[6-K] Banco Bilbao Vizcaya Argentaria, S.A. Current Report (Foreign Issuer)
BBVA delivered another strong set of results in 2Q25 despite a softer rate backdrop. Net attributable profit reached €2.75 bn, up 18 % YoY at constant FX, driving 6M25 profit to €5.45 bn (+31 %). ROTE climbed to 20.4 % and EPS was €0.46. Core income continued to expand: net interest income rose 11 % YoY (cc) to €6.21 bn and fees grew 18 % to €1.95 bn, more than offsetting a 49 % drop in trading income. Operating jaws remained positive and the cost-to-income ratio improved to 37.6 % (6M).
Asset quality was contained: the NPL ratio stayed at 2.9 % with coverage of 75 %; cost of risk held at 1.32 % YtD. Capital generation was robust—CET1 FL increased 25 bp in the quarter to 13.34 %, comfortably above the 11.5-12 % target range and the 9.12 % SREP requirement. Total loan book grew 11.2 % YoY (cc), led by Spain (+16 %) and Mexico (+12.6 %). Management raised medium-term guidance: group loans now seen growing above mid-single digits, efficiency ratio <40 %, and CET1 surplus of ~€36 bn available for distribution through 2028. The bank expects around €13 bn excess capital to be distributed in the short term, subject to approvals.
BBVA ha registrato un altro solido trimestre nel 2Q25 nonostante un contesto di tassi più debole. L'utile netto attribuibile ha raggiunto 2,75 miliardi di euro, in crescita del 18% su base annua a cambi costanti, portando l'utile dei primi sei mesi del 2025 a 5,45 miliardi di euro (+31%). Il ROTE è salito al 20,4% e l'EPS è stato di 0,46 euro. Il reddito core ha continuato a espandersi: il margine di interesse netto è aumentato dell'11% su base annua (cc) a 6,21 miliardi di euro e le commissioni sono cresciute del 18% a 1,95 miliardi di euro, compensando ampiamente il calo del 49% dei ricavi da trading. Gli indicatori operativi sono rimasti positivi e il rapporto costi/ricavi è migliorato al 37,6% (6M).
La qualità degli attivi è stata contenuta: il rapporto NPL è rimasto al 2,9% con una copertura del 75%; il costo del rischio si è mantenuto all'1,32% da inizio anno. La generazione di capitale è stata robusta: il CET1 FL è aumentato di 25 punti base nel trimestre, raggiungendo il 13,34%, ben al di sopra dell'intervallo target 11,5-12% e del requisito SREP del 9,12%. Il portafoglio totale dei prestiti è cresciuto dell'11,2% su base annua (cc), trainato da Spagna (+16%) e Messico (+12,6%). La direzione ha rivisto al rialzo le previsioni a medio termine: i prestiti del gruppo ora dovrebbero crescere oltre la cifra media a una sola cifra, il rapporto di efficienza sotto il 40% e un surplus CET1 di circa 36 miliardi di euro disponibile per la distribuzione fino al 2028. La banca prevede di distribuire circa 13 miliardi di euro di capitale in eccesso a breve termine, soggetto alle approvazioni.
BBVA presentó otro sólido conjunto de resultados en el 2T25 a pesar de un entorno de tasas más débil. El beneficio neto atribuible alcanzó los 2.750 millones de euros, un aumento del 18% interanual a tipos de cambio constantes, impulsando el beneficio de los primeros seis meses de 2025 a 5.450 millones de euros (+31%). El ROTE subió al 20,4% y el BPA fue de 0,46 euros. Los ingresos principales continuaron creciendo: el margen de intereses neto aumentó un 11% interanual (cc) hasta 6.210 millones de euros y las comisiones crecieron un 18% hasta 1.950 millones de euros, compensando con creces la caída del 49% en ingresos por trading. Las métricas operativas se mantuvieron positivas y el ratio coste-ingresos mejoró al 37,6% (6M).
La calidad de activos se mantuvo contenida: la ratio de NPL se mantuvo en 2,9% con una cobertura del 75%; el coste del riesgo se situó en 1,32% en lo que va de año. La generación de capital fue sólida: el CET1 FL aumentó 25 puntos básicos en el trimestre hasta el 13,34%, muy por encima del rango objetivo del 11,5-12% y del requisito SREP del 9,12%. La cartera total de préstamos creció un 11,2% interanual (cc), liderada por España (+16%) y México (+12,6%). La dirección elevó las previsiones a medio plazo: se espera que los préstamos del grupo crezcan por encima de una cifra media baja, el ratio de eficiencia sea inferior al 40% y un superávit CET1 de aproximadamente 36.000 millones de euros disponible para distribución hasta 2028. El banco espera distribuir alrededor de 13.000 millones de euros de capital excedente a corto plazo, sujeto a aprobaciones.
BBVA는 금리 환경이 다소 약화된 가운데서도 2분기 2025년 강력한 실적을 기록했습니다. 귀속 순이익은 27억 5천만 유로로 전년 동기 대비 환율 효과를 제외하고 18% 증가했으며, 2025년 상반기 이익은 54억 5천만 유로(+31%)에 달했습니다. 자기자본이익률(ROTE)은 20.4%로 상승했고 주당순이익(EPS)은 0.46유로였습니다. 핵심 수익은 계속 확대되어 순이자수익은 전년 동기 대비 11%(환율 효과 제외) 증가한 62억 1천만 유로, 수수료 수익은 18% 증가한 19억 5천만 유로로, 거래 수익이 49% 감소한 것을 충분히 상쇄했습니다. 영업 레버리지도 긍정적이었으며 비용 대비 수익 비율은 37.6%(상반기)로 개선되었습니다.
자산 건전성은 안정적으로 유지되어 부실채권 비율은 2.9%로 유지되었으며, 커버리지 비율은 75%였습니다; 연초 이후 위험 비용은 1.32%로 유지되었습니다. 자본 생성도 견고하여 CET1 FL은 분기 동안 25bp 상승해 13.34%에 도달했으며, 이는 목표 범위인 11.5-12%와 9.12%의 SREP 요구치를 훨씬 상회합니다. 전체 대출 포트폴리오는 전년 대비 11.2%(환율 효과 제외) 증가했으며, 스페인(+16%)과 멕시코(+12.6%)가 주도했습니다. 경영진은 중기 가이던스를 상향 조정하여 그룹 대출이 중간 단일 자리수 이상 성장하고, 효율성 비율이 40% 미만이며, 약 360억 유로의 CET1 잉여 자본이 2028년까지 배분 가능하다고 전망했습니다. 은행은 단기적으로 약 130억 유로의 초과 자본을 승인 절차에 따라 배분할 것으로 예상합니다.
BBVA a présenté un autre solide ensemble de résultats au 2T25 malgré un contexte de taux plus faible. Le bénéfice net attribuable a atteint 2,75 milliards d'euros, en hausse de 18 % en glissement annuel à changes constants, portant le bénéfice des six premiers mois de 2025 à 5,45 milliards d'euros (+31 %). Le ROTE a grimpé à 20,4 % et le BPA s'est établi à 0,46 euro. Les revenus de base ont continué de croître : le produit net d'intérêt a augmenté de 11 % en glissement annuel (cc) pour atteindre 6,21 milliards d'euros et les commissions ont progressé de 18 % à 1,95 milliard d'euros, compensant largement la baisse de 49 % des revenus de trading. Les leviers opérationnels sont restés positifs et le ratio coût/revenu s'est amélioré à 37,6 % (6M).
