59 slides from Banco Bilbao Vizcaya Argentaria's earnings presentation, Feb 5, 2026
Slide 1: 2025 Earnings
2025 Earnings February 5, 2026
Slide 2: Disclaimer
2025 EARNINGS 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 securities issued by any
Slide 3: 2025: Outstanding Profitable Growth
2025 EARNINGS 2025: Outstanding Profitable Growth 1 TBV + DIVIDENDS (PER SHARE, GROWTH) NET ATTRIBUTABLE PROFIT Excellent Value Creation with continued growth of Profits +12.8% vs. 2024 +15.2% (excluding SBBs) €10.5 BILLION +4.5% YoY growth 2 TOTAL LOANS 1 ROTE Unique combination of Growth and Profitab
Slide 4: Excellent Value Creation and Profit evolution
2025 EARNINGS Excellent Value Creation and Profit evolution TBV + DIVIDENDS RECURRENT NET ATTRIBUTABLE PROFIT & EPS3 1 (€ / SHARE ) (CURRENT €M) +5.8% +12.8% +15.2% vs. 2024 +1.4 % YoY ex-SBB EARNINGS 10,054 10,511 +4.5% vs. 2024 PER SHARE (RECURRENT, €)4 8,019 10.28 10.42 9.24 0.732 0.732 6,621 5,06
Slide 5: Unique Combination of Growth and Profitability
2025 EARNINGS Unique Combination of Growth and Profitability 13% LOAN GROWTH GROSS LOANS (2025 vs. 2024 11% € CURRENT) 9% Peer 1 7% Peer 4 Peer 9 5% Peer 14 Peer 12 Peer 7 Peer 2 3% Peer 6 1% Peer 3 Peer 5 Peer 13 Peer 10 Peer 8 -1% Peer 11 -3% 8% 11% 14% 17% 20% PROFITABILITY RETURN ON TANGIBLE EQUI
Slide 6: Record Customer Growth driven by Digital
2025 EARNINGS 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 sales in 2025 2020
Slide 7: Advancing in the Execution of our Strategy
2025 EARNINGS 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 negative experiences
Slide 8: Superior Growth in Selected Areas
2025 EARNINGS 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% +constant 16% +consta
Slide 9: 2025 Key Financial Messages
2025 EARNINGS 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% -206 bps vs. 2024
Slide 10: 2025 Profit & Loss
2025 EARNINGS 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 Expenses -14,332 10.5 1
Slide 11: 4Q25 Profit & Loss
2025 EARNINGS 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 -80.8 -74.2 -39.8 -39.0 Gr
Slide 12: Strong Activity drives Core Revenues Growth
2025 EARNINGS 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 adjusted +7.5% De
Slide 13: Market Share Gains Across the Board
2025 EARNINGS Market Share Gains Across the Board LOAN MARKET SHARES1 Total loans Spain Mexico Turkey Var. 25/24 Var. 25/24 Var. 25/24 +20bps +29bps +36bps 2019 2025 2019 2025 2019 2025 Colombia Peru Argentina Var. 25/24 Var. 25/24 Var. 25/24 -12bps +4bps +62bps 2019 2025 2019 2025 2019 2025 (1) Loa
Slide 14: Positive Jaws and Leading Efficiency Ratio
2025 EARNINGS 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 (1) Weighted by operating expenses and exc
Slide 15: Sound Asset Quality Metrics, Improving NPL and Coverage Ratios
2025 EARNINGS 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 RATIOS (%, YTD) (%)
Slide 16: Solid Capital Position Above our Target
2025 EARNINGS Solid Capital Position Above our Target CET1 RATIO (%, BPS) +64 bps -34 bps -57 bps +56 bps 13.75% 13.42% +4 bps 12.70% -105 bps Target Range 11.5%-12.0% SREP Requirement(3) 9.28% Sep-25 Results Dividend RWAs Others1 Regulatory Dec-25 €4.0 Bn Dec-25 accrual & activity impacts exc. SBB
Slide 17: Significant increase of Shareholder Distributions
2025 EARNINGS Significant increase of Shareholder Distributions TOTAL REGULAR PAY-OUT CASH DIVIDEND4 2025 (€CTS. / SHARE) +31% 50% Highest 1 of Net Attributable Profit € 92 cts./ share cash 70 dividend 43 55 60 Apr-26 ever €5.2 Bn2 € 92 cts / share 3 26 31 Fully paid in cash 6 32 Nov-25 2019 2020 2021
Slide 18: Group Financial KPIs Goals Evolution
2025 EARNINGS 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 2025-2028 12M25 12M25
