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BBVA (BBVA) · 57 slides · Filed Oct 29, 2026
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Slide 1 — 1Q26
May, 2026 1Q26 Fixed Income Presentation
Slide 2 — Disclaimer
p. 2 1Q26 FIXED INCOME PRESENTATION 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. This document contains forward-looking statements that constitute or may constitute “forward-looking statements” (within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995) with respect to intentions, objectives, expectations, goals, outlook or estimates as of the date hereof, including those relating to future targets of both a financial and non-financial nature (such as environmental, social or governance (“ESG”) performance targets). Forward-looking statements may be identified by the fact that they do not refer to historical or current facts and include words such as “believe”, “expect”, “estimate”, “project”, “anticipate”, “duty”, “intend”, “likelihood”, “risk”, “VaR”, “purpose”, “commitment”, “goal”, “target” and similar expressions or variations of those expressions. They include, for example, statements regarding outlook, future growth rates, goals and future targets, including those relating to outlook, financial goals and targets and capital generation and capital distribution. The information contained in this document reflects our current expectations, goals, outlook and targets, which are based on various assumptions, judgments and projections, including non-financial considerations such as those related to sustainability, which may differ from and not be comparable to those used by other companies. Forward-looking statements are not guarantees of future results and actions, and actual results and actions may differ materially from those anticipated in the forward-looking statements as a result of certain risks, uncertainties and other factors. These factors include, but are not limited to, (1) market conditions, macroeconomic factors, domestic and international stock market movements, exchange rates, inflation and interest rates; (2) regulatory and oversight factors, political and governmental guidelines, social and demographic factors; (3) changes in the financial condition, creditworthiness or solvency of our clients, debtors or counterparties, such as changes in default rates, as well as changes in consumer spending, savings and investment behavior, and changes in our credit ratings; (4) competitive pressures and actions we take in response thereto; (5) performance of our IT, operations and control systems and our ability to adapt to technological changes; (6) climate change and the occurrence of natural or man-made disasters, such as an outbreak or escalation of hostilities; and (7) our ability to appropriately address any ESG expectations or obligations (related to our business, management, corporate governance, disclosure or otherwise), and the cost thereof. See also the Risk Factors included in BBVA’s Audit Report in Form 20-F for additional results which could affect our ability to achieve our goals, outlook and targets. In the particular case of certain targets related to our ESG performance, such as, decarbonization targets or alignment of our portfolios, the achievement and progress towards such targets will depend to a large extent on the actions of third parties, such as clients, governments and other stakeholders, and may therefore be materially affected by such actions, or lack thereof, as well as by other exogenous factors that do not depend on BBVA (including, but not limited to, new technological developments, regulatory developments, military conflicts, the evolution of climate and energy crises, etc.). Therefore, these targets may be subject to future revisions. The factors mentioned in the preceding paragraphs could cause actual future results to differ substantially from those set forth in the forecasts, intentions, goals, outlook, objectives, targets or other forward-looking statements included in this document or in other past or future documents. Accordingly, results, including those related to ESG performance targets, among others, may differ materially from the statements contained in the forward-looking statements. Recipients of this document are cautioned not to place undue reliance on such forward-looking statements. Past performance or growth rates are not indicative of future performance, results or share price (including earnings per share). Nothing in this document should be construed as a forecast of results or future earnings. BBVA does not intend, and undertakes no obligation, to update or revise the contents of this or any other document if there are any changes in the information contained therein, or including the forward-looking statements contained in any such document, as a result of events or circumstances after the date of such document or otherwise except as required by applicable law. This document may contain summarised information or information that has not been audited, and its recipients are invited to consult the documentation and public information filed by BBVA with stock market supervisory bodies, in particular, the prospectuses and periodical information filed with the Spanish Securities Exchange Commission (CNMV) and the Annual Report on Form 20-F and information on Form 6-K that are filed with the US Securities and Exchange Commission. Distribution of this document in other jurisdictions may be prohibited, and recipients into whose possession this document comes shall be solely responsible for informing themselves about, and observing any such restrictions. By accepting this document you agree to be bound by the foregoing restrictions.
Slide 3 — Contents
p. 3 1Q26 FIXED INCOME PRESENTATION Módulo 05 01 BBVA’s Strengths 02 1Q26 Earnings & Business Areas 03 Capital, Liquidity & Funding 05 Annex Contents 04 Sustainable Debt Financing
Slide 4 — BBVAʼs Strengths
BBVAʼs Strengths 1
Slide 5 — BBVAʼs global reach and financial performance
p. 5 1Q26 FIXED INCOME PRESENTATION BBVAʼs global reach and financial performance BBVA’s GLOBAL PRESENCE MAR-26 FINANCIAL HIGHLIGHTS MAR-26 Countries >25 Branches 5,565 Employees 126,877 Active Customers 82.0M Net Attributable Profit 3M26 2,989 M€ CET1 ratio FL 12.83 % Total assets 894,267 M€ Deposits from customers 505,059 M€ Loans and advances to customers (gross) 491,614 M€
Slide 6 — Diversified model with leading franchises
p. 6 1Q26 FIXED INCOME PRESENTATION Diversified model with leading franchises in attractive markets BBVA GLOBAL PRESENCE (CHANNELING, € BILLION) DIVERSIFICATION UNDER A DECENTRALIZED MODEL (1) Figures exclude the Corporate Center. TOTAL ASSETS 1 MAR’26 NET ATTRIBUTABLE PROFIT 1 MAR’26 MPE: Self-sufficient subsidiaries in terms of liquidity and funding Spain 51% Mexico 20% Turkey 10% South America 9% Rest of Business 10% Mexico 44% Spain 33% Turkey 8% South America 8% Rest of Business 7% STRONG MARKT POSITION RANKING AND LOAN MARKET SHARE (%)2 10.7% #4 (2) Latest available information. Ranking among peer group. Turkey among private banks, bank-only according to BRSA weekly data. Colombia bank-only. SPAIN MEXICO TURKEY COLOMBIA PERU 22.1% #2 20.0% 25.8% #1 14.3% #3 #2 ARGENTINA 12.1% #2
Slide 7 — Profitable business mix
p. 7 1Q26 FIXED INCOME PRESENTATION Profitable business mix BBVA GLOBAL PRESENCE (CHANNELING, € BILLION) LOANS AND ADVANCES TO CUSTOMERS (PERFORMING LOANS UNDER MANAGEMENT EX-REPOS) MAR-26 (1) Excluding Venezuela Profitable lending mix DEPOSITS FROM CUSTOMERS (CUSTOMER DEPOSITS UNDER MANAGEMENT EX-REPOS) MAR-26 Stable, diversified and transactional deposit base 21% Mortgages 29% CIB 1 24% Other commercial 18% Consumer & Credit Cards 25% Time Deposits 75% Demand Deposits 53% Commercial 6% Public Sector 41% Retail 3% Others (mainly self-employed)
