Banco Bilbao Vizcaya Argentaria, S.a. · BME:BBVA

Banco Bilbao Vizcaya Argentaria — Debt Investor Presentation (July 2026)

59 slides from Banco Bilbao Vizcaya Argentaria's debt investor presentation, July 2026

  1. Slide 1: 2Q26 Fixed Income Presentation

    2Q26 Fixed Income Presentation July, 2026

  2. Slide 2: Disclaimer

    2Q26 FIXED INCOME PRESENTATION Disclaimer This document is only provided for information purposes 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 securit

  3. Slide 3: Contents

    2Q26 FIXED INCOME PRESENTATION Contents 01 02 03 04 05 Módulo 05 BBVA’s 2Q26 Capital, Sustainable Annex Strengths Earnings & Liquidity & Debt Business Funding Financing Areas p. 3

  4. Slide 4: BBVA's Strengths

    Bo BBVA’s Strengths

  5. Slide 5: BBVA's global reach and financial performance

    2Q26 FIXED INCOME PRESENTATION BBVAʼs global reach and financial performance BBVA’s GLOBAL PRESENCE FINANCIAL HIGHLIGHTS JUN-26 JUN-26 Employees Net Attributable Profit CET1 ratio FL Countries 27 126,994 6M26 12.90 % 6,051 M€ Branches Active Loans and advances to Total assets Deposits from customers C

  6. Slide 6: Diversified model with leading franchises in attractive markets

    2Q26 FIXED INCOME PRESENTATION Diversified model with leading franchises in attractive markets BBVA GLOBAL PRESENCE DIVERSIFICATION UNDER A STRONG MARKT POSITION (CHANNELING, € BILLION) DECENTRALIZED MODEL RANKING AND LOAN MARKET SHARE (%)2 TOTAL ASSETS 1 JUN’26 Rest of Business 11% SPAIN # 3 14.1% S

  7. Slide 7: Profitable business mix

    2Q26 FIXED INCOME PRESENTATION Profitable business mix BBVA LOANSGLOBAL PRESENCETO CUSTOMERS AND ADVANCES DEPOSITS FROM CUSTOMERS (CHANNELING, € BILLION) (PERFORMING LOANS UNDER MANAGEMENT EX-REPOS) (CUSTOMER DEPOSITS UNDER MANAGEMENT EX-REPOS) JUN-26 JUN-26 30% CIB 1 20% Mortgages 27% Time Deposits

  8. Slide 8: Proving track record of solid financial returns

    2Q26 FIXED INCOME PRESENTATION Proving track record of solid financial returns STRONG PRE-PROVISION PROFIT AND BEST-IN-CLASS EFFICIENCY OUTPERFORMING ON PROFITABILITY PRE-PROVISION PROFIT / RWA EFFICIENCY RATIO ROTE BBVA: 2022-6M26, ANNUALIZED, % BBVA: 2022-6M26, % BBVA: 2022-6M26, % PEERS: 2022-3M26

  9. Slide 9: Sound fundamentals

    2Q26 FIXED INCOME PRESENTATION Sound fundamentals SOUND ASSET STRONG CAPITAL COMFORTABLE LIQUIDITY QUALITY METRICS NPL Ratio CET 1 FULLY-LOADED (%) (%) CET1 pro-forma SBB (2 bn€) 12.41% NSFR Group 12.90% Coverage Ratio (%) Target Range 125% 11.5%-12.0% Cost of Risk CET 1 LCR Group Quarterly (%) Requ

  10. Slide 10: Advancing in the Execution of our AI Transformation Strategy

    2Q26 FIXED INCOME PRESENTATION Advancing in the Execution of our AI Transformation Strategy October 6th BBVA Strategic Talks OBJECTIVES APPROACH CLIENTS Smart multimodal advisors Adoption The Eight The Frame Hyper personalization of AI Tools Agentic solutions on Industrialization a top-down agenda P

  11. Slide 11: Group Financial Goals Evolution

    2Q26 FIXED INCOME PRESENTATION Group Financial Goals Evolution Aligned with plan ROTE TBV + DIV PER SH. C/I RATIO NET ATTRIBUTABLE (%, CURRENT €) (%, CURRENT €) (%, CURRENT €) PROFIT (CURRENT €) GOAL GOAL 40% GOAL c.22% Mid-teens c.€48 Bn AVG. 2025-2028 CAGR 2024-2028 37.8% CUMULATIVE 2025-2028 6M26

