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

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

57 slides from Banco Bilbao Vizcaya Argentaria's debt investor presentation, May 2026

  1. Slide 1: 1Q26 Fixed Income Presentation

    1Q26 Fixed Income Presentation May, 2026

  2. Slide 2: Disclaimer

    1Q26 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

    1Q26 FIXED INCOME PRESENTATION Contents 01 02 03 04 05 Módulo 05 BBVA’s 1Q26 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

    1Q26 FIXED INCOME PRESENTATION BBVAʼs global reach and financial performance BBVA’s GLOBAL PRESENCE FINANCIAL HIGHLIGHTS MAR-26 MAR-26 Employees Net Attributable Profit CET1 ratio FL Countries >25 126,877 3M26 12.83 % 2,989 M€ Branches Active Loans and advances to Customers 5,565 Total assets customer

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

    1Q26 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 14.3% South Am

  7. Slide 7: Profitable business mix

    1Q26 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) MAR-26 MAR-26 29% CIB 1 21% Mortgages 25% Time Deposits

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

    1Q26 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: 2021-3M26, ANNUALIZED, % BBVA: 2021-3M26, % BBVA: 2021-3M26, % PEERS: 2021-2025

  9. Slide 9: Sound fundamentals

    1Q26 FIXED INCOME PRESENTATION Sound fundamentals SOUND ASSET STRONG CAPITAL COMFORTABLE LIQUIDITY QUALITY METRICS NPL Ratio CET 1 FULLY-LOADED (%) (%) NSFR Group 12.83% Coverage Ratio (%) Target Range 125% 11.5%-12.0% Cost of Risk CET 1 LCR Group Quarterly (%) Requirement 167% 8.98%1 2 Mar-25 Jun-2

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

    1Q26 FIXED INCOME PRESENTATION Advancing in the Execution of our AI Transformation Strategy ROBOT 1 ROBOT 2 ROBOT 3 Blue: Personal AI for the Risk CLIENTS PROCESSES EMPLOYEES Advisor for Banker - every client relationship manager Smart multimodal Smart E2E Empower our companion advisors automation e

  11. Slide 11: Group Financial Goals Evolution

    1Q26 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 38% CUMULATIVE 2025-2028 3M26 2

  12. Slide 12: 1Q26 Earnings & Business Areas

    2 1Q26 Earnings & Business Areas

  13. Slide 13: 1Q26 Key Financial Messages

    1Q26 FIXED INCOME PRESENTATION 1Q26 Key Financial Messages NET ATTRIBUTABLE PROFIT (CURRENT €M) NET INTEREST INCOME TOTAL LOAN GROWTH1 Strong activity drives +20.2% vs. 1Q25 +17.0% vs. 1Q25 Net Interest Income growth CONSTANT CONSTANT +10.8% NET FEES AND COMMISSIONS +18.0% Excellent +15.5% vs. 1Q25

  14. Slide 14: Profit & Loss

    1Q26 FIXED INCOME PRESENTATION 1Q26 Profit & Loss Change Change 1Q26/1Q25 1Q26/4Q25 % % BBVA GROUP (€M) 1Q26 const. % const. % Net Interest Income 7,537 20.2 17.8 2.9 7.2 Net Fees and Commissions 2,256 15.5 9.5 0.9 5.2 Net Trading Income 915 1.1 -3.4 26.2 31.9 Other Income & Expenses -56 -54.7 -31.3

  15. Slide 15: Resilient NII despite Declining Rates Thanks to Solid Loan Growth

    1Q26 FIXED INCOME PRESENTATION Resilient NII despite Declining Rates Thanks to Solid Loan Growth and Effective Price Management TOTAL LOAN GROWTH1 BBVA CUSTOMER SPREADS NET INTEREST INCOME (MAR-26, YOY, CONSTANT €) (%) (%, CONSTANT €) +3.6% ECB Deposit Rate2 4.0% 3.44 +6.3% 3.19 Spain 2.82 1,598 1,65

  16. Slide 16: Positive Jaws and Leading Efficiency Ratio

    1Q26 FIXED INCOME PRESENTATION Positive Jaws and Leading Efficiency Ratio POSITIVE JAWS EFFICIENCY RATIO (3M26 YOY, CONSTANT €) (COST-TO-INCOME, % CONSTANT €) FOOTPRINT INFLATION1 -24bps % 8.9% +18.3 12M AVERAGE +17.5% 38.3 38.0 +13.9% 36.8% excl. voluntary excl. voluntary redundancies redundancies Gr

