2Ǫ26 Earninas
July 30, 2026
2Q26 EARNINGS
Outstanding Va!»c Crca"ion and Wrot"abi!i"y
TBV + DIVIDENDS
(€ / SHARE1)
+17.3%
+5.4%
+21.8%
YoY
e
x-SBB
9.43
10.49
11.06
0.922
10.14
Jun-25
Mar-26
Jun-26
TBV / share
Dividends / share
PROFITABILITY METRICS
(%)
ROTE
20.4
22.2
19.3
ROE
19.5
21.1
18.4
6M25
2025
6M26
(1) Total number of shares considered: 5,755m as of Jun-25, 5,573m as of Mar-26 and 5,504m as of Jun-26.(2) Gross dividend per share: 0.32€ paid in Nov-25 and 0.60€ paid in Apr-26.
p. 3
2Q26 EARNINGS
Excellent Quarter in Wrot" and So!id Capi"a! Wosi"ion
CET1 RATIO
(%)
+7bps
12.83% 12.90%
Target Range
11.5%-12.0%
SREP Requirement
8.98%
Mar-26
Jun-26
NET ATTRIBUTABLE PROFIT
(CURRENT €M)
+11.4%
+2.4%
2,749
2,989
3,062
NAP 6M26
6,051 €M
2Q25
1Q26
2Q26
EPS
EPS (€)1 0.46 0.51
0.53
+15.2%
YoY
p. 4
(1) EPS calculated according to IAS33.
2Q26 EARNINGS
Sustained Woan Grow"h and Best-in-Class
Wrot"abi!i"y over Time
LOAN GROWTH
(BASE 100=DEC.20, GROSS LOANS IN CURRENT €)
+62%
100
European Peers (1)
+10%
Mar-26 Jun-26
Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25
PROFITABILITY
(ROTE, %)
22.2%
15.1%
European Peers (1)
11.2%
9.2%
3M26 6M26
2021
2022
2023
2024
2025
(1) European Peer Group: BARC, BNPP, CASA, DB, HSBC, ING, ISP, LBG, NDA, SAN, SG, UCG. Due to inorganic transactions, peer group banks of CABK and UBS excluded.
p. 5
2Q26 EARNINGS
Strong 6c"ivi"y growth
TOTAL LOAN GROWTH1
+17.7% vs. Jun-25
CONSTANT
2Ǫ26 Kcy Financia! Mcssaacs
Excellent Corc Rcvcn»cs evolution
CORE REVENUES (NII+FEES)
+17.4% vs. 2Q25
CONSTANT
Best-in-Class Efficicncy Ra"io
EFFICIENCY RATIO
37.8%
Sound 6ssc" Ǫ»a!i"y metrics
COST OF RISK (YtD)
1.43%
(1) Performing loans under management excluding repos.
Solid Capi"a! Wosi"ion
CET1 RATIO
12.90%
vs. 11.5%-12% TARGET RANGE
p. 6
2Q26 EARNINGS
2Ǫ26 Wrot" & Woss
Change Change
2Q26/2Q25 2Q26/1Q26
BBVA GROUP (€M) Net Interest Income | 2Q26 7,627 | % const. 17.8 | % 22.9 | % const. 2.1 | % 1.2 | |
Net Fees and Commissions | 2,316 | 16.2 | 18.7 | 4.4 | 2.6 | |
Net Trading Income | 582 | 13.1 | 20.4 | -35.8 | -36.4 | |
Other Income & Expenses | -19 | n.a. | n.a. | n.a. | n.a | |
Gross Income | 10,506 | 15.7 | 20.6 | -0.2 | -1.4 | |
Operating Expenses | -3,951 | 18.5 | 22.5 | -1.4 | -2.4 | |
Operating Income | 6,555 | 14.1 | 19.5 | 0.5 | -0.7 | |
Impairment on Financial Assets | -1,677 | 14.9 | 21.8 | -6.5 | -7.8 | |
Provisions and Other Gains and Losses | -19 | -44.2 | -41.5 | -68.6 | -69.1 | |
Income Before Tax | 4,859 | 14.4 | 19.2 | 4.1 | 2.9 | |
Income Tax | -1,578 | 30.7 | 36.0 | 4.1 | 2.9 | |
Non-controlling Interest | -219 | 30.5 | 31.0 | 16.9 | 9.7 | |
Net Attributable Profit | 3,062 | 6.5 | 11.4 | 3.3 | 2.4 | |
p. 7 |
2Q26 EARNINGS
Change
6M26/6M25
6M26 Wrot" & Woss
BBVA GROUP (€M) | 6M26 | % const. | % | |
Net Interest Income | 15,164 | 18.8 | 20.3 | |
Net Fees and Commissions | 4,572 | 15.8 | 14.0 | |
Net Trading Income | 1,498 | 5.5 | 4.6 | |
Other Income & Expenses | -75 | n.a. | n.a. | |
Gross Income | 21,159 | 16.9 | 17.3 | |
Operating Expenses | -8,000 | 17.9 | 17.9 | |
Operating Income | 13,159 | 16.2 | 17.0 | |
Impairment on Financial Assets | -3,497 | 24.2 | 26.6 | |
Provisions and Other Gains and Losses | -81 | 26.8 | 31.4 | |
Income Before Tax | 9,581 | 13.5 | 13.7 | |
Income Tax | -3,112 | 18.6 | 18.5 | |
Non-controlling Interest | -418 | 31.4 | 19.0 | |
Net Attributable Profit | 6,051 | 10.0 | 11.1 | |
p. 8 |
2Q26 EARNINGS
Strong and Consistent Growth in Corc Rcvcn»cs
NET INTEREST INCOME (CONSTANT €M)
+17.8%
+2.1%
NII growth driven by exceptional activity and price management
NET FEES AND COMMISSIONS (CONSTANT €M)
+16.2%
+4.4%
Positive fee income trend levered on payments, asset management and CIB
NET TRADING INCOME (CONSTANT €M)
+13.1%
-35.8%
Quarterly evolution mainly explained by more normalized Global Markets results and FX hedges valuation
GROSS INCOME (CONSTANT €M)
+15.7%
-0.2%
Solid gross income growth annually due to positive core revenues evolution
p. 9
2Q26 EARNINGS
Woan Grow"h in Spain and Mexico Drives
Nc" In"crcs" Incomc Growth
TOTAL LOAN GROWTH
(YOY, CONSTANT €)
KEY SEGMENTS LOAN GROWTH
(YOY JUN'26, CONSTANT €)
NET INTEREST INCOME
(CONSTANT €M)
+4.5%
Spain
+6.3%
+7.4%
+10.1%
+9.2%
+2.0%
Jun-25 Jun-26
Consumer + Credit Cards
Enterprises
2Q25 1Q26 2Q26
+8.9%
+2.7%
Mcxico
+11.9%
+9.9%
+11.9% +10.3%
Jun-25 Jun-26
Consumer + Credit Cards
Enterprises
2Q25 1Q26 2Q26
Note: Enterprises in Spain includes 'Very Small Businesses', 'Mid-size Companies' and 'Corporates + CIB' segments. In Mexico it includes 'SMEs' and 'Other Commercial' segments.