La qualité des actifs est restée maîtrisée : le ratio de créances douteuses est resté à 2,9 % avec une couverture de 75 % ; le coût du risque s'est maintenu à 1,32 % depuis le début de l'année. La génération de capital a été robuste—le CET1 FL a augmenté de 25 points de base au cours du trimestre pour atteindre 13,34 %, bien au-dessus de la fourchette cible de 11,5-12 % et de l'exigence SREP de 9,12 %. Le portefeuille total de prêts a augmenté de 11,2 % en glissement annuel (cc), porté par l'Espagne (+16 %) et le Mexique (+12,6 %). La direction a relevé ses prévisions à moyen terme : les prêts du groupe devraient désormais croître au-delà d'un chiffre moyen à un seul chiffre, le ratio d'efficacité rester en dessous de 40 %, et un excédent de CET1 d'environ 36 milliards d'euros disponible pour distribution jusqu'en 2028. La banque prévoit de distribuer environ 13 milliards d'euros de capital excédentaire à court terme, sous réserve des approbations.
BBVA erzielte im 2. Quartal 2025 trotz eines schwächeren Zinsumfelds erneut starke Ergebnisse. Der auf die Aktionäre entfallende Nettogewinn erreichte 2,75 Mrd. Euro, ein Anstieg von 18 % im Jahresvergleich bei konstanten Wechselkursen, was den Gewinn für die ersten sechs Monate 2025 auf 5,45 Mrd. Euro (+31 %) ansteigen ließ. Die ROTE stieg auf 20,4 % und das Ergebnis je Aktie (EPS) lag bei 0,46 Euro. Die Kernerträge wuchsen weiter: Der Nettozinsertrag stieg im Jahresvergleich (cc) um 11 % auf 6,21 Mrd. Euro, und die Gebühren wuchsen um 18 % auf 1,95 Mrd. Euro, was den Rückgang der Handelserträge um 49 % mehr als ausglich. Die operative Hebelwirkung blieb positiv, und die Cost-Income-Ratio verbesserte sich auf 37,6 % (6M).
Die Vermögensqualität blieb stabil: Die NPL-Quote lag unverändert bei 2,9 % mit einer Deckung von 75 %; die Risikokosten blieben mit 1,32 % seit Jahresbeginn konstant. Die Kapitalerzeugung war robust – CET1 FL stieg im Quartal um 25 Basispunkte auf 13,34 %, deutlich über dem Zielbereich von 11,5-12 % und der SREP-Anforderung von 9,12 %. Das gesamte Kreditportfolio wuchs im Jahresvergleich (cc) um 11,2 %, angeführt von Spanien (+16 %) und Mexiko (+12,6 %). Das Management hob die mittelfristigen Prognosen an: Die Gruppenkredite sollen nun über dem mittleren einstelligen Bereich wachsen, die Effizienzquote unter 40 % liegen, und ein CET1-Überschuss von etwa 36 Mrd. Euro steht bis 2028 für Ausschüttungen zur Verfügung. Die Bank erwartet, kurzfristig rund 13 Mrd. Euro an überschüssigem Kapital auszuschütten, vorbehaltlich der Genehmigungen.
- Net attributable profit +31 % YoY (6M25) and ROTE 20.4 %
- CET1 FL up 25 bp to 13.34 %, well above target range
- Efficiency ratio improved to 37.6 %, industry leading
- Loan growth 11.2 % YoY, with Spain +16 % and Mexico +12.6 %
- Management signals €36 bn excess capital available for shareholder returns through 2028
- Net trading income fell 49 % YoY, illustrating earnings volatility
- NII declined 4 % QoQ as lower Euribor filters through
- Impairments rose 9 % YoY; cost of risk steady but elevated vs. peers
- Spanish banking tax reduced quarterly profit by €65 m
Insights
TL;DR: Earnings beat, efficiency gains and capital build underpin positive equity case.
BBVA’s 2Q25 print validates its high-teens ROTE narrative. Core revenues expanded double-digits YoY while costs rose low-single digits, yielding best-in-class efficiency (38 %). Capital generation of 69 bp before distributions leaves CET1 at 13.3 %, creating sizeable optionality for buybacks (management flags €36 bn excess to 2028). Geographic diversification is paying off: Spain and Mexico offset lower NTI and higher impairments. Forward guidance implies sustained growth and disciplined risk, so I view the release as impactful-positive for valuation and dividend expectations.
TL;DR: Credit metrics steady; capital buffers widen, risk profile unchanged.
CET1 of 13.34 % sits >400 bp above MDA, even before the announced regulatory tailwinds in 2H25. NPL ratio held at 2.9 % with stable coverage; cost of risk at 1.32 % is aligned with guidance and below mid-cycle stress levels. Rising impairments (+9 % YoY) merit monitoring, especially in Turkey, yet portfolio granularity and high coverage mitigate concerns. Liquidity is strong (LCR 168 %, NSFR 126 %). Overall, the update has neutral-to-positive risk implications.
BBVA ha registrato un altro solido trimestre nel 2Q25 nonostante un contesto di tassi più debole. L'utile netto attribuibile ha raggiunto 2,75 miliardi di euro, in crescita del 18% su base annua a cambi costanti, portando l'utile dei primi sei mesi del 2025 a 5,45 miliardi di euro (+31%). Il ROTE è salito al 20,4% e l'EPS è stato di 0,46 euro. Il reddito core ha continuato a espandersi: il margine di interesse netto è aumentato dell'11% su base annua (cc) a 6,21 miliardi di euro e le commissioni sono cresciute del 18% a 1,95 miliardi di euro, compensando ampiamente il calo del 49% dei ricavi da trading. Gli indicatori operativi sono rimasti positivi e il rapporto costi/ricavi è migliorato al 37,6% (6M).
La qualità degli attivi è stata contenuta: il rapporto NPL è rimasto al 2,9% con una copertura del 75%; il costo del rischio si è mantenuto all'1,32% da inizio anno. La generazione di capitale è stata robusta: il CET1 FL è aumentato di 25 punti base nel trimestre, raggiungendo il 13,34%, ben al di sopra dell'intervallo target 11,5-12% e del requisito SREP del 9,12%. Il portafoglio totale dei prestiti è cresciuto dell'11,2% su base annua (cc), trainato da Spagna (+16%) e Messico (+12,6%). La direzione ha rivisto al rialzo le previsioni a medio termine: i prestiti del gruppo ora dovrebbero crescere oltre la cifra media a una sola cifra, il rapporto di efficienza sotto il 40% e un surplus CET1 di circa 36 miliardi di euro disponibile per la distribuzione fino al 2028. La banca prevede di distribuire circa 13 miliardi di euro di capitale in eccesso a breve termine, soggetto alle approvazioni.
BBVA presentó otro sólido conjunto de resultados en el 2T25 a pesar de un entorno de tasas más débil. El beneficio neto atribuible alcanzó los 2.750 millones de euros, un aumento del 18% interanual a tipos de cambio constantes, impulsando el beneficio de los primeros seis meses de 2025 a 5.450 millones de euros (+31%). El ROTE subió al 20,4% y el BPA fue de 0,46 euros. Los ingresos principales continuaron creciendo: el margen de intereses neto aumentó un 11% interanual (cc) hasta 6.210 millones de euros y las comisiones crecieron un 18% hasta 1.950 millones de euros, compensando con creces la caída del 49% en ingresos por trading. Las métricas operativas se mantuvieron positivas y el ratio coste-ingresos mejoró al 37,6% (6M).
