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

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

52 slides from Banco Bilbao Vizcaya Argentaria's debt investor presentation, November 2025

  1. Slide 1: 3Q25 Fixed Income Presentation

    3Q25 Fixed Income Presentation September, 2025

  2. Slide 2: Disclaimer

    3Q25 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

    3Q25 FIXED INCOME PRESENTATION BBVAʼs global reach and financial performance BBVA’s GLOBAL PRESENCE FINANCIAL HIGHLIGHTS SEPTEMBER 2025 SEPTEMBER 2025 Countries Employees Net Attributable Profit 9M25 CET1 ratio FL >25 126,997 7,978 M€ 13.42 % Branches Active Customers Total assets Deposits from custom

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

    3Q25 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 14.1% South Ame

  6. Slide 6: Profitable business mix

    3Q25 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) SEP-25 SEP-25 24% CIB 1 22% Mortgages 26% Time Deposits

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

    3Q25 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: 2021-9M25, ANNUALIZED, % BBVA: 2021-9M25, % BBVA: 2021-9M25, % PEERS: 2021-6M25

  8. Slide 8: Sound fundamentals

    3Q25 FIXED INCOME PRESENTATION Sound fundamentals SOUND ASSET STRONG CAPITAL COMFORTABLE LIQUIDITY QUALITY METRICS NPL Ratio CET 1 FULLY-LOADED (%) (%) NSFR Group Coverage Ratio (%) 13.42% 128% Target Range 11.5%-12.0% Cost of Risk LCR Group 174%2 YtD(%) CET 1 Requirement 9.13%1 Sep-24 Dec-24 Mar-25

  9. Slide 9: Record Customer Acquisition driven by digital

    3Q25 FIXED INCOME PRESENTATION Record Customer Acquisition driven by digital NEW CUSTOMERS1 (BBVA GROUP, MILLION; % ACQUISITION THROUGH DIGITAL CHANNELS) 8.6 8.3 8.5 8.7 6.5 5.3 Digital 66% TOTAL Digital 33% Active Clients2 57.4 M 80.1 M p. 9 (1) Gross customer acquisition through own channels for r

  10. Slide 10: Sustainability as a Business Opportunity and a growth driver

    3Q25 FIXED INCOME PRESENTATION Sustainability as a Business Opportunity and a growth driver SUSTAINABLE FINANCE BY CUSTOMER SEGMENT SUSTAINABLE BUSINESS (€ BN) (CHANNELING, € BILLION) 97 YoY 11.1 Sustainable 66 +48% business target 5.5 36.2 Retail +102% 2025-29 €700Bn 23.7 Enterprises +52% 49.7 CIB

  11. Slide 11: Group Financial KPIs Goals Evolution

    3Q25 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 38.2% Cumulative 2025-2

  12. Slide 12: 3Q25 Earnings

    2 3Q25 Earnings

  13. Slide 13: 3Q25 Key Messages

    3Q25 FIXED INCOME PRESENTATION 3Q25 Key Messages 1 Strong activity drives Net NET INTEREST INCOME TOTAL LOAN GROWTH1 Interest Income growth +18.3% vs. 3Q24 +16.0% vs. Sep 2024 CONSTANT CONSTANT 2 Excellent fee income NET FEES AND COMMISSIONS evolution +15.3% vs. 3Q24 CONSTANT 3 Positive jaws and lea

  14. Slide 14: Outstanding Profitable Growth

    3Q25 FIXED INCOME PRESENTATION Outstanding Profitable Growth NET ATTRIBUTABLE PROFIT NET ATTRIBUTABLE PROFIT (CURRENT €M) (CURRENT €M) -3.7% +4.7% -8.0% 7,978 7,622 2,627 2,749 2,531 5,961 4,842 9M22 9M23 9M24 9M25 3Q24 2Q25 3Q25 p. 14 (1) Performing loans under management excluding repos.