p. 10
2Q26 EARNINGS
Markc" Sharc Gains in Spain and Mexico in Key Segments
SPAIN
(%, LOAN MARKET SHARES)
16.7%
14.0%
14.3%
13.31%
11.8%
14.15%
Dec-20
Total loans
May-26
Consumer
Enterprises
p. 11
MEXICO
(%, LOAN MARKET SHARES1)
40.3%
37.3%
30.4%
30.6%
26.17%
23.45%
23.5%
19.4%
Dec-20
Total loans
Credit Cards
Payroll loans
May-26
Enterprises
(1) Mexican credit card market shares go beyond the pure banking sector data and include the relevant fintech players.
2Q26 EARNINGS
Recurrent Wosi"ivc Jaws and Leading
Efficicncy Ra"io
JAWS
(6M26 YOY, CONSTANT €)
FOOTPRINT INFLATION1
8.8%
12M AVERAGE
+16.9%+17.9%
+14.5%
excl. non recurring items2
Gross Income
Operating Expenses
EFFICIENCY RATIO
(COST-TO-INCOME, % CONSTANT €)
+33bps
excl. non recurring items2
-77bps
37.5
37.8
6M25
6M26
(1) Weighted by operating expenses and excluding Venezuela. (2) Non-recurring items: Voluntary redundancies in 1Q26 and VAT payment regularization in 2Q25 and 2Q26 .
p. 12
2Q26 EARNINGS
Sound 6ssc" Ǫ»a!i"y Mc"rics
FINANCIAL ASSETS IMPAIRMENTS
(CONSTANT €M)
1,813
1,470
1,639
1,807
1,690
2Q25
3Q25
4Q25
1Q26
2Q26
NPL
(CURRENT €BN)
14.6
14.3
14.8
15.2
16.0
Jun-25
Sep-25
Dec-25
Mar-26
Jun-26
COST OF RISK
(%, YTD)
1.32%
1.35%
1.39%
1.54%
1.43 %
6M25
9M25
12M25
3M26
6M26
NPL & COVERAGE RATIOS
(%)
85%
86% 85%
COVERAGE
81%
84%
2.9% 2.8% 2.7% 2.6% 2.6 %
NPL
Jun-25 Sep-25 Dec-25
Mar-26 Jun-26
p. 13
2Q26 EARNINGS
Strong Capi"a! Wosi"ion and Attractive
Share Buy Back approved in Dec-25 will be completed in the coming days
c.4.0 billion €
Sharcho!dcr Rcm»ncra"ion
CET1 RATIO
(%, BPS)
+75 bps
+7bps
-40 bps
CET1
pro-forma
12.41%
12.83
-41 bps
%
+13 bps
12.90%
Target Range
11.5%-12.0%
SREP
Requirement
8.98%
Mar-26
Results
Dividend accrual & AT1 coupons
RWAs
(constant €)
Others1
Jun-26
New extraordinary SBB program2
2.0 billion €
(1) Includes, among others, FX, mark to market of HTC&S portfolios, minority interests, and a positive impact in OCI equivalent to the Net Monetary Position value loss in hyperinflationary economies registered in results. (2) A new €2 billion share buyback programme has been approved, to be executed in several tranches, together with the launch of a first €1 billion tranche. The execution of the remaining €1 billion under this new share buyback programme, as well as its terms and conditions, will be announced once approved by the governing bodies.
p. 14
2Q26 EARNINGS
Advancing in the Execution of our 6I Transfiorma"ion S"ra"cay
OBJECTIVES
CLIENTS
Smart multimodal advisors Hyper personalization
PROCESSES
Smart E2E automation New processes definition
EMPLOYEES
Empower our employees with AI tools
APPROACH
October 6th
BBVA Strategic Talks
6dop"ion
of AI Tools
Organization wide access to Gen AI tools and set up of strategic alliances
Thc Eiah"
Agentic solutions on a top-down agenda
Implementation of the bank-wide transformation
agenda with very specific and defined initiatives
Thc Framc
Industrialization
A new AI operating model to create, deploy and manage AI agents at scale faster and with full control
Ncw 6I Transfiorma"ion »ni" to accelerate transformation across the organization
p. 15
2Q26 EARNINGS
Gro»p Financia! Goa!s Evo!»"ion
ROTE
(%, CURRENT €)
GOAL
c.22%
AVG. 2025-2028
2025-6M26 avg
20.8%
TBV + DIV PER SH.