  12. Slide 12: 2Q26 Earnings & Business Areas

    2 2Q26 Earnings & Business Areas

  13. Slide 13: Key Financial Messages

    2Q26 FIXED INCOME PRESENTATION 2Q26 Key Financial Messages NET ATTRIBUTABLE PROFIT (CURRENT €M) TOTAL LOAN GROWTH1 Strong activity growth +17.7% vs. 2Q25 CONSTANT +11.4% +2.4% Excellent CORE REVENUES (NII+FEES) NAP 6M26 6,051 €M Core Revenues evolution +17.4% vs. 2Q25 CONSTANT 3,062 Positive jaws an

  14. Slide 14: Profit & Loss

    2Q26 FIXED INCOME PRESENTATION 2Q26 Profit & Loss Change Change 2Q26/2Q25 2Q26/1Q26 % % BBVA GROUP (€M) 2Q26 const. % const. % Net Interest Income 7,627 17.8 22.9 2.1 1.2 Net Fees and Commissions 2,316 16.2 18.7 4.4 2.6 Net Trading Income 582 13.1 20.4 -35.8 -36.4 Other Income & Expenses -19 n.a. n.a

  15. Slide 15: Sustained Loan Growth and Best-in-Class Profitability over Time

    2Q26 FIXED INCOME PRESENTATION Sustained Loan Growth and Best-in-Class Profitability over Time LOAN GROWTH PROFITABILITY (BASE 100=DEC.20, GROSS LOANS IN CURRENT €) (ROTE, %) 22.2% +62% 15.1% European Peers (1) European 11.2% Peers (1) +10% Mar-26 Jun-26 9.2% 100 3M26 6M26 Dec-20 Dec-21 Dec-22 Dec-23

  16. Slide 16: Loan Growth in Spain and Mexico Drives Net Interest Income Growth

    2Q26 FIXED INCOME PRESENTATION Loan Growth in Spain and Mexico Drives Net Interest Income Growth TOTAL LOAN GROWTH KEY SEGMENTS LOAN NET INTEREST INCOME (YOY, CONSTANT €) GROWTH (CONSTANT €M) (YOY JUN’26, CONSTANT €) +4.5% +2.0% Spain +6.3 % +7.4% +10.1% +9.2% Jun-25 Jun-26 Consumer + Enterprises Cr

  17. Slide 17: Recurrent Positive Jaws and Leading Efficiency Ratio

    2Q26 FIXED INCOME PRESENTATION Recurrent Positive Jaws and Leading Efficiency Ratio JAWS EFFICIENCY RATIO (6M26 YOY, CONSTANT €) (COST-TO-INCOME, % CONSTANT €) FOOTPRINT INFLATION1 +33bps -77bps excl. non 8.8% recurring items2 % % +17.9 12M AVERAGE +16.9 37.5 37.8 +14.5% excl. non recurring items2 Gro

  18. Slide 18: Sound Asset Quality Metrics

    2Q26 FIXED INCOME PRESENTATION Sound Asset Quality Metrics FINANCIAL ASSETS IMPAIRMENTS NPL (CONSTANT €M) (CURRENT €BN) 1,813 1,807 1,690 1,639 15.2 16.0 1,470 14.6 14.3 14.8 2Q25 3Q25 4Q25 1Q26 2Q26 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 COST OF RISK NPL & COVERAGE RATIOS (%, YTD) (%) 1.54% 81% 84% 85%

  19. Slide 19: Business Areas

    Business Areas SPAIN MEXICO TURKEY SOUTH AMERICA REST OF BUSINESS

  20. Slide 20: Spain

    2Q26 FIXED INCOME PRESENTATION Spain Δ (%) Δ (%) ACTIVITY (€BN, JUN-26) PROFIT & LOSS (€M) 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 LENDING1 CUST.FUNDS1 Net Interest Income 1,689 4.5 2.0 3,346 4.1 Net Fees and Commissions 589 0.8 -2.6 1,194 2.2 YoY YoY Net Trading Income 121 -19.9 -59.0 416 4.8 +7.4% +1

  21. Slide 21: Mexico

    2Q26 FIXED INCOME PRESENTATION Mexico Δ Current PROFIT PROFIT & & LOSS LOSS Δ Constant (%) Δ Constant (%) ACTIVITY (JUN-26; CONSTANT €BN) (%) (CONSTANT (CONSTANT €M) €M) 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 vs. 6M25 LENDING1 CUST.FUNDS1 Net Interest Income 3,247 8.9 2.7 6,409 16.3 8.6 YoY YoY Net Fe