  15. Slide 15: Remarkable Growth Trend in revenues

    3Q25 FIXED INCOME PRESENTATION Remarkable Growth Trend in revenues NET INTEREST INCOME (CONSTANT €M) NET FEES AND COMMISSIONS (CONSTANT €M) +18.3% +15.3% +7.1% NII growth driven by +5.8% Positive fee income strong activity and trend levered on effective rates lock-in payments and asset strategies ma

  16. Slide 16: Loan Growth Strength continues as guided, driving core revenues increase

    3Q25 FIXED INCOME PRESENTATION Loan Growth Strength continues as guided, driving core revenues increase TOTAL LOAN GROWTH (YOY, CONSTANT €) TOTAL LOAN GROWTH CORE REVENUES BBVA Group (YOY, CONSTANT €) (CONSTANT €M) 2025 Guidance: +3.6% Spain above mid single digit growth +1.4% 16.0% 14.3% +7.8% +1.5

  17. Slide 17: Interest Rates are around their terminal level leading to relative spread stability

    3Q25 FIXED INCOME PRESENTATION Interest Rates are around their terminal level leading to relative spread stability going forward INTEREST RATES AND CUSTOMER SPREAD EVOLUTION (%) OFFICIAL INTEREST RATES BBVA CUSTOMER SPREADS (%) (%) 4.0 Expected Terminal Rate c.2% 3.42 2.88 Spain ECB Deposit facility

  18. Slide 18: Positive Jaws and leading efficiency ratio

    3Q25 FIXED INCOME PRESENTATION Positive Jaws and leading efficiency ratio POSITIVE JAWS EFFICIENCY RATIO (9M25 YOY, CONSTANT €) (COST-TO-INCOME, % CONSTANT €) FOOTPRINT -178bps INFLATION1 11.4 % 12M AVERAGE % 40.0 +16.2 38.2 +11.0% Gross Operating 9M24 9M25 Income Expenses p. 18 (1) Weighted by operat

  19. Slide 19: Sound Asset Quality Metrics, better than expectations

    3Q25 FIXED INCOME PRESENTATION Sound Asset Quality Metrics, better than expectations FINANCIAL ASSETS IMPAIRMENTS NPL (CONSTANT €M) (CURRENT €BN) 1,601 15.3 14.8 14.6 14.3 1,368 1,391 1,306 1,421 14.3 3Q24 4Q24 1Q25 2Q25 3Q25 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 COST OF RISK NPL & COVERAGE RATIOS (%,

  20. Slide 20: Business Areas

    Business Areas SPAIN MEXICO TURKEY SOUTH AMERICA

  21. Slide 21: Spain

    3Q25 FIXED INCOME PRESENTATION Spain PROFIT & LOSS (€M) Δ (%) Δ (%) ACTIVITY (€BN, SEP-25) 3Q25 vs. 3Q24 vs. 2Q25 9M25 vs. 9M24 LENDING1 CUST.FUNDS1 Net Interest Income 1,675 4.0 3.2 4,905 2.3 Net Fees and Commissions 566 2.2 -3.5 1,743 4.2 YoY YoY Net Trading Income 136 -40.0 -11.2 536 -11.2 +6.7%

  22. Slide 22: Mexico

    3Q25 FIXED INCOME PRESENTATION Mexico PROFIT & LOSS Δ Constant (%) Δ Current Δ Constant ACTIVITY (SEP-25; CONSTANT €BN) (%) (%) (CONSTANT €M) 3Q25 vs. 3Q24 vs. 2Q25 9M25 vs. 9M24 vs. 9M24 LENDING1 CUST.FUNDS1 Net Interest Income 2,878 7.2 3.3 8,393 -4.2 8.3 Net Fees and Commissions 585 5.3 2.6 1,730

  23. Slide 23: Turkey

    3Q25 FIXED INCOME PRESENTATION Turkey PROFIT & LOSS Δ Current (%) Δ Current (%) ACTIVITY (SEP-25; CONSTANT €BN; BANK ONLY) (CURRENT €M) 3Q25 vs. 3Q24 vs. 2Q25 9M25 vs. 9M24 Net Interest Income 831 159.4 37.2 2,137 131.0 LENDING2 CUST.FUNDS2 Net Fees and Commissions 544 9.0 7.1 1,602 14.1 Net Trading