Slide 19: Business Areas
Business Areas SPAIN MEXICO TURKEY SOUTH AMERICA REST OF BUSINESS
Slide 20: Spain
2025 EARNINGS BUSINESS AREAS 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% +8.0
Slide 21: Mexico
2025 EARNINGS BUSINESS AREAS 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 2,3
Slide 22: Turkey
2025 EARNINGS BUSINESS AREAS 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 Tradin
Slide 23: South America
2025 EARNINGS BUSINESS AREAS 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 Col
Slide 24: Rest of business
2025 EARNINGS BUSINESS AREAS 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 2
Slide 25: Takeaways & Outlook
2025 - 2026 Takeaways & Outlook
Slide 26: Takeaways
2025 EARNINGS Takeaways Outstanding Value Creation for our Net Attributable Profit sets a new stakeholders record Leadership in Profitability while Advancing in the execution of our growing our franchise in an exceptional Strategy manner Significant increase of Shareholder On track to achieve our ambit
Slide 27: 2026 Outlook
2025 EARNINGS 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: high single digit
Slide 28: Our Strategic Priorities Will Strengthen our Leadership Position
2025 EARNINGS Our Strategic Priorities Will Strengthen our Leadership Position Embed a Strengthen Scale up All Radical Client Our Enterprise Perspective in Empathy, Segments All We Do Succeed as a Winning Team Promote a Boost Value and sustainability Capital Unlock the as a Growth Creation Potential
Slide 29: Annex
Annex 1 P&L Accounts by Business Area 6 CET1 evolution YtD & RWAs by Business Area 2 Customer Spread by Country 7 Book Value of the Main Subsidiaries 3 Stages Breakdown by Business Area 8 MREL 4 ALCO Portfolio, NII Sensitivity and LCRs & NSFRs 9 Digital Metrics 5 CET1 Sensitivity to Market Impacts 1
Slide 30: P&L Accounts by Business Area
1 P&L Accounts by Business Area Corporate Center Turkey Argentina Colombia Peru (hyperinflation adjustment) (hyperinflation adjustment)
Slide 31: Corporate Center
2025 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS AREA Corporate Center Δ (%) Δ (%) PROFIT & LOSS (€M) 4Q25 vs. 4Q24 vs. 3Q25 12M25 vs. 12M24 Net Interest Income -146 -16.1 18.1 -469 -5.3 Net Fees and Commissions -40 296.3 60.2 -127 80.4 Net Trading Income -14 n.s. -86.3 -200 n.s. Other Income & Expens
Slide 32: Turkey - Hyperinflation Adjustment
2025 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS AREA Turkey - Hyperinflation Adjustment 12M25 Hyperinflation 12M25 PROFIT & LOSS (€M) (reported) (1) adjustment (2) Ex.Hyperinflation Net Interest Income 3,079 -76 3,155 Net Fees and Commissions 2,123 -39 2,162 Net Trading Income 394 88 306 Other Income &
Slide 33: Argentina - Hyperinflation Adjustment
2025 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS AREA Argentina - Hyperinflation Adjustment 12M25 Hyperinflation 12M25 PROFIT & LOSS (€M) (reported) (1) adjustment (2) Ex.Hyperinflation Net Interest Income 1,570 -137 1,707 Net Fees and Commissions 313 -28 341 Net Trading Income 242 3 239 Other Income & E
Slide 34: Colombia
2025 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS AREA Colombia Δ (%) Δ (%) PROFIT & LOSS (€M CONSTANT) 4Q25 vs. 4Q24 vs. 3Q25 12M25 vs. 12M24 Net Interest Income 268 15.2 4.3 999 7.6 Net Fees and Commissions 47 74.7 44.6 131 17.6 Net Trading Income 14 -10.2 -46.7 81 -16.1 Other Income & Expenses -51 n
Slide 35: Peru
2025 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS AREA Peru Δ (%) Δ (%) PROFIT & LOSS (€M CONSTANT) 4Q25 vs. 4Q24 vs. 3Q25 12M25 vs. 12M24 Net Interest Income 388 8.5 2.0 1,489 4.8 Net Fees and Commissions 85 13.9 -10.7 334 8.1 Net Trading Income 45 6.7 -19.9 207 -0.5 Other Income & Expenses -12 67.9 -
