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BBVA (BBVA) · 59 slides · Filed Oct 21, 2026
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Slide 1 — 2Q26
2Q26 Fixed Income Presentation July, 2026
Slide 2 — Disclaimer
p. 2 2Q26 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 2Q26 FIXED INCOME PRESENTATION Módulo 05 01 BBVA’s Strengths 02 2Q26 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 2Q26 FIXED INCOME PRESENTATION BBVAʼs global reach and financial performance BBVA’s GLOBAL PRESENCE JUN-26 FINANCIAL HIGHLIGHTS JUN-26 Countries 27 Branches 5,555 Employees 126,994 Active Customers 82.8M Net Attributable Profit 6M26 6,051 M€ CET1 ratio FL 12.90 % Total assets 965,426 M€ Deposits from customers 532,981 M€ Loans and advances to customers (gross) 522,544 M€
Slide 6 — Diversified model with leading franchises
p. 6 2Q26 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 JUN’26 NET ATTRIBUTABLE PROFIT 1 6M26 MPE: Self-sufficient subsidiaries in terms of liquidity and funding Spain 51% Mexico 20% Turkey 10% South America 8% Rest of Business 11% Mexico 44% Spain 32% Turkey 8% South America 8% Rest of Business 8% STRONG MARKT POSITION RANKING AND LOAN MARKET SHARE (%)2 10.8% #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 22.3% #2 19.8% 26.2% #1 14.1% #3 #2 ARGENTINA 11.9% #2
Slide 7 — Profitable business mix
p. 7 2Q26 FIXED INCOME PRESENTATION Profitable business mix BBVA GLOBAL PRESENCE (CHANNELING, € BILLION) LOANS AND ADVANCES TO CUSTOMERS (PERFORMING LOANS UNDER MANAGEMENT EX-REPOS) JUN-26 (1) Excluding Venezuela Profitable lending mix DEPOSITS FROM CUSTOMERS (CUSTOMER DEPOSITS UNDER MANAGEMENT EX-REPOS) JUN-26 Stable, diversified and transactional deposit base 20% Mortgages 30% CIB 1 23% Other commercial 17% Consumer & Credit Cards 27% Time Deposits 73% Demand Deposits 53% Commercial 6% Public Sector 41% Retail 3% Others (mainly self-employed)
Slide 8 — Proving track record of solid financial returns
p. 8 2Q26 FIXED INCOME PRESENTATION Proving track record of solid financial returns 2022 2024 PRE-PROVISION PROFIT / RWA BBVA: 2022-6M26, ANNUALIZED, % PEERS: 2022-3M26, % 2025 2026 EFFICIENCY RATIO BBVA: 2022-6M26, % PEERS: 2022-3M26, % ROTE BBVA: 2022-6M26, % PEERS: 2022-3M26, % 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 STRONG PRE-PROVISION PROFIT AND BEST-IN-CLASS EFFICIENCY OUTPERFORMING ON PROFITABILITY 3M 6M 6M 3M 6M 3M 2023 Note: European Peer Group: BARC, BNPP, CABK, CASA, DB, HSBC, ING, ISP, LBG, NDA, SAN, SG, UCG, UBS. UBS excluded from 2021-2024. PEER GROUP AVR BBVA
Slide 9 — Sound fundamentals
p. 9 2Q26 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 March 31, 2026. Jun-25 CET 1 FULLY-LOADED (%) 12.90% CET 1 Requirement 8.98%1 Target Range 11.5%-12.0% COMFORTABLE LIQUIDITY 125% NSFR Group LCR Group 174%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 145%. SOUND ASSET QUALITY METRICS Sep-25 Dec-25 Mar-26 Jun-26 Prudent and proactive risk management Cost of Risk Quarterly (%) NPL Ratio (%) Jun-26 Coverage Ratio (%) CET1 pro-forma SBB (2 bn€) 12.41%
Slide 10 — Advancing in the Execution of our AI