Slide 8 — Proving track record of solid financial
p. 8 1Q26 FIXED INCOME PRESENTATION Proving track record of solid financial returns 2021 2023 PRE-PROVISION PROFIT / RWA BBVA: 2021-3M26, ANNUALIZED, % PEERS: 2021-2025, % 2024 2025 EFFICIENCY RATIO BBVA: 2021-3M26, % PEERS: 2021-2025, % ROTE BBVA: 2021-3M26, % PEERS: 2021-2025, % 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 STRONG PRE-PROVISION PROFIT AND BEST-IN-CLASS EFFICIENCY OUTPERFORMING ON PROFITABILITY (1) European Peer Group: BARC, BNPP, CABK, CASA, DB, HSBC, ING, ISP, LBG, NDA, SAN, SG, UCG, UBS. UBS excluded from 2021-2024. 2022 38.0% 3M26 21.7% 3M26 6.6% 3M26 PEER GROUP AVR 1 BBVA
Slide 9 — Sound fundamentals
p. 9 1Q26 FIXED INCOME PRESENTATION Sound fundamentals STRONG CAPITAL (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 December 31, 2025. Mar-25 CET 1 FULLY-LOADED (%) 12.83% CET 1 Requirement 8.98%1 Target Range 11.5%-12.0% COMFORTABLE LIQUIDITY 125% NSFR Group LCR Group 167%2 (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 141%. SOUND ASSET QUALITY METRICS Jun-25 Sep-25 Dec-25 Mar-26 Prudent and proactive risk management Cost of Risk Quarterly (%) NPL Ratio (%) Mar-26 Coverage Ratio (%)
Slide 10 — THE8
p. 10 1Q26 FIXED INCOME PRESENTATION Advancing in the Execution of our AI Transformation Strategy Software development Connected employees AI for the Banker - relationship manager companion Risk Blue: Personal Advisor for every client Operations & Processes ROBOT 1 ROBOT 2 ROBOT 3 ROBOT 4 ROBOT 5 ROBOT 6 AI Architecture & Tech Capabilities “Data-rich” company PILLAR 7 PILLAR 8 THE8 CLIENTS PROCESSES EMPLOYEES Smart multimodal advisors Hyper personalization Empower our employees with AI tools Smart E2E automation New processes definition POSITIVE EARLY IMPACTS ーUsage: 70% Monthly and 55% weekly active average users ー2-3 hours average weekly savings per employee ー30% time reduction in Claims Resolution in MEX ー50% time reduction in coding of our new payments platform ーBlue: revamped rollout in 2H26 ーIndividualized smart servicing prompts in global App Industrializing the creation, governance, and operation of AI agents at scale across the bank
Slide 11 — Group Financial Goals Evolution
p. 11 1Q26 FIXED INCOME PRESENTATION Group Financial Goals Evolution c.€48 Bn NET ATTRIBUTABLE PROFIT (CURRENT €) ROTE (%, CURRENT €) TBV + DIV PER SH. (%, CURRENT €) C/I RATIO (%, CURRENT €) 19.8% c.22% Mid-teens GOAL AVG. 2025-2028 2025-3M26 avg CAGR 2024-2028 GOAL GOAL CUMULATIVE 2025-2028 €13.5 Bn CAGR 2024-3M26 CUM. 2025-3M26 Aligned with plan GOAL c.35% 2024 2025 2026 2027 2028 3M26 38% 40% 14.2% 16.6% ex- SBB
Slide 12 — 1Q26
1Q26 Earnings & Business Areas 2
Slide 13 — 1Q26 Key Financial Messages
p. 13 1Q26 FIXED INCOME PRESENTATION 1Q26 Key Financial Messages Excellent Fee Income evolution Positive jaws and leading Efficiency Ratio Sound Asset Quality metrics Solid Capital Position NET INTEREST INCOME +20.2% vs. 1Q25 CONSTANT NET FEES AND COMMISSIONS +15.5% vs. 1Q25 CONSTANT EFFICIENCY RATIO 38.0% COST OF RISK 1.54% CET1 RATIO 12.83% vs. 11.5%-12% TARGET RANGE Strong activity drives Net Interest Income growth TOTAL LOAN GROWTH1 +17.0% CONSTANT vs. 1Q25 (1) Performing loans under management excluding repos. NPL RATIO 2.6% NET ATTRIBUTABLE PROFIT (CURRENT €M) +10.8% +18.0% 1Q25 4Q25 1Q26 2,698 2,533 2,989
Slide 14 — 1Q26 Profit & Loss
p. 14 1Q26 FIXED INCOME PRESENTATION 1Q26 Profit & Loss Change Change BBVA GROUP (€M) 1Q26/1Q25 1Q26/4Q25 1Q26 % const. % % const. % Net Interest Income 7,537 20.2 17.8 2.9 7.2 Net Fees and Commissions 2,256 15.5 9.5 0.9 5.2 Net Trading Income 915 1.1 -3.4 26.2 31.9 Other Income & Expenses -56 -54.7 -31.3 -23.8 -28.2 Gross Income 10,652 18.3 14.2 4.3 8.8 Operating Expenses -4,049 17.5 13.7 -1.6 1.9 Operating Income 6,604 18.7 14.6 8.3 13.4 Impairment on Financial Assets -1,820 35.0 31.4 -0.3 4.3 Provisions and Other Gains and Losses -62 113.0 113.9 -57.7 -57.1 Income Before Tax 4,722 12.8 8.6 14.5 20.0 Income Tax -1,534 8.4 4.6 15.5 20.9 Non-controlling Interest -199 32.8 8.1 33.1 50.9 Net Attributable Profit 2,989 14.1 10.8 12.9 18.0
Slide 15 — Resilient NII despite Declining Rates Thanks to
p. 15 1Q26 FIXED INCOME PRESENTATION Resilient NII despite Declining Rates Thanks to Solid Loan Growth and Effective Price Management TOTAL LOAN GROWTH1 (MAR-26, YOY, CONSTANT €) Spain Mexico NET INTEREST INCOME (%, CONSTANT €) +6.3% +8.4% +3.6% +8.3% BBVA CUSTOMER SPREADS (%) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3.44 2.82 11.70 10.89 4Q25 1Q26 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Banxico Policy Rate2 11.0% Banxico Policy Rate2 6.75% ECB Deposit Rate2 4.0% ECB Deposit Rate2 2.0% (1) Performing loans under management, excluding repos. Mexico according to local GAAP (2) End of period 3.19 11.00 1,598 1,656 2,895 3,136
Slide 16 — Positive Jaws and Leading Efficiency Ratio
p. 16 1Q26 FIXED INCOME PRESENTATION Positive Jaws and Leading Efficiency Ratio POSITIVE JAWS (3M26 YOY, CONSTANT €) Operating Expenses Gross Income (1) Weighted by operating expenses and excluding Venezuela. FOOTPRINT INFLATION1 8.9% 12M AVERAGE EFFICIENCY RATIO (COST-TO-INCOME, % CONSTANT €) 3M26 3M25 -24bps +18.3% +17.5% 38.3 38.0 +13.9% excl. voluntary redundancies 36.8% excl. voluntary redundancies
Slide 17 — Sound Asset Quality Metrics
p. 17 1Q26 FIXED INCOME PRESENTATION Sound Asset Quality Metrics FINANCIAL ASSETS IMPAIRMENTS (CONSTANT €M) NPL (CURRENT €BN) COST OF RISK (%, QUARTERLY) NPL & COVERAGE RATIOS (%) 1Q25 2Q25 3Q25 4Q25 1Q26 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 1Q25 2Q25 3Q25 4Q25 1Q26 1,348 1,470 1,645 1,825 1,820 14.3 14.6 14.3 14.8 15.2 NPL COVERAGE Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 82% 81% 84% 85% 86% 2.6% 2.7% 2.8% 2.9% 2.9% 1.54% 1.52% 1.41% 1.33% 1.30%
Slide 18 — Business
Business Areas SPAIN MEXICO TURKEY SOUTH AMERICA REST OF BUSINESS
Slide 19 — Spain
p. 19 1Q26 FIXED INCOME PRESENTATION Spain ACTIVITY (€BN, MAR-26) CUST.FUNDS1 LENDING1 (1) Performing loans and Cust.Funds under management, excluding repos. KEY RATIOS +6.3% YoY Mortgages Consumer + Credit Cards Very small businesses Mid-size companies Corporate + CIB Public sector Others +2.8% +9.4% +0.3% +7.6% +11.0% +10.0% +8.6% ASSET QUALITY RATIOS (%) Demand Deposits Time Deposits +5.6% +21.8% +7.6% Off-BS Funds Yield on loans Cost of deposits Customer spread CUSTOMER SPREAD (%) Coverage CoR (Quarterly) NPL Ratio COST TO INCOME (%) (YtD) 33.7 RoRWA (%) (YtD) 3.70 +7.8% YoY Δ (%) 1Q26 vs. 1Q25 vs. 4Q25 Net Interest Income 1,656 3.6 -1.2 Net Fees and Commissions 605 3.5 -2.4 Net Trading Income 295 20.0 59.2 Other Income & Expenses 97 8.4 55.8 Gross Income 2,653 5.4 4.3 Operating Expenses -894 9.7 -0.9 Operating Income 1,759 3.3 7.1 Impairment on Financial Assets -165 19.4 -3.7 Provisions and Other Gains and Losses -18 -28.1 -73.0 Income Before Tax 1,575 2.4 12.4 Income Tax -480 -8.7 28.9 Net Attributable Profit 1,095 8.1 6.4 PROFIT & LOSS (€M) 1Q26 4Q25 1Q25 1Q26 4Q25 1Q25 ー Solid loan growth (+1.2% QoQ), driven by Consumer and Enterprises. ー Strong NAP, supported by solid core revenues (+3.6% YoY). QoQ trends impacted by seasonal effects. ー Costs remain well-controlled despite one-off impacts from the voluntary redundancies recorded in 1Q26 (+4.8% YoY excl. voluntary redundancies). Best-in-class efficiency ratio. ー Sound asset quality, with solid underlying trends in line with expectations. Continued improvement in NPL and coverage ratios.