  22. Slide 22: Turkey

    2Q26 FIXED INCOME PRESENTATION Turkey Δ Current (%) Δ Current (%) PROFIT & LOSS ACTIVITY (JUN-26; CONSTANT €BN; BANK ONLY) (CURRENT €M) 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 Net Interest Income 1,031 70.3 -8.0 2,152 64.7 LENDING2 CUST.FUNDS2 Net Fees and Commissions 638 25.4 12.9 1,202 13.7 YoY1 Net

  23. Slide 23: South America

    2Q26 FIXED INCOME PRESENTATION South America NET ATTRIBUTABLE PROFIT ACTIVITY (JUN-26; CONSTANT €BN) (CURRENT €M) Δ Current (%) Δ Current (%) LENDING1 CUST.FUNDS1 YoY YoY 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 +18.0% +14.4% Colombia 97 142.7 24.4 175 140.4 +10.7% Colombia Peru 113 57.8 38.8 194 25.3 C

  24. Slide 24: Rest of business

    2Q26 FIXED INCOME PRESENTATION Rest of business PROFIT & LOSS Δ (%) Δ (%) ACTIVITY (JUN-26; CONSTANT €BN) (CONSTANT €M) 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 LENDING1 CUST.FUNDS1 Net Interest Income 274 44.7 17.2 507 36.0 Net Fees and Commissions 190 32.1 -5.6 391 41.5 YoY YoY Net Trading Income 137

  25. Slide 25: Updated 2026 Outlook

    2Q26 FIXED INCOME PRESENTATION Updated 2026 Outlook Updated MEXICO 2026 Outlook Loans: around 10% growth NII: high single digit growth CoR: below 335 bps GROUP ROTE around 21% TURKEY CoR: around 220 bps SOUTH AMERICA Gross Income: high teens growth Improved Guidance Worsened Guidance p. 25

  26. Slide 26: Capital, Liquidity & Funding

    3 Capital, Liquidity & Funding

  27. Slide 27: High quality and resilient capital

    2Q26 FIXED INCOME PRESENTATION High quality and resilient capital STRONG CAPITAL HIGH RWAS DENSITY, WITH A CAPITAL RESILIENCE UNDER POSITION LIMITED USE OF INTERNAL MODELS2 STRESS SCENARIOS (EBA ST 2025) CET 1 FULLY-LOADED RWA/TOTAL ASSETS LEVERAGE RATIO FL 3 YEAR FL DEPLETION (2025-2027) (%) BBVA J

  28. Slide 28: Sound capital position above our target

    2Q26 FIXED INCOME PRESENTATION Sound capital position above our target CET 1 FULLY-LOADED AT1 AND TIER 2 FL BUCKETS (% BPS) JUN-26 (%) 2.99% New extraordinary +7 bps CET1 SBB program2 2.38% pro-forma SBB (2 bn€) 12.41% 2.0 billion € 1.78% +75 bps -40 bps 1.53% 12.83% -41 bps +13 bps 12.90% Target Ra

  29. Slide 29: One of the lowest SREP requirement among peers with a comfortable MDA distance

    2Q26 FIXED INCOME PRESENTATION One of the lowest SREP requirement among peers with a comfortable MDA distance BBVA, GROUP CET1 REQUIREMENT AND DISTANCE TO MDA BBVA JUN-26/ PEERS MAR-26 Distance to MDA 2 13.80% 367 bps 17.42% €15.5 Bn T2 11.22% 11.08% 13.14% 10.42% 10.26% AT1 10.20% 9.96% 9.84% T2 9.

  30. Slide 30: Strong capital position in BBVA, S.A., above requirement

    2Q26 FIXED INCOME PRESENTATION Strong capital position in BBVA, S.A., above requirement BBVA, S.A. REQUIREMENT AND DISTANCE TO MDA JUN-26 Distance to MDA 3 19.09% 616 bps €13.8 Bn T2 10.97% AT1 T2 7.47%1 AT1 2 SRB + CCyB CCB CET1 CET1 Pilar 1 CET1 Total Capital Total Capital Ratio Requirement Jun’26

  31. Slide 31: Sound MREL Position

    2Q26 FIXED INCOME PRESENTATION Sound MREL Position POSITION AS OF JUN-26 (% RWA1) MREL REQUIREMENT + CBR SUBORDINATION REQUIREMENT + CBR 29.96% 27.66% 26.83% 3.72% CBR3 17.22% CBR3 % 23.94 MREL 3.72% Subordination 13.50% Total Requirement Eligible instruments 2 Total Requirement Eligible instruments

