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

Banco Bilbao Vizcaya Argentaria — Debt Investor Presentation (December 2025)

55 slides from Banco Bilbao Vizcaya Argentaria's debt investor presentation, December 2025

  1. Slide 1: 4Q25 Fixed Income Presentation

    4Q25 Fixed Income Presentation December, 2025

  2. Slide 2: Disclaimer

    4Q25 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

    4Q25 FIXED INCOME PRESENTATION Contents 01 02 03 04 Módulo 05 BBVA’s 2025 Capital, Annex Strengths Earnings & Liquidity & Business Funding Areas p. 3

  4. Slide 4: BBVA's Strengths

    Bo BBVA’s Strengths

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

    4Q25 FIXED INCOME PRESENTATION BBVAʼs global reach and financial performance BBVA’s GLOBAL PRESENCE FINANCIAL HIGHLIGHTS DECEMBER 2025 DECEMBER 2025 Countries Employees Net Attributable >25 127,174 Profit CET1 ratio FL Branches Active Customers 12M25 12.70 % 5,642 81.2M 10,511 M€ Loans and advances to

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

    4Q25 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 Rest of Business 10% SPAIN # 3 14.2% South Am

  7. Slide 7: Profitable business mix

    4Q25 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) DEC-25 DEC-25 25% CIB 1 22% Mortgages 26% Time Deposits

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

    4Q25 FIXED INCOME PRESENTATION Proving track record of solid financial returns OUTPERFORMING ON STRONG PRE-PROVISION PROFIT AND BEST-IN-CLASS EFFICIENCY PROFITABILITY PRE-PROVISION PROFIT / RWA EFFICIENCY RATIO ROTE BBVA: 2021-2025, % BBVA: 2021-2025, % BBVA: 2021-2025, % PEERS: 2021-9M25, % PEERS: 2

  9. Slide 9: Sound fundamentals

    4Q25 FIXED INCOME PRESENTATION Sound fundamentals SOUND ASSET STRONG CAPITAL COMFORTABLE LIQUIDITY QUALITY METRICS NPL Ratio CET 1 FULLY-LOADED (%) (%) CET1 SREP REQUIREMENT OF 8.97% FROM NSFR Group 126% Jan 1st, 2026 Coverage Ratio 12.70% (%) Target Range 11.5%-12.0% Cost of Risk LCR Group 169%2 Yt

  10. Slide 10: Record Customer Growth driven by Digital

    4Q25 FIXED INCOME PRESENTATION Record Customer Growth driven by Digital NEW CUSTOMERS1 (BBVA GROUP, MILLION; % ACQUISITION THROUGH DIGITAL CHANNELS) SPAIN 11.5 3.7x REVENUE PER CUSTOMER 11.3 11.1 11.4 8.7 Year 5 vs. year 1 of TOTAL 7.2 acquisition Digital MEXICO 66% CREDIT CARDS 75% % total units sa

  11. Slide 11: Advancing in the Execution of our Strategy

    4Q25 FIXED INCOME PRESENTATION Advancing in the Execution of our Strategy Radically adopting the Maximizing the potential customer perspective of AI and Innovation Clear AI roadmap defined through 8 strategic initiatives: Reduction in ー Digital Advisor (Blue) ー Software Development NPS1 Position2 neg

  12. Slide 12: Group Financial KPIs Goals Evolution

    4Q25 FIXED INCOME PRESENTATION Group Financial KPIs Goals Evolution Aligned with plan ROTE TBV + DIV PER SH C/I RATIO NET ATTRIBUTABLE (%, CURRENT €) (%, CURRENT €) (%, CURRENT €) PROFIT (CURRENT €Bn) GOAL GOAL 40.0% GOAL c.22% Mid-teens c.€48 Bn Avg. 2025-2028 CAGR 2024-2028 38.8 % Cumulative 2025-

  13. Slide 13: Earnings & Business Areas

    2 2025 Earnings & Business Areas

  14. Slide 14: 2025 Key Financial Messages

    4Q25 FIXED INCOME PRESENTATION 2025 Key Financial Messages NET INTEREST INCOME Strong activity drives Net Interest Income growth +13.9% vs. 2024 CONSTANT NET FEES AND COMMISSIONS Excellent fee income evolution +14.6% vs. 2024 CONSTANT EFFICIENCY RATIO Positive jaws and leading efficiency ratio 38.8%