La calidad de activos se mantuvo contenida: la ratio de NPL se mantuvo en 2,9% con una cobertura del 75%; el coste del riesgo se situó en 1,32% en lo que va de año. La generación de capital fue sólida: el CET1 FL aumentó 25 puntos básicos en el trimestre hasta el 13,34%, muy por encima del rango objetivo del 11,5-12% y del requisito SREP del 9,12%. La cartera total de préstamos creció un 11,2% interanual (cc), liderada por España (+16%) y México (+12,6%). La dirección elevó las previsiones a medio plazo: se espera que los préstamos del grupo crezcan por encima de una cifra media baja, el ratio de eficiencia sea inferior al 40% y un superávit CET1 de aproximadamente 36.000 millones de euros disponible para distribución hasta 2028. El banco espera distribuir alrededor de 13.000 millones de euros de capital excedente a corto plazo, sujeto a aprobaciones.
BBVA는 금리 환경이 다소 약화된 가운데서도 2분기 2025년 강력한 실적을 기록했습니다. 귀속 순이익은 27억 5천만 유로로 전년 동기 대비 환율 효과를 제외하고 18% 증가했으며, 2025년 상반기 이익은 54억 5천만 유로(+31%)에 달했습니다. 자기자본이익률(ROTE)은 20.4%로 상승했고 주당순이익(EPS)은 0.46유로였습니다. 핵심 수익은 계속 확대되어 순이자수익은 전년 동기 대비 11%(환율 효과 제외) 증가한 62억 1천만 유로, 수수료 수익은 18% 증가한 19억 5천만 유로로, 거래 수익이 49% 감소한 것을 충분히 상쇄했습니다. 영업 레버리지도 긍정적이었으며 비용 대비 수익 비율은 37.6%(상반기)로 개선되었습니다.
자산 건전성은 안정적으로 유지되어 부실채권 비율은 2.9%로 유지되었으며, 커버리지 비율은 75%였습니다; 연초 이후 위험 비용은 1.32%로 유지되었습니다. 자본 생성도 견고하여 CET1 FL은 분기 동안 25bp 상승해 13.34%에 도달했으며, 이는 목표 범위인 11.5-12%와 9.12%의 SREP 요구치를 훨씬 상회합니다. 전체 대출 포트폴리오는 전년 대비 11.2%(환율 효과 제외) 증가했으며, 스페인(+16%)과 멕시코(+12.6%)가 주도했습니다. 경영진은 중기 가이던스를 상향 조정하여 그룹 대출이 중간 단일 자리수 이상 성장하고, 효율성 비율이 40% 미만이며, 약 360억 유로의 CET1 잉여 자본이 2028년까지 배분 가능하다고 전망했습니다. 은행은 단기적으로 약 130억 유로의 초과 자본을 승인 절차에 따라 배분할 것으로 예상합니다.
BBVA a présenté un autre solide ensemble de résultats au 2T25 malgré un contexte de taux plus faible. Le bénéfice net attribuable a atteint 2,75 milliards d'euros, en hausse de 18 % en glissement annuel à changes constants, portant le bénéfice des six premiers mois de 2025 à 5,45 milliards d'euros (+31 %). Le ROTE a grimpé à 20,4 % et le BPA s'est établi à 0,46 euro. Les revenus de base ont continué de croître : le produit net d'intérêt a augmenté de 11 % en glissement annuel (cc) pour atteindre 6,21 milliards d'euros et les commissions ont progressé de 18 % à 1,95 milliard d'euros, compensant largement la baisse de 49 % des revenus de trading. Les leviers opérationnels sont restés positifs et le ratio coût/revenu s'est amélioré à 37,6 % (6M).
La qualité des actifs est restée maîtrisée : le ratio de créances douteuses est resté à 2,9 % avec une couverture de 75 % ; le coût du risque s'est maintenu à 1,32 % depuis le début de l'année. La génération de capital a été robuste—le CET1 FL a augmenté de 25 points de base au cours du trimestre pour atteindre 13,34 %, bien au-dessus de la fourchette cible de 11,5-12 % et de l'exigence SREP de 9,12 %. Le portefeuille total de prêts a augmenté de 11,2 % en glissement annuel (cc), porté par l'Espagne (+16 %) et le Mexique (+12,6 %). La direction a relevé ses prévisions à moyen terme : les prêts du groupe devraient désormais croître au-delà d'un chiffre moyen à un seul chiffre, le ratio d'efficacité rester en dessous de 40 %, et un excédent de CET1 d'environ 36 milliards d'euros disponible pour distribution jusqu'en 2028. La banque prévoit de distribuer environ 13 milliards d'euros de capital excédentaire à court terme, sous réserve des approbations.
BBVA erzielte im 2. Quartal 2025 trotz eines schwächeren Zinsumfelds erneut starke Ergebnisse. Der auf die Aktionäre entfallende Nettogewinn erreichte 2,75 Mrd. Euro, ein Anstieg von 18 % im Jahresvergleich bei konstanten Wechselkursen, was den Gewinn für die ersten sechs Monate 2025 auf 5,45 Mrd. Euro (+31 %) ansteigen ließ. Die ROTE stieg auf 20,4 % und das Ergebnis je Aktie (EPS) lag bei 0,46 Euro. Die Kernerträge wuchsen weiter: Der Nettozinsertrag stieg im Jahresvergleich (cc) um 11 % auf 6,21 Mrd. Euro, und die Gebühren wuchsen um 18 % auf 1,95 Mrd. Euro, was den Rückgang der Handelserträge um 49 % mehr als ausglich. Die operative Hebelwirkung blieb positiv, und die Cost-Income-Ratio verbesserte sich auf 37,6 % (6M).
Die Vermögensqualität blieb stabil: Die NPL-Quote lag unverändert bei 2,9 % mit einer Deckung von 75 %; die Risikokosten blieben mit 1,32 % seit Jahresbeginn konstant. Die Kapitalerzeugung war robust – CET1 FL stieg im Quartal um 25 Basispunkte auf 13,34 %, deutlich über dem Zielbereich von 11,5-12 % und der SREP-Anforderung von 9,12 %. Das gesamte Kreditportfolio wuchs im Jahresvergleich (cc) um 11,2 %, angeführt von Spanien (+16 %) und Mexiko (+12,6 %). Das Management hob die mittelfristigen Prognosen an: Die Gruppenkredite sollen nun über dem mittleren einstelligen Bereich wachsen, die Effizienzquote unter 40 % liegen, und ein CET1-Überschuss von etwa 36 Mrd. Euro steht bis 2028 für Ausschüttungen zur Verfügung. Die Bank erwartet, kurzfristig rund 13 Mrd. Euro an überschüssigem Kapital auszuschütten, vorbehaltlich der Genehmigungen.
UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July, 2025
Commission file number: 1-10110
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
(Exact name of Registrant as specified in its charter)
BANK BILBAO VIZCAYA ARGENTARIA, S.A.
(Translation of Registrant’s name into English)
Calle Azul 4,
28050 Madrid
Spain
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F X | Form 40-F |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
| Yes | No X |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
| Yes | No X |
2Q25 Earnings and Medium-Term Strategic Objectives July 31, 2025
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 of the aforementioned companies, or to contract any financial product. Any decision to purchase or invest in securities or contract any financial product must be made solely and exclusively on the basis of the information made available to such effects by the company in relation to each specific matter.The information contained in this document is subject to and should be read in conjunction with all other publicly available information of the issuer. 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2Q25 EARNINGS Outstanding value creation and profitability PROFITABILITY METRICS TBV + DIVIDENDS 1 (%) (€ / SHARE ) % ROTE +14.6 % +2.9 20.4 20.0 19.7 10.13 9.84 8.84 2 2 0.70 0.70 ROE 19.5 9.14 9.43 19.1 18.9 Jun-24 Mar-25 Jun-25 6M24 2024 6M25 TBV / share Dividends / share p. 3 (1) Total number of shares considered: 5,752m as of June ‘24, 5,751m as of March’25 and 5,755m as of June‘25. (2) Gross dividend per share paid in April 2025 of 0.41 € and in October 2024 of 0.29 €.
