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

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

56 slides from Banco Bilbao Vizcaya Argentaria's debt investor presentation, July 2025

  1. Slide 1: 2Q25 Fixed Income Presentation

    2Q25 Fixed Income Presentation July, 2025

  2. Slide 2: Disclaimer

    2Q25 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: BBVA

    1 BBVA

  4. Slide 4: BBVA's global reach and financial performance

    2Q25 FIXED INCOME PRESENTATION BBVAʼs global reach and financial performance BBVA’s GLOBAL PRESENCE FINANCIAL HIGHLIGHTS JUNE 2025 JUNE 2025 Countries Employees Net Attributable Profit 6M25 CET1 ratio FL >25 125,864 5,447 M€ 13.34 % Branches Active Customers Total assets Deposits from customers Loans

  5. Slide 5: Diversified model with leading franchises in attractive markets

    2Q25 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 9% SPAIN # 3 14.2% South Ame

  6. Slide 6: Profitable business mix

    2Q25 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-25 JUN-25 23% CIB 1 23% Mortgages 24% Time Deposits

  7. Slide 7: Proving track record of solid financial returns

    2Q25 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: 2021-6M25, ANNUALIZED, % BBVA: 2021-6M25, % BBVA: 2021-6M25, % PEERS: 2021-3M25

  8. Slide 8: Sound fundamentals

    2Q25 FIXED INCOME PRESENTATION Sound fundamentals SOUND ASSET STRONG CAPITAL COMFORTABLE LIQUIDITY QUALITY METRICS NPL Ratio CET 1 FULLY-LOADED (%) (%) NSFR Group Coverage Ratio (%) 13.34% 126% Target Range 11.5%-12.0% Cost of Risk LCR Group 168%2 YtD(%) CET 1 Requirement 9.12%1 Jun-24 Sep-24 Dec-24

  9. Slide 9: Record customer acquisition driven by digital

    2Q25 FIXED INCOME PRESENTATION Record customer acquisition driven by digital NEW CUSTOMERS1 (BBVA GROUP, MILLION; % ACQUISITION THROUGH DIGITAL CHANNELS) 5.4 5.4 5.6 5.7 4.1 TOTAL 3.4 Digital 66% Digital 33% Active Clients2 56.9 M 79.1 M p. 9 (1) Gross customer acquisition through own channels for r

  10. Slide 10: Sustainability as a business opportunity and a growth driver

    2Q25 FIXED INCOME PRESENTATION Sustainability as a business opportunity and a growth driver SUSTAINABLE BUSINESS BY CUSTOMER SEGMENT (CHANNELING, € BILLION) (€ BN) 63 YoY 7.5 Sustainable 43 +48% business target 23.6 Retail +119% 2025-29 €700Bn 3.4 15.4 Enterprises +53% 31.9 CIB +34% 23.7 6M24 6M25 N

  11. Slide 11: 2Q25 Earnings

    2 2Q25 Earnings

  12. Slide 12: 2Q25 key messages

    2Q25 FIXED INCOME PRESENTATION 2Q25 key messages NET INTEREST INCOME TOTAL LOAN GROWTH1 Strong activity drives Net NET ATTRIBUTABLE PROFIT 1 Interest Income growth +11.2% +16.0% CONSTANT vs. 2Q24 CONSTANT vs. JUN’24 (CURRENT €M) Excellent fee income NET FEES AND COMMISSIONS -1.6% 2 evolution +17.7%

  13. Slide 13: Positive growth trend in revenues

    2Q25 FIXED INCOME PRESENTATION Positive growth trend in revenues NET INTEREST INCOME (CONSTANT €M) NET FEES AND COMMISSIONS (CONSTANT €M) +11.2% +17.7% +4.1% NII growth driven by Positive fee income strong activity and +3.9% trend levered on good price payments and asset management management NET TR

  14. Slide 14: Loan growth accelerates, absorbing the impact of lower rates

    2Q25 FIXED INCOME PRESENTATION Loan growth accelerates, absorbing the impact of lower rates and driving core revenues increase TOTAL LOAN GROWTH (YOY, CONSTANT €) TOTAL LOAN GROWTH CORE REVENUES (YOY, CONSTANT €) (CONSTANT €M) BBVA Group +2.2% 16.0% Spain +0.6% 13.3% +6.3% +2.4% 9.6% Jun-24 Jun-25 2

