BBVA : 2Q26 Fixed Income Investors Presentation

About this update from Banco Bilbao Vizcaya Argentaria, S.a.

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" 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. 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 6 th 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 GROWTH 1 +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 INFLATION 1 8.8 % 12M AVERAGE +16.9 % +17.9 % + 14.5 % excl. non recurring items 2 Gross Income Operating Expenses EFFICIENCY RATIO (COST-TO-INCOME, % CONSTANT €) +33 bps excl. non recurring items 2 - 77 bps 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) LENDING 1 CUST.FUNDS 1 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 (%) 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 items 2 . 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. 20 Attention : This is an excerpt of the original content. 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