  15. Slide 15: 2025 Profit & Loss

    4Q25 FIXED INCOME PRESENTATION 2025 Profit & Loss Change 12M25/12M24 % BBVA GROUP (€M) 12M25 const. % Net Interest Income 26,280 13.9 4.0 Net Fees and Commissions 8,215 14.6 2.8 Net Trading Income 2,656 -23.7 -32.1 Other Income & Expenses -221 -88.8 -86.9 Gross Income 36,931 16.3 4.1 Operating Expens

  16. Slide 16: Strong Activity drives Core Revenues Growth

    4Q25 FIXED INCOME PRESENTATION Strong Activity drives Core Revenues Growth TOTAL LOAN GROWTH (YOY, CONSTANT €) TOTAL LOAN GROWTH1 CORE REVENUES (YOY, CONSTANT €) (CONSTANT €M) BBVA Group +4.8% Spain +2.8% 15.4% 16.2% +8.0% 12.9% +4.1% Dec-24 Dec-25 4Q24 3Q25 4Q25 +7.3% +3.6% Mexico +15.8% +9.9% USD

  17. Slide 17: Superior Growth in Selected Areas

    4Q25 FIXED INCOME PRESENTATION Superior Growth in Selected Areas Enterprise Cross-Border1 Insurance3 Payments Issuing5 Gross Income - €M constant PBT + Commissions - €M constant Gross Income - €M constant 2,269 2,497 4,749 1,892 2,151 3,822 1,516 Var. 25/24 1,756 Var. 25/24 Var. 25/24 3,097 20% +con

  18. Slide 18: Positive Jaws and Leading Efficiency Ratio

    4Q25 FIXED INCOME PRESENTATION Positive Jaws and Leading Efficiency Ratio POSITIVE JAWS EFFICIENCY RATIO (12M25 YOY, CONSTANT €) (COST-TO-INCOME, % CONSTANT €) FOOTPRINT -206bps INFLATION1 9.6 % 40.9 12M AVERAGE % +16.3 38.8 +10.5% Gross Operating 12M24 12M25 Income Expenses p. 18 (1) Weighted by oper

  19. Slide 19: Sound Asset Quality Metrics, Improving NPL and Coverage Ratios

    4Q25 FIXED INCOME PRESENTATION Sound Asset Quality Metrics, Improving NPL and Coverage Ratios FINANCIAL ASSETS IMPAIRMENTS NPL (CONSTANT €M) (CURRENT €BN) 1,766 14.8 14.3 14.6 14.3 14.8 1,589 1,391 1,300 1,418 4Q24 1Q25 2Q25 3Q25 4Q25 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 COST OF RISK NPL & COVERAGE RA

  20. Slide 20: Excellent Profit Evolution

    4Q25 FIXED INCOME PRESENTATION Excellent Profit Evolution RECURRENT NET ATTRIBUTABLE PROFIT (CURRENT €M) +4.5% vs. 2024 10,054 10,511 8,019 6,621 5,069 2021 2022 2023 2024 2025 Reported 4,653 6,420 8,019 10,054 10,511 NAP (€M) p. 20

  21. Slide 21: Business Areas

    Business Areas SPAIN MEXICO TURKEY SOUTH AMERICA

  22. Slide 22: Spain

    4Q25 FIXED INCOME PRESENTATION Spain PROFIT & LOSS (€M) Δ (%) Δ (%) ACTIVITY (DEC-25, €BN) 4Q25 vs. 4Q24 vs. 3Q25 12M25 vs. 12M24 LENDING1 CUST.FUNDS1 Net Interest Income 1,683 5.8 0.5 6,588 3.2 Net Fees and Commissions 622 2.2 9.8 2,364 3.7 YoY YoY Net Trading Income 187 51.1 37.6 723 -0.7 +8.9% +8

  23. Slide 23: Mexico

    4Q25 FIXED INCOME PRESENTATION Mexico PROFIT & LOSS Δ Constant (%) Δ Current Δ Constant ACTIVITY (DEC-25; CONSTANT €BN) (%) (%) (CONSTANT €M) 4Q25 vs. 4Q24 vs. 3Q25 12M25 vs. 12M24 vs. 12M24 LENDING1 CUST.FUNDS1 Net Interest Income 2,982 7.5 3.0 11,424 -1.1 8.1 Net Fees and Commissions 627 6.0 6.5 2