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 % 13.09 2,749 2,794 2,698 Target Range % % 11.5 -12.0 SREP Requirement % 9.12 2Q24 1Q25 2Q25 1 Mar-25 Jun-25 EPS (€) 0.47 0.45 0.46 p. 4 Note: 1Q25 and 2Q25 includes Spanish banking tax quarterly accrual of -85 €M and -65 €M respectively. (1) EPS calculated according to IAS33.
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 % 14.2 European 2,957 (1) % Peers 12.9 % 12.7 % 9.9 3M25 6M25 2022 2023 2024 2025 6M22 6M23 6M24 6M25 p. 5 Note: 6M24 includes annual Spanish banking tax of -285 €M. 6M25 includes Spanish banking tax accrual of -150 €M. (1) European Peer Group: BARC, BNPP, CABK, CASA, DB, HSBC, ING, ISP, LBG, NDA, SAN, SG, UCG, UBS. UBS excluded in 2023 & 2024.
2Q25 EARNINGS 2Q25 key messages 1 NET INTEREST INCOME TOTAL LOAN GROWTH 1 Strong activity drives Net % % vs. Jun 2024 +11.2 vs. 2Q24 +16.0 Interest Income growth CONSTANT CONSTANT NET FEES AND COMMISSIONS 2 Excellent fee income % +17.7 vs. 2Q24 evolution CONSTANT 3 EFFICIENCY RATIO Positive jaws and leading % 6M25 37.6 efficiency ratio COST OF RISK 4 Asset quality remains stable, % 6M25 1.32 better than expectations CET1 RATIO 5 Sound capital position, with % % % vs. 11.5 -12 13.34 exceptional quarterly evolution TARGET RANGE 6 NEW CUSTOMERS SUSTAINABLE BUSINESS Continued growth of the underlying business franchises 5.7 million in 6M25 € 63 billion in 6M25 p. 6 (1) Performing loans under management excluding repos.
2Q25 EARNINGS 2Q25 Profit & Loss Change Change 2Q25/2Q24 2Q25/1Q25 % % 2Q25 BBVA GROUP (€M) 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 -7 Operating Expenses -3,224 7 -7 -2 -9 Operating Income 5,485 14 -5 4 -5 Impairment on Financial Assets -1,377 9 -7 8 -1 Provisions and Other Gains and Losses -33 n.s. n.s. 13 13 Income Before Tax 4,076 14 -6 3 -6 Income Tax -1,160 1 -16 -14 -21 Non-controlling Interest -167 63 8 17 -9 Net Attributable Profit 2,749 18 -2 11 2 p. 7
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 11,247 26 6 Impairment on Financial Assets -2,761 10 -3 Provisions and Other Gains and Losses -62 n.s. n.s. Income Before Tax 8,424 31 8 Income Tax -2,626 23 4 Non-controlling Interest -351 132 35 Net Attributable Profit 5,447 31 9 p. 8 Note: 6M24 includes annual Spanish banking tax of -285 €M. 6M25 includes Spanish banking tax accrual of -150 €M.
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 % +3.9 strong activity and trend levered on good price payments and asset management management NET TRADING INCOME (CONSTANT €M) GROSS INCOME (CONSTANT €M) % % -48.5 +11.7 % % -42.4 Lower contribution of Solid gross income +1.7 NTI mainly due to FX growth mainly due Hedges in the to positive core Corporate Center, revenues especially due to USD depreciation vs. EUR p. 9
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 % +0.6 Spain 16.0% 13.3% % +6.3 % +2.4 9.6% Jun-24 Jun-25 2Q24 1Q25 2Q25 % +9.6 % +1.6 Mexico % % +12.6 +11.7 Jun-24 Jun-25 2Q24 1Q25 2Q25 p. 10
2Q25 EARNINGS Positive jaws and leading efficiency ratio POSITIVE JAWS EFFICIENCY RATIO (6M25 YOY, CONSTANT €) (COST-TO-INCOME, % CONSTANT €) -322bps FOOTPRINT 1 INFLATION % % 13.4 +19.6 12M AVERAGE 40.9 % 37.6 +10.2 6M24 6M25 Gross Operating Income Expenses p. 11 (1) Weighted by operating expenses and excluding Venezuela.
2Q25 EARNINGS Asset quality remains stable, better than expectations FINANCIAL ASSETS IMPAIRMENTS NPL (CONSTANT €M) (CURRENT €BN) 1,436 1,402 1,311 1,381 1,326 15.4 15.3 14.8 14.3 14.6 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 2Q24 3Q24 4Q24 1Q25 2Q25 COST OF RISK NPL & COVERAGE RATIOS (%, YTD) (%) 82% 81% 80% 75% 75% 1.42% 1.42% 1.43% COVERAGE 1.30% 1.32 % 3.3% 3.3% 3.0% 2.9% 2.9 % NPL Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 p. 12
2Q25 EARNINGS Sound capital position, with exceptional quarterly evolution CET1 RATIO (%, BPS) ADDITIONAL POSITIVE +25bps REGULATORY IMPACTS c.+40-50bps in 2H25 -37 bps +69 bps % 13.34 -41 bps % +17 bps 13.09 +17 bps Target Range % % 11.5 -12.0 SREP Requirement % 9.12 1 2 Dividend Mar-25 Results RWAs Others One-offs Jun-25 accrual & AT1 (constant €) coupons (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 p. 13 registered in results. (2) One-offs derived from a positive regulatory impact partially compensated by higher tax credits.
2Q25 EARNINGS Record customer acquisition driven by digital 1 NEW CUSTOMERS (BBVA GROUP, MILLION; % ACQUISITION THROUGH DIGITAL CHANNELS) 5.7 5.6 5.4 5.4 4.1 Digital TOTAL 3.4 % 66 Digital % 33 Active 2 79.1 M 56.9 M Clients p. 14 (1) Gross customer acquisition through own channels for retail segment. Excludes the US business sold to PNC for comparison purposes. (2) Total active clients as of end of Jun’20 and Jun’25.
2Q25 EARNINGS Sustainability as a business opportunity and a growth driver SUSTAINABLE BUSINESS BY CUSTOMER SEGMENT (CHANNELING, € BILLION) (€ BN) 63 YoY 7.5 Sustainable % +48 43 business target % 23.6 +119 2025-29 3.4 Retail % 15.4 Enterprises +53 €700Bn % CIB +34 31.9 23.7 6M24 6M25 Note: Sustainable business channeling is considered to be any mobilization of financial flows, cumulatively, in relation with activities, clients or products considered to be sustainable or promoting sustainability in accordance with internal standards and market standards, existing regulations and best practices. The foregoing is understood without prejudice to the fact that said mobilization, both at an p. 15 initial stage or at a later time, may not be registered on the balance sheet. To determine the financial flows channeled to sustainable business, internal criteria is used based on both internal and external information. Figures exclude BBVA Asset Management and Fundacion Microfinanzas BBVA activity.