  15. Slide 15: Positive jaws and leading efficiency ratio

    2Q25 FIXED INCOME PRESENTATION Positive jaws and leading efficiency ratio POSITIVE JAWS EFFICIENCY RATIO (6M25 YOY, CONSTANT €) (COST-TO-INCOME, % CONSTANT €) FOOTPRINT -322bps INFLATION1 +19.6% 13.4 % 12M AVERAGE 40.9 +10.2% 37.6 Gross Operating 6M24 6M25 Income Expenses p. 15 (1) Weighted by operati

  16. Slide 16: Asset quality remains stable, better than expectations

    2Q25 FIXED INCOME PRESENTATION Asset quality remains stable, better than expectations FINANCIAL ASSETS IMPAIRMENTS NPL (CONSTANT €M) (CURRENT €BN) 1,311 1,381 1,402 1,326 1,436 15.4 15.3 14.8 14.3 14.6 2Q24 3Q24 4Q24 1Q25 2Q25 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 COST OF RISK NPL & COVERAGE RATIOS (%,

  17. Slide 17: Business Areas

    Business Areas SPAIN MEXICO TURKEY SOUTH AMERICA

  18. Slide 18: Spain

    2Q25 FIXED INCOME PRESENTATION BUSINESS AREAS Spain PROFIT & LOSS (€M) Δ (%) Δ (%) ACTIVITY (€BN, JUN-25) 2Q25 vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 LENDING1 CUST.FUNDS1 Net Interest Income 1,623 1.7 1.0 3,230 1.5 Net Fees and Commissions 587 3.6 -0.5 1,176 5.2 YoY YoY +6.3% +5.1% Net Trading Income 153 -

  19. Slide 19: Mexico

    2Q25 FIXED INCOME PRESENTATION BUSINESS AREAS Mexico PROFIT & LOSS Δ Constant (%) Δ Current Δ Constant ACTIVITY (JUN-25; CONSTANT €BN) (%) (%) (CONSTANT €M) 2Q25 vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 vs. 6M24 LENDING1 CUST.FUNDS1 Net Interest Income 2,784 10.2 2.1 5,511 -7.7 8.9 YoY YoY Net Fees and Commi

  20. Slide 20: Turkey

    2Q25 FIXED INCOME PRESENTATION BUSINESS AREAS Turkey PROFIT & LOSS Δ Current (%) Δ Current (%) ACTIVITY (JUN-25; CONSTANT €BN; BANK ONLY) (CURRENT €M) 2Q25 vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 Net Interest Income 605 84.9 -13.7 1,307 116.0 LENDING2 CUST.FUNDS2 Net Fees and Commissions 508 5.5 -7.5 1,058

  21. Slide 21: South America

    2Q25 FIXED INCOME PRESENTATION BUSINESS AREAS South America NET ATTRIBUTABLE PROFIT ACTIVITY (JUN-25; CONSTANT €BN) (CURRENT €M) Δ Current (%) Δ Current (%) LENDING1 CUST.FUNDS1 YoY 2Q25 vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 YoY +17.9% +16.4% Colombia 40 9.0 21.7 73 29.4 Colombia +2.9% Peru 72 6.4 -14.2 1

  22. Slide 22: 2025 Outlook

    2Q25 FIXED INCOME PRESENTATION 2025 Outlook Improved Guidance SPAIN MEXICO 1 TURKEY Group Loans: above mid single digit Loans: growth at around 10% Net Profit will stand growth, outperforming the NII: growth at high single digit, somewhat below €1 ROTE market below activity billion 20 NII: slightly p

  23. Slide 23: Capital & Liquidity

    3 Capital & Liquidity

  24. Slide 24: High quality and resilient capital

    2Q25 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

  25. Slide 25: Sound capital position above our target

    2Q25 FIXED INCOME PRESENTATION Sound capital position above our target CET 1 FULLY-LOADED AT1 AND TIER 2 FL BUCKETS (% BPS) JUN-25 (%) ADDITIONAL POSITIVE REGULATORY 2.97% +25bps IMPACTS c.+40-50bps 2.38% in 2H25 +69 bps -37 bps 1.78% 13.09% -41 bps +17 bps 13.34% +17 bps 1.42% Target Range 11.5%-12