  24. Slide 24: Turkey

    4Q25 FIXED INCOME PRESENTATION Turkey PROFIT & LOSS Δ Current (%) Δ Current (%) ACTIVITY (DEC-25; CONSTANT €BN; BANK ONLY) (CURRENT €M) 4Q25 vs. 4Q24 vs. 3Q25 12M25 vs. 12M24 Net Interest Income 942 66.3 13.4 3,079 106.4 LENDING2 CUST.FUNDS2 Net Fees and Commissions 521 -26.3 -4.3 2,123 0.6 Net Trad

  25. Slide 25: South America

    4Q25 FIXED INCOME PRESENTATION South America NET ATTRIBUTABLE PROFIT ACTIVITY (DEC-25; CONSTANT €BN) (CURRENT €M) Δ Current (%) Δ Current (%) LENDING1 CUST.FUNDS1 4Q25 vs. 4Q24 vs. 3Q25 12M25 vs. 12M24 YoY YoY +13.9 % +12.9% Colombia 21 n.s. -56.8 143 58.5 Colombia +5.7% Peru 68 26.5 -3.2 295 29.9 C

  26. Slide 26: Rest of business

    4Q25 FIXED INCOME PRESENTATION Rest of business PROFIT & LOSS Δ (%) Δ (%) ACTIVITY (DEC-25; CONSTANT €BN) (CONSTANT €M) 4Q25 12M25 vs. 12M24 vs. 4Q24 vs. 3Q25 LENDING1 CUST.FUNDS1 Net Interest Income 232 16.4 5.0 828 15.9 Net Fees and Commissions 164 62.0 8.2 591 56.0 YoY Net Trading Income 114 55.3

  27. Slide 27: 2026 Outlook

    4Q25 FIXED INCOME PRESENTATION 2026 Outlook Spain Mexico1 Turkey Group Loans: mid single digit growth, Loans: high single digit growth Net Profit: around €1 billion2 gaining market share in key segments NII: mid to high single digit growth CoR around 200 bps, with a ROTE 20 higher 1H26 Gross Income:

  28. Slide 28: Capital, Liquidity & Funding

    3 Capital, Liquidity & Funding

  29. Slide 29: High quality and resilient capital

    4Q25 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 D

  30. Slide 30: Sound capital position above our target

    4Q25 FIXED INCOME PRESENTATION Sound capital position above our target CET 1 FULLY-LOADED AT1 AND TIER 2 FL BUCKETS (% BPS) DEC-25 (%) 3.13% CET1 SREP REQUIREMENT 2.38% OF 8.97% FROM 1.78% +265 bps -143 bps Jan 1st, 2026 12.88% -152 bps +56 bps 13.75% 1.38% +61 bps -105 bps 12.70% Target Range 11.5%

  31. Slide 31: Among the lowest SREP requirement with a comfortable MDA distance

    4Q25 FIXED INCOME PRESENTATION Among the lowest SREP requirement with a comfortable MDA distance BBVA, GROUP CET1 REQUIREMENT AND DISTANCE TO MDA BBVA DEC-25/ PEERS DEC-25 CET1 SREP Distance to MDA 2 REQUIREMENT 13.80% OF 8.97% 302 bps 17.21% FROM €13.6 Bn T2 Jan 1st, 2026 11.24% 11.09% 13.44% 10.52

  32. Slide 32: Strong capital position in BBVA, S.A., above requirement

    4Q25 FIXED INCOME PRESENTATION Strong capital position in BBVA, S.A., above requirement BBVA, S.A. REQUIREMENT AND DISTANCE TO MDA DEC-25 Distance to MDA 2 CET1 SREP 19.28% REQUIREMENT 12.47% 550 bps OF 7.47% €11.7 Bn T2 FROM Jan 1st, 2026 T2 AT1 8.31%1 AT1 Systemic Risk Buffer +CCyB 1 CCB Pilar 2R

  33. Slide 33: Sound MREL Position

    4Q25 FIXED INCOME PRESENTATION Sound MREL Position POSITION AS OF DEC-25 (% RWA1) MREL REQUIREMENT + CBR SUBORDINATION REQUIREMENT + CBR 27.10% 28.89% 24.67% 3.97% 17.47% CBR3 3.97% CBR3 23.13% MREL Subordination 13.50% Total Eligible Total Eligible Requirement instruments2 Requirement instruments2

  34. Slide 34: Solid funding structure with ample liquidity buffers

    4Q25 FIXED INCOME PRESENTATION Solid funding structure with ample liquidity buffers BBVA GROUP LIQUIDITY BALANCE SHEET1 BBVA GROUP LIQUIDITY AND FUNDING METRICS DEC-25 DEC-25 Turkey3 South BBVA S.A.2 Mexico America LTD 87% 104% 86% 95% LCR 162% 161% 159% >100% NSFR 117% 132% 144% >100% LCR Group4 NSF

