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

Banco Bilbao Vizcaya Argentaria — Q2 2025 Earnings Presentation

64 slides from Banco Bilbao Vizcaya Argentaria's earnings presentation, Jul 31, 2025

  1. Slide 1: 2Q25 Earnings and Medium-Term Strategic Objectives

    2Q25 Earnings and Medium-Term Strategic Objectives July 31, 2025

  2. Slide 2: Disclaimer

    2Q25 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

  3. Slide 3: Outstanding value creation and profitability

    2Q25 EARNINGS Outstanding value creation and profitability TBV + DIVIDENDS PROFITABILITY METRICS (€ / SHARE ) 1 (%) +14.6% ROTE +2.9 % 20.0 20.4 19.7 9.84 10.13 8.84 0.702 0.702 ROE 9.14 9.43 19.5 19.1 18.9 Jun-24 Mar-25 Jun-25 6M24 2024 6M25 TBV / share Dividends / share p. 3 (1) Total number of sha

  4. Slide 4: Superb quarter in profit and capital generation

    2Q25 EARNINGS Superb quarter in profit and capital generation even in a much lower rate environment NET ATTRIBUTABLE PROFIT CET1 RATIO (CURRENT €M) (%) -1.6% +25bps +1.9 % 13.34% 2,749 13.09% 2,794 2,698 Target Range 11.5%-12.0% SREP Requirement 9.12% 2Q24 1Q25 2Q25 EPS (€)1 0.47 0.45 0.46 Mar-25 Jun

  5. Slide 5: Excellent track record and increasing profitability

    2Q25 EARNINGS Excellent track record and increasing profitability NET ATTRIBUTABLE PROFIT PROFITABILITY (CURRENT €M) (ROTE, %) +9.1% 20.4% % 20.2% 19.7 5,447 4,994 17.0% 3,878 14.7% 2,957 14.2% European 12.9% Peers (1) 12.7% 9.9% 3M25 6M25 6M22 6M23 6M24 6M25 2022 2023 2024 2025 Note: 6M24 includes a

  6. Slide 6: 2Q25 key messages

    2Q25 EARNINGS 2Q25 key messages 1 Strong activity drives Net NET INTEREST INCOME TOTAL LOAN GROWTH1 Interest Income growth +11.2% vs. 2Q24 +16.0% vs. Jun 2024 CONSTANT CONSTANT 2 Excellent fee income NET FEES AND COMMISSIONS evolution +17.7% vs. 2Q24 CONSTANT 3 Positive jaws and leading EFFICIENCY R

  7. Slide 7: 2Q25 Profit & Loss

    2Q25 EARNINGS 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. Gross Income 8,710 12 -6 2

  8. Slide 8: 6M25 Profit & Loss

    2Q25 EARNINGS 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 Operating Income 11,24

  9. Slide 9: Positive growth trend in revenues

    2Q25 EARNINGS 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 TRADING INCOME (CON

  10. Slide 10: Loan growth accelerates, absorbing the impact of lower rates

    2Q25 EARNINGS 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 2Q24 1Q25 2Q25 +9.

  11. Slide 11: Positive jaws and leading efficiency ratio

    2Q25 EARNINGS 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. 11 (1) Weighted by operating expenses and

  12. Slide 12: Asset quality remains stable, better than expectations

    2Q25 EARNINGS 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 (%, YTD) (%) 75% 75%

  13. Slide 13: Sound capital position, with exceptional quarterly evolution

    2Q25 EARNINGS Sound capital position, with exceptional quarterly evolution CET1 RATIO (%, BPS) +25bps ADDITIONAL POSITIVE REGULATORY IMPACTS c.+40-50bps in 2H25 +69 bps -37 bps 13.34% 13.09% -41 bps +17 bps +17 bps Target Range 11.5%-12.0% SREP Requirement 9.12% Mar-25 Results Dividend RWAs Others 1

  14. Slide 14: Record customer acquisition driven by digital

    2Q25 EARNINGS 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. 14 (1) Gross customer acquisition through own channels for retail segment. E

  15. Slide 15: Sustainability as a business opportunity and a growth driver

    2Q25 EARNINGS 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 3.4 23.6 Retail +119% 2025-29 €700Bn 15.4 Enterprises +53% 31.9 CIB +34% 23.7 6M24 6M25 Note: Sustainable

  16. Slide 16: Business Areas

    Business Areas SPAIN MEXICO TURKEY SOUTH AMERICA

  17. Slide 17: Spain

    2Q25 EARNINGS 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 -7.9 -38.2 401 5.9

  18. Slide 18: Mexico

    2Q25 EARNINGS 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 Commissions 570 6.8 -0

  19. Slide 19: Turkey

    2Q25 EARNINGS 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 16.9 Net Trading

  20. Slide 20: South America

    2Q25 EARNINGS 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 -14.2 156 41.7 Colombia

  21. Slide 21: 2025 Outlook

    2Q25 EARNINGS 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 positive growth Ex