  26. Slide 26: Among the lowest SREP requirement with a comfortable MDA distance

    2Q25 FIXED INCOME PRESENTATION Among the lowest SREP requirement with a comfortable MDA distance BBVA, GROUP CET1 REQUIREMENT AND DISTANCE TO MDA BBVA JUN-25/ PEERS MAR-25 13.70% Distance to MDA 2 17.72% 386 bps T2 11.30% 10.88% 13.28% 10.42% 10.32% 10.22% AT1 9.84% 9.65% T2 9.12% 8.68% 8.60% 9.12%

  27. Slide 27: Strong capital position in BBVA, S.A., above requirement

    2Q25 FIXED INCOME PRESENTATION Strong capital position in BBVA, S.A., above requirement BBVA, S.A. REQUIREMENT AND DISTANCE TO MDA JUN-25 Distance to MDA 2 22.01% 12.15% 825 bps €17.0 Bn T2 T2 AT1 7.99%1 Systemic Risk Buffer AT1 CCyB 1 CCB Pilar 2R CET1 CET1 Pilar 1 CET1 Total Capital Total Capital

  28. Slide 28: Sound MREL position

    2Q25 FIXED INCOME PRESENTATION Sound MREL position MREL POSITION AS OF JUN-25 (% RWA1) MREL REQUIREMENT + CBR SUBORDINATION REQUIREMENT + CBR 31.55% 26.64% 26.78% 3.65% MREL 17.15% Subordination CBR3 3.65% CBR3 23.13% 13.50% Total Requirement Eligible instruments 2 Total Requirement Eligible instrum

  29. Slide 29: Solid funding structure with ample liquidity buffers

    2Q25 FIXED INCOME PRESENTATION Solid funding structure with ample liquidity buffers BBVA GROUP LIQUIDITY BALANCE SHEET1 BBVA GROUP LIQUIDITY AND FUNDING METRICS JUN-25 JUN-25 Turkey3 South BBVA S.A.2 Mexico America LTD 94% 104% 82% 96% LCR 169% 160% 144% >100% NSFR 119% 132% 147% >100% LCR Group4 NSF

  30. Slide 30: Limited wholesale funding maturities in all geographies

    2Q25 FIXED INCOME PRESENTATION Limited wholesale funding maturities in all geographies DEBT OUTSTANDING BY PRODUCT WHOLESALE FUNDING MATURITIES JUN-25, € BN ESG Group debtJUN-25, € BN outstanding Others1 12.3 EURO Senior Preferred € 45.8 bn 19% 21.3 33% TOTAL MEXICO T2 / Subordinated 63.7 14.3 22% €

  31. Slide 31: Funding Plan 2025

    2Q25 FIXED INCOME PRESENTATION Funding Plan 2025 Oriented to meet call options for hybrid instruments and MREL eligibility losses. Continued focus on optimizing the capital structure. Subject to Balance Sheet and liquidity evolution. BBVA, S.A. 2024 2025 2025 (€Bn) 2025 Strategy1 Executed Executed P

  32. Slide 32: All Ratings Agencies assign BBVA a rating on the single A space

    2Q25 FIXED INCOME PRESENTATION All Ratings Agencies assign BBVA a rating on the single A space 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 Rating Watch Investment Aaa AAA AAA AAA CB Moody’s Posit

  33. Slide 33: Medium-Term Strategic Objectives

    4 Medium-Term Strategic Objectives

  34. Slide 34: Our new strategic priorities will strengthen our leadership position

    2Q25 FIXED MEDIUM - TERM INCOME STRATEGIC PRESENTATION OBJECTIVES Our new strategic priorities will strengthen our leadership position Embed a Radical Client Scale up All Strengthen Perspective Enterprise Our Empathy, in All We Do Segments Succeed as a Winning Team Promote a Boost Value and Unlock t

  35. Slide 35: Main macro assumptions

    2Q25 FIXED MEDIUM - TERM INCOME STRATEGIC PRESENTATION OBJECTIVES Main macro assumptions Relative stability around economic growth and inflation Global / Nominal credit growth for the industry slightly above GDP growth General In lower-inflation geographies, interest rates reach bottom in 2025-26 Depr

  36. Slide 36: What should be highlighted in the new strategic cycle

    2Q25 FIXED MEDIUM - TERM INCOME STRATEGIC PRESENTATION OBJECTIVES What should be highlighted in the new strategic cycle A SIGNIFICANT BOOST IN REVENUE GROWTH AND VALUE CREATION Continued Core Hyper Enterprises More focus market share countries to countries to & CIB on fee gains due to improve on the