Business Areas SPAIN MEXICO TURKEY SOUTH AMERICA
2Q25 EARNINGS BUSINESS AREAS Spain ACTIVITY (€BN, JUN-25) Δ (%) Δ (%) PROFIT & LOSS (€M) 2Q25 vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 1 1 LENDING CUST.FUNDS Net Interest Income 1,623 1.7 1.0 3,230 1.5 YoY YoY Net Fees and Commissions 587 3.6 -0.5 1,176 5.2 % % +6.3 +5.1 Net Trading Income -7.9 -38.2 5.9 153 401 Other Income & Expenses 120 -0.6 34.1 209 n.s. Gross Income 1.4 -2.0 9.2 2,483 5,016 Mortgages Operating Expenses -754 -7.7 -7.6 -1,570 -3.9 % +1.1 Demand % +3.6 Operating Income 1,729 5.9 0.7 3,446 16.5 Deposits Consumer + Credit Cards % Impairment on Financial Assets -3.9 17.6 -9.7 -163 -301 +6.8 Very small businesses % -0.3 Provisions and Other Gains and Losses -14 -31.8 -44.0 -40 -22.9 Time % -1.8 Mid-size companies % Deposits Income Before Tax 7.6 -0.1 20.7 +9.5 1,552 3,105 Corporate + CIB Income Tax 12.0 -18.3 19.5 -431 -959 % +11.6 % Off-BS Funds +9.6 Public sector % +16.0 Net Attributable Profit 1,120 6.0 9.3 2,144 21.2 % +14.6 Others (1) Performing loans and Cust.Funds under management, excluding repos. KEY RATIOS CUSTOMER SPREAD (%) ASSET QUALITY RATIOS (%) ー Strong loan growth (+2.2% QoQ), specially in Mid-size companies (+3.2% QoQ) and consumer (+2.2% QoQ), adding over a sound 1Q. Yield on loans ー Remarkable NII growth (+1.0% QoQ) driven by activity, effective price Coverage management, and higher ALCO contribution. Customer NPL Ratio spread ー Operating expenses affected by a one-off related with VAT payment. Cost of ー Sound risk metrics, with CoR at 32 bps, ahead of expectations. deposits CoR (YtD) 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 p. 17
2Q25 EARNINGS BUSINESS AREAS Mexico Δ Current Δ Constant ACTIVITY (JUN-25; CONSTANT €BN) PROFIT & LOSS Δ Constant (%) (%) (%) (CONSTANT €M) 1 1 vs. 2Q24 vs. 1Q25 vs. 6M24 vs. 6M24 2Q25 6M25 LENDING CUST.FUNDS Net Interest Income 10.2 2.1 5,511 -7.7 8.9 2,784 YoY YoY Net Fees and Commissions 570 6.8 -0.7 1,144 -9.9 6.3 % +15.0 Net Trading Income 16.8 -15.6 0.7 18.8 183 400 % +11.7 Other Income & Expenses 15.6 19.8 6.3 25.3 160 293 % Gross Income 10.2 1.3 -7.1 9.5 3,697 7,349 Mortgages +8.1 Demand % +11.8 Deposits Operating Expenses 8.8 -0.7 -6.5 10.2 -1,119 -2,247 Consumer % +14.7 Operating Income 10.8 2.1 -7.4 9.2 2,578 5,102 Credit Cards % +13.6 Impairment on Financial Assets 17.6 16.7 -4.3 12.8 -800 -1,486 Time % SMEs % +20.1 +19.6 Deposits Provisions and Other Gains and Losses 350.5 59.1 101.7 137.8 -21 -35 Income Before Tax 7.0 -3.8 -9.1 7.2 1,756 3,581 Other Commercial % +12.6 % Income Tax 12.8 -4.1 -7.1 9.6 Off-BS Funds +17.8 -491 -1,003 Net Attributable Profit 1,265 4.9 -3.6 2,578 -9.8 6.3 % Public sector +0.9 (1) Performing loans and Cust.Funds under management, excluding repos, according to local GAAP. KEY RATIOS ー Solid loan growth both in retail (+2.9% QoQ), and commercial (+1.1% ex- CUSTOMER SPREAD (%) ASSET QUALITY RATIOS (%) Fx QoQ), supported by strong new loan origination (+15% YoY in 2Q25). Yield on ー Strong NII increase (+2.1% QoQ), driven by lending growth. loans Coverage ー Robust operating income (+2.1% QoQ), supported by revenues growth Customer and well-contained costs. Outstanding efficiency ratio at 30.6% 6M25. NPL spread Ratio ー Impairments increase mainly due to IFRS 9 macro adjustment. CoR Cost of stands at 324 bps in 6M25, below FY guidance. CoR deposits (YtD) p. 18 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25
2Q25 EARNINGS BUSINESS AREAS Turkey Δ Current (%) PROFIT & LOSS Δ Current (%) ACTIVITY (JUN-25; CONSTANT €BN; BANK ONLY) vs. 2Q24 vs. 1Q25 vs. 6M24 (CURRENT €M) 2Q25 6M25 2 2 Net Interest Income 605 84.9 -13.7 1,307 116.0 LENDING CUST.FUNDS Net Fees and Commissions 508 5.5 -7.5 1,058 16.9 Net Trading Income 98 -65.8 -21.0 221 -63.2 1 YoY 1 Other Income & Expenses -69 -30.8 -35.2 -177 -19.4 YoY % +15.9 Of which: % +38.1 FC Time Net Monetary Position (NMP) loss -44.5 -148 -57.0 -57.4 -496 CPI linkers revenues 109 -58.7 -64.9 419 -40.3 % FC +21.3 % +13.5 FC Demand Gross Income 1,142 14.8 -9.9 2,409 27.3 % Operating Expenses -503 8.3 -12.9 -1,080 18.8 +42.2 % +40.1 Operating Income 639 20.5 -7.4 1,329 35.2 TL Commercial % +19.0 Impairment on Financial Assets -173 126.5 -26.2 -407 168.7 TL Time Provisions and Other Gains and Losses 13 -72.2 n.s. 11 -87.2 % +41.5 Income Before Tax 479 -4.3 5.7 932 2.0 % Income Tax -178 -30.2 -32.8 -442 -11.2 +57.1 TL Retail Non-controlling Interest -47 22.9 55.2 -78 20.9 TL Demand % Net Attributable Profit 254 22.4 60.6 412 17.3 +33.9 (1) FC (foreign currency) evolution excluding FX impact. (2) Performing loans and deposits under management, excluding repos, according to local GAAP. KEY RATIOS ー Resilient NII, supported by activity growth despite TL customer spread CUSTOMER SPREAD (%) ASSET QUALITY RATIOS (%) decline in the quarter due to higher deposit costs. ー Robust fee growth led by payments systems, and positive contribution Coverage from asset management and insurance business. FC ー CoR stood at 164 bps, benefiting from wholesale provision releases. NPL Ratio Retail provisioning needs remain high. ー Disinflationary trend continues to support Net Profit as lower inflation TL reduces P&L impact from NMP loss. CoR (YtD) 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 Note:Inflation rate: 6.0% in 2Q25 (vs 10.1% in 1Q25). Annual inflation down to 35.05% YoY in p. 19 2Q25 (vs 38.1% 1Q25)
2Q25 EARNINGS BUSINESS AREAS South America ACTIVITY (JUN-25; CONSTANT €BN) NET ATTRIBUTABLE PROFIT (CURRENT €M) 1 1 LENDING CUST.FUNDS Δ Current (%) Δ Current (%) YoY % 2Q25 vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 +17.9 YoY % +16.4 Colombia 40 9.0 21.7 73 29.4 % Colombia +2.9 % Peru 72 6.4 -14.2 156 41.7 +2.5 Colombia Argentina 41 -41.0 -19.3 91 -11.9 Peru % +7.9 % Peru +3.2 Other ¹ 50 108.2 -2.0 101 115.5 South America 203 2.8 -7.1 421 33.0 % +109 % Argentina +184 Argentina % % +6.5 Other +11.3 Other (1) Other includes BBVA Forum (Chile), Venezuela and Uruguay. (1) Performing loans and Cust.Funds under management, excluding repos. KEY RATIOS CUSTOMER SPREAD (%) COST OF RISK (YTD, %) COL ー Net Profit increased, supported by strong NII growth, driven by activity and higher customer spread. Risk metrics continue to improve. COL ー Solid Net Profit in 2Q25 driv PER en by higher NII and lower costs. Impairments increase after provision releases in 1Q25. Underlying asset PER quality trends remain sound. ー Net Profit reached 41 Mn€ in 2Q25, affected b ARG y the FX depreciation. ARG 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 p. 20 Note: Inflation rate ARG: 6.0% in 2Q25 vs 8.5% in 1Q25 and 15.0% in 6M25 (vs 80.0% 6M24).