  17. Slide 17: Sound Asset Quality Metrics

    1Q26 FIXED INCOME PRESENTATION Sound Asset Quality Metrics FINANCIAL ASSETS IMPAIRMENTS NPL (CONSTANT €M) (CURRENT €BN) 1,825 1,820 1,645 14.3 14.6 14.3 14.8 15.2 1,348 1,470 1Q25 2Q25 3Q25 4Q25 1Q26 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 COST OF RISK NPL & COVERAGE RATIOS (%, QUARTERLY) (%) 82% 81% 84%

  18. Slide 18: Business Areas

    Business Areas SPAIN MEXICO TURKEY SOUTH AMERICA REST OF BUSINESS

  19. Slide 19: Spain

    1Q26 FIXED INCOME PRESENTATION Spain PROFIT & LOSS (€M) Δ (%) ACTIVITY (€BN, MAR-26) 1Q26 vs. 1Q25 vs. 4Q25 Net Interest Income 1,656 3.6 -1.2 LENDING1 CUST.FUNDS1 Net Fees and Commissions 605 3.5 -2.4 YoY YoY Net Trading Income 295 20.0 59.2 +7.8% +6.3 % Other Income & Expenses 97 8.4 55.8 Gross In

  20. Slide 20: Mexico

    1Q26 FIXED INCOME PRESENTATION Mexico PROFIT & LOSS Δ Constant (%) Δ Current (%) ACTIVITY (MAR-26; CONSTANT €BN) (CONSTANT €M) 1Q26 vs. 1Q25 vs. 4Q25 vs. 1Q25 LENDING1 CUST.FUNDS1 Net Interest Income 3,136 8.3 -0.3 13.3 Net Fees and Commissions 648 6.3 -2.0 11.2 YoY YoY Net Trading Income 286 24.0 2

  21. Slide 21: Turkey

    1Q26 FIXED INCOME PRESENTATION Turkey PROFIT & LOSS Δ Current (%) ACTIVITY (MAR-26; CONSTANT €BN; BANK ONLY) (CURRENT €M) 1Q26 vs. 1Q25 vs. 4Q25 Net Interest Income 1,121 59.9 19.0 LENDING2 CUST.FUNDS2 Net Fees and Commissions 565 2.7 8.4 YoY1 Net Trading Income Other Income & Expenses 146 -120 18.2

  22. Slide 22: South America

    1Q26 FIXED INCOME PRESENTATION South America NET ATTRIBUTABLE PROFIT ACTIVITY (MAR-26; CONSTANT €BN) (CURRENT €M) Δ Current (%) LENDING1 CUST.FUNDS1 YoY YoY 1Q26 vs. 1Q25 vs. 4Q25 +17.7% +15.0 % Colombia 78 137.6 274.1 Colombia +8.7% Peru 81 -2.6 20.2 +6.9% Colombia Argentina 27 -45.9 -7.1 Other ¹ 6

  23. Slide 23: Rest of business

    1Q26 FIXED INCOME PRESENTATION Rest of business PROFIT & LOSS Δ (%) ACTIVITY (MAR-26; CONSTANT €BN) (CONSTANT €M) 1Q26 vs. 1Q25 vs. 4Q25 LENDING1 CUST.FUNDS1 Net Interest Income 232 27.0 0.5 YoY Net Fees and Commissions 201 51.5 22.2 +54.5% YoY Net Trading Income 161 56.5 38.8 +38.5% Other Income &

  24. Slide 24: Updated 2026 Outlook

    1Q26 FIXED INCOME PRESENTATION Updated 2026 Outlook >20 % MEXICO TURKEY REST OF GROUP Gross Income: BUSINESS Loans: high single Net Profit: >Loans: 30% growth ROTE digit growth, with around €1 >20% > 30% growth upward bias billion, with downward bias Gross Income: > 30% growth Improved Guidance p. 24

  25. Slide 25: Capital, Liquidity & Funding

    3 Capital, Liquidity & Funding

  26. Slide 26: High quality and resilient capital

    1Q26 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 M

  27. Slide 27: Sound capital position above our target

    1Q26 FIXED INCOME PRESENTATION Sound capital position above our target CET 1 FULLY-LOADED AT1 AND TIER 2 FL BUCKETS (% BPS) MAR-26 (%) 3.11% +13 bps 2.38% 1.78% +75 bps -40 bps 1.36%2 12.70% -34 bps +12 bps 12.83 % Target Range 11.5%-12.0% 302 bps buffer SREP Requirement vs. 258 bps 8.98% Peer Group

  28. Slide 28: Second lowest SREP requirement among peers with a comfortable MDA distance

    1Q26 FIXED INCOME PRESENTATION Second lowest SREP requirement among peers with a comfortable MDA distance BBVA, GROUP CET1 REQUIREMENT AND DISTANCE TO MDA BBVA MAR-26/ PEERS MAR-26 Distance to MDA 2 13.80% 344 bps 17.30% €14.0 Bn T2 11.22% 11.00% 13.13% 10.44% 10.26% AT1 10.24% 9.97% 9.85% T2 9.11%