  37. Slide 37: Group Financial KPIs Goals

    2Q25 FIXED MEDIUM - TERM INCOME STRATEGIC PRESENTATION OBJECTIVES Group Financial KPIs Goals ROTE TBV + DIV PER SH C/I RATIO NET ATTRIBUTABLE (%, CURRENT €) (%, CURRENT €) (%, CURRENT €) PROFIT (CURRENT €) c.22% Mid-teens c.35% c.€48 Bn Cumulative Avg. 2025-2028 CAGR 2024-2028 2028 2025-2028 p. 37

  38. Slide 38: Business Units Financial KPIs Goals

    2Q25 FIXED MEDIUM - TERM INCOME STRATEGIC PRESENTATION OBJECTIVES 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-sing

  39. Slide 39: Strong CET1 generation expected to enable significant capital distribution

    2Q25 FIXED MEDIUM - TERM INCOME STRATEGIC PRESENTATION OBJECTIVES Strong CET1 generation expected to enable significant capital distribution1 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

  40. Slide 40: Annex

    Annex 8 CET1 Sensitivity to market impacts 1 2Q25 Profit & Loss 9 RWAs by business area 2 6M25 Profit & Loss 10 Group RWA breakdows 3 ALCO Portfolio 11 Debt Issuances 2024-2025 YTD 4 NII sensitivity to interest rate movements 12 Called notes 2018-2025 YTD 5 Customer spread: quarterly evolution 13 Whol

  41. Slide 41: 2Q25 Profit & Loss

    2Q25 FIXED INCOME PRESENTATION ANNEX 2Q25 Profit & Loss Change Change 2Q25/2Q24 2Q25/1Q25 % % BBVA GROUP (€M) 2Q25 const. % const. % Net Interest Income 6,208 11 -4 4 -3 Net Fees and Commissions 1,951 18 0 4 -5 Net Trading Income 484 -49 -57 -42 -49 Other Income & Expenses 67 n.s. n.s. n.s. n.s. Gros

  42. Slide 42: 6M25 Profit & Loss

    2Q25 FIXED INCOME PRESENTATION ANNEX 6M25 Profit & Loss Change 6M25/6M24 % BBVA GROUP (€M) 6M25 const. % Net Interest Income 12,607 10 -3 Net Fees and Commissions 4,010 18 4 Net Trading Income 1,431 -13 -24 Other Income & Expenses -15 n.s. n.s. Gross Income 18,034 20 3 Operating Expenses -6,787 10 -1

  43. Slide 43: ALCO Portfolio

    2Q25 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-25 (€ BN) (€ BN) incl. hedges) South 0.2 6.1 1.6 years America Turkey 5.3 3.0 4.3 years Mexico 5.2 9.8 3.1 years

  44. Slide 44: NII sensitivity to interest rates movements

    2Q25 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% +/- 2.5% SPAIN MEXICO Note: NII sensitivities to parallel i

  45. Slide 45: Customer spreads: quarterly evolution

    2Q25 FIXED INCOME PRESENTATION ANNEX Customer AVERAGE 2Q24 3Q24 4Q24 1Q25 2Q25 spreads: Spain 3.44% 3.39% 3.30% 3.19% 3.05% Yield on Loans 4.30% 4.25% 4.13% 3.85% 3.66% quarterly Cost of Deposits -0.87% -0.86% -0.83% -0.66% -0.60% Mexico MXN 12.41% 12.48% 12.33% 12.00% 11.96% evolution Yield on Loan

  46. Slide 46: Stages breakdown by business areas

    2Q25 FIXED INCOME PRESENTATION ANNEX Stages breakdown by business areas CREDIT RISK BUSINESS BREAKDOWN BY AREA (JUN-25, € M) Gross Accumulated Gross Accumulated Gross Accumulated BBVA GROUP Exposure impairments SPAIN Exposure impairments MEXICO Exposure impairments Stage 1 456,385 2,423 Stage 1 193,

