of risks and opportunities associated with natural capital NFIS/Environmental information/Natural capital/Management of other direct environmental impacts ESRS 2-SBM-3 ESRS E1-SBM-3 ESRS E1-E1-1 ESRS E1-E1-6 24-28 62-78 79-92 93-93 94- 96 109- 112 113-114 Environmental assessment or certification procedures NFIS/General information/Double materiality analysis/Results and determination of materiality NFIS/Environmental information/Climate change/Management of risks associated with climate change NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group NFIS/Environmental information/Natural capital/Identification and measurement of risks and opportunities associated with natural capital ESRS 2-IRO-1 ESRS E1-IRO-1 ESRS E1-E1-6 ESRS E2-IRO-1 ESRS E3-IRO-1 ESRS E4-IRO-1 ESRS E5-IRO-1 24-28 79-92 94- 96 109- 112 Resources dedicated to the prevention of environmental risks NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/General information/Sustainability strategy/Evolution of sustainable business channeling NFIS/Environmental information/Climate change/Management of risks associated with climate change NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group NFIS/Environmental information/Natural capital/Identification and measurement of risks and opportunities associated with natural capital ESRS 2-SBM-1 ESRS 2-MDR-A ESRS E1-E1-3 ESRS E1-E1-7 ESRS E1-E1-8 31-35 35-43 79-92 94-96 109-112 Application of the precautionary principle NFIS/Environmental information/Climate change/Transition plan of BBVA Group NFIS/Environmental information/Climate change/Management of risks associated with climate change NFIS/Environmental information/Climate change/Resilience of the strategy to climate change risks NFIS/Environmental information/Natural capital/Identification and measurement of risks and opportunities associated with natural capital ESRS 2-MDR-P ESRS 2-MDR-A ESRS 2-MDR-M ESRS 2-MDR-T 62-78 79-92 93-93 109- 112 Amount of provisions and guarantees for environmental risks NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/General information/Sustainability strategy/Evolution of sustainable business channeling NFIS/Environmental information/Climate change/Management of risks associated with climate change NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group NFIS/Environmental information/Natural capital/Identification and measurement of risks and opportunities associated with natural capital NFIS/Environmental information/Natural capital/Management of other direct environmental impacts ESRS 2-MDR-A ESRS E1-E1-1 ESRS E1-E1-3 ESRS E1-E1-7 31- 35 35-43 79-92 94-96 109- 112 113-114 Pollution Measures to prevent, reduce or repair emissions that seriously affect the environment; taking into account any form of activity-specific air pollution, including noise and light pollution NFIS/General information/Sustainability strategy/Evolution of sustainable business channeling NFIS/Environmental information/Natural capital/Identification and measurement of risks and opportunities associated with natural capital NFIS/Environmental information/Natural capital/Management of other direct environmental impacts ESRS 2-MDR-A ESRS E2-IRO-1 35-43 109- 112 113- 114 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 209 Circular economy and waste prevention and management Prevention, recycling, reuse, other forms of recovery and types of waste disposal NFIS/Environmental information/Natural capital/Management of other direct environmental impacts ESRS 2-MDR-A ESRS E5-IRO-1 113-114 Actions to combat food waste BBVA considers this matter to be immaterial. — — Sustainable use of resources Water consumption and water supply according to local constraints NFIS/Environmental information/Natural capital/Management of other direct environmental impacts ESRS 2 MDR-A ESRS 2 MDR-M ESRS E3 IRO-1 113- 114 Use of raw materials and measures taken to improve the efficiency of their utilization NFIS/Environmental information/Natural capital/Management of other direct environmental impacts ESRS 2 MDR-A ESRS 2 MDR-M ESRS E5 IRO-1 113- 114 Energy use, direct and indirect NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group ESRS E1-E1-5 94-96 Measures taken to improve energy efficiency NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group ESRS 2-MDR-A ESRS E1-E1-3 94- 96 Use of renewable energies NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group ESRS E1-E1-5 94- 96 Climate change Greenhouse gas emissions generated as a result of the company's activities, including the use of the goods and services it produces NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group ESRS E1-E1-4 ESRS E1-E1-6 ESRS 2-MDR-M 94- 96 Measures taken to adapt to the consequences of climate change NFIS/Environmental Information/Climate change/Transition plan of BBVA Group NFIS/Environmental information/Climate change/Management of risks associated with climate change NFIS/Environmental information/Climate change/Energy consumption and carbon footprint ESRS 2-SBM-3 ESRS 2-MDR-A ESRS E1-E1-3 62-78 79-92 94- 96 Reduction goals established voluntarily in the medium and long term to reduce greenhouse gas emissions and measures implemented for that purpose NFIS/Environmental Information/Climate change/Transition plan of BBVA Group NFIS/Environmental information/Climate change/Management of risks associated with climate change NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group ESRS 2-MDR-T ESRS E1-E1-4 62- 78 79-92 94-96 Protection of biodiversity Measures taken to protect or restore biodiversity Since the metric describes the size of protected or restored habitat areas and BBVA's financial activity, as well as the activity of its branches, it is considered to have no impact. In this sense, this metric and its different breakdowns are currently considered immaterial. — — Impacts caused by activities or operations in protected areas The operations centers and/or offices owned, leased or managed by BBVA are located in urban areas, so the impacts of the entity's activities on biodiversity are considered insignificant. Although the products and services marketed may potentially have an impact on biodiversity, they are managed according to the regulations and criteria applicable to the nature of the activities financed, and there are currently no defined and comparable metrics available for monitoring and reporting in relation to BBVA's value chain. — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 210 Social and personnel questions Employees Total number and distribution of employees according to country, gender, age, country and professional classification NFIS/Social information/Own workforce/Workforce characteristics ESRS 2-SBM-1 ESRS 2-MDR-M ESRS S1-S1-6 ESRS S1-S1-9 ESRS S1-S1-12 141-148 Total number and distribution of work contract modalities NFIS/Social information/Own workforce/Workforce characteristics ESRS-MDR-M ESRS S1-S1-6 141-148 Annual average of work contract modalities (permanent, temporary and part-time) by sex, age, and professional classification NFIS/Social information/Own workforce/Workforce characteristics ESRS-2-MDR-M ESRS S1-S1-6 141-148 Number of dismissals by sex, age, and professional classification NFIS/Social information/Own workforce/Workforce characteristics ESRS-2-MDR-M ESRS S1-S1-6 141-148 The average remunerations and their evolution disaggregated by sex, age, and professional classification or equal value NFIS/Social information/Own workforce/Quality employment and competitive remuneration ESRS-2-MDR-M 121-132 The average remuneration of directors and executives, including variable remuneration, allowances, compensation, payment to long-term forecast savings and any other perception broken down by gender NFIS/General information/Sustainability governance model/Sustainability governance NFIS/Social information/Own workforce/Quality employment and competitive remuneration ESRS-2-MDR-M ESRS 2-GOV-3 ESRS E1-GOV-3 44-54 121-132 Pay gap NFIS/Social information/Own workforce/Quality employment and competitive remuneration The adjusted pay gap is calculated based on the requirements of Law 11/2018 while the gross pay gap is calculated by applying the following ESRS disclosure requirements: ESRS S1-S1-16 121-132 Implementation of employment termination policies NFIS/Social information/Own workforce/Labor rights ESRS 2-MDR-P ESRS S1-S1-1 136-138 Employees with disabilities NFIS/Social information/Own workforce/Equal opportunities ESRS S1-S1-12 133-135 Work organization Work schedule organization NFIS/Social information/Own workforce/Labor rights ESRS 2-MDR-A ESRS 2-MDR-P ESRS 2-MDR-T ESRS S1-S1-1 ESRS S1-S1-4 ESRS S1-S1-5 136-138 Number of hours of absenteeism NFIS/Social information/Own workforce/Occupational health and safety ESRS 2-MDR-M ESRS S1-S1-14 138-140 Measures designed to facilitate access to mediation resources and encourage the responsible use of these by both parents NFIS/Social information/Own workforce/Labor rights EIS 2-MDR-A ESRS S1-S1-4 ESRS S1-S1-15 136-138 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 211 Health and safety Work health and safety conditions NFIS/Social information/Own workforce/Occupational health and safety ESRS 2-MDR-A ESRS S1-S1-4 ESRS S1-S1-14 138- 140 Work accidents, in particular their frequency and severity, disaggregated by gender NFIS/Social information/Own workforce/Occupational health and safety ESRS S1-S1-14 138- 140 Occupational diseases, disaggregated by gender NFIS/Social information/Own workforce/Occupational health and safety ESRS S1-S1-14 138- 140 Social relationships Organization of social dialog, including procedures to inform and consult staff and negotiate with them NFIS/Social information/Own workforce/Labor rights ESRS S1-S1-2 ESRS S1-S1-8 136-138 Mechanisms and procedures that the company has to promote the involvement of workers in the management of the company, in terms of information, consultation and participation NFIS/Social information/Own workforce/Culture and values NFIS/Social information/Own workforce/Labor rights ESRS S1-SBM-2 ESRS S1-S1-2 ESRS S1-S1-3 ESRS S1-S1-8 119-120 136-138 Percentage of employees covered by collective agreement by country NFIS/Social information/Own workforce/Labor rights ESRS S1-S1-8 136-138 The balance of collective agreements, particularly in the field of health and safety at work NFIS/Social information/Own workforce/Occupational health and safety ESRS S1-S1-8 138- 140 Training Policies implemented for training activities NFIS/Social information/Own workforce/Quality employment and competitive remuneration ESRS 2-MDR-P ESRS S1-S1-1 ESRS S1-S1-13 ESRS G1 G1-1 121-132 The total amount of training hours by professional category NFIS/Social information/Own workforce/Quality employment and competitive remuneration ESRS 2-MDR-M ESRS S1-S1-13 121-132 Accessibility Integration and universal accessibility of people with disabilities NFIS/Social information/Own workforce/Equal opportunities ESRS 2-MDR-A ESRS S1-S1-4 ESRS S1-S1-12 133-135 Equality Measures taken to promote equal treatment and opportunities between women and men NFIS/Social information/Own workforce/Equal opportunities ESRS 2-MDR-A ESRS S1-S1-1 ESRS S1-S1-4 133-135 Equality plans (Section III of Organic Law 3/2007, of March 22, for effective equality of women and men) NFIS/Social information/Own workforce/Equal opportunities ESRS 2-MDR-A ESRS S1-S1-1 ESRS S1-S1-4 133-135 Measures adopted to promote employment, protocols against sexual and sex-based harassment. NFIS/Social information/Own workforce/Equal opportunities ESRS 2-MDR-P ESRS 2-MDR-A ESRS S1-S1-1 ESRS S1-S1-4 133-135 Policy against any type of discrimination and, where appropriate, diversity management NFIS/Social information/Own workforce/Equal opportunities ESRS 2-MDR-P ESRS S1-S1-1 133-135 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 212 Information about the respect for human rights Human rights Application of due diligence procedures in the field of human rights; prevention of the risks of violation of human rights and, where appropriate, measures to mitigate, manage, and repair possible abuses committed NFIS/General information/Sustainability governance/Human rights due diligence ESRS 2-GOV-4 ESRS 2-MDR-P ESRS 2-MDR-A 57-58 Claims regarding cases of human rights violations NFIS/General information/Sustainability governance/Human rights due diligence ESRS S1-S1-17 57- 58 Promotion and compliance with the provisions contained in the related fundamental Conventions of the International Labor Organization with respect for freedom of association and the right to collective bargaining; the elimination of discrimination in employment and occupation; the elimination of forced or compulsory labor; and the effective abolition of child labor NFIS/General information/Sustainability governance/Human rights due diligence NFIS/Social information/Own workforce/Labor rights ESRS 2-MDR-P ESRS S1-S1-1 57-58 136-138 Information about anti-bribery and anti-corruption measures Corruption and bribery Measures adopted to prevent corruption and bribery NFIS/Governance Information/Business Conduct/Corruption and Bribery ESRS MDR-P ESRS MDR-A ESRS MDR-M ESRS MDR-T ESRS G1-G1-1 ESRS G1-G1-3 176-179 Measures adopted to fight against anti money laundering NFIS/Information on governance/Business conduct/Anti-money laundering and financing of terrorism ESRS MDR-P ESRS MDR-A ESRS MDR-M ESRS MDR-T ESRS G1-G1-1 ESRS G1-G1-3 179-180 Contributions to foundations and non-profit-making bodies NFIS/Social information/Contribution to society/Other contributions to society ESRS 2-MDR-A ESRS 2 MDR-M 169 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 213 Information about the society Commitment by the company to sustainable development Impact of the company’s activities on employment and local development NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/Social information/Own workforce/Introduction NFIS/Social information/Contribution to society/Contribution to the community ESRS S1-SBM-3 ESRS S4-SBM-3 ESRS S1-S1-4 ESRS S4-S4-4 31-35 116-118 166-168 The impact of company activity on local populations and on the territory NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/Social information/Own workforce/Introduction NFIS/Social information/Contribution to society/Contribution to the community NFIS/Social information/Contribution to society/Volunteer work ESRS S1-SBM-3 ESRS S4-SBM-3 ESRS S1-S1-4 ESRS S4-S4-4 31- 35 116-118 166-168 169 The relationships maintained with representatives of the local communities and the modalities of dialog with these NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/Social information/Own workforce/Culture and values NFIS/Social information/Own workforce/Labor rights NFIS/Social information/Contribution to society/Contribution to the community NFIS/Social information/Contribution to society/Volunteer work NFIS/Governance Information/Providers/Fiscal contribution and transparency ESRS 2-SBM-2 ESRS S1-SBM-2 ESRS S4-SBM-2 ESRS S1-S1-2 ESRS S4-S4-2 31- 35 119-120 136-138 166-168 169 183-190 Actions of association or sponsorship NFIS/Social information/Contribution to society/Other contributions to society ESRS 2-MDR-A ESRS 2 MDR-M 169 Subcontractors and suppliers The inclusion of social, gender equality and environmental issues in the purchasing policy NFIS/Governance Information/Suppliers ESRS 2 MDR-P ESRS 2 MDR-A ESRS 2 MDR-M ESRS G1 G1-1 182 Consideration of social and environmental responsibility in relations with suppliers and subcontractors NFIS/Governance Information/Suppliers ESRS 2 MDR-P ESRS 2 MDR-A ESRS 2 MDR-M ESRS G1 G1-1 182 Supervision systems and audits, and their results NFIS/Governance Information/Suppliers ESRS 2 MDR-P ESRS 2 MDR-A ESRS 2 MDR-M ESRS G1 G1-1 182 Consumers Customer health and safety measures NFIS/Social information/Consumers and end users/Transparency in information provided to customers about products and services NFIS/Social information/Consumers and end users/Responsible use of data FIS/Social information/Consumers and end users/Cybersecurity NFIS/General information/Sustainability governance/Human rights due diligence ESRS 2-MDR-A ESRS S4-S4-4 155-157 157-158 158-161 57-58 Claims systems, complaints received and their resolution NFIS/Social information/Consumers and end users/Complaints channel ESRS S4-S4-3 161-165 Tax information Benefits obtained by country NFIS/Governance Information/Fiscal Contribution and Transparency — 183-190 Taxes on paid benefits NFIS/Governance Information/Fiscal Contribution and Transparency — 183- 190 Public subsidies received NFIS/Governance Information/Fiscal Contribution and Transparency — 183- 190 Requirements of the Taxonomy regulation NFIS/Environmental information/Climate change/Sustainable financing under Article 8 of the European Taxonomy NFIS/ Supplementary information to the NFIS/ Tables relating to Article 8 of the European Taxonomy ESRS 1 104-108 226-357 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 214 6.2 Table of contents of Law 7/2021 In accordance with the provisions of Law 7/2021, of May 20, on climate change and energy transition (hereinafter, Law 7/2021), BBVA incorporates its Climate Change Report in the Group Management Report , which accompanies the Consolidated Financial Statements for the year 2023 and which includes, among others, the content provided for in article 32 of Law 7/2021 and in its implementing regulations. Below is the table of equivalences between the aforementioned contents relating to the Climate Change Report provided for in Law 7/2021 and its location within the Group Management Report for the year 2024. Non-financial information statement. Contents of contents of Law 7/2021, of May 20, on climate change and energy transition Topic Reporting criteria Response included in the BBVA Group's Consolidated Management Report Government The governance structure of the organization, including the role of its various bodies, in relation to the identification, assessment and management of risks and opportunities related to climate change. NFIS/General information/Sustainability governance model/Sustainability governance Strategy The strategic approach, both in terms of adaptation and mitigation, of entities to manage financial risks associated with climate change, taking into account the risks already existing at the time of writing the report, and those that may arise in the future, identifying the actions necessary at that time to mitigate such risks. NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/Environmental information/Climate change/Resilience of the strategy to climate change risks Impacts The actual and potential impacts of risks and opportunities associated with climate change on the organization's activities and its strategy, as well as on its financial planning. NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/General information/Double materiality analysis/Results and determination of materiality NFIS/Environmental information/Climate change/Introduction Risk management The processes for identifying, assessing, controlling and managing climate-related risks and how these are integrated into your overall business risk analysis and their integration into the organization's overall risk management. NFIS/Environmental information/Climate change/Management of risks associated with climate change Metrics and objectives The metrics, scenarios and targets used to assess and manage the relevant risks and opportunities related to climate change and, where calculated, the scope 1, 2 and 3 of your carbon footprint and how you are addressing its reduction. NFIS/Environmental information/Climate change/Energy consumption and carbon footprint of BBVA Group This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 215 6.3 Tables of contents of the ESRS The NFIS responds to the CSRD and includes this table in accordance with the provisions of ESRS 2. However, this does not necessarily imply that the requirements identified in other legislation are met. LIST OF DATA POINTS INCLUDED IN CROSS-CUTTING RULES AND IN THEMATIC RULES DERIVED FROM OTHER EU LEGISLATION Disclosure requirement and related data point Reference to the Regulation on sustainability-related disclosures in the financial services sector (1) Pillar 3 Reference (2) Reference to the Regulation on benchmarks (3) Reference to European Climate Legislation (4) Section/Chapter Management Report 2024 Page(s) ESRS 2: General information ESRS 2 GOV-1 Gender diversity of the board of directors section 21, letter d) Indicator No. 13 of Table 1 of Annex 1 Commission Delegated Regulation (EU) 2020/1816 (5), Annex II NFIS/General information/Sustainability governance model/Sustainability governance 44-54 ESRS 2 GOV-1 Percentage of board members who are independent, paragraph 21 e) Delegated Regulation (EU) 2020/1816, Annex II NFIS/General information/Sustainability governance model/Sustainability governance 44-54 ESRS 2 GOV-4 Declaration of due diligence section 30 Indicator No. 10 of Table 3 of Annex 1 NFIS/General information/Sustainability governance model/Human rights due diligence 57-58 ESRS 2 SBM-1 Participation in activities related to fossil fuels section 40, letter d), subsection i) Indicator No. 4 of Table 1 of Annex 1 Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 ( 28 ) Table 1: Qualitative information on environmental risk and Table 2: Qualitative information on social risk Delegated Regulation (EU) 2020/1816, Annex II Not material — ESRS 2 SBM-1 Participation in activities related to the production of chemical substances section 40, letter d), paragraph ii) Indicator No. 9 of Table 2 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Not material — ESRS 2 SBM-1 Participation in activities related to controversial weapons section 40, letter d), subsection iii) Indicator No. 14 of Table 1 of Annex 1 Delegated Regulation (EU) 2020/1818 (7), Article 12, paragraph 1 Delegated Regulation (EU) 2020/1816, Annex II Not material — ESRS 2 SBM-1 Participation in activities related to the cultivation and production of tobacco section 40, letter d), subsection iv) Delegated Regulation (EU) 2020/1818, Article 12, Paragraph 1 Delegated Regulation (EU) 2020/1816, Annex II Not material — ESRS E1: Climate change ESRS E1-1 Transition plan to achieve climate neutrality by 2050 paragraph 14 Regulation (EU) 2021/1119, Article 2(1) Regulation (EU) 2021/1119, Article 2(1) NFIS/Environmental information/Climate change/ Transition plan of BBVA Group 62-78 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 216 ESRS E1-1 Business excluded from the benchmarks harmonized with the Paris Agreement, paragraph 16, letter g Article 449(a) of Regulation (EU) No 575/2013; Implementing Regulation (EU) Commission Regulation (EC) No 2022/2453, Template 1: Banking portfolio – Climate- related transition risk: asset quality of the Exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article 12, paragraph 1, points (d) to (g), and Article 12, paragraph 2 Article 449(a) of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453, template 1: Banking portfolio – Climate-related transition risk: asset quality of exposures by sector, emissions and residual maturity NFIS/Environmental information/Climate change/ Transition plan of BBVA Group 62-78 ESRS E1-4 GHG emission reduction targets paragraph 34 Indicator No. 4 of Table 2 of Annex 1 Article 449(a) of Regulation (EU) No 575/ Commission Implementing Regulation (EU) 2022/2453, template 3: Banking portfolio – Climate change transition risk: harmonization parameters Delegated Regulation (EU) 2020/1818, Article 6 NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/General information/Sustainability strategy/Evolution of sustainable business channeling NFIS/Environmental information/Climate change/ Transition plan of BBVA Group NFIS/Environmental information/Energy consumption and carbon footprint of BBVA Group 31-35 35-43 62-78 94-96 ESRS E1-5 Energy Consumer from non-renewable fossils, disaggregated by sources (only sectors with high climate impact) section 38 Indicator No. 5 of Table 1 and Indicator No. 5 of Table 2 of Annex 1 Not material — ESRS E1-5 Consumer and energy combination Section 37 Indicator No. 5 of Table 1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking portfolio – Climate- related transition risk: harmonization parameters NFIS/Environmental information/Energy consumption and carbon footprint of BBVA Group 94-96 ESRS E1-6 Gross GHG emissions of scope 1, 2, 3 and total, paragraph 44 Indicators 1 and 2 of Table 1 of Annex 1 Article 449a; Regulation (EU) No 575/2013; Implementing Regulation (EU) Commission Regulation 2022/2453, template 1: Banking portfolio – Transition risk linked to climate change: asset quality of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article 5, paragraph 1, and Articles 6 and 8, paragraph 1 NFIS/Environmental information/Energy consumption and carbon footprint of BBVA Group 94-96 ESRS E1-6 Gross GHG emissions intensity, paragraphs 53 to 55 Indicator No. 3 of Table 1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking portfolio – Climate- related transition risk: harmonization parameters Delegated Regulation (EU) 2020/1818, Article 8, paragraph 1 NFIS/Environmental information/Energy consumption and carbon footprint of BBVA Group 94-96 ESRS E1-7 Paragraph 56 on GHG removals and carbon credits Regulation (EU) 2021/1119, Article 2, paragraph 1 NFIS/Environmental information/Energy consumption and carbon footprint of BBVA Group 94-96 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 217 ESRS E1-9 Exposure At Default of the benchmark portfolio to physical risks related to the climate section 66 Delegated Regulation (EU) 2020/1818, annex II Delegated Regulation (EU) 2020/1816, annex II NFIS/Environmental information/Climate change/Management of risks associated with climate change 79-92 ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66(a) ESRS E1-9 Location of significant assets with significant physical risk paragraph 66(c). Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453, paragraphs 46 and 47; Template 5: Banking portfolio - Physical risk of climate change: Exposures subject to physical risk. NFIS/Environmental information/Climate change/Management of risks associated with climate change 79-92 ESRS E1-9 Breakdown of the carrying amount of real estate assets by energy efficiency class paragraph 67(c). Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453, paragraph 34; Template 2: Banking portfolio - Climate change transition risk: Loans secured by collateral consisting of immovable property - Energy efficiency of collateral NFIS/Environmental information/Climate change/Management of risks associated with climate change 79-92 ESRS E1-9 Degree of exposure of the portfolio of opportunities climate related Section 69 Delegated Regulation (EU) 2020/1818, Annex II NFIS/Environmental information/Climate change/Management of risks associated with climate change 79-92 ESRS E2: Pollution ESRS E2-4 Quantity of each pollutant listed in Annex II of the European PRTR Regulation (European Pollutant Release and Transfer Register) released into air, water and land, section 28 Indicator No. 8 of Table 1 of Annex 1, Indicator No. 2 of Table 2 of Annex 1, Indicator No. 1 of Table 2 of Annex 1, Indicator No. 3 of Table 2 of Annex 1 Not material — ESRS E3: Water and marine resources ESRS E3-1 Water and marine Resources Section 9 Indicator No. 7 of Table 2 of Annex 1 Not material — ESRS E3-1 Specific policies section 13 Indicator No. 8 of Table 2 of Annex 1 Not material — ESRS E3-1 Sustainable management of oceans and seas section 14 Indicator No. 12 of Table 2 of Annex 1 Not material — ESRS E3-4 Total recycled water and reused, section 28, letter c) Indicator No. 6.2 of Table 2 of Annex 1 Not material — ESRS E3-4 Total water Consumer in m3 by net income of the own operations Section 29 Indicator No. 6.1 of Table 2 of Annex 1 Not material — ESRS E4: Biodiversity and ecosystems This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 218 ESRS 2 - IRO 1 - E4 section 16, letter a), subsection i) Indicator No. 7 of Table 1 of Annex 1 NFIS/General information/Materiality analysis/Results and determination of materiality NFIS/General information/Materiality analysis/Methodology NFIS/Environmental information/Natural Capital /Identification and measurement of risks associated with natural capital NFIS/Environmental information/Natural Capital /Management of other direct environmental impacts 24-28 28-30 109-112 113-114 V 2 - IRO 1 - E4 paragraph 16, letter b) Indicator No. 10 of Table 2 of Annex 1 NFIS/General information/Materiality analysis/Results and determination of materiality NFIS/General information/Materiality analysis/Methodology NFIS/Environmental information/Natural Capital /Identification and measurement of risks associated with natural capital NFIS/Environmental information/Natural Capital /Management of other direct environmental impacts 24-28 28-30 109-112 113-114 ESRS 2 - IRO 1 - E4 section 16, letter c) Indicator No. 14 of Table 2 of Annex 1 NFIS/General information/Materiality analysis/Results and determination of materiality NFIS/General information/Materiality analysis/Methodology NFIS/Environmental information/Natural Capital /Identification and measurement of risks associated with natural capital NFIS/Environmental information/Natural Capital /Management of other direct environmental impacts 24-28 28-30 109-112 113-114 ESRS E4-2 Sustainable agricultural or land use practices or policies section 24, letter b) Indicator No. 11 of Table 2 of Annex 1 Not material — ESRS E4-2 Sustainable marine or ocean policies or practices section 24(c) Indicator No. 12 of Table 2 of Annex 1 Not material — ESRS E4-2 Policies to address deforestation section 24, letter d) Indicator No. 15 of Table 2 of Annex 1 Not material — ESRS E5: Resource use and circular economy ESRS E5-5 Non-recycled waste section 37, letter d) Indicator No. 13 of Table 2 of Annex 1 Not material — ESRS E5-5 Hazardous waste and radioactive waste section 39 Indicator No. 9 of Table 1 of Annex 1 Not material — ESRS S1: Own workforce ESRS 2 - SBM3 - S1 Risk of forced labour cases section 14, letter f) Indicator No. 13 of Table 3 of Annex I Not material — ESRS 2 - SBM3 - S1 Risk of child labour cases section 14, letter g) Indicator No. 12 of Table 3 of Annex I Not material — ESRS S1-1 Political commitments in human rights section 20 Indicator No. 9 of Table 3 and Indicator No. 11 of Table 1 of Annex I NFIS/General information/Sustainability governance model/Sustainability governance Social information/Own workforce/Culture and values NFIS/Social information/Own workforce/Quality employment and competitive remuneration NFIS/Social information/Own workforce/Equal opportunities NFIS/Social information/Own workforce/Labor rights NFIS/Social information/Own workforce/Occupational health and safety 44-54 119-120 121-132 133-135 136-138 138-140 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 219 ESRS S1-1 Due diligence policies regarding matters covered by Core Conventions 1 to 8 of the International Labour Organization, paragraph 21 Delegated Regulation (EU) 2020/1816, Annex II NFIS/General information/Sustainability governance model/Sustainability governance NFIS/Social information/Personal/Culture and values NFIS/Social information/Own workforce/Quality employment and competitive remuneration NFIS/Social information/workforce/Equal opportunities NFIS/Social information/Own workforce/Labor rights NFIS/Social information/Own workforce/Occupational health and safety 44-54 119-120 121-132 133-135 136-138 138-140 ESRS S1-1 Processes and measures for preventing trafficking in human beings section 22 Indicator No. 11 of Table 3 of Annex I Not material — ESRS S1-1 Accident prevention policies or workplace accident management system section 23 Indicator No. 1 of Table 3 of Annex I NFIS/Social information/Own workforce/Occupational health and safety 138-140 ESRS S1-3 Complaints and complaints management mechanisms section 32, letter c) Indicator No. 5 of Table 3 of Annex I NFIS/Information on governance/business conduct/Whistleblowing channel 166-168 ESRS S1-14 Number of fatalities and number and rate of accidents Labor section 88, letters b) and c) Indicator No. 2 of Table 3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II NFIS/Social information/Own workforce /Occupational health and safety 138-140 ESRS S1-14 Number of days lost by injuries, accidents, deaths or disease section 88,letter e) Indicator No. 3 of Table 3 of Annex I NFIS/Social information/Own workforce/Occupational health and safety 138-140 ESRS S1-16 Gender pay gap, unadjusted section 97, letter a) Indicator No. 12 of Table 1 of Annex I Delegated Regulation (EU) 2020/1816, Annex II NFIS/Social information/Own workforce/Quality employment and competitive remuneration 121-132 ESRS S1-16 Excessive pay gap between the CEO and the workers section 97, letter b) Indicator No. 8 of Table 3 of Annex I NFIS/Social information/Own workforce/Quality employment and competitive remuneration 121-132 ESRS S1-17 Cases of discrimination section 103, letter a) Indicator No. 7 of Table 3 of Annex I NFIS/General information/Sustainability governance model/Human rights due diligence 57-58 ESRS S1-17. Default of the Guiding Principles of the United Nations on the companies and rights humans and the Lines OECD Guidelines Section 104, letter a) Indicator No. 10 of Table 1 and Indicator No. 14 of Table 3 of Annex I Delegated Regulation (EU) 2020/1816, annex II Delegated Regulation (EU) 2020/1818, article 12, paragraph 1 NFIS/General information/Sustainability governance model/Human rights due diligence 57-58 ESRS S2: Workers in the value chain ESRS 2 - SBM3 - S2 Significant risk of child labour or forced labour in the value chain section 11, letter b) Indicators Nos. 12 and 13 of Table 3 of Annex I Not material — ESRS S2-1 Political commitments in human rights section 17 Indicator No. 9 of Table 3 and Indicator No. 11 of Table 1 of Annex 1 Not material — ESRS S2-1 Policies related to heat chain workers section 18 Indicators Nos. 11 and 4 of Table 3 of Annex 1 Not material — ESRS S2-1. Default of the Guiding Principles of the United Nations on the companies and rights humans and the Lines OECD Guidelines Section 19 Indicator No. 10 of Table 1 of Annex 1 Delegated Regulation (EU) 2020/1816, annex II Delegated Regulation (EU) 2020/1818, article 12, paragraph 1 Not material — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 220 ESRS S2-1 Due diligence policies regarding matters covered by Core Conventions 1 to 8 of the International Labour Organization, paragraph 19 Delegated Regulation (EU) 2020/1816, annex II Delegated Regulation (EU) 2020/1818, article 12, paragraph 1 Not material — ESRS S2-4 Human rights issues and incidents related to upstream and downstream phases of your value chain section 36 Indicator No. 14 of Table 3 of Annex 1 Not material — ESRS S3: Affected communities ESRS S3-1 Political commitments in human rights section 16 Indicator No. 9 of Table 3 and Indicator No. 11 of Table 1 of Annex 1 Not material — ESRS S3-1 Default with the Guiding Principles of the United Nations on the companies and rights humans, the principles of the ILO and the Guidelines of OECD paragraph 17 Indicator No. 10 of Table 1 of Annex 1 Delegated Regulation (EU) 2020/1816, annex II Delegated Regulation (EU) 2020/1818, article 12, paragraph 1 Not material — ESRS S3-4 Human rights issues and incidents section 36 Indicator No. 14 of Table 3 of Annex 1 Not material — ESRS S4: Consumers and end users ESRS S4-1 Policies related to consumers and end-users section 16 Indicator No. 9 of Table 3 and Indicator No. 11 of Table 1 of Annex 1 NFIS/General information/Sustainability governance model/Sustainability governance NFIS/Social information/Consumers and end users/Transparency in the information provided to customers about products and services NFIS/Social information/Consumers and end users/Responsible use of data NFIS/Social information/Consumers and end users/Cybersecurity 44-54 ESRS S4-1 Default with the Guiding Principles of the United Nations on the companies and rights humans and the Lines OECD Guidelines Section 17 Indicator No. 10 of Table 1 of Annex 1 Delegated Regulation (EU) 2020/1816, annex II Delegated Regulation (EU) 2020/1818, article 12, paragraph 11 NFIS/General information/Sustainability governance model/Human rights due diligence 57-58 ESRS S4-4 Human rights issues and incidents section 35 Indicator No. 14 of Table 3 of Annex 1 NFIS/General information/Sustainability governance model/Human rights due diligence 57-58 ESRS G1: Business conduct ESRS G1-1 United Nations Convention against Corruption paragraph 10, letter b) Indicator No. 15 of Table 3 of Annex 1 NFIS/Information on governance/Business conduct/Corporate culture and Code of Conduct NFIS/Information on governance/business conduct/Whistleblowing channel 174 175-176 ESRS G1-1 Whistleblower protection section 10, letter d) Indicator No. 6 of Table 3 of Annex 1 NFIS/Information on governance/Business conduct/Corporate culture and Code of Conduct NFIS/Information on governance/business conduct/Whistleblowing channel 174 175-176 ESRS G1-4 Fines for breaching anti-corruption and anti- bribery laws, paragraph 24, letter a) Indicator No. 17 of Table 3 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II NFIS/Information on governance/Business conduct/Corruption and bribery 176-179 ESRS G1-4 Anti-corruption and anti-bribery standards section 24, letter b) Indicator No. 16 of Table 3 of Annex 1 NFIS/Information on governance/Business conduct/Corruption and bribery 176-179 (1) Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (OJ L 317, 9.12.2019, p. 1). (2) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation, 'CRR') (OJ L 176, 27.6.2013, p. 1). (3) Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or for measuring the performance of mutual funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 221 (4) Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 ('European climate Legislation ') (OJ L 243, 9.7.2021, p. 1). TABLE OF CONTENTS OF MATERIAL DISCLOSURE REQUIREMENTS INCLUDED IN THE STATEMENT OF NON-FINANCIAL INFORMATION Material disclosure requirement Section/Chapter Management Report 2024 ESRS 2: General information Basis for preparation BP-1 General basis for preparation of sustainability statements NFIS/General information/Introduction/General basis for the preparation of the Consolidated Non-Financial Information Statement BP-2 Disclosures in relation to specific circumstances NFIS/General information/Introduction/Information regarding specific circumstances Governance GOV-1 The role of the administrative, management and supervisory bodies NFIS/General information/Introduction NFIS/General information/Sustainability governance model/Sustainability governance GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies NFIS/General information/Sustainability governance model/Sustainability governance GOV-3 Integration of sustainability-related performance in incentive schemes NFIS/General information/Sustainability governance model/Sustainability governance NFIS/Social information/Own workforce/Quality employment and competitive remuneration GOV-4 Statement on due diligence NFIS/General information/Sustainability governance model/Human rights due diligence GOV-5 Risk management and internal controls over sustainability reporting NFIS/General information/Introduction/Sustainability governance model/Internal Control over the Consolidated Non-financial Information Statement Strategy SBM-1 Strategy, business model and value chain NFIS/General information/Introduction/Information regarding specific circumstances NFIS/General information/Sustainability strategy/Strategy and objectives SBM-2 Interests and views of stakeholders BBVA in brief/ BBVA Group Strategy NFIS/General information/Sustainability strategy NFIS/General information/Double Materiality analysis SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model NFIS/General information/Double Materiality analysis/Results and determination of materiality NFIS/Environmental information/Climate change/Introduction NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct Impact, risk and opportunity management IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities NFIS/General information/Double Materiality analysis/Methodology IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement NFIS/General information/Double Materiality analysis/Results and determination of materiality Complementary information to the Consolidated Non-financial Information Statement/Tables of contents of the ESRS This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 222 Minimum disclosure requirement MDR-P Policies adopted to manage material sustainability matters NFIS/General information/Sustainability governance model/Sustainability governance NFIS/Environmental information/Climate change/Transition plan of BBVA Group NFIS/Social information/Own workforce NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct MDR-A Actions and resources in relation to material sustainability matters NFIS/Environmental information/Climate change NFIS/Social information/Own workforce NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct MDR-M Metrics in relation to material sustainability matters NFIS/Environmental information/Climate change NFIS/Social information/Own workforce NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct MDR-T Tracking effectiveness of policies and actions through targets NFIS/General information/Sustainable strategy/Strategy and objectives NFIS/Environmental information/Climate change NFIS/Social information/Own workforce NFIS/Social information/Consumers and end users NFIS/Governance information/Business conduct ESRS E1: Climate change (1) Governance ESRS 2 GOV-3 Integration of sustainability-related performance in incentive scheme NFIS/General information/Sustainability governance model/Sustainability governance NFIS/Social information/Own workforce/Quality employment and competitive remuneration Strategy ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model NFIS/General information/Double Materiality analysis/Results and determination of materiality NFIS/Environmental information/Climate change/Introduction NFIS/Environmental information/Climate change/Resilience of the strategy to climate change risks E1-1 Transition plan for climate change mitigation NFIS/Environmental information/Climate change/Transition plan of BBVA Group Impact, risk and opportunity management ESRS 2 IRO-1 Description of the processes to identify and assess material climate- related impacts, risks and opportunities NFIS/General information/Double Materiality analysis/Results and determination of materiality NFIS/General information/Double Materiality analysis/Methodology NFIS/Environmental information/Climate change/Management of risks associated with climate change E1-2 Policies related to climate change mitigation and adaptation NFIS/General information/Sustainability governance model/Sustainability governance NFIS/Environmental information/Climate change/Transition plan of BBVA Group E1-3 Actions and resources related to climate change policies NFIS/General information/Sustainable strategy/Strategy and objectives NFIS/General information/Sustainable strategy/Evolution of sustainable business channeling NFIS/Environmental information/Climate change/Climate change/Management of risk associated with climate change NFIS/Environmental information/Climate change/Energy Consumer and carbon footprint of BBVA Group NFIS/Environmental information/Climate change/Sustainable financing under Article 8 of the European Taxonomy This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 223 Metrics and targets E1-4 Targets related to climate change mitigation and adaptation NFIS/General information/Sustainable strategy/Strategy and objectives NFIS/General information/Sustainable strategy/Evolution of sustainable business channeling NFIS/Environmental information/Climate change/Climate change/Management of risk associated with climate change NFIS/Environmental information/Climate change/Energy Consumer and carbon footprint of BBVA Group E1-5 Energy consumption and mix NFIS/Environmental information/Climate change/Energy Consumer and carbon footprint of BBVA Group E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions NFIS/Environmental information/Climate change/Energy Consumer and carbon footprint of BBVA Group E1-7 GHG removals and GHG mitigation projects financed through carbon credits NFIS/Environmental information/Climate change/Energy Consumer and carbon footprint of BBVA Group E1-8 Internal carbon pricing NFIS/Environmental information/Climate change/Energy Consumer and carbon footprint of BBVA Group E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities NFIS/Environmental information/Climate change/Climate change/Management of risk associated with climate change ESRS E2, E3, E4, E5 Impact, risk and opportunity management ESRS 2 IRO-1 Description of the processes to identify and assess material climate- related impacts, risks and opportunities NFIS/General information/Double Materiality analysis/Results and determination of materiality NFIS/General information/Double Materiality analysis/Methodology ESRS S1: Own Workforce Strategy SBM-2 Interests and views of stakeholders NFIS/General information/Sustainability strategy/Strategy and objectives NFIS/Social information/Own workforce/Culture and values SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Impacts, risks and opportunities management NFIS/General information/Double Materiality analysis/Results and determination of materiality NFIS/Social information/Own workforce Impact, risk and opportunity management S1-1 Policies related to own workforce NFIS/General information/Sustainability governance model/Sustainability governance NFIS/Social information/Own workforce/Culture and values NFIS/Social information/Own workforce/Quality employment and competitive remuneration NFIS/Social information/Own workforce/Labor rights NFIS/Social information/Own workforce/Occupational health and safety S1-2 Processes for engaging with own workers and workers’ representatives about impacts NFIS/Social information/Own workforce/Labor rights S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns NFIS/Governance information/Business conduct/Whistleblowing Channel S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions NFIS/Social information/Own workforce/Culture and values NFIS/Social information/Own workforce/Quality employment and competitive remuneration NFIS/Social information/Own workforce/Labor rights NFIS/Social information/Own workforce/Occupational health and safety This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 224 Metrics and targets S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities NFIS/Social information/Own workforce/Culture and values NFIS/Social information/Own workforce/Quality employment and competitive remuneration NFIS/Social information/Own workforce/Labor rights NFIS/Social information/Own workforce/Occupational health and safety S1-6 Characteristics of the undertaking’s employees NFIS/Social information/Own workforce/Workforce characteristics S1-8 Collective bargaining coverage and social dialogue NFIS/Social information/Own workforce/Labor rights S1-9 Diversity metrics NFIS/Social information/Own workforce/Equal opportunities S1-12 Persons with disabilities NFIS/Social information/Own workforce/Equal opportunities S1-13 Training and skills development metrics NFIS/Social information/Own workforce/Quality employment and competitive remuneration S1-14 Health and safety metrics NFIS/Social information/Own workforce/Occupational health and safety S1-15 Work-life balance metrics NFIS/Social information/Own workforce/Labor rights S1-16 Remuneration parameters (pay gap and total remuneration ) NFIS/Social information/Own workforce/Quality employment and competitive remuneration S1-17 Incidents, complaints and severe human rights impacts NFIS/General information/Sustainability governance/Human rights due diligence ESRS S4: Consumers and end-users Strategy SBM-2 Interests and views of stakeholders NFIS/General information/Sustainability strategy/Strategy and objectives SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business mode NFIS/General information/Double Materiality analysis/Results and determination of materiality NFIS/Social information/Consumers and end users Impact, risk and opportunity management S4-1 Policies related to consumers and end-users NFIS/General information/Sustainability governance model/Sustainability governance NFIS/Social information/Consumers and end users/Transparency in information to customers about products and services NFIS/Social information/Consumers and end users/Responsible use of data NFIS/Social information/Consumers and end users/Cybersecurity S4-2 Processes for engaging with consumers and end-users about impacts NFIS/Social information/Consumers and end users/Customer experience NFIS/Social information/Consumers and end users/Accessibility to services and products NFIS/Social information/Consumers and end users/Raising awareness on sustainability issues NFIS/Social information/Consumers and end users/Responsible use of data NFIS/Social information/Consumers and end users/Complaints channel S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns NFIS/Social information/Consumers and end users/Complaints channel S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions NFIS/Social information/Consumers and end users/Customer experience NFIS/Social information/Consumers and end users/Accessibility to services and products NFIS/Social information/Consumers and end users/Raising awareness on sustainability issues NFIS/Social information/Consumers and end users/Transparency in information to customers about products and services NFIS/Social information/Consumers and end users/Responsible use of data NFIS/Social information/Consumers and end users/Complaints channel Metrics and targets S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities NFIS/Social information/Consumers and end users/Accessibility to services and products NFIS/Social information/Consumers and end users/Raising awareness on sustainability issues ESRS G1: Business conduct Governance GOV-1 The role of the administrative, supervisory and management bodies NFIS/Governance information/Business conduct Impact, risk and opportunity management IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities NFIS/General information/Double Materiality analysis/Results and determination of materiality NFIS/General information/Double Materiality analysis/Methodology G1-1 Corporate culture and Business conduct policies and corporate culture NFIS/Governance information/Business conduct/Corporate culture and Code of Conduct NFIS/Governance information/Business conduct/Whistleblowing Channel G1-3 Prevention and detection of corruption and bribery NFIS/Governance information/Business conduct/Corruption and bribery NFIS/Governance information/Anti-money laundering and financing of terrorism This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 225 Metrics and targets G1-4 Confirmed incidents of corruption or bribery NFIS/Governance information/Business conduct/Corruption and bribery (1) Taking into account its activity, BBVA does not consider as material the following requirements: ESRS E1-1, paragraph 16d (on potential blocked GHG emissions), E1-5, paragraph 38 (on sectors with a high climate impact), and E1-6, paragraph 50b (on the separate disclosure of emissions from certain entities) to be material. They are therefore not disclosed in this report. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 226 6.4 Tables relating to Article 8 of the European Taxonomy Template for the KPIs of credit institutions Summary of KPIs Assets for the calculation of GAR GAR sector information GAR KPI stock GAR KPI flow KPI off-balance-sheet exposures stock KPI off-balance-sheet exposures flow Templates related to nuclear and gas activities Credit institutions Nuclear and fossil gas related activities Taxonomy-aligned economic activities (denominator) Taxonomy-aligned economic activities (numerator) Taxonomy-eligible but not taxonomy-aligned economic activities Taxonomy non-eligible economic activities Insurance and Reinsurance Nuclear and fossil gas related activities Taxonomy-aligned economic activities (denominator) Taxonomy-aligned economic activities (numerator) Taxonomy-eligible but not taxonomy-aligned economic activities Taxonomy non-eligible economic activities Asset Managers Nuclear and fossil gas related activities Taxonomy-aligned economic activities (denominator) Taxonomy-aligned economic activities (numerator) Taxonomy-eligible but not taxonomy-aligned economic activities Taxonomy non-eligible economic activities KPI of insurance or reinsurance undertaking’s investments that are Taxonomy-aligned KPI of asset managers’ investments that are Taxonomy-aligned This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 227 SUMMARY OF THE KPIs TO BE DISCLOSED BY CREDIT INSTITUTIONS 2024 Total environmentally sustainable assets ( small businesses) Indicator % ( small businesses) Indicator % (CapEx) % coverage (on total assets) (4) % of assets excluded from the numerator of the GAR (Article 7, paragraphs 2 and 3, and Annex V, section 1.1.2) % of assets excluded from the GAR denominator (Article 7, paragraph 1, and Annex V, section 1.2.4) Green asset ratio (GAR) stock 2,775 0.57% 0.84% 65.36% 35.39% 34.64% GAR (flow) 889 0.50% 0.87% 23.84% 16.20% 76.16% Trading Portfolio Financial guarantees 395 1.76% 3.81% Assets under management 619 0.34% 0.63% Income from fees and fees (1) (1) Fee and commission income from services other than lending and assets under management. The key performance indicators for fees and commissions and trading book will only apply from 2026 onwards. SUMMARY OF THE KPIs TO BE DISCLOSED BY CREDIT INSTITUTIONS 2023 Total environmentally sustainable assets ( small businesses) Indicator % ( small businesses) Indicator % (CapEx) % coverage (on total assets) (4) % of assets excluded from the numerator of the GAR (Article 7, paragraphs 2 and 3, and Annex V, section 1.1.2) % of assets excluded from the GAR denominator (Article 7, paragraph 1, and Annex V, section 1.2.4) Green asset ratio (GAR) stock 0 0.52% 0.80% 59.04% 26.26% 40.96% GAR (flow) 0 0.68% 1.14% 16.14% 8.78% 83.86% Trading Portfolio Financial guarantees 0 2.02% 5.51% Assets under management 0 0.16% 0.34% Income from fees and fees (1) —% —% (1) Fee and commission income from services other than lending and assets under management. The key performance indicators for fees and commissions and trading book will only apply from 2026 onwards. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 228 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2024 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceed s Of which transitio nal Of which enabling Of which Use of Proceed s Of which enabling Of which Use of Proceed s Of which enabling Of which Use of Proceed s Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 222,236 119,974 2,768 1,115 326 857 1,136 2 — — 5 — — — 4,385 — — — Financial corporations 9,299 2,137 163 — 11 39 798 1 — — — — — — 59 — — — Credit institutions 7,565 1,684 118 — 10 14 798 — — — — — — — — — — — Loans and advances 5,552 1,110 83 — 5 10 634 — — — — — — — — — — — Debt securities, including UoP 1,968 565 35 — 5 3 163 — — — — — — — — — — — Equity instruments 45 9 — — — — — — — — — — — — Other financial corporations 1,734 453 45 — 1 25 — — — — — — — — 59 — — — of which investment firms 8 2 — — — — — — — — — — — — 2 — — — Loans and advances 8 2 — — — — — — — — — — — — 2 — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — — of which management companies 96 64 12 — 1 8 — — — — — — — — — — — — Loans and advances 95 64 12 — 1 8 — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — — of which insurance undertakings 24 — — — — — — — — — — — — — — — — — Loans and advances 5 — — — — — — — — — — — — — — — — — Debt securities, including UoP 2 — — — — — — — — — — — — — — — — — Equity instruments 17 — — — — — — — — — — — — — Non-financial corporations 22,015 6,710 1,499 10 316 818 339 1 — 1 5 — — — 4,325 — — — Loans and advances 20,219 6,284 1,309 — 300 673 337 1 — 1 4 — — — 3,707 — — — Debt securities, including UoP 1,216 361 182 10 16 143 1 — — — — — — — 120 — — — Equity instruments 580 65 8 — 3 — — — — — — 499 — — Households 187,141 111,127 1,106 1,106 — — — — — — — — — — of which loans collateralized by residential immovable property 97,034 97,034 1,088 1,088 — — — — — — — — — — of which building renovation loans 4,418 4,418 — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 229 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2024 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceed s Of which transitio nal Of which enabling Of which Use of Proceed s Of which enabling Of which Use of Proceed s Of which enabling Of which Use of Proceed s Of which enabling of which motor vehicle loans 9,675 9,675 18 18 — — Local governments financing 3,781 — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — — Other local government financing 3,781 — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 820 820 5 5 — — — — — — — — — — — — — — Other assets excluded from the numerator for GAR calculation (covered in the denominator) 263,322 — — — — — — — — — — — — — — — — — Non-financial corporations 223,547 SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations 82,250 Loans and advances 76,370 of which loans collateralized by commercial immovable property 9,322 of which building renovation loans 434 Debt securities 2,562 Equity instruments 3,318 Non-EU country counterparties not subject to NFRD disclosure obligations 141,297 Loans and advances 134,201 Debt securities 4,654 Equity instruments 2,443 Derivatives 1,088 On demand interbank loans 7,269 Cash and cash-related assets 8,667 Other assets (e.g. Goodwill, commodities etc.) 22,752 Total GAR assets 486,378 120,657 2,773 1,121 326 857 1,136 2 — — 5 — — — 4,385 — — — Other assets not covered for GAR calculation 257,721 Sovereigns 103,431 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 230 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2024 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceed s Of which transitio nal Of which enabling Of which Use of Proceed s Of which enabling Of which Use of Proceed s Of which enabling Of which Use of Proceed s Of which enabling Central banks exposure 44,252 Trading book 110,037 Total assets 744,098 — — — — — — — — — — — — — — — — — Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations Financial guarantees 22,446 1,117 394 — 13 268 4 1 — 1 33 — — — 76 — — — Assets under management 179,437 2,044 617 90 35 310 28 1 — 1 1 — — — 222 — — — Of which debt securities 20,232 1,386 426 90 20 198 24 1 — — — — — — 65 — — — Of which equity instruments 13,650 658 191 — 16 112 4 1 — — — — — — 156 — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Customers' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets . The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 231 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 125 — — — 309 — — — 125,934 2,770 1,115 326 858 Financial corporations 5 — — — — — — — 2,999 164 — 11 39 Credit institutions — — — — — — — — 2,482 118 — 10 14 Loans and advances — — — — — — — — 1,745 83 — 5 10 Debt securities, including UoP — — — — — — — — 728 35 — 5 3 Equity instruments — — — — — — 9 — — — Other financial corporations 5 — — — — — — — 518 46 — 1 25 of which investment firms — — — — — — — — 4 — — — — Loans and advances — — — — — — — — 4 — — — — Debt securities, including UoP — — — — — — — — — — — — — Equity instruments — — — — — — — — — — of which management companies — — — — — — — — 64 12 — 1 8 Loans and advances — — — — — — — — 64 12 — 1 8 Debt securities, including UoP — — — — — — — — — — — — — Equity instruments — — — — — — — — — — of which insurance undertakings — — — — — — — — — — — — — Loans and advances — — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — Equity instruments — — — — — — — — — — Non-financial corporations 120 — — — 309 — — — 11,807 1,500 10 316 819 Loans and advances 93 — — — 309 — — — 10,735 1,310 — 300 673 Debt securities, including UoP 10 — — — — — — — 492 182 10 16 143 Equity instruments 17 — — — — — 580 8 — 3 Households 111,127 1,106 1,106 — — of which loans collateralized by residential immovable property 97,034 1,088 1,088 — — of which building renovation loans 4,418 — — — — of which motor vehicle loans 9,675 18 18 — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 232 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling Local governments financing — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — Other local government financing — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 683.78 5.355 5.355 — — Other assets excluded from the numerator for GAR calculation (covered in the denominator) — — — — — — — — — — — — — Non-financial corporations SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralized by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other assets (e.g. Goodwill, commodities etc.) Total GAR assets 125 — — — 309 — — — 126,617 2,775 1,121 326 858 Other assets not covered for GAR calculation Sovereigns Central banks exposure Trading book Total assets — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 233 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations Financial guarantees 6 — — — — — — — 1,236 395 — 13 268 Assets under management 228 — — — — — — — 2,523 619 90 35 310 Of which debt securities 68 — — — — — — — 1,543 427 90 20 198 Of which equity instruments 160 — — — — — — — 979 192 — 16 112 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Customers' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets . The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 234 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2024 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitiona l Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 222,236 121,262 4,079 1,115 353 1,111 1,148 4 — — 4 — — — 4,183 — — — Financial corporations 9,299 2,262 273 — 13 84 798 1 — — — — — — 59 — — — Credit institutions 7,565 1,708 142 — 12 27 798 1 — — — — — — — — — — Loans and advances 5,552 1,127 99 — 6 21 635 — — — — — — — — — — — Debt securities, including UoP 1,968 571 42 — 6 6 163 — — — — — — — — — — — Equity instruments 45 10 1 — — — — — — — — — — — Other financial corporations 1,734 553 131 — 1 57 — — — — — — — — 59 — — — of which investment firms 8 2 — — — — — — — — — — — — 2 — — — Loans and advances 8 2 — — — — — — — — — — — — 2 — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — — of which management companies 96 32 10 — — 9 — — — — — — — — — — — — Loans and advances 95 32 10 — — 9 — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — — of which insurance undertakings 24 — — — — — — — — — — — — — — — — — Loans and advances 5 — — — — — — — — — — — — — — — — — Debt securities, including UoP 2 — — — — — — — — — — — — — — — — — Equity instruments 17 — — — — — — — — — — — — — Non-financial corporations 22,015 7,874 2,701 10 340 1,027 350 3 — 1 4 — — — 4,123 — — — Loans and advances 20,219 7,330 2,348 — 325 815 347 3 — 1 3 — — — 3,536 — — — Debt securities, including UoP 1,216 458 316 10 15 203 2 — — — 1 — — — 111 — — — Equity instruments 580 86 37 — 9 1 — — — — — 477 — — Households 187,141 111,127 1,106 1,106 — — — — — — — — — — of which loans collateralized by residential immovable property 97,034 97,034 1,088 1,088 — — — — — — — — — — of which building renovation loans 4,418 4,418 — — — — — — — — — — — — of which motor vehicle loans 9,675 9,675 18 18 — — Local governments financing 3,781 — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 235 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2024 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitiona l Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Other local government financing 3,781 — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 820 820 5 5 — — — — — — — — — — — — — — Other assets excluded from the numerator for GAR calculation (covered in the denominator) 263,322 — — — — — — — — — — — — — — — — — Non-financial corporations 223,547 SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations 82,250 Loans and advances 76,370 of which loans collateralized by commercial immovable property 9,322 of which building renovation loans 434 Debt securities 2,562 Equity instruments 3,318 Non-EU country counterparties not subject to NFRD disclosure obligations 141,297 Loans and advances 134,201 Debt securities 4,654 Equity instruments 2,443 Derivatives 1,088 On demand interbank loans 7,269 Cash and cash-related assets 8,667 Other assets (e.g. Goodwill, commodities etc.) 22,752 Total GAR assets 486,378 121,946 4,084 1,121 353 1,111 1,148 4 — — 4 — — — 4,183 — — — Other assets not covered for GAR calculation 257,721 Sovereigns 103,431 Central banks exposure 44,252 Trading book 110,037 Total assets 744,098 — — — — — — — — — — — — — — — — — Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations Financial guarantees 22,446 1,508 848 — 12 409 13 6 — — 86 — — — 73 — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 236 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2024 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitiona l Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Assets under management 179,437 2,554 1,135 90 48 578 46 2 — — 1 — — — 209 — — — Of which debt securities 20,232 1,544 626 90 19 271 39 1 — — — — — — 63 — — — Of which equity instruments 13,650 1,010 509 — 29 307 7 2 — — — — — — 146 — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Customers' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 237 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 75 — — — 309 — — — 126,982 4,083 1,115 353 1,112 Financial corporations 2 — — — — — — — 3,121 273 — 13 84 Credit institutions — — — — — — — — 2,506 143 — 12 27 Loans and advances — — — — — — — — 1,762 99 — 6 21 Debt securities, including UoP — — — — — — — — 735 43 — 6 6 Equity instruments — — — — — — 10 1 — — Other financial corporations 2 — — — — — — — 615 131 — 1 57 of which investment firms — — — — — — — — 4 — — — — Loans and advances — — — — — — — — 4 — — — — Debt securities, including UoP — — — — — — — — — — — — — Equity instruments — — — — — — — — — — of which management companies — — — — — — — — 32 10 — — 9 Loans and advances — — — — — — — — 32 10 — — 9 Debt securities, including UoP — — — — — — — — — — — — — Equity instruments — — — — — — — — — — of which insurance undertakings — — — — — — — — — — — — — Loans and advances — — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — Equity instruments — — — — — — — — — — Non-financial corporations 73 — — — 309 — — — 12,733 2,704 10 340 1,028 Loans and advances 53 — — — 309 — — — 11,578 2,351 — 325 816 Debt securities, including UoP 4 — — — — — — — 575 316 10 15 203 Equity instruments 17 — — — — — 580 37 — 9 Households 111,127 1,106 1,106 — — of which loans collateralized by residential immovable property 97,034 1,088 1,088 — — of which building renovation loans 4,418 — — — — of which motor vehicle loans 9,675 18 18 — — Local governments financing — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — Other local government financing — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 238 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 684 5 5 — — Non-financial corporations SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralized by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other assets (e.g. Goodwill, commodities etc.) Total GAR assets 75 — — — 309 — — — 127,666 4,088 1,121 353 1,112 Other assets not covered for GAR calculation Sovereigns Central banks exposure Trading book Total assets — — — — — — — — — — — — — Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations Financial guarantees 8 — — — — — — — 1,688 855 — 12 410 Assets under management 209 — — — — — — — 3,020 1,138 90 48 579 Of which debt securities 50 — — — — — — — 1,697 627 90 19 271 Of which equity instruments 159 — — — — — — — 1,323 511 — 29 308 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 239 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Customers' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 240 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2023 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitiona l Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 245,270 121,137 2,180 — 120 789 1,062 122 — 9 — — — — — — — — Financial corporations 40,449 4,153 — — — — 562 — — — — — — — — — — — Credit institutions 20,040 2,255 — — — — 369 — — — — — — — — — — — Loans and advances 16,634 1,629 — — — — 155 — — — — — — — — — — — Debt securities, including UoP 3,397 627 — — — — 214 — — — — — — — — — — — Equity instruments 9 — — — — — — — — — — — — — Other financial corporations 20,409 1,898 — — — — 193 — — — — — — — — — — — of which investment firms 1,065 302 — — — — 2 — — — — — — — — — — — Loans and advances 998 302 — — — — 2 — — — — — — — — — — — Debt securities, including UoP 66 — — — — — — — — — — — — — — — — — Equity instruments 1 — — — — — — — — — — — — — of which management companies 448 18 — — — — — — — — — — — — — — — — Loans and advances 344 18 — — — — — — — — — — — — — — — — Debt securities, including UoP 19 — — — — — — — — — — — — — — — — — Equity instruments 85 — — — — — — — — — — — — — of which insurance undertakings 2,024 21 — — — — 35 — — — — — — — — — — — Loans and advances 738 21 — — — — — — — — — — — — — — — — Debt securities, including UoP 5 — — — — — 5 — — — — — — — — — — — Equity instruments 1,281 — — — — 30 — — — — — — — — Non-financial corporations 22,389 6,321 1,490 — 120 789 500 122 — 9 — — — — — — — — Loans and advances 19,775 6,116 1,408 — 115 736 474 119 — 8 — — — — — — — — Debt securities, including UoP 1,266 131 67 — 6 38 3 3 — 2 — — — — — — — — Equity instruments 1,348 74 15 — 14 23 — — — — — — — — Households 177,287 109,728 690 — — — — — — — — — — — of which loans collateralized by residential immovable property 96,226 96,226 690 — — — — — — — — — — — of which building renovation loans 4,478 4,478 — — — — — — — — — — — — of which motor vehicle loans 9,024 9,024 — — — — Local governments financing 4,210 — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 241 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2023 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitiona l Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Other local government financing 4,210 — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 934 934 1 — — — — — — — — — — — — — — — Other assets excluded from the numerator for GAR calculation (covered in the denominator) 196,518 — — — — — — — — — — — — — — — — — Non-financial corporations 160,448 SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations 57,850 Loans and advances 56,917 of which loans collateralized by commercial immovable property 8,875 of which building renovation loans 367 Debt securities 516 Equity instruments 417 Non-EU country counterparties not subject to NFRD disclosure obligations 102,598 Loans and advances 98,990 Debt securities 3,112 Equity instruments 497 Derivatives 1,420 On demand interbank loans 7,085 Cash and cash-related assets 7,782 Other assets (e.g. Goodwill, commodities etc.) 19,783 Total GAR assets 441,787 121,137 2,180 — 120 789 1,062 122 — 9 — — — — — — — — Other assets not covered for GAR calculation 306,457 Sovereigns 96,465 Central banks exposure 68,488 Trading book 141,505 Total assets 748,244 — — — — — — — — — — — — — — — — — Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations Financial guarantees 18,782 973 378 — 17 189 110 2 — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 242 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2023 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitiona l Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Assets under management 179,338 982 273 — 16 155 42 11 — 7 — — — — — — — — Of which debt securities 53,240 464 113 — 10 42 10 4 — 4 — — — — — — — — Of which equity instruments 9,648 518 161 — 6 112 31 7 — 3 — — — — — — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Customers' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 243 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation — — — — — — — — 122,198 2,302 — 120 798 Financial corporations — — — — — — — — 4,715 — — — — Credit institutions — — — — — — — — 2,624 — — — — Loans and advances — — — — — — — — 1,783 — — — — Debt securities, including UoP — — — — — — — — 841 — — — — Equity instruments — — — — — — — — — — Other financial corporations — — — — — — — — 2,091 — — — — of which investment firms — — — — — — — — 304 — — — — Loans and advances — — — — — — — — 304 — — — — Debt securities, including UoP — — — — — — — — — — — — — Equity instruments — — — — — — — — — — of which management companies — — — — — — — — 18 — — — — Loans and advances — — — — — — — — 18 — — — — Debt securities, including UoP — — — — — — — — — — — — — Equity instruments — — — — — — — — — — of which insurance undertakings — — — — — — — — 56 — — — — Loans and advances — — — — — — — — 22 — — — — Debt securities, including UoP — — — — — — — — 5 — — — — Equity instruments — — — — — — 30 — — — Non-financial corporations — — — — — — — — 6,821 1,612 — 120 798 Loans and advances — — — — — — — — 6,590 1,527 — 115 744 Debt securities, including UoP — — — — — — — — 134 69 — 6 40 Equity instruments — — — — — — 97 15 — 14 Households 109,728 690 — — — of which loans collateralized by residential immovable property 96,226 690 — — — of which building renovation loans 4,478 — — — — of which motor vehicle loans 9,024 — — — — Local governments financing — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — Other local government financing — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 244 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 934 1 — — — Other assets excluded from the numerator for GAR calculation (covered in the denominator) — — — — — — — — — — — — — Non-financial corporations SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralized by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other assets (e.g. Goodwill, commodities etc.) Total GAR assets — — — — — — — — 122,198 2,302 — 120 798 Other assets not covered for GAR calculation Sovereigns Central banks exposure Trading book Total assets — — — — — — — — — — — — — Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations Financial guarantees — — — — — — — — 1,083 380 — 17 189 Assets under management — — — — — — — — 1,024 285 — 16 162 Of which debt securities — — — — — — — — 474 117 — 10 46 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 245 ASSETS FOR THE CALCULATION OF GAR - TURNOVER Million EUR 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling Of which equity instruments — — — — — — — — 550 168 — 6 115 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Customers' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 246 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2023 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitiona l Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 245,270 122,018 3,406 — 125 1,355 1,092 119 — 17 — — — — — — — — Financial corporations 40,449 4,198 — — — — 573 — — — — — — — — — — — Credit institutions 20,040 2,191 — — — — 369 — — — — — — — — — — — Loans and advances 16,634 1,594 — — — — 155 — — — — — — — — — — — Debt securities, including UoP 3,397 597 — — — — 214 — — — — — — — — — — — Equity instruments 9 — — — — — — — — — — — — — Other financial corporations 20,409 2,007 — — — — 204 — — — — — — — — — — — of which investment firms 1,065 267 — — — — 11 — — — — — — — — — — — Loans and advances 998 267 — — — — 11 — — — — — — — — — — — Debt securities, including UoP 66 — — — — — — — — — — — — — — — — — Equity instruments 1 — — — — — — — — — — — — — of which management companies 448 18 — — — — — — — — — — — — — — — — Loans and advances 344 18 — — — — — — — — — — — — — — — — Debt securities, including UoP 19 — — — — — — — — — — — — — — — — — Equity instruments 85 — — — — — — — — — — — — — of which insurance undertakings 2,024 10 — — — — 35 — — — — — — — — — — — Loans and advances 738 10 — — — — — — — — — — — — — — — — Debt securities, including UoP 5 — — — — — 5 — — — — — — — — — — — Equity instruments 1,281 — — — — 30 — — — — — — — — Non-financial corporations 22,389 7,157 2,716 — 125 1,355 519 119 — 17 — — — — — — — — Loans and advances 19,775 6,809 2,464 — 114 1,284 500 116 — 14 — — — — — — — — Debt securities, including UoP 1,266 311 230 — 10 58 4 3 — 3 — — — — — — — — Equity instruments 1,348 37 21 — 13 15 — — — — — — — — Households 177,287 109,728 690 — — — — — — — — — — — of which loans collateralized by residential immovable property 96,226 96,226 690 — — — — — — — — — — — of which building renovation loans 4,478 4,478 — — — — — — — — — — — — of which motor vehicle loans 9,024 9,024 — — — — Local governments financing 4,210 — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 247 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2023 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitiona l Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Other local government financing 4,210 — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 934 934 1 — — — — — — — — — — — — — — — Other assets excluded from the numerator for GAR calculation (covered in the denominator) 196,518 — — — — — — — — — — — — — — — — — Non-financial corporations 160,448 SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations 57,850 Loans and advances 56,917 of which loans collateralized by commercial immovable property 8,875 of which building renovation loans 367 Debt securities 516 Equity instruments 417 Non-EU country counterparties not subject to NFRD disclosure obligations 102,598 Loans and advances 98,990 Debt securities 3,112 Equity instruments 497 Derivatives 1,420 On demand interbank loans 7,085 Cash and cash-related assets 7,782 Other assets (e.g. Goodwill, commodities etc.) 19,783 Total GAR assets 441,787 122,018 3,406 — 125 1,355 1,092 119 — 17 — — — — — — — — Other assets not covered for GAR calculation 306,457 Sovereigns 96,465 Central banks exposure 68,488 Trading book 141,505 Total assets 748,244 — — — — — — — — — — — — — — — — — Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations Financial guarantees 18,782 1,554 1,034 — 32 275 116 2 — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 248 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2023 Total [gross] carrying amount Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy- aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitiona l Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Assets under management 179,338 1,441 595 — 33 287 48 19 — 15 — — — — — — — — Of which debt securities 53,240 640 244 — 25 76 16 10 — 10 — — — — — — — — Of which equity instruments 9,648 801 351 — 7 211 32 10 — 5 — — — — — — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Customers' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 249 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation — — — — — — — — 123,110 3,525 — 125 1,373 Financial corporations — — — — — — — — 4,771 — — — — Credit institutions — — — — — — — — 2,560 — — — — Loans and advances — — — — — — — — 1,749 — — — — Debt securities, including UoP — — — — — — — — 812 — — — — Equity instruments — — — — — — — — — — Other financial corporations — — — — — — — — 2,211 — — — — of which investment firms — — — — — — — — 278 — — — — Loans and advances — — — — — — — — 278 — — — — Debt securities, including UoP — — — — — — — — — — — — — Equity instruments — — — — — — — — — — of which management companies — — — — — — — — 18 — — — — Loans and advances — — — — — — — — 18 — — — — Debt securities, including UoP — — — — — — — — — — — — — Equity instruments — — — — — — — — — — of which insurance undertakings — — — — — — — — 45 — — — — Loans and advances — — — — — — — — 10 — — — — Debt securities, including UoP — — — — — — — — 5 — — — — Equity instruments — — — — — — 30 — — — Non-financial corporations — — — — — — — — 7,676 2,835 — 125 1,373 Loans and advances — — — — — — — — 7,310 2,580 — 114 1,298 Debt securities, including UoP — — — — — — — — 315 234 — 10 62 Equity instruments — — — — — — 52 21 — 13 Households 109,728 690 — — — of which loans collateralized by residential immovable property 96,226 690 — — — of which building renovation loans 4,478 — — — — of which motor vehicle loans 9,024 — — — — Local governments financing — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — Other local government financing — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 250 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 934 1 — — — Other assets excluded from the numerator for GAR calculation (covered in the denominator) — — — — — — — — — — — — — Non-financial corporations SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralized by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other assets (e.g. Goodwill, commodities etc.) Total GAR assets — — — — — — — — 123,110 3,525 — 125 1,373 Other assets not covered for GAR calculation Sovereigns Central banks exposure Trading book Total assets — — — — — — — — — — — — — Off-balance sheet exposures - Corporates subject to NFRD disclosure obligations Financial guarantees — — — — — — — — 1,671 1,036 — 32 275 Assets under management — — — — — — — — 1,489 614 — 33 302 Of which debt securities — — — — — — — — 656 254 — 25 85 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 251 ASSETS FOR THE CALCULATION OF GAR - CAPEX Million EUR 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which towards taxonomy relevant sectors (Taxonomy- eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy- aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling Of which equity instruments — — — — — — — — 833 361 — 7 217 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Customers' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 252 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) A.02.10 Silviculture and other forestry activities — — — — — — — — B.06.10 Extraction of crude petroleum 1 — — — — — — — B.08.11 Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate — — — — — — — — B.09.10 Support activities for petroleum and natural gas extraction 66 13 — — — — — — C.10.83 Processing of tea and coffee — — — — — — — — C.10.89 Manufacture of other food products n.e.c. — — — — — — — — C.11.02 Manufacture of wine from grape — — — — — — — — C.11.04 Manufacture of other non-distilled fermented beverages — — — — — — 4 — C.11.05 Manufacture of beer — — — — — — 9 — C.11.07 Manufacture of soft drinks; production of mineral waters and other bottled waters — — — — — — 17 — C.13.99 Manufacture of other textiles n.e.c. — — — — — — 4 — C.15.20 Manufacture of footwear — — — — — — — — C.16.10 Sawmilling and planing of wood 1 — — — — — — — C.16.23 Manufacture of other builders'' carpentry and joinery — — — — — — — — C.16.29 Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials 1 — — — — — — — C.17.11 Manufacture of pulp 14 14 — — — — 20 — C.17.12 Manufacture of paper and paperboard — — — — — — — — C.17.21 Manufacture of corrugated paper and paperboard and of containers of paper and paperboard 1 1 — — — — — — C.17.29 Manufacture of other articles of paper and paperboard — — — — — — — — C.18.11 Printing of newspapers — — — — — — — — C.18.12 Other printing — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 253 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) C.19.20 Manufacture of refined petroleum products 30 5 — — — — — — C.20.11 Manufacture of industrial gases — — — — — — — — C.20.13 Manufacture of other inorganic basic chemicals 7 1 — — — — — — C.20.14 Manufacture of other organic basic chemicals 27 — — — — — — — C.20.16 Manufacture of plastics in primary forms 8 — — — — — — — C.20.17 Manufacture of synthetic rubber in primary forms 2 — — — — — — — C.20.20 Manufacture of pesticides and other agrochemical products — — — — — — — — C.20.52 Manufacture of glues — — — — — — — — C.20.59 Manufacture of other chemical products n.e.c. 4 — — — — — — — C.21.10 Manufacture of basic pharmaceutical products — — — — — — — — C.21.20 Manufacture of pharmaceutical preparations — — — — — — — — C.22.11 Manufacture of rubber tires and tubes; retreading and rebuilding of rubber tires — — — — — — — — C.22.19 Manufacture of other rubber products — — — — — — — — C.22.22 Manufacture of plastic packing goods 3 — — — — — — — C.22.29 Manufacture of other plastic products 3 — — — — — — — C.23.13 Manufacture of hollow glass — — — — — — 37 — C.23.51 Manufacture of cement 17 — — — — — — — C.23.61 Manufacture of concrete products for construction purposes — — — — — — — — C.23.63 Manufacture of ready-mixed concrete 3 — — — — — — — C.23.64 Manufacture of mortars 1 — — — — — — — C.23.99 Manufacture of other non-metallic mineral products n.e.c. 1 — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 254 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) C.24.10 Manufacture of basic iron and steel and of ferro-alloys 253 226 — — — — 5 — C.24.20 Manufacture of tubes, pipes, hollow profiles and related fittings, of steel 15 15 — — — — 53 — C.24.31 Cold drawing of bars 10 9 — — — — — — C.24.32 Cold rolling of narrow strip 1 — — — — — 4 — C.24.34 Cold drawing of wire — — — — — — — — C.24.42 Aluminium production — — — — — — — — C.24.45 Other non-ferrous metal production 10 9 — — — — — — C.24.51 Casting of iron — — — — — — — — C.24.52 Casting of steel 6 5 — — — — — — C.24.54 Casting of other non-ferrous metals — — — — — — — — C.25.11 Manufacture of metal structures and parts of structures 8 1 — — — — — — C.25.29 Manufacture of other tanks, reservoirs and containers of metal — — — — — — — — C.25.50 Forging, pressing, stamping and roll- forming of metal; powder metallurgy 1 — — — — — — — C.25.62 Machining — — — — — — — — C.25.73 Manufacture of tools — — — — — — — — C.25.92 Manufacture of light metal packaging — — — — — — — — C.25.93 Manufacture of wire products, chain and springs — — — — — — — — C.25.99 Manufacture of other fabricated metal products n.e.c. 8 — — — — — — — C.26.11 Manufacture of electronic components 7 — — — — — — — C.26.30 Manufacture of communication equipment 1 — — — — — — — C.26.51 Manufacture of instruments and appliances for measuring, testing and navigation 1 1 — — — — 3 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 255 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) C.26.60 Manufacture of irradiation, electromedical and electrotherapeutic equipment 56 — — — — — — — C.27.11 Manufacture of electric motors, generators and transformers 122 — — — — — — — C.27.12 Manufacture of electricity distribution and control apparatus — — — — — — — — C.27.20 Manufacture of batteries and accumulators — — — — — — — — C.27.32 Manufacture of other electronic and electric wires and cables 19 1 — — — — — — C.27.33 Manufacture of wiring devices 8 5 — — — — 8 — C.27.40 Manufacture of electric lighting equipment 43 4 — — — — 8 — C.27.51 Manufacture of electric domestic appliances 151 1 — — — — — — C.27.52 Manufacture of non-electric domestic appliances — — — — — — — — C.27.90 Manufacture of other electrical equipment 96 37 — — 1 — 60 — C.28.11 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines 12 1 — — — — — — C.28.12 Manufacture of fluid power equipment — — — — — — — — C.28.14 Manufacture of other taps and valves — — — — — — — — C.28.15 Manufacture of bearings, gears, gearing and driving elements — — — — — — — — C.28.22 Manufacture of lifting and handling equipment — — — — — — — — C.28.25 Manufacture of non-domestic cooling and ventilation equipment — — — — — — — — C.28.29 Manufacture of other general- purpose machinery n.e.c. 109 — — — — — — — C.28.49 Manufacture of other machine tools — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 256 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) C.28.91 Manufacture of machinery for metallurgy — — — — — — — — C.28.99 Manufacture of other special- purpose machinery n.e.c. 52 — — — — — — — C.29.10 Manufacture of motor vehicles 251 5 — — — — 530 — C.29.31 Manufacture of electrical and electronic equipment for motor vehicles — — — — — — 25 — C.29.32 Manufacture of other parts and accessories for motor vehicles 30 1 — — — — 51 — C.30.11 Building of ships and floating structures 64 — — — — — — — C.30.20 Manufacture of railway locomotives and rolling stock 214 46 — — — — — — C.30.30 Manufacture of air and spacecraft and related machinery 268 — — — — — — — C.30.99 Manufacture of other transport equipment n.e.c. 140 — — — — — — — C.32.50 Manufacture of medical and dental instruments and supplies — — — — — — — — C.33.12 Repair of machinery — — — — — — — — C.33.14 Repair of electrical equipment — — — — — — — — C.33.15 Repair and maintenance of ships and boats — — — — — — — — C.33.17 Repair and maintenance of other transport equipment — — — — — — — — C.33.19 Repair of other equipment — — — — — — — — C.33.20 Installation of industrial machinery and equipment 2 1 — — — — — — D.35.11 Production of electricity 1,313 241 2 — — — — — D.35.12 Transmission of electricity 386 7 — — — — — — D.35.13 Distribution of electricity 179 97 — — — — — — D.35.14 Trade of electricity 33 29 — — — — — — D.35.21 Manufacture of gas 56 — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 257 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) D.35.22 Distribution of gaseous fuels through mains 142 93 — — — — — — D.35.23 Trade of gas through mains 18 10 — — — — — — E.36.00 Water collection, treatment and supply 17 14 1 — — — — — E.37.00 Sewerage — — — — — — — — E.38.11 Collection of non-hazardous waste 20 1 — — — — — — E.38.21 Treatment and disposal of non- hazardous waste 24 2 — — — — — — E.38.31 Dismantling of wrecks 2 1 — — — — — — E.38.32 Recovery of sorted materials 18 14 — — — — 5 — E.39.00 Remediation activities and other waste management services — — — — — — — — F.41.10 Development of building projects 59 8 — — — — — — F.41.20 Construction of residential and non- residential buildings 44 25 — — — — 1 — F.42.11 Construction of roads and motorways 199 79 4 — 1 — 4 — F.42.12 Construction of railways and underground railways 6 3 — — — — — — F.42.13 Construction of bridges and tunnels 1 — — — — — — — F.42.21 Construction of utility projects for fluids 1 — — — — — — — F.42.22 Construction of utility projects for electricity and telecommunications 3 1 — — — — — — F.42.91 Construction of water projects 1 — — — — — — — F.42.99 Construction of other civil engineering projects n.e.c. 90 25 — — — — 1 — F.43.21 Electrical installation 54 33 1 — — — 3 — F.43.22 Plumbing, heat and air conditioning installation 1 — — — — — — — F.43.29 Other construction installation 11 — — — — — — — F.43.32 Joinery installation — — — — — — — — F.43.33 Floor and wall covering — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 258 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) F.43.39 Other building completion and finishing — — — — — — — — F.43.99 Other specialized construction activities n.e.c. 86 53 1 — — — 2 — G.45.11 Sale of cars and light motor vehicles — — — — — — — — G.45.19 Sale of other motor vehicles 4 — — — — — 1 — G.45.20 Maintenance and repair of motor vehicles — — — — — — — — G.45.31 Wholesale trade of motor vehicle parts and accessories 1 1 — — — — — — G.45.32 Retail trade of motor vehicle parts and accessories 2 1 — — — — — — G.46.12 Agents involved in the sale of fuels, ores, metals and industrial chemicals — — — — — — — — G.46.14 Agents involved in the sale of machinery, industrial equipment, ships and aircraft — — — — — — — — G.46.16 Agents involved in the sale of textiles, clothing, fur, footwear and leather goods — — — — — — — — G.46.17 Agents involved in the sale of food, beverages and tobacco — — — — — — — — G.46.19 Agents involved in the sale of a variety of goods — — — — — — 2 — G.46.21 Wholesale of grain, unmanufactured tobacco, seeds and animal feeds — — — — — — 25 — G.46.31 Wholesale of fruit and vegetables — — — — — — — — G.46.33 Wholesale of dairy products, eggs and edible oils and fats — — — — — — — — G.46.34 Wholesale of beverages — — — — — — 2 — G.46.37 Wholesale of coffee, tea, cocoa and spices — — — — — — 50 — G.46.39 Non-specialized wholesale of food, beverages and tobacco 32 — — — — — 115 — G.46.42 Wholesale of clothing and footwear — — — — — — 43 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 259 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) G.46.43 Wholesale of electrical household appliances — — — — — — — — G.46.46 Wholesale of pharmaceutical goods — — — — — — — — G.46.49 Wholesale of other household goods 1 1 — — — — 4 — G.46.51 Wholesale of computers, computer peripheral equipment and software — — — — — — 1 — G.46.52 Wholesale of electronic and telecommunications equipment and parts 12 12 — — — — 40 — G.46.69 Wholesale of other machinery and equipment 6 — — — — — 2 — G.46.71 Wholesale of solid, liquid and gaseous fuels and related products 26 5 — — — — 612 — G.46.72 Wholesale of metals and metal ores — — — — — — 3 — G.46.73 Wholesale of wood, construction materials and sanitary equipment — — — — — — 23 — G.46.74 Wholesale of hardware, plumbing and heating equipment and supplies 1 — — — — — 1 — G.46.75 Wholesale of chemical products — — — — — — 3 — G.46.76 Wholesale of other intermediate products — — — — — — — — G.46.77 Wholesale of waste and scrap — — — — — — 2 — G.46.90 Non-specialized wholesale trade 1 1 — — — — 38 — G.47.11 Retail sale in non-specialized stores with food, beverages or tobacco predominating — — — — — — 52 — G.47.19 Other retail sale in non-specialized stores 1 1 — — — — 58 — G.47.23 Retail sale of fish, crustaceans and mollusks in specialized stores — — — — — — — — G.47.29 Other retail sale of food in specialized stores — — — — — — 73 — G.47.30 Retail sale of automotive fuel in specialized stores 1 — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 260 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) G.47.41 Retail sale of computers, peripheral units and software in specialized stores — — — — — — 1 — G.47.42 Retail sale of telecommunications equipment in specialized stores — — — — — — — — G.47.43 Retail sale of audio and video equipment in specialized stores — — — — — — — — G.47.52 Retail sale of hardware, paints and glass in specialized stores — — — — — — — — G.47.54 Retail sale of electrical household appliances in specialized stores — — — — — — 5 — G.47.61 Retail sale of books in specialized stores — — — — — — — — G.47.71 Retail sale of clothing in specialized stores — — — — — — — — G.47.74 Retail sale of medical and orthopedic goods in specialized stores — — — — — — 54 — G.47.75 Retail sale of cosmetic and toilet articles in specialized stores — — — — — — — — G.47.78 Other retail sale of new goods in specialized stores — — — — — — 202 — G.47.91 Retail sale via mail order houses or via Internet — — — — — — — — G.47.99 Other retail sale not in stores, stalls or markets — — — — — — — — H.49.10 Passenger rail transport, interurban 177 — — — — — — — H.49.20 Freight rail transport 11 — — — — — — — H.49.39 Other passenger land transport n.e.c. 1 — — — — — — — H.49.41 Freight transport by road 10 — — — — — 6 — H.49.50 Transport via pipeline 2 2 — — — — — — H.50.20 Sea and coastal freight water transport 25 8 — — — — — — H.51.10 Passenger air transport — — — — — — — — H.51.21 Freight air transport 87 — — — — — — — H.52.10 Warehousing and storage — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 261 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) H.52.21 Service activities incidental to land transportation 1 — — — — — — — H.52.22 Service activities incidental to water transportation — — — — — — — — H.52.23 Service activities incidental to air transportation 1 — — — — — — — H.52.24 Cargo handling 1 1 — — — — — — H.52.29 Other transportation support activities 710 245 — — — — — — I.55.10 Hotels and similar accommodation — — — — — — — — I.56.10 Restaurants and mobile food service activities — — — — — — — — I.56.29 Other food service activities — — — — — — — — J.58.11 Book publishing — — — — — — — — J.58.13 Publishing of newspapers — — — — — — — — J.58.14 Publishing of journals and periodicals — — — — — — — — J.58.19 Other publishing activities — — 1 — — — — — J.59.11 Motion picture, video and television programme production activities — — — — — — — — J.60.20 Television programming and broadcasting activities — — 14 — — — — — J.61.10 Wired telecommunications activities 30 9 2 — — — 274 — J.61.20 Wireless telecommunications activities 1 — 1 — — — 473 — J.61.30 Satellite telecommunications activities — — — — — — — — J.61.90 Other telecommunications activities 57 — 1 — — — 1,168 — J.62.01 Computer programming activities 23 — — — — — — — J.62.02 Computer consultancy activities 30 — — — — — — — J.62.09 Other information technology and computer service activities 5 1 — — — — 3 — J.63.11 Data processing, hosting and related activities — — — — — — — — J.63.12 Web portals — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 262 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) K.64.19 Other monetary intermediation — — — — — — — — K.64.20 Activities of holding companies 12 — — — — — — — K.64.91 Financial leasing 233 44 — — — — 120 — K.64.99 Other financial service activities, except insurance and pension funding n.e.c. 36 8 — — — — — — K.65.12 Non-life insurance — — — — — — — — K.66.19 Other activities auxiliary to financial services, except insurance and pension funding 2 — — — — — — — L.68.10 Buying and selling of own real estate — — — — — — — — L.68.20 Renting and operating of own or leased real estate 91 1 — — — — — — L.68.32 Management of real estate on a fee or contract basis — — — — — — — — M.70.22 Business and other management consultancy activities — — — — — — — — M.71.11 Architectural activities — — — — — — — — M.71.12 Engineering activities and related technical consultancy 75 7 — — — — 11 — M.71.20 Technical testing and analysis — — — — — — — — M.72.11 Research and experimental development on biotechnology — — — — — — — — M.72.19 Other research and experimental development on natural sciences and engineering — — — — — — — — M.73.11 Advertising agencies — — — — — — — — M.73.20 Market research and public opinion polling — — — — — — — — M.74.90 Other professional, scientific and technical activities n.e.c. 3 3 25 — — — — — N.77.11 Renting and leasing of cars and light motor vehicles 68 1 — — — — — — N.78.10 Activities of employment placement agencies — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 263 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) N.79.11 Travel agency activities — — — — — — — — N.80.10 Private security activities — — — — — — — — N.80.20 Security systems service activities — — 224 — — — — — N.81.10 Combined facilities support activities 9 1 — — — — — — N.81.21 General cleaning of buildings — — — — — — — — N.81.29 Other cleaning activities — — — — — — — — N.81.30 Landscape service activities 1 1 — — — — — — N.82.11 Combined office administrative service activities — — — — — — — — N.82.20 Activities of call centers — — — — — — — — N.82.91 Activities of collection agencies and credit bureaus — — — — — — — — N.82.99 Other business support service activities n.e.c. 4 3 — — — — — — O.84.11 General public administration activities — — 1 — — — — — P.85.59 Other education n.e.c. — — — — — — — — Q.86.10 Hospital activities 1 1 1 — — — — — Q.86.21 General medical practice activities 2 — — — — — — — Q.86.22 Specialist medical practice activities — — — — — — — — Q.86.90 Other human health activities — — — — — — — — Q.87.10 Residential nursing care activities — — 56 — — — — — Q.87.20 Residential care activities for mental retardation, mental health and substance abuse — — — — — — — — Q.87.30 Residential care activities for the elderly and disabled — — 1 — — — — — Q.87.90 Other residential care activities 2 — — — — — — — R.90.01 Performing arts — — — — — — — — R.93.12 Activities of sport clubs — — — — — — — — R.93.21 Activities of amusement parks and theme parks — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 264 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) R.93.29 Other amusement and recreation activities — — — — — — — — S.94.99 Activities of other membership organizations n.e.c. — — — — — — — — S.95.11 Repair of computers and peripheral equipment 1 1 — — — — — — S.96.03 Funeral and related activities — — — — — — — — S.96.09 Other personal service activities n.e.c. — — — — — — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total asset. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 265 GAR SECTOR INFORMATION - TURNOVER Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (BIO) Mn EUR Of which environment ally sustainable (BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) A.02.10 Silviculture and other forestry activities — — — — — — B.06.10 Extraction of crude petroleum — — — — 1 — B.08.11 Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate — — — — — — B.09.10 Support activities for petroleum and natural gas extraction — — — — 66 13 C.10.83 Processing of tea and coffee — — — — — — C.10.89 Manufacture of other food products n.e.c. — — — — — — C.11.02 Manufacture of wine from grape — — — — — — C.11.04 Manufacture of other non-distilled fermented beverages — — — — 4 — C.11.05 Manufacture of beer — — — — 9 — C.11.07 Manufacture of soft drinks; production of mineral waters and other bottled waters — — — — 17 — C.13.99 Manufacture of other textiles n.e.c. — — — — 4 — C.15.20 Manufacture of footwear — — — — — — C.16.10 Sawmilling and planing of wood — — — — 1 — C.16.23 Manufacture of other builders'' carpentry and joinery — — — — — — C.16.29 Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials — — — — 1 — C.17.11 Manufacture of pulp — — — — 34 14 C.17.12 Manufacture of paper and paperboard — — — — — — C.17.21 Manufacture of corrugated paper and paperboard and of containers of paper and paperboard — — — — 1 1 C.17.29 Manufacture of other articles of paper and paperboard — — — — — — C.18.11 Printing of newspapers — — — — — — C.18.12 Other printing — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 266 C.19.20 Manufacture of refined petroleum products — — — — 30 5 C.20.11 Manufacture of industrial gases — — — — — — C.20.13 Manufacture of other inorganic basic chemicals — — — — 7 1 C.20.14 Manufacture of other organic basic chemicals — — — — 27 — C.20.16 Manufacture of plastics in primary forms — — — — 8 — C.20.17 Manufacture of synthetic rubber in primary forms — — — — 2 — C.20.20 Manufacture of pesticides and other agrochemical products 18 — — — 18 — C.20.52 Manufacture of glues — — — — — — C.20.59 Manufacture of other chemical products n.e.c. — — — — 4 — C.21.10 Manufacture of basic pharmaceutical products 26 — — — 26 — C.21.20 Manufacture of pharmaceutical preparations 71 — — — 71 — C.22.11 Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres — — — — — — C.22.19 Manufacture of other rubber products — — — — — — C.22.22 Manufacture of plastic packing goods — — — — 3 — C.22.29 Manufacture of other plastic products — — — — 3 — C.23.13 Manufacture of hollow glass — — — — 37 — C.23.51 Manufacture of cement — — — — 17 — C.23.61 Manufacture of concrete products for construction purposes — — — — — — C.23.63 Manufacture of ready-mixed concrete — — — — 3 — C.23.64 Manufacture of mortars — — — — 1 — C.23.99 Manufacture of other non-metallic mineral products n.e.c. — — — — 1 — C.24.10 Manufacture of basic iron and steel and of ferro-alloys — — — — 258 226 C.24.20 Manufacture of tubes, pipes, hollow profiles and related fittings, of steel — — — — 67 15 C.24.31 Cold drawing of bars — — — — 10 9 C.24.32 Cold rolling of narrow strip — — — — 4 — C.24.34 Cold drawing of wire — — — — — — C.24.42 Aluminium production — — — — — — C.24.45 Other non-ferrous metal production — — — — 10 9 C.24.51 Casting of iron — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 267 C.24.52 Casting of steel — — — — 6 5 C.24.54 Casting of other non-ferrous metals — — — — — — C.25.11 Manufacture of metal structures and parts of structures — — — — 8 1 C.25.29 Manufacture of other tanks, reservoirs and containers of metal — — — — — — C.25.50 Forging, pressing, stamping and roll- forming of metal; powder metallurgy — — — — 1 — C.25.62 Machining — — — — — — C.25.73 Manufacture of tools — — — — — — C.25.92 Manufacture of light metal packaging — — — — — — C.25.93 Manufacture of wire products, chain and springs — — — — — — C.25.99 Manufacture of other fabricated metal products n.e.c. — — — — 8 — C.26.11 Manufacture of electronic components — — — — 7 — C.26.30 Manufacture of communication equipment — — — — 1 — C.26.51 Manufacture of instruments and appliances for measuring, testing and navigation — — — — 4 1 C.26.60 Manufacture of irradiation, electromedical and electrotherapeutic equipment — — — — 56 — C.27.11 Manufacture of electric motors, generators and transformers — — — — 122 — C.27.12 Manufacture of electricity distribution and control apparatus — — — — 1 — C.27.20 Manufacture of batteries and accumulators — — — — — — C.27.32 Manufacture of other electronic and electric wires and cables — — — — 19 1 C.27.33 Manufacture of wiring devices — — — — 17 5 C.27.40 Manufacture of electric lighting equipment — — — — 51 4 C.27.51 Manufacture of electric domestic appliances — — — — 151 1 C.27.52 Manufacture of non-electric domestic appliances — — — — — — C.27.90 Manufacture of other electrical equipment — — — — 157 37 C.28.11 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines — — — — 12 1 C.28.12 Manufacture of fluid power equipment — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 268 C.28.14 Manufacture of other taps and valves — — — — — — C.28.15 Manufacture of bearings, gears, gearing and driving elements — — — — — — C.28.22 Manufacture of lifting and handling equipment — — — — — — C.28.25 Manufacture of non-domestic cooling and ventilation equipment — — — — — — C.28.29 Manufacture of other general-purpose machinery n.e.c. — — — — 109 — C.28.49 Manufacture of other machine tools — — — — — — C.28.91 Manufacture of machinery for metallurgy — — — — — — C.28.99 Manufacture of other special-purpose machinery n.e.c. — — — — 52 — C.29.10 Manufacture of motor vehicles — — — — 781 5 C.29.31 Manufacture of electrical and electronic equipment for motor vehicles — — — — 25 — C.29.32 Manufacture of other parts and accessories for motor vehicles — — — — 81 1 C.30.11 Building of ships and floating structures — — — — 64 — C.30.20 Manufacture of railway locomotives and rolling stock — — — — 214 46 C.30.30 Manufacture of air and spacecraft and related machinery — — — — 268 — C.30.99 Manufacture of other transport equipment n.e.c. — — — — 140 — C.32.50 Manufacture of medical and dental instruments and supplies — — — — — — C.33.12 Repair of machinery — — — — — — C.33.14 Repair of electrical equipment — — — — — — C.33.15 Repair and maintenance of ships and boats — — — — — — C.33.17 Repair and maintenance of other transport equipment — — — — — — C.33.19 Repair of other equipment — — — — — — C.33.20 Installation of industrial machinery and equipment — — — — 2 1 D.35.11 Production of electricity — — — — 1,316 241 D.35.12 Transmission of electricity — — — — 386 7 D.35.13 Distribution of electricity — — — — 179 97 D.35.14 Trade of electricity — — — — 33 29 D.35.21 Manufacture of gas — — — — 56 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 269 D.35.22 Distribution of gaseous fuels through mains — — — — 142 93 D.35.23 Trade of gas through mains — — — — 18 10 E.36.00 Water collection, treatment and supply — — — — 18 14 E.37.00 Sewerage — — — — — — E.38.11 Collection of non-hazardous waste — — — — 20 1 E.38.21 Treatment and disposal of non- hazardous waste — — — — 24 2 E.38.31 Dismantling of wrecks — — — — 2 1 E.38.32 Recovery of sorted materials — — — — 24 14 E.39.00 Remediation activities and other waste management services — — — — — — F.41.10 Development of building projects — — — — 59 8 F.41.20 Construction of residential and non- residential buildings — — — — 45 25 F.42.11 Construction of roads and motorways — — — — 208 79 F.42.12 Construction of railways and underground railways — — — — 6 3 F.42.13 Construction of bridges and tunnels — — — — 1 — F.42.21 Construction of utility projects for fluids — — — — 1 — F.42.22 Construction of utility projects for electricity and telecommunications — — — — 3 1 F.42.91 Construction of water projects — — — — 1 — F.42.99 Construction of other civil engineering projects n.e.c. — — — — 92 25 F.43.21 Electrical installation — — — — 58 33 F.43.22 Plumbing, heat and air conditioning installation — — — — 1 — F.43.29 Other construction installation — — — — 11 — F.43.32 Joinery installation — — — — — — F.43.33 Floor and wall covering — — — — — — F.43.39 Other building completion and finishing — — — — — — F.43.99 Other specialized construction activities n.e.c. — — — — 89 53 G.45.11 Sale of cars and light motor vehicles — — — — — — G.45.19 Sale of other motor vehicles — — — — 5 — G.45.20 Maintenance and repair of motor vehicles — — — — — — G.45.31 Wholesale trade of motor vehicle parts and accessories — — — — 1 1 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 270 G.45.32 Retail trade of motor vehicle parts and accessories — — — — 2 1 G.46.12 Agents involved in the sale of fuels, ores, metals and industrial chemicals — — — — — — G.46.14 Agents involved in the sale of machinery, industrial equipment, ships and aircraft — — — — — — G.46.16 Agents involved in the sale of textiles, clothing, fur, footwear and leather goods — — — — — — G.46.17 Agents involved in the sale of food, beverages and tobacco — — — — — — G.46.19 Agents involved in the sale of a variety of goods — — — — 2 — G.46.21 Wholesale of grain, unmanufactured tobacco, seeds and animal feeds — — — — 25 — G.46.31 Wholesale of fruit and vegetables — — — — — — G.46.33 Wholesale of dairy products, eggs and edible oils and fats — — — — — — G.46.34 Wholesale of beverages — — — — 2 — G.46.37 Wholesale of coffee, tea, cocoa and spices — — — — 50 — G.46.39 Non-specialized wholesale of food, beverages and tobacco — — — — 147 — G.46.42 Wholesale of clothing and footwear — — — — 43 — G.46.43 Wholesale of electrical household appliances — — — — — — G.46.46 Wholesale of pharmaceutical goods 1 — — — 1 — G.46.49 Wholesale of other household goods — — — — 5 1 G.46.51 Wholesale of computers, computer peripheral equipment and software — — — — 1 — G.46.52 Wholesale of electronic and telecommunications equipment and parts — — — — 52 12 G.46.69 Wholesale of other machinery and equipment — — — — 8 — G.46.71 Wholesale of solid, liquid and gaseous fuels and related products — — — — 638 5 G.46.72 Wholesale of metals and metal ores — — — — 3 — G.46.73 Wholesale of wood, construction materials and sanitary equipment — — — — 23 — G.46.74 Wholesale of hardware, plumbing and heating equipment and supplies — — — — 2 — G.46.75 Wholesale of chemical products — — — — 3 — G.46.76 Wholesale of other intermediate products — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 271 G.46.77 Wholesale of waste and scrap — — — — 2 — G.46.90 Non-specialized wholesale trade — — — — 39 1 G.47.11 Retail sale in non-specialized stores with food, beverages or tobacco predominating — — — — 52 — G.47.19 Other retail sale in non-specialized stores — — — — 59 1 G.47.23 Retail sale of fish, crustaceans and mollusks in specialized stores — — — — — — G.47.29 Other retail sale of food in specialized stores — — — — 73 — G.47.30 Retail sale of automotive fuel in specialized stores — — — — 1 — G.47.41 Retail sale of computers, peripheral units and software in specialized stores — — — — 1 — G.47.42 Retail sale of telecommunications equipment in specialized stores — — — — — — G.47.43 Retail sale of audio and video equipment in specialized stores — — — — — — G.47.52 Retail sale of hardware, paints and glass in specialized stores — — — — — — G.47.54 Retail sale of electrical household appliances in specialized stores — — — — 5 — G.47.61 Retail sale of books in specialized stores — — — — — — G.47.71 Retail sale of clothing in specialized stores — — — — — — G.47.74 Retail sale of medical and orthopedic goods in specialized stores — — — — 54 — G.47.75 Retail sale of cosmetic and toilet articles in specialized stores — — — — — — G.47.78 Other retail sale of new goods in specialized stores — — — — 202 — G.47.91 Retail sale via mail order houses or via Internet — — — — — — G.47.99 Other retail sale not in stores, stalls or markets — — — — — — H.49.10 Passenger rail transport, interurban — — — — 177 — H.49.20 Freight rail transport — — — — 11 — H.49.39 Other passenger land transport n.e.c. — — — — 1 — H.49.41 Freight transport by road — — — — 16 — H.49.50 Transport via pipeline — — — — 2 2 H.50.20 Sea and coastal freight water transport — — — — 25 8 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 272 H.51.10 Passenger air transport — — — — — — H.51.21 Freight air transport — — — — 87 — H.52.10 Warehousing and storage — — — — — — H.52.21 Service activities incidental to land transportation — — — — 1 — H.52.22 Service activities incidental to water transportation — — — — — — H.52.23 Service activities incidental to air transportation — — — — 1 — H.52.24 Cargo handling — — — — 1 1 H.52.29 Other transportation support activities — — — — 711 245 I.55.10 Hotels and similar accommodation — — 309 — 309 — I.56.10 Restaurants and mobile food service activities — — — — — — I.56.29 Other food service activities — — — — — — J.58.11 Book publishing — — — — — — J.58.13 Publishing of newspapers — — — — — — J.58.14 Publishing of journals and periodicals — — — — — — J.58.19 Other publishing activities — — — — 1 — J.59.11 Motion picture, video and television programme production activities — — — — — — J.60.20 Television programming and broadcasting activities — — — — 14 — J.61.10 Wired telecommunications activities — — — — 306 9 J.61.20 Wireless telecommunications activities — — — — 474 — J.61.30 Satellite telecommunications activities — — — — — — J.61.90 Other telecommunications activities — — — — 1,227 — J.62.01 Computer programming activities — — — — 23 — J.62.02 Computer consultancy activities — — — — 30 — J.62.09 Other information technology and computer service activities — — — — 8 1 J.63.11 Data processing, hosting and related activities — — — — — — J.63.12 Web portals — — — — — — K.64.19 Other monetary intermediation — — — — — — K.64.20 Activities of holding companies — — — — 12 — K.64.91 Financial leasing — — — — 353 44 K.64.99 Other financial service activities, except insurance and pension funding n.e.c. — — — — 36 8 K.65.12 Non-life insurance — — — — — — K.66.19 Other activities auxiliary to financial services, except insurance and pension funding — — — — 2 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 273 L.68.10 Buying and selling of own real estate — — — — — — L.68.20 Renting and operating of own or leased real estate 1 — — — 92 1 L.68.32 Management of real estate on a fee or contract basis — — — — — — M.70.22 Business and other management consultancy activities — — — — — — M.71.11 Architectural activities — — — — — — M.71.12 Engineering activities and related technical consultancy — — — — 86 7 M.71.20 Technical testing and analysis — — — — — — M.72.11 Research and experimental development on biotechnology — — — — — — M.72.19 Other research and experimental development on natural sciences and engineering — — — — — — M.73.11 Advertising agencies — — — — — — M.73.20 Market research and public opinion polling — — — — — — M.74.90 Other professional, scientific and technical activities n.e.c. — — — — 29 3 N.77.11 Renting and leasing of cars and light motor vehicles — — — — 68 1 N.78.10 Activities of employment placement agencies — — — — — — N.79.11 Travel agency activities — — — — — — N.80.10 Private security activities — — — — — — N.80.20 Security systems service activities — — — — 224 — N.81.10 Combined facilities support activities — — — — 9 1 N.81.21 General cleaning of buildings — — — — — — N.81.29 Other cleaning activities — — — — — — N.81.30 Landscape service activities — — — — 1 1 N.82.11 Combined office administrative service activities — — — — — — N.82.20 Activities of call centers — — — — — — N.82.91 Activities of collection agencies and credit bureaus — — — — — — N.82.99 Other business support service activities n.e.c. — — — — 4 3 O.84.11 General public administration activities — — — — 1 — P.85.59 Other education n.e.c. — — — — — — Q.86.10 Hospital activities — — — — 2 1 Q.86.21 General medical practice activities — — — — 2 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 274 Q.86.22 Specialist medical practice activities — — — — — — Q.86.90 Other human health activities 1 — — — 1 — Q.87.10 Residential nursing care activities — — — — 56 — Q.87.20 Residential care activities for mental retardation, mental health and substance abuse — — — — — — Q.87.30 Residential care activities for the elderly and disabled — — — — 1 — Q.87.90 Other residential care activities — — — — 2 — R.90.01 Performing arts — — — — — — R.93.12 Activities of sport clubs — — — — — — R.93.21 Activities of amusement parks and theme parks — — — — — — R.93.29 Other amusement and recreation activities — — — — — — S.94.99 Activities of other membership organizations n.e.c. — — — — — — S.95.11 Repair of computers and peripheral equipment — — — — 1 1 S.96.03 Funeral and related activities — — — — — — S.96.09 Other personal service activities n.e.c. — — — — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 275 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) A.01.21 Growing of grapes 1 — — — — — — — A.01.61 Support activities for crop production — — — — — — — — A.02.10 Silviculture and other forestry activities — — — — — — — — B.06.10 Extraction of crude petroleum 3 3 — — — — — — B.08.11 Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate — — — — — — — — B.09.10 Support activities for petroleum and natural gas extraction 33 11 — — — — — — C.10.61 Manufacture of grain mill products — — — — — — — — C.10.83 Processing of tea and coffee — — — — — — — — C.10.85 Manufacture of prepared meals and dishes — — — — — — — — C.10.89 Manufacture of other food products n.e.c. — — — — — — — — C.11.01 Distilling, rectifying and blending of spirits — — — — — — — — C.11.02 Manufacture of wine from grape 4 1 — — — — — — C.11.04 Manufacture of other non-distilled fermented beverages — — — — — — 4 — C.11.05 Manufacture of beer — — — — — — 9 — C.11.07 Manufacture of soft drinks; production of mineral waters and other bottled waters — — — — — — 17 — C.13.99 Manufacture of other textiles n.e.c. — — — — — — 4 — C.14.13 Manufacture of other outerwear — — — — — — — — C.15.11 Tanning and dressing of leather; dressing and dyeing of fur 2 — — — — — — — C.15.12 Manufacture of luggage, handbags and the like, saddlery and harness — — — — — — — — C.15.20 Manufacture of footwear — — — — — — — — C.16.10 Sawmilling and planing of wood 1 — — — — — — — C.16.23 Manufacture of other builders'' carpentry and joinery — — — — — — — — C.16.29 Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials 2 1 — — — — — — C.17.11 Manufacture of pulp 30 27 — — — — 29 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 276 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) C.17.12 Manufacture of paper and paperboard 1 — — — — — — — C.17.21 Manufacture of corrugated paper and paperboard and of containers of paper and paperboard 22 22 — — — — — — C.17.29 Manufacture of other articles of paper and paperboard — — — — — — — — C.18.11 Printing of newspapers — — — — — — — — C.18.12 Other printing — — — — — — — — C.19.20 Manufacture of refined petroleum products 160 133 — — — — 1 — C.20.11 Manufacture of industrial gases — — — — — — — — C.20.12 Manufacture of dyes and pigments — — — — — — — — C.20.13 Manufacture of other inorganic basic chemicals 5 4 — — — — — — C.20.14 Manufacture of other organic basic chemicals 28 — — — — — — — C.20.16 Manufacture of plastics in primary forms 12 5 — — — — — — C.20.17 Manufacture of synthetic rubber in primary forms 11 9 — — — — — — C.20.20 Manufacture of pesticides and other agrochemical products 1 — — — — — — — C.20.41 Manufacture of soap and detergents, cleaning and polishing preparations 2 — — — — — — — C.20.42 Manufacture of perfumes and toilet preparations — — — — — — — — C.20.51 Manufacture of explosives — — — — — — — — C.20.59 Manufacture of other chemical products n.e.c. 7 1 — — — — — — C.21.10 Manufacture of basic pharmaceutical products 1 — — — — — — — C.21.20 Manufacture of pharmaceutical preparations 1 — — — — — — — C.22.11 Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres — — — — — — — — C.22.19 Manufacture of other rubber products — — — — — — — — C.22.22 Manufacture of plastic packing goods 3 — — — — — — — C.22.29 Manufacture of other plastic products 4 — — — — — — — C.23.13 Manufacture of hollow glass 9 1 — — — — 16 — C.23.19 Manufacture and processing of other glass, including technical glassware — — — — — — — — C.23.51 Manufacture of cement 17 — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 277 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) C.23.61 Manufacture of concrete products for construction purposes — — — — — — — — C.23.63 Manufacture of ready-mixed concrete 3 — — — — — — — C.23.64 Manufacture of mortars 1 — — — — — — — C.23.99 Manufacture of other non-metallic mineral products n.e.c. — — — — — — — — C.24.10 Manufacture of basic iron and steel and of ferro-alloys 251 245 — — — — 5 — C.24.20 Manufacture of tubes, pipes, hollow profiles and related fittings, of steel 15 15 — — — — 53 — C.24.31 Cold drawing of bars 10 10 — — — — — — C.24.32 Cold rolling of narrow strip 1 — — — — — 4 — C.24.34 Cold drawing of wire — — — — — — — — C.24.42 Aluminium production — — — — — — — — C.24.45 Other non-ferrous metal production 10 9 — — — — — — C.24.51 Casting of iron — — — — — — — — C.24.52 Casting of steel 6 6 — — — — — — C.25.11 Manufacture of metal structures and parts of structures 7 — — — — — — — C.25.29 Manufacture of other tanks, reservoirs and containers of metal — — — — — — — — C.25.50 Forging, pressing, stamping and roll-forming of metal; powder metallurgy 1 — — — — — — — C.25.93 Manufacture of wire