  24. Slide 24: South America

    3Q25 FIXED INCOME PRESENTATION South America NET ATTRIBUTABLE PROFIT ACTIVITY (SEP-25; CONSTANT €BN) (CURRENT €M) Δ Current (%) Δ Current (%) LENDING1 CUST.FUNDS1 YoY 3Q25 vs. 3Q24 vs. 2Q25 9M25 vs. 9M24 YoY +15.7% +15.6% Colombia 48 40.5 20.6 122 33.6 Colombia +3.3% Peru 71 12.3 -2.1 227 31.0 Colom

  25. Slide 25: Rest of business

    3Q25 FIXED INCOME PRESENTATION Rest of business PROFIT & LOSS Δ (%) Δ (%) ACTIVITY (SEP-25; CONSTANT €BN) (CONSTANT €M) 3Q25 vs. 3Q24 vs. 2Q25 9M25 vs. 9M24 Net Interest Income 221 17.4 16.7 596 15.7 LENDING1 CUST.FUNDS1 Net Fees and Commissions 152 48.0 6.2 428 53.9 YoY Net Trading Income 93 11.0 2

  26. Slide 26: Capital & Liquidity

    3 Capital & Liquidity

  27. Slide 27: High quality and resilient capital

    3Q25 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 S

  28. Slide 28: Sound capital position above our target

    3Q25 FIXED INCOME PRESENTATION Sound capital position above our target CET 1 FULLY-LOADED AT1 AND TIER 2 FL BUCKETS (% BPS) SEP-25 (%) ADDITIONAL +8bps POSITIVE REGULATORY 2.94% IMPACTS +65 bps -35 bps c.+40-50bps 2.38% in 4Q25 -37 bps 1.78% 13.34% +15 bps 13.42% 1.39% Target Range 11.5%-12.0% 287 b

  29. Slide 29: Among the lowest SREP requirement with a comfortable MDA distance

    3Q25 FIXED INCOME PRESENTATION Among the lowest SREP requirement with a comfortable MDA distance BBVA, GROUP CET1 REQUIREMENT AND DISTANCE TO MDA BBVA SEP-25/ PEERS JUN-25 CET1 SREP 13.70% REQUIREMENT Distance to MDA 2 OF 8.97% 17.75% FROM 390 bps T2 Jan 1st, 2026 11.24% 10.86% 13.29% 10.48% 10.46%

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

    3Q25 FIXED INCOME PRESENTATION Strong capital position in BBVA, S.A., above requirement BBVA, S.A. REQUIREMENT AND DISTANCE TO MDA SEP-25 Distance to MDA 2 CET1 SREP 21.24% REQUIREMENT 12.16% 770 bps OF 7.48% €16.4 Bn T2 FROM Jan 1st, 2026 T2 AT1 8.00%1 AT1 Systemic Risk Buffer +CCyB 1 CCB Pilar 2R

  31. Slide 31: Sound MREL Position

    3Q25 FIXED INCOME PRESENTATION Sound MREL Position POSITION AS OF SEP-25 (% RWA1) MREL REQUIREMENT + CBR SUBORDINATION REQUIREMENT + CBR 31.31% 26.61% 26.79% 3.66% 17.16% CBR3 3.66% CBR3 23.13% MREL Subordination 13.50% Total Requirement Eligible instruments 2 Total Requirement Eligible instruments

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

    3Q25 FIXED INCOME PRESENTATION Solid funding structure with ample liquidity buffers BBVA GROUP LIQUIDITY BALANCE SHEET1 BBVA GROUP LIQUIDITY AND FUNDING METRICS SEP-25 SEP-25 Turkey3 South BBVA S.A.2 Mexico America LTD 89% 105% 86% 95% LCR 169% 164% 139% >100% NSFR 119% 130% 146% >100% LCR Group4 NSF