(%, CURRENT €)
GOAL
Mid-"ccns
CAGR 2024-2028
CAGR 2024-6M26
15.5% 18.4%
ex- SBB
C/I RATIO
(%, CURRENT €)
40%
37.8%
6M26
GOAL
c.35%
2024 2025 2026 2027 2028
NET ATTRIBUTABLE PROFIT
(CURRENT €)
GOAL
c.€48 Bn
CUMULATIVE 2025-2028
€16.6 Bn
CUM. 2025-6M26
Aligned with plan
p. 16
REST OF BUSINESS
B»sincss 6rcas
SPAIN MEXICO TURKEY SOUTH AMERICA
2Q26 EARNINGS
BUSINESS AREAS
ACTIVITY (€BN, JUN-26)
LENDING1 CUST.FUNDS1
YoY YoY
+7.4% +10.2%
Demand Deposits
+5.1%
Time Deposits
+36.7%
Off-BS Funds
+12.3%
Spain
2Q26 | vs. 2Q25 | vs. 1Q26 | 6M26 | vs. 6M25 | |
Net Interest Income | 1,689 | 4.5 | 2.0 | 3,346 | 4.1 |
Net Fees and Commissions | 589 | 0.8 | -2.6 | 1,194 | 2.2 |
Net Trading Income | 121 | -19.9 | -59.0 | 416 | 4.8 |
Other Income & Expenses | 94 | -21.5 | -2.9 | 191 | -8.7 |
Gross Income | 2,493 | 0.9 | -6.0 | 5,147 | 3.1 |
Operating Expenses | -835 | 10.9 | -6.6 | -1,729 | 10.3 |
Operating Income | 1,658 | -3.6 | -5.7 | 3,417 | -0.1 |
Impairment on Financial Assets | -135 | -17.1 | -18.3 | -300 | -0.3 |
Provisions and Other Gains and Losses | -18 | 26.4 | -1.4 | -37 | -8.5 |
Income Before Tax | 1,505 | -2.4 | -4.5 | 3,080 | 0.0 |
Income Tax | -427 | -0.8 | -11.0 | -907 | -5.1 |
Net Attributable Profit | 1,077 | -3.0 | -1.6 | 2,172 | 2.3 |
Mortgages | +3.1% |
Consumer + Credit Cards | +10.1% |
Very small businesses | +1.7% |
Mid-size companies | +7.7% |
Corporate + CIB | +13.5% |
Public sector | +6.4% |
Others | +20.3% |
KEY RATIOS
CUSTOMER SPREAD (%)
ASSET QUALITY RATIOS (%)
Yic!d on
!oans
Covcraac
COST TO INCOME (%) (YtD)
33.6
C»s"omcr NWW
sprcad Ra"io
Cos" ofi dcposi"s
CoR (Y"D)
RoRWA (%) (YtD)
3.7
2Q25
1Q26 2Q26
2Q25
1Q26 2Q26
PROFIT & LOSS (€M)
Δ (%)
Δ (%)
Performing loans and Cust.Funds under management, excluding repos.
ー Strong loan growth (+3.3% QoQ), led by robust consumer and enterprise lending.
ー Solid NII, driven by loan growth and disciplined pricing, with customer spread widening by 3 bps QoQ.
ー Fee income moderated on lower CIB-related fees, while asset management and credit card fees maintained solid momentum.
ー Disciplined cost management, with operating expenses increasing by +5.3% YoY, excl. extraordinary items2.
ー Very solid asset quality, supported by stable underlying trends and a positive impact from a portfolio sale on impairments.
1Q26 voluntary redundancies cost and positive VAT-related one-offs in 2Q25 and 2Q26.
p. 18
2Q26 EARNINGS
BUSINESS AREAS
PROFIT & LOSS
(CONSTANT €M)
Δ Constant (%)
Δ Current Δ Constant (%)
2Q26 vs. 2Q25 vs. 1Q26 6M26
(%)
vs. 6M25
vs. 6M25
Net Interest Income
3,247
8.9
2.7 6,409
16.3
8.6
Provisions and Other Gains and Losses -8 -63.0
Income Before Tax 2,114 12.7
Income Tax -600 14.4
Net Attributable Profit 1,514 12.1
-3.0 -17
1.6 4,195
-2.6 -1,215
3.4 2,979
-50.6
17.4
21.5
15.8
-53.8
9.7
13.5
8.2
ACTIVITY (JUN-26; CONSTANT €BN)
LENDING1 CUST.FUNDS1
YoY
+9.9%
YoY
+10.6%
Mortgages +7.3%
Demand Deposits
+4.9%
Time Deposits
+19.6%
Other Commercial
+10.0%
Off-BS Funds
+15.2%
Public sector
+6.5%
Mcxico
Net Fees and Commissions | 661 | 8.3 | 1.1 | 1,314 | 14.9 | 7.3 |
Net Trading Income | 197 | 0.5 | -31.6 | 485 | 21.3 | 13.3 |
Other Income & Expenses | 150 | -12.0 | -27.1 | 356 | 21.6 | 13.7 | ||
Gross Income | 4,255 | 7.5 | -1.3 | 8,565 | 16.6 | 8.9 | Consumer | +11.7% |
Operating Expenses | -1,305 | 8.5 | -1.9 | -2,634 | 16.8 | 9.1 | Credit Cards | +12.2% |
Operating Income | 2,951 | 7.1 | -1.0 | 5,931 | 16.4 | 8.8 | SMEs | +12.1% |
Impairment on Financial Assets | -829 | -3.3 | -7.0 | -1,719 | 15.7 | 8.1 | ||
KEY RATIOS
CUSTOMER SPREAD (%)
ASSET QUALITY RATIOS (%)
Yic!d on
!oans
Covcraac
COST TO INCOME (%) (YtD)
30.8
C»s"omcr NWW
sprcad Ra"io
Cos" ofi dcposi"s
CoR
(Y"D)
RoRWA (%) (YtD, CONSTANT)
6.9
2Q25 1Q26 2Q26 2Q25 1Q26 2Q26
Performing loans and Cust.Funds under management, excluding repos, according to local GAAP.