2Q25 EARNINGS 2Q25 EARNINGS 2025 Outlook Improved Guidance 1 SPAIN MEXICO TURKEY Group Loans: above mid single digit Loans: growth at around 10% Net Profit will stand growth, outperforming the somewhat below €1 NII: growth at high single digit, market billion ROTE below activity NII: slightly positive growth CoR: around 180 bps Expenses: high single digit % Fees: low to mid single digit growth. Efficiency at FY24 around 20 growth, subject to market levels SOUTH AMERICA performance CoR: below 350 bps EFFICIENCY RATIO CoR: below 250 bps Expenses: low single digit decline. Efficiency at 33% % below 40 CoR below 35 bps Around 13 billion euros expected to be available 2 for distribution in the short term (1) Mexico guidance in constant €. p. 21 p. 21 (2) Pending approval from the governing bodies and subject to mandatory regulatory approvals.
2Q25 EARNINGS Takeaways Outstanding shareholder value Another superb quarter in profit and capital generation creation and profitability metrics Strong core revenues evolution on the Industry leading efficiency levels back of activity growth, fully absorbing with clear focus on costs the declining rates in larger markets Continued growth of the underlying Exceptional CET1 capital evolution in franchise with record new customer the quarter with more to come in 2H25 additions and sustainability volumes p. 22
Medium-Term Strategic Objectives
2Q25 EARNINGS MEDIUM - TERM STRA TEGIC OBJECTIVES Our new strategic priorities will strengthen our leadership position Embed a Radical Scale up All Strengthen Client Enterprise Our Empathy, Perspective Segments Succeed as a in All We Do Winning Team Promote a Boost Value and Unlock the Sustainability Capital Potential of as a Growth Creation AI and Engine Mindset Innovation p. 24
MEDIUM - TERM STRA 2Q25 EARNINGS TEGIC 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 currencies moderating aligned with inflation Economic growth comes down slightly but remains sound, leading to solid activity Spain growth Annual GDP growth recovers but still stays below 2% in 2026-2028 Mexico Gradual decline of inflation and interest rates throughout the period Turkey & Argentina Both are expected to exit hyperinflation accounting in 2028 p. 25 Note: Additional details on macroeconomic assumptions by country are provided in the Annex.
2Q25 EARNINGS MEDIUM - TERM STRA TEGIC OBJECTIVES What should be highlighted in the new strategic cycle A SIGNIFICANT BOOST IN REVENUE GROWTH AND VALUE CREATION Continued More focus Core Hyper Enterprises market share on fee countries to countries to & CIB improve on their businesses gains due to improve contribution high profitability especially increase in especially in the significantly insurance/ asset customer base helped by second part of larger management and on the cycle activity and leveraging transactional better cost cross-border and products of risk sustainability Use of balance sheet rotation Productivity programs as part of capital optimization efforts driven by Next Gen technologies and AI p. 26
MEDIUM - TERM STRA 2Q25 EARNINGS TEGIC OBJECTIVES Group Financial KPIs Goals NET ATTRIBUTABLE ROTE TBV + DIV PER SH C/I RATIO PROFIT (%, CURRENT €) (%, CURRENT €) (%, CURRENT €) (CURRENT €) % % Mid-teens c.22 c.35 c.€48 Bn Cumulative Avg. 2025-2028 CAGR 2024-2028 2028 2025-2028 p. 27
2Q25 EARNINGS MEDIUM - TERM STRA TEGIC OBJECTIVES Business Units Financial KPIs Goals South Rest of Spain Mexico Turkey 1 America Business Activity Mid-single High-single Above High High Growth digit digit inflation teens teens (CAGR 24-28, const. €) Low to High-single Revenue High-single High-teens Mid-single digit c.20% Growth (current €) digit (CAGR 24-28, const. €) (current €) digit C/I low 30ʼs <40% (in 2028, low 30ʼs c.30% <50% (current €) (current €) constant €) Cost of Risk (Avg. 2025-28 c.30 bps c.330 bps c.200 bps c.230 bps c.20 bps current €) c.3% RoRWA >3.5% c.4% c.6.5% >2% (2028, constant €) (current €) (current €) p. 28 (1) Mainly CIB business in US, Europe & Asia and digital banks (Italy, Germany)
2Q25 EARNINGS MEDIUM - TERM STRA TEGIC OBJECTIVES Strong CET1 generation expected to 1 enable significant capital distribution CET1 SOURCES (EURO, BILLIONS) c.€49 Bn 2 EXCESS CET1 ABOVE 12% as of DEC’24 4.5 CET1 GENERATION 2025-2028 39 3 SRTs 2025-2028 5 CET1 USES (EURO, BILLIONS) c.€49 Bn 4 INVESTED FOR GROWTH 13 AVAILABLE FOR DISTRIBUTION €36 Bn ORDINARY DISTRIBUTION (max. 50% payout) 24 2, 5 EXCESS CAPITAL 12 (1) Capital accumulation from 2025-2028 in current €. The use of this capital can extend beyond the indicated period. (2) Includes the 1Bn€ SBB announced in Jan’25 pending to be executed in 2025. p. 29 (3) Total RWAs release of 39Bn€ * 12% (upper part of our target range). (4) RWAs variation *12% (upper part of our target range) (5) Excess capital calculated with a CET1 ratio = 12%. Note: Pending approval from the governing bodies and subject to mandatory regulatory approvals. Estimated figures 2025-2028.
Annex 1 P&L Accounts by business unit 6 RWAs by business area 2 7 Customer spread by country Book Value of the main subsidiaries 3 8 Stages breakdown by business area MREL 4 9 ALCO portfolio, NII sensitivity and LCRs & NSFRs Digital metrics 5 10 CET1 Sensitivity to market impacts Medium-term strategic plan macro assumptions
1 P&L Accounts by business unit Rest of Business Corporate Center Turkey Argentina Colombia Peru (hyperinflation (hyperinflation adjustment) adjustment)
2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Rest of Business Δ (%) Δ (%) PROFIT & LOSS (€M) 2Q25 6M25 vs. 2Q24 vs. 1Q25 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 -74.1 1 -31.6 Gross Income 394 13.7 -9.8 831 21.1 Operating Expenses -198 20.6 -1.3 -398 22.9 Operating Income 196 7.4 -17.0 433 19.4 Impairment on Financial Assets -18 -41.3 -7.1 -37 -20.6 Provisions and Other Gains and Losses -5 178.9 n.s. -2 -20.4 Income Before Tax 173 15.0 -21.3 394 25.7 Income Tax -43 32.0 -8.6 -90 23.6 Net Attributable Profit 130 10.3 -24.8 304 26.3 p. 32
2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Corporate Center Δ (%) Δ (%) vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 PROFIT & LOSS (€M) 2Q25 -199 14.5 -100 -8.9 1.9 Net Interest Income -62 57.7 -36 27.9 38.5 Net Fees and Commissions -146 n.s. n.s. -85 68.5 Net Trading Income 62 n.s. 54 n.s. n.s. Other Income & Expenses -229 n.s. n.s. -285 3.8 Gross Income -298 -16.2 -109 -42.3 -42.6 Operating Expenses -338 151.6 37.9 -583 -7.5 Operating Income -2 n.s. -1 -30.9 -14.3 Impairment on Financial Assets 20 -57.1 17 44.1 n.s. Provisions and Other Gains and Losses -322 160.1 32.8 -564 -3.1 Income Before Tax 120 n.s. 193.6 161 267.0 Income Tax -9 284.5 Non-controlling Interest -2 n.s. -67.0 -204 0.8 -2.0 -411 -23.9 Net Attributable Profit p. 33
2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Turkey - hyperinflation adjustment 6M25 6M25 Hyperinflation 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 & Expenses -177 -700 523 Gross Income 2,409 -832 3,241 Operating Expenses -1,080 25 -1,105 Operating Income 1,329 -807 2,136 Impairment on Financial Assets -407 27 -434 Provisions and Other Gains and Losses 11 -11 22 Income Before Tax 932 -792 1,724 Income Tax -442 66 -508 Non-controlling Interest -78 103 -181 Net Attributable Profit 412 -623 1,035 (1) 6M25 reported figures calculated according to end of period FX. (2) 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) p. 34 amortization expenses after the non monetary assets revaluation, (iv) impact of applying the conversion exchange rate fixing instead of average.