Slide 36: Customer Spread by Country
2 Customer Spread by Country
Slide 37: Customer Spreads: Quarterly Evolution
2025 EARNINGS ANNEX - CUSTOMER SPREAD BY COUNTRY Customer Spreads: 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% Quarterly Cost of Deposits Mexico MXN -0.83% 12.33% -0.66% 12.00% -0.60% 11.96% -0.57% 11.98% -0.59% 12.01% Evolution Y
Slide 38: Customer Spreads: YtD
2025 EARNINGS ANNEX - CUSTOMER SPREAD BY COUNTRY Customer Spreads: AVERAGE 12M24 12M25 Spain 3.39% 2.98% Yield on Loans 4.26% 3.58% YtD Cost of Deposits Mexico MXN -0.87% 12.42% -0.61% 11.99% Evolution Yield on Loans Cost of Deposits Mexico FC1 15.44% -3.02% 6.21% 14.59% -2.60% 5.23% Yield on Loans
Slide 39: Stages Breakdown by Business Area
3 Stages Breakdown by Business Area
Slide 40: Stages Breakdown by Business Areas
2025 EARNINGS ANNEX - STAGES BREAKDOWN BY BUSINESS AREA 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 St
Slide 41: ALCO Portfolio, NII Sensitivity and LCRs & NSFRs
4 ALCO Portfolio, NII Sensitivity and LCRs & NSFRs
Slide 42: ALCO Portfolio
2025 EARNINGS ANNEX - ALCO PORTFOLIO, NII SENSITIVITY AND LCRS & NSFRS 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
Slide 43: NII Sensitivity to Interest Rates Movements
2025 EARNINGS ANNEX - ALCO PORTFOLIO, NII SENSITIVITY AND LCRS & NSFRS 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 sensit
Slide 44: Liquidity and Funding Ratios
2025 EARNINGS ANNEX - ALCO PORTFOLIO, NII SENSITIVITY AND LCRS & NSFRS Liquidity and Funding Ratios BBVA GROUP AND SUBSIDIARIES LCR & NSFR (DEC-25) LCR NSFR Total Group 169% / 143% 1 126% Loan To Both LCR and NSFR Deposit significantly above the BBVA, S.A. 162% 117% 87% 100% requirements, at a Group
Slide 45: CET1 Sensitivity to Market Impacts
5 CET1 Sensitivity to Market Impacts
Slide 46: CET1 Sensitivity to Market Impacts
2025 EARNINGS ANNEX - CET1 SENSITIVITY TO MARKET IMPACTS 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 SOV
Slide 47: CET1 evolution YtD & RWAs by Business Area
6 CET1 evolution YtD & RWAs by Business Area
Slide 48: Capital YtD evolution
2025 EARNINGS ANNEX - CET1 EVOLUTION YTD & RWAs BY BUSINESS AREA Capital YtD evolution CET1 RATIO – BBVA GROUP (%, BPS) +265 bps -143 bps 12.88% -152 bps 13.75% +61 bps +56 bps -105 bps 12.70% Dec-24 Results Dividend RWAs Others1 Dec-25 €4.0 Bn Dec-25 accrual & Regulatory activity impacts exc. SBB e
Slide 49: Risk-Weighted Assets by Business Area
2025 EARNINGS ANNEX - CET1 EVOLUTION YTD & RWAs BY BUSINESS AREA 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
Slide 50: Book Value of the Main Subsidiaries
7 Book Value of the Main Subsidiaries
Slide 51: Book Value of the Main Subsidiaries
2025 EARNINGS ANNEX - BOOK VALUE OF THE MAIN SUBSIDIARIES 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 +
Slide 52: MREL
8 MREL
Slide 53: Sound MREL Position
2025 EARNINGS ANNEX - MREL 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 M-MD
Slide 54: Digital Metrics
Oo Digital Metrics
Slide 55: Digital Metrics: Mobile Customers & Digital Sales
2025 EARNINGS ANNEX - DIGITAL METRICS Digital Metrics: Mobile Customers & Digital Sales MOBILE CUSTOMERS DIGITAL SALES (MILLION CUSTOMERS, %) (% OF TOTAL SALES YTD) Units (# of transactions) PRV2 CUSTOMER PENETRATION RATE1 72.7% 75.4% 77.1% (1) Mobile over total active clients. (2) Product Relative
Slide 56: Medium-Term Strategic Objectives
10 Medium-Term Strategic Objectives
Slide 57: Business Units Financial KPIs Goals
2025 EARNINGS ANNEX - MEDIUM-TERM STRATEGIC 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-single High-sin
Slide 58: CET1 expected generation & uses of capital
2025 EARNINGS ANNEX - MEDIUM-TERM STRATEGIC OBJECTIVES 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 D
Slide 59: BBVA
BBVA