ー Solid loan growth (+2.1% QoQ), with balanced contributions from retail
(+2.2% QoQ) and wholesale (+2% QoQ) portfolios.
ー Strong core revenues (+2.4% QoQ), driven by solid NII growth on the back of robust activity and higher fee income.
ー Outstanding efficiency ratio of 30.8% in 6M26
ー Sound risk metrics, with CoR at 326 bps, reflecting healthy underlying credit performance.
p. 19
2Q26 EARNINGS
BUSINESS AREAS
(CURRENT €M)
Net Interest Income
2Q26
1,031
vs. 2Q25
70.3
vs. 1Q26
-8.0
6M26
2,152
vs. 6M25
64.7
LENDING2
Net Fees and Commissions
638
25.4
12.9
1,202
13.7
Net Trading Income
73
-24.7
-49.7
220
-0.7
Other Income & Expenses
-82
17.7
-31.7
-201
14.0
T»rkcy
PROFIT & LOSS
Δ Current (%)
Δ Current (%)
Of which:
Net Monetary Position (NMP) loss
-229
54.6
-21.6 -521
5.1
Net Attributable Profit
269
6.1
2.5
532
29.1
ACTIVITY (JUN-26; CONSTANT €BN; BANK ONLY)
CUST.FUNDS2
YoY1
FC +6.4%
+41.6%
YoY1
FC Time
+13.9%
+70.2%
FC Demand
+6.5%
+38.8%
TL Time
+41.8%
TL Demand
+24.4%
CPI linkers revenues
151
38.7
-31.7
372
-11.3
Gross Income
1,660
45.4
-3.0
3,372
40.0
TL Commercial
+31.5%
Operating Expenses
-690
37.3
1.7
-1,369
26.8
Operating Income
970
51.8
-6.1
2,004
50.8
Impairment on Financial Assets
-333
92.5
-5.4
-685
68.2
Provisions and Other Gains and Losses
-15
-217.4
-2.9
-31
n.s.
Income Before Tax
622
29.9
-6.6
1,288
38.1
TL Retail
+46.5%
Income Tax
-302
70.2
-14.6
-657
48.4
Non-controlling Interest
-50
6.2
2.7
-99
27.5
FC (foreign currency) evolution excluding FX impact.
KEY RATIOS
CUSTOMER SPREAD (%)
ASSET QUALITY RATIOS (%)
FC
Covcraac
COST TO INCOME (%) (YtD)
40.6
NWW
Ra"io
TW
(Y"D)
CoR
RoRWA (%) (YtD, CURRENT)
1.7
2Q25
1Q26
2Q26
2Q25
1Q26
2Q26
Performing loans and deposits under management, excluding repos, according to local GAAP.
ー Limited loan growth during the quarter, both in TL and Foreign Currency loans, constrained by regulatory growth caps.
ー NII impacted by TL customer spread compression in a higher-rate environment, as deposits reprice faster, partially offset by activity growth.
ー Strong fee income primarily driven by payments fees with additional contribution from insurance and asset management fees.
ー CoR at 236 bps YtD, still reflecting elevated provisioning requirements in the retail portfolios.
Note: Inflation rate 7.0% in 2Q26 vs 10.0% in 1Q26 and 6.0% in 2Q25.
p. 20
2Q26 EARNINGS
BUSINESS AREAS
So»"h 6mcrica
ACTIVITY (JUN-26; CONSTANT €BN)
LENDING1 CUST.FUNDS1
YoY
+14.4%
YoY
+18.0%
Colombia +10.7%
Colombia
+8.3%
Peru
+14.4%
Peru
+9.7%
Argentina
+45.8%
Argentina
+45.9%
Other
+15.3%
Other
+12.8%
2Q26 | vs. 2Q25 | vs. 1Q26 | 6M26 | vs. 6M25 | |
Colombia | 97 | 142.7 | 24.4 | 175 | 140.4 |
Peru | 113 | 57.8 | 38.8 | 194 | 25.3 |
Argentina | 46 | 13.9 | 69.9 | 73 | -19.2 |
Other ¹ | 52 | 1.5 | -17.2 | 114 | 15.9 |
NET ATTRIBUTABLE PROFIT
(CURRENT €M)
Δ Current (%)
Δ Current (%)
South America
308
51.7
23.6
556
33.6
(1) Other includes BBVA Forum (Chile), Venezuela, Uruguay and Brazil.
KEY RATIOS
CUSTOMER SPREAD (%)
COST OF RISK (YtD, %)
COST TO INCOME
COL (%) (YtD)
41.5
PER
RoRWA (%) (YtD, CURRENT)
ARG 2.9
2Q25
1Q26
2Q26
2Q25
1Q26
2Q26
(1) Performing loans and Cust.Funds under management, excluding repos.