Slide 20 — Mexico
p. 20 1Q26 FIXED INCOME PRESENTATION KEY RATIOS Mexico ACTIVITY (MAR-26; CONSTANT €BN) CUST.FUNDS1 LENDING1 (1) Performing loans and Cust.Funds under management, excluding repos, according to local GAAP. +7.8% +13.2% +12.3% +5.5% +13.5% +5.8% +25.6% +15.5% +5.3% Demand Deposits Time Deposits Off-BS Funds Mortgages Consumer Credit Cards SMEs Other Commercial Public sector 1Q26 4Q25 1Q25 CUSTOMER SPREAD (%) Coverage CoR (Quarterly) NPL Ratio COST TO INCOME (%) (YtD) 30.8 RoRWA (%) (YtD, CONSTANT) 6.95 Cost of deposits Customer spread Yield on loans 1Q26 4Q25 1Q25 ASSET QUALITY RATIOS (%) +8.4% YoY +11.4% YoY Δ Constant (%) Δ Current (%) 1Q26 vs. 1Q25 vs. 4Q25 vs. 1Q25 Net Interest Income 3,136 8.3 -0.3 13.3 Net Fees and Commissions 648 6.3 -2.0 11.2 Net Trading Income 286 24.0 26.2 29.8 Other Income & Expenses 204 44.6 3.9 51.0 Gross Income 4,274 10.3 1.0 15.4 Operating Expenses -1,318 9.8 2.6 14.8 Operating Income 2,956 10.5 0.4 15.6 Impairment on Financial Assets -883 21.4 -0.1 27.0 Provisions and Other Gains and Losses -9 -39.3 -76.8 -36.4 Income Before Tax 2,064 6.8 2.0 11.7 Income Tax -611 12.6 4.3 17.8 Net Attributable Profit 1,453 4.5 1.0 9.3 PROFIT & LOSS (CONSTANT €M) ー Robust loan growth (+10.4% YoY excl. FX effect)2, well balanced across retail and wholesale. ー Deposits continue to build momentum, led by retail demand deposits ー Strong revenues performance supports earnings growth. Solid NII (+8.3% YoY) despite declining rates, supported by sound activity, and broad-based fee growth. QoQ evolution affected by seasonality. ー Outstanding efficiency ratio at 30.8% and solid asset quality. (2) 13.3% YoY appreciation of the MXP against the USD, impacting USD-denominated loans (USD commercial loans represent 27% of BBVA’s commercial loan portfolio as of Mar´26).
Slide 21 — Turkey
p. 21 1Q26 FIXED INCOME PRESENTATION Turkey CUST.FUNDS2 LENDING2 (1) FC (foreign currency) evolution excluding FX impact. (2) Performing loans and deposits under management, excluding repos, according to local GAAP. KEY RATIOS YoY1 +12.2% +33.9% +51.0% CUSTOMER SPREAD (%) ASSET QUALITY RATIOS (%) 1Q26 4Q25 1Q25 FC TL YoY1 -12.8% +24.1% +22.1% Coverage 1Q26 4Q25 1Q25 NPL Ratio CoR (Quarterly) +6.6% FC TL Commercial TL Retail FC Time FC Demand TL Demand TL Time ACTIVITY (MAR-26; CONSTANT €BN; BANK ONLY) Note: Inflation rate 10.0% in 1Q26 vs 4.4% 4Q25 and 10.1% in 1Q25. COST TO INCOME (%) (YtD) 39.6 RoRWA (%) (YtD, CURRENT) 1.69 +45.3% +20.8% +14.7% Δ Current (%) 1Q26 vs. 1Q25 vs. 4Q25 Net Interest Income 1,121 59.9 19.0 Net Fees and Commissions 565 2.7 8.4 Net Trading Income 146 18.2 168.3 Other Income & Expenses -120 11.6 48.1 Of which: Net Monetary Position (NMP) loss -292 -16.0 123.9 CPI linkers revenues 211 -28.8 148.3 Gross Income 1,712 35.1 19.2 Operating Expenses -679 17.6 2.1 Operating Income 1,033 49.8 33.8 Impairment on Financial Assets -352 50.2 5.9 Provisions and Other Gains and Losses -16 n.s. -27.0 Income Before Tax 666 46.9 59.2 Income Tax -354 33.8 53.9 Non-controlling Interest -49 60.5 55.8 Net Attributable Profit 263 66.1 67.6 PROFIT & LOSS (CURRENT €M) ー TL loans slightly declined in real terms QoQ, amid a more selective stance in consumer lending. FC loans remained flat QoQ. ー Strong NII growth supported by TL customer spread expansion (+34 bps QoQ) and loan growth. ー Higher NTI contribution while Fees maintained a positive momentum, led by payments, asset management and brokerage. ー CoR remained broadly stable QoQ.