2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Argentina - hyperinflation adjustment 6M25 6M25 Hyperinflation 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 -345 -199 -146 Gross Income 791 -284 1,075 Operating Expenses -433 19 -452 Operating Income 359 -264 623 Impairment on Financial Assets -129 8 -137 Provisions and Other Gains and Losses -16 1 -17 Income Before Tax 214 -254 468 Income Tax -75 83 -158 Non-controlling Interest -48 58 -106 Net Attributable Profit 91 -114 205 (1) 6M25 reported figures calculated according to end of period FX. (2) 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) p. 35 amortization expenses after the non monetary assets revaluation, (iv) impact of applying the conversion exchange rate fixing instead of average.
2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Colombia Δ (%) Δ (%) 6M25 vs. 6M24 vs. 2Q24 vs. 1Q25 2Q25 PROFIT & LOSS (€M CONSTANT) 473 2.2 247 3.2 9.3 Net Interest Income 52 -10.7 26 -16.3 5.8 Net Fees and Commissions 41 -8.3 15 -30.3 -42.0 Net Trading Income -4 10.6 -38.8 -10 86.4 Other Income & Expenses 285 -1.5 5.1 556 -0.8 Gross Income -251 -4.2 -127 0.2 1.8 Operating Expenses 158 -2.9 7.9 305 2.2 Operating Income -98 -13.4 -5.8 -203 -12.3 Impairment on Financial Assets -1 n.s. n.s. -2 18.7 Provisions and Other Gains and Losses 58 18.5 39.6 100 53.3 Income Before Tax -26 92.2 -16 8.4 68.9 Income Tax -1 n.s. Non-controlling Interest-116866 41 22.0 30.5 73 40.1 Net Attributable Profit p. 36
2Q25 EARNINGS ANNEX - P&L ACCOUNTS BY BUSINESS UNIT Peru Δ (%) Δ (%) vs. 2Q24 vs. 1Q25 6M25 vs. 6M24 PROFIT & LOSS (€M CONSTANT) 2Q25 722 0.8 Net Interest Income 362 0.7 0.7 154 -4.3 Net Fees and Commissions 75 -7.6 -6.0 106 -9.0 Net Trading Income 55 -28.7 9.9 Other Income & Expenses -6 -23.6 -24.9 -14 -23.4 487 -4.7 1.0 969 -0.8 Gross Income -366 7.0 Operating Expenses -181 9.9 -1.5 305 -11.6 2.5 603 -5.0 Operating Income -148 -54.6 Impairment on Financial Assets -81 -51.5 21.6 6 -24.1 Provisions and Other Gains and Losses -9 n.s. n.s. 215 11.4 -12.3 461 45.7 Income Before Tax -132 70.5 Income Tax -60 25.9 -15.9 -173 35.1 Non-controlling Interest -80 3.6 -13.1 75 10.0 -8.1 156 40.6 Net Attributable Profit p. 37
2 Customer spread by country
2Q25 EARNINGS ANNEX - CUSTOMER SPREAD BY COUNTRY Customer AVERAGE 2Q24 3Q24 4Q24 1Q25 2Q25 Spain 3.44% 3.39% 3.30% 3.19% 3.05% spreads: Yield on Loans 4.30% 4.25% 4.13% 3.85% 3.66% Cost of Deposits -0.87% -0.86% -0.83% -0.66% -0.60% quarterly Mexico MXN 12.41% 12.48% 12.33% 12.00% 11.96% Yield on Loans 15.44% 15.50% 15.23% 14.99% 14.71% evolution Cost of Deposits -3.03% -3.02% -2.90% -2.99% -2.75% 1 Mexico FC 6.48% 6.12% 5.88% 5.44% 5.25% Yield on Loans 7.24% 7.22% 6.93% 6.23% 6.14% Cost of Deposits -0.76% -1.10% -1.04% -0.79% -0.90% Turkey TL -0.02% -0.33% 0.55% 1.46% 1.04% Yield on Loans 36.86% 38.47% 38.20% 37.76% 37.56% Cost of Deposits -36.88% -38.80% -37.64% -36.30% -36.53% 1 Turkey FC 9.16% 8.84% 8.29% 7.85% 7.90% Yield on Loans 9.32% 9.00% 8.44% 8.13% 8.31% Cost of Deposits -0.16% -0.16% -0.15% -0.28% -0.41% Argentina 30.56% 18.35% 17.01% 17.13% 16.73% Yield on Loans 52.35% 35.14% 32.05% 29.96% 30.98% Cost of Deposits -21.79% -16.80% -15.04% -12.82% -14.25% Colombia 5.39% 5.42% 5.55% 5.31% 5.64% Yield on Loans 13.40% 12.99% 12.52% 12.25% 12.26% Cost of Deposits -8.01% -7.57% -6.97% -6.93% -6.62% Peru 7.19% 6.98% 6.96% 7.24% 7.22% Yield on Loans 9.33% 9.23% 9.09% 9.04% 9.02% Cost of Deposits -2.14% -2.25% -2.14% -1.80% -1.80% p. 39 (1) FC: Foreign Currency.
2Q25 EARNINGS ANNEX - CUSTOMER SPREAD BY COUNTRY Customer AVERAGE 6M24 6M25 Spain 3.44% 3.12% spreads: Yield on Loans 4.33% 3.75% Cost of Deposits -0.89% -0.63% YtD Mexico MXN 12.44% 11.98% Yield on Loans 15.53% 14.85% evolution Cost of Deposits -3.09% -2.87% 1 Mexico FC 6.46% 5.34% Yield on Loans 7.21% 6.19% Cost of Deposits -0.75% -0.84% Turkey TL -0.30% 1.24% Yield on Loans 35.04% 37.66% Cost of Deposits -35.34% -36.42% 1 Turkey FC 9.22% 7.87% Yield on Loans 9.38% 8.23% Cost of Deposits -0.16% -0.36% Argentina 31.33% 16.94% Yield on Loans 61.87% 30.52% Cost of Deposits -30.54% -13.58% Colombia 5.25% 5.48% Yield on Loans 13.58% 12.25% Cost of Deposits -8.33% -6.78% Peru 7.19% 7.23% Yield on Loans 9.43% 9.03% Cost of Deposits -2.24% -1.80% p. 40 (1) FC: Foreign Currency.