products, chain and springs — — — — — — — — C.25.99 Manufacture of other fabricated metal products n.e.c. 8 — — — — — — — C.26.11 Manufacture of electronic components 7 — — — — — — — C.26.30 Manufacture of communication equipment 1 — — — — — — — C.26.51 Manufacture of instruments and appliances for measuring, testing and navigation 1 1 — — — — 3 — C.26.60 Manufacture of irradiation, electromedical and electrotherapeutic equipment 56 — — — — — — — C.27.11 Manufacture of electric motors, generators and transformers 122 — — — — — — — C.27.12 Manufacture of electricity distribution and control apparatus 1 — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 278 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) C.27.20 Manufacture of batteries and accumulators 2 2 — — — — — — C.27.32 Manufacture of other electronic and electric wires and cables 20 2 — — — — — — C.27.33 Manufacture of wiring devices 12 6 — — — — 4 — C.27.40 Manufacture of electric lighting equipment 44 4 — — — — 7 — C.27.51 Manufacture of electric domestic appliances 150 2 — — — — — — C.27.52 Manufacture of non-electric domestic appliances — — — — — — — — C.27.90 Manufacture of other electrical equipment 125 45 — — — — 27 — C.28.11 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines 12 1 — — — — — — C.28.12 Manufacture of fluid power equipment — — — — — — — — C.28.14 Manufacture of other taps and valves — — — — — — — — C.28.15 Manufacture of bearings, gears, gearing and driving elements — — — — — — — — C.28.22 Manufacture of lifting and handling equipment — — — — — — — — C.28.25 Manufacture of non-domestic cooling and ventilation equipment — — — — — — — — C.28.29 Manufacture of other general-purpose machinery n.e.c. 109 — — — — — — — C.28.49 Manufacture of other machine tools — — — — — — — — C.28.91 Manufacture of machinery for metallurgy — — — — — — — — C.28.99 Manufacture of other special-purpose machinery n.e.c. 52 — — — — — — — C.29.10 Manufacture of motor vehicles 260 34 — — — — 530 — C.29.31 Manufacture of electrical and electronic equipment for motor vehicles — — — — — — 25 — C.29.32 Manufacture of other parts and accessories for motor vehicles 27 1 — — — — 51 — C.30.11 Building of ships and floating structures 64 — — — — — — — C.30.20 Manufacture of railway locomotives and rolling stock 208 39 — — — — — — C.30.30 Manufacture of air and spacecraft and related machinery 268 — — — — — — — C.30.99 Manufacture of other transport equipment n.e.c. 140 — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 279 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) C.32.13 Manufacture of imitation jewelry and related articles 4 — — — — — — — C.32.30 Manufacture of sports goods — — — — — — — — C.32.50 Manufacture of medical and dental instruments and supplies — — — — — — — — C.33.12 Repair of machinery — — — — — — — — C.33.14 Repair of electrical equipment — — — — — — — — C.33.15 Repair and maintenance of ships and boats — — — — — — — — C.33.17 Repair and maintenance of other transport equipment — — — — — — — — C.33.19 Repair of other equipment — — — — — — — — C.33.20 Installation of industrial machinery and equipment 2 1 — — — — — — D.35.11 Production of electricity 1,522 511 — — — — — — D.35.12 Transmission of electricity 401 23 — — — — — — D.35.13 Distribution of electricity 256 202 — — 1 — — — D.35.14 Trade of electricity 77 74 — — — — — — D.35.21 Manufacture of gas 56 — — — — — — — D.35.22 Distribution of gaseous fuels through mains 333 313 — — — — — — D.35.23 Trade of gas through mains 52 49 — — — — — — E.36.00 Water collection, treatment and supply 19 18 — — — — — — E.37.00 Sewerage — — — — — — — — E.38.11 Collection of non-hazardous waste 20 2 — — — — — — E.38.21 Treatment and disposal of non-hazardous waste 24 2 — — — — — — E.38.31 Dismantling of wrecks 1 — — — — — — — E.38.32 Recovery of sorted materials 17 13 — — — — 5 — E.39.00 Remediation activities and other waste management services — — — — — — — — F.41.10 Development of building projects 58 10 — — — — — — F.41.20 Construction of residential and non-residential buildings 38 22 1 — — — 1 — F.42.11 Construction of roads and motorways 152 79 2 — 2 — 4 — F.42.12 Construction of railways and underground railways 5 3 — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 280 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) F.42.13 Construction of bridges and tunnels 1 — — — — — — — F.42.21 Construction of utility projects for fluids 1 — — — — — — — F.42.22 Construction of utility projects for electricity and telecommunications 3 1 — — — — — — F.42.91 Construction of water projects 1 — — — — — — — F.42.99 Construction of other civil engineering projects n.e.c. 63 27 — — — — 1 — F.43.21 Electrical installation 58 40 — — — — 2 — F.43.22 Plumbing, heat and air conditioning installation 1 — — — — — — — F.43.29 Other construction installation 11 — — — — — — — F.43.32 Joinery installation — — — — — — — — F.43.33 Floor and wall covering — — — — — — — — F.43.39 Other building completion and finishing — — — — — — — — F.43.99 Other specialised construction activities n.e.c. 85 61 2 — — — 3 — G.45.11 Sale of cars and light motor vehicles — — — — — — — — G.45.19 Sale of other motor vehicles 4 — — — — — 1 — G.45.20 Maintenance and repair of motor vehicles — — — — — — — — G.45.31 Wholesale trade of motor vehicle parts and accessories 1 1 — — — — — — G.45.32 Retail trade of motor vehicle parts and accessories 2 1 — — — — — — G.46.12 Agents involved in the sale of fuels, ores, metals and industrial chemicals — — — — — — — — G.46.16 Agents involved in the sale of textiles, clothing, fur, footwear and leather goods — — — — — — — — G.46.17 Agents involved in the sale of food, beverages and tobacco 1 — — — — — — — G.46.19 Agents involved in the sale of a variety of goods — — — — — — 2 — G.46.21 Wholesale of grain, unmanufactured tobacco, seeds and animal feeds — — — — — — 25 — G.46.31 Wholesale of fruit and vegetables — — — — — — — — G.46.33 Wholesale of dairy products, eggs and edible oils and fats — — — — — — — — G.46.34 Wholesale of beverages — — — — — — 2 — G.46.37 Wholesale of coffee, tea, cocoa and spices — — — — — — 50 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 281 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) G.46.39 Non-specialized wholesale of food, beverages and tobacco 54 3 — — — — 111 — G.46.42 Wholesale of clothing and footwear 5 5 — — — — 43 — G.46.43 Wholesale of electrical household appliances — — — — — — — — G.46.45 Wholesale of perfume and cosmetics 1 — — — — — — — G.46.46 Wholesale of pharmaceutical goods — — — — — — — — G.46.48 Wholesale of watches and jewelry — — — — — — — — G.46.49 Wholesale of other household goods 1 1 — — — — 4 — G.46.51 Wholesale of computers, computer peripheral equipment and software — — — — — — 1 — G.46.52 Wholesale of electronic and telecommunications equipment and parts 11 11 — — — — 41 — G.46.62 Wholesale of machine tools — — — — — — — — G.46.69 Wholesale of other machinery and equipment 6 — — — — — 2 — G.46.71 Wholesale of solid, liquid and gaseous fuels and related products 123 108 — — — — 612 — G.46.72 Wholesale of metals and metal ores 2 — — — — — 3 — G.46.73 Wholesale of wood, construction materials and sanitary equipment — — — — — — 23 — G.46.74 Wholesale of hardware, plumbing and heating equipment and supplies 1 — — — — — 1 — G.46.75 Wholesale of chemical products — — — — — — 3 — G.46.76 Wholesale of other intermediate products — — — — — — — — G.46.77 Wholesale of waste and scrap — — — — — — 2 — G.46.90 Non-specialized wholesale trade 1 1 — — — — 38 — G.47.11 Retail sale in non-specialized stores with food, beverages or tobacco predominating 1 — — — — — 52 — G.47.19 Other retail sale in non-specialized stores 18 1 — — — — 58 — G.47.23 Retail sale of fish, crustaceans and mollusks in specialized stores — — — — — — — — G.47.29 Other retail sale of food in specialized stores — — — — — — 73 — G.47.30 Retail sale of automotive fuel in specialized stores 2 2 — — — — — — G.47.41 Retail sale of computers, peripheral units and software in specialized stores — — — — — — 1 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 282 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) G.47.42 Retail sale of telecommunications equipment in specialized stores — — — — — — — — G.47.43 Retail sale of audio and video equipment in specialized stores — — — — — — — — G.47.52 Retail sale of hardware, paints and glass in specialized stores — — — — — — — — G.47.54 Retail sale of electrical household appliances in specialized stores — — — — — — 5 — G.47.61 Retail sale of books in specialized stores 1 — — — — — — — G.47.71 Retail sale of clothing in specialized stores — — — — — — — — G.47.74 Retail sale of medical and orthopedic goods in specialized stores — — — — — — 54 — G.47.75 Retail sale of cosmetic and toilet articles in specialized stores — — — — — — — — G.47.76 Retail sale of flowers, plants, seeds, fertilizers, pet animals and pet food in specialized stores — — — — — — — — G.47.77 Retail sale of watches and jewelry in specialized stores — — — — — — — — G.47.78 Other retail sale of new goods in specialized stores — — — — — — 202 — G.47.89 Retail sale via stalls and markets of other goods — — — — — — — — G.47.91 Retail sale via mail order houses or via Internet — — — — — — — — G.47.99 Other retail sale not in stores, stalls or markets — — — — — — — — H.49.10 Passenger rail transport, interurban 177 — — — — — — — H.49.20 Freight rail transport 11 — — — — — — — H.49.39 Other passenger land transport n.e.c. 1 — — — — — — — H.49.41 Freight transport by road 24 2 — — — — — — H.49.50 Transport via pipeline — — — — — — — — H.50.20 Sea and coastal freight water transport 24 11 — — — — — — H.51.10 Passenger air transport — — — — — — — — H.51.21 Freight air transport 87 — — — — — — — H.52.10 Warehousing and storage — — — — — — — — H.52.21 Service activities incidental to land transportation 1 — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 283 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) H.52.22 Service activities incidental to water transportation — — — — — — — — H.52.23 Service activities incidental to air transportation 1 — — — — — — — H.52.24 Cargo handling 2 1 — — — — — — H.52.29 Other transportation support activities 727 305 — — — — — — I.55.10 Hotels and similar accommodation — — — — — — — — I.56.10 Restaurants and mobile food service activities 1 — — — — — — — J.58.11 Book publishing — — — — — — — — J.58.13 Publishing of newspapers — — — — — — — — J.58.14 Publishing of journals and periodicals — — — — — — — — J.58.19 Other publishing activities 1 — — — — — — — J.59.11 Motion picture, video and television programme production activities — — — — — — — — J.59.20 Sound recording and music publishing activities 3 — — — — — — — J.60.20 Television programming and broadcasting activities — — 14 — — — — — J.61.10 Wired telecommunications activities 37 16 7 — — — 274 — J.61.20 Wireless telecommunications activities 1 — — — — — 473 — J.61.30 Satellite telecommunications activities — — — — — — — — J.61.90 Other telecommunications activities 66 8 — — — — 1,146 — J.62.01 Computer programming activities 27 — — — — — 1 — J.62.02 Computer consultancy activities 30 — — — — — — — J.62.09 Other information technology and computer service activities 19 2 14 1 — — 2 — J.63.11 Data processing, hosting and related activities — — — — — — — — J.63.12 Web portals — — — — — — — — K.64.19 Other monetary intermediation 2 — — — — — — — K.64.20 Activities of holding companies 155 — — — — — — — K.64.91 Financial leasing 347 97 — — — — — — K.64.99 Other financial service activities, except insurance and pension funding n.e.c. 20 6 — — — — — — K.65.12 Non-life insurance — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 284 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) K.66.19 Other activities auxiliary to financial services, except insurance and pension funding 1 1 — — — — — — L.68.10 Buying and selling of own real estate — — — — — — — — L.68.20 Renting and operating of own or leased real estate 92 1 — — — — — — L.68.32 Management of real estate on a fee or contract basis — — — — — — — — M.69.20 Accounting, bookkeeping and auditing activities; tax consultancy — — — — — — — — M.70.22 Business and other management consultancy activities — — — — — — — — M.71.11 Architectural activities — — — — — — — — M.71.12 Engineering activities and related technical consultancy 68 4 — — — — 9 — M.71.20 Technical testing and analysis — — — — — — — — M.72.11 Research and experimental development on biotechnology — — — — — — — — M.72.19 Other research and experimental development on natural sciences and engineering — — — — — — — — M.73.11 Advertising agencies — — — — — — — — M.73.20 Market research and public opinion polling — — — — — — — — M.74.90 Other professional, scientific and technical activities n.e.c. 5 5 25 — — — — — N.77.11 Renting and leasing of cars and light motor vehicles 69 1 — — — — — — N.78.10 Activities of employment placement agencies — — — — — — — — N.79.11 Travel agency activities — — — — — — — — N.80.10 Private security activities — — — — — — — — N.80.20 Security systems service activities — — 224 — — — — — N.81.10 Combined facilities support activities 9 1 — — — — — — N.81.29 Other cleaning activities — — — — — — — — N.81.30 Landscape service activities 1 1 — — — — — — N.82.11 Combined office administrative service activities — — — — — — — — N.82.20 Activities of call centers — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 285 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) N.82.91 Activities of collection agencies and credit bureaus — — — — — — — — N.82.99 Other business support service activities n.e.c. 6 5 — — — — — — O.84.11 General public administration activities — — 1 — — — — — P.85.59 Other education n.e.c. — — — — — — — — Q.86.10 Hospital activities 1 1 1 — — — — — Q.86.21 General medical practice activities 2 — — — — — — — Q.86.22 Specialist medical practice activities — — — — — — — — Q.86.90 Other human health activities — — — — — — — — Q.87.10 Residential nursing care activities — — 56 — — — — — Q.87.20 Residential care activities for mental retardation, mental health and substance abuse — — — — — — — — Q.87.30 Residential care activities for the elderly and disabled — — 1 — — — — — Q.87.90 Other residential care activities 1 — — — — — — — R.90.01 Performing arts — — — — — — — — R.93.21 Activities of amusement parks and theme parks — — — — — — — — R.93.29 Other amusement and recreation activities — — — — — — — — S.94.99 Activities of other membership organizations n.e.c. — — — — — — — — S.95.11 Repair of computers and peripheral equipment 1 1 — — — — — — S.96.03 Funeral and related activities — — — — — — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 286 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCM) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (CCA) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (WTR) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) 7. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 287 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) A.01.21 Growing of grapes — — — — 1 — A.01.61 Support activities for crop production — — — — — — A.02.10 Silviculture and other forestry activities — — — — — — B.06.10 Extraction of crude petroleum — — — — 3 3 B.08.11 Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate — — — — — — B.09.10 Support activities for petroleum and natural gas extraction — — — — 33 11 C.10.61 Manufacture of grain mill products — — — — — — C.10.83 Processing of tea and coffee — — — — — — C.10.85 Manufacture of prepared meals and dishes — — — — — — C.10.89 Manufacture of other food products n.e.c. — — — — — — C.11.01 Distilling, rectifying and blending of spirits — — — — — — C.11.02 Manufacture of wine from grape — — — — 4 1 C.11.04 Manufacture of other non-distilled fermented beverages — — — — 4 — C.11.05 Manufacture of beer — — — — 9 — C.11.07 Manufacture of soft drinks; production of mineral waters and other bottled waters — — — — 17 — C.13.99 Manufacture of other textiles n.e.c. — — — — 4 — C.14.13 Manufacture of other outerwear — — — — — — C.15.11 Tanning and dressing of leather; dressing and dyeing of fur — — — — 2 — C.15.12 Manufacture of luggage, handbags and the like, saddlery and harness — — — — — — C.15.20 Manufacture of footwear — — — — — — C.16.10 Sawmilling and planing of wood — — — — 1 — C.16.23 Manufacture of other builders'' carpentry and joinery — — — — — — C.16.29 Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials — — — — 2 1 C.17.11 Manufacture of pulp — — — — 59 27 C.17.12 Manufacture of paper and paperboard — — — — 1 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 288 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) C.17.21 Manufacture of corrugated paper and paperboard and of containers of paper and paperboard — — — — 22 22 C.17.29 Manufacture of other articles of paper and paperboard — — — — — — C.18.11 Printing of newspapers — — — — — — C.18.12 Other printing — — — — — — C.19.20 Manufacture of refined petroleum products — — — — 161 133 C.20.11 Manufacture of industrial gases — — — — — — C.20.12 Manufacture of dyes and pigments — — — — — — C.20.13 Manufacture of other inorganic basic chemicals — — — — 6 4 C.20.14 Manufacture of other organic basic chemicals — — — — 28 — C.20.16 Manufacture of plastics in primary forms — — — — 12 5 C.20.17 Manufacture of synthetic rubber in primary forms — — — — 11 9 C.20.20 Manufacture of pesticides and other agrochemical products 7 — — — 8 — C.20.41 Manufacture of soap and detergents, cleaning and polishing preparations — — — — 2 1 C.20.42 Manufacture of perfumes and toilet preparations — — — — — — C.20.51 Manufacture of explosives — — — — — — C.20.59 Manufacture of other chemical products n.e.c. — — — — 7 1 C.21.10 Manufacture of basic pharmaceutical products 10 — — — 11 — C.21.20 Manufacture of pharmaceutical preparations 53 — — — 54 — C.22.11 Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres — — — — — — C.22.19 Manufacture of other rubber products — — — — — — C.22.22 Manufacture of plastic packing goods — — — — 3 — C.22.29 Manufacture of other plastic products — — — — 4 — C.23.13 Manufacture of hollow glass — — — — 25 1 C.23.19 Manufacture and processing of other glass, including technical glassware — — — — — — C.23.51 Manufacture of cement — — — — 17 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 289 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) C.23.61 Manufacture of concrete products for construction purposes — — — — — — C.23.63 Manufacture of ready-mixed concrete — — — — 3 — C.23.64 Manufacture of mortars — — — — 1 — C.23.99 Manufacture of other non-metallic mineral products n.e.c. — — — — — — C.24.10 Manufacture of basic iron and steel and of ferro-alloys — — — — 256 245 C.24.20 Manufacture of tubes, pipes, hollow profiles and related fittings, of steel — — — — 67 15 C.24.31 Cold drawing of bars — — — — 10 10 C.24.32 Cold rolling of narrow strip — — — — 4 — C.24.34 Cold drawing of wire — — — — — — C.24.42 Aluminium production — — — — — — C.24.45 Other non-ferrous metal production — — — — 10 9 C.24.51 Casting of iron — — — — — — C.24.52 Casting of steel — — — — 6 6 C.25.11 Manufacture of metal structures and parts of structures — — — — 7 1 C.25.29 Manufacture of other tanks, reservoirs and containers of metal — — — — — — C.25.50 Forging, pressing, stamping and roll-forming of metal; powder metallurgy — — — — 1 — C.25.93 Manufacture of wire products, chain and springs — — — — — — C.25.99 Manufacture of other fabricated metal products n.e.c. — — — — 8 — C.26.11 Manufacture of electronic components — — — — 7 — C.26.30 Manufacture of communication equipment — — — — 1 — C.26.51 Manufacture of instruments and appliances for measuring, testing and navigation — — — — 4 1 C.26.60 Manufacture of irradiation, electromedical and electrotherapeutic equipment — — — — 56 — C.27.11 Manufacture of electric motors, generators and transformers — — — — 122 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 290 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) C.27.12 Manufacture of electricity distribution and control apparatus — — — — 1 — C.27.20 Manufacture of batteries and accumulators — — — — 2 2 C.27.32 Manufacture of other electronic and electric wires and cables — — — — 20 2 C.27.33 Manufacture of wiring devices — — — — 16 6 C.27.40 Manufacture of electric lighting equipment — — — — 51 4 C.27.51 Manufacture of electric domestic appliances — — — — 150 2 C.27.52 Manufacture of non-electric domestic appliances — — — — — — C.27.90 Manufacture of other electrical equipment — — — — 153 45 C.28.11 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines — — — — 12 1 C.28.12 Manufacture of fluid power equipment — — — — — — C.28.14 Manufacture of other taps and valves — — — — — — C.28.15 Manufacture of bearings, gears, gearing and driving elements — — — — — — C.28.22 Manufacture of lifting and handling equipment — — — — — — C.28.25 Manufacture of non-domestic cooling and ventilation equipment — — — — — — C.28.29 Manufacture of other general-purpose machinery n.e.c. — — — — 109 — C.28.49 Manufacture of other machine tools — — — — — — C.28.91 Manufacture of machinery for metallurgy — — — — — — C.28.99 Manufacture of other special-purpose machinery n.e.c. — — — — 52 — C.29.10 Manufacture of motor vehicles — — — — 790 34 C.29.31 Manufacture of electrical and electronic equipment for motor vehicles — — — — 25 — C.29.32 Manufacture of other parts and accessories for motor vehicles — — — — 78 1 C.30.11 Building of ships and floating structures — — — — 64 — C.30.20 Manufacture of railway locomotives and rolling stock — — — — 208 39 C.30.30 Manufacture of air and spacecraft and related machinery — — — — 268 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 291 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) C.30.99 Manufacture of other transport equipment n.e.c. — — — — 140 — C.32.13 Manufacture of imitation jewelry and related articles — — — — 4 1 C.32.30 Manufacture of sports goods — — — — — — C.32.50 Manufacture of medical and dental instruments and supplies — — — — — — C.33.12 Repair of machinery — — — — — — C.33.14 Repair of electrical equipment — — — — — — C.33.15 Repair and maintenance of ships and boats — — — — — — C.33.17 Repair and maintenance of other transport equipment — — — — — — C.33.19 Repair of other equipment — — — — — — C.33.20 Installation of industrial machinery and equipment — — — — 2 1 D.35.11 Production of electricity — — — — 1,523 511 D.35.12 Transmission of electricity — — — — 401 23 D.35.13 Distribution of electricity — — — — 256 202 D.35.14 Trade of electricity — — — — 77 74 D.35.21 Manufacture of gas — — — — 57 — D.35.22 Distribution of gaseous fuels through mains — — — — 333 313 D.35.23 Trade of gas through mains — — — — 52 49 E.36.00 Water collection, treatment and supply — — — — 19 18 E.37.00 Sewerage — — — — — — E.38.11 Collection of non-hazardous waste — — — — 20 2 E.38.21 Treatment and disposal of non-hazardous waste — — — — 24 2 E.38.31 Dismantling of wrecks — — — — 1 — E.38.32 Recovery of sorted materials — — — — 23 13 E.39.00 Remediation activities and other waste management services — — — — — — F.41.10 Development of building projects — — — — 59 10 F.41.20 Construction of residential and non-residential buildings — — — — 39 22 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 292 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) F.42.11 Construction of roads and motorways — — — — 161 79 F.42.12 Construction of railways and underground railways — — — — 5 3 F.42.13 Construction of bridges and tunnels — — — — 1 — F.42.21 Construction of utility projects for fluids — — — — 1 — F.42.22 Construction of utility projects for electricity and telecommunications — — — — 3 1 F.42.91 Construction of water projects — — — — 1 — F.42.99 Construction of other civil engineering projects n.e.c. — — — — 64 27 F.43.21 Electrical installation — — — — 61 40 F.43.22 Plumbing, heat and air conditioning installation — — — — 1 — F.43.29 Other construction installation — — — — 11 — F.43.32 Joinery installation — — — — — — F.43.33 Floor and wall covering — — — — — — F.43.39 Other building completion and finishing — — — — — — F.43.99 Other specialised construction activities n.e.c. — — — — 89 61 G.45.11 Sale of cars and light motor vehicles — — — — — — G.45.19 Sale of other motor vehicles — — — — 5 — G.45.20 Maintenance and repair of motor vehicles — — — — — — G.45.31 Wholesale trade of motor vehicle parts and accessories — — — — 1 1 G.45.32 Retail trade of motor vehicle parts and accessories — — — — 2 1 G.46.12 Agents involved in the sale of fuels, ores, metals and industrial chemicals — — — — — — G.46.16 Agents involved in the sale of textiles, clothing, fur, footwear and leather goods — — — — — — G.46.17 Agents involved in the sale of food, beverages and tobacco — — — — 1 — G.46.19 Agents involved in the sale of a variety of goods — — — — 2 — G.46.21 Wholesale of grain, unmanufactured tobacco, seeds and animal feeds — — — — 25 — G.46.31 Wholesale of fruit and vegetables — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 293 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) G.46.33 Wholesale of dairy products, eggs and edible oils and fats — — — — — — G.46.34 Wholesale of beverages — — — — 2 — G.46.37 Wholesale of coffee, tea, cocoa and spices — — — — 50 — G.46.39 Non-specialised wholesale of food, beverages and tobacco — — — — 165 3 G.46.42 Wholesale of clothing and footwear — — — — 48 5 G.46.43 Wholesale of electrical household appliances — — — — — — G.46.45 Wholesale of perfume and cosmetics — — — — 1 — G.46.46 Wholesale of pharmaceutical goods 1 — — — 1 — G.46.48 Wholesale of watches and jewellery — — — — — — G.46.49 Wholesale of other household goods — — — — 5 1 G.46.51 Wholesale of computers, computer peripheral equipment and software — — — — 1 — G.46.52 Wholesale of electronic and telecommunications equipment and parts — — — — 53 11 G.46.62 Wholesale of machine tools — — — — — — G.46.69 Wholesale of other machinery and equipment — — — — 8 — G.46.71 Wholesale of solid, liquid and gaseous fuels and related products — — — — 735 108 G.46.72 Wholesale of metals and metal ores — — — — 5 — G.46.73 Wholesale of wood, construction materials and sanitary equipment — — — — 23 — G.46.74 Wholesale of hardware, plumbing and heating equipment and supplies — — — — 2 — G.46.75 Wholesale of chemical products — — — — 3 — G.46.76 Wholesale of other intermediate products — — — — — — G.46.77 Wholesale of waste and scrap — — — — 2 — G.46.90 Non-specialized wholesale trade — — — — 39 1 G.47.11 Retail sale in non-specialized stores with food, beverages or tobacco predominating — — — — 53 — G.47.19 Other retail sale in non-specialized stores — — — — 76 1 G.47.23 Retail sale of fish, crustaceans and mollusks in specialized stores — — — — — — G.47.29 Other retail sale of food in specialized stores — — — — 73 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 294 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) G.47.30 Retail sale of automotive fuel in specialized stores — — — — 2 2 G.47.41 Retail sale of computers, peripheral units and software in specialized stores — — — — 1 — G.47.42 Retail sale of telecommunications equipment in specialized stores — — — — — — G.47.43 Retail sale of audio and video equipment in specialized stores — — — — — — G.47.52 Retail sale of hardware, paints and glass in specialized stores — — — — — — G.47.54 Retail sale of electrical household appliances in specialized stores — — — — 5 — G.47.61 Retail sale of books in specialized stores — — — — 1 — G.47.71 Retail sale of clothing in specialized stores — — — — — — G.47.74 Retail sale of medical and orthopedic goods in specialized stores — — — — 54 — G.47.75 Retail sale of cosmetic and toilet articles in specialized stores — — — — — — G.47.76 Retail sale of flowers, plants, seeds, fertilizers, pet animals and pet food in specialized stores — — — — — — G.47.77 Retail sale of watches and jewelry in specialized stores — — — — — — G.47.78 Other retail sale of new goods in specialized stores — — — — 202 — G.47.89 Retail sale via stalls and markets of other goods — — — — — — G.47.91 Retail sale via mail order houses or via Internet — — — — — — G.47.99 Other retail sale not in stores, stalls or markets — — — — — — H.49.10 Passenger rail transport, interurban — — — — 177 — H.49.20 Freight rail transport — — — — 11 — H.49.39 Other passenger land transport n.e.c. — — — — 1 — H.49.41 Freight transport by road — — — — 24 2 H.49.50 Transport via pipeline — — — — — — H.50.20 Sea and coastal freight water transport — — — — 24 11 H.51.10 Passenger air transport — — — — — — H.51.21 Freight air transport — — — — 87 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 295 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) H.52.10 Warehousing and storage — — — — — — H.52.21 Service activities incidental to land transportation — — — — 1 — H.52.22 Service activities incidental to water transportation — — — — — — H.52.23 Service activities incidental to air transportation — — — — 1 — H.52.24 Cargo handling — — — — 2 1 H.52.29 Other transportation support activities — — — — 728 305 I.55.10 Hotels and similar accommodation — — 309 — 309 — I.56.10 Restaurants and mobile food service activities — — — — 1 — J.58.11 Book publishing — — — — — — J.58.13 Publishing of newspapers — — — — — — J.58.14 Publishing of journals and periodicals — — — — — — J.58.19 Other publishing activities — — — — 1 — J.59.11 Motion picture, video and television programme production activities — — — — — — J.59.20 Sound recording and music publishing activities — — — — 3 — J.60.20 Television programming and broadcasting activities — — — — 14 — J.61.10 Wired telecommunications activities — — — — 318 16 J.61.20 Wireless telecommunications activities — — — — 475 — J.61.30 Satellite telecommunications activities — — — — — — J.61.90 Other telecommunications activities — — — — 1,212 8 J.62.01 Computer programming activities — — — — 28 — J.62.02 Computer consultancy activities — — — — 30 — J.62.09 Other information technology and computer service activities — — — — 35 3 J.63.11 Data processing, hosting and related activities — — — — — — J.63.12 Web portals — — — — — — K.64.19 Other monetary intermediation — — — — 2 — K.64.20 Activities of holding companies — — — — 155 — K.64.91 Financial leasing — — — — 347 97 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 296 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) K.64.99 Other financial service activities, except insurance and pension funding n.e.c. — — — — 20 6 K.65.12 Non-life insurance — — — — — — K.66.19 Other activities auxiliary to financial services, except insurance and pension funding — — — — 1 1 L.68.10 Buying and selling of own real estate — — — — — — L.68.20 Renting and operating of own or leased real estate 1 — — — 93 1 L.68.32 Management of real estate on a fee or contract basis — — — — — — M.69.20 Accounting, bookkeeping and auditing activities; tax consultancy — — — — — — M.70.22 Business and other management consultancy activities — — — — — — M.71.11 Architectural activities — — — — — — M.71.12 Engineering activities and related technical consultancy — — — — 77 4 M.71.20 Technical testing and analysis — — — — — — M.72.11 Research and experimental development on biotechnology — — — — — — M.72.19 Other research and experimental development on natural sciences and engineering — — — — — — M.73.11 Advertising agencies — — — — — — M.73.20 Market research and public opinion polling — — — — — — M.74.90 Other professional, scientific and technical activities n.e.c. — — — — 30 5 N.77.11 Renting and leasing of cars and light motor vehicles — — — — 69 1 N.78.10 Activities of employment placement agencies — — — — — — N.79.11 Travel agency activities — — — — — — N.80.10 Private security activities — — — — — — N.80.20 Security systems service activities — — — — 224 — N.81.10 Combined facilities support activities — — — — 9 1 N.81.29 Other cleaning activities — — — — — — N.81.30 Landscape service activities — — — — 1 1 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 297 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) N.82.11 Combined office administrative service activities — — — — — — N.82.20 Activities of call centers — — — — — — N.82.91 Activities of collection agencies and credit bureaus — — — — — — N.82.99 Other business support service activities n.e.c. — — — — 6 5 O.84.11 General public administration activities — — — — 1 — P.85.59 Other education n.e.c. — — — — — — Q.86.10 Hospital activities — — — — 2 1 Q.86.21 General medical practice activities — — — — 2 — Q.86.22 Specialist medical practice activities — — — — — — Q.86.90 Other human health activities 1 — — — 1 — Q.87.10 Residential nursing care activities — — — — 56 — Q.87.20 Residential care activities for mental retardation, mental health and substance abuse — — — — — — Q.87.30 Residential care activities for the elderly and disabled — — — — 1 — Q.87.90 Other residential care activities — — — — 1 — R.90.01 Performing arts — — — — — — R.93.21 Activities of amusement parks and theme parks — — — — — — R.93.29 Other amusement and recreation activities — — — — — — S.94.99 Activities of other membership organizations n.e.c. — — — — — — S.95.11 Repair of computers and peripheral equipment — — — — 1 1 S.96.03 Funeral and related activities — — — — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 298 GAR SECTOR INFORMATION - CAPEX Breakdown by sector - NACE 4 digits level (code and label) Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (CE) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environment ally sustainable (PPC) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) Mn EUR Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 299 GAR KPI STOCK - TURNOVER % (compared to total covered assets in the denominator) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 53.98 1.25 0.50 0.15 0.39 0.51 — — — — — — — 1.97 — — — Financial corporations 22.98 1.76 — 0.11 0.42 8.58 0.01 — — — — — — 0.64 — — — Credit institutions 22.26 1.56 — 0.13 0.18 10.54 — — — — — — — — — — — Loans and advances 20.00 1.49 — 0.08 0.19 11.42 — — — — — — — — — — — Debt securities, including UoP 28.69 1.77 — 0.27 0.16 8.30 0.02 — — — — — — — — — — Equity instruments 20.31 0.98 0.25 0.20 0.02 — — — — — — — — Other financial corporations 26.10 2.62 — 0.04 1.45 0.02 0.02 — — — — — — 3.42 — — — of which investment firms 25.32 0.99 — 0.52 0.18 0.10 0.05 — — — — — — 20.10 — — — Loans and advances 26.56 1.04 — 0.55 0.19 0.10 0.05 — — — — — — 21.09 — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which management companies 67.00 12.36 — 0.60 8.28 0.05 0.05 — — — — — — — — — — Loans and advances 67.19 12.40 — 0.60 8.30 0.05 0.05 — 0.05 — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which insurance undertakings — — — — — — — — — — — — — — — — — Loans and advances — — — — — — — — — — — — — 0.02 — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — Non-financial corporations 30.48 6.81 0.05 1.43 3.72 1.54 0.01 — — 0.02 — — — 19.65 — — — Loans and advances 31.08 6.47 — 1.48 3.33 1.67 — — — 0.02 — — — 18.33 — — — Debt securities, including UoP 29.71 14.97 0.82 1.29 11.73 0.08 0.01 — — 0.02 — — — 9.84 — — — Equity instruments 11.12 1.43 — 0.47 0.01 — — — — — 86.00 — — Households 59.38 0.59 0.59 — — — — — — — — — — of which loans collateralized by residential immovable property 100.00 1.12 1.12 — — — — — — — — — — of which building renovation loans 100.00 — — — — — — — — — — — — of which motor vehicle loans 100.00 0.18 0.18 — — Local governments financing — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 300 GAR KPI STOCK - TURNOVER % (compared to total covered assets in the denominator) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Other local government financing — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 83.39 0.65 0.65 — — — — — — — — — — — — — — Total GAR assets 24.81 0.57 0.23 0.07 0.18 0.23 — — — — — — — 0.90 — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 301 GAR KPI STOCK - TURNOVER % (compared to total covered assets in the denominator) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 0.06 — — — 0.14 — — — 56.67 1.25 0.50 0.15 0.39 29.87 Financial corporations 0.06 — — — — — — — 32.26 1.76 — 0.11 0.42 1.25 Credit institutions — — — — — — — — 32.81 1.56 — 0.13 0.18 1.02 Loans and advances — — — — — — — — 31.43 1.49 — 0.08 0.19 0.75 Debt securities, including UoP — — — — — — — — 36.99 1.79 — 0.27 0.16 0.26 Equity instruments — — — — — — 20.33 0.98 0.25 0.20 0.01 Other financial corporations 0.32 — — — — — — — 29.85 2.64 — 0.04 1.46 0.23 of which investment firms — — — — — — — — 45.52 1.04 — 0.52 0.18 — Loans and advances — — — — — — — — 47.75 1.09 — 0.55 0.19 — Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which management companies — — — — — — — — 67.05 12.41 — 0.60 8.33 0.01 Loans and advances — — — — — — — — 67.25 12.45 — 0.60 8.35 0.01 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which insurance undertakings — — — — — — — — — — — — — — Loans and advances — — — — — — — — 0.02 — — — — — Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — Non-financial corporations 0.54 — — — 1.40 — — — 53.63 6.81 0.05 1.43 3.72 2.96 Loans and advances 0.46 — — — 1.53 — — — 53.09 6.48 — 1.48 3.33 2.72 Debt securities, including UoP 0.85 — — — — — — — 40.50 14.98 0.82 1.29 11.73 0.16 Equity instruments 2.87 — — — — — 100.00 1.43 — 0.47 0.08 Households 59.38 0.59 0.59 — — 25.15 of which loans collateralized by residential immovable property 100.00 1.12 1.12 — — 13.04 of which building renovation loans 100.00 — — — — 0.59 of which motor vehicle loans Local governments financing — — — — — — — — — — — — — 0.51 Housing financing — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 302 GAR KPI STOCK - TURNOVER % (compared to total covered assets in the denominator) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Other local government financing — — — — — — — — — — — — — 0.51 Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 83.39 0.65 0.65 — — 0.11 Total GAR assets 0.03 — — — 0.06 — — — 26.03 0.57 0.23 0.07 0.18 65.36 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 303 GAR KPI STOCK - CAPEX % (compared to total covered assets in the denominator) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 54.56 1.84 0.50 0.16 0.50 0.52 — — — — — — — 1.88 — — — Financial corporations 24.32 2.93 — 0.14 0.90 8.58 0.01 — — — — — — 0.64 — — — Credit institutions 22.58 1.88 — 0.16 0.36 10.55 0.01 — — — — — — — — — — Loans and advances 20.30 1.78 — 0.10 0.37 11.43 0.01 — — — — — — — — — — Debt securities, including UoP 29.04 2.16 — 0.32 0.30 8.30 0.02 — — — — — — — — — — Equity instruments 21.01 1.50 0.47 0.36 0.06 0.02 — — — — — — — Other financial corporations 31.91 7.53 — 0.03 3.29 0.01 0.01 — — 0.01 — — — 3.42 — — — of which investment firms 25.30 1.26 — 0.52 0.30 0.08 0.04 — — — — — — 20.10 — — — Loans and advances 26.54 1.32 — 0.55 0.31 0.09 0.04 — — — — — — 21.09 — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which management companies 33.20 10.27 — — 9.47 — — — — — — — — — — — — Loans and advances 33.30 10.30 — — 9.50 — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which insurance undertakings — — — — — — — — — — — — — — — — — Loans and advances — — — — — — — — — — — — — 0.02 — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — Non-financial corporations 35.77 12.27 0.05 1.55 4.67 1.59 0.01 — 0.01 0.02 — — — 18.73 — — — Loans and advances 36.25 11.61 — 1.61 4.03 1.72 0.01 — 0.01 0.02 — — — 17.49 — — — Debt securities, including UoP 37.66 25.95 0.82 1.23 16.67 0.14 0.01 — 0.01 0.09 — — — 9.12 — — — Equity instruments 14.87 6.40 — 1.61 0.10 0.05 — — — — 82.16 — — Households 59.38 0.59 0.59 — — — — — — — — — — of which loans collateralized by residential immovable property 100.00 1.12 1.12 — — — — — — — — — — of which building renovation loans 100.00 — — — — — — — — — — — — of which motor vehicle loans 100.00 0.18 0.18 — — Local governments financing — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 304 GAR KPI STOCK - CAPEX % (compared to total covered assets in the denominator) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Other local government financing — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 83.39 0.65 0.65 — — — — — — — — — — — — — — Total GAR assets 25.07 0.84 0.23 0.07 0.23 0.24 — — — — — — — 0.86 — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 305 GAR KPI STOCK - CAPEX % (compared to total covered assets in the denominator) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 0.03 — — — 0.14 — — — 57.14 1.84 0.50 0.16 0.50 29.87 Financial corporations 0.02 — — — — — — — 33.57 2.94 — 0.14 0.90 1.25 Credit institutions — — — — — — — — 33.13 1.89 — 0.16 0.36 1.02 Loans and advances — — — — — — — — 31.74 1.79 — 0.10 0.37 0.75 Debt securities, including UoP — — — — — — — — 37.34 2.17 — 0.32 0.30 0.26 Equity instruments — — — — — — 21.06 1.52 0.47 0.36 0.01 Other financial corporations 0.12 — — — — — — — 35.47 7.54 — 0.03 3.29 0.23 of which investment firms — — — — — — — — 45.49 1.30 — 0.52 0.30 — Loans and advances — — — — — — — — 47.72 1.36 — 0.55 0.31 — Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which management companies — — — — — — — — 33.20 10.27 — — 9.47 0.01 Loans and advances — — — — — — — — 33.30 10.30 — — 9.50 0.01 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which insurance undertakings — — — — — — — — — — — — — — Loans and advances — — — — — — — — 0.02 — — — — — Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — Non-financial corporations 0.33 — — — 1.41 — — — 57.84 12.28 0.05 1.55 4.67 2.96 Loans and advances 0.26 — — — 1.53 — — — 57.26 11.63 — 1.61 4.04 2.72 Debt securities, including UoP 0.32 — — — — — — — 47.32 25.96 0.82 1.23 16.68 0.16 Equity instruments 2.87 — — — — — 100.00 6.45 — 1.61 0.08 Households 59.38 0.59 0.59 — — 25.15 of which loans collateralized by residential immovable property 100.00 1.12 1.12 — — 13.04 of which building renovation loans 100.00 — — — — 0.59 of which motor vehicle loans Local governments financing — — — — — — — — — — — — — 0.51 Housing financing — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 306 GAR KPI STOCK - CAPEX % (compared to total covered assets in the denominator) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitiona l Of which enabling Other local government financing — — — — — — — — — — — — — 0.51 Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 83.39 0.65 0.65 — — 0.11 Total GAR assets 0.02 — — — 0.06 — — — 26.25 0.84 0.23 0.07 0.23 65.36 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 307 GAR KPI STOCK - TURNOVER % (compared to total covered assets in the denominator) 2023 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 49.39 0.89 — 0.05 0.32 0.43 0.05 — — — — — — — — — — Financial corporations 10.27 — — — — 1.39 — — — — — — — — — — — Credit institutions 11.25 — — — — 1.84 — — — — — — — — — — — Loans and advances 9.79 — — — — 0.93 — — — — — — — — — — — Debt securities, including UoP 18.44 — — — — 6.31 — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — Other financial corporations 9.30 — — — — 0.94 — — — — — — — — — — — of which investment firms 28.39 — — — — 0.20 — — — — — — — — — — — Loans and advances 30.31 — — — — 0.21 — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which management companies 3.95 — — — — — — — — — — — — — — — — Loans and advances 5.15 — — — — — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which insurance undertakings 1.05 — — — — 1.72 — — — — — — — — — — — Loans and advances 2.89 — — — — 0.03 — — — — — — — — — — — Debt securities, including UoP — — — — — 100.00 — — — — — — — — — — — Equity instruments — — — — 2.34 — — — — — — — — Non-financial corporations 28.23 6.65 — 0.54 3.52 2.23 0.54 — 0.04 — — — — — — — — Loans and advances 30.93 7.12 — 0.58 3.72 2.40 0.60 — 0.04 — — — — — — — — Debt securities, including UoP 10.33 5.28 — 0.44 3.02 0.24 0.20 — 0.13 — — — — — — — — Equity instruments 5.51 1.14 — 1.05 1.69 — — — — — — — — Households 61.89 0.39 — — — — — — — — — — — of which loans collateralized by residential immovable property 100.00 0.72 — — — — — — — — — — — of which building renovation loans 100.00 — — — — — — — — — — — — of which motor vehicle loans 100.00 — — — — Local governments financing — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 308 GAR KPI STOCK - TURNOVER % (compared to total covered assets in the denominator) 2023 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Other local government financing — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 100.00 0.06 — — — — — — — — — — — — — — — Total GAR assets 27.42 0.49 — 0.03 0.18 0.24 0.03 — — — — — — — — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 309 GAR KPI STOCK - TURNOVER % (compared to total covered assets in the denominator) 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation — — — — — — — — — 0.94 — 0.05 0.33 32.78 Financial corporations — — — — — — — — — — — — — 5.41 Credit institutions — — — — — — — — — — — — — 2.68 Loans and advances — — — — — — — — — — — — — 2.22 Debt securities, including UoP — — — — — — — — 24.75 — — — — 0.45 Equity instruments — — — — — — — — — — — Other financial corporations — — — — — — — — 10.25 — — — — 2.73 of which investment firms — — — — — — — — 28.59 — — — — 0.14 Loans and advances — — — — — — — — 30.52 — — — — 0.13 Debt securities, including UoP — — — — — — — — — — — — — 0.01 Equity instruments — — — — — — — — — — — of which management companies — — — — — — — — 3.95 — — — — 0.06 Loans and advances — — — — — — — — 5.15 — — — — 0.05 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — 0.01 of which insurance undertakings — — — — — — — — 2.78 — — — — 0.27 Loans and advances — — — — — — — — 2.92 — — — — 0.10 Debt securities, including UoP — — — — — — — — 100.00 — — — — — Equity instruments — — — — — — 2.34 — — — 0.17 Non-financial corporations — — — — — — — — 30.46 7.20 — 0.54 3.56 2.99 Loans and advances — — — — — — — — 33.32 7.72 — 0.58 3.76 2.64 Debt securities, including UoP — — — — — — — — 10.57 5.49 — 0.44 3.15 0.17 Equity instruments — — — — — — 7.20 1.14 — 1.05 0.18 Households 61.89 0.39 — — — 23.69 of which loans collateralized by residential immovable property 100.00 0.72 — — — 12.86 of which building renovation loans 100.00 — — — — 0.60 of which motor vehicle loans 100.00 — — — 1.21 Local governments financing — — — — — — — — — — — — — 0.56 Housing financing — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 310 GAR KPI STOCK - TURNOVER % (compared to total covered assets in the denominator) 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Other local government financing — — — — — — — — — — — — — 0.56 Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 100.00 0.06 — — — 0.12 Total GAR assets — — — — — — — — 27.66 0.52 — 0.03 0.18 59.04 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 311 GAR KPI STOCK - CAPEX % (compared to total covered assets in the denominator) 2023 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 49.75 1.39 — 0.05 0.55 0.45 0.05 — 0.01 — — — — — — — — Financial corporations 10.38 — — — — 1.42 — — — — — — — — — — — Credit institutions 10.93 — — — — 1.84 — — — — — — — — — — — Loans and advances 9.58 — — — — 0.93 — — — — — — — — — — — Debt securities, including UoP 17.58 — — — — 6.31 — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — Other financial corporations 9.83 — — — — 1.00 — — — — — — — — — — — of which investment firms 25.05 — — — — 1.04 — — — — — — — — — — — Loans and advances 26.74 — — — — 1.11 — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which management companies 3.96 — — — — — — — — — — — — — — — — Loans and advances 5.15 — — — — — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which insurance undertakings 0.50 — — — — 1.72 — — — — — — — — — — — Loans and advances 1.36 — — — — 0.03 — — — — — — — — — — — Debt securities, including UoP — — — — — 100.00 — — — — — — — — — — — Equity instruments — — — — 2.34 — — — — — — — — Non-financial corporations 31.97 12.13 — 0.56 6.05 2.32 0.53 — 0.08 — — — — — — — — Loans and advances 34.43 12.46 — 0.58 6.49 2.53 0.59 — 0.07 — — — — — — — — Debt securities, including UoP 24.53 18.20 — 0.83 4.62 0.31 0.26 — 0.26 — — — — — — — — Equity instruments 2.77 1.56 — 0.98 1.10 — — — — — — — — Households 61.89 0.39 — — — — — — — — — — — of which loans collateralized by residential immovable property 100.00 0.72 — — — — — — — — — — — of which building renovation loans 100.00 — — — — — — — — — — — — of which motor vehicle loans 100.00 — — — — Local governments financing — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 312 GAR KPI STOCK - CAPEX % (compared to total covered assets in the denominator) 2023 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Other local government financing — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 100.00 0.06 — — — — — — — — — — — — — — — Total GAR assets 27.62 0.77 — 0.03 0.31 0.25 0.03 — — — — — — — — — — 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 313 GAR KPI STOCK - CAPEX % (compared to total covered assets in the denominator) 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation — — — — — — — — 50.19 1.44 — 0.05 0.56 32.78 Financial corporations — — — — — — — — 11.80 — — — — 5.41 Credit institutions — — — — — — — — 12.78 — — — — 2.68 Loans and advances — — — — — — — — 10.51 — — — — 2.22 Debt securities, including UoP — — — — — — — — 23.89 — — — — 0.45 Equity instruments — — — — — — — — — — — Other financial corporations — — — — — — — — 10.83 — — — — 2.73 of which investment firms — — — — — — — — 26.09 — — — — 0.14 Loans and advances — — — — — — — — 27.85 — — — — 0.13 Debt securities, including UoP — — — — — — — — — — — — — 0.01 Equity instruments — — — — — — — — — — — of which management companies — — — — — — — — 3.96 — — — — 0.06 Loans and advances — — — — — — — — 5.15 — — — — 0.05 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — 0.01 of which insurance undertakings — — — — — — — — 2.22 — — — — 0.27 Loans and advances — — — — — — — — 1.39 — — — — 0.10 Debt securities, including UoP — — — — — — — — 100.00 — — — — — Equity instruments — — — — — — 2.34 — — — 0.17 Non-financial corporations — — — — — — — — 34.29 12.66 — 0.56 6.13 2.99 Loans and advances — — — — — — — — 36.96 13.05 — 0.58 6.56 2.64 Debt securities, including UoP — — — — — — — — 24.84 18.46 — 0.83 4.88 0.17 Equity instruments — — — — — — 3.87 1.57 — 0.98 0.18 Households 61.89 0.39 — — — 23.69 of which loans collateralized by residential immovable property 100.00 0.72 — — — 12.86 of which building renovation loans 100.00 — — — — 0.60 of which motor vehicle loans 100.00 — — — 1.21 Local governments financing — — — — — — — — — — — — — 0.56 Housing financing — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 314 GAR KPI STOCK - CAPEX % (compared to total covered assets in the denominator) 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Other local government financing — — — — — — — — — — — — — 0.56 Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 100.00 0.06 — — — 0.12 Total GAR assets — — — — — — — — 27.87 0.80 — 0.03 0.31 59.04 1. The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities 2. Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. 3. Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. 4. The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. 5. NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6. Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. 7. Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) 8. While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 315 GAR KPI FLOW- TURNOVER % (compared to flow of total eligible assets) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 40.30 1.57 0.43 0.34 0.51 0.90 — — — — — — — 1.86 — — — Financial corporations 19.30 1.71 — 0.06 0.49 17.73 — — — — — — — 0.06 — — — Credit institutions 18.39 1.45 — 0.06 0.21 23.82 — — — — — — — — — — — Loans and advances 18.87 1.51 — 0.06 0.21 22.03 — — — — — — — — — — — Debt securities, including UoP — — — — — 99.48 — — — — — — — — — — — Equity instruments 21.86 1.05 0.27 0.21 0.03 — — — — — — — — Other financial corporations 21.94 2.44 — 0.08 1.31 0.01 0.01 — 0.01 — — — — 0.23 — — — of which investment firms — — — — — — — — — — — — — 83.17 — — — Loans and advances — — — — — — — — — — — — — 83.17 — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which management companies 67.20 12.40 — 0.60 8.30 0.05 0.05 — 0.05 — — — — — — — — Loans and advances 67.20 12.40 — 0.60 8.30 0.05 0.05 — 0.05 — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which insurance undertakings — — — — — — — — — — — — — — — — — Loans and advances — — — — — — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — Non-financial corporations 38.01 6.97 — 2.25 3.24 0.06 — — — 0.02 — — — 12.34 — — — Loans and advances 39.06 6.21 — 2.50 2.17 0.07 — — — 0.02 — — — 7.50 — — — Debt securities, including UoP 67.21 41.56 — 0.04 40.59 — — — — — — — — — — — — Equity instruments 10.64 1.20 — 0.40 — — — — — — 82.16 — — Households 42.57 0.55 0.55 — — — — — — — — — — of which loans collateralized by residential immovable property 100.00 1.71 1.71 — — — — — — — — — — of which building renovation loans 100.00 — — — — — — — — — — — — of which motor vehicle loans 100.00 0.27 0.27 — — Local governments financing — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 316 GAR KPI FLOW- TURNOVER % (compared to flow of total eligible assets) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Other local government financing — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 100.00 — — — — — — — — — — — — — — — — Total GAR assets 12.92 0.50 0.14 0.11 0.16 0.29 — — — — — — — 0.60 — — — (1) The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities (2) Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. (3) Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. (4)The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. (5) NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6) Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. (7) Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) (8) While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 317 GAR KPI FLOW- TURNOVER % (compared to flow of total eligible assets) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total new assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 0.16 — — — 0.37 — — — 43.58 1.57 0.43 0.34 0.51 7.63 Financial corporations — — — — — — — — 37.08 1.71 — 0.06 0.49 0.38 Credit institutions — — — — — — — — 42.21 1.45 — 0.06 0.21 0.28 Loans and advances — — — — — — — — 40.90 1.51 — 0.06 0.21 0.27 Debt securities, including UoP — — — — — — — — 99.48 — — — — 0.01 Equity instruments — — — — — — 21.88 1.06 0.27 0.21 0.01 Other financial corporations — — — — — — — — 22.18 2.45 — 0.08 1.32 0.10 of which investment firms — — — — — — — — 83.17 — — — — — Loans and advances — — — — — — — — 83.17 — — — — — Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which management companies — — — — — — — — 67.25 12.45 — 0.60 8.35 0.01 Loans and advances — — — — — — — — 67.25 12.45 — 0.60 8.35 0.01 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which insurance undertakings — — — — — — — — — — — — — — Loans and advances — — — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — Non-financial corporations 1.05 — — — 2.46 — — — 53.93 6.97 — 2.25 3.24 1.15 Loans and advances 0.94 — — — 2.73 — — — 50.32 6.21 — 2.50 2.17 1.04 Debt securities, including UoP — — — — — — — — 67.21 41.56 — 0.04 40.59 0.04 Equity instruments 2.87 — — — — — 95.68 1.20 — 0.40 0.08 Households 42.57 0.55 0.55 — — 6.03 of which loans collateralized by residential immovable property 100.00 1.71 1.71 — — 1.84 of which building renovation loans 100.00 — — — — 0.17 of which motor vehicle loans 100.00 0.27 0.27 — — 0.55 Local governments financing — — — — — — — — — — — — — 0.08 Housing financing — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 318 GAR KPI FLOW- TURNOVER % (compared to flow of total eligible assets) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total new assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Other local government financing — — — — — — — — — — — — — 0.08 Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 100.00 — — — — — Total GAR assets 0.05 — — — 0.12 — — — 13.98 0.50 0.14 0.11 0.16 23.84 (1) The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities (2) Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. (3) Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. (4)The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. (5) NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6) Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. (7) Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) (8) While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 319 GAR KPI FLOW- CAPEX % (compared to flow of total eligible assets) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 41.57 2.72 0.43 0.37 0.75 0.92 — — — — — — — 1.64 — — — Financial corporations 19.86 2.30 — 0.07 0.85 17.73 — — — — — — — 0.06 — — — Credit institutions 18.99 1.82 — 0.07 0.44 23.83 0.01 — — — — — — — — — — Loans and advances 19.48 1.88 — 0.07 0.46 22.04 0.01 — — — — — — — — — — Debt securities, including UoP 0.18 0.02 — — 0.01 99.48 — — — — — — — — — — — Equity instruments 22.60 1.62 0.51 0.39 0.06 0.02 — — — — — — — Other financial corporations 22.41 3.67 — 0.05 2.05 — — — — — — — — 0.23 — — — of which investment firms — — — — — — — — — — — — — 83.17 — — — Loans and advances — — — — — — — — — — — — — 83.17 — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which management companies 33.30 10.30 — — 9.50 — — — — — — — — — — — — Loans and advances 33.30 10.30 — — 9.50 — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which insurance undertakings — — — — — — — — — — — — — — — — — Loans and advances — — — — — — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — Non-financial corporations 46.31 14.42 — 2.44 4.71 0.20 0.02 — 0.01 0.02 — — — 10.87 — — — Loans and advances 48.05 13.69 — 2.70 3.32 0.22 0.02 — 0.01 0.02 — — — 5.88 — — — Debt securities, including UoP 65.21 53.82 — 0.08 52.11 — — — — — — — — — — — — Equity instruments 14.52 6.08 — 1.43 — — — — — — 82.16 — — Households 42.57 0.55 0.55 — — — — — — — — — — of which loans collateralized by residential immovable property 100.00 1.71 1.71 — — — — — — — — — — of which building renovation loans 100.00 — — — — — — — — — — — — of which motor vehicle loans 100.00 0.27 0.27 — — Local governments financing — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 320 GAR KPI FLOW- CAPEX % (compared to flow of total eligible assets) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Other local government financing — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 100.00 — — — — — — — — — — — — — — — — Total GAR assets 13.33 0.87 0.14 0.12 0.24 0.29 — — — — — — — 0.53 — — — (1) The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities (2) Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. (3) Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. (4)The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. (5) NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6) Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. (7) Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) (8) While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 321 GAR KPI FLOW- CAPEX % (compared to flow of total eligible assets) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total new assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 0.10 — — — 0.37 — — — 44.60 2.72 0.43 0.37 0.75 7.63 Financial corporations — — — — — — — — 37.65 2.30 — 0.07 0.85 0.38 Credit institutions — — — — — — — — 42.81 1.83 — 0.07 0.44 0.28 Loans and advances — — — — — — — — 41.52 1.89 — 0.07 0.46 0.27 Debt securities, including UoP — — — — — — — — 99.67 0.02 — — 0.01 0.01 Equity instruments — — — — — — 22.66 1.63 0.51 0.39 0.01 Other financial corporations — — — — — — — — 22.65 3.67 — 0.05 2.05 0.10 of which investment firms — — — — — — — — 83.17 — — — — — Loans and advances — — — — — — — — 83.17 — — — — — Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which management companies — — — — — — — — 33.30 10.30 — — 9.50 0.01 Loans and advances — — — — — — — — 33.30 10.30 — — 9.50 0.01 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which insurance undertakings — — — — — — — — — — — — — — Loans and advances — — — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — Non-financial corporations 0.66 — — — 2.46 — — — 60.52 14.44 — 2.44 4.72 1.15 Loans and advances 0.51 — — — 2.73 — — — 57.41 13.72 — 2.70 3.33 1.04 Debt securities, including UoP — — — — — — — — 65.21 53.82 — 0.08 52.11 0.04 Equity instruments 2.87 — — — — — 99.55 6.08 — 1.43 0.08 Households 42.57 0.55 0.55 — — 6.03 of which loans collateralized by residential immovable property 100.00 1.71 1.71 — — 1.84 of which building renovation loans 100.00 — — — — 0.17 of which motor vehicle loans 100.00 0.27 0.27 — — 0.55 Local governments financing — — — — — — — — — — — — — 0.08 Housing financing — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 322 GAR KPI FLOW- CAPEX % (compared