COーL
Solid NAP, driven by strong gross income growth (+7.4% QoQ) Higher NII, supported by activity (+3.3% QoQ constant €), and stronger fees. CoR remained broadly stable at 202 bps YtD.
PEーR
Strong NAP, underpinned by higher NII (+2.1% QoQ), reflecting solid activity growth (+3.3% QoQ constant €) . Lower impairments, with CoR declining to 125 bps YtD.
ARーG
Solid NAP supported by higher gross income, driven by strong core revenues. CoR stabilized, although it remained elevated.
Note: Inflation rate ARG: 6.8% in 2Q26 vs 9.4% in 1Q26 and 6.0% in 2Q25.
.
p. 21
2Q26 EARNINGS
BUSINESS AREAS
Rcs" ofi b»sincss
ACTIVITY (JUN-26; CONSTANT €BN)
LENDING1
YoY
+52.5%
CUST.FUNDS1
(CONSTANT €M)
YoY
+55.7%
PROFIT & LOSS
Δ (%)
Δ (%)
Net Interest Income | 2Q26 274 | vs. 2Q25 44.7 | vs. 1Q26 17.2 | 6M26 507 | vs. 6M25 36.0 |
Net Fees and Commissions | 190 | 32.1 | -5.6 | 391 | 41.5 |
Net Trading Income | 137 | 80.4 | -15.4 | 300 | 66.5 |
Other Income & Expenses | -1 | n.a. | n.a. | -1 | -153.1 |
Gross Income | 600 | 46.5 | 0.4 | 1,197 | 44.1 |
Operating Expenses | -258 | 33.4 | 7.6 | -498 | 31.9 |
Operating Income | 341 | 58.3 | -4.5 | 699 | 54.3 |
Impairment on Financial Assets | 0 | -102.0 | -100.7 | -51 | 39.5 |
Provisions and Other Gains and Losses | 8 | -259.7 | -285.1 | 4 | -291.0 |
Income Before Tax | 350 | 81.9 | 15.9 | 652 | 57.3 |
Income Tax | -79 | 61.1 | 21.3 | -143 | 48.4 |
Net Attributable Profit | 271 | 89.0 | 14.5 | 508 | 60.0 |
CIB US +63.9%
CIB
Europe/UK
+39.5%
CIB +46.8%
CIB Asia
+69.4%
Digital Banks Other
+91.9%
+28.4%
Rest of business includes mainly CIB business in US, Europe & Asia and digital banks (Italy, Germany).
Other +4.6%
d Cust.Funds u
(1) Performing loans an nder management, excluding repos.
(1) Performing loans and Cust.Funds under management, excluding repos.
KEY RATIOS
ASSET QUALITY RATIOS (%)
Covcraac
NWW
Ra"io
COST TO INCOME (%)
(YtD)
41.6
RoRWA (%)
(YtD, CONSTANT)
2.1
(Y"D)
CoR
2Q25
1Q26
2Q26
ー Strong revenue growth, supported by robust lending activity. Core revenues increase by 6.9% QoQ.
ー Solid NTI, following a exceptionally strong Q1.
ー Positive operating jaws maintained despite continued investment to support business growth.
ー Sound asset quality metrics. CoR declined to 14 bps YtD.
p. 22
2Q26 EARNINGS
Takcaways
Outstanding Value Creation and
Profitability metrics
Net Attributable Profit continues its excellent trajectory
Strong Core revenues evolution on the back of exceptional activity growth
Advancing in the execution of our Strategy with a particular focus on AI Transformation
Continued CET1 capital generation
On track to achieve our ambitious
2025-2028 Goals
Upda"cd
MEXICO
2026 O»"!ook
GROUP ROTE
Loans: around 10% growth
NII: high single digit growth
CoR:
below 335 bps
around
21%
TURKEY
SOUTH AMERICA
Improved Guidance
CoR: around 220 bps
Gross Income: high teens growth
Worsened Guidance
p. 23
6nncx
1
2
3
P&L Accounts by Business Area CIB Business
4
5
Customer Spread by Country Stages Breakdown by Business Area
ALCO Portfolio, NII Sensitivity and LCRs & NSFRs
CET1 Sensitivity to Market Impacts RWAs by Business Area
6
7
8
9
Book Value of the Main Subsidiaries MREL
10
Medium-Term Strategic Objectives
1
W&W 6cco»n"s by B»sincss 6rcaCorporate Center
Turkey
(hyperinflation adjustment)
Argentina
(hyperinflation adjustment)
Colombia
Peru
2Q26 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS AREA
Corpora"c Ccn"cr
Δ (%) Δ (%)
PROFIT & LOSS (€M) 2Q26 | vs. 2Q25 | vs. 1Q26 | 6M26 | vs. 6M25 |
Net Interest Income -119 | 27.1 | 44.4 | -202 | 10.9 |
Net Fees and Commissions -49 | 44.4 | 92.1 | -74 | 35.8 |
Net Trading Income -115 | -21.7 | -2.6 | -232 | 173.2 |
Other Income & Expenses 60 | 10.7 | 233.3 | 78 | 25.6 |
Gross Income -223 | 1.3 | 7.3 | -430 | 65.7 |
Operating Expenses 1 -157 | 42.9 | -35.3 | -399 | 32.9 |
Operating Income -379 | 15.1 | -15.7 | -829 | 48.1 |
Impairment on Financial Assets 1 | n.s. | -71.9 | 5 | n.s. |
Provisions and Other Gains and Losses 0 | n.s. | n.s. | 2 | -87.9 |
Income Before Tax -379 | 20.8 | -14.5 | -822 | 51.9 |
Income Tax -5 | n.s. | n.s. | 139 | -12.7 |
Non-controlling Interest -7 | 205.3 | -4.6 | -14 | 56.6 |
Net Attributable Profit -391 | 100.5 | 28.0 | -696 | 78.5 |
(1) Expenses growth (in current €): -2.2% YoY excl. non-recurring items: Voluntary redundancies in 1Q26 and VAT payment regularization.