  22. Slide 22: Takeaways

    2Q25 EARNINGS Takeaways Outstanding shareholder value Another superb quarter in profit and creation and profitability metrics capital generation Strong core revenues evolution on the Industry leading efficiency levels back of activity growth, fully absorbing with clear focus on costs the declining rate

  23. Slide 23: Medium-Term Strategic Objectives

    Medium-Term Strategic Objectives

  24. Slide 24: Our new strategic priorities will strengthen our leadership position

    2Q25 EARNINGS MEDIUM - TERM STRATEGIC 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 the Sustainability

  25. Slide 25: Main macro assumptions

    2Q25 EARNINGS MEDIUM - TERM STRATEGIC 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 Depreciation of curre

  26. Slide 26: What should be highlighted in the new strategic cycle

    2Q25 EARNINGS MEDIUM - TERM STRATEGIC 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 their improve contri

  27. Slide 27: Group Financial KPIs Goals

    2Q25 EARNINGS MEDIUM - TERM STRATEGIC 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. 27

  28. Slide 28: Business Units Financial KPIs Goals

    2Q25 EARNINGS 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-single Hi

  29. Slide 29: Strong CET1 generation expected to enable significant capital distribution

    2Q25 EARNINGS MEDIUM - TERM STRATEGIC 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 Bn INVESTED FOR G

  30. Slide 30: Annex

    Annex 1 P&L Accounts by business unit 6 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 10 Medium-term strateg

  31. Slide 31: P&L Accounts by business unit

    1 P&L Accounts by business unit Rest of Business Corporate Center Turkey Argentina Colombia Peru (hyperinflation (hyperinflation adjustment) adjustment)

  32. Slide 32: Rest of Business

    2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Rest of Business Δ (%) Δ (%) PROFIT & LOSS (€M) 2Q25 vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 Net Interest Income 184 3.4 -3.9 376 12.0 Net Fees and Commissions 140 53.3 2.7 277 54.6 Net Trading Income 69 -8.3 -35.5 176 4.1 Other Income & Expenses 0 -79.7 -

  33. Slide 33: Corporate Center

    2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Corporate Center Δ (%) Δ (%) PROFIT & LOSS (€M) 2Q25 vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 Net Interest Income -100 -8.9 1.9 -199 14.5 Net Fees and Commissions -36 27.9 38.5 -62 57.7 Net Trading Income -146 n.s. n.s. -85 68.5 Other Income & Expenses 54 n

  34. Slide 34: Turkey - hyperinflation adjustment

    2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Turkey - hyperinflation adjustment 6M25 Hyperinflation 6M25 PROFIT & LOSS (€M) (reported) (1) adjustment (2) Ex.Hyperinflation Net Interest Income 1,307 -89 1,396 Net Fees and Commissions 1,058 -82 1,140 Net Trading Income 221 38 183 Other Income & Ex

  35. Slide 35: Argentina - hyperinflation adjustment

    2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Argentina - hyperinflation adjustment 6M25 Hyperinflation 6M25 PROFIT & LOSS (€M) (reported) (1) adjustment (2) Ex.Hyperinflation Net Interest Income 830 -79 909 Net Fees and Commissions 152 -14 166 Net Trading Income 154 8 146 Other Income & Expenses

  36. Slide 36: Colombia

    2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Colombia Δ (%) Δ (%) PROFIT & LOSS (€M CONSTANT) 2Q25 vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 Net Interest Income 247 3.2 9.3 473 2.2 Net Fees and Commissions 26 -16.3 5.8 52 -10.7 Net Trading Income 15 -30.3 -42.0 41 -8.3 Other Income & Expenses -4 10.6 -

  37. Slide 37: Peru

    2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Peru Δ (%) Δ (%) PROFIT & LOSS (€M CONSTANT) 2Q25 vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 Net Interest Income 362 0.7 0.7 722 0.8 Net Fees and Commissions 75 -7.6 -6.0 154 -4.3 Net Trading Income 55 -28.7 9.9 106 -9.0 Other Income & Expenses -6 -23.6 -24.9

  38. Slide 38: Customer spread by country

    2 Customer spread by country

  39. Slide 39: Customer spreads: quarterly evolution

    2Q25 EARNINGS ANNEX - CUSTOMER SPREAD BY COUNTRY Customer spreads: AVERAGE 2Q24 3Q24 4Q24 1Q25 2Q25 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 Mexico MXN -0.87% 12.41% -0.86% 12.48% -0.83% 12.33% -0.66% 12.00% -0.60% 11.96% evolution Y

  40. Slide 40: Customer spreads: YtD evolution

    2Q25 EARNINGS ANNEX - CUSTOMER SPREAD BY COUNTRY Customer spreads: AVERAGE 6M24 6M25 Spain 3.44% 3.12% Yield on Loans 4.33% 3.75% YtD Cost of Deposits Mexico MXN -0.89% 12.44% -0.63% 11.98% evolution Yield on Loans Cost of Deposits Mexico FC1 15.53% -3.09% 6.46% 14.85% -2.87% 5.34% Yield on Loans 7.