Slide 22 — South America
p. 22 1Q26 FIXED INCOME PRESENTATION South America ACTIVITY (MAR-26; CONSTANT €BN) CUST.FUNDS1 LENDING1 (1) Performing loans and Cust.Funds under management, excluding repos. KEY RATIOS Colombia Peru Argentina Other +6.9% +8.2% +62.0% +15.3% CUSTOMER SPREAD (%) COST OF RISK (Quarterly, %) 1Q26 4Q25 1Q25 1Q26 1Q25 4Q25 +8.7% +14.4% +52.3% Note: Inflation rate ARG: 8.7% in 1Q26 vs 7.8% in 4Q25 and 8.5% in 1Q25. COL +6.1% Colombia Peru Argentina Other PER ARG (1) Other includes BBVA Forum (Chile), Venezuela, Uruguay and Brazil. COST TO INCOME (%) (YtD) 41.6 RoRWA (%) (YtD, CURRENT) 2.73 +15.0% YoY +17.7% YoY Δ Current (%) 1Q26 vs. 1Q25 vs. 4Q25 Colombia 78 137.6 274.1 Peru 81 -2.6 20.2 Argentina 27 -45.9 -7.1 Other ¹ 62 31.3 -58.7 South America 249 16.3 78.0 NET ATTRIBUTABLE PROFIT (CURRENT €M) ー Strong NAP performance, supported by robust core revenues growth and lower impairments. ー Solid NAP, driven by NII growth,- activity and customer spread expansion-, alongside strong fees and sound asset quality trends. ー NAP supported by core revenues, with CoR still elevated but expected to gradually improve. COL PER ARG
Slide 23 — Rest of business
p. 23 1Q26 FIXED INCOME PRESENTATION Rest of business KEY RATIOS ASSET QUALITY RATIOS (%) 1Q26 4Q25 1Q25 Coverage CoR (Quarterly) NPL Ratio (1) Performing loans and Cust.Funds under management, excluding repos. ACTIVITY (MAR-26; CONSTANT €BN) CUST.FUNDS1 LENDING1 (1) Performing loans and Cust.Funds under management, excluding repos. Other 6.7% Digital Banks Other +123.6% +13.2% CIB +15.6% CIB US CIB Europe/UK CIB Asia +58.1% +44.2% +83.3% Rest of business includes mainly CIB business in US, Europe & Asia and digital banks (Italy, Germany). COST TO INCOME (%) (YtD) 40.2 RoRWA (%) (YtD, CONSTANT) 2.01 +54.5% YoY +38.5% YoY Δ (%) 1Q26 vs. 1Q25 vs. 4Q25 Net Interest Income 232 27.0 0.5 Net Fees and Commissions 201 51.5 22.2 Net Trading Income 161 56.5 38.8 Other Income & Expenses 0 -60.9 -85.0 Gross Income 595 41.8 15.7 Operating Expenses -239 30.3 -17.6 Operating Income 355 50.7 58.6 Impairment on Financial Assets -51 182.3 35.1 Provisions and Other Gains and Losses -4 n.s. -58.9 Income Before Tax 300 35.9 70.7 Income Tax -64 35.3 245.3 Net Attributable Profit 236 36.0 50.0 PROFIT & LOSS (CONSTANT €M) ー Solid loan growth (+12.7% QoQ), well-balanced across geographies, driven by Corporate Lending and Project Finance. ー Strong NAP growth, driven by robust Gross Income evolution. ー Positive jaws, despite costs growth related to the strategic plan roll-out. ー Impairments increased due to higher coverage on specific exposures, bringing CoR to 30 bps. ー FY2026 CoR expected at around 20 bps.
Slide 24 — >20%
p. 24 1Q26 FIXED INCOME PRESENTATION Updated 2026 Outlook >20% Gross Income: > 30% growth GROUP >20% ROTE MEXICO TURKEY high single digit growth, with upward bias Loans: around €1 billion, with downward bias Net Profit: Improved Guidance REST OF BUSINESS > 30% growth Loans: Gross Income: > 30% growth
Slide 25 — Capital, Liquidity &
Capital, Liquidity & Funding 3
Slide 26 — High quality and resilient capital
p. 26 1Q26 FIXED INCOME PRESENTATION High quality and resilient capital (1) For further details, please refer to Footnote 1 on Slide 9. CET 1 FULLY-LOADED (%) 12.83% CET 1 Requirement 8.98%1 Target Range 11.5%-12.0% European peers : ISP, CABK, NDA, UCI, BNP, SAN, SG, ING, CA, DB. Note: in Phased-In terms BBVA show the same depletion (-186 bps) but would rank 3rd in lowest depletion. STRONG CAPITAL POSITION Mar-26 HIGH RWAS DENSITY, WITH A LIMITED USE OF INTERNAL MODELS2 CAPITAL RESILIENCE UNDER STRESS SCENARIOS (EBA ST 2025) -62 -162 -173 -186 -187 -213 -215 -225 -226 -228 -337 -478 PEER 1 PEER 2 PEER 3 PEER 4 PEER 5 PEER 6 PEERS AVG. PEER 7 PEER 8 PEER 9 PEER 10 BBVA BBVA Peers Avg BBVA Peers Avg European Peer group: SAN, BNPP, CASA, SG, UCI, ISP,UBS, CABK,DB, ING, HSBC, NDA, BARC, LBG. (2) Credit RWA breakdown: 65% standardized model, 35% IRB according to 4Q25 Pillar III report. 46% 6.18% 28% 5.00% RWA/TOTAL ASSETS BBVA MAR-26 / PEERS DEC-25 LEVERAGE RATIO FL BBVA MAR-26 / PEERS DEC-25 3 YEAR FL DEPLETION (2025-2027) (BPS) BBVA CRR 3 Min. Requirement 3%
Slide 27 — Sound capital position above our target
p. 27 1Q26 FIXED INCOME PRESENTATION Sound capital position above our target (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) The At1 ratio would stand at 1.58%, including the AT1 issuance of May, 2026. CET 1 FULLY-LOADED (% BPS) AT1 AND TIER 2 FL BUCKETS MAR-26 (%) AT1 TIER 2 1.78% 2.38% 1.36%2 3.11% 302 bps buffer vs. 258 bps Peer Group Target Range 11.5%-12.0% Results Dividend accrual & AT1 coupons RWAs (constant €) Others1 Mar-26 12.83% -40 bps -34 bps 12.70% +75 bps Dec-25 SREP Requirement 8.98% +13 bps +12 bps
Slide 28 — Second lowest SREP requirement among
p. 28 1Q26 FIXED INCOME PRESENTATION Second lowest SREP requirement among peers with a comfortable MDA distance BBVA, GROUP CET1 REQUIREMENT AND DISTANCE TO MDA BBVA MAR-26/ PEERS MAR-26 9.97% 11.00% 11.22% European Peer Group subject to ECB regulation: ISP, CASA, SAN, BNPP, UCI, CABK, NDA, ING, DB, SG. 13.80% 10.44% 10.26% 10.24% 9.85% 9.11% 8.97% 8.98% PEER 1 PEER 2 PEER 3 PEER 4 PEER 5 PEER 6 PEER 7 PEER 8 PEER 9 PEER 10 BBVA (1) Combined Buffer Req. (CBR) = 3.52% = 2.50% Capital conservation Buffer (CCB) + 0.75% O-SIIB + 0.27% CCyB which includes the buffer against systemic risks (calculated based on the geographical breakdown of credit RWAs as of Dec-25 and the applicable CCyB % as of Mar-26 (2) 344 bps MDA Buffer = 12.83% - 0.42% (Tier 1 shortfall )- 8.98% (CET1 Requirement). Totals may not add up due to rounding. The MDA Buffer would stand at 365 bps, including the AT1 issuance of May, 2026. 8.98% 13.13% 17.30% Distance to MDA 2 344 bps €14.0 Bn CET1 Requirement Mar’26 Total Capital Requirement Mar’26 Total Capital Ratio Mar’26 CET1 AT1 T2 Pilar 1 Pilar 2R 0-SIIB CCyB 1 CCB CET1 T2 AT1
Slide 29 — Strong capital position in BBVA, S.A.,
p. 29 1Q26 FIXED INCOME PRESENTATION Strong capital position in BBVA, S.A., above requirement BBVA, S.A. REQUIREMENT AND DISTANCE TO MDA MAR-26 Preliminary Data (1) The main driver of the decrease of the CET1 requirement is a methodological adjustment starting in 2026, under which individual-level requirements exclude the Pillar 2 component. (2) SRB= Systemic Risk Buffer. Considering the last official updates of the countercyclical capital buffer and systemic risk buffer, calculated on the basis of exposure as of Dec-25. (3) 639 bps distance to MDA = 13.86% (Mar’26 CET1) - 7.47% (CET1 Requirement). 19.22% Total Capital Ratio Mar’26 AT1 7.47%1 Pilar 1 SRB + CCyB 2 CCB CET1 T2 CET1 AT1 T2 Distance to MDA 3 639 bps €13.9 Bn 10.97% Total Capital Requirement Mar’26 CET1 Requirement Mar’26
Slide 30 — Sound MREL Position