p. 26
2Q26 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS AREA
T»rkcy - Hyperinflation Adjustment
PROFIT & LOSS (€M) Net Interest Income | (reported) (1) 2,152 | adjustment (2) 63 | Ex.Hyperinflation 2,089 |
Net Fees and Commissions | 1,202 | 32 | 1,170 |
Net Trading Income | 220 | 87 | 133 |
Other Income & Expenses | -201 | -658 | 457 |
Gross Income | 3,372 | -476 | 3,848 |
Operating Expenses | -1,369 | -94 | -1,275 |
Operating Income | 2,004 | -570 | 2,574 |
Impairment on Financial Assets | -685 | -22 | -663 |
Provisions and Other Gains and Losses | -31 | -10 | -21 |
Income Before Tax | 1,288 | -602 | 1,890 |
Income Tax | -657 | -90 | -566 |
Non-controlling Interest | -99 | 97 | -197 |
Net Attributable Profit | 532 | -595 | 1,127 |
6M26
Hyperinflation
6M26
6M26 reported figures calculated according to end of period FX.
Mainly includes: (i) the Net Monetary Position (NMP) loss in the Other Income heading (ii) re-expression of all P&L headings according to the inflation rate until end of period, (iii) amortization expenses after the non-monetary assets revaluation, (iv) impact of applying the conversion exchange rate fixing instead of average.
p. 27
2Q26 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS AREA
6racn"ina - Hyperinflation Adjustment
PROFIT & LOSS (€M) Net Interest Income | (reported) (1) 1,076 | adjustment (2) 38 | Ex.Hyperinflation 1,038 |
Net Fees and Commissions | 224 | 8 | 216 |
Net Trading Income | 112 | -13 | 125 |
Other Income & Expenses | -424 | -286 | -137 |
Gross Income | 989 | -253 | 1,242 |
Operating Expenses | -463 | -39 | -424 |
Operating Income | 526 | -292 | 818 |
Impairment on Financial Assets | -361 | -12 | -349 |
Provisions and Other Gains and Losses | -7 | -2 | -5 |
Income Before Tax | 158 | -306 | 465 |
Income Tax | -44 | 110 | -154 |
Non-controlling Interest | -41 | 67 | -108 |
Net Attributable Profit | 73 | -129 | 202 |
6M26
Hyperinflation
6M26
6M26 reported figures calculated according to end of period FX.
Mainly includes: (i) the Net Monetary Position (NMP) loss in the Other Income heading (ii) re-expression of all P&L headings according to the inflation rate until end of period, (iii) amortization expenses after the non-monetary assets revaluation, (iv) impact of applying the conversion exchange rate fixing instead of average.
p. 28
2Q26 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS AREA
Co!ombia
Δ (%) Δ (%)
PROFIT & LOSS (€M CONSTANT) 2Q26 | vs. 2Q25 | vs. 1Q26 | 6M26 | vs. 6M25 | |
Net Interest Income 318 | 19.5 | 5.7 | 618 | 21.4 | |
Net Fees and Commissions 45 | 59.7 | 14.8 | 85 | 53.6 | |
Net Trading Income 29 | 75.2 | 13.7 | 54 | 20.8 | |
Other Income & Expenses -8 | 96.6 | n.s. | -5 | -49.2 | |
Gross Income 384 | 25.2 | 4.3 | 751 | 25.6 | |
Operating Expenses -168 | 23.4 | 14.7 | -315 | 16.5 | |
Operating Income 216 | 26.6 | -2.5 | 437 | 33.2 | |
Impairment on Financial Assets -100 | -5.6 | 8.5 | -192 | -12.1 | |
Provisions and Other Gains and Losses 2 | n.s. | n.s. | -1 | -46.9 | |
Income Before Tax 118 | 88.2 | -6.0 | 244 | 126.4 | |
Income Tax -19 | 8.0 | -57.2 | -63 | 125.9 | |
Non-controlling Interest -3 | n.s. | 59.0 | -5 | n.s. | |
Net Attributable Profit 96 | 116.1 | 21.1 | 175 | 123.5 | |
p. 29 |
2Q26 EARNINGS | ANNEX - P&L ACCOUNTS BY BUSINESS AREA | ||||||
Wcr» | |||||||
Δ (%) | Δ (%) | ||||||
PROFIT & LOSS (€M CONSTANT) | 2Q26 | vs. 2Q25 | vs. 1Q26 | 6M26 | vs. 6M25 | ||
Net Interest Income | 417 | 13.8 | 2.6 | 823 | 12.7 | ||
Net Fees and Commissions | 84 | 11.1 | -1.2 | 169 | 8.3 | ||
Net Trading Income | 60 | 6.6 | 7.8 | 115 | 7.6 | ||
Other Income & Expenses | -12 | 100.3 | 19.0 | -22 | 58.1 | ||
Gross Income | 549 | 11.5 | 2.2 | 1,085 | 10.8 | ||
Operating Expenses | -204 | 10.7 | -1.6 | -412 | 10.8 | ||
Operating Income | 344 | 12.0 | 4.6 | 673 | 10.8 | ||
Impairment on Financial Assets | -54 | -34.5 | -30.7 | -131 | -12.2 | ||
Provisions and Other Gains and Losses | 23 | n.s. | n.s. | 14 | 147.8 | ||
Income Before Tax | 313 | 44.7 | 29.1 | 556 | 19.9 | ||
Income Tax | -89 | 47.1 | 30.3 | -157 | 18.6 | ||
Non-controlling Interest | -111 | 37.2 | 19.2 | -205 | 17.3 | ||
Net Attributable Profit | 113 | 50.8 | 39.5 | 194 | 23.9 | ||
p. 30 | |||||||
2
CIB B»sincss2Q26 EARNINGS
CIB
ANNEX - CIB BUSINESS
ACTIVITY (JUN-26; CONSTANT €BN)
LENDING1
CIB Asia 20.4
CIB Spain 26.5
CIB Spain
CIB Mexico
CIB
Europe/UK 30.1
153.4
CIB Mexico 19.9
CIB Turkey
CIB South America CIB U.S.