to flow of total eligible assets) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total new assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Other local government financing — — — — — — — — — — — — — 0.08 Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 100.00 — — — — — Total GAR assets 0.03 — — — 0.12 — — — 14.30 0.87 0.14 0.12 0.24 23.84 (1) The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities (2) Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. (3) Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. (4)The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. (5) NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6) Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. (7) Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) (8) While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 323 GAR KPI FLOW- TURNOVER % (compared to flow of total eligible assets) 2023 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 46.07 1.39 0.12 0.09 0.66 0.71 0.09 — 0.01 — — — — — — — — Financial corporations 12.29 — — — — 1.70 — — — — — — — — — — — Credit institutions 13.57 — — — — 1.84 — — — — — — — — — — — Loans and advances 12.34 — — — — 1.15 — — — — — — — — — — — Debt securities, including UoP 20.75 — — — — 5.05 — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — Other financial corporations 11.04 — — — — 1.56 — — — — — — — — — — — of which investment firms 24.62 — — — — 0.03 — — — — — — — — — — — Loans and advances 24.62 — — — — 0.03 — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which management companies — — — — — — — — — — — — — — — — — Loans and advances — — — — — — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which insurance undertakings 1.10 — — — — — — — — — — — — — — — — Loans and advances 1.10 — — — — 2.42 — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — Non-financial corporations 30.07 6.92 — 0.53 3.78 2.20 0.54 — — — — — — — — — — Loans and advances 32.14 7.26 — 0.57 3.90 2.34 0.59 — — — — — — — — — — Debt securities, including UoP 10.33 5.28 — 0.44 3.02 0.24 0.20 — — — — — — — — — — Equity instruments 7.11 1.47 — 1.36 2.18 — — — — — — — — Households 61.31 0.29 0.29 — — — — — — — — — — of which loans collateralized by residential immovable property 100.00 0.61 0.61 — — — — — — — — — — of which building renovation loans 100.00 — — — — — — — — — — — — of which motor vehicle loans 100.00 — — — — Local governments financing — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 324 GAR KPI FLOW- TURNOVER % (compared to flow of total eligible assets) 2023 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Other local government financing — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 100.00 — — — — — — — — — — — — — — — — Total GAR assets 21.02 0.63 0.06 0.04 0.30 0.32 0.04 — — — — — — — — — — (1) The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities (2) Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. (3) Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. (4)The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. (5) NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6) Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. (7) Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) (8) While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 325 GAR KPI FLOW- TURNOVER % (compared to flow of total eligible assets) 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total new assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation — — — — — — — — 46.78 1.49 — 0.09 0.67 7.36 Financial corporations — — — — — — — — 13.99 — — — — 1.40 Credit institutions — — — — — — — — 15.41 — — — — 0.69 Loans and advances — — — — — — — — 13.49 — — — — 0.55 Debt securities, including UoP — — — — — — — — 25.79 — — — — 0.14 Equity instruments — — — — — — — — — — — Other financial corporations — — — — — — — — 12.60 — — — — 0.71 of which investment firms — — — — — — — — 24.65 — — — — 0.11 Loans and advances — — — — — — — — 24.65 — — — — 0.11 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which management companies — — — — — — — — — — — — — 0.04 Loans and advances — — — — — — — — — — — — — 0.04 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which insurance undertakings — — — — — — — — 3.52 — — — — 0.07 Loans and advances — — — — — — — — 3.52 — — — — 0.07 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — Non-financial corporations — — — — — — — — 32.27 7.46 — 0.53 3.82 1.29 Loans and advances — — — — — — — — 34.48 7.85 — 0.57 3.94 1.20 Debt securities, including UoP — — — — — — — — 10.57 5.49 — 0.44 3.15 0.06 Equity instruments — — — — — — 9.29 1.47 — 1.36 0.03 Households 61.31 0.29 — — — 4.62 of which loans collateralized by residential immovable property 100.00 0.61 — — — 1.55 of which building renovation loans 100.00 — — — — 0.17 of which motor vehicle loans 100.00 — — — — 0.43 Local governments financing — — — — — — — — — — — — — 0.05 Housing financing — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 326 GAR KPI FLOW- TURNOVER % (compared to flow of total eligible assets) 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total new assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Other local government financing — — — — — — — — — — — — — 0.05 Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 100.00 — — — — — Total GAR assets — — — — — — — — 21.34 0.68 — 0.04 0.31 16.14 (1) The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities (2) Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. (3) Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. (4)The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. (5) NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6) Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. (7) Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) (8) While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 327 GAR KPI FLOW- CAPEX % (compared to flow of total eligible assets) 2023 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation 46.81 2.40 0.12 0.10 1.13 0.73 0.09 — 0.01 — — — — — — — — Financial corporations 12.73 — — — — 1.72 — — — — — — — — — — — Credit institutions 13.20 — — — — 1.84 — — — — — — — — — — — Loans and advances 12.08 — — — — 1.16 — — — — — — — — — — — Debt securities, including UoP 19.77 — — — — 5.05 — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — Other financial corporations 12.26 — — — — 1.60 — — — — — — — — — — — of which investment firms 23.95 — — — — 0.17 — — — — — — — — — — — Loans and advances 23.95 — — — — 0.17 — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which management companies — — — — — — — — — — — — — — — — — Loans and advances — — — — — — — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — of which insurance undertakings 0.52 — — — — 2.42 — — — — — — — — — — — Loans and advances 0.52 — — — — 2.42 — — — — — — — — — — — Debt securities, including UoP — — — — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — — — Non-financial corporations 33.79 12.69 — 0.56 6.43 2.29 0.52 — 0.07 — — — — — — — — Loans and advances 35.61 12.82 — 0.57 6.75 2.48 0.57 — 0.07 — — — — — — — — Debt securities, including UoP 24.53 18.20 — 0.83 4.62 0.31 0.26 — 0.26 — — — — — — — — Equity instruments 3.58 2.02 — 1.26 1.42 — — — — — — — — Households 61.31 0.29 0.29 — — — — — — — — — — of which loans collateralized by residential immovable property 100.00 0.61 0.61 — — — — — — — — — — of which building renovation loans 100.00 — — — — — — — — — — — — of which motor vehicle loans 100.00 — — — — Local governments financing — — — — — — — — — — — — — — — — — Housing financing — — — — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 328 GAR KPI FLOW- CAPEX % (compared to flow of total eligible assets) 2023 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Other local government financing — — — — — — — — — — — — — — — — — Collateral obtained by taking possession: residential and commercial immovable properties 100.00 — — — — — — — — — — — — — — — — Total GAR assets 21.35 1.10 0.06 0.04 0.51 0.33 0.04 — 0.01 — — — — — — — — (1) The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities (2) Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. (3) Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. (4)The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. (5) NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6) Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. (7) Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) (8) While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 329 GAR KPI FLOW- CAPEX % (compared to flow of total eligible assets) 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total new assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling GAR - Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation — — — — — — — — 47.53 2.49 — 0.10 1.14 7.36 Financial corporations — — — — — — — — 14.44 — — — — 1.40 Credit institutions — — — — — — — — 15.04 — — — — 0.69 Loans and advances — — — — — — — — 13.24 — — — — 0.55 Debt securities, including UoP — — — — — — — — 24.82 — — — — 0.14 Equity instruments — — — — — — — — — — — Other financial corporations — — — — — — — — 13.87 — — — — 0.71 of which investment firms — — — — — — — — 24.12 — — — — 0.11 Loans and advances — — — — — — — — 24.12 — — — — 0.11 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which management companies — — — — — — — — — — — — — 0.04 Loans and advances — — — — — — — — — — — — — 0.04 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — of which insurance undertakings — — — — — — — — 2.94 — — — — 0.07 Loans and advances — — — — — — — — 2.94 — — — — 0.07 Debt securities, including UoP — — — — — — — — — — — — — — Equity instruments — — — — — — — — — — — Non-financial corporations — — — — — — — — 36.08 13.21 — 0.56 6.51 1.29 Loans and advances — — — — — — — — 38.09 13.39 — 0.57 6.81 1.20 Debt securities, including UoP — — — — — — — — 24.84 18.46 — 0.83 4.88 0.06 Equity instruments — — — — — — 5.00 2.02 — 1.26 0.03 Households 61.31 0.29 — — — 4.62 of which loans collateralized by residential immovable property 100.00 0.61 — — — 1.55 of which building renovation loans 100.00 — — — — 0.17 of which motor vehicle loans 100.00 — — — — 0.43 Local governments financing — — — — — — — — — — — — — 0.05 Housing financing — — — — — — — — — — — — — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 330 GAR KPI FLOW- CAPEX % (compared to flow of total eligible assets) 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total new assets covered Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Other local government financing — — — — — — — — — — — — — 0.05 Collateral obtained by taking possession: residential and commercial immovable properties — — — — — — — — 100.00 — — — — — Total GAR assets — — — — — — — — 21.68 1.14 — 0.04 0.52 16.14 (1) The present information has been prepared in accordance with Commission Delegated Regulation (EU) 2021/2178, of July 6, 2021, which supplements Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and the presentation of information on environmentally sustainable economic activities (2) Customers' economic activities are classified as eligible or aligned in accordance with the Delegated Acts supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council. Specifically, the economic activities covered by Delegated Regulations (EU) 2021/2139 on mitigation and adaptation to climate change have been taken into consideration. (3) Clients' economic activities are classified as eligible or aligned taking into account the modifications implemented by Commission Delegated Regulation (EU) 2022/1214 of March 9, 2022, which includes economic activities in certain energy sectors, and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 establishing additional technical criteria. (4)The information includes the BBVA Group total prudential balance. In terms of breakdown of environmental objectives, the most significant entities are included and correspond to 96% of the total assets. The financial assets analyzed correspond to the categories of financial instruments valued “At amortized cost”, “Fair Value with Changes in Other Comprehensive Income (FVOCI)”, “Fair Value with Changes in P&L” and “Non-negotiable at Fair Value with changes in result. (5) NFRD counterparties are those subject to Directive 2014/95/EU (the Non-Financial Reporting Directive or NFRD), such as large listed companies, banks and insurance companies, with more than 500 employees. BBVA identifies NFRD counterparties mainly in two ways: i) review of the registered office in a country of the European Union and ii) more than 500 employees. In the event that the previous criterion is not met and if the client belongs to a business group, the same review is carried out at the parent company level. 6) Eligibility information for NFRD counterparties is obtained through an external reference provider in the sector, which obtains EU taxonomy KPI information directly from their corporate reports, EINF or equivalent. In the case of NFRD clients for whom the information has not been provided through the previous means, the information from their corporate reports is captured by BBVA or the client's main activity is analyzed to establish their eligibility. (7) Exposure to individuals includes self-employed workers, in which case the activity code (NACE) is reviewed to determine eligibility. The rest of the exposure corresponding to the individual segment is reviewed for the use of funds to be considered eligible, for example, in the case of housing loans. EU Taxonomy activity 7.7 Acquisition and ownership of buildings, EU Taxonomy activity 7.2 Renovation of independently existing buildings, or Cars: EUT 6.5 Transport by motorcycles, passenger cars and light commercial vehicles) (8) While exposures to governments and central banks are excluded from the GAR calculation symmetrically, from the numerator and denominator, financing to small and medium-sized enterprises that do not fall within the scope of the NFRD or financing outside EU (even if they meet the taxonomy criteria requirements) cannot qualify as aligned with the taxonomy. Furthermore, activities not covered by the EU taxonomy will be excluded from the numerator, but not from the denominator of GAR. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 331 KPI OFF-BALANCE SHEET EXPOSURES STOCK - TURNOVER % (compared to total eligible off-balance sheet assets) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Financial guarantees (FinGuar KPI) 4.98 1.76 — 0.06 1.19 0.02 — — — 0.15 — — — 0.34 — — — Assets under management (AuM KPI) 1.14 0.34 0.05 0.02 0.17 0.02 — — — — — — — 0.12 — — — 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template KPI OFF-BALANCE SHEET EXPOSURES STOCK - TURNOVER % (compared to total eligible off-balance sheet assets) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Financial guarantees (FinGuar KPI) 0.02 — — — — — — — 5.50 1.76 — 0.06 1.20 Assets under management (AuM KPI) 0.13 — — — — — — — 1.41 0.34 0.05 0.02 0.17 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 332 KPI OFF-BALANCE SHEET EXPOSURES STOCK - CAPEX % (compared to total eligible off-balance sheet assets) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Financial guarantees (FinGuar KPI) 6.72 3.78 — 0.05 1.82 0.06 0.03 — — 0.38 — — — 0.33 — — — Assets under management (AuM KPI) 1.42 0.63 0.05 0.03 0.32 0.03 — — — — — — — 0.12 — — — 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template KPI OFF-BALANCE SHEET EXPOSURES STOCK - CAPEX % (compared to total eligible off-balance sheet assets) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Financial guarantees (FinGuar KPI) 0.04 — — — — — — — 7.52 3.81 — 0.05 1.82 Assets under management (AuM KPI) 0.12 — — — — — — — 1.68 0.63 0.05 0.03 0.32 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 333 KPI OFF-BALANCE SHEET EXPOSURES STOCK - TURNOVER % (compared to total eligible off-balance sheet assets) 2023 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Financial guarantees (FinGuar KPI) 5.18 2.01 — 0.09 1.01 0.59 0.01 — — — — — — — — — — Assets under management (AuM KPI) 0.55 0.15 — 0.01 0.09 0.02 0.01 — — — — — — — — — — 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template KPI OFF-BALANCE SHEET EXPOSURES STOCK - TURNOVER % (compared to total eligible off-balance sheet assets) 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Financial guarantees (FinGuar KPI) — — — — — — — — 5.77 2.02 — 0.09 1.01 Assets under management (AuM KPI) — — — — — — — — 0.57 0.16 — 0.01 0.09 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 334 KPI OFF-BALANCE SHEET EXPOSURES STOCK - CAPEX % (compared to total eligible off-balance sheet assets) 2023 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Financial guarantees (FinGuar KPI) 8.28 5.50 — 0.17 1.46 0.62 0.01 — — — — — — — — — — Assets under management (AuM KPI) 0.80 0.33 — 0.02 0.16 0.03 0.01 — 0.01 — — — — — — — — 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template KPI OFF-BALANCE SHEET EXPOSURES STOCK - CAPEX % (compared to total eligible off-balance sheet assets) 2023 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Financial guarantees (FinGuar KPI) — — — — — — — — 8.90 5.51 — 0.17 1.47 Assets under management (AuM KPI) — — — — — — — — 0.83 0.34 — 0.02 0.17 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 335 KPI OFF-BALANCE SHEET EXPOSURES FLOW - TURNOVER % (compared to total eligible off-balance sheet assets) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Financial guarantees (FinGuar KPI) 7.84 2.23 — 0.02 1.45 0.04 0.01 — 0.01 — — — — 0.89 — — — Assets under management (AuM KPI) 3.56 1.15 0.30 0.07 0.52 — — — — — — — — 0.74 — — — 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template KPI OFF-BALANCE SHEET EXPOSURES FLOW - TURNOVER % (compared to total eligible off-balance sheet assets) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Financial guarantees (FinGuar KPI) 0.03 — — — — — — — 8.81 2.24 — 0.02 1.46 Assets under management (AuM KPI) 0.76 — — — — — — — 5.07 1.15 0.30 0.07 0.52 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 336 KPI OFF-BALANCE SHEET EXPOSURES FLOW- CAPEX % (compared to total eligible off-balance sheet assets) 2024 Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transitional Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Financial guarantees (FinGuar KPI) 10.40 5.37 — 0.02 2.28 0.20 0.11 — — — — — — 0.87 — — — Assets under management (AuM KPI) 3.73 1.81 0.30 0.05 0.98 — — — — — — — — 0.70 — — — 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template KPI OFF-BALANCE SHEET EXPOSURES FLOW - CAPEX % (compared to total eligible off-balance sheet assets) 2024 Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which transitional Of which enabling Financial guarantees (FinGuar KPI) 0.02 — — — — — — — 11.49 5.48 — 0.02 2.28 Assets under management (AuM KPI) 0.70 — — — — — — — 5.14 1.81 0.30 0.05 0.98 1. Off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 337 Nuclear and fossil gas related activities - Credit institutions NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES Nuclear energy related activities The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. NO The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. YES The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. YES Fossil gas related activities The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. YES The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. YES The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. YES This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 338 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR) - TURNOVER Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 28 0.01 28 0.01 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 2,747 0.56 2,745 0.56 2 — Total applicable KPI 486,378 0.57 486,378 0.57 486,378 — TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR) - CAPEX Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 3 — 3 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 18 — 18 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 4,066 0.84 4,062 0.84 4 — Total applicable KPI 486,378 0.84 486,378 0.84 486,378 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 339 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (NUMERATOR) - TURNOVER Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI 28 1.01 28 1.01 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — — — — — — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI 2,747 98.98 2,745 98.91 2 0.06 Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI 2,777 100.00 2,773 99.94 2 0.06 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (NUMERATOR) - CAPEX Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI 3 0.08 3 0.08 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI 18 0.45 18 0.45 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI 0 0.01 0 0.01 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI 0 — 0 — 0 — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI 4,066 99.46 4,062 99.36 4 0.10 Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI 4,088 100.00 4,084 99.90 4 0.10 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 340 TAXONOMY-ELIGIBLE BUT NOT TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - TURNOVER Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 150 0.03 150 0.03 — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 11 — 11 — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 118,993 24.47 117,858 24.24 1,135 0.23 Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 119,155 24.50 118,020 24.27 1,135 0.23 TAXONOMY-ELIGIBLE BUT NOT TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - CAPEX Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 47 0.01 47 0.01 — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 1 — 1 — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 1 — 1 — — — Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 119,094 24.49 117,950 24.25 1,144 0.24 Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 119,142 24.50 117,998 24.26 1,144 0.24 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 341 TAXONOMY NON-ELIGIBLE ECONOMIC ACTIVITIES - TURNOVER Economic Activities Amount % Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 364,448 74.93 Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 364,448 74.93 TAXONOMY NON-ELIGIBLE ECONOMIC ACTIVITIES - CAPEX Economic Activities Amount % Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 363,148 74.66 Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 363,148 74.66 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 342 Nuclear and fossil gas related activities - Insurance and Reinsurance NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES Nuclear energy related activities The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. NO The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. YES The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. YES Fossil gas related activities The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. YES The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. YES The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. YES This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 343 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR) - TURNOVER Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 1 0.04 1 0.04 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 85 2.38 85 2.37 1 0.01 Total applicable KPI 3,583 2.42 3,583 2.41 3,583 0.01 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR) - CAPEX Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — 0.01 — 0.01 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 2 0.04 2 0.04 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 154 4.30 153 4.27 1 0.03 Total applicable KPI 3,583 4.35 3,583 4.33 3,583 0.03 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 344 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (NUMERATOR) - TURNOVER Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI 1 1.59 1 1.59 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — 0.02 — 0.02 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — 0.02 — 0.02 — — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI 85 98.37 85 97.76 1 0.60 Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI 87 100.00 86 99.40 1 0.60 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (NUMERATOR) - CAPEX Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — 0.16 — 0.16 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI 2 1.00 2 1.00 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — 0.05 — 0.05 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — 0.04 — 0.04 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI — — — — — — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI 154 98.75 153 98.10 1 0.65 Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI 156 100.00 155 99.35 1 0.65 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 345 TAXONOMY-ELIGIBLE BUT NOT TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - TURNOVER Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 6 0.18 4 0.11 3 0.07 Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — 0.01 — 0.01 — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 383 10.68 383 10.68 — — Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 389 10.87 387 10.80 3 0.07 TAXONOMY-ELIGIBLE BUT NOT TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - CAPEX Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 2 0.07 2 0.05 1 0.02 Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 321 8.96 319 8.91 2 0.04 Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 323 9.03 321 8.96 2 0.07 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 346 TAXONOMY NON-ELIGIBLE ECONOMIC ACTIVITIES - TURNOVER Economic Activities Amount % Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 25 0.69 Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 70 1.94 Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 33 0.92 Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 16 0.45 Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 2,954 82.44 Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 3,098 86.46 TAXONOMY NON-ELIGIBLE ECONOMIC ACTIVITIES - CAPEX Economic Activities Amount % Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 15 0.42 Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 25 0.69 Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 100 2.79 Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 36 1.00 Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 3 0.08 Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 2,920 81.49 Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 3,098 86.46 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 347 Nuclear and fossil gas related activities - Asset Managers NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES Nuclear energy related activities The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. NO The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. YES The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. YES Fossil gas related activities The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. YES The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. YES The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. YES This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 348 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR) - TURNOVER Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 9 0.01 9 0.01 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 609 0.34 608 0.34 1 — Total applicable KPI 179,437 0.34 179,437 0.34 179,437 — TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR) - CAPEX Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 1 — 1 — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 7 — 7 — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 1,129 0.63 1,127 0.63 2 — Total applicable KPI 179,437 0.63 179,437 0.63 179,437 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 349 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (NUMERATOR) - TURNOVER Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 9 1.53 9 1.53 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 — 0 — 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 0.01 0 0.01 0 — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 0 0.01 0 0.01 0 — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI 609 98.45 608 98.24 1 0.21 Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI 619 100.00 617 99.79 1 0.21 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (NUMERATOR) - CAPEX Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 1 0.11 1 0.11 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 7 0.60 7 0.60 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — 0.02 — 0.02 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — 0.04 — 0.04 — — Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI 1,129 99.24 1,127 99.04 2 0.20 Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI 1,138 100.00 1,135 99.80 2 0.20 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 350 TAXONOMY-ELIGIBLE BUT NOT TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - TURNOVER Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 9 0.01 9 0.01 — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 44 0.02 44 0.02 — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 2 — 2 — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 1,398 0.78 1,371 0.76 27 0.02 Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 1,453 0.81 1,426 0.79 27 0.02 TAXONOMY-ELIGIBLE BUT NOT TAXONOMY-ALIGNED ECONOMIC ACTIVITIES - CAPEX Amount and proportion (the information is to be presented in monetary amounts and as percentages) Economic Activities CCM+CCA Climate Change mitigation (CCM) Climate change Adaption (CCA) Amount % Amount % Amount % Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 1 — 1 — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 7 — 7 — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 11 0.01 11 0.01 — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 1 — 1 — — — Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — — — — — Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 1,443 0.80 1,399 0.78 44 0.02 Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 1,463 0.82 1,419 0.79 44 0.02 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 351 TAXONOMY NON-ELIGIBLE ECONOMIC ACTIVITIES - TURNOVER Economic Activities Amount % Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 177,365 98.85 Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 177,365 98.85 TAXONOMY NON-ELIGIBLE ECONOMIC ACTIVITIES - CAPEX Economic Activities Amount % Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI — — Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI 176,836 98.55 Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 176,836 98.55 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 352 TEMPLATE FOR THE KEY RESULTS INDICATOR OF INSURANCE AND REINSURANCE UNDERTAKINGS (INVESTMENTS) Indicator AV (Mm EUR) % The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings per below: Turnover-based: % 88.4 2.5 CapEx-based: % 158.0 4.4 The percentage of assets covered by the KPI relative to total investments of insurance or reinsurance undertakings (total AuM). Excluding investments in sovereign entities. Coverage ratio: % 3,582.7 25.9 Additional, complementary disclosures: breakdown of denominator of the KPI Additional, complementary disclosures: breakdown of denominator of the KPI % — — The proportion of exposures to financial and non- financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI For non financial undertakings: % 38.2 1.1 For financial undertakings: % 982.0 27.4 The proportion of exposures to financial and non- financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI For non financial undertakings: % 257.8 7.2 For financial undertakings: % 66.8 1.9 The proportion of exposures to financial and non- financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI For non financial undertakings: % 584.9 16.3 For financial undertakings: % 1,163.3 32.5 The proportion of exposures to other counterparties and assets over total assets covered by the KPI % 489.6 13.7 The proportion of the insurance or reinsurance undertaking’s investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities % 3,468.2 96.8 The value of all the investments that are funding economic activities that are not Taxonomy- eligible relative to the value of total assets covered by the KPI % 3,097.5 86.5 The value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-aligned relative to the value of total assets covered by the KPI % 362.0 10.1 Additional, complementary disclosures: breakdown of numerator of the KPI The proportion of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI Non-financial undertakings over the business volume: % 70.8 2.0 Financial undertakings over the business volume:: % 17.6 0.5 Non-financial undertakings over the CapEx: % 134.8 3.8 Financial undertakings over the CapEx: % 23.1 0.6 The proportion of the insurance or reinsurance undertaking’s investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned Turnover-based: % 86.7 2.4 CapEx-based: % 153.9 4.3 The proportion of Taxonomy-aligned exposures to other counterparties and assets over total assets covered by the KPI Turnover-based: % — — CapEx-based: % — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 353 Breakdown of the numerator of the KPI per environmental objective Taxonomy-aligned activities – provided ‘do-not-significant-harm’(DNSH) and social safeguards positive assessment 1) Climate change mitigation Total over the turnover: % 86.2 2.4 Total over the CapEx volume: % 155.0 4.3 Transition activities over the business volume: % 4.2 0.1 Transition activities over the CapEx volume: % 10.6 0.3 Facilitating activities over the business volume: % 75.3 2.1 Facilitating activities over the CapEx volume: % 98.1 2.7 2) Climate change adaptation Total over the turnover: % 0.5 — Total over the CapEx volume: % 1.0 — Facilitating activities over the business volume: % 0.3 — Facilitating activities over the CapEx volume: % 1.0 — 3) The sustainable use and protection of water and marine resources Total over the turnover: % 0.8 — Total over the CapEx volume: % 1.5 — Facilitating activities over the business volume: % — — Facilitating activities over the CapEx volume: % — — 4) The transition to a circular economy Total over the turnover: % 0.4 — Total over the CapEx volume: % 0.2 — Facilitating activities over the business volume: % 0.4 — Facilitating activities over the CapEx volume: % 0.2 — 5) Pollution prevention and control Total over the turnover: % 0.1 — Total over the CapEx volume: % 0.1 — Facilitating activities over the business volume: % — — Facilitating activities over the CapEx volume: % — — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 354 6) The protection and restoration of biodiversity and ecosystems Total over the turnover: % 0.4 — Total over the CapEx volume: % 0.2 — Facilitating activities over the business volume: % 0.4 — Facilitating activities over the CapEx volume: % 0.2 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 355 TEMPLATE FOR THE KPI OF ASSET MANAGERS Indicator IM (Mm EUR) % The weighted average value of all the investments that are directed at funding, or are associated with taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings per below Turnover-based: % 618.6 0.3 CapEx-based: % 1,137.6 0.6 The percentage of assets covered by the KPI relative to total investments (total AuM). Excluding investments in sovereign entities Coverage ratio: % 179,437.0 85.7 Additional, complementary disclosures: breakdown of denominator of the KPI The percentage of derivatives relative to total assets covered by the KPI % N.D. N.D. The proportion of exposures to EU financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI For non financial undertakings: % 643.9 0.4 For financial undertakings: % 1,375.7 0.8 The proportion of exposures to financial and nonfinancial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI For non financial undertakings: % 6,773.0 3.8 For financial undertakings: % 2,620.2 1.5 The proportion of exposures to financial and nonfinancial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI For non financial undertakings: % 3,512.0 2.0 For financial undertakings: % 4,081.2 2.3 The proportion of exposures to other counterparties and assets over total assets covered by the KPI % 160,431.0 89.4 The value of all the investments that are funding economic activities that are not taxonomyeligible relative to the value of total assets covered by the KPI % 176,914.5 98.6 The value of all investments that finance taxonomy-eligible economic activities, but do not fit into the taxonomy, relative to the value of total assets covered by the KPI % 1,904.1 1.1 Additional, complementary disclosures: breakdown of numerator of the KPI The proportion of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI Non-financial undertakings over the business volume: % 517.2 0.3 Financial undertakings over the business volume:: % 101.2 0.1 Non-financial undertakings over the CapEx: % 955.4 0.5 Financial undertakings over the CapEx: % 181.9 0.1 The proportion of taxonomy-aligned exposures to other counterparties and assets over total assets covered by the KPI Turnover-based: % — — CapEx-based: % — — Breakdown of the numerator of the KPI per environmental objective Taxonomy-aligned activities- This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 356 1) Climate change mitigation Total over the turnover: % 617.3 0.3 Total over the CapEx volume: % 1,135.3 0.6 Transition activities over the business volume: % 35.4 — Transition activities over the CapEx volume: % 48.3 — Facilitating activities over the business volume: % 309.9 0.2 Facilitating activities over the CapEx volume: % 578.3 0.3 2) Climate change adaptation Total over the turnover: % 1.3 — Total over the CapEx volume: % 2.3 — Facilitating activities over the business volume: % 0.6 — Facilitating activities over the CapEx volume: % 0.2 — 3) The sustainable use and protection of water and marine resources Total over the turnover: % N.A. N.A. Total over the CapEx volume: % N.A. N.A. Facilitating activities over the business volume: % N.A. N.A. Facilitating activities over the CapEx volume: % N.A. N.A. 4) The transition to a circular economy Total over the turnover: % N.A. N.A. Total over the CapEx volume: % N.A. N.A. Facilitating activities over the business volume: % N.A. N.A. Facilitating activities over the CapEx volume: % N.A. N.A. 5) Pollution prevention and control Total over the turnover: % N.A. N.A. Total over the CapEx volume: % N.A. N.A. Facilitating activities over the business volume: % N.A. N.A. Facilitating activities over the CapEx volume: % N.A. N.A. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Consolidated Non-financial Information Statement 357 6) The protection and restoration of biodiversity and ecosystems Total over the turnover: % N.A. N.A. Total over the CapEx volume: % N.A. N.A. Facilitating activities over the business volume: % N.A. N.A. Facilitating activities over the CapEx volume: % N.A. N.A. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 358 Financial information 1 BBVA Group 1.1 Main data 1.2 Macroeconomic and regulatory environment 1.3 Results 1.4 Balance sheet and business activity 1.5 Solvency 1.6 The BBVA share 2 Business areas 2.1 Spain 2.2 Mexico 2.3 Turkey 2.4 South America 2.5 Rest of Business 2.6 Corporate Center 2.7 Other pro forma information: Corporate & Investment Banking This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 359 1. BBVA Group 1.1 Main data BBVA GROUP MAIN DATA (CONSOLIDATED FIGURES) 31-12-24 ∆ % 31-12-23 31-12-22 Balance sheet (millions of euros) ⁽¹⁾ Total assets 772,402 (0.4) 775,558 712,092 Loans and advances to customers (gross) 424,087 9.0 388,912 368,588 Deposits from customers 447,646 8.3 413,487 394,404 Total customer funds 640,251 10.8 577,853 544,576 Total equity 60,014 8.6 55,265 50,517 Income statement (millions of euros) ⁽¹⁾ Net interest income 25,267 9.4 23,089 19,124 Gross income 35,481 20.1 29,542 24,743 Operating income 21,288 23.5 17,233 14,042 Net attributable profit (loss) 10,054 25.4 8,019 6,358 The BBVA share and share performance ratios Number of shares outstanding (million) 5,763 (1.3) 5,838 6,030 Share price (euros) 9.45 14.9 8.23 5.63 Adjusted earning (loss) per share (euros) ⁽¹⁾⁽²⁾ 1.68 27.7 1.32 1.04 Earning (loss) per share (euros) ⁽¹⁾⁽²⁾ 1.68 30.0 1.29 0.98 Book value per share (euros) ⁽¹⁾⁽²⁾ 9.67 9.1 8.86 7.78 Tangible book value per share (euros) ⁽¹⁾⁽²⁾ 9.24 9.2 8.46 7.43 Market capitalization (millions of euros) 54,463 13.4 48,023 33,974 Significant ratios (%) ROE (net attributable profit (loss)/average shareholders' funds +/- average accumulated other comprehensive income) ⁽¹⁾⁽²⁾ 18.9 16.2 14.4 ROTE (net attributable profit (loss)/average shareholders' funds excluding average intangible assets +/- average accumulated other comprehensive income) ⁽¹⁾⁽²⁾ 19.7 17.0 15.1 ROA (profit (loss) for the period / average total assets - ATA) ⁽¹⁾⁽²⁾ 1.36 1.12 0.99 RORWA (profit (loss) for the period / average risk-weighted assets - RWA) ⁽¹⁾⁽²⁾ 2.76 2.38 2.06 Efficiency ratio ⁽¹⁾⁽²⁾ 40.0 41.7 43.2 Cost of risk ⁽¹⁾⁽²⁾ 1.43 1.15 0.91 NPL ratio ⁽¹⁾⁽²⁾ 3.0 3.4 3.4 NPL coverage ratio ⁽¹⁾⁽²⁾ 80 77 81 Capital adequacy ratios (%) CET1 fully loaded 12.88 12.67 12.61 CET1 phased-in ⁽³⁾ 12.88 12.67 12.68 Total ratio phased-in ⁽³⁾ 16.90 16.58 15.98 Other information Number of active customers (million) ⁽⁴⁾ 77.2 6.5 72.5 68.2 Number of shareholders ⁽⁵⁾ 714,069 (3.8) 742,194 801,216 Number of employees 125,916 3.6 121,486 115,675 Number of branches 5,749 (3.4) 5,949 6,040 Number of ATMs 30,391 0.3 30,301 29,807 ⁽¹⁾ Balances as of 31-12-2022 revised according to IFRS 17 - Insurance contracts. ⁽²⁾ For more information, see Alternative Performance Measures at this report. ⁽³⁾ Phased-in ratios include the temporary treatment on the impact of IFRS 9, calculated in accordance with Article 473 bis amendments of the Capital Requirements Regulation (CRR), introduced by the Regulation (EU) 2020/873. For 2022 in this table, there is a difference between phased-in and fully loaded ratios due to the aforementioned temporary treatment. ⁽⁴⁾ Reported figures include clients from Italy, as well as an adjustment for homogenization of criteria in Peru and Venezuela with the rest of the countries. In Argentina, the concepts of “total customers” and, therefore, “active customers” have been revised due to the transition to a new data source. ⁽⁵⁾ See footnote to table of structural distribution of shareholders in "The BBVA share" chapter of this report. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 360 1.2 Macroeconomic and regulatory environment Macroeconomic and sectoral environment and outlook Economic growth remained relatively solid in 2024, mainly in the United States and in the services sector. BBVA Research estimates that global GDP expanded by around 3.2% in 2024, slightly above (3.1%) the forecast three months ago. This strength comes in an environment where the public expenditure was, in general, high and labor markets remained dynamic. In a context marked by general restrictive monetary conditions, despite the process of interest rates cuts, inflation moderated during 2024. This downward trend was supported by a moderation in energy prices (despite geopolitical tensions in some producing regions), and some productivity gains (at least in the United States). Inflation also remains above the target in many geographical areas, mainly in the United States and, pushed down by services prices. The main exception is China, where the process of structural moderation in growth, particularly in domestic demand, has contributed to very low and slightly positive inflation. Policies adopted by the new administration in the United States, on which there is high uncertainty, will be key in 2025. The expectation of additional protectionist measures and high fiscal deficits would put upward pressure on inflation and downward pressure on growth, according to BBVA Research. Thus, despite recent resilience, US growth would moderate from 2.7% in 2024 (20 basis points above the previous forecast) to 2.0% in 2025 (10 basis points below the previous forecast). The likely upturn in inflation, which closed 2024 at 2.9%, will reduce the scope for the Federal Reserve (hereinafter FED) to ease monetary conditions further. In particular, interest rates, which were cut from 5.5% to 4.5 % during 2024, would converge to around 4.0% during the first half of 2025, remaining at these relatively high levels during the second half of the year, which, among other things, would contribute to the strength of the US dollar. The possible increase in tariffs in the US would be a negative shock to the global economy, whose GDP would moderate to around 3.1% in 2025 (20 basis points lower than previously expected). In particular, it would add to the structural challenges that China and the Eurozone currently face. In this context, BBVA Research forecasts that Eurozone GDP will expand by 1.0% in 2025 ( 40 basis points lower than previously forecast), having grown by 0.8% in 2024 (10 basis points higher than previously forecast), and that growth in China will moderate to 4.1% in 2025 (10 basis points lower than previously forecast) from 4.8% in 2024 (20 basis points higher than previously forecast). The relative weakness of economic activity would contribute to inflation remaining contained at around 2.0% in the Eurozone and remaining low in China. Against this macroeconomic environment, additional interest rate cuts are likely to be seen in both regions. In particular, in the Eurozone, the European Central Bank (hereinafter ECB), which cut deposit facility rates from 4.0% to 3.0% in the course of 2024, is expected to cut them further to around 2.0% in mid-2025. Both geopolitical factors, including a further escalation of conflicts in Ukraine or the Middle East, and possible policies of the new US administration, such as those related to foreign trade, migration flows and fiscal policy, create risks for the global macroeconomic environment. In particular, they increase the risk that inflation, and thus interest rates, will remain higher than expected. In addition, they raise the risk of lower than expected GDP growth as well as macroeconomic and financial volatility. REAL GDP GROWTH AND INFLATION (REAL PERCENTAGE GROWTH) IN 2024 AND ESTIMATES FOR 2025 2024 2025 GDP INFLATION GDP INFLATION World 3.20 5.60 3.10 4.00 Eurozone 0.80 2.40 1.00 1.90 Spain 3.10 2.80 2.30 2.10 The United States 2.70 2.90 2.00 3.40 Mexico 1.20 4.20 1.00 3.50 South America (1) 1.70 22.30 2.50 8.70 Turkey 3.20 44.40 2.50 26.50 China 4.80 0.10 4.10 0.70 Source: BBVA Research estimates. Inflation end of period. (1) It includes Argentina, Brazil, Chile, Colombia, Paraguay, Peru and Uruguay. 100 Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor. 101 Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Directive (EU) 2019/1937, and amending and repealing Directive (EU) 2015/849. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 361 Exchange rate evolution The performance of the Group's main currencies during 2024 has been uneven. Due to its relevance for the Group, it should be noted the evolution of the Mexican peso, which has depreciated 13.1% against the euro with emphasis after the June 2024 presidential elections. Turkish lira also experienced a relevant depreciation (11.1%), although is much less than the cost of hedging the currency. For its part, the US dollar appreciated 6.4% in the year, with a revaluation in the last quarter of 7.8% mainly due to the United States elections. Peruvian sol also appreciated by 5.2%. On the other hand, the Colombian and Argentinean peso depreciated 7.8% and 16.8% respectively, against the euro. For information on the BBVA Group's exchange rate risk management policies, see the "Risk Management" chapter of this report. EXCHANGE RATES Year-end exchange rates Average exchange rates Currency/Euro ∆ % of the currency against ∆ % of the currency against Currency/Euro ∆ % of the currency against 31-12-24 31-12-23 30-09-24 2024 2023 U.S. dollar 1.0389 6.4 7.8 1.0822 (0.1) Mexican peso 21.5504 (13.1) 2.0 19.8220 (3.2) Turkish lira ⁽¹⁾ 36.7372 (11.1) 4.2 — — Peruvian sol 3.9027 5.2 6.3 4.0546 (0.3) Argentine peso ⁽¹⁾ 1,072.66 (16.8) 1.3 — — Chilean peso 1,035.22 (5.6) (3.1) 1,020.53 (11.0) Colombian peso 4,580.67 (7.8) 1.8 4,405.47 6.2 ⁽¹⁾ According to IAS 21 "The effects of changes in foreign exchange rates", the year-end exchange rate is used for the conversion of the Turkey and Argentina income statement. Regulatory environment 2024: Banking package, increased role of capital markets union, sustainable finance and digital regulation 2024 was the year for finalizing the capital framework reform (Basel III), which in Europe was reflected in the banking package (CRR III/ CRD VI). The regulatory environment also continued to advance in all areas related to ESG criteria: prudential treatment, reporting and disclosure, due diligence and mitigation and prevention of Greenwashing. In turn, digitization remains a priority for the authorities, as well as the promotion of capital markets and the prevention of money laundering (AML). 1. Prudential framework At the international level, in the prudential sphere, and within the context of the post-crisis reforms (Basel III), the publication in July by the Basel Committee on Banking Supervision (BCBS) of a disclosure framework for crypto-asset exposures, which also included revisions to the prudential standard for stablecoins holdings, stands out. The framework is due to be implemented in January 2026. In addition, the BCBS published guidance for consultation on counterparty credit risk (CCR) management that includes key practices to address industry deficiencies in this area and, finally, the revision of its standard on interest rate risk in the trading book (IRRBB). Regarding the implementation of the reform of the Basel III framework in Europe, the final versions of the so-called banking package, containing the reform of the Capital Requirements Regulation 100 (CRR III) and the Capital Requirements Directive 101 (CRD VI), were published in the Official Journal of the European Union (OJEU) on June 19, 2024. The CRR III will apply from January 1, 2025, except for certain articles mostly related to European Banking Authority (EBA) mandates, which took effect earlier (July 2024), and the market risk component, whose implementation has been postponed by one year. Regarding CRD VI, European Union (EU) member states have 18 months to incorporate the Directive into their national legislation, after which CRD VI will take effect the next year, on January 1, 2026. On specific areas of the regulatory package, it is worth noting that in the market risk section, the European Commission (EC) has activated the delegated act under Article 461a of CRR III to delay the implementation of the new FRTB (Fundamental Review of the Trading Book) framework until January 2026 as a capital requirement. Additionally, concerning crypto-asset provisions, the banking package introduced a transitional prudential treatment for these exposures. A new legislative proposal for permanent prudential treatment is expected to be presented by June 30, 2025. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 362 For the implementation of the aforementioned regulatory package, the EBA has around 140 mandates from CRR III and CRD VI to develop Level 2 and Level 3 legislation (RTS, ITS, and guidelines) to facilitate the application of the regulations. Of particular importance is the EBA's final report on the Implementing Technical Standards (ITS) for entity disclosures, which were approved by the Commission and published in the OJEU as a Regulation at the end of December, and which include changes to the Pillar 3 framework. These changes encompass new and revised disclosure requirements for the output floor, crypto-assets (transitional treatment to be replaced by a definitive one before mid-2025, including review by the BCBS), credit valuation adjustment (CVA) risk, credit risk, market risk, and operational risk, as well as minor modifications to the leverage ratio. These ITS will apply from January 1, 2025. Moreover, the EBA has already published several consultations in 2024 regarding credit risk (off-balance-sheet items, default definition, etc.), market risk, operational risk, sustainability, and reporting and disclosures, for which the final text is still pending publication. Finally, regarding the progress of these reforms in other jurisdictions, it should be highlighted that in the United Kingdom, the final Basel III rules were published in September 2024 and will begin to apply in January 2026, with a four-year gradual transition period to ensure full implementation by January 1, 2030. In the United States, the outlook regarding the Basel reforms is very uncertain. However, what is known is the intention of the competent authorities to present a new proposal (to be submitted for consultation), although the expected date of publication of this draft and the consequent implementation of the reforms is unknown. Meanwhile, in 2024, other work in the EU with prudential implications, in this case by the European Central Bank (hereinafter ECB), will be of note: the update of the Internal Models Guide detailing how institutions should include material climate and environmental risks in their internal models and providing clarifications for institutions wishing to revert to the standard method for calculating their risk-weighted assets; the final version of the RDARR Guide (data aggregation and risk reporting), which aims to help institutions strengthen their capabilities, based on practices and the main weaknesses observed in the industry; and finally, the Governance and Risk Culture Guide (which sets out supervisors' expectations on the composition and functioning of management bodies and committees, and defines the tasks and responsibilities of internal control functions, among other issues). Finally, in Spain, the entry into force of Bank of Spain (hereinafter, BdE, for its acronym in Spanish) Circular 1/2024 of January 26 is noteworthy. This Circular consists of five rules that update the regulations in relation to the information on capital structure that certain institutions must report, including acquisitions, increases and reductions of shareholdings in institutions. 2. Crisis management framework At the global level, the Financial Stability Board (FSB) updated its standards to ensure that resolution authorities have access to a set of tools to support the resolution of central counterparties (CCPs). In Europe, the Single Resolution Board (SRB) published a new package containing Minimum Bail-in Data Templates (MBDT) and released its 2024 MREL policy. This policy allows adjustments in calibrating the Market Confidence Charge (MCC) and monitoring eligibility, among other changes. Meanwhile, the EBA published two consultations, one on the resolution plan reporting framework and another on independent evaluators. The EBA also released a monitoring report on AT1, T2, and TLAC/MREL instruments, suggesting that capital instruments (AT1 and T2) should have a prudential valuation reflecting their loss absorption capacity. It recommended using the carrying amount instead of the nominal for prudential matters and left open the possibility of extending this treatment to MREL-eligible instruments for resolution, a decision for the European resolution authority. Regarding the proposal presented by the EC in 2023 on the reform of the crisis management and deposit insurance (CMDI) framework, the legislative process remains under negotiation. The European Parliament (EP) reached its position in April, and the European Council followed in June. However, no common position has been reached in trilogues. Finally, the EP’s ECON committee approved its position on creating a European Deposit Insurance Scheme (EDIS). However, the text has yet to be debated in a plenary session. 3. Macroprudential framework Globally, the BCBS launched a consultation on the possibility of requiring banks to report information on G-SIB (Global Systemically Important Banks) indicators using daily data averages. Additionally, the FSB, as part of its work plan to improve the resilience of non- bank financial intermediaries (NBFIs), published a follow-up report recommending policies to address financial stability risks arising from leverage and liquidity issues in NBFIs. At the European level, early in the year, the EC published a report reviewing macroprudential policy. The report highlighted the need to revise the macroprudential framework for banks and NBFIs, acknowledging existing challenges in addressing systemic risks. In May, the EC launched a consultation to assess the adequacy of macroprudential policies for non-bank financial intermediation (NBFI). Furthermore, several European institutions issued reports supporting the use of macroprudential tools to address climate-related systemic risks. Finally, in Spain, the BdE approved a revised framework for setting the countercyclical capital buffer (CCyB) applicable to institutions for their exposures in Spain. The CCyB percentage in effect as of the fourth quarter of 2024 is set at 0.5%, applicable from October 1, 2025. Subsequently, if cyclical systemic risks remain at a standard level, the CCyB percentage is expected to rise to 1% starting from the fourth quarter of 2025 (applicable from October 1, 2026). 4. ESG Regulation: Disclosure & reporting In the field of ESG (Environmental, Social and Governance), at a global level, notable progress has been made by the BCBS in a Disclosure framework for climate-related financial risk with the publication of a consultation on the disclosure framework for these risks under Pillar 3. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 363 Regarding the prudential framework, the EBA published a consultation on its guidelines for ESG risk management. This consultation responds to the mandate set out in Article 87a of the CRD. The EBA expects to finalize the guidelines at the beginning of 2025. The guidelines set out requirements on internal processes and ESG risk management, to ensure the resilience of the business model and risk profile of institutions in the short (3 years), medium (3-5 years) and long term (at least 10 years). Additionally, the EC report on the review of the prudential framework explores the possibility of extending the macroprudential framework to cover ESG risks. Meanwhile, in Europe, the gradual implementation (2024-28) of the Corporate Sustainability Reporting Directive (CSRD), which aims to improve the quality and comparability of the sustainability reports of companies subject to this regulation, has begun. In this regard, as of January 1, 2024, the European Sustainability Reporting Standards (hereinafter, ESRS) apply to all companies subject to the CSRD. Additionally, the European Financial Reporting Advisory Group (EFRAG) published three guides to assist companies and other stakeholders in the implementation of the (ESRS), which affect all stakeholders subject to the Directive. The guides relate to (i) the materiality assessment, (ii) the value chain and (iii) ESRS data points. As of the closing date of this report, the CSRD has not yet been transposed into Spanish law. In the United States, in March 2024, the SEC published its final rules for Improving and Standardizing Disclosure of Climate-Related Information for Investors. As of the closing date of this report, the rule is stalled, pending the resolution of several legal challenges. However, as of the closing date of this report, the rule is stalled, due to pending legal challenges. Regarding due diligence issues, the European Corporate Sustainability Due Diligence Directive (CSDDD), was published in the OJEU in July 2024. This directive establishes a framework for large companies to ensure compliance with human rights and environmental standards across their operations, those of their subsidiaries and those in their value chain. The CSDDD also requires the adoption and implementation of a climate transition plan in line with the Paris Agreement. In the case of financial services, the directive will affect their upstream value chains (suppliers directly related to the provision of the service) but not downstream (customers). The Directive entered into force in July and Member States must adopt and publish its transposition at the latest two years after its entry into force. Article 36 of the Directive establishes a review clause on the need to establish additional due diligence requirements for the financial sector, with regard to the provision of financial services and investment activities, which could involve the inclusion of monitoring of their clients. Regarding greenwashing risks, the final report of the European Supervisory Authorities (EBA, ESMA and EIOPA, hereinafter ESAs) was published in June, which included a high-level definition of greenwashing and a set of recommendations for institutions, regulators and supervisors. Finally, in Spain, the Ministry of Economy, Trade, and Enterprise launched a consultation on the Green Finance Green Paper. This strategic document aims to guide the private sector’s adaptation to the sustainable finance framework. Among the suggested actions is the establishment of a Sustainable Finance Council as a public-private coordination forum. 