  47. Slide 47: Capital Base BBVA Group & BBVA, S.A.

    2Q25 FIXED INCOME PRESENTATION ANNEX Capital Base BBVA Group & BBVA, S.A. CAPITAL RATIOS JUN-25 (%) 17.72% 22.01% T2 AT1 CET1 BBVA Group BBVA, S.A. CET 1 € 51,634 m € 33,366 m AT1 € 5,489 m € 5,309 m T2 € 11,480 m € 6,545 m Total Capital Base € 68,603 m € 45,220 m RWA € 387,051 m € 205,473 m Note: P

  48. Slide 48: CET1 Sensitivity to Market Impacts

    2Q25 FIXED INCOME PRESENTATION ANNEX CET1 Sensitivity to Market Impacts1 TO A 10% CURRENCY DEPRECIATION2 TO A 10% DECLINE IN (JUN-25) TELEFONICA’S SHARE PRICE (JUN-25) 2 bps MXN TRY USD ー 9 bps ー 3 bps +12 bps ー TO +100 BPS MOVEMENT IN TO +100 BPS MOVEMENT IN THE THE SPANISH SOVEREIGN BOND MEXICAN S

  49. Slide 49: Risk-weighted assets by business area

    2Q25 FIXED INCOME PRESENTATION ANNEX Risk-weighted assets by business area Fully-Loaded RWAs BREAKDOWN BY BUSINESS AREA (€M) Mar-25 Jun-25 Spain 121,219 120,209 Mexico 87,158 88,043 Turkey 65,961 66,645 South America 54,983 52,707 Argentina 11,098 11,352 Chile 2,137 2,022 Colombia 18,788 17,428 Peru

  50. Slide 50: Group RWA breakdown

    2Q25 FIXED INCOME PRESENTATION ANNEX Group RWA breakdown TOTAL RWA BREAKDOWN PHASED-IN 57% Standardized Models 0.7% CVA Risk 84% Credit Risk 4.7% Market Risk 10.6% Operational Risk 43% IRB Models Note 1: Credit Valuation Adjustment. Note: Distribution of RWAs by type of risk and Model based on 1Q25

  51. Slide 51: Debt Issuances 2024 - 2025 YTD

    2Q25 FIXED INCOME PRESENTATION ANNEX Debt Issuances 2024 - 2025 YTD PRODUCT ISSUE DATE CALL DATE MATURITY NOMINAL COUPON SNP Jul-25 - Jul-30 € 1,000 M 3.125% BBVA, S.A. T2 Feb-25 Feb-32 Feb-37 € 1,000 M 4.000% AT1 Jan-25 Jan-32 Perp $ 1,000 M 7.750% T2 Aug-24 Aug-31* Aug-36 € 1,000 M 4.375% AT1 Jun-

  52. Slide 52: Called notes 2018 - 2025 YTD

    2Q25 FIXED INCOME PRESENTATION ANNEX Called notes 2018 - 2025 YTD BBVA follows an OUTSTANDING PRODUCT ISSUE DATE REDEMPTION COUPON CURRENCY (M) economic call policy BBVA, S.A. SP May-23 May-25 € 1,000 4.125% BBVA, S.A. AT1 Ago-19 Mar-25 $ 1,000 6.500% BBVA, S.A. T2 Jan-20 Jan-25 € 1,000 1.000% BBVA

  53. Slide 53: Wholesale maturities 2025 - 2029+

    2Q25 FIXED INCOME PRESENTATION ANNEX Wholesale maturities 2025 - 2029+ Bn € EURO 2025 2026 2027 2028 2029+ TOTAL Senior Preferred 2.7 2.0 2.3 0.2 5.5 12.6 Senior Non Preferred 0.9 1.2 1.9 1.1 1.9 6.9 Covered Bonds 0.0 1.0 1.7 0.0 0.9 3.5 Preferred Shares 0.0 1.0 0.9 1.0 2.5 5.3 Subordinated 0.2 0.4

  54. Slide 54: Main Subsidiaries ratings

    2Q25 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/

  55. Slide 55: Book Value of the main subsidiaries

    2Q25 FIXED INCOME PRESENTATION ANNEX Book Value of the main subsidiaries1,2 (€ BN; JUN-25) Δ (%) QoQ Mexico +1.5% Turkey -2.9% Colombia -3.1% Peru +0.6% Argentina -12.1% Uruguay +0.9% Chile -8.1% Venezuela +3.8% (1) Includes the initial investment + BBVA’s undistributed results + FX impact + other v

  56. Slide 56: BBVA

    BBVA

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) — Debt Investor Presentation (July 2025) on 6ix