YoY
+38.5%
+26.5%
+18.5%
+32.4%
+8.4%
+63.9%
CIB U.S. 32.5
CIB Turkey 15.0
CIB SA 8.9
CIB Europe/UK
CIB Asia
+39.5%
+69.4%
2Q26 | vs. 2Q25 | vs. 1Q26 | 6M26 | vs. 6M25 | ||
Net Interest Income | 1,100 | 25.6 | 8.0 | 2,119 | 23.6 | |
Net Fees and Commissions | 422 | 23.6 | -10.8 | 894 | 27.1 | |
Net Trading Income | 564 | 31.8 | -21.0 | 1,278 | 15.8 | |
Other Income & Expenses | -20 | 67.0 | -2.0 | -40 | 64.3 | |
Gross Income | 2,066 | 26.5 | -5.5 | 4,251 | 21.6 | |
Operating Expenses | -568 | 31.7 | 6.7 | -1,101 | 24.7 | |
Operating Income | 1,498 | 24.7 | -9.4 | 3,150 | 20.5 | |
Impairment on Financial Assets | 6 | -93.1 | n.s. | -9 | n.s. | |
Provisions and Other Gains and Losses | 4 | n.s. | n.s. | 5 | -55.9 | |
Income Before Tax | 1,508 | 18.0 | -8.0 | 3,146 | 17.4 | |
Income Tax | -440 | 17.9 | -4.5 | -902 | 18.3 | |
Net Attributable Profit | 971 | 18.9 | -10.4 | 2,054 | 18.2 |
PROFIT & LOSS
(CURRENT €M)
Δ Current(%)
Δ (%)
Note: CIB excludes the application of hyperinflation accounting and the Group's wholesale business in Venezuela.
(1) Performing loans under management, excluding repos.
Note: CIB U.S., CIB Europe/UK and CIB Asia are reported within the Rest of Business unit.
KEY RATIOS
ASSET QUALITY RATIOS (%)
Covcraac
COST TO INCOME (%)
(YtD)
25.9
RoRWA (%)2(YtD,
NWW
Ra"io
CONSTANT)
3.7
(Y"D)
CoR
2Q25
1Q26
2Q26
p. 32
CROSS BORDER BUSINESS
CROSS BORDER REVENUES 6M26
€
≃ +21% YoY
1.3
bn
CROSS-BORDER REVENUES O/ TOTAL CLIENT REVENUES
c.40%
(2) Excluding Turkey and Argentina 3.0%.
3
C»s"omcr Sprcad by Co»n"ry2Q26 EARNINGS ANNEX - CUSTOMER SPREAD BY COUNTRY
AVERAGE | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 |
Spain | 3.05% | 2.88% | 2.80% | 2.82% | 2.85% |
Yield on Loans | 3.66% | 3.45% | 3.39% | 3.39% | 3.43% |
Cost of Deposits | -0.60% | -0.57% | -0.59% | -0.58% | -0.58% |
Mexico MXN | 11.96% | 11.98% | 12.01% | 11.74% | 11.61% |
Yield on Loans | 14.71% | 14.42% | 14.26% | 14.02% | 13.84% |
Cost of Deposits | -2.75% | -2.45% | -2.25% | -2.28% | -2.23% |
Mexico FC1 | 5.25% | 5.24% | 4.98% | 4.79% | 4.54% |
Yield on Loans | 6.14% | 6.21% | 5.89% | 5.69% | 5.54% |
Cost of Deposits | -0.90% | -0.97% | -0.91% | -0.90% | -1.00% |
Turkey TL | 1.04% | 1.00% | 1.68% | 2.02% | 0.38% |
Yield on Loans | 37.56% | 36.53% | 34.90% | 33.72% | 33.94% |
Cost of Deposits | -36.53% | -35.53% | -33.23% | -31.70% | -33.56% |
Turkey FC1 | 7.90% | 7.88% | 7.57% | 7.35% | 7.18% |
Yield on Loans | 8.31% | 8.23% | 7.83% | 7.57% | 7.57% |
Cost of Deposits | -0.41% | -0.35% | -0.27% | -0.22% | -0.39% |
Argentina | 16.73% | 14.02% | 17.24% | 17.41% | 17.13% |
Yield on Loans | 30.98% | 32.37% | 34.57% | 30.40% | 27.28% |
Cost of Deposits | -14.25% | -18.35% | -17.33% | -12.98% | -10.16% |
Colombia | 5.64% | 5.81% | 6.11% | 6.02% | 6.01% |
Yield on Loans | 12.26% | 12.23% | 12.30% | 12.49% | 13.17% |
Cost of Deposits | -6.62% | -6.42% | -6.19% | -6.47% | -7.16% |
Peru | 7.22% | 7.26% | 7.42% | 7.62% | 7.47% |
Yield on Loans | 9.02% | 9.02% | 9.17% | 9.28% | 9.09% |
Cost of Deposits | -1.80% | -1.76% | -1.76% | -1.65% | -1.61% |
C»s"omcr Sprcads: Quarterly Evolution
(1) FC: Foreign Currency.