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

    3Q25 FIXED INCOME PRESENTATION Limited wholesale funding maturities in all geographies DEBT OUTSTANDING BY PRODUCT WHOLESALE FUNDING MATURITIES SEP-25, € BN ESG Group debtSEP-25, € BN outstanding Others1 14.0 EURO Senior Preferred € 47.7 bn 21% 21.9 32% TOTAL MEXICO T2 / Subordinated 67.3 14.5 22% €

  34. Slide 34: Funding Plan 2025 Fully Executed

    3Q25 FIXED INCOME PRESENTATION Funding Plan 2025 Fully Executed BBVA, S.A. 2024 2025 2025 (€Bn) 2025 Strategy1 Executed Executed Planned AT1 0.75 1.952 2.0 Proactive and effective management of the capital structure, Tier 2 2.25 1.0 1.0 considering surplus CET1 1.0 SNP 0.95 1.0 1.0-2.0 Focus on refin

  35. Slide 35: All three major credit rating agencies have recently upgraded BBVA's rating

    3Q25 FIXED INCOME PRESENTATION All three major credit rating agencies have recently upgraded BBVAʼs rating by one notch 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 C

  36. Slide 36: Annex

    Annex 8 CET1 Sensitivity to market impacts 1 3Q25 Profit & Loss 9 RWAs by business area 2 9M25 Profit & Loss 10 Group RWA breakdown 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

  37. Slide 37: 3Q25 Profit & Loss

    3Q25 FIXED INCOME PRESENTATION ANNEX 3Q25 Profit & Loss Change Change 3Q25/3Q24 3Q25/2Q25 % % BBVA GROUP (€M) 3Q25 const. % const. % Net Interest Income 6,640 18.3 13.2 7.1 6.9 Net Fees and Commissions 2,060 15.3 7.8 5.8 5.6 Net Trading Income 531 -46.1 -49.2 8.6 9.7 Other Income & Expenses -128 5.4

  38. Slide 38: 9M25 Profit & Loss

    3Q25 FIXED INCOME PRESENTATION ANNEX 9M25 Profit & Loss Change 9M25/9M24 % BBVA GROUP (€M) 9M25 const. % Net Interest Income 19,246 12.6 2.0 Net Fees and Commissions 6,071 16.6 5.5 Net Trading Income 1,962 -25.6 -33.0 Other Income & Expenses -143 -91.0 -89.7 Gross Income 27,136 16.2 3.7 Operating Exp

  39. Slide 39: ALCO Portfolio

    3Q25 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 SEP-25 (€ BN) (€ BN) incl. hedges) South 0.7 5.7 1.5 years America Turkey 5.5 2.9 4.0 years Mexico 5.5 10.2 3.1 year

  40. Slide 40: NII Sensitivity to Interest Rates Movements

    3Q25 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% Note: NII sensitivities to parallel interest rates

  41. Slide 41: Customer Spreads: Quarterly Evolution

    3Q25 FIXED INCOME PRESENTATION ANNEX Customer Spreads: AVERAGE 3Q24 4Q24 1Q25 2Q25 3Q25 Spain 3.39% 3.30% 3.19% 3.05% 2.88% Yield on Loans 4.25% 4.13% 3.85% 3.66% 3.45% Quarterly Cost of Deposits Mexico MXN -0.86% 12.48% -0.83% 12.33% -0.66% 12.00% -0.60% 11.96% -0.57% 11.98% Evolution Yield on Loan

  42. Slide 42: Stages Breakdown by Business Areas

    3Q25 FIXED INCOME PRESENTATION ANNEX Stages Breakdown by Business Areas CREDIT RISK BREAKDOWN BY AREA (SEP-25, € M) Gross Accumulated Gross Accumulated Gross Accumulated BBVA GROUP Exposure impairments SPAIN Exposure impairments MEXICO Exposure impairments Stage 1 470,097 2,450 Stage 1 194,990 476 S