p. 30 1Q26 FIXED INCOME PRESENTATION Sound MREL Position Note: Preliminary Data. (1) Position as of March 2026 as % LRE: MREL 10.30% (vs 8.59% Requirement); Subordination 9.01% (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 CBR which would be 3.72%, without prejudice to any other buffer that may apply at any time. Figure according to MREL Requirement received on June 12th, 2025, binding as of March 31st, 2026. M-MDA buffer stands at 171bps (€10.2bn) in LRE. (3) Includes the update of the CCyB and the systemic risk buffer calculated on the basis of exposures as of Dec'25 (4) M-MDA Buffer would stand at 286 bps (5.9€bn) and the M-MDA Subordination Buffer would stand at 958 bps (19.9€bn) considering the MREL Requirement binding as of April 14, 2026 and the issuances executed on May 2026 (see annex for details). POSITION AS OF MAR-26 (% RWA1) MREL REQUIREMENT + CBR SUBORDINATION REQUIREMENT + CBR Subordination Buffer 870bps (18.1€bn)4 M-MDA Buffer 279bps (5.8€bn)4 >85% of MREL eligible with subordination > or = to SNP CBR3 MREL 26.85% 29.63% 17.22% 25.92% Total Requirement Eligible instruments 2 Total Requirement Eligible instruments 2 CBR3 Subordination 3.72% 13.50% 3.72% 23.13% SRB’s 14 April ‘26 MREL Requirement + CBR 27.66% SRB’s 14 April ‘26 Subordination Requirement + CBR 17.22%
Slide 31 — Solid funding structure with ample liquidity
p. 31 1Q26 FIXED INCOME PRESENTATION Solid funding structure with ample liquidity buffers BBVA GROUP LIQUIDITY BALANCE SHEET1 MAR-26 BBVA GROUP LIQUIDITY AND FUNDING METRICS MAR-26 Assets Liabilities BBVA S.A.2 Mexico Turkey3 South America LTD 93% 103% 86% 94% LCR 165% 155% 134% >100% NSFR 116% 131% 139% >100% LCR Group4 167% NSFR Group 125% Total HQLA 125,775 Level 1 122,995 Level 2 2,780 Level 2A 692 Level 2B 2,088 (2) Liquidity Management perimeter. Liquidity Management Buffer: €135 bn. (3) Calculated at bank-only local level. (4) Using a more restrictive criteria on this ratio (limiting the LCRs of all of BBVA, S.A.’s subsidiaries to 100%), the consolidated ratio is 141%. (5) 12 month average of total HQLAs of the Group, considering BBVA , S.A. subsidiaries’ excess liquidity. HQLAS (MAR-26, € MN)5 (1) Management liquidity balance sheet (net of interbank balances and derivatives). *Mainly ALCO and trading Retail driven balance sheet with limited dependence on wholesale funding
Slide 32 — Limited wholesale funding maturities in all
p. 32 1Q26 FIXED INCOME PRESENTATION ESG Group debt outstanding T2 / Subordinated (1) Others includes: GM MTN activity in Spain and Syndication, bilateral loans, secured finance and other ST funding in Turkey. Senior Preferred Senior Non Preferred Covered bonds AT1 / Preferred shares TOTAL 21.0 12.3 3.5 5.4 14.7 28% 74.6 16% 7% 20% 24% Limited wholesale funding maturities in all geographies 5% Parent and subsidiaries with consistent access to wholesale funding in a diversified way DEBT OUTSTANDING BY PRODUCT MAR-26, € BN WHOLESALE FUNDING MATURITIES MAR-26, € BN 2026 2027 2028 2029 2030+ 17.8 Others1 MEXICO €11.3 bn TURKEY € 8.3 bn EURO € 53.0 bn S. AMERICA € 2.0 bn ESG Group debt outstanding € 8.4 bn
Slide 33 — AT1 & Tier 2 instruments with a manageable
p. 33 1Q26 FIXED INCOME PRESENTATION AT1 & Tier 2 instruments with a manageable maturity profile Substantial distance to MDA and loss absorption triggers1 Consistent call execution track record: redemption of all BBVA S.A. AT1 and T2 instruments at their first call dates BBVA S.A. AT1 & TIER 2 Calls and Maturity Profile Mar’26 (Mn€) (1) The MDA distance stood at 344 bps (€14.0bn) at Group level and 639 bps (€13.9bn) at BBVA S.A. level. Loss absorption triggers at 5.125% amount to €31,510mn at Group level and €18,978mn at BBVA S.A, as of March 2026 (2) Does not include calls and maturity profile of Tier 2 instruments issued by subsidiaries T2 2 AT1
Slide 34 — Funding Plan 2026
p. 34 1Q26 FIXED INCOME PRESENTATION Funding Plan 2026 (1) Supervisory, Macro prudential and Resolution authorities‘ decisions on own funds, buffers and MREL requirements could trigger the amendment of the current funding plan (2) SNP issued in USD for $2.5 Bn, equivalent to €2.2 Bn at a FX rate of 1.1498 EURUSD. AT1 and SNP issued in USD for $1 Bn and $1.25 Bn, equivalent to €0.9 Bn and €1.1 Bn, respectively at a FX rate of 1.1695 EURUSD. Total €4.95 €6.12 €6-8 Bn BBVA SA (€Bn) 2025 Executed 2026 Executed 2026 Planned 2026 Strategy1 AT1 1.95 0.9 0 /1 Progressive optimization of the capital structure subject to Balance Sheet evolution Tier 2 1.0 SNP SP 1.0 1.0 5.2 6/7 Refinancing MREL eligibility losses and funding credit growth Ambition to issue 1 ESG instrument €6-8 Bn Funding Plan subject to Balance Sheet evolution
Slide 35 — High Quality Single A Credit ratings, consistent
p. 35 1Q26 FIXED INCOME PRESENTATION (1) Moody’s did not reference BBVA in its April 21, 2026, rating action on EU banks following the introduction of full depositor preference, as the agency concluded that BBVA’s rating is not impacted by the new creditor hierarchy. Note: A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. Ratings as of May 6, 2026. BBVA LONG TERM SENIOR PREFERRED CURRENT RATINGS Stable outlook (Oct. 3rd, 2025) Moody’s 1 Stable outlook (Sep. 16th, 2025) S&P DBRS Stable outlook (Oct 7th, 2025) Fitch A2 A+ A A (high) DBRS changed its outlook on BBVA's rating to positive from stable on Febʼ26 Positive outlook (Feb. 24th, 2026) BBVA LONG TERM SENIOR PREFERRED RATINGS EVOLUTION (2013-2025, as of Year-End) AA-/Aa3/AA(low) A+/A1/A(high) A/A2 A-/A3/A(low) BBB+/Baa1/BBB(high) BBB/Baa2 BBB-/Baa3/BBB(low) BB+/Ba1/BB(high) High Quality Single A Credit ratings, consistent across agencies
Slide 36 — Sustainable Debt
Sustainable Debt Financing 4
Slide 37 — Sustainable Debt Financing Framework aligned with
p. 37 1Q26 FIXED INCOME PRESENTATION Sustainable Debt Financing Framework aligned with market best practices and scalable across subsidiaries This Framework enables BBVA to raise sustainable financing through loans or the issuance of sustainable instruments. BBVA’s Sustainable Debt Framework has received an independent Second Party Opinion from DNV Eligible categories are aligned with BBVA’s internal Sustainable and Transition Activities Standard Outstanding Sustainable Bonds issued by BBVA S.A TYPE DATE PRODUCT Currency NOMINAL MATURITY Green Jun-19 Senior Non-Preferred EUR 1.000 7Y Green Oct-22 Senior Preferred EUR 1.250 7Y Green Nov-22 Senior Preferred CHF 210 6Y Green Mar-24 Senior Preferred EUR 1.000 7Y Green Aug-25 Senior Non-Preferred EUR 1.000 10Y
Slide 38 — Sustainable Debt Financing Framework
