Banco Bilbao Vizcaya Argentaria (BBVA) investor relations material

Executive summary

• Net attributable profit reached €2,989 million, up 14.1% year-on-year and 10.8% quarter-over-quarter, driven by strong recurring revenues and robust lending activity.

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

• Earnings per share rose 12.5% year-on-year to €0.51, aided by share buybacks.

• Industry-leading return on tangible equity at 21.7% and return on equity at 20.7%.

• Continued progress on AI-driven transformation and digital innovation, delivering operational efficiencies and productivity gains.

Financial highlights

• Net interest income grew 20.2% year-on-year to €7,537 million, driven by 17% loan growth.

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

• Gross income rose 18.3% year-on-year to €10,652 million.

• Efficiency ratio improved to 38.0%, down 24 bps year-on-year.

• CET1 capital ratio increased to 12.83%, above the target range and regulatory requirements.

Outlook and guidance

• Group ROTE expected above 20% for 2026, with upgraded guidance for loan and gross income growth above 30% in the rest of business.

• Strategic plan targets cumulative net attributable profit of ~€48 billion for 2025-2028 and efficiency ratio of ~35%.

• Guidance for cost of risk maintained, with upward bias to loan growth in Mexico and prudent stance on Turkey.

• Positive outlook for NII in Spain and Mexico as rates stabilize.

• Macroeconomic outlook remains resilient but cautious due to geopolitical risks.