  32. Slide 32: Solid funding structure with ample liquidity buffers

    2Q26 FIXED INCOME PRESENTATION Solid funding structure with ample liquidity buffers BBVA GROUP LIQUIDITY BALANCE SHEET1 BBVA GROUP LIQUIDITY AND FUNDING METRICS JUN-26 JUN-26 Turkey3 South BBVA S.A.2 Mexico America LTD 98% 103% 83% 95% LCR 180% 149% 156% >100% NSFR 116% 129% 141% >100% LCR Group4 NSF

  33. Slide 33: Limited wholesale funding maturities in all geographies

    2Q26 FIXED INCOME PRESENTATION Limited wholesale funding maturities in all geographies DEBT OUTSTANDING BY PRODUCT WHOLESALE FUNDING MATURITIES JUN-26, € BN ESG Group debtJUN-26, € BN outstanding Others1 19.5 EURO Senior Preferred € 59.1 bn 24% 21.8 27% TOTAL MEXICO T2 / Subordinated 81.8 14.8 18% €

  34. Slide 34: AT1 & Tier 2 instruments with a manageable maturity profile

    2Q26 FIXED INCOME PRESENTATION AT1 & Tier 2 instruments with a manageable maturity profile BBVA S.A. AT1 & TIER 2 Calls and Maturity Profile JUN’26 (Mn€) AT1 Substantial distance to MDA and loss absorption triggers1 Consistent call execution track record: redemption of all BBVA S.A. AT1 and T2 instrum

  35. Slide 35: Funding Plan 2026

    2Q26 FIXED INCOME PRESENTATION Funding Plan 2026 €11-13 Bn Funding Plan subject to Balance Sheet evolution BBVA SA 2026 Forecasted Pending (€Bn) 2026 Strategy1 Executed Issuances AT1 0.9 Progressive optimization of the capital structure Tier 2 - SNP 6.5 Refinancing MREL eligibility losses and funding

  36. Slide 36: High Quality Single A Credit ratings, consistent across agencies

    2Q26 FIXED INCOME PRESENTATION High Quality Single A Credit ratings, consistent across agencies BBVA LONG TERM SENIOR BBVA LONG TERM SENIOR PREFERRED RATINGS EVOLUTION PREFERRED CURRENT RATINGS (2013-2025, as of Year-End) Stable outlook Moody’s (Oct. 3rd, 2025) A2 AA-/Aa3/AA(low) A+/A1/A(high) A+ St

  37. Slide 37: Sustainable Debt Financing

    4 Sustainable Debt Financing

  38. Slide 38: Sustainable Debt Financing Framework aligned with market best practices

    2Q26 FIXED INCOME PRESENTATION Sustainable Debt Financing Framework aligned with market best practices and scalable across subsidiaries This Framework enables BBVA to raise sustainable Outstanding Sustainable Bonds issued by BBVA S.A financing through loans or the issuance of sustainable TYPE DATE PR

  39. Slide 39: Sustainable Debt Financing Framework: Eligible activities for funding

    2Q26 FIXED INCOME PRESENTATION Sustainable Debt Financing Framework Eligible activities for funding Environmental activities (Climate change) Social Activities Renewable energies Activities related to the production and transmission of Affordable basic Activities in telecommunications, transport, ba

  40. Slide 40: Annex

    Annex 1 Business Units Financial KPIs Goals 10 RWAs by business area 2 CET1 expected generation & uses of capital 11 Group RWA breakdown 3 CIB Business 12 Debt Issuances 2025-2026 YTD 4 ALCO Portfolio 13 Covered Bonds 5 NII sensitivity to interest rate movements 14 Called notes 2018-2026 YTD 6 Custo

  41. Slide 41: Business Units Financial KPIs Goals

    2Q26 FIXED INCOME PRESENTATION ANNEX Business Units Financial KPIs Goals South Rest of Spain Mexico Turkey America Business1 Activity Mid-single High-single Above High High Growth (CAGR 24-28, const. €) digit digit inflation teens teens Low to High-single Revenue Mid-single High-single High-teens Gro

  42. Slide 42: CET1 expected generation & uses of capital

    2Q26 FIXED INCOME PRESENTATION ANNEX CET1 expected generation & uses of capital1 CET1 SOURCES (EURO, BILLIONS) c.€49 Bn EXCESS CET1 ABOVE 12% as of DEC’242 4.5 CET1 GENERATION 2025-2028 39 SRTs3 2025-2028 5 CET1 USES (EURO, BILLIONS) c.€49 Bn INVESTED FOR GROWTH4 13 AVAILABLE FOR DISTRIBUTION €36 Bn