p. 38 1Q26 FIXED INCOME PRESENTATION Sustainable Debt Financing Framework Eligible activities for funding Environmental activities (Climate change) Renewable energies Energy efficiency Clean transport Low-emission buildings Adaptations Activities related to the optimal use of energy in goods, products and services. Activities related to vehicles, freight transport and low-carbon or low-emission urban transport Construction and acquisition of energy-efficient buildings. Projects that minimize the impact of climate change and increase resilience in society. Activities related to the production and transmission of electricity from renewable sources. Sustainable water and wastewater management Terrestrial and aquatic biodiversity Sustainable management of natural resources and land use Pollution prevention and control Circular economy Projects to properly maintain ecosystems and achieve co-benefits from them. Activities for the proper management of forestry and the promotion of livestock, agriculture and sustainable fishing. Activities to reduce pollution, GHG emissions and promote sustainability through clean manufacturing, carbon capture and waste management. Processes that are related to circular services or activities that include recyclable and reconditioned materials. Activities related to the various types of infrastructures for the correct sustainable management of water and wastewater. Social Activities Affordable basic infrastructure Access to essential services Affordable housing Job creation and unemployment prevention Banking penetration and financial inclusion Food security and sustainable food systems Activities related to access to basic services such as health care and access to education. Activities that promote access to affordable and/or accessible housing. Activities that promote the generation of employment, support for entrepreneurship and the strengthening of quality employment. Activities that promote banking penetration and financial inclusion, social inclusion and digital and socioeconomic advances. Financing for smallholder farmers and business programs that drive social welfare, sustainability, and food security. Activities in telecommunications, transport, basic public services and other basic infrastructure Environmental activities (Natural capital) Sustainable Activities Sustainable activities are considered to be those that have environmental and social components and that, by their nature, contribute positively both to the environment (environmental activities) and to the inclusive development of society (social activities). Sustainable
Slide 39 — Annex
Annex Business Units Financial KPIs Goals CET1 expected generation & uses of capital ALCO Portfolio NII sensitivity to interest rate movements Customer spread: quarterly evolution Stages breakdown by business area Capital Base: BBVA Group & BBVA S.A. CET1 Sensitivity to market impacts RWAs by business area Group RWA breakdown Debt Issuances 2025-2026 YTD Covered Bonds Called notes 2018-2026 YTD Wholesale maturities 2026 - 2030+ BBVA ratings by type of instrument and issuer Main Subsidiaries Ratings Book Value of the main subsidiaries 1 2 3 4 5 6 10 11 12 13 7 14 15 8 16 9 17
Slide 40 — Business Units Financial KPIs Goals
p. 40 1Q26 FIXED INCOME PRESENTATION Business Units Financial KPIs Goals (1) Mainly CIB business in US, Europe & Asia and digital banks (Italy, Germany) Spain Mexico Turkey South America Rest of Business1 Revenue Growth (CAGR 24-28, const. €) C/I (in 2028, constant €) Cost of Risk (Avg. 2025-28 current €) High-single digit High-teens (current €) c.20% c.30% low 30ʼs (current €) <40% (current €) <50% c.30 bps c.330 bps c.200 bps c.230 bps c.20 bps low 30ʼs High-single digit (current €) Low to Mid-single digit RoRWA (2028, constant €) c.3% (current €) >2% >3.5% (current €) c.6.5% c.4% Activity Growth (CAGR 24-28, const. €) Mid-single digit High-single digit Above inflation High teens High teens ANNEX
Slide 41 — CET1 expected generation & uses of capital1
p. 41 1Q26 FIXED INCOME PRESENTATION CET1 expected generation & uses of capital1 CET1 SOURCES (EURO, BILLIONS) c.€49 Bn 4.5 39 CET1 GENERATION 2025-2028 EXCESS CET1 ABOVE 12% as of DEC’242 SRTs3 2025-2028 5 13 €36 Bn AVAILABLE FOR DISTRIBUTION INVESTED FOR GROWTH4 ORDINARY DISTRIBUTION (max. 50% payout) 24 CET1 USES (EURO, BILLIONS) c.€49 Bn EXCESS CAPITAL2, 5 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. (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
Slide 42 — +3.0%
p. 42 1Q26 FIXED INCOME PRESENTATION (1) Figures exclude SAREB senior bonds (€3.6bn as of Mar-25, Dec-25 and Mar-26) ALCO Portfolio Amort Cost (HTC) Fair Value (HTC&S) MAR-26 (€ BN) (€ BN) (duration incl. hedges) South America 0.2 6.3 1.4 years Turkey 4.9 5.8 1.8 years Mexico 5.6 11.9 3.7 years Euro1 50.8 7.5 3.2 years Spain 34.4 3.2 Italy 5.4 2.7 Rest 11.0 1.6 +3.0% EURO ALCO YIELD (MAR-26, %) ALCO PORTFOLIO BREAKDOWN BY REGION (€ BN) EURO ALCO PORTFOLIO MATURITY PROFILE (€ BN) ANNEX
Slide 43 — +/– 4-5%
p. 43 1Q26 FIXED INCOME PRESENTATION NII Sensitivity to Interest Rates Movements Note: NII sensitivities to parallel interest rates movements as of Mar’26 for Euro Balance Sheet and Feb’26 for Mexico, using our dynamic internal model. Mexico NII sensitivity for +/-100 bps breakdown: MXN sensitivity +/-1.7%; USD sensitivity +/-0.8%. +/– 4-5% EURO BALANCE SHEET ESTIMATED IMPACT ON NII IN THE NEXT 12 MONTHS TO PARALLEL INTEREST RATE MOVEMENTS (TO +/-100 BPS INTEREST RATES MOVEMENT, %) +/-2.5% MEXICO ANNEX
Slide 44 — Customer Spreads: Quarterly Evolution
p. 44 1Q26 FIXED INCOME PRESENTATION Customer Spreads: Quarterly Evolution (1) FC: Foreign Currency. AVERAGE 1Q25 2Q25 3Q25 4Q25 1Q26 Spain 3.19% 3.05% 2.88% 2.80% 2.82% Yield on Loans 3.85% 3.66% 3.45% 3.39% 3.39% Cost of Deposits -0.66% -0.60% -0.57% -0.59% -0.58% Mexico MXN 12.00% 11.96% 11.98% 12.01% 11.74% Yield on Loans 14.99% 14.71% 14.42% 14.26% 14.02% Cost of Deposits -2.99% -2.75% -2.45% -2.25% -2.28% Mexico FC1 5.44% 5.25% 5.24% 4.98% 4.79% Yield on Loans 6.23% 6.14% 6.21% 5.89% 5.69% Cost of Deposits -0.79% -0.90% -0.97% -0.91% -0.90% Turkey TL 1.46% 1.04% 1.00% 1.68% 2.02% Yield on Loans 37.76% 37.56% 36.53% 34.90% 33.72% Cost of Deposits -36.30% -36.53% -35.53% -33.23% -31.70% Turkey FC1 7.85% 7.90% 7.88% 7.57% 7.35% Yield on Loans 8.13% 8.31% 8.23% 7.83% 7.57% Cost of Deposits -0.28% -0.41% -0.35% -0.27% -0.22% Argentina 17.13% 16.73% 14.02% 17.24% 17.41% Yield on Loans 29.96% 30.98% 32.37% 34.57% 30.40% Cost of Deposits -12.82% -14.25% -18.35% -17.33% -12.98% Colombia 5.31% 5.64% 5.81% 6.11% 6.02% Yield on Loans 12.25% 12.26% 12.23% 12.30% 12.49% Cost of Deposits -6.93% -6.62% -6.42% -6.19% -6.47% Peru 7.24% 7.22% 7.26% 7.42% 7.62% Yield on Loans 9.04% 9.02% 9.02% 9.17% 9.28% Cost of Deposits -1.80% -1.80% -1.76% -1.76% -1.65% ANNEX
Slide 45 — Stages Breakdown by Business Areas
p. 45 1Q26 FIXED INCOME PRESENTATION Stages Breakdown by Business Areas CREDIT RISK BREAKDOWN BY AREA (MAR-26, € M) BBVA GROUP Gross Exposure Accumulated impairments SPAIN Gross Exposure Accumulated impairments MEXICO Gross Exposure Accumulated impairments Stage 1 521,734 2,578 Stage 1 203,424 499 Stage 1 97,376 1,388 Stage 2 35,375 2,155 Stage 2 14,144 533 Stage 2 7,800 761 Stage 3 15,163 8,343 Stage 3 6,597 3,542 Stage 3 2,788 1,441 TURKEY SOUTH AMERICA REST OF BUSINESS Stage 1 65,993 228 Stage 1 53,072 392 Stage 1 106,666 32 Stage 2 6,485 366 Stage 2 4,458 309 Stage 2 2,464 169 Stage 3 3,130 1,710 Stage 3 2,497 1,551 Stage 3 152 98 COLOMBIA PERU ARGENTINA Stage 1 17,659 103 Stage 1 21,699 217 Stage 1 8,537 32 Stage 2 1,457 122 Stage 2 1,919 130 Stage 2 735 37 Stage 3 808 469 Stage 3 870 550 Stage 3 622 423 ANNEX
Slide 46 — Capital Base BBVA Group & BBVA, S.A.