  29. Slide 29: Strong capital position in BBVA, S.A., above requirement

    1Q26 FIXED INCOME PRESENTATION Strong capital position in BBVA, S.A., above requirement BBVA, S.A. REQUIREMENT AND DISTANCE TO MDA MAR-26 Distance to MDA 3 19.22% 639 bps €13.9 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 Mar’26

  30. Slide 30: Sound MREL Position

    1Q26 FIXED INCOME PRESENTATION Sound MREL Position POSITION AS OF MAR-26 (% RWA1) MREL REQUIREMENT + CBR SUBORDINATION REQUIREMENT + CBR 29.63% SRB’s 14 April ‘26 MREL 26.85% 25.92% Requirement + SRB’s 14 April CBR 3.72% ‘26 27.66 Subordination % CBR3 Requirement + CBR 17.22% CBR3 23.13 % 17.22 % MR

  31. Slide 31: Solid funding structure with ample liquidity buffers

    1Q26 FIXED INCOME PRESENTATION Solid funding structure with ample liquidity buffers BBVA GROUP LIQUIDITY BALANCE SHEET1 BBVA GROUP LIQUIDITY AND FUNDING METRICS MAR-26 MAR-26 Turkey3 South BBVA S.A.2 Mexico America LTD 93% 103% 86% 94% LCR 165% 155% 134% >100% NSFR 116% 131% 139% >100% LCR Group4 NSF

  32. Slide 32: Limited wholesale funding maturities in all geographies

    1Q26 FIXED INCOME PRESENTATION Limited wholesale funding maturities in all geographies DEBT OUTSTANDING BY PRODUCT WHOLESALE FUNDING MATURITIES MAR-26, € BN ESG Group debtMAR-26, € BN outstanding Others1 17.8 EURO Senior Preferred € 53.0 bn 24% 21.0 28% TOTAL MEXICO T2 / Subordinated 74.6 14.7 20% €

  33. Slide 33: AT1 & Tier 2 instruments with a manageable maturity profile

    1Q26 FIXED INCOME PRESENTATION AT1 & Tier 2 instruments with a manageable maturity profile BBVA S.A. AT1 & TIER 2 Calls and Maturity Profile Mar’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

  34. Slide 34: Funding Plan 2026

    1Q26 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 0.9 0 /1 Progressive optimization of the capital structure Tier 2 1.0 subject to Balance Sheet evolution SNP Refinanc

  35. Slide 35: High Quality Single A Credit ratings, consistent across agencies

    1Q26 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 1 (Oct. 3rd, 2025) A2 AA-/Aa3/AA(low) A+/A1/A(high) A+

  36. Slide 36: Sustainable Debt Financing

    4 Sustainable Debt Financing

  37. Slide 37: Sustainable Debt Financing Framework aligned with market best practices

    1Q26 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

  38. Slide 38: Sustainable Debt Financing Framework: Eligible activities for funding

    1Q26 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

  39. Slide 39: Annex

    Annex 1 Business Units Financial KPIs Goals 10 Group RWA breakdown 2 CET1 expected generation & uses of capital 11 Debt Issuances 2025-2026 YTD 3 ALCO Portfolio 12 Covered Bonds 4 NII sensitivity to interest rate movements 13 Called notes 2018-2026 YTD 5 Customer spread: quarterly evolution 14 Whole

  40. Slide 40: Business Units Financial KPIs Goals

    1Q26 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

  41. Slide 41: CET1 expected generation & uses of capital

    1Q26 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

  42. Slide 42: ALCO Portfolio

    1Q26 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 MAR-26 (€ BN) (€ BN) incl. hedges) South 0.2 6.3 1.4 years America Turkey 4.9 5.8 1.8 years Mexico 5.6 11.9 3.7 year

  43. Slide 43: NII Sensitivity to Interest Rates Movements

    1Q26 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

    1Q26 FIXED INCOME PRESENTATION ANNEX Customer Spreads: Quarterly Evolution AVERAGE 1Q25 2Q25 3Q25 4Q25 1Q26 Spain 3.19% 3.05% 2.88% 2.80% 2.82% Yield on Loans 3.85% 3.66% 3.45% 3.39% 3.39% Cost of Deposits -0.66% -0.60% -0.57% -0.59% -0.58% Mexico MXN 12.00% 11.96% 11.98% 12.01% 11.74% Yield on Loan

  45. Slide 45: Stages Breakdown by Business Areas

    1Q26 FIXED INCOME PRESENTATION ANNEX Stages Breakdown by Business Areas CREDIT RISK BREAKDOWN BY AREA (MAR-26, € M) Gross Accumulated Gross Accumulated Gross Accumulated BBVA GROUP Exposure impairments SPAIN Exposure impairments MEXICO Exposure impairments Stage 1 521,734 2,578 Stage 1 203,424 499 S