  43. Slide 43: Capital Base BBVA Group & BBVA, S.A.

    3Q25 FIXED INCOME PRESENTATION ANNEX Capital Base BBVA Group & BBVA, S.A. CAPITAL RATIOS SEP-25 (%) 17.75% 21.24% T2 AT1 CET1 BBVA Group BBVA, S.A. CET 1 € 53,056 m € 33,389 m AT1 € 5,485 m € 5,305 m T2 € 11,614 m € 6,457 m Total Capital Base € 70,156 m € 45,151 m RWA € 395,275 m € 212,620 m Note: P

  44. Slide 44: CET1 Sensitivity to Market Impacts

    3Q25 FIXED INCOME PRESENTATION ANNEX CET1 Sensitivity to Market Impacts1 TO A 10% CURRENCY DEPRECIATION2 TO A 10% DECLINE IN (SEP-25) TELEFONICA’S SHARE PRICE (SEP-25) 2 bps MXN TRY USD ー 9 bps ー 3 bps +14 bps ー TO +100 BPS MOVEMENT IN TO +100 BPS MOVEMENT IN THE THE SPANISH SOVEREIGN BOND MEXICAN S

  45. Slide 45: Risk-Weighted Assets by Business Area

    3Q25 FIXED INCOME PRESENTATION ANNEX Risk-Weighted Assets by Business Area Fully-Loaded RWAs BREAKDOWN BY BUSINESS AREA (€M) Jun-25 Sep-25 Spain 120,209 122,022 Mexico 88,043 91,560 Turkey 66,645 69,983 South America 52,707 53,465 Argentina 11,352 11,068 Chile 2,022 2,029 Colombia 17,428 18,054 Peru

  46. Slide 46: Group RWA breakdown

    3Q25 FIXED INCOME PRESENTATION ANNEX Group RWA breakdown TOTAL RWA BREAKDOWN PHASED-IN 58% Standardized Models 0.6% CVA Risk 84% Credit Risk 4.8% Market Risk 10.6% Operational Risk 42% IRB Models Note 1: Credit Valuation Adjustment. Note: Distribution of RWAs by type of risk and Model based on 2Q25

  47. Slide 47: Debt Issuances 2025 YTD

    3Q25 FIXED INCOME PRESENTATION ANNEX Debt Issuances 2025 YTD PRODUCT ISSUE DATE CALL DATE MATURITY NOMINAL COUPON AT1 Nov-25 Nov-32 Perp € 1,000 M 5.625% SNP Aug-25 - Aug-35 € 1,000 M 3.75% BBVA, S.A. SNP Jul-25 - Jul-30 € 1,000 M 3.125% T2 Feb-25 Feb-32 Feb-37 € 1,000 M 4.000% AT1 Jan-25 Jan-32 Per

  48. Slide 48: Called notes 2018 - 2025 YTD

    3Q25 FIXED INCOME PRESENTATION ANNEX Called notes 2018 - 2025 YTD BBVA follows an OUTSTANDING PRODUCT ISSUE DATE REDEMPTION COUPON CURRENCY (M) economic BBVA, S.A. SNP Sep-22 Sep-25 $1,000 5.862% 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,

  49. Slide 49: Main Subsidiaries ratings

    3Q25 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/

  50. Slide 50: Wholesale maturities 2025 - 2029+

    3Q25 FIXED INCOME PRESENTATION ANNEX Wholesale maturities 2025 - 2029+ Bn € EURO 2025 2026 2027 2028 2029+ TOTAL Senior Preferred 2.0 2.0 2.3 0.2 5.5 11.9 Senior Non Preferred 0.0 1.2 1.9 1.1 3.9 8.1 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 0.3

  51. Slide 51: Book Value of the Main Subsidiaries

    3Q25 FIXED INCOME PRESENTATION ANNEX Book Value of the Main Subsidiaries1,2 (€ BN; SEP-25) Δ (%) QoQ Mexico +10.2% Turkey +3.7% Colombia +6.9% Peru +6.3% Argentina -9.8% Uruguay +5.1% Chile +3.1% Venezuela -2.3% (1) Includes the initial investment + BBVA’s undistributed results + FX impact + other v

  52. Slide 52: BBVA

    BBVA

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