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

2Q26 Fixed Income Investors Presentation

· Issued by Banco Bilbao Vizcaya Argentaria, S.a.
Watch Banco Bilbao Vizcaya Argentaria explain itBanco Bilbao Vizcaya Argentaria S.A. (BBVA) Q2 2026 Earnings Call · Replay · Jul 31


2Ǫ26 Fixcd Incomc Wrcscn"a"ion

July, 2026





2Q26 FIXED INCOME PRESENTATION

Con"cn"s

01

BBVA's

Strengths

02

Módulo 05

2Q26

Earnings & Business Areas

03

Capital, Liquidity & Funding

04

Sustainable Debt Financing

05

Annex



p. 3

1

BBV6ʼs S"rcng"hs



2Q26 FIXED INCOME PRESENTATION

BBV6ʼs g!oba! rcach and financial performance

BBVA's GLOBAL PRESENCE

JUN-26

FINANCIAL HIGHLIGHTS

JUN-26

Countries

27

Employees



126,994

Net Attributable Profit 6M26

6,051 M€

CET1 ratio FL

12.90 %

Branches

5,555

Active Customers

82.8M

Total assets

965,426 M€

Loans and advances to customers (gross) 522,544 M€

Deposits from customers

532,981 M€

p. 5



2Q26 FIXED INCOME PRESENTATION

Diversified model with leading franchises

in a""rac"ivc markc"s



SPAIN

#3

14.1%

MEXICO

#1

26.2%

TURKEY

#2

19.8%

COLOMBIA

#4

10.8%

PERU

#2

22.3%

DIVERSIFICATION UNDER A DECENTRALIZED MODEL

TOTAL ASSETS 1

JUN'26

Rest of Business 11%

South America 8%

Turkey 10%

Spain 51%

Mexico 20%

NET ATTRIBUTABLE PROFIT 1

6M26

South America 8%

Rest of Business 8%

Spain 32%

Turkey 8%

Mexico 44%

MWE: Self-sufficient subsidiaries in terms of liquidity and funding

(1) Figures exclude the Corporate Center.



STRONG MARKT POSITION

RANKING AND LOAN MARKET SHARE (%)2

ARGENTINA

#2

11.9%

(2) Latest available information. Ranking among peer group. Turkey among private banks, bank-only according to BRSA weekly data. Colombia bank-only.





p. 6



2Q26 FIXED INCOME PRESENTATION

Profitable b»sincss mix

LOANS AND ADVANCES TO CUSTOMERS

(PERFORMING LOANS UNDER MANAGEMENT EX-REPOS) JUN-26

30% CIB 1

20% Mortgages

53%

41%

Retail

23% Other commercial

Commercial

6% Public Sector

17% Consumer & Credit Cards

3% Others

(mainly self-employed)

Wrot"ab!c !cnding mix

(1) Excluding Venezuela



DEPOSITS FROM CUSTOMERS

(CUSTOMER DEPOSITS UNDER MANAGEMENT EX-REPOS) JUN-26

27% Time Deposits

73%

Demand Deposits

S"ab!c, divcrsitcd and "ransac"iona! dcposi" basc



p. 7



2Q26 FIXED INCOME PRESENTATION

Proving track record ofi so!id tnancia! rc"»rns

STRONG PRE-PROVISION PROFIT AND BEST-IN-CLASS EFFICIENCY OUTPERFORMING ON

PROFITABILITY

PRE-PROVISION PROFIT / RWA

BBVA: 2022-6M26, ANNUALIZED, % PEERS: 2022-3M26, %

3M

6M

2022 2023 2024 2025 2026

EFFICIENCY RATIO

BBVA: 2022-6M26, % PEERS: 2022-3M26, %

3M

6M

2022 2023 2024 2025

2026

ROTE

BBVA: 2022-6M26, % PEERS: 2022-3M26, %

3M

6M

2022 2023 2024 2025

2026



BBVA

PEER GROUP AVR

Note: European Peer Group: BARC, BNPP, CABK, CASA, DB, HSBC, ING, ISP, LBG, NDA, SAN, SG, UCG, UBS. UBS excluded from 2021-2024.

p. 8



2Q26 FIXED INCOME PRESENTATION

Sound fi»ndamcn"a!s

SOUND ASSET QUALITY METRICS

NPL Ratio

(%)

Coverage Ratio

(%)

Cost of Risk

Quarterly (%)

Jun-25 Sep-25 Dec-25 Mar-26 Jun-26

STRONG CAPITAL

CET 1 FULLY-LOADED

(%)

CET1

pro-forma SBB (2 bn€)

12.41%

12.90%

Target Range

11.5%-12.0%

CET 1

Requirement

8.98%1

Jun-26

COMFORTABLE LIQUIDITY

NSFR Group

125%

LCR Group

174%2



Wr»dcn" and proac"ivc risk managcmcn"

  1. Considering the latest official updates to the countercyclical capital buffer and the buffer against systemic risks, applied on the basis of exposure as of March 31, 2026.

  2. Using a more restrictive criterion on this ratio (limiting the LCRs of all of BBVA, S.A.'s subsidiaries to 100%), the resulting consolidated ratio reaches 145%.

p. 9

2Q26 FIXED INCOME PRESENTATION



Advancing in the Execution of our 6I Transfiorma"ion S"ra"cgy

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 Eigh"

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. 10

2Q26 FIXED INCOME PRESENTATION

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. 11

2

2Ǫ26 Earnings & B»sincss 6rcas



2Q26 FIXED INCOME PRESENTATION

Strong ac"ivi"y growth

TOTAL LOAN GROWTH1

+17.7%

vs. 2Q25

CONSTANT



Excellent

Corc Rcvcn»cs evolution

CORE REVENUES (NII+FEES)

+17.4%

CONSTANT

vs. 2Q25



2Ǫ26 Kcy Financia! Mcssagcs

Positive jaws and leading Efficicncy Ra"io

EFFICIENCY RATIO

37.8%



Sound 6ssc" Ǫ»a!i"y metrics

COST OF RISK (YtD)

1.43%

NPL RATIO

2.6%



Solid Capi"a! Wosi"ion

CET1 RATIO

12.90% vs. 11.5%-12% TARGET RANGE



NET ATTRIBUTABLE PROFIT

(CURRENT €M)

+11.4%

+2.4%

NAP 6M26

6,051 €M

2,749

2,989

3,062

2Q25

1Q26

2Q26



p. 13

(1) Performing loans under management excluding repos.



2Q26 FIXED INCOME PRESENTATION

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. 14



2Q26 FIXED INCOME PRESENTATION

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. 15



2Q26 FIXED INCOME PRESENTATION

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. 16



2Q26 FIXED INCOME PRESENTATION

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. 17



2Q26 FIXED INCOME PRESENTATION

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. 18



REST OF BUSINESS



B»sincss 6rcas

SPAIN MEXICO TURKEY SOUTH AMERICA



2Q26 FIXED INCOME PRESENTATION

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

Covcragc

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 (%)

  1. 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.

  2. 1Q26 voluntary redundancies cost and positive VAT-related one-offs in 2Q25 and 2Q26.

p. 20

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