p. 46 1Q26 FIXED INCOME PRESENTATION Capital Base BBVA Group & BBVA, S.A. Note: Preliminary Data As of March 31, 2026 there is no difference between fully loaded and phased-in ratios given that the impact associated with the transitional adjustments is nil. CET1 AT1 T2 17.30% BBVA Group BBVA, S.A. CET 1 € 52,464 m € 30,113 m AT1 € 5,575 m € 5,359 m T2 € 12,709 m € 6,296 m Total Capital Base € 70,748 m € 41,768 m RWA € 408,854 m € 217,260 m CAPITAL RATIOS MAR-26 (%) ANNEX 19.22%
Slide 47 — ー 8 bps
p. 47 1Q26 FIXED INCOME PRESENTATION CET1 Sensitivity to Market Impacts1 (1) CET1 sensitivity considering the FL capital ratio as of March 31st, 2026 (2) This sensitivity does not include the cost of capital hedges, which are currently estimated at 1 bps per quarter for MXN and 2 bps per quarter for TRY. TO A 10% CURRENCY DEPRECIATION2 (MAR-26) ー 8 bps TO +100 BPS MOVEMENT IN THE MEXICAN SOVEREIGN BOND (MAR-26) ー 1 bps TO A 10% DECLINE IN TELEFONICA’S SHARE PRICE (MAR-26) ー 9 bps TO +100 BPS MOVEMENT IN THE SPANISH SOVEREIGN BOND (MAR-26) MXN TRY USD ー 15 bps ー 2 bps +12 bps ANNEX
Slide 48 — Risk-Weighted Assets by Business Area
p. 48 1Q26 FIXED INCOME PRESENTATION Risk-Weighted Assets by Business Area BREAKDOWN BY BUSINESS AREA (€M) Fully-Loaded RWAs Δ (%) Mar-25 Dec-25 Mar-26 vs. Mar-25 vs. Dec-25 Spain 121,215 119,734 117,752 -2.9% -1.7% Mexico 87,158 82,746 83,745 -3.9% 1.2% Turkey 65,982 71,551 74,171 12.4% 3.7% South America 54,979 55,912 59,235 7.7% 5.9% Argentina 11,098 10,501 12,115 9.2% 15.4% Chile 2,137 2,221 2,226 4.2% 0.2% Colombia 18,788 19,171 20,112 7.0% 4.9% Peru 19,270 19,856 20,202 4.8% 1.7% Others 3,686 4,164 4,581 24.3% 10.0% Rest of business 36,802 46,853 49,627 34.8% 5.9% Corporate Center 29,216 20,445 24,324 -16.7% 19.0% BBVA Group 395,352 397,241 408,854 3.4% 2.9% ANNEX
Slide 49 — Group RWA Breakdown
p. 49 1Q26 FIXED INCOME PRESENTATION Note 1: Credit Valuation Adjustment. Note: Distribution of RWAs by type of risk and Model based on 4Q25 Pillar III report. Group RWA Breakdown TOTAL RWA BREAKDOWN PHASED-IN 65% Standardized Models 35% IRB Models 0.6% CVA Risk 4.7% Market Risk 11.9% Operational Risk 82.8% Credit Risk ANNEX
Slide 50 — Debt Issuances 2025- 2026 YTD
p. 50 1Q26 FIXED INCOME PRESENTATION PRODUCT ISSUE DATE CALL DATE MATURITY NOMINAL COUPON Debt Issuances 2025- 2026 YTD AT1-SNP Double-T May-26 - Perp / May-31 $1,000 M / $1,250 M 7.125% / 4.875% SNP Triple-T Mar-26 - Mar-29 / Mar -29 / Mar-36 $1,000 M / $ 500 M / $1,000 M 4.15% / SOFR+88bps / 5.127% SNP Dual-T Jan-26 - Jan-29 / Jan-36 €750 M / € 1,250 M 3ME+55bps / 3.75% AT1 Nov-25 Nov-32 Perp € 1,000 M 5.625% SNP Aug-25 - Aug-35 € 1,000 M 3.75% SNP Jul-25 - Jul-30 € 1,000 M 3.125% T2 Feb-25 Feb-32 Feb-37 € 1,000 M 4.000% AT1 Jan-25 Jan-32 Perp $ 1,000 M 7.750% BBVA S.A. BBVA Mexico (*) Redemption Dates: any date during the six and three month period previous for AT1 and T2 resp. T2 Oct-25 Apr-31* Apr-36 $ 700 M 7.625% T2 Jul-25 Jan-31* Jan-36 $ 500 M 8.125 % BBVA Turkey ANNEX T2 Feb-25 Feb-30 Feb-35 $ 1,000 M 7.625%
Slide 51 — Covered Bonds High Issuance Capacity
p. 51 1Q26 FIXED INCOME PRESENTATION Covered Bonds High Issuance Capacity of €54bn across the Three Programs Mortgage Public Sector Export Finance BBVA S.A (€M) 1Q26 1Q26 1Q26 Cover Pool Balance 51.00 16.2 6.4 Cover Bond Outstanding Of which Retained 15.5 12 2.5 2.5 1.5 1.5 Covered Bond Rating (Moody’s / DBRS) Aa1/AAA Aa1 Aa1 OC Level 227.9% 538.7% 326.0% Cover Pool WAL 10.36 5.2 4.97 Cover Bond WAL 3.33 0.6 1.93 Currency >99% EUR >100% EUR 44%USD/51%EUR/6% Other WA LTV 51 Nº of Loans 614.846 3.077 184 Floating/ Fixed 39% / 61% 41% / 59% 89% / 11% WA Seasoning (months) 90 38 21 WA Rem. Term (months) 221 91 123 BBVA has one of highest public sector cover pool size in the Spanish market >99% of the cover pool is located in Spain Cover pool with an elevated number of borrowers distributed globally which receive credit protection from ECAs Cover pool assets of €6.3Bn are backing €15Bn retained covered bond Mortgage cover pool stands out for its low risk profile, with a high stock of residential loans and a low WA indexed LTV Primary residence stands at 87% of the residential portfolio followed by the second residence ANNEX
Slide 52 — Called notes 2018 - 2026 YTD