  35. Slide 35: Limited wholesale funding maturities in all geographies

    4Q25 FIXED INCOME PRESENTATION Limited wholesale funding maturities in all geographies DEBT OUTSTANDING BY PRODUCT WHOLESALE FUNDING MATURITIES DEC-25, € BN ESG Group debtDEC-25, € BN outstanding Others1 15.8 EURO Senior Preferred € 48.6 bn 23% 20.8 30% TOTAL MEXICO T2 / Subordinated 68.9 14.4 21% €

  36. Slide 36: Funding Plan 2026

    4Q25 FIXED INCOME PRESENTATION Funding Plan 2026 €6-8 Bn Funding Plan subject to Balance Sheet evolution BBVA SA 2025 2026 2026 (€Bn) 2026 Strategy1 Executed Executed Planned AT1 1.95 0 /1 Progressive optimization of the capital structure Tier 2 1.0 subject to Balance Sheet evolution SNP Refinancing

  37. Slide 37: All three major credit rating agencies upgraded BBVA's rating by one notch in 2025

    4Q25 FIXED INCOME PRESENTATION All three major credit rating agencies upgraded BBVAʼs rating by one notch in 2025 BBVA LONG TERM SENIOR BBVA RATINGS BY TYPE OF INSTRUMENT AND ISSUER PREFERRED RATINGS ( SPANISH SOVEREIGN RATING AND OUTLOOK) Moody’s S&P Fitch DBRS Stable outlook Investment Aaa CB AAA

  38. Slide 38: 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 4Q25 Profit & Loss 12 Debt Issuances 2025-2026 YTD 4 ALCO Portfolio 13 Called notes 2018-2025 YTD 5 NII sensitivity to interest rate movements 14 Wholesale maturi

  39. Slide 39: Business Units Financial KPIs Goals

    4Q25 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

  40. Slide 40: CET1 expected generation & uses of capital

    4Q25 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

  41. Slide 41: 4Q25 Profit & Loss

    4Q25 FIXED INCOME PRESENTATION ANNEX 4Q25 Profit & Loss Change Change 4Q25/4Q24 4Q25/3Q25 % % BBVA GROUP (€M) 4Q25 const. % const. % Net Interest Income 7,034 18.1 9.8 5.4 5.9 Net Fees and Commissions 2,145 10.2 -4.0 4.4 4.1 Net Trading Income 694 -18.5 -29.4 28.6 30.8 Other Income & Expenses -78 -80

  42. Slide 42: ALCO Portfolio

    4Q25 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 DEC-25 (€ BN) (€ BN) incl. hedges) South 0.5 5.8 1.5 years America Turkey 5.3 2.8 3.3 years Mexico 5.6 11.3 3.4 year

  43. Slide 43: NII Sensitivity to Interest Rates Movements

    4Q25 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 +/- 4-5% +/- 2.5% Note: NII sensitivities to parallel interest rates

  44. Slide 44: Customer Spreads: Quarterly Evolution

    4Q25 FIXED INCOME PRESENTATION ANNEX Customer Spreads: Quarterly Evolution AVERAGE 4Q24 1Q25 2Q25 3Q25 4Q25 Spain 3.30% 3.19% 3.05% 2.88% 2.80% Yield on Loans 4.13% 3.85% 3.66% 3.45% 3.39% Cost of Deposits -0.83% -0.66% -0.60% -0.57% -0.59% Mexico MXN 12.33% 12.00% 11.96% 11.98% 12.01% Yield on Loan

  45. Slide 45: Stages Breakdown by Business Areas

    4Q25 FIXED INCOME PRESENTATION ANNEX Stages Breakdown by Business Areas CREDIT RISK BREAKDOWN BY AREA (DEC-25, € M) Gross Accumulated Gross Accumulated Gross Accumulated BBVA GROUP Exposure impairments SPAIN Exposure impairments MEXICO Exposure impairments Stage 1 498,750 2,467 Stage 1 200,235 471 S

  46. Slide 46: Capital Base BBVA Group & BBVA, S.A.

    4Q25 FIXED INCOME PRESENTATION ANNEX Capital Base BBVA Group & BBVA, S.A. CAPITAL RATIOS DEC-25 (%) 19.28% 17.21% T2 AT1 CET1 BBVA Group BBVA, S.A. CET 1 € 50,446 m € 29,452 m AT1 € 5,488 m € 5,303 m T2 € 12,431 m € 6,349 m Total Capital Base € 68,365 m € 41,104 m RWA € 397,241 m € 213,232 m Note: P