  41. Slide 41: Stages breakdown by business area

    3 Stages breakdown by business area

  42. Slide 42: Stages breakdown by business areas

    2Q25 EARNINGS ANNEX - STAGES BREAKDOWN BY BUSINESS AREA Stages breakdown by business areas CREDIT RISK 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 St

  43. Slide 43: ALCO portfolio, NII sensitivity and LCRs & NSFRs

    4 ALCO portfolio, NII sensitivity and LCRs & NSFRs

  44. Slide 44: ALCO Portfolio

    2Q25 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 JUN-25 (€ BN) (€ BN) incl. hedges) South 0.2 6.1 1.6 years America Turkey 5.3 3.0

  45. Slide 45: NII sensitivity to interest rates movements

    2Q25 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 +/-c. 4% +/- 2.5% SPAIN MEXICO Not

  46. Slide 46: Liquidity and funding ratios

    2Q25 EARNINGS ANNEX - ALCO PORTFOLIO, NII SENSITIVITY AND LCRS & NSFRS Liquidity and funding ratios BBVA GROUP AND SUBSIDIARIES LCR & NSFR (JUN-25) LCR NSFR Total Group 168% / 140% 1 126% Loan To Both LCR and NSFR Deposit significantly above the BBVA, S.A. 169% 119% 94% 100% requirements, at a Group

  47. Slide 47: CET1 Sensitivity to market impacts

    5 CET1 Sensitivity to market impacts

  48. Slide 48: CET1 Sensitivity to Market Impacts

    2Q25 EARNINGS ANNEX - CET1 SENSITIVITY TO MARKET IMPACTS 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 SOVE

  49. Slide 49: RWAs by business area

    6 RWAs by business area

  50. Slide 50: Risk-weighted assets by business area

    2Q25 EARNINGS ANNEX - RWAS BY BUSINESS AREA 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 17,4

  51. Slide 51: Book Value of the main subsidiaries

    7 Book Value of the main subsidiaries

  52. Slide 52: Book Value of the main subsidiaries

    2Q25 EARNINGS ANNEX - BOOK VALUE OF THE MAIN SUBSIDIARIES 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

  53. Slide 53: MREL

    8 MREL

  54. Slide 54: Sound MREL position

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

  55. Slide 55: Digital metrics

    oO Digital metrics

  56. Slide 56: Digital metrics: mobile customers & digital sales

    2Q25 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 69.2% 72.5% 76.4% p. 56 (1) Mobile over total active clients. (2) Product Rel

  57. Slide 57: Medium-Term Plan Macro Assumptions

    10 Medium-Term Plan Macro Assumptions

  58. Slide 58: Spain

    2Q25 EARNINGS ANNEX - MEDIUM-TERM PLAN ASSUMPTIONS Spain Macroeconomic Scenario GDP (Average YoY %) CPI (Average YoY %) FX USD/EUR (Average) FX Depr -7% -1% -1% -1% Euribor 12M (Average %) Policy Rate (EoP %) p. 58

  59. Slide 59: Mexico

    2Q25 EARNINGS ANNEX - MEDIUM-TERM PLAN ASSUMPTIONS Mexico Macroeconomic Scenario GDP (Average YoY %) CPI (Average YoY %) FX MXN/EUR (Average) FX Depr -10% -6% -5% -4% Overnight Interest Rate (Average %) Policy Rate (EoP %) p. 59

  60. Slide 60: Turkey

    2Q25 EARNINGS ANNEX - MEDIUM-TERM PLAN ASSUMPTIONS Turkey Macroeconomic Scenario GDP (Average YoY %) CPI (YoY %) FX TRY/EUR* (EoP) Policy Rate (%) Scenario 1 Scenario 2 Scenario 2 -33% -21% -20% -20% Scenario 1 -33% -16% -15% -15% p. 60 (*) Forecasts were developed at FX levels within the depicted r

  61. Slide 61: Colombia

    2Q25 EARNINGS ANNEX - MEDIUM-TERM PLAN ASSUMPTIONS Colombia Macroeconomic Scenario GDP (Average YoY %) CPI (Average YoY %) FX COP/EUR (Average) FX Depr -6% -7% -5% -4% DTF 90 days (Average %) Policy Rate (EoP %) p. 61

  62. Slide 62: Peru

    2Q25 EARNINGS ANNEX - MEDIUM-TERM PLAN ASSUMPTIONS Peru Macroeconomic Scenario GDP (Average YoY %) CPI (Average YoY %) FX PEN/EUR (Average) Policy Rate (EoP, %) FX Depr -1% -4% -2% -2% p. 62

  63. Slide 63: Argentina

    2Q25 EARNINGS ANNEX - MEDIUM-TERM PLAN ASSUMPTIONS Argentina Macroeconomic Scenario GDP (Average YoY %) CPI (YoY %) FX ARS/EUR (EoP) FX Depr -33% -17% -8% -8% Badlar (Average %) Policy Rate (EoP %) p. 63

  64. Slide 64: BBVA

    BBVA

Banco Bilbao Vizcaya Argentaria — Q2 2025 Earnings Presentation on 6ix