p. 34
2Q26 EARNINGS ANNEX - CUSTOMER SPREAD BY COUNTRY
AVERAGE | 6M25 | 6M26 |
Spain | 3.12% | 2.83% |
Yield on Loans | 3.75% | 3.41% |
Cost of Deposits | -0.63% | -0.58% |
Mexico MXN | 11.98% | 11.67% |
Yield on Loans | 14.85% | 13.93% |
Cost of Deposits | -2.87% | -2.25% |
Mexico FC1 | 5.34% | 4.66% |
Yield on Loans | 6.19% | 5.61% |
Cost of Deposits | -0.84% | -0.95% |
Turkey TL | 1.24% | 1.14% |
Yield on Loans | 37.66% | 33.83% |
Cost of Deposits | -36.42% | -32.69% |
Turkey FC1 | 7.87% | 7.26% |
Yield on Loans | 8.23% | 7.57% |
Cost of Deposits | -0.36% | -0.31% |
Argentina | 16.94% | 17.25% |
Yield on Loans | 30.52% | 28.78% |
Cost of Deposits | -13.58% | -11.53% |
Colombia | 5.48% | 6.01% |
Yield on Loans | 12.25% | 12.83% |
Cost of Deposits | -6.78% | -6.82% |
Peru | 7.23% | 7.55% |
Yield on Loans | 9.03% | 9.18% |
Cost of Deposits | -1.80% | -1.63% |
C»s"omcr sprcads: YtD evolution
(1) FC: Foreign Currency.
p. 35
4
S"aacs Brcakdown by B»sincss 6rca2Q26 EARNINGS ANNEX - STAGES BREAKDOWN BY BUSINESS AREA
S"aacs Brcakdown by Business Areas
CREDIT RISK BREAKDOWN BY AREA
(JUN-26, € M)
Gross
Accumulated
Gross
Accumulated
Gross Accumulated
BBVA GROUP
Exposure
impairments SPAIN
Exposure
impairments MEXICO
Exposure impairments
Stage 1 | 555,789 | 2,672 |
Stage 2 | 36,990 | 2,109 |
Stage 3 | 15,976 | 8,747 |
Stage 1 | 209,238 | 521 |
Stage 2 | 14,906 | 565 |
Stage 3 | 6,595 | 3,614 |
Stage 1 | 104,022 | 1,478 |
Stage 2 | 7,713 | 680 |
Stage 3 | 3,181 | 1,595 |
TURKEY SOUTH AMERICA REST OF BUSINESS
Stage 1 | 68,162 | 220 |
Stage 2 | 7,301 | 415 |
Stage 3 | 3,243 | 1,797 |
Stage 1 | 57,178 | 410 |
Stage 2 | 4,709 | 314 |
Stage 3 | 2,564 | 1,569 |
Stage 1 | 121,808 | 43 |
Stage 2 | 2,360 | 135 |
Stage 3 | 392 | 171 |
COLOMBIA PERU ARGENTINA
Stage 1 | 19,545 | 111 |
Stage 2 | 1,724 | 133 |
Stage 3 | 819 | 450 |
Stage 1 | 23,047 | 217 |
Stage 2 | 1,984 | 125 |
Stage 3 | 867 | 567 |
Stage 1 | 9,096 | 34 |
Stage 2 | 649 | 34 |
Stage 3 | 665 | 437 |
p. 37
5
6WCO Wor"fio!io, NII Scnsi"ivi"y and WCRs & NSFRs2Q26 EARNINGS ANNEX - ALCO PORTFOLIO, NII SENSITIVITY AND LCRS & NSFRS
EURO ALCO PORTFOLIO MATURITY PROFILE (€ BN)
6WCO Portfolio
South America | 0.2 | 7.1 | 1.9 years |
Turkey | 4.9 | 3.5 | 3.0 years |
Mexico | 7.5 | 11.6 | 3.8 years |
Euro1 | 47.3 | 7.5 | 3.1 years |
Spain | 30.2 | 3.2 | |
Italy | 6.2 | 2.7 | |
Rest | 10.9 | 1.6 |
ALCO PORTFOLIO BREAKDOWN BY REGION
(€ BN)
Amort Cost
(HTC)
JUN-26
(€ BN)
Fair Value
(HTC&S)
(duration (€ BN) incl. hedges)
EURO ALCO YIELD
(JUN-26, %)
+3.0%
(1) Figures exclude SAREB senior bonds (€3.6bn as of Jun-25, Mar-26 and Jun-26)
p. 39
2Q26 EARNINGS ANNEX - ALCO PORTFOLIO, NII SENSITIVITY AND LCRS & NSFRS
NII Scnsi"ivi"y 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 SHEET
+/- c.4%
MEXICO
+/-2.4%
Note: NII sensitivities to parallel interest rates movements as of Jun'26, using our dynamic internal model. Mexico NII sensitivity for +/-100 bps breakdown: MXN sensitivity +/-1.6%; USD sensitivity +/-0.8%.
p. 40
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