  47. Slide 47: CET1 Sensitivity to Market Impacts

    4Q25 FIXED INCOME PRESENTATION ANNEX CET1 Sensitivity to Market Impacts1 TO A 10% CURRENCY DEPRECIATION2 TO A 10% DECLINE IN (DEC-25) TELEFONICA’S SHARE PRICE (DEC-25) 2 bps MXN TRY USD ー 14 bps ー 3 bps +12 bps ー TO +100 BPS MOVEMENT IN TO +100 BPS MOVEMENT IN THE THE SPANISH SOVEREIGN BOND MEXICAN

  48. Slide 48: Risk-Weighted Assets by Business Area

    4Q25 FIXED INCOME PRESENTATION ANNEX Risk-Weighted Assets by Business Area Fully-Loaded RWAs BREAKDOWN BY BUSINESS AREA (€M) Sep-25 Dec-25 Spain 122,022 119,608 Mexico 91,560 82,286 Turkey 69,983 71,398 South America 53,465 55,178 Argentina 11,068 10,195 Chile 2,029 2,182 Colombia 18,054 18,829 Peru

  49. Slide 49: Group RWA breakdown

    4Q25 FIXED INCOME PRESENTATION ANNEX Group RWA breakdown TOTAL RWA BREAKDOWN PHASED-IN 57% Standardized Models 0.6% CVA Risk 85.1% Credit Risk 4.4% Market Risk 9.9% Operational Risk 43% IRB Models Note 1: Credit Valuation Adjustment. Note: Distribution of RWAs by type of risk and Model based on 3Q25

  50. Slide 50: Debt Issuances 2025-2026 YTD

    4Q25 FIXED INCOME PRESENTATION ANNEX Debt Issuances 2025- 2026 YTD PRODUCT ISSUE DATE CALL DATE MATURITY NOMINAL COUPON SNP Dual-T Jan-26 - Jan-29 / Jan-36 € 2,000 M 3ME+55bps / 3.75% AT1 Nov-25 Nov-32 Perp € 1,000 M 5.625% BBVA, S.A. SNP Aug-25 - Aug-35 € 1,000 M 3.75% SNP Jul-25 - Jul-30 € 1,000 M

  51. Slide 51: Called notes 2018-2025 YTD

    4Q25 FIXED INCOME PRESENTATION ANNEX Called notes 2018 - 2025 YTD BBVA OUTSTANDING follows an PRODUCT ISSUE DATE REDEMPTION COUPON CURRENCY (M) economic call policy BBVA, S.A. AT1 Jul-20 Jan-26 € 1,000 6.000% BBVA, S.A. SNP Sep-22 Sep-25 $1,000 5.862% BBVA, S.A. SP May-23 May-25 € 1,000 4.125% BBVA,

  52. Slide 52: Wholesale maturities 2026 - 2030+

    4Q25 FIXED INCOME PRESENTATION ANNEX Wholesale maturities 2026 - 2030+ Bn € EURO 2026 2027 2028 2029 2030+ TOTAL Senior Preferred 2.0 2.3 0.2 2.1 3.4 9.9 Senior Non Preferred 1.2 1.9 1.1 0.0 3.9 8.1 Covered Bonds 1.0 1.7 0.0 0.0 0.9 3.5 Preferred Shares 1.0 0.9 1.0 0.9 2.6 6.3 Subordinated 0.3 1.3 1

  53. Slide 53: Main Subsidiaries ratings

    4Q25 FIXED INCOME PRESENTATION ANNEX Main Subsidiaries ratings BBVA & SOVEREIGN LONG TERM SENIOR UNSECURED 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/Aa2 AA/Aa2 AA/

  54. Slide 54: Book Value of the Main Subsidiaries

    4Q25 FIXED INCOME PRESENTATION ANNEX Book Value of the Main Subsidiaries1,2 (€ BN; DEC-25) Δ (%) QoQ Mexico +7.4% Turkey +2.7% Colombia +3.7% Peru +8.4% Argentina +5.8% Uruguay +1.1% Chile +6.1% Venezuela -2.3% (1) Includes the initial investment + BBVA’s undistributed results + FX impact + other va

  55. Slide 55: BBVA

    BBVA

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