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

    1Q26 FIXED INCOME PRESENTATION ANNEX Capital Base BBVA Group & BBVA, S.A. CAPITAL RATIOS MAR-26 (%) 17.30% 19.22% T2 AT1 CET1 BBVA Group BBVA, S.A. CET 1 € 52,464 m € 30,113 m AT1 € 5,575 m € 5,359 m T2 € 12,709 m € 6,296 m Total Capital Base € 70,748 m € 41,768 m RWA € 408,854 m € 217,260 m Note: P

  47. Slide 47: CET1 Sensitivity to Market Impacts

    1Q26 FIXED INCOME PRESENTATION ANNEX CET1 Sensitivity to Market Impacts1 TO A 10% CURRENCY DEPRECIATION2 TO A 10% DECLINE IN (MAR-26) TELEFONICA’S SHARE PRICE (MAR-26) 1 bps MXN TRY USD ー 15 bps ー 2 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

    1Q26 FIXED INCOME PRESENTATION ANNEX Risk-Weighted Assets by Business Area BREAKDOWN BY BUSINESS AREA Fully-Loaded RWAs Δ (%) (€M) Mar-25 Dec-25 Mar-26 vs. Mar-25 vs. Dec-25 Spain 121,215 119,734 117,752 -2.9% -1.7% Mexico 87,158 82,746 83,745 -3.9% 1.2% Turkey 65,982 71,551 74,171 12.4% 3.7% South

  49. Slide 49: Group RWA Breakdown

    1Q26 FIXED INCOME PRESENTATION ANNEX Group RWA Breakdown TOTAL RWA BREAKDOWN PHASED-IN 65% Standardized Models 0.6% CVA Risk 82.8% Credit Risk 4.7% Market Risk 11.9% Operational Risk 35% IRB Models Note 1: Credit Valuation Adjustment. Note: Distribution of RWAs by type of risk and Model based on 4Q2

  50. Slide 50: Debt Issuances 2025-2026 YTD

    1Q26 FIXED INCOME PRESENTATION ANNEX Debt Issuances 2025- 2026 YTD ISSUE CALL PRODUCT MATURITY NOMINAL COUPON DATE DATE AT1-SNP Double-T May-26 - Perp / May-31 $1,000 M / $1,250 M 7.125% / 4.875% SNP Triple-T Mar-26 - Mar-29 / Mar -29 / Mar-36 $1,000 M / $ 500 M / $1,000 M 4.15% / SOFR+88bps / 5.127

  51. Slide 51: Covered Bonds High Issuance Capacity of €54bn across the Three Programs

    1Q26 FIXED INCOME PRESENTATION ANNEX Covered Bonds High Issuance Capacity of €54bn across the Three Programs Mortgage cover pool stands out Mortgage Public Sector Export Finance for its low risk profile, with a high stock of residential loans 1Q26 1Q26 1Q26 BBVA S.A (€M) and a low WA indexed LTV Prim

  52. Slide 52: Called notes 2018 - 2026 YTD

    1Q26 FIXED INCOME PRESENTATION ANNEX Called notes 2018 - 2026 YTD BBVA PRODUCT ISSUE DATE REDEMPTION OUTSTANDING COUPON follows an CURRENCY (M) economic BBVA, S.A. SP Mar-21 Mar-26 €1,000 0.125% 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,

  53. Slide 53: Wholesale maturities 2026 - 2030+

    1Q26 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 1.2 1.9 1.1 2.1 6.0 12.3 Covered Bonds 1.0 1.7 0.0 0.0 0.9 3.5 Preferred Shares 0.0 0.9 1.0 0.9 2.6 5.4 Subordinated 0.3 1.3

  54. Slide 54: BBVA ratings by type of instrument and issuer

    1Q26 FIXED INCOME PRESENTATION 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 Issuer A+ A

  55. Slide 55: Credit ratings of Main Subsidiaries

    1Q26 FIXED INCOME PRESENTATION ANNEX Credit ratings of Main Subsidiaries 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

  56. Slide 56: Book Value of Main Subsidiaries

    1Q26 FIXED INCOME PRESENTATION ANNEX Book Value of Main Subsidiaries1,2 (€ BN; MAR-26) Δ (%) QoQ Mexico -3.9% Turkey +1.3% Colombia +4.4% Peru -5.7% Argentina +21.2% Uruguay +2.5% Chile +9.4% Venezuela +27.7% (1) Includes the initial investment + BBVA’s undistributed results + FX impact + other valu

  57. Slide 57: BBVA

    BBVA

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) — Debt Investor Presentation (May 2026) on 6ix