3 Stages breakdown by business area
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 Stage 1 193,595 485 Stage 1 85,188 1,245 Stage 2 32,727 1,864 Stage 2 14,871 558 Stage 2 6,434 610 Stage 3 14,621 7,572 Stage 3 7,544 3,584 Stage 3 2,518 1,283 TURKEY SOUTH AMERICA Stage 1 57,217 265 Stage 1 45,463 372 Stage 2 5,458 356 Stage 2 4,347 263 Stage 3 2,212 1,286 Stage 3 2,178 1,312 COLOMBIA PERU ARGENTINA Stage 1 14,741 98 Stage 1 18,728 198 Stage 1 7,396 42 Stage 2 1,325 92 Stage 2 2,165 118 Stage 2 537 30 Stage 3 837 519 Stage 3 942 552 Stage 3 224 146 p. 42
4 ALCO portfolio, NII sensitivity and LCRs & NSFRs
2Q25 EARNINGS ANNEX - ALCO PORTFOLIO, NII SENSITIVITY AND LCRS & NSFRS ALCO Portfolio EURO ALCO PORTFOLIO ALCO PORTFOLIO BREAKDOWN BY REGION (€ BN) MATURITY PROFILE (€ BN) Amort Cost Fair Value (HTC) (HTC&S) (duration (€ BN) (€ BN) incl. hedges) JUN-25 South 0.2 6.1 1.6 years America Turkey 5.3 3.0 4.3 years Mexico 5.2 9.8 3.1 years EURO ALCO YIELD 1 Euro 41.4 9.1 3.5 years (JUN-25, %) Spain 30.8 3.3 2.9 4.1 Italy % Rest 7.7 1.7 +3.0 p. 44 (1) Figures exclude SAREB senior bonds (€3.8bn as of Jun-24, €3.6bn as of Mar-25 and Jun-25)
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 Note: NII sensitivities to parallel interest rates movements as of Jun’25 for Euro balance sheet and May’25 for Mexico, using our dynamic internal model. Mexico NII sensitivity for +/-100 bps p. 45 breakdown: MXN sensitivity +/-1.6%; USD sensitivity +/-0.9%.
2Q25 EARNINGS ANNEX - ALCO PORTFOLIO, NII SENSITIVITY AND LCRS & NSFRS Liquidity and funding ratios BBVA GROUP AND SUBSIDIARIES LCR & NSFR (JUN-25) LCR NSFR Loan To Both LCR and NSFR % % 1 % Total Group 168 / 140 126 Deposit significantly above the % % % BBVA, S.A. 94 169 119 100% requirements, at a Group level and in all % % % Mexico 160 132 104 banking subsidiaries 2 % % % Turkey 83 144 147 S. America % % % 96 >100 >100 All countries (1) 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 140%. p. 46 (2) Bank-only.
5 CET1 Sensitivity to market impacts
2Q25 EARNINGS ANNEX - CET1 SENSITIVITY TO MARKET IMPACTS 1 CET1 Sensitivity to Market Impacts 2 TO A 10% DECLINE IN TO A 10% CURRENCY DEPRECIATION TELEFONICA’S SHARE PRICE (JUN-25) (JUN-25) MXN TRY USD ー 2 bps ー 9 bpsー 3 bps +12 bps TO +100 BPS MOVEMENT IN TO +100 BPS MOVEMENT IN THE THE SPANISH SOVEREIGN BOND MEXICAN SOVEREIGN BOND (JUN-25) (JUN-25) ー 9 bpsー 6 bps (1) CET1 sensitivity considering the FL capital ratio as of June 30th, 2025 p. 48 (2) This sensitivity does not include the cost of capital hedges, which are currently estimated at 2 bps per quarter for MXN and 2 bps per quarter for TRY.
6 RWAs 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 17,428 Peru 19,285 18,266 Others 3,676 3,640 Rest of business 36,814 38,687 Corporate Center 29,217 20,761 BBVA Group 395,352 387,051 p. 50
7 Book Value of the main subsidiaries
2Q25 EARNINGS ANNEX - BOOK VALUE OF THE MAIN SUBSIDIARIES 1,2 Book Value of the main subsidiaries (€ BN; JUN-25) Δ (%) QoQ % +1.5 Mexico % -2.9 Turkey % -3.1 Colombia % +0.6 Peru % Argentina -12.1 % +0.9 Uruguay % -8.1 Chile % +3.8 Venezuela (1) Includes the initial investment + BBVA’s undistributed results + FX impact + other valuation adjustments. The Goodwill associated to each subsidiary has been deducted from its Book Value. p. 52 (2) Turkey includes Garanti BBVA subsidiaries.
8 MREL
2Q25 EARNINGS ANNEX - MREL Sound MREL position POSITION AS OF JUN-25 1 (% RWA ) MREL REQUIREMENT + CBR SUBORDINATION REQUIREMENT + CBR % 26.64 % 31.55 % 26.78 % 17.15 % 3.65 3 3 CBR % CBR 3.65 % 23.13 MREL Subordination % 13.50 2 2 Total Requirement Eligible instruments Total Requirement Eligible instruments M-MDA Buffer 477bps (9.6€bn) Subordination Buffer 949bps (19€bn) Note: Preliminary Data. (1) Position as of June 2025 as % LRE: MREL 12.03% (vs 8.59% Requirement); Subordination 10.16% (vs 5.66% Requirement). (2) Own funds and eligible liabilities to meet both MREL in RWAs or subordination requirement in RWAs, as applicable, and the combined capital buffer requirement, which would be 3.65%, without prejudice to any other buffer that may apply at any time. Last MREL Requirement was received on June 12th, 2025. M-MDA buffer stands at 344bps (€18.1bn) in LRE. (3) Includes the update of the CCyB and the systemic risk buffer calculated on the basis of exposures as of Mar'25. >80% of MREL eligible with subordination > or = to SNP p. 54
9 Digital metrics
2Q25 EARNINGS ANNEX - DIGITAL METRICS Digital metrics: mobile customers & digital sales MOBILE CUSTOMERS DIGITAL SALES (MILLION CUSTOMERS, %) (% OF TOTAL SALES YTD) Units (# of transactions) 2 PRV 1 CUSTOMER PENETRATION RATE % % % 69.2 72.5 76.4 p. 56 (1) Mobile over total active clients. (2) Product Relative Value as a proxy of lifetime economic representation of units sold.
10 Medium-Term Plan Macro Assumptions
2Q25 EARNINGS ANNEX - MEDIUM-TERM PLAN ASSUMPTIONS Spain Macroeconomic Scenario GDP (Average YoY %) CPI (Average YoY %) FX USD/EUR (Average) FX -7% -1% -1% -1% Depr Euribor 12M (Average %) Policy Rate (EoP %) p. 58
2Q25 EARNINGS ANNEX - MEDIUM-TERM PLAN ASSUMPTIONS Mexico Macroeconomic Scenario FX MXN/EUR (Average) GDP (Average YoY %) CPI (Average YoY %) FX Depr -10% -6% -5% -4% Policy Rate (EoP %) Overnight Interest Rate (Average %) p. 59
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 range
2Q25 EARNINGS ANNEX - MEDIUM-TERM PLAN ASSUMPTIONS Colombia Macroeconomic Scenario FX COP/EUR (Average) GDP (Average YoY %) CPI (Average YoY %) FX Depr -6% -7% -5% -4% Policy Rate (EoP %) DTF 90 days (Average %) p. 61
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
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
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Banco Bilbao Vizcaya Argentaria, S.A. | ||||||
| Date: July 31, 2025 | By: | /s/ MªÁngeles Peláez Morón | ||||
|
| ||||||
| Name: | MªÁngeles Peláez Morón | |||||
| Title: | Head of Accounting & Regulatory Reporting | |||||
FAQ
How much did BBVA (BBVA) earn in 2Q25?
What is BBVA’s CET1 capital ratio after 2Q25?
Did net interest income grow despite lower rates?
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