  43. Slide 43: CIB Business

    2Q26 FIXED INCOME PRESENTATION ANNEX CIB Business PROFIT & LOSS ACTIVITY (JUN-26; CONSTANT €BN) Δ Current(%) Δ (%) (CURRENT €M) 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 LENDING1 Net Interest Income 1,100 25.6 8.0 2,119 23.6 Net Fees and Commissions 422 23.6 -10.8 894 27.1 YoY Net Trading Income 564 31.8

  44. Slide 44: ALCO Portfolio

    2Q26 FIXED INCOME PRESENTATION ANNEX ALCO Portfolio ALCO PORTFOLIO BREAKDOWN BY REGION EURO ALCO PORTFOLIO (€ BN) MATURITY PROFILE (€ BN) Amort Cost Fair Value (HTC) (HTC&S) (duration JUN-26 (€ BN) (€ BN) incl. hedges) South 0.2 7.1 1.9 years America Turkey 4.9 3.5 3.0 years Mexico 7.5 11.6 3.8 year

  45. Slide 45: NII Sensitivity to Interest Rates Movements

    2Q26 FIXED INCOME PRESENTATION ANNEX NII Sensitivity to Interest Rates Movements ESTIMATED IMPACT ON NII IN THE NEXT 12 MONTHS TO PARALLEL INTEREST RATE MOVEMENTS (TO +/-100 BPS INTEREST RATES MOVEMENT, %) EURO BALANCE MEXICO SHEET +/– c. 4% +/- 2.4% Note: NII sensitivities to parallel interest rate

  46. Slide 46: Customer Spreads: Quarterly Evolution

    2Q26 FIXED INCOME PRESENTATION ANNEX Customer Spreads: Quarterly Evolution AVERAGE 2Q25 3Q25 4Q25 1Q26 2Q26 Spain 3.05% 2.88% 2.80% 2.82% 2.85% Yield on Loans 3.66% 3.45% 3.39% 3.39% 3.43% Cost of Deposits -0.60% -0.57% -0.59% -0.58% -0.58% Mexico MXN 11.96% 11.98% 12.01% 11.74% 11.61% Yield on Loan

  47. Slide 47: Stages Breakdown by Business Areas

    2Q26 FIXED INCOME PRESENTATION ANNEX Stages Breakdown by Business Areas CREDIT RISK BREAKDOWN BY AREA (JUN-26, € M) Gross Accumulated Gross Accumulated Gross Accumulated BBVA GROUP Exposure impairments SPAIN Exposure impairments MEXICO Exposure impairments Stage 1 555,789 2,672 Stage 1 209,238 521 S

  48. Slide 48: Capital Base BBVA Group & BBVA, S.A.

    2Q26 FIXED INCOME PRESENTATION ANNEX Capital Base BBVA Group & BBVA, S.A. CAPITAL RATIOS JUN-26 (%) 17.42% 19.09% T2 AT1 CET1 BBVA Group BBVA, S.A. CET 1 € 54,626 m € 30,547 m AT1 € 6,484 m € 6,260 m T2 € 12,675 m € 5,986 m Total Capital Base € 73,785 m € 42,793 m RWA € 423,497 m € 224,178 m Note: P

  49. Slide 49: CET1 Sensitivity to Market Impacts

    2Q26 FIXED INCOME PRESENTATION ANNEX CET1 Sensitivity to Market Impacts1 TO A 10% CURRENCY DEPRECIATION2 (JUN-26) MXN TRY USD ー 15 bps ー 3 bps +14 bps TO +100 BPS MOVEMENT IN TO +100 BPS MOVEMENT IN THE THE SPANISH SOVEREIGN BOND MEXICAN SOVEREIGN BOND (JUN-26) (JUN-26) ー 8 bps ー 7 bps (1) CET1 sens

  50. Slide 50: Risk-Weighted Assets by Business Area

    2Q26 FIXED INCOME PRESENTATION ANNEX Risk-Weighted Assets by Business Area BREAKDOWN BY BUSINESS AREA Fully-Loaded RWAs Δ (%) (€M) Jun-25 Mar-26 Jun-26 vs. Jun-25 vs. Mar-26 Spain 120,209 117,752 120,207 0.0% 2.1% Mexico 88,043 83,745 87,755 -0.3% 4.8% Turkey 66,656 74,171 77,402 16.1% 4.4% South Am