p. 52 1Q26 FIXED INCOME PRESENTATION Called notes 2018 - 2026 YTD PRODUCT ISSUE DATE REDEMPTION OUTSTANDING CURRENCY (M) COUPON BBVA, S.A. SP Mar-21 Mar-26 €1,000 0.125% BBVA, S.A. AT1 Jul-20 Jan-26 € 1,000 6.000% BBVA, S.A. SNP Sep-22 Sep-25 $1,000 5.862% BBVA, S.A. SP May-23 May-25 € 1,000 4.125% BBVA, S.A. AT1 Ago-19 Mar-25 $ 1,000 6.500% BBVA, S.A. T2 Jan-20 Jan-25 € 1,000 1.000% BBVA Mexico T2 Nov-14 Nov-24 $ 200 M 5.35% BBVA, S.A. AT1 Mar-19 Mar-24 € 1,000 6,000% BBVA, S.A. T2 Feb-19 Feb-24 € 750 2.575% BBVA, S.A. AT1 Sep-18 Sep-23 € 1,000 5.875% BBVA, S.A. AT1 May-17 May-22 € 500 5.875% BBVA, S.A. AT1 Apr-16 Apr-21 € 1,000 8.875% Caixa Terrassa SPP Preferred Ago-05 Jan-21 € 75 10yCMS+0.10% BBVA Intl. Preferred Unipersonal Preferred Jul-07 Jan-21 £ 31.2 3m£+0.875% Caixa Sabadell Preferents, SAU Preferred Jul-06 Jan-21 € 90 3mE+1.95% BBVA, S.A. AT1 Feb-15 Feb-20 € 1,500 6.75% Caixa d´Estalvis de Sabadell Tier 2 Jun-09 May-19 € 4.88 3ME + 5.25% BBVA, S.A. Tier 2 Apr-14 Apr-19 € 1,500 3.50% AT1 Feb-14 Feb-19 € 1,500 7.00% AT1 May-13 May-18 $ 1,500 9.00% Tier 2 Feb-07 Feb-18 € 257 3ME+0.80% BBVA Subordinated Capital Tier 2 Oct-05 Jan-18 € 99 3ME+0.80% ANNEX BBVA follows an economic call policy
Slide 53 — Wholesale maturities 2026 - 2030+
p. 53 1Q26 FIXED INCOME PRESENTATION Wholesale maturities 2026 - 2030+ Bn € EURO 2026 2027 2028 2029 2030+ TOTAL Senior Preferred 1.0 2.3 0.2 2.1 3.5 9.1 Senior Non Preferred 1.2 1.9 1.1 2.1 6.0 12.3 Covered Bonds 1.0 1.7 0.0 0.0 0.9 3.5 Preferred Shares 0.0 0.9 1.0 0.9 2.6 5.4 Subordinated 0.3 1.3 1.2 0.0 4.4 7.3 Others 3.5 2.1 1.6 1.4 6.8 15.5 EURO TOTAL €BN 7.0 10.1 5.2 6.5 24.2 53.0 MEXICO Senior Debt 1.4 1.7 0.9 1.0 2.4 7.4 Subordinated 0.0 0.0 0.9 0.0 3.2 4.0 MEXICO TOTAL €BN 1.4 1.7 1.7 1.0 5.5 11.4 TURKEY Senior Debt 1.9 1.3 0.0 0.0 0.0 3.3 Subordinated 0.0 0.5 0.0 0.0 2.1 2.7 Other L/T issuances (Securitizations) 0.0 0.1 0.0 0.0 1.4 1.5 Syndication 0.3 0.4 0.1 0.0 0.0 0.8 Bilateral 0.0 0.0 0.0 0.0 0.0 0.0 TURKEY TOTAL €BN 2.3 2.3 0.1 0.0 3.6 8.3 SOUTH AMERICA Senior Debt 0.3 0.2 0.2 0.1 0.4 1.2 Subordinated 0.0 0.0 0.1 0.3 0.3 0.7 S.AMERICA TOTAL €BN 0.4 0.2 0.3 0.4 0.7 1.9 ANNEX
Slide 54 — BBVA ratings by type of instrument and issuer
p. 54 1Q26 FIXED INCOME PRESENTATION BBVA RATINGS BY TYPE OF INSTRUMENT AND ISSUER ( SPANISH SOVEREIGN RATING AND OUTLOOK) Note: CB = Covered Bonds, SP= Senior Preferred, SNP = Senior Non Preferred, Pos=Positive outlook, Sta=Stable outlook. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. Ratings as of May 6, 2026. Investment grade Non Investment Grade Moody’s S&P DBRS Fitch CB SNP T2 AT1 SNP T2 SP T2 AT1 CB T2 SP Issuer SP Issuer SNP Issuer SP Issuer SNP Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 (…) AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- (…) AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- (…) AAA AA (H) AA AA (L) A (H) A A (L) BBB (H) BBB BBB (L) BB (H) BB BB (L) B (H) B B (L) (…) Sta Sta Sta Sta BBVA ratings by type of instrument and issuer
Slide 55 — Credit ratings of Main Subsidiaries
p. 55 1Q26 FIXED INCOME PRESENTATION Credit ratings of Main Subsidiaries Note: A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organization. (+)=Positive outlook, (-)=Negative Outlook, (St) Stable outlook, (RWP) rating watch positive outlook. Ratings as of May 6, 2026.(1) Long term deposit rating BBVA & SOVEREIGN LONG TERM SENIOR UNSECURED RATINGS Investment grade Non Investment Grade BBVA Mexico Garanti BBVA BBVA Colombia BBVA Argentina Moody’s (-)1 S&P (St) Fitch (St) BBVA Peru Moody’s (St)1 S&P (St) Fitch (St) AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 A/A2 A-/A3 BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 BB-/Ba3 B+/B1 B/B2 B-/B3 CCC CC (…) S&P (St) Moody’s (-) Fitch (St) Moody’s (St) AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 A/A2 A-/A3 BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 BB-/Ba3 B+/B1 B/B2 B-/B3 CCC CC (…) Moody’s (St) Fitch (St) Fitch [St.] Fitch (St) S&P (St) Fitch (St) ANNEX Fitch (St) Moody’s (St)1 AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 A/A2 A-/A3 BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 BB-/Ba3 B+/B1 B/B2 B-/B3 CCC CC (…) Moody’s (St) Moody’s (St) Fitch (St) AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 A/A2 A-/A3 BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 BB-/Ba3 B+/B1 B/B2 B-/B3 CCC CC (…) Fitch (St) AAA/Aaa AA+/Aa1 AA/Aa2 AA-/Aa3 A+/A1 A/A2 A-/A3 BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 BB-/Ba3 B+/B1 B/B2 B-/B3 CCC CC (…)
Slide 56 — Book Value of Main Subsidiaries1,2
p. 56 1Q26 FIXED INCOME PRESENTATION Book Value of Main Subsidiaries1,2 (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. (2) Turkey includes Garanti BBVA subsidiaries. (€ BN; MAR-26) Mexico Turkey Peru Colombia Argentina Chile Venezuela Δ (%) QoQ Uruguay -3.9% +1.3% +4.4% -5.7% +21.2% +2.5% +9.4% +27.7% ANNEX