Banco Bilbao Vizcaya Argentaria (BBVA) investor relations material

Executive summary

• Net attributable profit reached €2,989 million, up 14.1% year-over-year, with EPS rising to €0.51, supported by strong recurring revenues, robust lending, and share buybacks.

• Tangible book value per share plus dividends grew 14.7% year-on-year, with 18.1% growth excluding share buybacks.

• ROTE reached 21.7% and ROE 20.7%, with industry-leading efficiency ratio at 38.0%.

• CET1 ratio improved to 12.83%, above the target range, supporting continued shareholder remuneration and buybacks.

• Strategic focus on innovation, digital transformation, and sustainability, with €36 billion channeled into sustainable business in Q1 2026.

Financial highlights

• Net interest income grew 20.2% year-over-year to €7,537 million, driven by strong loan growth and price management.

• Net fees and commissions increased 15.5% year-over-year to €2,256 million.

• Gross income rose 18.3% in constant EUR and 14.2% in current EUR to €10,652 million.

• Efficiency ratio improved to 38.0%, with positive jaws and operating income up 14.6%.

• CET1 capital ratio increased by 13 bps to 12.83%, above target range.

Outlook and guidance

• Group ROTE expected to remain above 20%, with 2025-2028 plan targeting cumulative net profit of €48 billion.

• Mexico: loans to grow at high single digits, with upward bias.

• Turkey: net profit guidance around €1 billion, with downward bias due to inflation and rates.

• Rest of business: loans and gross income expected to grow above 30% year-on-year.

• Macroeconomic outlook remains resilient but cautious due to geopolitical risks, with global GDP growth forecast at 3.2% for 2026.