  51. Slide 51: Group RWA Breakdown

    2Q26 FIXED INCOME PRESENTATION ANNEX Group RWA Breakdown TOTAL RWA BREAKDOWN PHASED-IN 66% Standardized Models 0.6% CVA Risk 82.5% Credit Risk 5.2% Market Risk 11.6% Operational Risk 34% IRB Models Note 1: Credit Valuation Adjustment. Note: Distribution of RWAs by type of risk and Model based on 1Q2

  52. Slide 52: Debt Issuances 2025-2026 YTD

    2Q26 FIXED INCOME PRESENTATION ANNEX Debt Issuances 2025- 2026 YTD ISSUE CALL PRODUCT MATURITY NOMINAL COUPON DATE DATE SNP Jun-26 - Jun-31 €1,250 3.375% CB Double-T Jun-26 - Jun-33 / Jun-29 €1,000 / €1,250 3.125% / 2.875% AT1 May-26 May33 Perp $1,000 M 7.125% BBVA SNP May-26 - May-31 $1,250 M 4.875

  53. Slide 53: Covered Bonds High Issuance Capacity of €51bn across the Three Programs

    2Q26 FIXED INCOME PRESENTATION ANNEX Covered Bonds High Issuance Capacity of €51bn across the Three Programs Mortgage cover pool stands out Mortgage Public Sector Export Finance for its low risk profile, with a 2Q26 2Q26 2Q26 high stock of residential loans BBVA S.A (€M) and a low WA indexed LTV Prim

  54. Slide 54: Called notes 2018 - 2026 YTD

    2Q26 FIXED INCOME PRESENTATION ANNEX Called notes 2018 - 2026 YTD BBVA PRODUCT ISSUE DATE REDEMPTION OUTSTANDING COUPON follows an CURRENCY (M) economic BBVA, S.A. T2 Jul-20 Jun-26 £ 300 3.10% call policy BBVA, S.A. SP Mar-21 Mar-26 €1,000 0.125% BBVA, S.A. AT1 Jul-20 Jan-26 € 1,000 6.000% BBVA, S.A

  55. Slide 55: Wholesale maturities 2026 - 2030+

    2Q26 FIXED INCOME PRESENTATION ANNEX Wholesale maturities 2026 - 2030+ Bn € EURO 2026 2027 2028 2029 2030+ TOTAL Senior Preferred 1.0 2.3 0.2 2.1 3.5 9.1 Senior Non Preferred 0.2 1.9 1.1 2.1 8.4 13.6 Covered Bonds 1.0 1.7 0.0 1.3 1.9 5.8 Preferred Shares 0.0 0.9 1.0 0.9 3.5 6.3 Subordinated 0.3 1.3

  56. Slide 56: BBVA ratings by type of instrument and issuer

    2Q26 FIXED INCOME PRESENTATION ANNEX BBVA ratings by type of instrument and issuer BBVA RATINGS BY TYPE OF INSTRUMENT AND ISSUER ( SPANISH SOVEREIGN RATING AND OUTLOOK) Moody’s S&P Fitch DBRS Investment Aaa CB AAA AAA AAA CB grade Aa1 AA+ AA+ AA (H) Aa2 AA AA AA Aa3 AA- AA- AA (L) A1 A+ Sta SP Issue

  57. Slide 57: Credit ratings of Main Subsidiaries

    2Q26 FIXED INCOME PRESENTATION ANNEX Credit ratings of Main Subsidiaries BBVA MAIN SUBSIDIARIES AND SOVEREIGN LONG TERM RATINGS BBVA Mexico Garanti BBVA BBVA Argentina BBVA Colombia BBVA Peru AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa Investment AA+/Aa1 AA+/Aa1 AA+/Aa1 AA+/Aa1 AA+/Aa1 grade AA/Aa2 AA/A

  58. Slide 58: Book Value of the Main Subsidiaries

    2Q26 FIXED INCOME PRESENTATION ANNEX Book Value of the Main Subsidiaries1,2 (€ BN; JUN-26) Δ (%) QoQ Mexico +6.1% Turkey +4.9% Colombia +12.5% Peru +10.1% Argentina +2.8% Uruguay +4.8% Chile -4.3% Venezuela +18.7% (1) Includes the initial investment + BBVA’s undistributed results + FX impact + other

  59. Slide 59: BBVA

    BBVA

Banco Bilbao Vizcaya Argentaria — Debt Investor Presentation (July 2026) on 6ix