5. Capital markets development Revitalizing the Capital Markets Union (CMU) is one of the EU's major priorities for the next political cycle. The publication of several reports in 2024, such as the Letta Report, the Noyer Report, and the Draghi Report, highlights its significant political importance. These reports analyze the current state of the CMU and propose various initiatives to reinvigorate the European capital market. Key regulatory initiatives in 2024, the following are worth highlighting: 1. MiFID/MiFIR: Numerous legislative texts have been revised. First, the legislative process on the retail investment strategy, known as the Retail Investment Strategy, aims to protect retail investors in EU capital markets by providing greater transparency and clarity. Interinstitutional negotiations for its adoption began in November 2024. Secondly, the MiFID Review initiative seeks to create a more transparent market with better information availability (Consolidated Tape) and enhance the competitiveness of entities through the simplification of regulatory processes. The amended Regulation took effect on March 28, 2024, while the transposition deadline for the Directive amendments is set for September 29, 2025. 2. Listing Act: Approved in October 2024, this package modifies the Prospectus Regulation, the Market Abuse Regulation, and the MiFID/MiFIR Directive and Regulation. It aims to increase the attractiveness and accessibility of European capital markets for companies. Progressive application is expected over the next two years. 3. EMIR: The EMIR 3.0 proposal was published in November 2024. In December, modifications to transparency requirements and new exemptions began to apply, while the active account requirement will be mandatory from June 2025. This last requirement introduces the obligation to clear a representative part of the activity in interest rate derivatives denominated in EUR and PLN (Polish zloty) in EU clearing houses, as well as different monitoring, reporting and stress testing requirements. Additionally, in April 2024, prior amendments to the Regulation (EMIR Refit) concerning contract reporting to trade repositories took effect. 4. Benchmark Regulation: At the end of 2023, the EC proposed amendments to the BMR (Benchmark Regulation) aligned with objectives to simplify reporting and streamline regulatory burdens. Key measures include eliminating authorization and supervision requirements for administrators of non-significant benchmarks and prohibiting the use of certain FX spot benchmarks administered by third-country entities exceeding a specified threshold. In October, the EP approved the mandate to initiate interinstitutional negotiations. 5. Securitization Framework Reform: As part of initiatives to advance the CMU, the EC launched a consultation on reforming the EU securitization framework. The document reviews various aspects of the Securitization Regulation and prudential framework, seeking feedback on a wide range of issues to revitalize the European securitization market. Additionally, the FSB issued a consultation on the effects of G20 regulatory reforms on the securitization framework, with the final report expected by the end of 2024. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 364 6. ELTIFs: The new Regulation for European Long-Term Investment Funds (ELTIFs) came into effect in January 2024. The Regulation aims to make these funds more attractive to professional and retail investors and facilitate long-term investments. In October, the EC published Delegated Regulation (EU) 2024/2759, which complements the ELTIfs Regulation. Internationally, the most significant development in 2024 was the transition to a T+1 settlement cycle in the United States, Canada, Mexico, and Argentina at the end of May. This transition, aimed at reducing counterparty risk and collateral funding, will likely be replicated in the EU, the UK, and Switzerland by the end of 2027. In the UK, the FCA (Financial Conduct Authority) continues to adapt post-Brexit legislation with an agenda closely aligned with that of the EU. Among the most notable initiatives are redefining the deferrals and attributes framework for post-trade transparency and the Systematic Internalizer regime. While aligned with the EU's objectives, this reform introduces divergence from the MiFIR Review proposal. Additionally, the replacement of the PRIIPs Regulation (Packaged Retail Investment and Insurance-based Products) by a new framework, called Consumer Composite Investments (CCI), which allows for more flexibility in disclosure requirements, including costs, is being considered. Moreover, the PRA (Prudential Regulation Authority) published a consultation on the reformulation of CRR provisions incorporated into the PRA Rulebook, with significant changes related to securitization requirements. In the US, aiming to reduce counterparty risk and increase transparency in the US Treasury market, the SEC approved a reform of the Securities Exchange Act at the end of 2023. This reform mandates clearing for all member entities of a Covered Clearing Agency (CCA). This obligation will take effect in December 2025 for cash transactions and June 2026 for repo operations. In Spain, the Ministry of Economy, Trade, and Enterprise launched a consultation on the ministerial order regulating securities lending. This order aims to complement necessary legislative developments to allow collective investment institutions (CIIs) to engage in securities lending to achieve additional returns. While this practice is generally permitted across Europe, Spain has faced multiple unsuccessful attempts to implement it. 6. Regulation in the context of the financial sector's digital transformation: Artificial Intelligence, data, payments, digital identity, central bank digital currency, crypto-assets, and operational resilience. In 2024, digitalization remained a priority for European authorities, who continued implementing the digital strategy defined by the European Commission (EC) in 2020. The strategy's fundamental pillars include the development and regulation of Artificial Intelligence (AI) and the enhancement of data usage. Regarding the first pillar, the first Regulation governing AI was approved mid-year in the EU, establishing a set of obligations based on the use and associated risks of AI systems. Most obligations, including those related to high-risk use cases such as credit scoring for individuals and life and health insurance, will apply from August 2026. Obligations for general-purpose AI will begin to apply in August 2025. On a sector-specific note, the EC conducted a consultation to analyze the specific impact of this technology on financial services and the applicable regulatory framework. For the second pillar, negotiations continued on the EC's proposal for a new Financial Data Access Regulation (FIDA), which includes obligations for financial institutions to facilitate data sharing with authorized third parties for savings, credit, and investment products. Concerning other legislative initiatives, the new Payment Services Regulation (PSR) and Directive (PSD3) replacing PSD2 and the E- Money Directive, remain under negotiation in the European Parliament and Council. The PSR will update the requirements applicable to payment services in the EU, introducing significant changes in fraud prevention and account access services (open banking). The Instant Payments Regulation came into force in April 2024 and aims to ensure instant payments are fully available by the end of 2025 for consumers and businesses across all EU and EEA countries. At the international level, the G20’s Roadmap for enhancing cross-border payments, launched in 2020, continued to progress, as highlighted in the latest FSB progress report published in October 2024. Although the KPIs are still far from being achieved, advances have been made in key actions. However, greater public and private sector efforts are needed to meet the goals set for 2027. During 2025, efforts will focus on strengthening collaboration between public and private actors, finalizing FSB and CPMI recommendations, promoting broader data and messaging standardization, and supporting projects to interconnect payment systems. Additionally, the European Regulation on electronic identification and trust services in electronic transactions (eIDAS2) came into force in 2024. This regulation obliges Member States to create digital identity wallets for citizens by December 2026. Companies required to perform strong customer authentication for electronic identification, including financial services, will have an additional twelve months to begin accepting these wallets. Notably, the EC conducted a consultation in 2024 on a series of implementing acts specifying technical details under the Regulation. Furthermore, the European project for a potential issuance of a digital euro — a central bank digital currency (CBDC) for retail use — also progressed last year. On one hand, the European Commission's proposal to establish the legal framework for the potential digital euro, outlining its main features and distribution model, is still under negotiation in the European Council and Parliament. On the other hand, the ECB — responsible for deciding on the issuance of the digital euro — continues with the preparation phase to lay the project ´s foundations and has published several reports describing its progress. This phase will conclude in 2025, after which the ECB Governing Council will decide whether to proceed to the second preparation phase, paving the way for potential issuance. 102 Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing Text with EEA relevance. 103 Regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May 2024 establishing the Authority for Combating Money Laundering and Terrorist Financing and amending Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010 Text with EEA relevance. 104 Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on mechanisms to be put in place by Member States for the purpose of preventing the use of the financial system for the purpose of money laundering or terrorist financing, amending Directive and (EU) 2019/1937 and amending and repealing Directive (EU) 2015/849 Text with EEA relevance. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 365 Internationally, according to a Bank for International Settlements (BIS) survey, central banks have significantly increased experimentation and pilots for wholesale central bank digital currencies, with the likelihood of issuing wholesale CBDCs in the coming years surpassing that of retail CBDCs. Another area of focus for regulators has been crypto-assets. At the international level, the FSB published a progress report in October on the roadmap for implementing the IMF (International Monetary Fund) and FSB policies and regulatory responses to crypto-assets. The report noted progress in implementation across jurisdictions, but also identified challenges, urging authorities to advance in implementing the framework. At the European level, the new Markets in Cryptoassets Regulation (MiCA), which establishes a series of obligations for issuers and service providers of crypto-assets, was fully implemented. ESMA (European Securities and Markets Authority) and the EBA finalized MiCA's second level regulation. Additionally, the ESAs worked on developing the second-level regulation for the European Digital Operational Resilience Regulation (DORA), which will apply from 2025 and aims to ensure the resilience of the EU financial sector. Internationally, the Basel Committee published a consultation on principles for sound third-party risk management. 7. Other Regulatory Areas: New Anti-money Laundering Package in the European Union On June 19, 2024, the new anti-money laundering and counter-terrorism financing rules, known as the new AML package, were published in the Official Journal of the EU (OJ EU). This package includes the establishment of the new European AML Authority (AMLA), the Regulation, and the 6th Directive on the prevention of money laundering and terrorist financing (AML&CFT). The new Regulation 102 harmonizes anti-money laundering rules across the EU and extends these rules to new obliged entities. It also sets stricter due diligence requirements, regulates beneficial ownership, and establishes a cash payment limit of €10,000. It will apply from July 10, 2027. The package also includes the Regulation that creates the new Anti-Money Laundering and Combating the Financing of Terrorism Authority 103 (AMLA) which will have direct and indirect supervisory powers over high-risk obliged entities in the financial sector and will establish an integrated mechanism with national supervisors to ensure that obliged entities comply with AML&CFT-related obligations. Additionally, AMLA will also play a supporting role with respect to non-financial obliged entities and will coordinate financial intelligence units (FIUs). In addition to supervisory powers, the authority will also impose pecuniary sanctions on selected obliged entities. The Regulation will be applicable as of July 1, 2025. The 6th Directive 104 on AML&CFT establishes clear rules on how FIUs and supervisors collaborate. It mandates that EU Member States provide information from centralized bank account registers through a single access point and harmonizes the format of bank statements. The transposition deadline for this Directive is July 10, 2027. Additionally, since December 30, 2024, Regulation (EU) 2023/113, commonly known as the Travel Rule, has been in effect. This regulation sets measures to detect and manage transfers of funds or crypto-assets. Alongside this package, it is noteworthy that the EBA has published the final report on amending guidelines on AML&CFT risk factors and mitigation measures for Crypto- Asset Service Providers (CASPs) must consider. These guidelines have been applicable since December 30, 2024. 105 In compliance with Law 38/2022, of December 27, which established the obligation to pay a patrimonial benefit of a public and non-taxable nature during the years 2023 and 2024 for credit institutions that operate in Spanish territory whose sum of total interest income and fee and commission income corresponding to the year 2019 is equal to or greater than €800m. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 366 1.3 Results The BBVA Group generated a net attributable profit of €10,054m in 2024, once again driven by the performance of recurring revenues of the banking business, that is, net interest income and net fees and commissions, which together grew by, 13.2%. These results represent an increase of 25.4% compared to the same period of the previous year and include the recording of the annual amount for the temporary tax on credit institutions and financial credit institutions 105 for €285m, included in the other operating income and expenses line of the income statement. Excluding the currency variation impact during the year, the Group´s result grew by 32.9%. CONSOLIDATED INCOME STATEMENT (MILLIONS OF EUROS) ∆ % at constant 2024 ∆ % exchange rates 2023 Net interest income 25,267 9.4 12.9 23,089 Net fees and commissions 7,988 27.0 30.8 6,288 Net trading income 3,913 79.2 90.8 2,183 Other operating income and expenses (1,686) (16.5) (21.7) (2,018) Gross income 35,481 20.1 25.0 29,542 Operating expenses (14,193) 15.3 18.3 (12,308) Personnel expenses (7,659) 17.3 20.4 (6,530) Other administrative expenses (5,001) 14.3 17.5 (4,375) Depreciation (1,533) 9.3 11.3 (1,403) Operating income 21,288 23.5 29.9 17,233 Impairment on financial assets not measured at fair value through profit or loss (5,745) 29.7 32.4 (4,428) Provisions or reversal of provisions (198) (47.1) (44.8) (373) Other gains (losses) 61 n.s. n.s. (13) Profit (loss) before tax 15,405 24.0 31.9 12,419 Income tax (4,830) 20.7 27.5 (4,003) Profit (loss) for the period 10,575 25.7 34.0 8,416 Non-controlling interests (521) 31.2 60.1 (397) Net attributable profit (loss) 10,054 25.4 32.9 8,019 Adjusted earning (loss) per share (euros) ⁽¹⁾ 1.68 1.32 Earning (loss) per share (euros) ⁽¹⁾ 1.68 1.29 ⁽¹⁾ Adjusted by additional Tier 1 instrument remuneration. For more information, see Alternative Performance Measures at this report. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 367 CONSOLIDATED INCOME STATEMENT: QUARTERLY EVOLUTION (MILLIONS OF EUROS) 2024 2023 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q Net interest income 6,406 5,868 6,481 6,512 5,246 6,434 5,768 5,642 Net fees and commissions 2,234 1,912 1,955 1,887 1,694 1,685 1,470 1,439 Net trading income 983 1,044 1,114 772 753 658 334 438 Other operating income and expenses (303) (107) (324) (952) (255) (820) (383) (561) Gross income 9,320 8,716 9,227 8,218 7,438 7,956 7,189 6,958 Operating expenses (4,004) (3,330) (3,477) (3,383) (3,068) (3,303) (2,922) (3,016) Personnel expenses (2,216) (1,810) (1,855) (1,778) (1,693) (1,756) (1,530) (1,551) Other administrative expenses (1,380) (1,154) (1,238) (1,229) (1,025) (1,169) (1,054) (1,127) Depreciation (408) (366) (384) (375) (349) (378) (337) (339) Operating income 5,316 5,386 5,751 4,835 4,370 4,654 4,267 3,942 Impairment on financial assets not measured at fair value through profit or loss (1,466) (1,440) (1,479) (1,361) (1,225) (1,210) (1,025) (968) Provisions or reversal of provisions (99) (61) 19 (57) (163) (81) (115) (14) Other gains (losses) 8 (19) 31 40 (49) 2 50 (16) Profit (loss) before tax 3,759 3,867 4,322 3,458 2,932 3,365 3,178 2,944 Income tax (1,171) (1,135) (1,374) (1,151) (799) (1,226) (1,028) (950) Profit (loss) for the period 2,588 2,732 2,949 2,307 2,133 2,139 2,150 1,994 Non-controlling interests (155) (105) (154) (107) (75) (56) (118) (148) Net attributable profit (loss) 2,433 2,627 2,794 2,200 2,058 2,083 2,032 1,846 Adjusted earning (loss) per share (euros) ⁽¹⁾ 0.41 0.44 0.47 0.37 0.34 0.34 0.34 0.30 Earning (loss) per share (euros) ⁽¹⁾ 0.40 0.44 0.47 0.36 0.33 0.33 0.33 0.29 ⁽¹⁾ Adjusted by additional Tier 1 instrument remuneration. For more information, see Alternative Performance Measures at this report. Unless expressly indicated otherwise, for a better understanding of the changes under the main headings of the Group's income statement, the rates of change provided below refer to constant exchange rates. When comparing two dates or periods presented in this report, the impact of changes in the exchange rates against the euro of the currencies of the countries in which BBVA operates is sometimes excluded, assuming that exchange rates remain constant. For this purpose, the average exchange rate of the currency of each geographical area of the most recent period is used for both periods, except for those countries whose economies have been considered hyperinflationary, for which the closing exchange rate of the most recent period is used. The accumulated net interest income as of December 31, 2024 was higher than the one registered in the same period of the previous year (+12.9%), mainly driven by increases in all business areas except for Turkey. This increase shows the strong dynamism of lending activity, which grew by 14.3% during 2024. Likewise, net fees and commissions experienced a year-on-year growth of 30.8%, thanks to the performance of fees and commissions due to payment fees and, to a lesser extent, asset management fees and commissions. Turkey made an outstanding contribution, well above the other business areas. As a result, overall recurring banking business revenues, increased by 16.7% in 2024, with an upward quarterly trend over the last two years. 106 The Single Resolution Fund, whose funds would be allocated to the resolution of financial entities in certain circumstances, has been increasing during a transitional period of eight years (2016-2023) with the objective of reaching at least 1% of the covered deposits by the Member States that make up the Single Resolution Mechanism at the end of 2023. 107 Weighted by operating expenses and excluding Venezuela. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 368 NET INTEREST INCOME / AVERAGE TOTAL ASSETS (PERCENTAGE AT CONSTANT EXCHANGE RATES) NET INTEREST INCOME PLUS NET FEES AND COMMISSIONS (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES) +16.7% (1) 28,489 33,255 ⁽¹⁾ At current exchange rates: +13.2%. At the end of December 2024, NTI showed a growth of 90.8%, mainly driven by the evolution of the results obtained from hedging foreign currency positions, especially of the Mexican peso, recorded in the Corporate Center. To a lesser extent, this growth also shows the favorable performance of this line in all areas, with a notable contribution from Turkey thanks to its foreign currency positions, Spain and Mexico, supported by Global Markets' contribution and lastly, South America helped by the performance in Argentina. The other operating income and expenses line accumulated, as of December 31, 2024 a result that improves compared to the same period of the previous year. This was achieved in spite of a higher negative impact from hyperinflation in Argentina and an increase in the annual amount for the temporary tax on credit institutions and financial credit institutions in 2024. These effects were offset by: a lower impact from hyperinflation in Turkey, the lack of contributions to the European Single Resolution Fund (hereinafter SRF) after the completion of its construction stage 106 and the Deposit Guarantee Fund (hereinafter DGF) for Credit Institutions in Spain, which in 2023 reached the minimum coverage level established by European regulations for covered deposits and therefore no additional contribution was required for this purpose during 2024 and, lastly, by a favorable evolution of the results of the insurance business. GROSS INCOME (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES) +25.0% (1) 28,387 35,481 ⁽¹⁾ At current exchange rates: +20.1%. On a year-on-year basis, the increase in operating expenses at the Group level stood at 18.3%, a rate that is below the inflation rates observed in the countries in which the Group operates (an average of 19.6% in the last 12 months 107). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 369 Thanks to the remarkable growth in gross income (+25.0%, higher than the growth in operating expenses), the efficiency ratio stood at 40.0% as of December 31, 2024, with an improvement of 226 basis points compared to the ratio as of December 31, 2023. This achievement consolidates BBVA's leadership in terms of efficiency among the fifteen largest banks across Europe, comfortably surpassing the Group target of 42% by the end of 2024. OPERATING EXPENSES (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES) +18.3% (1) 11,997 14,193 ⁽¹⁾ At current exchange rates: +15.3%. EFFICIENCY RATIO (PERCENTAGE) -226 Basis points The impairment on financial assets not measured at fair value through profit or loss (impairment on financial assets) at the end of December 2024 was 32.4% higher than in the same period of the previous year, due to a high rate of growth in lending, both in loans to companies and in retail products, the most profitable in recent years, as well as the timing of the economic cycle in some of the Group´s geographical areas. All business areas required greater loan-loss provisions, especially Mexico and Turkey. OPERATING INCOME (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES) +29.9% (1) 16,390 21,288 ⁽¹⁾ At current exchange rates: +23.5%. IMPAIRMENT ON FINANCIAL ASSETS (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES) +32.4% (1) 4,338 5,745 ⁽¹⁾ At current exchange rates: +29.7%. The provisions or reversal of provisions line (hereinafter provisions) registered at the end of December 31, 2024 lower provisions compared to the same period of the previous year, mainly originated in Turkey. On the other hand, the other gains (losses) line ended December 2024 with a balance of €61m, which compares favorably with the previous year mainly due to the positive impact of the appraisal update of real estate assets in Turkey and to the reversal of impairments for investments in associates, recorded in Corporate Center. As a result of the above, the BBVA Group reached a net attributable profit of €10,054m in 2024, showing a significant growth compared to the same period of the previous year (+32.9%). This solid result is supported by the positive evolution of the recurring banking business income, which has been able to offset both the increase in operating expenses and the rise in provisions for impairment losses on financial assets. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 370 Income tax amounted to €4,830m at the end of December 2024, representing a variation of +27.5% compared to the same period of the previous year. This amount does not include the recording of the total annual amount paid out of the temporary taxation of credit institutions and financial credit organizations for €285m, included in the other operating income and expenses line of the income statement. For more information on the overall tax contribution and other tax matters of the BBVA Group, please refer to “Fiscal contribution and transparency”. The net attributable profits, in millions of euros and accumulated at the end of December 2024 for the business areas that compose the Group were as follows: 3,784 in Spain, 5,447 in Mexico, 611 in Turkey, 635 in South America and 500 in Rest of Business. NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES) +32.9% (1) 7,565 10,054 ⁽¹⁾ At current exchange rates: +25.4%. The Group's excellent performance has also allowed it to continue generating value, as is reflected in the growth of the tangible book value per share and dividends, which at the end of December 2024 was 17.2% higher than at the same period of the previous year. Thus, the 2021-2024 compound annual growth rate (CAGR) registered by the aggregate of the tangible book value of each share, along with the dividends received in the period reached 18.1%, well above the 9.0% target. TANGIBLE BOOK VALUE PER SHARE AND DIVIDENDS (EUROS) +17.2% General note: replenishing dividends paid in the period. For more information, see Alternative Performance Measures at this report. EARNING (LOSS) PER SHARE (EUROS) +27.7% ⁽¹⁾ 1.32 (3) 1.68 General note: Adjusted by additional Tier 1 instrument remuneration. For more information, see Alternative Performance Measures at this report. ⁽¹⁾ Year-on-year variation of adjusted EPS. The year-on-year variation of EPS stands at 30.0%. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 371 Lastly, the Group’s profitability indicators show BBVA's ability to combine higher growth rates and better profitability ratios in a way that differentiates it from its peers. All the indicators improved in year-on-year terms supported by the favorable performance of the results and comfortably meeting the profitability target at the end of 2024. ROE AND ROTE (PERCENTAGE) ROA AND RORWA (PERCENTAGE) This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 372 1.4 Balance sheet and business activity The most relevant aspects related to the evolution of the Group's balance sheet and business activity as of December 31, 2024 are summarized below: – Loans and advances to customers recorded an increase of 9.2% compared to the end of December 2023, particularly driven by the evolution of corporate loans (+14.7% at Group level), and, to a lesser extent, by the positive performance of loans to individuals, especially consumer loans and credit cards, that together grew by 11.4%. – Customer funds increased by 10.8% compared to the end of the previous year, driven by the growth in customer deposits, that is, time and demand deposits, which together grew by 8.3% and by the evolution of mutual funds and managed portfolios (+18.5%), with an outstanding performance of these off-balance sheet products in Spain and Turkey. CONSOLIDATED BALANCE SHEET (MILLIONS OF EUROS) 31-12-24 ∆ % 31-12-23 Cash, cash balances at central banks and other demand deposits 51,145 (32.2) 75,416 Financial assets held for trading 108,948 (22.8) 141,042 Non-trading financial assets mandatorily at fair value through profit or loss 10,546 20.7 8,737 Financial assets designated at fair value through profit or loss 836 (12.5) 955 Financial assets at fair value through accumulated other comprehensive income 59,002 (5.1) 62,205 Financial assets at amortized cost 502,400 11.2 451,732 Loans and advances to central banks and credit institutions 30,909 25.5 24,627 Loans and advances to customers 412,477 9.2 377,643 Debt securities 59,014 19.3 49,462 Investments in joint ventures and associates 989 1.3 976 Tangible assets 9,759 5.5 9,253 Intangible assets 2,490 5.4 2,363 Other assets 26,287 14.9 22,878 Total assets 772,402 (0.4) 775,558 Financial liabilities held for trading 86,591 (28.9) 121,715 Other financial liabilities designated at fair value through profit or loss 14,952 12.4 13,299 Financial liabilities at amortized cost 584,339 4.8 557,589 Deposits from central banks and credit institutions 49,074 (18.7) 60,349 Deposits from customers 447,646 8.3 413,487 Debt certificates 69,867 1.7 68,707 Other financial liabilities 17,753 18.0 15,046 Liabilities under insurance and reinsurance contracts 10,981 (9.3) 12,110 Other liabilities 15,525 (0.4) 15,580 Total liabilities 712,388 (1.1) 720,293 Non-controlling interests 4,359 22.3 3,564 Accumulated other comprehensive income (17,220) 5.9 (16,254) Shareholders’ funds 72,875 7.2 67,955 Total equity 60,014 8.6 55,265 Total liabilities and equity 772,402 (0.4) 775,558 Memorandum item: Guarantees given 64,257 7.1 60,019 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 373 LOANS AND ADVANCES TO CUSTOMERS (MILLIONS OF EUROS) 31-12-24 ∆ % 31-12-23 Public sector 22,108 (5.0) 23,269 Individuals 177,751 5.7 168,123 Mortgages 94,577 1.3 93,358 Consumer 45,562 6.7 42,695 Credit cards 26,067 20.6 21,609 Other loans 11,544 10.4 10,461 Business 210,017 14.7 183,076 Non-performing loans 14,211 (1.6) 14,444 Loans and advances to customers (gross) 424,087 9.0 388,912 Allowances ⁽¹⁾ (11,611) 3.0 (11,269) Loans and advances to customers 412,477 9.2 377,643 ⁽¹⁾ Allowances include valuation adjustments for credit risk throughout the expected residual life in those financial instruments that have been acquired (mainly originating from the acquisition of Catalunya Banc, S.A.). As of December 31, 2024 and December 31, 2023 the remaining amount was €107m and €142m respectively. LOANS AND ADVANCES TO CUSTOMERS (BILLIONS OF EUROS) +9.2% (1) ⁽¹⁾ At constant exchange rates: +14.1%. CUSTOMER FUNDS (BILLIONS OF EUROS) +10.8% (1) ⁽¹⁾ At constant exchange rates: +16.3%. CUSTOMER FUNDS (MILLIONS OF EUROS) 31-12-24 ∆ % 31-12-23 Deposits from customers 447,646 8.3 413,487 Current accounts 331,780 4.5 317,543 Time deposits 106,362 16.2 91,524 Other deposits 9,503 115.0 4,420 Other customer funds 192,606 17.2 164,367 Mutual funds and investment companies and customer portfolios ⁽¹⁾ 156,266 18.5 131,849 Pension funds 31,614 11.6 28,326 Other off-balance sheet funds 4,726 12.7 4,192 Total customer funds 640,251 10.8 577,853 ⁽¹⁾ Includes the customer portfolios in Spain, Mexico, Peru and Colombia (preliminary). 108 Considering the last official update of the countercyclical capital buffer, calculated on the basis of exposure as of December 31, 2024. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 374 1.5 Solvency Capital base 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% 108), 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. ANNUAL EVOLUTION OF THE CET1 FULLY LOADED RATIO +21 bps + 0,38% (1) Includes, among others, FX and mark to market of HTC&S portfolios, minority interests, and a positive impact in OCI equivalent to the Net Monetary Position value loss in hyperinflationary economies registered in results. 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. 109 Considering the last official update of the countercyclical capital buffer, calculated on the basis of exposure as of December 31, 2024. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 375 Following the latest SREP (Supervisory Review and Evaluation Process) decision, the ECB has informed the Group that, effective on January 1, 2025, BBVA Group must maintain at consolidated level a total capital ratio of 13.29% and a CET1 capital ratio of 9.13% 109, including a Pillar 2 requirement at consolidated level of 1.68% (a minimum of 1.02% must be satisfied with CET1), of which 0.18% is determined on the basis of the ECB's prudential provisioning expectations, and must be satisfied by CET1. In November 2015 (with effect from 1 January 2017) BBVA ceased to be part of the list of Global Systemically Important Banks (G- SIBs). This list is drawn up annually by the Financial Stability Board (FSB) on the basis of a set of quantitative indicators which are available, together with the assessment methodology, at www.bis.org/bcbs/gsib/. In November 2021, BBVA, at consolidated level, was again identified as an Other Systemically Important Institution (hereinafter referred to as O-SII) by the Bank of Spain, which imposes on BBVA the obligation to maintain Common Equity Tier 1 items as a buffer for O-SII for an amount equal to 0,75% of the total amount of its risk exposure on a consolidated basis. In January 2024, the Bank of Spain increased this requirement to 1%, and this obligation remains in place for 2025. FULLY LOADED CAPITAL RATIOS (PERCENTAGE) CAPITAL BASE (MILLIONS OF EUROS) Phased-in (1) Fully loaded ⁽¹⁾ 31-12-24 31-12-23 31-12-22 31-12-24 31-12-23 31-12-22 Common Equity Tier 1 (CET1) 50,799 46,116 42,738 50,799 46,116 42,738 Tier 1 56,822 52,150 47,931 56,822 52,150 47,931 Tier 2 9,858 8,182 5,930 9,858 8,182 5,930 Total capital (Tier 1 + Tier 2) 66,680 60,332 53,861 66,680 60,332 53,861 Risk-weighted assets 394,468 363,915 337,066 394,468 363,915 337,066 CET1 (%) 12.88 12.67 12.68 12.88 12.67 12.61 Tier 1 (%) 14.40 14.33 14.22 14.40 14.33 14.15 Tier 2 (%) 2.50 2.25 1.76 2.50 2.25 1.79 Total capital ratio (%) 16.90 16.58 15.98 16.90 16.58 15.94 ⁽¹⁾ The difference between the phased-in and fully loaded ratios arises from the temporary treatment of certain capital items, mainly of the impact of IFRS 9, to which the BBVA Group has adhered voluntarily (in accordance with article 473bis of the CRR and the subsequent amendments introduced by the Regulation (EU) 2020/873). For 2022, there is a difference between phased-in and fully loaded ratios due to the aforementioned temporary treatment. As of December 31, 2024, the phased-in leverage ratio stood at 6.81% (6.81% fully loaded), which represents an increase of 27 basis points since December 2023. LEVERAGE RATIO (FULLY LOADED) 31-12-24 31-12-23 31-12-22 Exposure to Leverage Ratio (fully loaded) (million euros) 834,488 797,888 737,990 Leverage ratio (fully loaded) (%) 6.81 6.54 6.49 110 Calculated at subconsolidated level according to the resolution strategy MPE (“Multiple Point of Entry”) of the BBVA Group, established by the SRB ("Single Resolution Board"). The resolution group is made up of Banco Bilbao Vizcaya Argentaria, S.A. and subsidiaries that belong to the same European resolution group. That implies the ratios are calculated under the subconsolidated perimeter of the resolution group. Preliminary MREL ratios as of the date of publication. 111 The subordination requirement in RWA is 13.50%. 112 The subordination requirement in Leverage ratio is 5.78%. 113 Considering the last official update of the countercyclical capital buffer, calculated on the basis of exposure as of December 31, 2024. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 376 With respect to the MREL ratios 110 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. A summarizing table is shown below: MREL 31-12-24 31-12-23 31-12-22 Total own funds and eligible liabilities (million euros) 63,887 56,603 54,755 Total RWA of the resolution group (million euros) 228,796 214,757 206,987 RWA ratio (%) 27.92 26.36 26.45 Total exposure for the Leverage calculation (million euros) 527,804 517,470 491,430 Leverage ratio (%) 12.10 10.94 11.14 On March 27, 2024 the Group made public that it had received a communication from the Bank of Spain regarding its new MREL requirement 22.79% 111 (Minimum Requirement for own funds and Eligible Liabilities). In addition, BBVA must reach, 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”) 112. These requirements do not include the current combined buffer requirement, which, according to current regulations and supervisory criteria, is 3.65% 113. Given the structure of the resolution group's own funds and eligible liabilities, as of December 31, 2024, the Group meets the aforementioned requirements. Likewise, with the aim of reinforcing compliance with these requirements, BBVA has made several debt issuances during the year 2024. For more information on these issuances, see "Structural risks" section within the "Risk management" chapter. Ratings During 2024, BBVA’s rating has continued to demonstrate its strength and all agencies have maintained their rating in the A category. In March, Moody´s changed its long-term outlook on the senior preferred debt from stable to positive maintaining its rating in A3, and DBRS communicated the result of its annual revision of BBVA confirming the rating in A (high) with a stable outlook, S&P reviewed BBVA´s rating and outlook unchanged in June (A, stable), and for its part, Fitch maintained without changes BBVA´s rating and outlook (A-, stable) in September. The following table shows the credit ratings and outlooks assigned by the agencies: RATINGS Rating agency Long term (1) Short term Outlook DBRS A (high) R-1 (middle) Stable Fitch A- F-2 Stable Moody's A3 P-2 Positive Standard & Poor's A A-1 Stable (1) Ratings assigned to long term senior preferred debt. Additionally, Moody’s and Fitch assign A2 and A- rating, respectively, to BBVA’s long term deposits. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 377 1.6 The BBVA share The main indices have shown a positive behavior in the year 2024. In Europe, the Stoxx Europe 600 index rose by 6.0% compared to the end of 2023, and in Spain, the Ibex 35 was revalued a 14.8% in the same time frame, showing a better relative performance. In the United States, the S&P 500 index also rose by 23.3%. With regard to the banking sector indices, their evolution in the year 2024 has been better than of general indices in Europe. The Stoxx Europe 600 Banks, which includes the banks of the United Kingdom, and the Euro Stoxx Banks, Eurozone´s banks index, rose by 26.0% and 23.4 % respectively, while in the United States, the S&P Regional Banks sector index grew by 15.2% in the period. For its part, the price of the BBVA share grew by 14.9% in the year, closing the 2024 year at €9.45. BBVA SHARE EVOLUTION COMPARED WITH EUROPEAN INDEXES (Base index 100=31-12-23) The BBVA share and share performance ratios THE BBVA SHARE AND SHARE PERFORMANCE RATIOS 31-12-24 31-12-23 Number of shareholders ⁽¹⁾ 714,069 742,194 Number of shares outstanding 5,763,285,465 5,837,940,380 Daily average number of shares traded 11,780,124 16,584,287 Daily average trading (millions of euros) 113 116 Maximum price (euros) 11.28 8.73 Minimum price (euros) 7.97 5.67 Variation of the maximum share price with respect to the minimum (%) 41.4 54.0 Closing price (euros) 9.45 8.23 Book value per share (euros) 9.67 8.86 Tangible book value per share (euros) 9.24 8.46 Market capitalization (millions of euros) 54,463 48,023 ⁽¹⁾ In the case of shares kept by investors through a custodian placed outside Spain, only the custodian will be considered as a shareholder, which is who appears registered in the accounting record of book entries, so the number of shareholders stated does not consider those indirect holders. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 378 Stock market indexes BBVA’s shares are included in the main stock market indexes. At the closing of December 2024, the weighting of BBVA shares in the Ibex 35, Euro Stoxx 50 and the Stoxx Europe 600 index, were 9.5%, 1.6% and 0.5%, respectively. They are also included in several sector indexes, including Stoxx Europe 600 Banks, which includes the United Kingdom, with a weighting of 5.3% and the Euro Stoxx Banks index for the Eurozone with a weighting of 9.0%. In addition to these indexes, BBVA is part of the main sustainability indexes, such as the Dow Jones Sustainability Index (DJSI), the FTSE4Good and the MSCI ESG indexes. Shareholders and investors Shareholder structure As of December 31, 2024, the Group had 5,763,285,465 shares outstanding (as of December 31, 2023 the figure was 5,837,940,380 shares), 63.02% of which were held by institutional investors and the remaining 36.98% by minority shareholders, all with the same voting and economic rights, with no differences in voting rights between shareholders. SHAREHOLDER STRUCTURE (31-12-24) Shareholders Shares outstanding Number of shares Number % Number % Up to 500 307,402 43.0 56,461,642 1.0 501 to 5,000 318,708 44.6 565,418,920 9.8 5,001 to 10,000 47,392 6.6 332,153,648 5.8 10,001 to 50,000 36,641 5.1 700,292,145 12.2 50,001 to 100,000 2,541 0.4 173,186,182 3.0 100,001 to 500,000 1,137 0.2 201,401,057 3.5 More than 500,001 248 0.03 3,734,371,871 64.8 Total 714,069 100 5,763,285,465 100 Note: in the case of shares kept by investors through a custodian placed outside Spain, only the custodian will be considered as a shareholder, which is who appears registered in the accounting record of book entries, so the number of shareholders stated does not consider those indirect holders. Shareholder remuneration In November 2021, the Board of Directors of BBVA set as its shareholder remuneration policy the annual distribution of between 40% and 50% of the consolidated ordinary profit for each year, to be implemented through the distribution of an interim dividend for the year (expected to be paid in October of each year), and a final dividend (to be paid once the year has ended and the distribution of the profit has been approved, expected to be in April). It also established that cash distributions could be combined with share buybacks, subject to the applicable authorizations and approvals at any given time. The Bank announced by means of an inside information notice (información privilegiada) dated September 26, 2024, that the Board of Directors of BBVA had agreed to pay an interim dividend for the year 2024, in the amount of 0.29 gross euros per share, which was paid on October 10, 2024. This dividend was 81% higher than the dividend paid in October 2023 (€0.16 gross per share). Additionally, BBVA announced on January 30, 2025 by means of an inside information notice (información privilegiada) it is expected to be submitted to the relevant governing bodies for their consideration a cash gross distribution in the amount of €0.41 per share, to be paid presumably on April as final dividend of 2024 and the execution of a Share Buyback Program of BBVA for an amount of €993m, subject to the corresponding regulatory authorizations and the communication with the program specific terms and conditions before its effective start. Thus, the total distribution for the year 2024 will reach €5,027m, a 50% of the net attributable profit, of which €0.70 gross per share will be distributed in cash, taking into account the payment in cash of €0.29 gross per share paid in October 2024 as interim dividend of the year. In addition, during 2024 a share buyback program was carried out, which BBVA announced on January 30 of that year for a maximum amount of €781m and which was part of the ordinary remuneration corresponding to 2023. Between March 4 and April 9 2024, 74,654,915 treasury shares representing approximately 1.28% of BBVA's share capital were acquired and subsequently amortized. Finally, it should be noted that shareholder remuneration, measured through TSR (Total Shareholder Return), which considers both the evolution of the share price and the payment of dividends has been 22.8% in 2024. Since January 2019, BBVA's TSR has been 186% higher than that of the Stoxx Banks index (126%). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 379 General Shareholders' Meeting In 2024, BBVA held its General Shareholders' Meeting on March 15 at the Euskalduna Palace in Bilbao and set up the corresponding channels for remote attendance, as well as to follow it through streaming, with free access from the corporate website. The General Shareholders' Meeting had a quorum of 71%, approving by a large majority all the items on the agenda, including those relating to the annual financial statements, the management of the Company for the year, the proposal for shareholder remuneration and those relating to the appointment and re-election of directors. BBVA is committed to achieving carbon neutrality, minimizing negative environmental impacts and generating a benefit for the host community and all those involved in the process. Aligned with these objectives, the General Meeting was certified as a sustainable event by AENOR, according to the UNE-ISO 201221 standard, and offset the carbon emissions generated at the event. Lastly, on the occasion of the General Shareholders' Meeting, and in order to contribute to inclusive and sustainable growth, BBVA for the fourth year in a row made a solidarity contribution in Spain of €300,000 to various NGOs to finance projects in the areas of inclusive growth and the environment. The distribution of the funds was put to the vote of the shareholders in each of the four established purposes. BBVA held an Extraordinary General Meeting of Shareholders (hereinafter EGM) on 5 July at the Palacio Euskalduna in Bilbao. The EGM was massively approved, with 96% of votes in favor, the capital increase necessary to meet the share exchange offered to Banco Sabadell shareholders. The approval of the capital increase by the EGM was one of the conditions set out in the takeover offer to Banco Sabadell shareholders. For more information on this matter, see note 3 of the accompanying Consolidated Financial Statements. Shareholder and investor relations Shareholders and investors, both national and international, represent a very relevant stakeholder group for BBVA. For this reason, the Group is in constant communication with them in order to keep them informed of the performance of the company and of all relevant issues that may be necessary for the proper exercise of their voting and decision-making rights. BBVA's Policy on Communication and Contact with Shareholders and Investors, aims to promote the transparency of the Bank's public information, and to do so on an ongoing basis. The Shareholder and Investor Relations area offers shareholders a wide variety of communication, participation and dialogue channels, including the following: Conferences and meetings with shareholders and investors The Shareholder and Investor Relations team periodically organizes and attends to informative meetings (meetings, conferences and other events), in person and online, in which representatives of the Bank meet with analysts, shareholders and investors to inform them of the Group's financial and strategic performance and other aspects of interest and to answer their comments and questions in a personalized way. Shareholders and investors web page BBVA has a web page especially aimed at its shareholders and investors (www.accionistaseinversores.bbva.com), which offers institutional and economic-financial information on the Group's activity, as well as other contents of interest to them. This information is also available on the Group's corporate website (www.bbva.com). Webcasts and conference-calls BBVA has a live broadcast channel for quarterly earnings presentations and other market-relevant communications, which allows shareholders, investors, analysts and anyone else who wishes to access them. This channel is also available on a delayed broadcast basis and is accessible through the shareholders' and investors' website. Inquiry service and Shareholders Office In order to facilitate open and transparent communication with shareholders, the Bank maintains permanent communication channels (a telephone line and specific electronic mailboxes), through which requests for information, clarifications or questions and their corresponding answers are channeled. Lastly, BBVA offers its shareholders and other stakeholders (analysts, rating agencies, etc.), a subscription service that allows them to know in real time any news published on the corporate website, in relation to financial reports, relevant facts or economic-financial presentations. (accionistaseinversores.bbva.com/suscripcion). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 380 2. Business areas This section presents the most relevant aspects of the Group's different business areas. Specifically, for each one of them, it shows a summary of the income statements and balance sheets, the business activity figures and the most significant ratios. The structure of the business areas reported by the BBVA Group at the end of 2024 is the same as the one presented at the end of 2023. The composition of BBVA Group's business areas is summarized below: – Spain mainly includes the banking, insurance and asset management activities that the Group carries out in this country. – Mexico includes banking, insurance and asset management activities in this country, as well as the activity that BBVA Mexico carries out through its agency in Houston. – Turkey reports the activity of the group Garanti BBVA that is mainly carried out in this country and, to a lesser extent, in Romania and the Netherlands. – South America includes banking, financial, insurance and asset management activities conducted, mainly, in Argentina, Chile, Colombia, Peru, Uruguay and Venezuela. – Rest of Business mainly incorporates the wholesale activity carried out in Europe (excluding Spain), the United States, and BBVA’s branches in Asia. The Corporate Center contains the centralized functions of the Group, including: the costs of the head offices with a corporate function for the Group; structural exchange rate positions management; portfolios whose management is not linked to customer relations, such as financial and industrial holdings; stakes in Funds & Investment Vehicles in tech companies ; certain tax assets and liabilities; funds due to commitments to employees; goodwill and other intangible assets as well as portfolios and assets' funding. Finally, in the description of this aggregate, it is worth mentioning that the Corporate Center's tax expense includes for each interim period the difference between the effective tax rate in the period of each business area and the expected tax rate of the Group for the year as a whole. In addition to these geographical breakdowns, supplementary pro forma information is provided for the wholesale business, Corporate & Investment Banking (CIB), carried out by BBVA in the countries where it operates. This business is relevant to have a broader understanding of the Group's activity and results due to the important features of the type of customers served, products offered and risks assumed, even if this is a pro forma information that does not capture the application of the hyperinflation accounting nor the wholesale business of the Group in Venezuela. To prepare the information by business areas, which is presented under management criteria based on the financial information used in the preparation of the financial statements, the lowest level units and/or companies that make up the Group are taken and assigned to the different areas according to the main region or company group in which they carry out their activity. In regards to the information on the business areas and on the supplementary pro-forma information about CIB, 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 business areas (where they are currently charged), so, in order to make those year-on-year comparisons homogeneous, the figures for year 2023 have been revised, which has not affected the consolidated financial information of the Group. Regarding the shareholders' funds allocation in the business areas, a capital allocation system based on the consumed regulatory capital is used. Finally, it should be noted that, as usual, in the case of the different business areas, that is, Mexico, Turkey, South America and Rest of Business, and, additionally, CIB, in addition to the year-on-year variations applying current exchange rates, the variations at constant exchange rates are also disclosed. GROSS INCOME ⁽¹⁾, OPERATING INCOME ⁽¹⁾ AND NET ATTRIBUTABLE PROFIT ⁽¹⁾ BREAKDOWN (PERCENTAGE. 2024) Gross income Operating income Net attributable profit ⁽¹⁾ Excludes the Corporate Center. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 381 MAIN INCOME STATEMENT LINE ITEMS BY BUSINESS AREA (MILLIONS OF EUROS) Business areas BBVA Group Spain Mexico Turkey South America Rest of Business ∑ Business areas Corporate Center 2024 Net interest income 25,267 6,435 11,556 1,492 5,589 741 25,813 (546) Gross income 35,481 9,490 15,337 4,212 5,405 1,458 35,902 (421) Operating income 21,288 6,140 10,689 2,101 2,838 715 22,485 (1,197) Profit (loss) before tax 15,405 5,309 7,522 1,741 1,342 634 16,547 (1,142) Net attributable profit (loss) 10,054 3,784 5,447 611 635 500 10,978 (924) 2023 ⁽¹⁾ Net interest income 23,089 5,620 11,054 1,869 4,394 539 23,476 (386) Gross income 29,542 7,888 14,267 2,981 4,331 1,103 30,571 (1,029) Operating income 17,233 4,693 9,853 1,579 2,381 517 19,022 (1,789) Profit (loss) before tax 12,419 3,897 7,329 1,324 1,189 489 14,228 (1,809) Net attributable profit (loss) 8,019 2,720 5,319 527 601 396 9,564 (1,544) ⁽¹⁾ Revised balances. MAIN BALANCE-SHEET ITEMS AND RISK-WEIGHTED ASSETS BY BUSINESS AREA (MILLIONS OF EUROS) Business areas BBVA Group Spain Mexico Turkey South America Rest of Business ∑ Business areas Corporate Center Deletions 31-12-24 Loans and advances to customers 412,477 179,667 88,725 48,299 46,846 50,392 413,930 297 (1,750) Deposits from customers 447,646 228,471 84,949 58,095 50,738 27,432 449,685 961 (3,000) Off-balance sheet funds 192,606 108,695 57,253 18,076 7,936 645 192,605 1 — Total assets/liabilities and equity 772,402 417,752 168,470 82,782 73,997 66,534 809,536 25,802 (62,936) RWAs 394,468 122,627 92,925 64,821 56,489 44,407 381,269 13,199 — 31-12-23 Loans and advances to customers 377,643 173,169 88,112 37,416 41,213 39,322 379,231 230 (1,819) Deposits from customers 413,487 217,235 92,564 50,651 42,567 13,056 416,073 181 (2,768) Off-balance sheet funds 164,367 97,253 53,254 7,768 5,525 566 164,366 1 — Total assets/liabilities and equity 775,558 457,573 173,489 68,329 64,779 64,274 828,445 23,074 (75,961) RWAs 363,915 121,779 91,865 54,506 49,117 36,410 353,678 10,237 — This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 382 At December 31, 2024, the number of Group's employees stood at 125,916, an increase of 3.6% compared to the previous year 2023, as a result mainly of the hiring of technological profiles in all geographical areas. NUMBER OF EMPLOYEES NUMBER OF ATMS NUMBER OF BRANCHES This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 383 2.1 Spain Highlights • Good investment evolution focused on the most profitable segments • Operating income growth of 30.8% • Evolution of risk indicators in line with expectations • Excellent results BUSINESS ACTIVITY ⁽¹⁾ (VARIATION COMPARED TO 31-12-23) ⁽¹⁾ Excluding repos. NET INTEREST INCOME / AVERAGE TOTAL ASSETS (PERCENTAGE) . OPERATING INCOME (MILLIONS OF EUROS) +30.8% 4,693 6,140 NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF EUROS) +39.1% 2,720 3,784 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 384 FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE) Income statement 2024 ∆ % 2023 ⁽¹⁾ Net interest income 6,435 14.5 5,620 Net fees and commissions 2,329 7.7 2,164 Net trading income 675 64.9 409 Other operating income and expenses 50 n.s. (305) Of which: Insurance activities 379 5.4 360 Gross income 9,490 20.3 7,888 Operating expenses (3,349) 4.8 (3,195) Personnel expenses (1,800) 2.3 (1,759) Other administrative expenses (1,183) 12.4 (1,053) Depreciation (366) (4.4) (383) Operating income 6,140 30.8 4,693 Impairment on financial assets not measured at fair value through profit or loss (682) 4.8 (651) Provisions or reversal of provisions and other results (150) 3.2 (145) Profit (loss) before tax 5,309 36.2 3,897 Income tax (1,522) 29.5 (1,175) Profit (loss) for the period 3,787 39.1 2,722 Non-controlling interests (3) 31.7 (2) Net attributable profit (loss) 3,784 39.1 2,720 ⁽¹⁾ Revised balances. For more information, please refer to the “Business Areas” section. Balance sheets 31-12-24 ∆ % 31-12-23 Cash, cash balances at central banks and other demand deposits 12,734 (71.5) 44,653 Financial assets designated at fair value 115,735 (20.8) 146,136 Of which: Loans and advances 36,753 (47.7) 70,265 Financial assets at amortized cost 237,279 9.7 216,334 Of which: Loans and advances to customers 179,667 3.8 173,169 Inter-area positions 44,433 3.6 42,869 Tangible assets 2,781 (3.6) 2,884 Other assets 4,791 2.0 4,697 Total assets/liabilities and equity 417,752 (8.7) 457,573 Financial liabilities held for trading and designated at fair value through profit or loss 75,279 (32.6) 111,701 Deposits from central banks and credit institutions 31,819 (27.2) 43,694 Deposits from customers 228,471 5.2 217,235 Debt certificates 47,424 (7.9) 51,472 Inter-area positions — — — Other liabilities 19,439 4.6 18,579 Regulatory capital allocated 15,320 2.9 14,892 Relevant business indicators 31-12-24 ∆ % 31-12-23 Performing loans and advances to customers under management ⁽²⁾ 176,720 4.1 169,712 Non-performing loans 7,700 (6.0) 8,189 Customer deposits under management ⁽²⁾ 220,907 2.3 216,005 Off-balance sheet funds ⁽³⁾ 108,695 11.8 97,253 Risk-weighted assets 122,627 0.7 121,779 Efficiency ratio (%) 35.3 40.5 NPL ratio (%) 3.7 4.1 NPL coverage ratio (%) 59 55 Cost of risk (%) 0.38 0.37 ⁽²⁾ Excluding repos. ⁽³⁾ Includes mutual funds, customer portfolios and pension funds. 114 According to the resolution of December, 20 2024 of the Directorate General of Labor and applicable to the period from January, 1 2024 to December, 31 2026. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 385 Macro and industry trends Economic activity showed dynamism throughout 2024, largely due to services exports, fiscal policy, private consumption and the increase in the labor force caused by factors such as higher migratory flows. In this context, recent data suggest, according to BBVA Research, that GDP growth has been around 3.1% in 2024, slightly higher than the previous forecast (2.9%). On the other hand, a less favorable external environment, a gradual fiscal consolidation, a possible smoothing of services exports after strong increases in previous years and the economic impact (limited for the country as a whole, but negative) of the recent Isolated High-Level Depression (DANA for its acronym in Spanish) in the Valencia region point to a moderation of growth to around 2.3% in 2025 (10 basis points lower than previously forecast). Annual inflation, which closed 2024 at around 2.8%, is likely to remain slightly below 2.0% in 2025. Regarding the banking system, with data at the end of November 2024, the volume of credit to the private sector grew by 0.3% year- on-year, with greater growth in the loan portfolio to households (+0.9%, with the mortgage portfolio increasing +0.1% year-on-year at the end of November 2024 compared to the decrease of 3.3% at the end of 2023) than in the loan portfolio to non-financial corporations (+0.2%). It is important to note that since 2009, with the exception of the growth registered in 2020 thanks to COVID support measures, there has been no loan growth in the system. Customer deposits increased by 10.4% year-on-year in November 2024, due to a 7.3% rise in demand deposits and a 31.1% increase in time deposits. The NPL ratio stood at 3.38% in November 2024, 19 basis points lower than in October of the previous year. It should also be noted that the system maintains comfortable levels of solvency and liquidity. Activity The most relevant aspects related to the area's activity during 2024 were: – Loan balances increased by 4.1%, boosted by the dynamism of wholesale portfolios, where the corporate banking and CIB segments grew 7.0% and medium-sized companies 6.3%. Among retail portfolios, the evolution of consumer loans (including credit cards) which stood at 6.8% and of mortgages which was 1.6%, were noteworthy. – Total customer funds grew by 5.2% during 2024. The performance of off-balance sheet funds (mutual and pension funds and managed portfolios) was notable, increasing by 11.8%, driven by inflows during the year and a very positive market effect. On the other hand, customer deposits registered an increase of 2.3% during 2024, with an increase in the balances of retail banking and institutional customers. – With regard to asset quality, the NPL ratio decreased by -37 basis points in the year and stood at 3.7%, mainly due to the portfolio sales made during the year, as well as the better performance of the mortgage portfolio with lower inflows and higher recoveries, and a decrease in the wholesale balance, where it continues with negative net inflows. For its part, the NPL coverage ratio increased 444 basis points to 59% at the end of December 2024, as a result of the decrease in the performing balance. Results Spain generated a net attributable profit of €3,784m in 2024, which is 39.1% above the result achieved in 2023. This result is driven by the favorable evolution of the recurring revenues from the banking business, particularly net interest income, although the other components of gross income contributed to a growth of more than 20.3% in this line of the area's income statement. The most relevant aspects of the year-on-year changes in the area's income statement at the end of December 2024 were: – Net interest income grew by 14.5%, mainly supported by the increase in customer spread, as a result of higher benchmark interest rates over 2023, which continue to be favorable despite the downward revisions made by the ECB during 2024. This, linked to the growth in activity volumes during the year, largely offset the increase in lending costs. – Fees and Commissions grew by 7.7% in the year. The contribution of fees from asset management, insurance and securities was especially relevant, as was the fee income from wholesale customers, which had a good performance in the year. – Growth in the NTI contribution (+64.9%), mainly as a result of the performance of Global Markets. – The year-on-year evolution of the aggregate other income and operating expenses was positive, mainly due to the absence of contribution to the FUR during 2024 and a significantly lower contribution to the Deposit Guarantee Fund compared to the one registered in 2023 after reaching the minimum coverage level established by the European regulations for covered deposits. This line also includes the annual temporary tax on credit institutions and financial credit institutions for year 2024 of €285m, which is €70m higher than in the same period of the previous year. The contribution from insurance business was higher. – Operating expenses increased by 4.8%, mainly as a result of the inflation impact on general expenses, and to a lesser extent, the increase in personnel expenses, which includes the wage improvements contained in the XXV banking collective bargaining agreement 114. This growth was notably lower than that experienced by the gross income (+20.3%), which allowed an improvement of the efficiency ratio of 521 basis points in the year. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 386 – Impairment on financial assets increased by 4.8%, in line with expectations, mainly due to higher requirements in wholesale after a very positive result in 2023. The cumulative cost of risk at the end of December 2024 stood at 0.38%, in line with the end of the previous year. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 387 2.2 Mexico Highlights • Investment growth in all segments, both wholesale and retail • Very positive performance of recurring revenues due to business growth • Excellent double-digit operating income growth • Evolution of risk indicators in line with expectations BUSINESS ACTIVITY ⁽¹⁾ (VARIATION AT CONSTANT EXCHANGE RATE COMPARED TO 31-12-23) ⁽¹⁾ Excluding repos. NET INTEREST INCOME / AVERAGE TOTAL ASSETS (PERCENTAGE AT CONSTANT EXCHANGE RATE) . OPERATING INCOME (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATE) +12.1% (1) 9,537 10,689 ⁽¹⁾ At current exchange rate: +8.5%. NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATE) +5.8% (1) 5,149 5,447 ⁽¹⁾ At current exchange rate: +2.4%. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 388 FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE) Income statement 2024 ∆ % ∆ % ⁽²⁾ 2023 ⁽¹⁾ Net interest income 11,556 4.5 8.0 11,054 Net fees and commissions 2,443 9.7 13.4 2,226 Net trading income 767 34.0 38.5 572 Other operating income and expenses 571 37.4 42.0 415 Gross income 15,337 7.5 11.1 14,267 Operating expenses (4,648) 5.3 8.8 (4,415) Personnel expenses (2,264) 7.8 11.4 (2,100) Other administrative expenses (1,906) 3.3 6.7 (1,846) Depreciation (477) 1.8 5.2 (469) Operating income 10,689 8.5 12.1 9,853 Impairment on financial assets not measured at fair value through profit or loss (3,098) 24.0 28.1 (2,499) Provisions or reversal of provisions and other results (69) 175.0 184.1 (25) Profit (loss) before tax 7,522 2.6 6.0 7,329 Income tax (2,074) 3.2 6.6 (2,009) Profit (loss) for the period 5,448 2.4 5.8 5,320 Non-controlling interests (1) 2.0 5.3 (1) Net attributable profit (loss) 5,447 2.4 5.8 5,319 ⁽¹⁾ Revised balances. For more information, please refer to the “Business Areas” section. Balance sheets 31-12-24 ∆ % ∆ % ⁽²⁾ 31-12-23 Cash, cash balances at central banks and other demand deposits 12,564 24.5 43.3 10,089 Financial assets designated at fair value 54,547 (9.7) 4.0 60,379 Of which: Loans and advances 2,088 (59.7) (53.6) 5,180 Financial assets at amortized cost 94,595 (1.8) 13.0 96,342 Of which: Loans and advances to customers 88,725 0.7 15.9 88,112 Tangible assets 2,038 (14.6) (1.7) 2,387 Other assets 4,726 10.1 26.7 4,293 Total assets/liabilities and equity 168,470 (2.9) 11.8 173,489 Financial liabilities held for trading and designated at fair value through profit or loss 30,885 8.4 24.8 28,492 Deposits from central banks and credit institutions 9,149 4.7 20.5 8,739 Deposits from customers 84,949 (8.2) 5.6 92,564 Debt certificates 10,717 10.3 26.9 9,719 Other liabilities 21,043 (7.5) 6.4 22,756 Regulatory capital allocated 11,727 4.5 20.3 11,218 Relevant business indicators 31-12-24 ∆ % ∆ % ⁽²⁾ 31-12-23 Performing loans and advances to customers under management ⁽³⁾ 89,044 0.4 15.6 88,688 Non-performing loans 2,517 1.8 17.2 2,472 Customer deposits under management ⁽³⁾ 83,962 (7.7) 6.3 90,926 Off-balance sheet funds ⁽⁴⁾ 57,253 7.5 23.7 53,254 Risk-weighted assets 92,925 1.2 16.4 91,865 Efficiency ratio (%) 30.3 30.9 NPL ratio (%) 2.7 2.6 NPL coverage ratio (%) 121 123 Cost of risk (%) 3.39 2.96 ⁽²⁾ At constant exchange rate. ⁽³⁾ Excluding repos. ⁽⁴⁾ Includes mutual funds, customer portfolios and other off-balance sheet funds. 115 Breakdown of activity data by portfolio based on local accounting criteria. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 389 Macro and industry trends GDP growth decelerated in 2024 and will remain relatively limited in 2025, in a context marked by uncertainty around the impact of the recently approved constitutional reforms and the policies of the new United States Administration, as well as by an expected process of fiscal consolidation after the increase in the public deficit in 2024. In particular, BBVA Research forecasts that GDP growth will reach 1.2% in 2024 and 1.0% in 2025, unchanged from previous forecasts. Annual inflation reached 4.5% at the end of 2024 and is expected to moderate to between 3.0% and 4.0% in 2025. In this context, policy rates, which were cut to 10.0% in December, are expected to decline further, converging to around 8.0% by the end of 2025. Regarding the banking system, with data at the end of November 2024, the volume of credit to the non-financial private sector increased by 13.2% year-on-year, with growth in all the main portfolios: consumer credit (+18.0%), credit for home purchases (+7.6 %) and credit to companies (+13.4%). Growth in total deposits (demand and time deposits) remained slightly below the growth in lending (+10.5% year-on-year in November), with greater dynamism in time deposits (+13.8%) than in demand deposits (+8.7%). The system's NPL ratio improved slightly to 2.26% in November 2024 and capital indicators are healthy. Unless expressly stated otherwise , al l the comments below on rates of variation, for both activity and results, will be given at constant exchange rate. These rates, together with variations at current exchange rates, can be found in the attached tables of financial statements and relevant business indicators . Activity The most relevant aspects related to the area's activity 115 in 2024 were: – Lending activity (performing loans under management) showed a very strong growth, which stood at 15.6% between January and the end of December 2024, with a more dynamic performance of the wholesale portfolio, which grew by 18.1%. Within this portfolio, which includes companies and public administrations, the evolution of the corporate banking segment was outstanding. In the retail portfolio, which grew at a rate of 13.8%, consumer loans increased by 17.0%, mortgages by 9.2%, credit cards by 13.7% and loans to SMEs by 19.8%. – Customer funds under management increased 12.7% in 2024, with growths of 6.3% in customer deposits and 23.7% in off- balance sheet funds thanks to the sales boost. – With regard to asset quality indicators, the NPL ratio stood at 2.7% at the end of December 2024, which represents a slight increase of 6 basis points compared to the previous year, mainly due to higher inflows in retail, mitigated by transfers to write-offs. For its part, the NPL coverage ratio remained at high levels, at 121%, at the end of December 2024, which represents a decrease of 197 basis points compared to the end of 2023, as a result of new entries in retail portfolios. Results BBVA Mexico achieved a cumulative net attributable profit of €5,447m at the end of December 2024, representing a growth of 5.8% compared to the end of the previous year, mainly due to the evolution of the recurring income from the banking business and with all lines that contribute to the gross income showing high dynamism. The most relevant aspects of the year-on-year changes in the income statement as of the end of December 2024 are summarized below: – Net interest income increased by 8.0%, as a result of the growth in lending activity and the profitability of the securities portfolio. – Net fees and commissions continued to grow at double digit (+13.4%), favored by higher transaction volumes and driven by almost all types of fees, particularly those associated with credit cards, mutual fund management and wholesale activity. – The contribution from NTI increased (+38.5%) mainly as a result of the performance of Global Markets and the foreign exchange trading. – Other operating income and expenses grew by 42.0%, driven by the favorable evolution of the insurance business which benefited from cross-selling due to a higher volume of lending activity and partially offset by an increase in the contribution to the DGF. – Operating expenses grew (+8.8%), mainly due to higher personnel expenses associated with the increase in the headcount over the course of 2023, and, to a lesser extent, the increase of general expenses, where investments in technology stand out. – Loan-loss provisions increased (+28.1%), affected by the higher provisioning needs in the retail portfolio, mainly in consumer and credit cards, due to the growth of these profitable segments and the worsening of the macroeconomic scenario compared to the one initially forecast at the beginning of 2024. For its part, the cumulative cost of risk at the end of December 2024 stood at 3.39%, in line with expectations for the year as a whole. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 390 2.3 Turkey Highlights • Loan growth continues, both in Turkish lira and foreign currency • Good performance of net fee and commission income and net trading income • Risk indicator standardization • Growth in net attributable profit despite hyperinflationary environment BUSINESS ACTIVITY ⁽¹⁾ (VARIATION AT CONSTANT EXCHANGE RATE COMPARED TO 31-12-23) ⁽¹⁾ Excluding repos. NET INTEREST INCOME / AVERAGE TOTAL ASSETS (PERCENTAGE AT CONSTANT EXCHANGE RATE) . OPERATING INCOME (MILLIONS OF EUROS AT CURRENT EXCHANGE RATE) +33.1 % (1) 1,579 2,101 NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF EUROS AT CURRENT EXCHANGE RATE) +15.9 % 527 611 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 391 FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE) Income statement 2024 ∆ % ∆ % ⁽²⁾ 2023 ⁽¹⁾ Net interest income 1,492 (20.2) (10.4) 1,869 Net fees and commissions 2,111 111.5 135.1 998 Net trading income 1,145 22.1 34.5 937 Other operating income and expenses (535) (35.1) (44.8) (824) Gross income 4,212 41.3 72.4 2,981 Operating expenses (2,111) 50.6 67.8 (1,402) Personnel expenses (1,232) 58.9 78.0 (775) Other administrative expenses (663) 39.0 55.6 (477) Depreciation (216) 44.3 55.0 (150) Operating income 2,101 33.1 77.2 1,579 Impairment on financial assets not measured at fair value through profit or loss (526) n.s. n.s. (118) Provisions or reversal of provisions and other results 165 n.s. n.s. (137) Profit (loss) before tax 1,741 31.5 83.3 1,324 Income tax (1,014) 44.4 68.6 (702) Profit (loss) for the period 727 16.9 108.6 622 Non-controlling interests (116) 22.6 108.9 (95) Net attributable profit (loss) 611 15.9 108.6 527 ⁽¹⁾ Revised balances. For more information, please refer to the “Business Areas” section. Balance sheets 31-12-24 ∆ % ∆ % ⁽²⁾ 31-12-23 Cash, cash balances at central banks and other demand deposits 8,828 (9.0) 2.4 9,700 Financial assets designated at fair value 4,503 22.0 37.2 3,692 Of which: Loans and advances 2 (3.8) 8.2 2 Financial assets at amortized cost 64,893 25.9 41.6 51,543 Of which: Loans and advances to customers 48,299 29.1 45.2 37,416 Tangible assets 2,064 37.9 49.6 1,496 Other assets 2,494 31.4 47.0 1,899 Total assets/liabilities and equity 82,782 21.2 36.2 68,329 Financial liabilities held for trading and designated at fair value through profit or loss 1,943 3.5 16.4 1,878 Deposits from central banks and credit institutions 4,267 85.1 108.2 2,306 Deposits from customers 58,095 14.7 29.0 50,651 Debt certificates 4,517 65.1 85.7 2,737 Other liabilities 5,714 32.3 46.8 4,319 Regulatory capital allocated 8,245 28.1 44.0 6,438 Relevant business indicators 31-12-24 ∆ % ∆ % ⁽²⁾ 31-12-23 Performing loans and advances to customers under management ⁽³⁾ 48,242 29.2 45.4 37,339 Non-performing loans 2,016 2.6 15.4 1,965 Customer deposits under management ⁽³⁾ 57,443 16.5 31.0 49,321 Off-balance sheet funds ⁽⁴⁾ 18,076 132.7 161.8 7,768 Risk-weighted assets 64,821 18.9 33.6 54,506 Efficiency ratio (%) 50.1 47.0 NPL ratio (%) 3.1 3.8 NPL coverage ratio (%) 96 97 Cost of risk (%) 1.27 0.25 ⁽²⁾ At constant exchange rate. ⁽³⁾ Excluding repos. ⁽⁴⁾ Includes mutual funds and pension funds. 116 The variation rates of loans in Turkish lira and loans in foreign currency (U.S. dollars) are calculated based on local activity data and refer only refer to Garanti Bank and therefore exclude the subsidiaries of Garanti BBVA, mainly in Romania and Netherlands. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 392 Macro and industry trends Since the general election in May 2023, there have been increasing signs of normalization of economic policy in general and monetary policy in particular, pointing to a gradual correction of the current macroeconomic shocks. In this regard, benchmark interest rates have been raised from 8.5% at the beginning of 2023 to 50% in September 2024 and other countercyclical measures have been announced, supporting a slowdown in domestic demand, relative exchange rate stability and a moderation of annual inflation to 44.4% in December. In response to these developments, most recently, in December 2024, the central bank cut interest rates by 250 basis points to 47.5%. As inflation continues to moderate, as expected by BBVA Research, which forecasts a further slowdown to around 26% by the end of 2025, interest rates could be cut further, to around 31% by the end of this year. This reduction in inflation and interest rates is likely to be supported by relatively limited economic growth of around 3.2% in 2024 (unchanged from the previous forecast) and 2.5% in 2025 (20 basis points below the previous forecast). Despite the uncertainty, a less favorable global environment and some fiscal consolidation will help growth to remain below levels considered potential this year. As for the Turkish banking system, the impact of inflation continues to prevail. The total volume of credit in the system increased by 36.6% year-on-year at the end of November 2024, at similar levels to the previous months. The stock of credit continued to be driven by consumer credit and credit card portfolios (46% year-on-year) and by credit to companies (+34.6% year-on-year). Total deposits maintained the strength of the last few months and grew 29.8% year-on-year at the end of November 2024. Turkish lira deposits continued to grow strongly in the same month (+42.3%) while US dollar deposits grew more slowly (+11.3%). Dollarization decreased to 34.6% in November 2024 from 40.3% a year earlier. The NPL ratio of the system remains well under control and stood at 1.96% in November 2024. With respect to the capital indicators, they remain at more than comfortable levels as of the same date. Unless expressly stated otherwise, all comments below on rates of changes for both activity and results, will be presented at constant exchange rates. These rates, together with changes at current exchange rates, can be observed in the attached tables of the financial statements and relevant business indicators. For the conversion of these figures, the end of period exchange rate as of December 31, 2024 is used, reflecting the considerable depreciation by the Turkish lira in the last twelve months. Likewise, the Balance sheet, the Risk-Weighted Asset (RWA) and the equity are affected. Activity 116 The most relevant aspects related to the area’s activity in 2024 were: – Lending activity (performing loans under management) increased by 45.4% in 2024, mainly due to the performance in Turkish lira loans (+50.6%, above the inflation rate for the period, which stood at 44,4%) where the performance of credit cards and, to a lesser extent, consumer loans (including car loans) stands out. For its part, foreign currency loans (in U.S. dollars) increased by 15.5%, boosted by the increase in activity with customers focused on foreign trade (with natural hedging of exchange rate risk). – In terms of asset quality, the NPL ratio fell by 69 basis points compared to December 2023 to stand at 3.1%, mainly due to the growth in activity, together with higher recoveries mainly in wholesale portfolios and a higher volume of portfolio sales and write-offs, which have mitigated the higher volume of retail entries. The NPL coverage ratio stood at 96% at the end of December 2024 (-118 basis points compared to the end of 2023), mainly due to the increase in the doubtful balance in retail portfolios. – Customer deposits (70.2% of the area's total liabilities as of December 31, 2024) remained the main source of funding for the balance sheet and increased by 31.0% favored by evolution the positive performance of Turkish lira time deposits (+39.9%), which represent a 82.3% of total customer deposits in local currency. Balances deposited in foreign currency (in U.S. dollars) remain below the closing level of 2023 (-5.0%), with transfers from foreign currency time deposits to Turkish lira time deposits. Thus, as of December 31, 2024, Turkish lira deposits accounted for 66.8% of total customer deposits in the area. For its part, off-balance sheet funds show an outstanding growth of 161.8%. Results Turkey generated a net attributable profit of €611m during 2024, which compares favorably with the result in the same period of the previous year. As mentioned above, the year-on-year comparison of the accumulated income statement at the end of December 2024 at current exchange rate is affected by the depreciation of the Turkish lira in the last year (-11.1%). To isolate this effect, the highlights of the results for 2024 at constant exchange rates are summarized below: – Net interest income decreased year-on-year, mainly by the worsening of the Turkish lira spread and greater wholesale funding costs, partially offset by the growth in lending activity and, the remuneration of certain reserves in Turkish lira from the central bank since February 2024. – Net fees and commissions increased significantly, favored by the performance in payment systems fees, followed by the asset management, insurances and guarantees. – NTI showed an excellent evolution thanks to higher results from foreign exchange operations. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 393 – The other operating income and expenses line had a balance of €-535m, which compares favorably with the previous year. This line incorporates, among others, the loss in the value of the net monetary position due to the country's inflation rate, together with its partial offset by the income derived from inflation-linked bonds (CPI linkers). The net impact of both effects was less negative at the end of 2024 than in 2023, highlighting the third quarter of 2023 with a significant negative adjustment due to the higher quarterly inflation rate recorded at that time. This line also includes the results of the subsidiaries of Garanti BBVA, whose contribution was increased compared to 2023 and the higher contribution to the DGF. – Operating expenses increased, mainly due to the growth in personnel expenses, linked to the growth in the workforce in 2023 and a salary review in the context of high inflation. On the other hand, general expenses also increased, mainly due to the higher technology and advertising expenditures. – Regarding the impairment on financial assets, it increased due to higher requirements in retail portfolios. Thus, the cumulative cost of risk as of December 31, 2024 was placed at 1.27%, a more standard level after an abnormally low level in 2023. – The provisions and other results line closed December 2024 with a release of €165m, linked to remarkable recoveries in wholesale clients, as well as the revaluations on real estate assets. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 394 2.4 South America Highlights • Growth in lending activity and in the acquisition of customer funds • Argentina: growth in net attributable profit despite a still complex macroeconomic environment • Colombia: despite the good performance of recurring revenues, the net attributable profit was impacted by higher provisions • Peru: growth in net attributable profit due to good revenue performance, improved efficiency and lower provisions BUSINESS ACTIVITY ⁽¹⁾ (VARIATION AT CONSTANT EXCHANGE RATES COMPARED TO 31-12-23) ⁽¹⁾ Excluding repos. NET INTEREST INCOME / AVERAGE TOTAL ASSETS (PERCENTAGE AT CONSTANT EXCHANGE RATES) OPERATING INCOME (MILLIONS OF EUROS AT CURRENT EXCHANGE RATES) +19.2 % (1) 2,381 2,838 ⁽¹⁾ At constant exchange rates: +27.0%. NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF EUROS AT CURRENT EXCHANGE RATES) +5.6% (1) 601 635 ⁽¹⁾ At constant exchange rates: +17.1%. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 395 FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE) Income statement 2024 ∆ % ∆ % ⁽²⁾ 2023 ⁽¹⁾ Net interest income 5,589 27.2 31.9 4,394 Net fees and commissions 834 19.1 21.5 700 Net trading income 798 26.0 33.3 633 Other operating income and expenses (1,815) 30.1 32.3 (1,395) Gross income 5,405 24.8 30.3 4,331 Operating expenses (2,567) 31.6 34.0 (1,951) Personnel expenses (1,188) 31.4 34.7 (904) Other administrative expenses (1,153) 30.9 32.9 (881) Depreciation (226) 36.4 36.5 (165) Operating income 2,838 19.2 27.0 2,381 Impairment on financial assets not measured at fair value through profit or loss (1,369) 20.7 21.0 (1,134) Provisions or reversal of provisions and other results (127) 120.5 131.5 (58) Profit (loss) before tax 1,342 12.8 28.1 1,189 Income tax (313) 9.3 32.5 (286) Profit (loss) for the period 1,029 14.0 26.8 903 Non-controlling interests (394) 30.5 46.3 (302) Net attributable profit (loss) 635 5.6 17.1 601 ⁽¹⁾ Revised balances. For more information, please refer to the “Business Areas” section. Balance sheets 31-12-24 ∆ % ∆ % ⁽²⁾ 31-12-23 Cash, cash balances at central banks and other demand deposits 8,906 35.2 42.0 6,585 Financial assets designated at fair value 10,884 3.6 7.7 10,508 Of which: Loans and advances 205 (65.4) (62.5) 592 Financial assets at amortized cost 49,983 12.3 15.9 44,508 Of which: Loans and advances to customers 46,846 13.7 16.7 41,213 Tangible assets 1,277 35.9 35.8 939 Other assets 2,948 31.7 36.2 2,239 Total assets/liabilities and equity 73,997 14.2 18.2 64,779 Financial liabilities held for trading and designated at fair value through profit or loss 2,060 (37.4) (33.1) 3,289 Deposits from central banks and credit institutions 4,292 (16.5) (16.3) 5,140 Deposits from customers 50,738 19.2 23.2 42,567 Debt certificates 3,752 25.6 31.6 2,986 Other liabilities 6,066 34.7 40.3 4,502 Regulatory capital allocated 7,090 12.7 17.1 6,294 Relevant business indicators 31-12-24 ∆ % ∆ % ⁽²⁾ 31-12-23 Performing loans and advances to customers under management ⁽³⁾ 46,663 13.8 16.8 41,013 Non-performing loans 2,387 3.7 4.7 2,302 Customer deposits under management ⁽⁴⁾ 50,738 19.2 23.2 42,567 Off-balance sheet funds ⁽⁵⁾ 7,936 43.6 53.5 5,525 Risk-weighted assets 56,489 15.0 18.7 49,117 Efficiency ratio (%) 47.5 45.0 NPL ratio (%) 4.5 4.8 NPL coverage ratio (%) 88 88 Cost of risk (%) 2.87 2.51 ⁽²⁾ At constant exchange rate. ⁽³⁾ Excluding repos. ⁽⁴⁾ Excluding repos and including specific marketable debt securities. ⁽⁵⁾ Includes mutual funds and customer portfolios in Colombia and Peru. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 396 SOUTH AMERICA. DATA PER COUNTRY (MILLIONS OF EUROS) Operating income Net attributable profit (loss) Country 2024 ∆ % ∆ % ⁽¹⁾ 2023 ⁽²⁾ 2024 ∆ % ∆ % ⁽¹⁾ 2023 ⁽²⁾ Argentina 691 44.6 n.s. 478 182 41.3 176.5 129 Colombia 622 23.2 16.0 505 90 (41.0) (44.4) 152 Peru 1,198 8.7 9.1 1,102 227 14.4 14.8 198 Other countries ⁽³⁾ 327 10.5 16.1 296 136 12.0 16.4 121 Total 2,838 19.2 27.0 2,381 635 5.6 17.1 601 ⁽¹⁾ Figures at constant exchange rates. ⁽²⁾ Revised balances. For more information, please refer to the “Business Areas” section. ⁽³⁾ Chile (Forum), Uruguay and Venezuela. Additionally, it includes eliminations and other charges. SOUTH AMERICA. RELEVANT BUSINESS INDICATORS PER COUNTRY (MILLIONS OF EUROS) Argentina Colombia Peru 31-12-24 31-12-23 31-12-24 31-12-23 31-12-24 31-12-23 Performing loans and advances to customers under management ⁽¹⁾ ⁽²⁾ 7,021 1,880 15,609 15,629 19,168 18,066 Non-performing loans ⁽¹⁾ 103 32 966 822 1,132 1,264 Customer deposits under management ⁽¹⁾ ⁽³⁾ 9,219 3,379 17,177 16,481 20,338 17,813 Off-balance sheet funds ⁽¹⁾ ⁽⁴⁾ 2,840 1,202 2,539 2,310 2,554 1,654 Risk-weighted assets 11,037 4,997 18,868 19,467 20,384 18,825 Efficiency ratio (%) 59.5 54.1 46.9 47.5 36.5 36.7 NPL ratio (%) 1.4 1.6 5.7 4.8 4.9 5.5 NPL coverage ratio (%) 145 136 82 89 90 84 Cost of risk (%) 4.48 2.18 2.83 2.13 2.83 3.04 ⁽¹⁾ Figures at constant exchange rates. ⁽²⁾ Excluding repos. ⁽³⁾ Excluding repos and including specific marketable debt securities. ⁽⁴⁾ Includes mutual funds and customer portfolios (in Colombia and Peru). Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at constant exchange rates. These rates, together with the changes at current exchange rates, can be found in the attached tables of the financial statements and relevant business indicators. Activity and results The most relevant aspects related to the area's activity during the year 2024 were: – Lending activity (performing loans under management) registered a variation of 16.8%, with the increase focused on the wholesale portfolio, which grew more than the retail portfolio (+20.5% versus +12.9%), mainly favored by the evolution of commercial loans (+22.6%). In the retail portfolio, the growth was originated in credit cards (+45.7%), in line with Group's strategy which is focused on growing in the most profitable segments. In terms of countries, Argentina stood out, with lending activity growing faster than inflation. – With regard to asset quality, the NPL ratio stood at 4.5% at the end of December 2024, which represents a decrease of 29 basis points compared to the previous year, mainly due to the growth in activity and higher volume of write-offs in Peru and Colombia. On the other hand, the NPL coverage ratio stood at 88% as of December 31, 2024, in line with the previous year- end. – Customer funds under management increased (+26.6%) compared to the closing balances at the end of 2023, with growth driven by customer deposits (+23.2%). South America generated a net attributable profit of €635m at the end of 2024, which represents a year-on-year variation of 17.1%, driven by the good performance of recurring income (+30.5%) and the good performance of net trading income in the area, which offset the increase in expenses and in loan-loss provisions, as well as the higher negative impact of "Other operating income and expenses". This last line mainly includes the impact of the adjustment for hyperinflation in Argentina, whose net monetary loss stood at €1,419m in the period January-December 2024, which is higher than the €1,062m registered in the period January-December 2023. More detailed information on the most representative countries of the business area is provided below. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 397 Argentina Macro and industry trends Significant fiscal consolidation and relative exchange rate stability have contributed to a process of moderating inflation over the course of 2024. Also, after a large contraction in the first half of the year, there are early signs of a recovery in economic activity, which after falling by 3.8% or slightly less in 2024, should expand by around 5.5% in 2025, according to BBVA Research (growth forecasts for 2024 and 2025 have been adjusted upwards by 20 basis points and downwards by 50 basis points, respectively). The forecast is for inflation to converge to around 30% by the end of 2025. On the other hand, there is high uncertainty around the evolution of the exchange rate, which has recently remained more appreciated than expected. The banking system continues to grow at a high pace but affected by inflation control and the structural reforms introduced by the new government. At the end of 2024, total lending grew 248% compared to December 2023, favored by both consumer and, above all, corporate portfolio, which grew 244% and 255% year-on-year, respectively. Deposits followed the trend of previous months and grew 104% year-on-year at the end of December. Finally, the NPL ratio improved notably to 1.51% at the end of October 2024 (131 basis points lower than in October 2023). Activity and results – In 2024, performing loans under management registered a growth of 273.5%, which stands above the year-on-year inflation rate, with a favorable evolution in the corporate segment (+304.2 %) and all the households products (+242.4%), highlighting credit cards (+191.2%). In terms of credit quality indicators, the NPL ratio stood at the end of 2024 at 1.4%, which is a decrease of 18 basis points during the year mainly due to the growth in activity, and the NPL coverage ratio stood at 2024 closing at 145%, which means an increase of 879 basis points. – On balance sheet funds grew by 172.8% during 2024, with growth in both demand deposits (+141.3%) and time deposits (+262.5%). For its part, mutual funds (off-balance resources) also had a good performance (+136.3% in the same period). – The cumulative net attributable profit at the end of December 2024 stood at €182m. Net interest income continued to be driven by both higher activity and better customer spreads, while the NTI registered a positive evolution, driven by the performance of the securities portfolio. On the other hand, there was a higher negative adjustment for hyperinflation (mainly reflected in the other operating income and expenses line) and higher expenses, both personnel and general expenses affected by inflation, the main variation being technology expenditure. As for impairment on financial assets, they registered an increase associated with the growth of lending activity and greater requirements of the retail portfolio. Colombia Macro and industry trends Economic growth has gradually recovered during 2024 as the processes of inflation and interest rate reductions have been consolidating. BBVA Research expects GDP growth to stand at 2.0% in 2024 and to accelerate to 2.5% in 2025 (30 basis points lower than the previous forecast). The slight downward revision of the growth forecast in 2025 is largely due to a less favorable external environment than expected and the perspective of a slower monetary easing process than previously anticipated. In particular, interest rates, which fell by 350 basis points to 9.50% during 2024, are likely to be reduced at a more gradual pace in the future, ending 2025 at around 7.0%. Annual inflation, which ended 2024 at 5.2%, is expected to ease further in the coming months, but will remain above the 3.0% inflation target this year, probably around 3.9% in December 2025. Total credit growth in the banking system stood at 1.6% year-on-year in October 2024. As in previous months, the system's lending continued to be driven by credit to companies and housing loans, with growth of 3.6% and 7.7% respectively. Of particular relevance is the slowdown in consumer credit, which has gone from a year-on-year growth rate of 20% throughout 2022 to year-on-year decreases since October of last year. In October 2024 this trend continued, showing a 4.6% drop compared to the same month of 2023. On the other hand, total deposits grew by 6.7% year-on-year at the end of October 2024, with a much more balanced evolution by portfolios than in previous quarters. Demand and time deposits grew by 5.9% and 7.8% year-on-year respectively. The system's NPL ratio has slightly improved in the last few months to 5.0% at the end of October 2024, 10 basis points lower than in the same month of the previous year. Activity and results – Lending activity remained stable ( -0.1%) compared to the end of 2023 , mainly due to the favorable evolution of corporate loans (+8.5% from December 2023), which offset the deleveraging in the rest of products. In terms of credit quality indicators, the NPL ratio stood at 5.7% which represents an increase of 84 basis points compared to the end of 2023, due to the higher volume of retail portfolio entries, mitigated by a higher volume of write-offs. The NPL coverage ratio stood at 82% by the end of 2024, which represents a decrease of 741 basis points, as a result of growth in the non-performing balance in retail loans. – Customer deposits grew by 4.2% compared to the end of 2023, thanks to the growth in time deposits (+6.5%). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 398 – The cumulative net attributable profit at the end of December 2024 stood at €90m, that is 44.4% below the result of the same period of the previous year. The significant growth in net interest income (+18.2%) stood out, favored by the increase in customer spreads associated with lower funding costs, offset by provisions for impairment losses on financial assets, mainly due to higher requirements in the retail portfolio. Peru Macro and industry trends BBVA Research estimates that GDP grew by 3.1% in 2024, 20 basis points above the previous forecast, driven by more favorable weather conditions and the impact on consumption of the most recent program of extraordinary withdrawals from pension funds. Moreover, improved financial conditions derived from controlled inflation (2.0% in December, and probably within the inflation target range of 1-3% during 2025) and the reduction of interest rates (from 5.0% at the end of December 2024 to around 4.50% in the first half of 2025, according to BBVA Research's estimates) reinforce the growth outlook. The growth forecast for 2025 remains unchanged at 2.7%. Total lending in the Peruvian banking system decreased slightly year-on-year in November 2024 (-0.4%). The performance by portfolios was uneven, with decreases in consumer credit (-3.3%) and corporate credit portfolios (-1.1%), and growth in the mortgage portfolio (+5.1% year-on-year), in line with previous months. The system's total deposits increased 9.9% year-on-year in November 2024, due to the strength of demand deposits (+13.0% year-on-year), which offset the slower growth in time deposits (+4.7% year- on-year in August 2024). Finally, the system's NPL ratio slightly improved to 3.9%, 46 basis points better than in November 2023. Activity and results – Lending activity increased compared to the end of December 2023 (+6.1%), mainly due to the positive evolution of corporate loans (+5.3%, favored by CIB operations), consumer loans (+10.5%) and mortgages (+12.3%). – In terms of credit quality indicators, the NPL ratio stood at 4.9%, this represents an annual decrease of 62 basis points, as a result of the improvement in retail flows with fewer entries into non-performing and a higher volume of write-offs. The NPL coverage ratio stood at 90% at the end of 2024, which represents an increase of 552 basis points due to the decrease in retail non-performing balances. – Customers funds under management increased during 2024 (+17.6%), boosted by both the good performance of customer deposits (+14.2%) and off-balance sheet funds (+54.5%). – BBVA Peru's cumulative attributable profit stood at €227m at the end of December 2024, which represents an increase of 14.8% compared to 2023. Good performance of net interest income, favored by higher volume of lending and a growing customer spread, fee income and NTI (which includes better results on Global Markets), all together comfortably offset the increase in operating expenses. In terms of provisions for impairment of financial assets, in cumulative terms, they are below those recorded in 2023 (-2.5%), due to the expected improvement in flows during the second half of the year. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 399 2.5 Rest of Business Highlights • Favorable credit evolution and significant growth in customers funds • Increase in recurring revenues • Improvement in NPL and NPL coverage ratios in the year • Efficiency ratio and Group contribution improve in the year BUSINESS ACTIVITY ⁽¹⁾ (VARIATION AT CONSTANT EXCHANGE RATES COMPARED TO 31-12-23) ⁽¹⁾ Excluding repos. NET INTEREST INCOME / AVERAGE TOTAL ASSETS (PERCENTAGE AT CONSTANT EXCHANGE RATES) . OPERATING INCOME (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES) +35.3% (1) 529 715 ⁽¹⁾ At current exchange rates: +38.4%. NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES) +23.5% (1) 405 500 ⁽¹⁾ At current exchange rates: +26.3%. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 400 FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE) Income statement 2024 ∆ % ∆ % ⁽²⁾ 2023 ⁽¹⁾ Net interest income 741 37.6 35.4 539 Net fees and commissions 307 25.8 23.4 244 Net trading income 406 28.2 25.7 316 Other operating income and expenses 4 8.4 (20.3) 3 Gross income 1,458 32.2 29.7 1,103 Operating expenses (743) 26.7 24.8 (586) Personnel expenses (402) 32.8 30.4 (303) Other administrative expenses (308) 19.7 18.2 (257) Depreciation (33) 25.5 24.1 (26) Operating income 715 38.4 35.3 517 Impairment on financial assets not measured at fair value through profit or loss (71) 155.9 152.8 (28) Provisions or reversal of provisions and other results (11) n.s. n.s. (1) Profit (loss) before tax 634 29.7 26.7 489 Income tax (133) 44.0 40.8 (93) Profit (loss) for the period 500 26.3 23.5 396 Non-controlling interests — — — — Net attributable profit (loss) 500 26.3 23.5 396 ⁽¹⁾ Revised balances. For more information, please refer to the “Business Areas” section. Balance sheets 31-12-24 ∆ % ∆ % ⁽²⁾ 31-12-23 Cash, cash balances at central banks and other demand deposits 8,348 75.8 65.9 4,748 Financial assets designated at fair value 1,627 (89.5) (90.1) 15,475 Of which: Loans and advances 914 (93.8) (94.2) 14,783 Financial assets at amortized cost 56,013 29.2 26.7 43,363 Of which: Loans and advances to customers 50,392 28.2 25.6 39,322 Inter-area positions — — — — Tangible assets 206 36.0 31.6 151 Other assets 341 (36.4) (38.9) 537 Total assets/liabilities and equity 66,534 3.5 0.2 64,274 Financial liabilities held for trading and designated at fair value through profit or loss 642 (95.7) (95.9) 14,831 Deposits from central banks and credit institutions 2,002 (35.1) (36.9) 3,085 Deposits from customers 27,432 110.1 107.2 13,056 Debt certificates 1,721 21.8 19.1 1,413 Inter-area positions 28,095 6.2 3.3 26,466 Other liabilities 1,609 30.6 26.6 1,232 Regulatory capital allocated 5,033 20.1 17.4 4,191 Relevant business indicators 31-12-24 ∆ % ∆ % ⁽²⁾ 31-12-23 Performing loans and advances to customers under management ⁽³⁾ 50,393 28.5 26.0 39,202 Non-performing loans 213 (42.0) (42.0) 368 Customer deposits under management ⁽³⁾ 27,432 110.1 107.2 13,056 Off-balance sheet funds ⁽⁴⁾ 645 13.9 13.9 566 Risk-weighted assets 44,407 22.0 19.3 36,410 Efficiency ratio (%) 50.9 53.1 NPL ratio (%) 0.3 0.7 NPL coverage ratio (%) 102 69 Cost of risk (%) 0.17 0.08 ⁽²⁾ At constant exchange rate. ⁽³⁾ Excluding repos. ⁽⁴⁾ Includes pension funds. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 401 Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at constant exchange rates. These rates, together with the changes at current exchange rates, can be found in the attached tables of the financial statements and relevant business indicators. Comments that refer to Europe exclude Spain. Activity The most relevant aspects of the evolution of BBVA Group's Rest of Business activity during 2024 were: – Lending activity (performing loans under management) registered a growth of 26.0%, driven by the favorable evolution of project finance as well as corporate lending, both in the New York branch and in Europe. Also noteworthy is the transactional business, which offers integral and personalized financial solutions, in both geographical areas through increased participation in factoring programs. – Customer funds under management grew by 103.4%, boosted by the evolution of deposits, mainly in Europe and in the New York branch. – With regard to asset quality indicators, the NPL ratio decreased by -35 basis points in the year up to 0.3%, due to wholesale recoveries and repayments, resulting in the NPL coverage ratio increasing in the year to 102%. Results Rest of Business achieved an accumulated net attributable profit of €500m accumulated at the end of 2024, 23.5% higher than in the same period of the previous year, favored by the performance of the recurrent revenues and the NTI, which offset the increase in operating expenses and loan-loss provisions. In the year-on-year evolution of the main lines of the area's income statement at the end of December 2024, the following was particularly noteworthy: – Net interest income showed an increase of 35.4% as a result of increased activity volumes and price management. This growth was mainly in Europe, followed by the New York branch. – Net fees and commissions increased by 23.4%, mainly due to singular financing transactions in Investment Banking & Finance (hereinafter IB&F) and transactional banking fees. – The NTI grew by 25.7% supported by the strong performance of Global Markets in Europe, especially in credit and in the Group's equity trading business in the United States. – Increase in operating expenses of 24.8%, with growth mainly in the United States (originated in the New York branch) and in Europe due to the increase in headcount and the execution of strategic plans. – The impairment on financial assets line at the end of December 2024 recorded a balance of €-71m, mainly originating from provisions made in Europe. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 402 2.6 Corporate Center FINANCIAL STATEMENTS (MILLIONS OF EUROS AND PERCENTAGE) Income statement 2024 ∆ % 2023 ⁽¹⁾ Net interest income (546) 41.3 (386) Net fees and commissions (36) (18.0) (44) Net trading income 122 n.s. (686) Other operating income and expenses 39 (55.1) 87 Gross income (421) (59.1) (1,029) Operating expenses (776) 2.1 (760) Personnel expenses (774) 12.3 (689) Other administrative expenses 213 53.3 139 Depreciation (215) 2.5 (210) Operating income (1,197) (33.1) (1,789) Impairment on financial assets not measured at fair value through profit or loss 1 (15.4) 1 Provisions or reversal of provisions and other results 54 n.s. (21) Profit (loss) before tax (1,142) (36.9) (1,809) Income tax 225 (14.2) 262 Profit (loss) for the period (917) (40.7) (1,547) Non-controlling interests (7) n.s. 3 Net attributable profit (loss) (924) (40.2) (1,544) ⁽¹⁾ Revised balances. For more information, please refer to the “Business Areas” section. Balance sheets 31-12-24 ∆ % 31-12-23 Cash, cash balances at central banks and other demand deposits 594 (13.1) 684 Financial assets designated at fair value 3,030 20.6 2,512 Of which: Loans and advances — n.s. — Financial assets at amortized cost 4,095 13.1 3,622 Of which: Loans and advances to customers 297 29.1 230 Inter-area positions — — — Tangible assets 1,912 10.8 1,727 Other assets 16,170 11.3 14,530 Total assets/liabilities and equity 25,802 11.8 23,074 Financial liabilities held for trading and designated at fair value through profit or loss 69 (44.9) 125 Deposits from central banks and credit institutions 970 26.7 765 Deposits from customers 961 n.s. 181 Debt certificates 1,735 n.s. 380 Inter-area positions 5,917 1.9 5,809 Other liabilities 3,553 (0.8) 3,581 Regulatory capital allocated (47,416) 10.2 (43,033) Total equity 60,014 8.6 55,265 Results The Corporate Center recorded a net attributable loss of €-924m between January and December of 2024, which is an improvement compared with the €-1,544m recorded in the previous year, mainly due to the favorable evolution of the NTI. The above is the result of the positive contribution from the second quarter of 2024 from the hedges of foreign currency positions, which contrasts with the negative contribution in 2023, originating in both periods in the Mexican peso. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 403 2.7 Other pro forma information: Corporate & Investment Banking Highlights • Significant increase in lending in the year, with sustained quarter-on-quarter growth • Favorable evolution of recurrent revenues and NTI in the year • Solid gross income in all geographical areas • Outstanding attributable profit in 2024 BUSINESS ACTIVITY ⁽¹⁾ (VARIATION AT CONSTANT EXCHANGE RATES COMPARED TO 31-12-23) ⁽¹⁾ Excluding repos. RECURRING REVENUES / AVERAGE TOTAL ASSETS (PERCENTAGE AT CONSTANT EXCHANGE RATES) . OPERATING INCOME (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES) +27.1% (1) 3,351 4,260 ⁽¹⁾ At current exchange rates: +21.3%. NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES) +29.6% (1) 2,147 2,781 ⁽¹⁾ At current exchange rates: +24.3%. The pro forma information of CIB does not include the application of hyperinflation accounting nor the wholesale business of the Group in Venezuela. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 404 FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE) Income statement 2024 ∆ % ∆ % ⁽²⁾ 2023 ⁽¹⁾ Net interest income 2,655 27.7 32.7 2,079 Net fees and commissions 1,198 19.1 22.0 1,006 Net trading income 2,034 15.7 20.6 1,759 Other operating income and expenses (56) (12.6) (6.1) (64) Gross income 5,832 22.0 26.5 4,779 Operating expenses (1,572) 24.1 24.9 (1,267) Personnel expenses (768) 23.6 23.9 (622) Other administrative expenses (688) 27.9 29.5 (538) Depreciation (115) 7.5 8.0 (107) Operating income 4,260 21.3 27.1 3,512 Impairment on financial assets not measured at fair value through profit or loss 112 n.s. n.s. (7) Provisions or reversal of provisions and other results (11) n.s. n.s. 2 Profit (loss) before tax 4,361 24.3 30.2 3,507 Income tax (1,250) 24.8 31.3 (1,001) Profit (loss) for the period 3,111 24.2 29.8 2,506 Non-controlling interests (330) 23.1 31.9 (268) Net attributable profit (loss) 2,781 24.3 29.6 2,238 General note: For the translation of the income statement in those countries where hyperinflation accounting is applied, the punctual exchange rate as of December 31, 2024 is used. ⁽¹⁾ Revised balances. For more information, please refer to the “Business Areas” section. Balance sheets 31-12-24 ∆ % ∆ % ⁽²⁾ 31-12-23 Cash, cash balances at central banks and other demand deposits 9,329 90.2 80.6 4,905 Financial assets designated at fair value 117,625 (26.2) (25.5) 159,372 Of which: Loans and advances 37,974 (54.9) (55.3) 84,126 Financial assets at amortized cost 114,618 17.8 21.1 97,302 Of which: Loans and advances to customers 92,965 18.6 21.7 78,354 Inter-area positions — — — — Tangible assets 194 38.2 36.1 141 Other assets 15,609 46.6 58.1 10,646 Total assets/liabilities and equity 257,375 (5.5) (3.9) 272,366 Financial liabilities held for trading and designated at fair value through profit or loss 80,595 (38.0) (38.2) 130,081 Deposits from central banks and credit institutions 38,054 33.5 34.9 28,502 Deposits from customers 70,345 17.2 23.4 60,031 Debt certificates 6,516 7.2 8.5 6,076 Inter-area positions 42,555 45.2 51.4 29,315 Other liabilities 6,898 (5.6) (6.0) 7,310 Regulatory capital allocated 12,412 12.3 16.3 11,050 Relevant business indicators 31-12-24 ∆ % ∆ % ⁽²⁾ 31-12-23 Performing loans and advances to customers under management ⁽³⁾ 92,913 19.9 22.8 77,510 Non-performing loans 599 (33.8) (27.5) 905 Customer deposits under management ⁽³⁾ 65,077 19.4 25.1 54,483 Off-balance sheet funds ⁽⁴⁾ 3,844 (8.2) 4.9 4,189 Efficiency ratio (%) 27.0 26.5 ⁽²⁾ At constant exchange rates. ⁽³⁾ Excluding repos. ⁽⁴⁾ Includes mutual funds, customer portfolios and other off-balance sheet funds. 117 CIB results do not include the application of hyperinflation accounting. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Financial information 405 Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at constant exchange rates. For the conversion of these figures in those countries in which accounting for hyperinflation is applied, the end of period exchange rate as of December 31, 2024 is used. These rates, together with changes at current exchange rates, can be found in the attached tables of financial statements and relevant business indicators. When making comments referring to Europe in this area, Spain is excluded. Activity The most relevant aspects related to the area's activity in 2024 were: – Loan balances increased significantly compared to the end of 2023 (+22.8%), mainly as a result of the favorable development of the Investment Banking & Finance business, with relevant Project Finance and Corporate Lending operations. By geographical areas, the contribution from Europe, the New York branch and Mexico were particularly noteworthy. – Customer funds grew by 23.7% in 2024, due to the increase in volumes in an environment of competitive prices. The performance by geographical areas was uneven and the evolution of the balances deposited in the branches in Europe and New York was outstanding. Results CIB generated a net attributable profit of €2,781m in 2024. These results represent an increase of 29.6% on a year-on-year basis and reflect the contribution of the diversification of products and geographical areas, as well as the progress of the Group's wholesale businesses in its strategy, leveraged on globality and sustainability, with the purpose of being relevant to its clients 117. All the business divisions achieved good results, particularly Investment Banking & Finance (IB&F) with an excellent evolution of net interest income in all geographical areas, supported by higher lending volumes and better prices, the contribution of Global Markets supported by the reactivation of commercial activity and Global Transaction Banking (GTB) which consolidated its positive trend, particularly in Mexico, Turkey and the United States. The most relevant aspects of the year-on-year income statement evolution of this aggregate as of end of December 2024 are summarized below: – Net interest income for the quarter was 32.7% higher than in the same period of the previous year, partly due to the good performance of the business activity, which benefited from higher volumes and, especially Europe and the United States as well as certain geographical areas, thanks to an adequate price management. – Net fees and commissions increased 22.0%, with favorable evolution in all businesses. The primary market debt issuance activity, the liquidity management in South America and relevant operations in Project Finance and Corporate Lending are noteworthy. – Excellent NTI evolution ( +20.6%) , mainly due to the performance of the Global Markets unit. Fixed-income trading was particularly strong during the year, while currency trading slowed down compared to the previous year. For its part, commercial activity showed significant growth in all geographical areas except Turkey, with special mention to the evolution of Spain, Europe, Mexico and the United States. – Operating expenses increased by 24.9% due to new personnel hires carried out during 2023 and 2024. On the other hand, general expenses continue to be affected by inflation and by higher technology expenditures linked to the execution of strategic projects for the area. However, the efficiency ratio stood at 27.0% at the end of December 2024, which represents an improvement of 35 basis points compared to the figure registered at the end of 2023, thanks to the strong growth in gross margin. – Provisions for impairment on financial assets line recorded a release of € 112m, mainly originated from certain specific customers in Turkey, which compares with €7m provided in the previous year. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 406 Risk management 1. General risk management and control model 2. Credit risk 3. Market risk 4. Structural risks 5. Risks associated with climate change 6. Operational risk 7. Reputational risk 8. Risk factors 1. General Risk management and control Model The BBVA Group has a general risk management and control model (hereinafter, the “Model”) that is appropriate for its business model, its organization, the countries where it operates and its corporate governance system. This model allows the Group to carry out its activity within the management and risk control strategy and policy defined by the corporate bodies of BBVA where sustainability is specifically considered, and the alignment to a changing economic and regulatory environment, facing this management at a global level and aligned to the circumstances at all times. The Model, for which the Group’s Chief Risk Officer (CRO) is responsible and that must be updated or reviewed at least annually, is fully applied in the Group and it comprises the following basic elements: – Governance and organization – Risk Appetite Framework – Assessment, monitoring and reporting – Infrastructure The Group promotes the development of a risk culture that ensures a consistent application of the Model in the Group, and that guarantees that the risks function is understood and internalized at all levels of the organization. 1.1 Governance & organization The risk governance model in the BBVA Group is characterized by a special involvement of its corporate bodies, both in setting the risk strategy and in monitoring and supervising its implementation on an ongoing basis. Thus, and as explained below, the corporate bodies are responsible for approving the risk strategy and the general policies for the different types of risks. Global Risk Management (hereinafter, GRM) and Regulation & Internal Control (including, among other areas, Non-Financial Risks) are the functions responsible for its implementation and development, with the appropriate reporting to corporate bodies. Responsibility for day-to-day management of risks falls on business and corporate areas, the activities of which adhere to the general policies, regulation, infrastructures and controls that, based on the framework set by corporate bodies, are defined by GRM and Regulation & Internal Control in their corresponding areas of responsibility. To carry out this work adequately, the financial risks function in the BBVA Group has been set up as a single, global function and independent from business areas. The head of the financial risks function at an executive level, is the Group's Chief Risk Officer, who is appointed by the Board of Directors as a member of its senior management, and reports directly on the development of the corresponding functions to the corporate bodies. The Chief Risk Officer, for the best fulfilment of the functions, is supported by a structure consisting of cross- cutting risk units in the corporate area and specific risk units in the Group's geographical and/or business areas. In addition, and with regard to non-financial risks and internal control, the Group has a Regulation & Internal Control area independent from the rest of units and whose head (Head of Regulation & Internal Control) is also appointed by the Board of Directors of BBVA and reports directly to corporate bodies on the performance of its functions. This area is responsible for proposing and implementing non- financial risks policies and the Internal Control Model of the Group, and it is composed by, among other, the Non-Financial Risks, Regulatory Compliance, Risk Internal Control and Risk Control Specialists units. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 407 The Risk Internal Control unit, within the Regulation & Internal Control area and, therefore, independent from the financial risks function (GRM), acts as a control unit for the activities carried out by GRM. In this regard, and without prejudice to the functions performed in this regard by the Internal Audit area, Risk Internal Control checks that the regulatory framework, the models and processes and established measures are sufficient and appropriate for each type of financial risk. It also monitors its implementation and operation, and confirms that those decisions taken by GRM are taken independently from the business lines and, in particular, that there's an adequate segregation of functions between units. Governance and organizational structure are basic pillars for ensuring an effective risk management and control. This section summarizes the roles and responsibilities of the corporate bodies in the risks area, of the Group's Chief Risk Officer and, in general, of the risks function, its interrelation and the parent-subsidiary relationship model in this area and the group of committees, in addition to the Risk Internal Control unit. Corporate Bodies of BBVA According to the corporate governance system of BBVA, the Board of Directors of the Bank has certain reserved competencies, concerning management, through the implementation of the corresponding most relevant decisions, and concerning supervision and control, through the monitoring and supervision of implemented decisions and management of the Bank. In addition, and to ensure adequate performance of the management and supervisory functions of the Board of Directors, the corporate governance system comprises different committees supporting the Board of Directors with regard to matters falling within their competence, and according to the specific charters of each committees. For this purpose, a coordinated work scheme between these corporate bodies has been established. With regard to risks, the Board of Directors' competencies are those relating to establishing the policy for controlling and managing risk and the oversight and control of its implementation. In addition, and for an adequate performance of its duties, the Board of Directors is assisted by the Risk and Compliance Committee (CRC), on the issues detailed below, and by the Executive Committee (CDP), which is focused on the strategy, finance and business functions of the Group, for the purposes of which it monitors the risks of the Group. Additionally, and in a coordinated manner with the general supervision of financial and non-financial risks carried out by the Risk and Compliance Committee, the Audit Committee and the Technology and Cybersecurity Committee also assist the Board in the management and control of non-financial risks of an accounting, tax and reporting nature, and those of a technological nature, respectively. The involvement of the corporate bodies of BBVA in the control and management of the risks of the Group is detailed below: Board of Directors The Board of Directors is responsible for establishing the risk strategy of the Group and, in this role, it determines the control and risk management policy, through the following documents: – The Risk Appetite Framework of the Group, which includes in the one hand the risk appetite statement of the Group, that is, the general principles governing the risk strategy of the Group and its target profile; and, on the other hand, and based on the above mentioned risk appetite statement, a set of quantitative metrics (core metrics and their corresponding statements, and by type of risk metrics and their corresponding statements), reflecting the risk profile of the Group; – the framework of management policies of the different types of risk to which the Bank is or could be exposed. They contain the basic lines for a consistent management and control of risks throughout the Group, and consistent with the Model and Risk Appetite Framework; – and the General risk management and control model described above. All of the above in coordination with the rest of prospective-strategic decisions of the Bank, which includes the Strategic Plan, the Annual Budget, the Capital Plan and the Liquidity & Funding Plan, in addition to the rest of management objectives, whose approval is a responsibility of the Board of Directors. In addition to defining the risk strategy, the Board of Directors, in the performance of its risks monitoring, management and control tasks, also monitors the evolution of the risks of the Group and of each main geographical and/or business area, ensuring compliance with the Risk Appetite Framework of the Group; and also supervising the internal information and control systems. For the development of all these functions, the Board of Directors is supported by the CRC and the CDP, which are responsible for the functions detailed below. Risk and Compliance Committee The CRC is, according to its own charter, composed of non-executive directors and its main purpose is to assist the Board of Directors on the establishment and monitoring of the risk control and management policy of the Group. For this purpose, it assists the Board of Directors in a variety of risk control and monitoring areas, in addition to its analysis functions, based on the strategic pillars established at all times by both the Board of Directors and the CDP, the proposals on the strategy, control and risk management of the Group, which are particularly specified in the Risk Appetite Framework and in the “Model”. After the analysis, the Risk Appetite Framework and Model proposal is submitted to the Board of Directors for consideration and, where appropriate, approval purposes. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 408 In addition, the CRC proposes, in a manner consistent with the Risk Appetite Framework of the Group approved by the Board of Directors, the control and management policies of the different risks of the Group, and supervises the information and internal control systems. With regard to the monitoring of the evolution of the risks of the Group and their degree of compliance with the Risk Appetite Framework and defined general policies, and without prejudice to the monitoring task carried out by the Board of Directors and the CDP, the CRC carries out monitoring and control tasks with greater frequency and receives information with a sufficient granularity to achieve an adequate performance of its duties. The CRC also analyzes all measures planned to mitigate the impact of all identified risks, should they materialize, which must be implemented by the CDP or the Board of Directors, as the case may be. The CRC also monitors the procedures, tools and measurement indicators of those risks established at a Group level in order to have a comprehensive view of the risks of BBVA and its Group, and monitors compliance with the regulation and supervisory requirements in terms of risks. The CRC is also responsible for analyzing those project-related risks that are considered strategic for the Group or corporate transactions that are going to be submitted to the Board of Directors of the CDP, within its scope of competence. In addition, it contributes to the setting of the remuneration policy, checking that it is compatible with an appropriate and effective management of risks and that it does not provide incentives to take risks breaching the level tolerated by the Bank. Lastly, the CRC ensures the promotion of the risk culture in the Group. In 2024, the CRC has held 23 meetings. Executive Committee In order to have a comprehensive and complete vision of the progress of the Group's business and its business units, the CDP monitors the evolution of the risk profile and the core metrics defined by the Board of Directors, being aware of any potential deviation or breach of the metrics of the Risk Appetite Framework and implementing, when applicable, the appropriate measures, as explained in the Model. In addition, the CDP is responsible for proposing the basis for developing the Risk Appetite Framework, which will be established in coordination with the rest of prospective/strategic decisions of the Bank and the rest of management objectives. Lastly, the CDP is the committee supporting the Board of Directors in decisions related to business risk and reputational risk, according to the dispositions set out in its own charter. Three lines of defense control model BBVA has an internal control model that is structured into three differentiated levels (“lines of defense”), which constitute the organizational structure of the Group's internal control model, whose objective is the integral management of the risk life cycle; all this, in accordance with the best practices developed both in the "Enterprise Risk Management - Integrated Framework" of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in the "Framework for Internal Control Systems in Banking Organizations" prepared by the Bank Basel International Settlements (BIS): – First line of defense, made up of the Business and Support Areas in charge of managing operational risks in their products, activities, processes and systems, including those present in activities that could have been outsourced. The Areas must integrate operational risk management into their day-to-day activities, identifying and evaluating operational risks, carrying out controls, assessing the sufficiency of their control environment and executing mitigation plans for those risks in which control weaknesses are identified. – Second line of defense, made up of: (i) the Non-Financial Risk Units, which are responsible for designing and maintaining the Group's Operational Risk management model, and assessing the degree of application within the different Areas; and (ii) the Specialist Control Units in different risk areas, which define the General Framework of Mitigation, Control and Monitoring in the risks of their respective areas, and carry out an independent comparison on the sufficiency of the control environment implemented by the first defense line. The Non-Financial Risk Units and the Specialist Units are located in the Regulation and Internal Control area in order to ensure coordinated action by the second line of defense and to preserve their independence from the first line of defense. – Third line of defense, performed by the Internal Audit Area, which: (i) carries out an independent review of the control model, verifying compliance and the effectiveness of the established general policies; and (ii) provides independent information on the control environment to the Corporate Assurance Committees. The Board, with the support of its Committees, supervises the effectiveness of the internal control model through periodic reports from those responsible for the different lines of defense. In particular, the heads of the Internal Regulation and Control and Internal Audit areas report at least quarterly to the Board of Directors on the most relevant issues of their control activity; and, in addition, they report monthly to the Risk and Compliance Committee and the Audit Committee, respectively, and with a greater level of detail, on the operation of the internal control model and on the independent reviews carried out of the different Bank processes. All of this is based on the annual plans for each of these functions, which are approved by the respective Board Committees and where the review of processes related to climate change risk and other sustainability issues is expressly incorporated. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 409 Parent-subsidiary risk relationship model In accordance with the provisions of the BBVA Group's General Corporate Governance Policy, for integrated management and supervision in the Group, the Group has a common management and control framework, consisting of basic guidelines (including strategic-prospective decisions) and General Policies, established by BBVA's corporate bodies for the Group. For the purpose of transferring the risk strategy and its management and control model to the different subsidiaries of the BBVA Group and their corresponding specific risk units, a parent-subsidiary relationship model has been designed within the scope of risk management and control in the BBVA Group. This relationship model implies a minimum catalog of decisions that must be adopted by the corporate bodies of the subsidiaries in terms of risks in order to provide them with an adequate governance model coordinated with the parent company. It will be the responsibility of the head of the Risk function (GRM) of each subsidiary to formulate the proposals that proceed to the corresponding corporate body for its consideration and, where appropriate, approval, according to the scope of functions that apply. The approval of these decisions by the corporate bodies of the subsidiaries obliges the risk units of the geographical areas to carry out a risk monitoring and control plan before their corporate bodies. Notwithstanding the foregoing, it is considered necessary that certain decisions regarding risks reserved for the consideration of the corresponding corporate bodies of the subsidiary for their approval, are also subject to the approval of the corporate bodies of BBVA, in accordance with what is established regulations at all times. In the specific case of BBVA, S.A., what is described in this document regarding the coordination of the local risk management function with the risk function of the parent company BBVA, S.A. is applicable (as in any subsidiary of the Group). And with regard to the decisions that the corporate bodies of the subsidiaries must adopt, in this case it is the responsibility of the head of the Risk function of BBVA, S.A. (GRM) formulate the proposals that proceed to the corresponding corporate body for its consideration and, where appropriate, approval, according to the scope of functions that apply. Chief Risk Officer of the Group The Group's Chief Risk Officer (CRO) is responsible for the management of all the financial risks of the Group with the necessary independence, authority, rank, experience, knowledge and resources. The CRO is appointed by the Board of Directors of BBVA and has direct access to its corporate bodies (Board of Directors, CDP and CRC), with the corresponding regular reporting on the risk situation in the Group. The GRM area has a responsibility as the unit transversal to all the businesses of the BBVA Group. This responsibility is part of the structure of the BBVA Group, which is formed by subsidiaries based in different jurisdictions, which have autonomy and must comply with their local regulations, but always according to the risk management and control scheme designed by BBVA as the parent company of the BBVA Group. The Chief Risk Officer of the BBVA Group, in coordination with the rest of areas responsible for risks monitoring and control, is responsible for ensuring that the risks of BBVA Group, within the scope of its functions, are managed according to the established model, assuming, among other, the following responsibilities: – Prepare and propose to corporate bodies the risk strategy of the BBVA Group, which includes the Risk Appetite statement of the BBVA Group, core (and their respective statements) and by type of risk metrics (and their respective statements), and the Model. – Ensure the necessary coordination to define and prepare the proposals for the Appetite Framework of the Group companies, and make sure they are applied correctly. – Define and propose to corporate bodies the general policies for each type of risk within its scope of responsibility and, as part these, to establish the required specific regulation. – Prepare and propose for approval, or approving if within its competence, the risk limits for the geographical areas, business areas and/or legal entities, which shall be consistent with the defined Risk Appetite Framework; it is also responsible for the monitoring, supervision and control of risk limits within its scope of responsibility. – Submit to the Risk and Compliance Committee the information required to carry out its supervisory and control functions. – Regular reporting to the corresponding corporate bodies on the situation of those risks of the BBVA Group within its scope of responsibility. – Identify and assess the material risks faced by the BBVA Group within its scope of responsibility, with an effective management of those risks and, where necessary, with the implementation of the required mitigation measures. – Early warning to the relevant corporate bodies and the Chief Executive Officer of any material risk within its scope of responsibility that could compromise the solvency of the BBVA Group. – Ensure, within its scope of responsibility, the integrity of measurement techniques and management information systems and, in general, the provision of models, tools, systems, structures and resources to implement the risk strategy defined by the corporate bodies. – Promote the risk culture of the BBVA Group to ensure the consistency of the Model in the different countries where it operates, strengthening the cross-cutting model of the risks function. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 410 For decision-making, the Group’s Chief Risk Officer has a governance structure for the role that culminates in a support forum, the Global Risk Management Committee (GRMC), which is established as the main executive-level committee on the risks within its remit. Its purpose is to develop the strategies, policies, regulations and infrastructures needed to identify, assess, measure and manage the material risks within its remit that the Group faces in its business activity. This committee is composed by the Chief Risk Officer, who chairs the meetings, and the heads of Core Services and Cross Services in the Corporate Area of GRM, of the Front for “South America and Turkey”, and “Risk Internal Control”; and by the heads of GRM in the three most important geographical units, CIB and Digital Banks. The purpose of the GRMC is to propose and challenge, among other issues, the internal regulatory framework of GRM and the infrastructures required to identify, assess, measure and manage the risks faced by the Group in carrying out its businesses and to approve risk limits. The GRMC carries out its functions assisted by various support committees which include: – Global Credit Risk Management Committee: It is responsible for analyzing and decision-making related to wholesale credit risk admission. – Wholesale Credit Risk Management Committee: It is responsible for analyzing and making decisions related to wholesale credit risk admission in specific customer segments of BBVA Group, as well as being informed of the relevant decisions adopted by members of the committee within their scope of decision-making at corporate level. – Work Out Committee: Its purpose is to analyze and make decisions regarding the admission of wholesale credit risks of customers classified in Watch List, doubtful risk or write-offs in accordance with the criteria established in the Group, as well as to be informed of the decisions adopted by the person in charge of the Work Out process in its area of responsibility; it will also include the approval of proposals on entries, exits and modifications in Watch List, entries and exits in doubtful, unlikely to pay and pass to write-offs; as well as the approval of other proposals that must be seen in this Committee according to the established thresholds and criteria. – Wholesale & Sustainability Risk Committee: Its purpose is the analysis, discussion and support for decision-making on all those matters of wholesale credit risk management that impact or potentially impact the corporate practices, processes and metrics established in the Policies, Standards and Frameworks for Action. In addition, it serves as a basis for the development of the risk management model and its monitoring of the BBVA Group's insurance companies. Finally, it is the main area of decision and monitoring of the lines of action for the integration of climate and environmental risk into the Group's risk management framework. – Portfolio Management Committee : The executive authority responsible for managing the limits by asset class for credit risk, equities and real estate, structural risks, market risk and asset management; and by business area and at the group level established in the risk limit planning exercise, seeking the optimization of portfolios under the restrictions imposed by the Risk Appetite Framework, maximizing the risk-adjusted performance of regulatory and economic capital, taking into account the concentration and credit quality objectives of the portfolio, as well as the perspectives and strategic needs of the BBVA Group. He is also responsible for designing and maintaining a comprehensive view of economic capital consumption and risk-adjusted returns by portfolio, business area and asset class. Finally, it is responsible for guaranteeing the suitability of the management and measurement criteria for global risks, global processes and those for calculating economic, regulatory capital and provisions not included in frameworks or subject to the definition of a risk model. – Risk Models Management Committee: It ensures an appropriate decision-making process regarding the planning, development, implementation, use, validation and monitoring of the models required to achieve an appropriate management of the Model Risk in the BBVA Group. – Global Market and Counterparty Risk Committee: its purpose is to formalize, supervise and communicate the trading risk monitoring in all Global Markets business units, as well as coordinating and approving the key decisions of the Market and Counterparty Risk activity. It is also responsible for the analysis and decision making (opinion on the risk profile of the proposal, the mitigants and the risk-return ratio) with respect to the most relevant transactions in the different geographies in which Global Markets is present. – Retail Credit Risk Committee: it ensures for the analysis, discussion and decision support on all issues regarding the retail credit risk management that impact or potentially do in the practices, processes and corporate metrics established in the General Policies, Rules and Operating Frameworks. Also: – GRM Continuity Committee: as established by the Corporate Continuity Committee for the different areas, this Committee is dedicated to analyzing and taking decisions in response to exceptional crisis situations, with a view to managing the continuity and restoration of critical GRM processes, with a view to ensuring its operations have a minimum impact through the Continuity Plan, which addresses crisis management and Recovery Plans. – The Corporate Committee for Admission of Operational Risk and Product Governance aims to ensure the adequate evaluation of initiatives with significant risk (new business, product, outsourcing, process transformation, new systems, etc.) from the perspective of operational risk and reputational as well as the approval of the proposed control frameworks. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 411 Risk units of the corporate area and the business/geographical areas The risks function is comprised of risk units from the corporate area, which carry out cross-cutting functions, and of risk units of the geographical/business areas. – The risk units of the corporate area develop and submit to the Group's Chief Risk Officer the different elements required to define the proposal for the Group's Risk Appetite Framework, the general policies, the regulation and global infrastructures within the operating framework approved by corporate bodies; they ensure their application and report directly or through the Group's Chief Risk Officer to the corporate bodies of BBVA. With regard to non-financial risks and reputational risk, which are entrusted to the Regulation & Internal Control and Communications areas respectively, the corporate units of GRM will coordinate, with the corresponding corporate units of those areas, the development of the elements that should be integrated into the Appetite Framework of the Group. – The risk units of the business and/or geographical areas develop and submit to the Chief Risk Officer of the geographical and/or business areas the Risk Appetite Framework proposal applicable in each geographical and/or business area, independently and always according to the Group's Risk Appetite Framework. In addition, they ensure the application of general policies and the rest of the internal regulations, with the necessary adaptations, when applicable, to local requirements, providing the appropriate infrastructures for risk management and control purposes, within the global risk infrastructure framework defined by the corporate areas, and reporting to the corresponding corporate bodies and senior management, as applicable. With regard to Non-financial risks, which are integrated in the Regulation & Internal Control area, the local risk units will coordinate, with the unit responsible for those risks, the development of the elements that should be integrated into the local Risk Appetite Framework. Thus, the local risk units work with the risk units of the corporate area with the aim of adapting themselves to the risk strategy at Group level and pooling all the information required to monitor the evolution of their risks. As previously mentioned, the risks function has a decision-making process supported by a structure of committees, and also a top- level committee, the GRMC, whose composition and functions are described in the section "Chief Risk Officer of the Group." Each geographical and/or business area has its own risk management committee(s), with objectives and contents similar to those of the corporate area. These committees perform their duties consistently and in line with general risk policies and corporate rules, and its decisions are reflected in the corresponding minutes. Under this organizational scheme, the risks function ensures the integration and application throughout the Group of the risk strategy, the regulatory framework, the infrastructures and standardized risk controls. It also benefits from the knowledge and proximity to customers in each geographical and/or business area, and conveys the corporate risk culture to the Group's different levels. Moreover, this organization enables the risks function to conduct and report to the corporate bodies an integrated monitoring and control of the risks of the entire Group. Chief Risk Officers of geographical and/or business areas The risks function is cross-cutting, i.e. it is present in all of the Group's geographical and/or business areas through specific risk units. Each of these units is headed by a Chief Risk Officer for the geographical and/or business area who, within the relevant scope of responsibility, carries out risk management and control functions and is responsible for applying the Model, the general policies and corporate rules approved at Group level in a consistent manner, adapting them if necessary to local requirements and with the subsequent reporting to local corporate bodies. The Chief Risk Officers of the geographical and/or business areas have functional reporting to the Group's Chief Risk Officer and hierarchical reporting to the head of their geographical and/or business area. This dual reporting system aims to ensure the independence of the local risks function from the operational functions and enable its alignment with the Group's general policies and goals related to risks. Risk Internal Control The Group has a specific Risk Internal Control unit, within the Regulation & Internal Control area, that, among other tasks, independently challenges and control the regulation and governance structure in terms of financial risks and its implementation and deployment in GRM, in addition to the challenge of the development and implementation of financial risks control and management processes. It is also responsible for the validation of risk models. For this purpose, it has 3 subunits: RIC-Processes, Risks Technical Secretariat and Risk Internal Validation. – RIC-Processes. It is responsible for challenging an appropriate development of the functions of GRM units, and for reviewing that the functioning of financial risk management and control processes is appropriate and in line with the corresponding regulation, identifying potential opportunities for improvement and contributing to the design of the action plans to be implemented by the responsible units. In addition, it is the Risk Control Specialist (RCS) in the Group's Internal Control Model and, therefore, establishes the general mitigation and control frameworks for its risk area and contrasts them with those actually implemented. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 412 – Risks Technical Secretariat. It is responsible for the definition, design and management of the principles, policies, criteria and processes through which the regulatory risk framework is developed, processed, reported and disclosed to the countries; and for the coordination, monitoring and assessment of its consistency and completeness. In addition, it coordinates the definition and structure of the most relevant GRM Committees, and monitors their proper functioning, in order to ensure that all risk decisions are taken through an adequate governance and structure, ensuring their traceability. It also provides to the CRC the technical support required in terms of financial risks for a better performance of its functions. – Risk Internal Validation. It is responsible for validating the risks models. In this regard, it effectively challenges the relevant models used to manage and control the risks faced by the Group, as an independent third party from those developing or using the models in order to ensure its accuracy, robustness and stability. This review process is not restricted to the approval process, or to the introduction of changes in the models; it is a plan to make a regular assessment of those models, with the subsequent issue of recommendations and actions to mitigate identified weaknesses. The Head of Risk Internal Control of the Group is responsible for the function and reports about his activities and work plans to the Head of Regulation & Internal Control and to the CRC, with the corresponding support in the issues required, and, in particular, challenging that GRM's reports submitted to the Committee are aligned with the criteria established at the time. In addition, the risk internal control function is global and transversal, it includes all types of financial risks and has specific units in all geographical and/or business areas, with functional reporting to the Head of Risk Internal Control of the Group. The Risk Internal Control function must ensure compliance with the general risks strategy defined by the Board of Directors, with adequate proportionality and continuity. In order to comply with the control activity within its scope. Risk Internal Control is member of GRM's top-level committees (sometimes even assuming the Secretariat role), independently verifying the decisions that may be taken and, specifically, the decisions related to the definition and application of internal GRM regulation. Furthermore, the control activity is developed within a homogeneous methodological framework at a Group level, covering the entire life cycle of financial risk management and carried out under a critical and analytical approach. The Risk Internal Control team reports the results of its control function to the corresponding heads and teams, promoting the implementation of corrective measures and submitting these assessments and the resolution commitments in a transparent manner to the established levels. Lastly, and notwithstanding the control responsibility that GRM teams have in the first instance, Risk Internal Control teams promote a control culture in GRM, conveying the importance of having robust processes. 1.2 Risk appetite framework Elements and development The Group's Risk Appetite Framework approved by the corporate bodies determines the risks and the risk level that the Group is willing to assume to achieve its business objectives considering the organic evolution of business. These are expressed in terms of solvency, liquidity and funding, and profitability, as well as recurrence of revenue, which are reviewed not only periodically but also if there are any substantial changes in the business strategy or relevant corporate transactions. The Risk Appetite Framework is expressed through the following elements: – Risk appetite statement: sets out the general principles of the Group's risk strategy and the target risk profile: "The BBVA Group aims to achieve a solid risk-adjusted profitability throughout the cycle by developing a universal banking business model. This model is based on values, centered on the needs and life goals of our clients, and prioritizes sustainability as a lever for growth, operational excellence and the preservation of adequate business security and continuity. BBVA intends to achieve these goals while maintaining a moderate risk profile, understood as achieving profitability that is commensurate with the risks incurred throughout the cycle, and maintaining a robust financial position reflected in sufficient liquidity and capital to withstand stress scenarios. Risk Management at BBVA is based on a holistic and forward-looking approach to all risks, enabling adaptation to the disruption risks inherent to the banking business, while leveraging the capabilities offered by innovation and technological evolution. The key pillars of risk management to promote responsible growth, with recurrent generation of value, are the diversification of portfolios across geographies, the quality and profile of asset classes and client segments, anti-money laundering and financing of terrorism prevention, the incorporation of the impact of climate change, and accompanying our clients in achieving their life goals.” – Statements and core metrics: Statements are established, based on the risk appetite statement, specifying the general principles of risk management in terms of solvency, liquidity and funding, profitability and income recurrence. Moreover, the core metrics reflect, in quantitative terms, the principles and the target risk profile set out in the Risk Appetite statement. Each core metric has three thresholds ranging from usual management of the businesses to higher levels of impairment: ◦ Management benchmark: a benchmark that determines a comfortable management level for the Group. ◦ Maximum appetite: the maximum level of risk that the Group is willing to accept in its ordinary activity. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 413 ◦ Maximum capacity: the maximum risk level that the Group could assume, which for some metrics is associated with regulatory requirements. – Statements and by type of risk metrics: based on the core metrics and their thresholds, statements are established that set out the general management principles for each type of risk, and a number of metrics are determined for each type of risk, whose observance enables compliance with the core metrics and the Group's Risk Appetite statement. These metrics have a maximum risk appetite threshold. In addition to this Framework, there is a level of management limits that is defined and managed by the areas responsible for the management of each type of risk in order to ensure that the early management of risks complies with the established Risk Appetite Framework. Each significant geographical area (that is, those representing more than 2% of the diversified economic capital or operating income of the BBVA Group) has its own Risk Appetite framework, consisting of its local Risk Appetite statement, core statements and metrics, and by type of risk statements and metrics, which must be consistent with those set at the Group level, but adapted to their own reality. These are approved by the corresponding corporate bodies of each entity. This Appetite Framework is deployed through a structure of management limits consistent with the above. The corporate risks area works with the various geographical and/or business areas to define their Risk Appetite Framework, so that it is coordinated with, and integrated into, the Group's Risk Appetite Framework, making sure that its profile is in line with the one defined. Moreover, and for the purposes of monitoring at local level, the Chief Risks Officer of the geographical and/or business area regularly reports on the evolution of the metrics of the Local Risk Appetite Framework to the corporate bodies, as well as to the relevant top-level local committees, following a scheme similar to that of the Group, in accordance with its own corporate governance systems. Within the issuing process of the Risk Appetite Framework, Risk Internal Control carries out, within the scope of the GRM area the effective challenge of the Framework proposal prior to its escalation to corporate bodies, which is also documented, and it is extended to the approval of the management limits under which it is developed, also supervising its adequate approval and extension to the different entities of the Group. Likewise, in each significant geographical area, the local Risk Internal Control unit, working in the Risk Management Committee (hereinafter, RMC), carries out an effective challenge of the local Risk Appetite Framework prior to its escalation to local corporate bodies, which is also documented, and extended to the local approval process of the management limits. The report with the main conclusions of this analysis will be sent to the Heads of GRM and Regulation and Internal Control. Monitoring of the Risk Appetite Framework and management of breaches So that corporate bodies can develop the risk functions of the Group, the heads of risks at an executive level will regularly report (more frequently in the case of the CRC, within its scope of responsibility) on the evolution of the metrics of the Risk Appetite Framework of the Group, with the sufficient granularity and detail, in order to check the degree of compliance of the risks strategy set out in the Risk Appetite Framework of the Group approved by the Board of Directors. If, through the monitoring of the metrics and supervision of the Risk Appetite Framework by the executive areas, a relevant deviation or breach of the maximum appetite levels of the metrics is identified, that situation must be reported and, where applicable, the corresponding corrective measures must be submitted to the CRC. After the relevant review by the CRC, the deviation must be reported to the CDP (as part of its role in the monitoring of the evolution of the risk profile of the Group) and to the Board of Directors, which will be responsible, when applicable, for implementing the corresponding executive measures, including the modification of any metric of the Risk Appetite Framework. For this purpose, the CRC will submit to the corresponding corporate bodies all the information received and the proposals prepared by the executive areas, together with its own analysis. Notwithstanding the foregoing, once the information has been analyzed and the proposal of corrective measures has been reviewed by the CRC, the CDP may adopt, on grounds of urgency and under the terms established by law, measures corresponding the Board of Directors, but always reporting those measures to the Board of Directors in the first meeting held after the implementation for ratification purposes. In any case, an appropriate monitoring process will be established (with a greater information frequency and granularity, if required) regarding the evolution of the breached or deviated metric, and the implementation of the corrective measures, until it has been completely redressed, with the corresponding reporting to corporate bodies, in accordance with its risks monitoring, supervision and control functions. Notwithstanding the provisions of this section, more robust monitoring and management models for breaches may be defined in executive-level regulations in cases where a breach of a metric within the Risk Appetite Framework occurs (or is anticipated). These breaches will be reported to the CRC, the CDP, and the Board as outlined in this section, or more frequently if deemed appropriate. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 414 Integration of the Risk Appetite Framework into the management The transfer of the Risk Appetite Framework to ordinary management is underpinned by three basic elements: 1. The existence of a standardized set of regulations: the corporate risks area defines and proposes the general policies within its scope of action, and develops the additional internal regulation required for the development of those policies and the operating frameworks on the basis of which risk decisions must be adopted within the Group. The approval of the general policies for all types of risks is a responsibility of the corporate bodies of BBVA, while the rest of regulation is defined at an executive level according to the framework of competences applicable at any given time. The Risks units of the geographical and/or business areas comply with this regulation and performing, where necessary, the relevant adaptation to local requirements, in order to have a decision-making process that is appropriate at local level and aligned with the Group's policies. 2. Risk planning, which ensures the integration into the management of the Risk Appetite Framework through a cascade process established to set limits adjusted to the target risk profile. The Risks units of the corporate area and of the geographical and/or business areas are responsible for ensuring the alignment of this process with the Group's Risk Appetite Framework in terms of solvency, liquidity and funding, profitability, and income recurrence. 3. A comprehensive management of risks during their life cycle, based on differentiated treatment according to their type. 1.3 Assessment, monitoring and reporting Assessment, monitoring and reporting is a cross-cutting function at Group level. This function ensures that the model has a dynamic and proactive vision to enable compliance with the Risk Appetite Framework approved by the Board of Directors, even in adverse scenarios. This process is integrated in the activity of the Risk units, both of the corporate area and in the geographical and/or business units, together with the units specialized in non-financial risks and reputational risk within the Regulation & Internal Control and Communications areas respectively, in order to generate a comprehensive and single view of the risk profile of the Group. This process is developed through the following phases: 1. Identification of the material risks to which BBVA is exposed (risk assessment), which includes the identification of the main risk events (including emerging risks) as well as the identification of the main vulnerabilities, both in absolute terms and in relative terms in relation to the income generation capacity of the Group and its geographical and/or business areas. 2. Monitoring the Group's risk profile and the identified risk factors, through internal, competitor and market indicators, among others, to anticipate their future development. 3. Assessment of the impact of the materialization of the risk factors on the metrics that define the Risk Appetite Framework based on different scenarios, including stress testing scenarios. 4. Response to unwanted situations and proposals for redressing measures to the corresponding levels, in order to enable a dynamic management of the situation, even before it takes place. 5. Reporting: complete and reliable information on the evolution of risks to corporate bodies and senior management, in accordance with the principles of accuracy, exhaustiveness, clarity and utility, frequency, and adequate distribution and confidentiality. The principle of transparency governs all the risk information reporting process. 1.4 Infrastructure For the implementation of the Model, the Group has the resources required for an effective management and supervision of risks and for achieving its goals. In this regard, the Group's risks function: 1. Has the appropriate human resources in terms of number, ability, knowledge and experience. The profile of resources will evolve over time based on the specific needs of the GRM and Regulation & Internal Control areas, always with a high analytical and quantitative capacity as the main feature in the profile of those resources. Likewise, the corresponding units of the geographical and/or business areas have sufficient means from the resources, structures and tools perspective in order to achieve a risk management process aligned with the corporate model. 2. Develops the appropriate methodologies and models for the measurement and management of the different risk profiles, and the assessment of the capital required to take those risks. 3. Has the technological systems required to: support the Risk Appetite Framework in its broadest definition; calculate and measure the variables and specific data of the risk function; support risk management according to this Model; and provide an environment for storing and using the data required for risk management purposes and reporting to supervisory bodies. 4. Promotes adequate data governance, in accordance with the principles of governance, infrastructure, precision and integrity, completeness, promptness and adaptability, following the quality standards of the internal regulations referring to this matter. Within the risk functions, both the profiles and the infrastructure and data shall have a global and consistent approach. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 415 The human resources among the countries must be equivalent, within proportionality, ensuring a consistent operation of the risk function within the Group. However, they will be distinguished from those of the corporate area, as the latter will be more focused on the conceptualization of appetite frameworks, operating frameworks, the definition of the regulatory framework and the development of models, among other tasks. As in the case of the human resources, technological platforms must be global, thus enabling the implementation of the Risk Appetite Framework and the standardized management of the risk life cycle in all countries. The corporate area is responsible for deciding on the platforms and for defining the knowledge and roles of the human resources. It is also responsible for defining risk data governance. The foregoing is reported to the corporate bodies of BBVA so they can ensure that the Group has the appropriate means, systems, structures and resources. 2. Credit risk The evolution of the macroeconomic environment during 2024 has been uneven in the regions where the Group is present. In Spain, growth forecasts for 2024 have been revised upwards during 2024, the annual inflation has been more moderated than forecasted and is estimated to be at lower levels in 2025, the household solvency and liquidity levels remains at loose levels, whereas in Mexico, less dynamism in activity is observed in the last quarters, but unchanged in growth perspectives compared to the previous forecasts. Signs of economic normalization are observed in Turkey, and the asset quality indicators for the system remain at limited levels. Finally, South America continues moving towards macroeconomic normalization, with inflation gradually approaching the established goals and growth converging towards its potential levels. Calculation of expected losses due to credit risk For the estimation of expected losses, the models include individual and collective estimates, taking into account the macroeconomic forecasts in accordance with IFRS 9. Thus, the estimate at the end of the quarter includes the effect on expected losses of updating macroeconomic forecasts, which take into account the current global environment. Additionally, the Group may complement the expected losses either by considering additional risk drivers, or by incorporating sectorial particularities or those that may affect a set of operations or borrowers, following a formal internal process established for the purpose. BBVA Group's credit risk indicators The evolution of the Group’s main credit risk indicators is summarized below: – Credit risk increased by 5.8% in the fourth quarter of the year (+3.6% at constant exchange rates), with generalized growth in all geographical areas, highlighting the variation of Turkey, Mexico and Rest of Business. During the year, this growth was placed at 8.8% (11.7% at constant exchange rates), with origin mainly in Turkey and Rest of business. – Non-performing loans decreased by 3.2% at the Group level in the last quarter of 2024 (-4.6% at constant exchange rates), helped by and a reduction in the balance in all geographical areas except for Mexico, although lower than the growth of the previous quarter. In general, this decrease was supported by high recoveries, higher volume of write-offs, portfolio sales and inflows in line with or lower than in the previous quarter, except in Turkey, which continues to be affected by the high interest rate environment. During the year, the reduction in non-performing loans stood at -3.0% (-0.4% at constant exchange rates), with a fall in Spain and Rest of Businesses, which offset the growth in other areas. NON-PERFORMING LOANS AND PROVISIONS (MILLIONS OF EUROS) Non-Performing loans Provisions -3.0% +1.2% – The NPL ratio stood at 3.0% in December 31, 2024, 28 basis points lower than the previous quarter, with generalized decreases in all geographical areas during the quarter and with an improvement of 37 basis points compared to the end of 2023. – The NPL coverage ratio ended the quarter at 80%, an increase of 548 basis points compared to the previous quarter, and of 338 basis points compared to the end of 2023, with generalized increases in the quarter in all geographical areas supported by the reduction in non-performing loans. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 416 – The cumulative cost of risk as of December 31, 2024 stood at 1.43%, remaining practically stable compared to the previous quarter, and in line with the expectations. By business areas, Mexico showed an improvement on this indicator, Spain and South America remain at levels of the previous quarter, and Rest of Business and Turkey presented improvements. Compared to the end of 2023, this ratio increased by 28 basis points, as a result of the evolution on the retail portfolios in Mexico, Turkey and South America, growth in line with Group´s profitable growth strategy. NPL AND NPL COVERAGE RATIOS AND COST OF RISK (PERCENTAGE) CREDIT RISK ⁽¹⁾ (MILLIONS OF EUROS) 31-12-24 30-09-24 30-06-24 31-03-24 31-12-23 Credit risk 488,302 461,408 469,687 462,457 448,840 Stage 1 439,209 407,658 414,956 405,765 392,528 Stage 2 ⁽²⁾ 34,254 38,423 39,298 40,975 41,006 Stage 3 (non-performing loans) 14,839 15,327 15,434 15,716 15,305 Provisions 11,905 11,457 11,560 11,943 11,762 Stage 1 2,434 2,083 2,162 2,198 2,142 Stage 2 1,902 1,824 1,911 2,130 2,170 Stage 3 (non-performing loans) 7,569 7,550 7,486 7,615 7,450 NPL ratio (%) 3.0 3.3 3.3 3.4 3.4 NPL coverage ratio (%) ⁽ 3⁾ 80 75 75 76 77 ⁽¹⁾ Includes gross loans and advances to customers plus guarantees given. ⁽²⁾ 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, 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. ⁽3⁾ The NPL coverage ratio includes the valuation adjustments for credit risk throughout the expected residual life in those financial instruments that have been acquired (mainly originating from the acquisition of Catalunya Banc, S.A.). If these valuation corrections had not been taken into account, the NPL coverage ratio would have also stood at 80% as of December 31, 2024. NON-PERFORMING LOANS EVOLUTION (MILLIONS OF EUROS) 4Q24 ⁽¹⁾ 3Q24 2Q24 1Q24 4Q23 Beginning balance 15,327 15,434 15,716 15,305 14,864 Entries 3,108 3,036 2,927 3,184 3,038 Recoveries (2,582) (1,730) (1,500) (1,530) (1,373) Net variation 526 1,307 1,427 1,655 1,665 Write-offs (1,178) (953) (1,212) (1,216) (983) Exchange rate differences and other 165 (460) (498) (27) (241) Period-end balance 14,839 15,327 15,434 15,716 15,305 Memorandum item: Non-performing loans 14,211 14,590 14,672 14,938 14,444 Non performing guarantees given 628 737 761 778 862 ⁽¹⁾ Preliminary data. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 417 3. Market risk For further information, see Note 7.4 of the Consolidated Financial Statements. 4. Structural risks Liquidity and funding Liquidity and funding management at BBVA promotes the financing of the recurring growth of the banking business at suitable maturities and costs using a wide range of funding sources. BBVA's business model, risk appetite framework and funding strategy are designed to reach a solid funding structure based on stable customer deposits, mainly retail (granular). As a result of this model, deposits have a high degree of insurance in each geographical area being close to 55% in Spain and Mexico. It is important to note that, given the nature of BBVA's business, lending is mainly financed through stable customer funds. One of the key elements in the BBVA Group's liquidity and funding management is the maintenance of large high-quality liquidity buffers in all geographical areas. In this respect, the Group has maintained during the last 12 months an average volume of high- quality liquid assets (HQLA) of €130.6 billion, of which 97% corresponded to maximum quality assets (level 1 in the liquidity coverage ratio, LCR). Due to its subsidiary-based management model, BBVA is one of the few major European banks that follows the Multiple Point of Entry (MPE) resolution strategy: the parent company sets the liquidity policies, but the subsidiaries are self-sufficient and responsible for managing their own liquidity and funding (taking deposits or accessing the market with their own rating). This strategy limits the spread of a liquidity crisis among the Group's different areas and ensures the adequate transmission of the cost of liquidity and financing to the price formation process. The BBVA Group maintains a solid liquidity position in every geographical area in which it operates, with ratios well above the minimum required: – The LCR requires banks to maintain a volume of high-quality liquid assets sufficient to withstand liquidity stress for 30 days. BBVA Group's consolidated LCR remained comfortably above 100% during 2024 and stood at 134% as of December 31, 2024. It should be noted that, given the MPE nature of BBVA, this ratio limits the numerator of the LCR for subsidiaries of BBVA S.A. to 100% of their net outflows, therefore, the resulting ratio is below that of the individual units (the LCR of the main components was 156% in BBVA, S.A., 146% in Mexico and 141% in Turkey). Without considering this restriction, the Group's LCR ratio was 162%. – The net stable funding ratio (NSFR) requires banks to maintain a stable funding profile in relation to the composition of their assets and off-balance sheet activities. The BBVA Group's NSFR ratio stood at 127% as of December 31, 2024. The breakdown of these ratios in the main geographical areas in which the Group operates is shown below: LCR AND NSFR RATIOS (PERCENTAGE. 31-12-24) BBVA, S.A. Mexico Turkey South America LCR 156% 146% 141% All countries >100 NSFR 119% 131% 149% All countries >100 In addition to the above, the most relevant aspects related to the main geographical areas are the following: – BBVA, S.A. has maintained a strong 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 showed a strong dynamism, experiencing growth in lending, higher than growth in customer 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 a contained growth in fund gathering as a result of management efforts to contain the cost of funds. However, the last quarter of the year saw a recovery in the growth of customer funds due to the usual seasonal nature of the end of the year. – In Turkey, in 2024, the lending gap in local currency grew, 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 the decrease on deposits. The liquidity buffer has been reduced, mainly due to the reserve requirement and the mentioned increase in credit gap. On the other hand, the Central Bank of Turkey has continued updating the measures to continue with the dedollarization process of the economy and control the inflation. – In South America, the liquidity situation remains adequate throughout the region. In BBVA Argentina, the growth of excess liquidity in Argentine pesos slowed, thanks to the increase in loans in the quarter above the deposits. In BBVA Colombia, the credit gap decreased throughout the year with a growth in deposits much higher than loans. BBVA Peru has shown a decrease in lending gap in 2024 with a growth in deposits higher than loans in both in local currency and in U.S. dollars. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 418 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 the first half of 2024: in February 2024, a Tier 2 issuance in February 2019, for an amount of €750m and, in March 2024, an AT1 issued in 2019 on its first date of optional redemption, for an amount of €1 billion. In addition, in December, the redemption of a Tier 2 issue of subordinated bonds issued in January 2020 in the amount of €1 billion, effectively realized in January 2025, was announced. 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 and on the 28th announced its irrevocable decision to redeem in whole an AT1 issued in 2019 worth USD 1 billion the next March 5, 2025. BBVA Mexico issued in January 2024, Tier 2 bonds for USD 900m with a maturity of 15 years and an early repayment option in 10 years with a coupon of 8.125%. Additionally, on April 10 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 issue of USD 600m on international market for a term of five years and a fixed rate of 5.25%. Lastly, in October 2024, BBVA Mexico issued local bonds for 15.98 billion Mexican pesos in three tranches, one of them for USD 200m. The high participation and diversification achieved reaffirmed the confidence and interest of investors in BBVA Mexico. In Turkey, Garanti BBVA issued two Tier 2 subordinated instruments in 2024, the first in February for USD 500m, with a coupon of 8.375% and a ten-year term, with an early redemption option in five years, and the second one in December for a total amount of USD 750m and a coupon of 8.125%, with a ten-year maturity and a repurchase option after five years. Simultaneous to the latter issue, a 5- day repurchase offer on a Tier 2 subordinated bond maturing in 2027 (USD 750m) was issued to the holders of the USD 134m bond and in December, announced the full redemption of a Tier 2 for 750m Turkish lira, to execute 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 241m (SOFR+2.50%) and €179m (Euribor+2.25%), respectively. Finally, in December of the same year, Garanti BBVA announced the signing of a syndicated loan worth USD 244m (SOFR +1.75%) and €162.4m (Euribor +1.5%), with maturity at 367 days. For its part, BBVA Peru issued in March 2024 a subordinated Tier 2 bond on the international market for USD 300m, with a 6.20% coupon, a 10.25-year maturity and an early redemption option in the fifth year. In parallel with this issue, a repurchase offer was also made on a USD 300 million Tier 2 subordinated bond with maturity in September 2029 for a participation of USD 163 million; the remaining USD 137 million were redeemed by executing the associated call option in September. In December signed the contract with the Inter-American Development Bank (hereinafter IDB) and the Development Finance Corporation (COFIDE) for the first tranche of a USD 100 m social bond for a term of 5 years at SOFR+1.35%. BBVA Colombia, together with the International Finance Corporation (IFC) and the IDB, issued in the second half of the year a three- tranche green biodiversity bond for an amount of USD 70m and a term of three years. Also on the subject of biodiversity, it received a loan from CAF in the amount of USD 50 million for a term of 5 years. Lastly, in November the first tranche of a USD 50 million subordinated bond (Tier 2) with the IDB was paid out. BBVA Argentina issued in September, in the local market, 24.5 billion Argentine pesos (equivalent to about €23m) in senior debt a variable rate of Badlar+5%. With this issuance BBVA Argentina reopens the debt market in which it has not participated since 2019. Additionally, in December, two senior debt issues were made, one for an amount of 15,088m Argentine pesos (equivalent to about €14m) at a MET rate of 2.75% and the other for an amount of 37,707m Argentine pesos (equivalent to €35m) at a TAMAR rate of +2.74%. 118 This sensitivity does not include the cost of capital hedges, which are currently estimated at 3 basis points per quarter for Mexican peso and 2 basis points per quarter for Turkish lira. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 419 In conclusion, 2024 has become one of the most active years in wholesale funding issuance in the history of BBVA, S.A., with about €8.9 billion funded in nine tranches. If we also consider the issuance activity of BBVA Mexico, BBVA Turkey, BBVA Peru and BBVA Colombia, this access to international markets increases by USD 3.47 billion, which shows the strength of the Group´s access to wholesale markets from its main issuance units. Foreign exchange Foreign exchange risk management aims to reduce both the sensitivity of the capital ratios and the net attributable profit variability to currency fluctuations. In relation to the hedging of the capital ratios, BBVA aims to cover in aggregate, 70% of its subsidiaries' capital excess. The sensitivity of the Group's CET1 fully loaded ratio to 10% depreciations in major currencies is estimated at: +20 basis points for the U.S. dollar, -9 basis points for the Mexican peso and -4 basis points for the Turkish lira 118. With regard to the hedging of results, BBVA hedges between 40% and 50% of the aggregate net attributable profit it expects to generate in the next 12 months. For each currency, the final amount hedged depends, among other factors, on its expected future evolution, the costs and the relevance of the incomes related to the Group's results as a whole. Interest rate Interest rate risk management seeks to limit the impact that BBVA may suffer, both in terms of net interest income (short-term) and economic value (long-term), from adverse movements in the interest rate curves in the various currencies in which the Group operates. BBVA carries out this work through an internal procedure, pursuant to the guidelines established by the European Banking Authority (EBA), with the aim of analyzing the potential impact that could derive from a range of scenarios on the Group's different balance sheets. The model is based on assumptions intended to realistically mimic the behavior of the balance sheet. The assumptions regarding the behavior of accounts with no explicit maturity and prepayment estimates are specially relevant. These assumptions are reviewed and adapted at least once a year according to the evolution in observed behaviors. At the aggregate level, BBVA continues to maintain a limited risk profile in line with the target set in the environment of the change of cycle to lower interest rates, with positive sensitivity to interest rate rises in net interest income. During 2024, the actual and expected evolution of inflation, as well as the response of central banks to it, as well as the geopolitical events, have been the focus of attention of the market. In this sense, expectations regarding the number of rate cuts and the speed of these have been changing throughout the year, with some episodes of volatility. Thus, while the ECB began its reduction cycle in June and continued in its September, October and December meetings, the FED did so in September with an initial cut of 50 basis points, followed by an additional cut of 25 basis points in its November meeting. For the year as a whole, the rate yield curve experimented a slope increase, in general with declines in the short end of the yield curve and increases in the longer ones. For their part, peripheral rate curve spreads remain well supported narrowing during the year. The steepening observed in the U.S. and European curves also spread to Mexico and to a great part of South America. Turkey, for its part, experienced an increase in rates in the year, both real and nominal. However, the Group's fixed income portfolios performed heterogeneously during the year, highlighting the increase in Spain's valuation while Turkey's fell. By geographical areas: – 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 the net interest income to movements in interest rates remains limited. The benchmark interest rate in the euro area stood at 3.15% at the end of December 2024, the rate on the deposit facility at 3.00% and the rate on the marginal lending facility at 3.40%. In addition, as announced in March, in September the ECB reduced the spread between the benchmark interest rate and the deposit facility rate by 15 basis points. As for reinvestments under the Pandemic Emergency Purchase Programme (PEPP), they were completely interrupted 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 funds, 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 durations. The monetary policy rate stood at 10.00% at the end of 2024, 125 basis points below the end of 2023. – In Turkey, the sensitivity of deposits is offset by the ALCO portfolio and loans (fixed rate and relatively short-term). The sensitivity of the net interest income remains limited thanks to the different efforts carried out by the Bank. In 2023, the Central Bank of the Turkish Republic (CBRT) implemented successive increases in monetary policy rates, increasing the interest rates to 42.50% at the end of December of that year . Subsequently, after keeping the benchmark interest rates at 50% until November 2024, they were reduced to 47.50% at the end of December 2024. It is expected that the CBRT will continue to reduce the policy rates, which would be positive for the customer spread in 2025. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 420 – In South America, the sensitivity of net interest income 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 carried out three consecutive interest rate cuts, placing 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. INTEREST RATES (PERCENTAGE) 31-12-24 30-09-24 30-06-24 31-03-24 31-12-23 30-09-23 30-06-23 31-03-23 Official ECB rate (1) 3.15 3.65 4.25 4.50 4.50 4.50 4.00 3.50 Euribor 3 months (2) 2.83 3.43 3.73 3.92 3.94 3.88 3.54 2.91 Euribor 1 year (2) 2.44 2.94 3.65 3.72 3.68 4.15 4.01 3.65 USA Federal rates 4.50 5.00 5.50 5.50 5.50 5.50 5.25 5.00 TIIE (Mexico) 10.00 10.50 11.00 11.00 11.25 11.25 11.25 11.25 CBRT (Turkey) 47.50 50.00 50.00 50.00 42.50 30.00 15.00 8.50 (1) As announced on 13 March 2024, certain changes to the operational framework for implementing monetary policy will take effect from 18 September 2024. In particular, the spread between the rate on the main refinancing operations and the deposit facility rate was reduced to 15 basis points. The spread between the interest rate on the marginal lending facility and the rate on the main refinancing operations will remain unchanged at 25 basis points. (2) Calculated as the month average. 5. Risks associated with climate change The management of climate and environmental risk factors is key to implement BBVA's strategy, which is based on managing risks appropriately, supporting the transition to a low-carbon economy, and meeting the ambition of achieving net-zero carbon emissions by 2050. The information on the BBVA Group's management of risks associated with climate change and environmental factors is described in the “Management of risks associated with climate change” section of the NFIS included in this Management Report. 6. Operational Risk BBVA defines operational risk (“OR”) as any risk that could result in losses caused by human error; inadequate or flawed internal processes; undue conduct with respect to customers, markets or the institution; weaknesses in the antimoney laundering and financing of terrorist programs; failures, interruptions or flaws in systems or communications; theft, loss or wrong use of information, as well as deterioration of its quality, internal or external fraud, including in any case those derived from cyberattacks; theft or harm to assets or persons; legal risks; risks derived from staff management and labor health; and defective service provided by suppliers; as well as damages from extreme climate events, pandemics and other natural disasters. This section addresses general aspects of operational risk management as the main component of non-financial risks. However, sections devoted to conduct and compliance risk and to cybersecurity risk management are also included in the non-financial information report. Operational risk management Operational risk management is oriented toward the identification of the root causes to avoid their occurrence and mitigate possible consequences. This is carried out through the establishment of control framework and monitoring and the development of mitigation plans. The objective is to ensure that our activities are conducted with integrity and transparency, and in compliance with applicable regulations; increase the quality, safety and availability of the service provided, as long as minimizing the economic and reputational losses and their impact on the recurrent generation of results. Operational risk management is integrated into the global risk management structure of the BBVA Group. Operational risk management principles The BBVA Group is committed to preferably applying advanced operational risk management models, regardless of the capital calculation regulatory model applicable at the time. Operational risk management at the BBVA Group shall: – Be aligned with the Risk Appetite Framework ratified by the BBVA Board of Directors, aiming to safeguard the solvency of the entity. – Address BBVA's management needs in terms of compliance with legislation, regulations and industry standards, as well as the decisions or positioning of BBVA's corporate bodies. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 421 – Anticipate the potential operational risk to which the Group may be exposed as a result of the creation or modification of products, activities, processes or systems, as well as decisions regarding the outsourcing or hiring of services, and establish mechanisms to assess and mitigate risk to a reasonable extent prior to implementation, as well as review the same on a regular basis. – Regularly assess the significant operational risk to which the Group is exposed, in order to adopt appropriate mitigation measures in each case, once the identified risk and the cost of mitigation (cost/benefit analysis) have been considered, while safeguarding the Group's solvency at all times. – Promote the implementation of mechanisms that support careful monitoring of all sources of operational risk and the effectiveness of mitigation and control environments, fostering proactive risk management. – Identify the relevant operational events already suffered, looking for their root causes and establishing measures to prevent the same, provided that the cost/benefit analysis so recommends. – Evaluate key public events that have generated operational risk losses at other companies and support, where appropriate, the implementation of measures as required to prevent them from occurring at the Group. – Stablish mechanisms to measure and monitor economic capital requirements, including stress scenarios to complement operational events already suffered. – Have an effective system of governance in place, where the functions and responsibilities of the corporate areas and bodies involved in operational risk management are clearly defined. – Operational risk management must be performed in coordination with management of other risk, taking into consideration credit or market events that may have an operational origin . Operational risk management model The operational risk management cycle at BBVA is similar to the one implemented for the rest of risks. Its elements are: Scheduling OR Admission OR Management Flowchart OR Mitigation OR Monitoring Operational risk management parameters Operational risk forms part of the risk appetite framework of the Group and includes three types of metrics and limits: – Economic capital: calculated with the operational losses database of the Group, considering the corresponding intra- geographical diversification effects and the additional estimation of potential and emerging risks through stress scenarios. The economic capital is regularly calculated for the main banks of the Group and simulation capabilities are available to anticipate the impact of changes on the risk profile or new potential events. – ORI metrics (Operational Risk Indicator: operational risk losses vs. gross income) broken down by geography. – Indicators on sources of risk: a more granular common scheme of metrics (indicators and limits) covering the main types of operational risk is implemented throughout the Group. These metrics make it possible to intensify the anticipatory management of risk and objectify the appetite to different sources of risk. The indicators are regularly reviewed and adjusted to capture the main current risks. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 422 Operational risk admission The main purposes of the operational risk admission phase are the following: – To anticipate potential operational risk to which the Group may be exposed due to the release of new, or modification of businesses, products, activities, processes or systems or in relations with third parties (e.g. in the outsourcing of bank processes to third parties). – To ensure that implementation and the roll out of initiatives is only performed once appropriate mitigation measures have been taken in each case, including external assurance of risks where deemed appropriate. The Corporate Non-Financial Risk Management Policy sets out the specific operational risk admission framework through different Operational Risk Admission and Product Governance Committees, both at a corporate and Business Area level, that follow a delegation structure based on the risk level of proposed initiatives. CCAROyGP (Operational Risk & Product Governance Corporate Admission Committee) CCAROyGP Geography (Operational Risk & Product Governance Admission Committee) Specific Committees / Subcommitees According to local and/or regulatory needs Operational risk monitoring BBVA promotes the continuous monitoring by each Area of the due functioning and effectiveness of its control environment. The purpose of this phase is to check that the operational risk profile of the Group is within the authorized limits. Operational risk monitoring considers 2 scopes: – Monitoring the operational risk admission process, oriented toward checking that accepted risks levels are within the limits and that defined controls are effective. – Monitoring the operational risk "stock" mainly associated with processes. This is done by carrying out a periodic re- evaluation in order to generate and maintain an updated map of the relevant operational risks in each Area, and evaluate the adequacy of the monitoring and mitigation environment for said risks. When weaknesses are detected, action plans are promoted. Operational risk monitoring is mainly supported by the following processes: Risk and Control Self-Assessment (RCSA) The RCSA is the process implemented in the Group to systematize the periodic updating of the risks to which the Group is exposed; for this purpose, different sources of information are taken into account, both internal and external (emerging risks in the industry, events occurring in other entities or in the BBVA Group itself, new regulations applicable to the entity, weaknesses identified by internal or external auditors and supervisors, etc.). The risks identified are evaluated in order to focus monitoring and management efforts on those whose impacts may generate negative consequences for the Group beyond those that are reasonable in the course of its ordinary activities. For the most relevant risks, an evaluation is made of the existing mitigating elements, in order to determine their sufficiency for the adequate mitigation of the risks or their eventual consequences; if the mitigating elements are considered insufficient or their operation is not adequate, the definition and implementation of mitigation measures is promoted. This process is supported by a corporate Governance, Risk & Compliance tool that monitors the operational risk at a local level and its aggregation at a corporate level. Monitoring of management parameters The monitoring of management parameters allows the Group to identify sources of risk that behave abnormally, exceeding the established appetite levels, as well as relevant sources of risk not previously identified or underestimated; in these situations, the Group activates mechanisms to identify the root causes of these situations and to reinforce the mitigation environment, thus contributing to the Group's RCSA process. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 423 The RCSA, together with the operational risk admission process and the management derived from the monitoring of forward-looking parameters, make up the main structure of the Group's operational risk proactive management processes. Operational loss collection In addition, and in line with the best practices and recommendations provided by the Bank for International Settlements (hereinafter, BIS), BBVA has procedures to collect the operational losses occurred both in the different entities of the Group and in other financial groups, with the appropriate level of detail to carry out an effective analysis that provides useful information for management purposes and to contrast the consistency of the Group's operational risks map. To that end, a corporate tool of the Group is used. The analysis of operational losses and their trends may reveal the materialization of risks that have not been adequately identified, evaluated or mitigated, thus allowing feedback to the RCSA exercise while promoting mitigation measures to prevent their future occurrence. As a result of the monitoring activities, a risk assessment is produced, both, at consolidated and local level, allowing to focus management and mitigation efforts. Operational risk mitigation The Group promotes the proactive mitigation of the non-financial risks to which it is exposed and which are identified in the monitoring activities. In order to rollout common monitoring and anticipated mitigation practices throughout the Group, several cross-sectional plans are being promoted related to relevant events, lived by the Group or by the industry, self-assessments and recommendations from auditors and supervisors in different geographies, thereby analyzing the best practices at the selected topics and fostering comprehensive action plans to strengthen and standardize the control environment. Assurance of operational risk Assurance is one of the possible options for managing the operational risk to which the Group is exposed, and mainly has two potential purposes: – Coverage of extreme situations linked to recurrent events that are difficult to mitigate or can only be partially mitigated by other means. – Coverage of non-recurrent events that could have significant financial impact, if they occurred. The Group has a general framework that regulates this area, and allows systematizing risk assurance decisions, aligning insurance coverage with the risks to which the Group is exposed and reinforcing governance in the decision-making process of arranging insurance policies. Operational risk governance BBVA Group's operational risk governance model is based on two components: – Three-line defense control model, in line with industry best practices, and which guarantees compliance with the most advanced operational risk internal control standards. – Scheme of Corporate Assurance Committees and Internal Control and Operational Risk Committees in the different business and support areas. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 424 Corporate Assurance Committee Scheme Corporate Assurance establishes a structure of committees, both at local and corporate level, to provide senior management with a comprehensive and homogeneous vision of the main non-financial risks and significant situations of the control environment. Global CA (1) Committee Operating CA (1) Committee (Group) CA (1) Committee (Geography/Unit) Internal Control and Operational Risk Committee (Business Unit and Support Areas) (1) CA: Corporate Assurance Each geographical area has a Corporate Assurance Committee chaired by the Country Manager and whose main functions are: – Facilitate agile and anticipatory decision-making for the mitigation or assumption of the main risks. – Monitoring the changes in the non-financial risks and their alignment with the defined strategies and policies and the risk appetite. – Analyzing and assessing controls and measures established to mitigate the impact of the risks identified, should they materialize. – Making decisions about the proposals for risk taking that are conveyed by the working groups or that arise in the Committee itself – Promoting transparency by promoting the proactive participation of the three lines of defense in discharging their responsibilities and the rest of the organization in this area At the holding level there is a Global Corporate Assurance Committee, chaired by the Group's Chief Executive Officer. Its main functions are similar to those already described but applicable to the most important issues that are escalated from the geographies and the holding company areas. The business and support areas have an Internal Control and Operational Risk Committee, whose purpose is to ensure the due implementation of the operational risk management model within its scope of action and drive active management of such risk, taking mitigation decisions when control weaknesses are identified and monitoring the same. Additionally, the Non-Financial Risk unit periodically reports the status of the management of non-financial risks in the Group to the Board's Risk and Compliance Committee. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 425 7. Reputational risk BBVA defines reputational risk as the potential loss in results as a consequence of events that may negatively affect the perception that the different stakeholders have of the Group. Therefore, reputational risk management is aimed at ensuring that the Group does not engage in activities or practices that could cause permanent or very significant damage to its reputation. Reputational risk assessment of the activity in progress Since 2016, BBVA disposes of a reputational risk assessment methodology. Through this methodology, the Bank defines and reviews regularly a map in which it prioritizes the reputational risks which have to be faced and the set of action plans to mitigate them. The prioritization is done based on two variables: the impact on the perception of the stakeholders and the strength of BBVA facing the risk. This exercise is performed annually in all countries where the Group has bank entities. In addition, indicators that measure the reputational risk of the entity in its main geographical areas are continuously monitored, as well as events that may have a potential impact on the Group's reputation. Reputational risk in new initiatives The Reputation teams collaborate, together with the rest of the members of BBVA’s second defense line, in the different Committees of Admission of the Operational Risk, both at Group and the different geographical areas level. Those Committees perform the initial identification of potential reputational risks and mitigation controls are proposed. Reporting of the Reputational risk The results of the annual assessment of the Reputational Risk are reported in each geographical area at the appropriate governance level. At Group level, these results are reported to the Global Corporate Assurance Committee and the corporate bodies. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 426 8. 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 (hereinafter "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 geopolitical 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. 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. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 427 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. Any of these factors may have a significant adverse impact on the Group’s business, financial condition and results of operations. 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. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 428 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. 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. Spanish 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. Environmental, social and governance (ESG) risks may adversely impact the Group ESG factors 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. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Risk management 429 – 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 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 activities 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. 119 With the exception of those countries whose economies have been considered hyperinflationary, for which the closing exchange rate of the most recent period will be used. 120 Income statement presented to senior management for performance monitoring and decision making. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Alternative Performance Measures (APMs) 430 Alternative Performance Measures (APMs) BBVA presents its results in accordance with the International Financial Reporting Standards (EU-IFRS). Additionally, the Group also considers that some Alternative Performance Measures (hereinafter APMs) provide useful additional financial information that should be taken into account when evaluating performance. They are considered complementary information and do not replace the financial information drafted according to the EU-IFRS. These APMs are also used when making financial, operational and planning decisions within the Entity. The Group firmly believes that they give a true and fair view of its financial information. These APMs are generally used in the financial sector as indicators for monitoring the assets, liabilities and economic and financial situation of entities. BBVA Group's APMs are given below. They are presented in accordance with the European Securities and Markets Authority (ESMA) guidelines, published on October 5, 2015 (ESMA/2015/1415en). The guideline mentioned before is aimed at promoting the usefulness and transparency of APMs included in prospectuses or regulated information in order to protect investors in the European Union. In accordance with the indications given in the aforementioned guideline, BBVA Group's APMs: – Include clear and readable definitions of the APMs. – Disclose the reconciliations to the most directly reconcilable line item, subtotal or total presented in the financial statements of the corresponding period, separately identifying and explaining the material reconciling items. – Are standard measures generally used in the financial industry, so their use provides comparability in the analysis of performance between issuers. – Do not have greater preponderance than measures directly stemming from financial statements. – Are accompanied by comparatives for previous periods. – Are consistent over time. Constant exchange rates When comparing two dates or periods in this report, the impact of changes in the exchange rates against the euro of the currencies of the countries in which BBVA operates is sometimes excluded, assuming that exchange rates remain constant. This is done for the amounts in the income statement by using the average exchange rate against the euro in the most recent period for each currency 119 of the geographical areas in which the Group operates, and applying it to both periods; for amounts in the balance sheet and activity, the closing exchange rates in the most recent period are used. Reconciliation of the Financial Statements of the BBVA Group Below is the reconciliation between the profit and loss account of the Consolidated Financial Statements and the consolidated management income statement 120 for the year 2022. The main difference between the two accounts in 2022 is the treatment of the impact of the purchase from Merlin of 100% of the shares of Tree, which in turn owns 662 offices in Spain. For management purposes, this impact is recorded in a single line, net of tax, in the income statement under the heading “Results from discontinued operations and Other”, as opposed to the treatment in the consolidated financial statements, which record the gross impact and its tax effect under the corresponding headings applicable to them. For the years 2023 and 2024 no reconciliation is presented as there are no differences between the Consolidated Financial Statements and the consolidated management income statement as there are no corporate transactions, non-recurring impacts or other types of adjustments for management purposes that determine an attributable result or a result for the year different from those disclosed in the condensed interim consolidated financial statements. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Alternative Performance Measures (APMs) 431 CONCILIATION OF THE BBVA GROUP'S INCOME STATEMENTS (MILLIONS OF EUROS) CONSOLIDATED INCOME STATEMENT ADJUSTMENTS MANAGEMENT INCOME STATEMENT 2022 2022 NET INTEREST INCOME 19,124 — 19,124 Net interest income Dividend income 123 ⁽¹⁾ Share of profit or loss of entities accounted for using the equity method 21 ⁽¹⁾ Fee and commission income 8,260 8,260 Fees and commissions income Fee and commission expense (2,888) (2,888) Fees and commissions expenses 5,372 — 5,372 Net fees and commissions Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 64 Gains (losses) on financial assets and liabilities held for trading, net 562 Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net (67) Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net 150 Gains (losses) from hedge accounting, net (45) Exchange differences, net 1,275 1,938 — 1,938 Net trading income Other operating income 528 Other operating expense (3,438) Income from insurance and reinsurance contracts 2,622 Expense from insurance and reinsurance contracts (1,547) (1,691) — (1,691) Other operating income and expenses GROSS INCOME 24,743 — 24,743 Gross income Administration costs (9,373) (10,701) Operating expenses ⁽²⁾ Personnel expense (5,601) — (5,601) Personnel expenses Other administrative expense (3,773) — (3,773) Other administrative expenses Depreciation and amortization (1,328) — (1,328) Depreciation 14,042 — 14,042 Operating income Provisions or reversal of provisions (291) — (291) Provisions or reversal of provisions Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (3,379) — (3,379) Impairment on financial assets not measured at fair value through profit or loss NET OPERATING INCOME 10,372 — 10,372 Impairment or reversal of impairment of investments in joint ventures and associates 42 Impairment or reversal of impairment on non-financial assets (27) Gains (losses) on derecognition of non - financial assets and subsidiaries, net (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 (108) (104) 134 30 Other gains (losses) PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS 10,268 134 10,402 Profit (loss) before tax Tax expense or income related to profit or loss from continuing operations (3,505) 67 (3,438) Income tax PROFIT (LOSS) AFTER TAX FROM CONTINUING OPERATIONS 6,763 201 6,965 Profit (loss) for the period Profit (loss) after tax from discontinued operations — — PROFIT (LOSS) FOR THE PERIOD 6,763 201 6,965 Profit (loss) for the period ATTRIBUTABLE TO MINORITY INTEREST (NON- CONTROLLING INTERESTS) (405) — (405) Non-controlling interests ATTRIBUTABLE TO OWNERS OF THE PARENT 6,358 201 6,559 Net attributable profit (loss) excluding non-recurring impacts (201) (201) Discontinued operations and Others ATTRIBUTABLE TO OWNERS OF THE PARENT 6,358 — 6,358 Net attributable profit (loss) General note: 2022 figures have been revised according to IFRS 17 - Insurance contracts. ⁽¹⁾ Included within the Other operating income and expenses of the Management Income Statements. ⁽²⁾ Depreciations included. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Alternative Performance Measures (APMs) 432 Adjusted profit (loss) for the period (excluding non-recurring impacts) Explanation of the formula: the adjusted profit (loss) for the period is defined as the profit (loss) for the period from the Group’s consolidated income statement, excluding those non-recurring impacts that, for management purposes, are defined at any given moment. If the described metric is presented on a date prior to the end of the year, it will be presented on an annualized basis. Relevance of its use: this measure is commonly used, not only in the banking sector, for homogeneous comparison purposes. Adjusted profit (loss) for the period Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 (Millions of euros) + Profit (loss) after tax from continued operations 10,575 8,416 6,763 (Millions of euros) - Net impact arisen from the purchase of offices in Spain — — (201) = Adjusted profit (loss) for the period 10,575 8,416 6,965 Adjusted net attributable profit (loss) (excluding non-recurring impacts) Explanation of the formula: the adjusted net attributable profit (loss) is defined as the net attributable profit (loss) of the Group’s consolidated income statement excluding those non-recurring impacts that, for management purposes are defined at any given moment. If the described metric is presented on a date prior to the end of the year, it will be presented on an annualized basis. Relevance of its use: this measure is commonly used, not only in the banking sector, for comparison purposes. Adjusted net attributable profit (loss) Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 (Millions of euros) + Net attributable profit (loss) from continued operations 10,054 8,019 6,358 (Millions of euros) - Net impact arisen from the purchase of offices in Spain — — (201) = Adjusted net attributable profit (loss) 10,054 8,019 6,559 ROE The ROE (return on equity) ratio measures the accounting return obtained on an entity's shareholders' funds plus accumulated other comprehensive income. It is calculated as follows: Net attributable profit (loss) Average shareholders' funds + Average accumulated other comprehensive income Explanation of the formula: the numerator is the net attributable profit (loss) of the Group's consolidated income statement. If the metric is presented on a date before the close of the fiscal year, the numerator will be annualized. Average shareholders' funds are the weighted moving average of the shareholders' funds at the end of each month of the period analyzed, adjusted to take into account the execution of the "Dividend-option" at the closing dates on which it was agreed to deliver this type of dividend prior to the publication of the Group´s results. Average accumulated other comprehensive income is the moving weighted average of "Accumulated other comprehensive income", which is part of the equity on the Entity's balance sheet and is calculated in the same way as average shareholders’ funds (above). Relevance of its use: this ratio is very commonly used not only in the banking sector but also in other sectors to measure the return obtained on shareholders' funds. ROE Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 Numerator (Millions of euros) = Net attributable profit (loss) 10,054 8,019 6,358 Denominator (Millions of euros) + Average shareholders' funds 69,703 65,907 61,517 + Average accumulated other comprehensive income (16,412) (16,437) (16,055) = ROE 18.9% 16.2% 14.0% This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Alternative Performance Measures (APMs) 433 Adjusted ROE The adjusted ROE (return on equity) ratio measures the return obtained on an entity's shareholders' funds plus accumulated other comprehensive income. It is calculated as follows: Adjusted net attributable profit (loss) Average shareholders' funds + Average accumulated other comprehensive income Explanation of the formula: the numerator is the adjusted net attributable profit (loss) previously defined in these alternative performance measures. If the metric is presented on a date before the close of the fiscal year, the numerator will be annualized. The denominator items "Average shareholders' funds" and "Average accumulated other comprehensive income" are the same and they are calculated in the same way as that explained for ROE. Relevance of its use: this ratio is very commonly used not only in the banking sector but also in other sectors to measure the return obtained on shareholders' funds. Adjusted ROE Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 Numerator (Millions of euros) = Adjusted net attributable profit (loss) 10,054 8,019 6,559 Denominator (Millions of euros) + Average shareholders' funds 69,703 65,907 61,517 + Average accumulated other comprehensive income (16,412) (16,437) (16,055) = Adjusted ROE 18.9% 16.2% 14.4% ROTE The ROTE (return on tangible equity) ratio measures the accounting return on an entity's shareholders' funds, plus accumulated other comprehensive income, and excluding intangible assets. It is calculated as follows: Net attributable profit (loss) Average shareholders' funds + Average accumulated other comprehensive income - Average intangible assets Explanation of the formula: the numerator "Net attributable profit (loss)" and the items in the denominator "Average intangible assets" and "Average accumulated other comprehensive income" are the same items and are calculated in the same way as explained for ROE. Average intangible assets are the intangible assets on the Group's consolidated balance sheet, including goodwill and other intangible assets. The average balance is calculated in the same way as explained for shareholders funds in ROE. Relevance of its use: this metric is generally used not only in the banking sector but also in other sectors to measure the return obtained on shareholders' funds, not including intangible assets. ROTE Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 Numerator (Millions of euros) = Net attributable profit (loss) 10,054 8,019 6,358 Denominator (Millions of euros) + Average shareholders' funds 69,703 65,907 61,517 + Average accumulated other comprehensive income (16,412) (16,437) (16,055) - Average intangible assets 2,380 2,254 2,119 = ROTE 19.7% 17.0% 14.7% Adjusted ROTE The adjusted ROTE (return on tangible equity) ratio measures the return on an entity's shareholders' funds, plus accumulated other comprehensive income, and excluding intangible assets. It is calculated as follows: Adjusted net attributable profit (loss) Average shareholders' funds + Average accumulated other comprehensive income - Average intangible assets Explanation of the formula: the numerator "Adjusted net attributable profit (loss)" is the same and is calculated in the same way as explained for adjusted ROE, and the items of the denominator "Average shareholders' funds" and "Average accumulated other comprehensive income" are the same and are calculated in the same way as explained for ROE. 121 For the years 2023 a nd 2024, the target fully loaded CET1 ratio considered for the purposes of this metric has been placed at 12%, at the top of the Group's established target management range of 11.5-12.0% of CET1. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Alternative Performance Measures (APMs) 434 Average intangible assets are the intangible assets on the Group's consolidated balance sheet, which include goodwill and other intangible assets. The average balance is calculated in the same way as explained for shareholders' funds in the ROE. Relevance of its use: this metric is generally used not only in the banking sector but also in other sectors to measure the return obtained on shareholders' funds, not including intangible assets. Adjusted ROTE Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 Numerator (Millions of euros) = Adjusted net attributable profit (loss) 10,054 8,019 6,559 Denominator (Millions of euros) + Average shareholders' funds 69,703 65,907 61,517 + Average accumulated other comprehensive income (16,412) (16,437) (16,055) - Average intangible assets 2,380 2,254 2,119 = Adjusted ROTE 19.7% 17.0% 15.1% RORC for AVR The RORC (return on regulatory capital) measures the return on regulatory capital necessary to meet the CET1 fully loaded target ratio 121. It is calculated as follows: Net attributable profit (loss) excluding corporate transactions Average regulatory capital of the Group Explanation of the formula: The numerator is the net attributable profit (loss) for AVR, described above. The denominator is the average regulatory capital of the Group, defined as the Risk Weighted Assets multiplied by the CET1 fully loaded target ratio plus regulatory deductions plus the perimeter differences between regulatory and accounting own funds less Solvency minority interests. If the described metric is presented on a date prior to the end of the year, the numerator will be presented on an annualized basis. Relevance of its use: This metric is commonly used in the banking sector. In addition, it is one of the metrics used for the purposes of the Group’s AVR (Annual Variable Remuneration). RORC for AVR Jan.-Dec.2024 Jan.-Dec.2023 Numerator (Millions of euros) = Net attributable profit (loss) 10,054 8,019 Denominator (Millions of euros) = Average regulatory capital of the Group 47,919 44,412 = RORC for AVR 20.98% 18.06% ROA The ROA (return on assets) ratio measures the accounting return obtained on an entity's assets. It is calculated as follows: Profit (loss) for the period Average total assets Explanation of the formula: the numerator is the profit (loss) for the period of the Group's consolidated income statement. If the metric is presented on a date before the close of the fiscal year, the numerator must be annualized. Average total assets are taken from the Group’s consolidated balance sheet. The average balance is calculated as explained for average shareholders' funds in the ROE. Relevance of its use: this ratio is generally used not only in the banking sector but also in other sectors to measure the return obtained on assets. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Alternative Performance Measures (APMs) 435 ROA Ene.-Dic.2024 Ene.-Dic.2023 Ene.-Dic.2022 Numerator (Millions of euros) Profit (loss) for the period 10,575 8,416 6,763 Denominator (Millions of euros) Average total assets 777,997 748,459 701,093 = ROA 1.36% 1.12% 0.96% Adjusted ROA The adjusted ROA (return on assets) ratio measures the return obtained on an entity's assets. It is calculated as follows: Adjusted profit (loss) for the period Average total assets Explanation of the formula: the numerator is the adjusted profit (loss) for the period previously defined in these alternative performance measures. If the metric is presented on a date before the close of the fiscal year, the numerator will be annualized. Average total assets are taken from the Group's consolidated balance sheet. The average balance is calculated in the same way as explained for average equity in the ROE. Relevance of its use: this ratio is generally used not only in the banking sector but also in other sectors to measure the return obtained on assets. Adjusted ROA Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 Numerator (Millions of euros) Adjusted profit (loss) for the period 10,575 8,416 6,965 Denominator (Millions of euros) Average total assets 777,997 748,459 701,093 = Adjusted ROA 1.36% 1.12% 0.99% RORWA The RORWA (return on risk-weighted assets) ratio measures the accounting return obtained on average risk-weighted assets. It is calculated as follows: Profit (loss) for the period Average risk-weighted assets Explanation of the formula: the numerator "Profit (loss) for the period" is the same and is calculated in the same way as explained for ROA. Average risk-weighted assets (RWA) are the moving weighted average of the RWA at the end of each month of the period under analysis. Relevance of its use: this ratio is generally used in the banking sector to measure the return obtained on RWA. RORWA Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 Numerator (Millions of euros) Profit (loss) for the period 10,575 8,416 6,763 Denominator (Millions of euros) Average RWA 382,487 353,139 327,998 = RORWA 2.76% 2.38% 2.06% This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Alternative Performance Measures (APMs) 436 Adjusted RORWA The adjusted RORWA (return on risk-weighted assets) ratio measures the return obtained on an entity's assets. It is calculated as follows: Adjusted profit (loss) for the period Average risk-weighted assets Explanation of the formula: the numerator "Adjusted profit (loss) for the period" is the same and is calculated in the same way as explained for adjusted ROA. Average risk-weighted assets (RWA) are the moving weighted average of the risk-weighted assets at the end of each month of the period under analysis. Relevance of its use: this ratio is generally used not only in the banking sector but also in other sectors to measure the return obtained on assets. Adjusted RORWA Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 Numerator (Millions of euros) Adjusted profit (loss) for the period 10,575 8,416 6,965 Denominator (Millions of euros) Average RWA 382,487 353,139 327,998 = Adjusted RORWA 2.76% 2.38% 2.12% Earning (loss) per share The earning (loss) per share is calculated in accordance to the criteria established in the IAS 33 “Earnings per share”. Earning (loss) per share Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 (Millions of euros) + Net attributable profit (loss) 10,054 8,019 6,358 (Millions of euros) - Remuneration related to the Additional Tier 1 securities (CoCos) 388 345 313 Numerator (millions of euros) = Net attributable profit (loss) ex.CoCos remuneration 9,666 7,675 6,045 Denominator (millions) + Average number of shares outstanding 5,793 5,988 6,424 - Average treasury shares of the period 10 5 9 - Share buyback program (average) ⁽¹⁾ 13 28 225 = Earning (loss) per share (euros) 1.68 1.29 0.98 ⁽¹⁾ In 2024 the average number of shares is included taking into account the redemption made corresponding to the program executed in that year. In 2023 the average number of shares in included taking into account the two redemptions made corresponding to the programs executed in that year. In 2022 the average number of shares is included, taking into account the two redemptions made corresponding to the program announced in 2021. Additionally, for management purposes, the adjusted earning (loss) per share is presented. Adjusted earning (loss) per share Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 (Millions of euros) + Net attributable profit (loss) ex. CoCos remuneration 9,666 7,675 6,045 (Millions of euros) - Net impact arisen from the purchase of offices in Spain — — (201) Numerator (millions of euros) = Net Attributable profit (loss) ex.CoCos coupon payments 9,666 7,675 6,246 Denominator (millions) + Number of shares outstanding 5,763 5,838 6,030 - Average treasury shares of the period 10 5 9 = Adjusted earning (loss) per share (euros) 1.68 1.32 1.04 This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Alternative Performance Measures (APMs) 437 Efficiency ratio This measures the percentage of gross income consumed by an entity's operating expenses. It is calculated as follows: Operating expenses Gross income Explanation of the formula: both "Operating expenses" and "Gross income" are taken from the Group’s consolidated income statement. Operating expenses are the sum of the administration costs (personnel expenses plus other administrative expenses) plus depreciation. Gross income is the sum of net interest income, net fees and commissions, net trading income dividend income, share of profit or loss of entities accounted for using the equity method, other operating income and expenses, and income from assets and expenses from liabilities under insurance and reinsurance contracts. For a more detailed calculation of this ratio, the graphs on "Results" section of this report should be consulted, one of them with calculations with figures at current exchange rates and another with the data at constant exchange rates. Relevance of its use: this ratio is generally used in the banking sector. In addition, it is a relevant metric for one of the six Strategic Priorities of the Group. Efficiency ratio Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 Numerator (Millions of euros) + Operating expenses 14,193 12,308 10,701 Denominator (Millions of euros) + Gross income 35,481 29,542 24,743 = Efficiency ratio 40.0% 41.7% 43.2% Book value per share The book value per share determines the value of a company on its books for each share held. It is calculated as follows: Shareholders' funds + Accumulated other comprehensive income Number of shares outstanding - Treasury shares Explanation of the formula: the figures for both "Shareholders' funds" and "Accumulated other comprehensive income" are taken from the balance sheet. Shareholders' funds are adjusted to take into account the execution of the "Dividend-option" at the closing dates on which it was agreed to deliver this type of dividend prior to the publication of the Group´s results. The denominator includes the final number of outstanding shares excluding own shares (treasury shares) and excluding the shares corresponding to share buyback programs. In addition, the denominator is also adjusted to include the capital increase resulting from the execution of the dividend options explained above. Both the numerator and the denominator take into account period-end balances. Relevance of its use: it shows the company's book value for each share issued. It is a generally used ratio, not only in the banking sector but also in others. Book value per share 31-12-24 31-12-23 31-12-22 Numerator (Millions of euros) + Shareholders' funds 72,875 67,955 64,535 + Accumulated other comprehensive income (17,220) (16,254) (17,642) Denominator (Millions of shares) + Number of shares outstanding 5,763 5,838 6,030 - Treasury shares 7 4 5 = Book value per share (euros / share) 9.67 8.86 7.78 122 IFRS 9 classifies financial instruments into three stages, which depend on the evolution of their credit risk from the moment of initial recognition. The stage 1 includes operations when they are initially recognized, stage 2 comprises operations for which a significant increase in credit risk has been identified since their initial recognition and, stage 3, impaired operations. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Alternative Performance Measures (APMs) 438 Tangible book value per share The tangible book value per share determines the value of the company on its books for each share held by shareholders in the event of liquidation. It is calculated as follows: Shareholders' funds + Accumulated other comprehensive income - Intangible assets Number of shares outstanding - Treasury shares Explanation of the formula: the figures for "Shareholders' funds", "Accumulated other comprehensive income" and "Intangible assets" are all taken from the balance sheet. Shareholders' funds are adjusted to take into account the execution of the "Dividend-option" at the closing dates on which it was agreed to deliver this type of dividend prior to the publication of the Group´s results. The denominator includes the final number of shares outstanding excluding own shares (treasury shares) and excluding the shares corresponding to share buyback programs which are deducted from the shareholders' funds. In addition, the denominator is also adjusted to include the result of the capital increase resulting from the execution of the dividend options explained above. Both the numerator and the denominator take into account period-end balances. Relevance of its use: it shows the company's book value for each share issued, after deducting intangible assets. It is a generally used ratio, not only in the banking sector but also in others. Tangible book value per share 31-12-24 31-12-23 31-12-22 Numerator (Millions of euros) + Shareholders' funds 72,875 67,955 64,535 + Accumulated other comprehensive income (17,220) (16,254) (17,642) - Intangible assets 2,490 2,363 2,156 Denominator (Millions of shares) + Number of shares outstanding 5,763 5,838 6,030 - Treasury shares 7 4 5 = Tangible book value per share (euros / share) 9.24 8.46 7.43 Non-performing loan (NPL) ratio It is the ratio between the risks classified for accounting purposes as non-performing loans and the total credit risk balance. It is calculated as follows: Non-performing loans Total credit risk Explanation of the formula: non-performing loans and the credit risk balance are gross, meaning they are not adjusted by associated accounting provisions. Non-performing loans are calculated as the sum of “loans and advances at amortized cost” and the “contingent risk” in stage 3 122 and the following counterparties: • other financial entities • public sector • non-financial institutions • households. The credit risk balance is calculated as the sum of "loans and advances at amortized cost" and "contingent risk" in stage 1 + stage 2 + stage 3 of the previous counterparts. This indicator is shown, as others, at a business area level. Relevance of its use: this is one of the main indicators used in the banking sector to monitor the current situation and changes in credit risk quality, and specifically, the relationship between risks classified in the accounts as non-performing loans and the total balance of credit risk, with respect to customers and contingent liabilities. Non-Performing Loans (NPLs) ratio 31-12-24 31-12-23 31-12-22 Numerator (Millions of euros) NPLs 14,839 15,305 14,463 Denominator (Millions of euros) Credit Risk 488,302 448,840 423,669 = Non-Performing Loans (NPLs) ratio 3.0% 3.4% 3.4% General note: credit risk figures for 2022 periods have been restated according to IFRS 17 - Insurance contracts. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Alternative Performance Measures (APMs) 439 NPL coverage ratio This ratio reflects the degree to which the impairment of non-performing loans has been covered in the accounts via allowances. It is calculated as follows: Provisions Non-performing loans Explanation of the formula: it is calculated as "Provisions" from stage 1 + stage 2 + stage 3, divided by non-performing loans, formed by “credit risk” from stage 3. This indicator is shown, as others, at a business area level. Relevance of its use: this is one of the main indicators used in the banking sector to monitor the situation and changes in the quality of credit risk, reflecting the degree to which the impairment of non-performing loans has been covered in the accounts via value adjustments. NPL coverage ratio 31-12-24 31-12-23 31-12-22 Numerator (Millions of euros) Provisions 11,905 11,762 11,764 Denominator (Millions of euros) NPLs 14,839 15,305 14,463 = NPL coverage ratio 80% 77% 81% Cost of risk This ratio indicates the current situation and changes in credit-risk quality through the annual cost in terms of impairment losses (accounting loan-loss provisions) of each unit of loans and advances to customers (gross). It is calculated as follows: Loan-loss provisions Average loans and advances to customers (gross) Explanation of the formula: "Loans to customers (gross)" refers to the "Loans and advances at amortized cost" portfolios with the following counterparts: • other financial entities • public sector • non-financial institutions • households, excluding central banks and other credit institutions. Average loans to customers (gross) is calculated by using the average of the period-end balances of each month of the period analyzed plus the previous month. If the metric is presented on a date before the close of the fiscal year, the numerator will be annualized. By doing this, "Annualized loan-loss provisions" are calculated by accumulating and annualizing the loan-loss provisions of each month of the period under analysis (based on days passed). Loan-loss provisions refer to the aforementioned loans and advances at amortized cost portfolios. This indicator is shown, as others, at a business area level. Relevance of its use: this is one of the main indicators used in the banking sector to monitor the situation and changes in the quality of credit risk through the cost over the year. Cost of risk Jan.-Dec.2024 Jan.-Dec.2023 Jan.-Dec.2022 Numerator (Millions of euros) Loan-loss provisions 5,708 4,345 3,252 Denominator (Millions of euros) Average loans to customers (gross) 400,008 378,402 356,064 = Cost of risk 1.43% 1.15% 0.91% General note: average loans to customers (gross) figures for 2022 periods have been restated according to IFRS 17 - Insurance contracts. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Subsequent events 440 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. 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. 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. This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report BBVA Annual Corporate Governance Report 441 BBVA Annual Corporate Governance Report In accordance with the provisions established by Article 540 of the Spanish Corporate Act, the Board of Directors of BBVA, on the occasion of the preparation of the financial statements for 2024, approved the BBVA Annual Corporate Governance Report for that year (which is an integral part of the Management Report) in accordance with the contents set down in Order ECC/461/2013, dated March 20, and in Circular 5/2013, dated June 12, of Comisión Nacional del Mercado de Valores (CNMV), in the wording provided by Circular 3/2021, dated September 28, of CNMV. The Annual Corporate Governance Report is incorporated by reference in the Management Report and is published in CNMV´s website (www.cnmv.es) and in the Company´s corporate website (www.bbva.com). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Annual Report on the Remuneration of BBVA Directors 442 Annual Report on the Remuneration of BBVA Directors In accordance with the provisions established by Article 541 of the Spanish Corporate Act, the Board of Directors of BBVA, on the proposal of the Remuneration Committee, and on the occasion of the preparation of the financial statements for 2024, approved the Annual Report on the Remuneration of BBVA Directors for that year (which is an integral part of the Management Report) in accordance with the contents set down in Order ECC/461/2013, dated March 20, and in Circular 4/2013, dated June 12, of Comisión Nacional del Mercado de Valores (CNMV), in the wording provided by Circular 3/2021, dated September 28, of CNMV. The Annual Report on the Remuneration of BBVA Directors is incorporated by reference in the Management Report and is published in CNMV´s website (www.cnmv.com) and in the Company's corporate website (www.bbva.com). This English version is a translation of the original in Spanish for information purposes only. In case of a discrepancy, the Spanish original will prevail. Consolidated Management Report Statement of responsibility 443 Legal disclaimer This document is provided for informative purposes only and is not intended to provide financial advice and, therefore, does not constitute, nor should it be interpreted as, an offer to sell, exchange or acquire, or an invitation for offers to acquire securities issued by any of the aforementioned companies, or to contract any financial product. Any decision to purchase or invest in securities or contract any financial product must be made solely and exclusively on the basis of the information made available to such effects by the relevant company in relation to each such specific matter. The information contained in this document is subject to and should be read in conjunction with all other publicly available information of the issuer. This document contains forward-looking statements that constitute or may constitute “forward-looking statements” (within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995) with respect to intentions, objectives, expectations or estimates as of the date hereof, including those relating to future targets of both a financial and non-financial nature (such as environmental, social or governance (“ESG”) performance targets). Forward-looking statements may be identified by the fact that they do not refer to historical or current facts and include words such as “believe”, “expect”, “estimate”, “project”, “anticipate”, “duty”, “intend”, “likelihood”, “risk”, “VaR”, “purpose”, “commitment”, “goal”, “target” and similar expressions or variations of those expressions. They include, for example, statements regarding future growth rates or the achievement of future targets, including those relating to ESG performance. The information contained in this document reflects our current expectations, estimates and targets, which are based on various assumptions, judgments and projections, including non-financial considerations such as those related to sustainability, which may differ from and not be comparable to those used by other companies. Forward-looking statements are not guarantees of future results, and actual results may differ materially from those anticipated in the forward-looking statements as a result of certain risks, uncertainties and other factors. These factors include, but are not limited to, (1) market conditions, macroeconomic factors, domestic and international stock market conditions, exchange rates, inflation and interest rates; (2) regulatory, oversight, political, governmental, social and demographic factors; (3) changes in the financial condition, creditworthiness or solvency of our clients, debtors or counterparties, such as changes in default rates, as well as changes in consumer spending, savings and investment behavior, and changes in our credit ratings; (4) competitive pressures and actions we take in response thereto; (5) performance of our IT, operations and control systems and our ability to adapt to technological changes; (6) climate change and the occurrence of natural or man-made disasters, such as an outbreak or escalation of hostilities; (7) our ability to appropriately address any ESG expectations or obligations (related to our business, management, corporate governance, disclosure or otherwise), and the cost thereof; and (8) our ability to successfully complete and integrate acquisitions. In the particular case of certain targets related to our ESG performance, such as, decarbonization targets or alignment of our portfolios, the achievement and progress towards such targets will depend to a large extent on the actions of third parties, such as clients, governments and other stakeholders, and may therefore be materially affected by such actions, or lack thereof, as well as by other exogenous factors that do not depend on BBVA (including, but not limited to, new technological developments, regulatory developments, military conflicts, the evolution of climate and energy crises, etc.). Therefore, these targets may be subject to future revisions. The factors mentioned in the preceding paragraphs could cause actual future results to differ substantially from those set forth in the forecasts, intentions, objectives, targets or other forward-looking statements included in this document or in other past or future documents. Accordingly, results, including those related to ESG performance targets, among others, may differ materially from the statements contained in the forward-looking statements. Recipients of this document are cautioned not to place undue reliance on such forward-looking statements. Past performance or growth rates are not indicative of future performance, results or share price (including earnings per share). Nothing in this document should be construed as a forecast of results or future earnings. This document contains, in addition to financial information, non-financial information ("NFI") in order to comply with the current legislation. The INF has been verified with a limited scope by a third party. In its preparation, a number of estimates and assumptions have been made in various areas and have used measurement, data collection and verification practices and methodologies, both external and internal, which are substantially different from those applied to financial reporting and which, in many cases, are under development. BBVA does not intend, and undertakes no obligation, to update or revise the contents of this or any other document if there are any changes in the information contained therein, or including the forward-looking statements contained in any such document, as a result of events or circumstances after the date of such document or otherwise except as required by applicable law.
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