p. 10 2Q26 FIXED INCOME PRESENTATION The Eight Agentic solutions on a top-down agenda Advancing in the Execution of our AI Transformation Strategy October 6th BBVA Strategic Talks OBJECTIVES APPROACH CLIENTS Smart multimodal advisors Hyper personalization A new AI operating model to create, deploy and manage AI agents at scale faster and with full control Implementation of the bank-wide transformation agenda with very specific and defined initiatives New AI Transformation unit to accelerate transformation across the organization EMPLOYEES Empower our employees with AI tools PROCESSES Smart E2E automation New processes definition The Frame Industrialization Adoption of AI Tools Organization wide access to Gen AI tools and set up of strategic alliances
Slide 11 — Group Financial Goals Evolution
p. 11 2Q26 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 €) 20.8% c.22% Mid-teens GOAL AVG. 2025-2028 2025-6M26 avg CAGR 2024-2028 GOAL GOAL CUMULATIVE 2025-2028 €16.6 Bn CAGR 2024-6M26 Aligned with plan CUM. 2025-6M26 GOAL c.35% 2024 2025 2026 2027 2028 6M26 37.8% 40% 15.5% 18.4% ex- SBB
Slide 12 — 2Q26
2Q26 Earnings & Business Areas 2
Slide 13 — 2Q26 Key Financial Messages
p. 13 2Q26 FIXED INCOME PRESENTATION 2Q26 Key Financial Messages Excellent Core Revenues evolution Positive jaws and leading Efficiency Ratio Sound Asset Quality metrics Solid Capital Position CORE REVENUES (NII+FEES) +17.4% vs. 2Q25 CONSTANT EFFICIENCY RATIO 37.8% COST OF RISK (YtD) 1.43% CET1 RATIO 12.90% vs. 11.5%-12% TARGET RANGE Strong activity growth TOTAL LOAN GROWTH1 +17.7% CONSTANT vs. 2Q25 (1) Performing loans under management excluding repos. NPL RATIO 2.6% NET ATTRIBUTABLE PROFIT (CURRENT €M) +11.4% +2.4% 2Q25 1Q26 2Q26 2,749 2,989 3,062 NAP 6M26 6,051 €M
Slide 14 — 2Q26 Profit & Loss
p. 14 2Q26 FIXED INCOME PRESENTATION 2Q26 Profit & Loss Change Change BBVA GROUP (€M) 2Q26/2Q25 2Q26/1Q26 2Q26 % const. % % const. % Net Interest Income 7,627 17.8 22.9 2.1 1.2 Net Fees and Commissions 2,316 16.2 18.7 4.4 2.6 Net Trading Income 582 13.1 20.4 -35.8 -36.4 Other Income & Expenses -19 n.a. n.a. n.a. n.a Gross Income 10,506 15.7 20.6 -0.2 -1.4 Operating Expenses -3,951 18.5 22.5 -1.4 -2.4 Operating Income 6,555 14.1 19.5 0.5 -0.7 Impairment on Financial Assets -1,677 14.9 21.8 -6.5 -7.8 Provisions and Other Gains and Losses -19 -44.2 -41.5 -68.6 -69.1 Income Before Tax 4,859 14.4 19.2 4.1 2.9 Income Tax -1,578 30.7 36.0 4.1 2.9 Non-controlling Interest -219 30.5 31.0 16.9 9.7 Net Attributable Profit 3,062 6.5 11.4 3.3 2.4
Slide 15 — Sustained Loan Growth and Best-in-Class
p. 15 2Q26 FIXED INCOME PRESENTATION LOAN GROWTH (BASE 100=DEC.20, GROSS LOANS IN CURRENT €) (1) European Peer Group: BARC, BNPP, CASA, DB, HSBC, ING, ISP, LBG, NDA, SAN, SG, UCG. Due to inorganic transactions, peer group banks of CABK and UBS excluded. Sustained Loan Growth and Best-in-Class Profitability over Time PROFITABILITY (ROTE, %) 2021 2023 2024 2025 3M26 6M26 22.2% 11.2% 9.2% European Peers (1) 15.1% Dec-22 Dec-24 Dec-25 Mar-26 Jun-26 Dec-20 100 +62% +10% European Peers (1) Dec-21 2022 Dec-23
Slide 16 — Loan Growth in Spain and Mexico Drives
p. 16 2Q26 FIXED INCOME PRESENTATION Loan Growth in Spain and Mexico Drives Net Interest Income Growth Note: Enterprises in Spain includes ‘Very Small Businesses’, ‘Mid-size Companies’ and ‘Corporates + CIB’ segments. In Mexico it includes ‘SMEs’ and ‘Other Commercial’ segments. +10.1% Consumer + Credit Cards Enterprises +9.2% Consumer + Credit Cards Enterprises +11.9% +10.3% Spain Mexico +6.3% Jun-25 Jun-26 +7.4% +11.9% Jun-25 Jun-26 +9.9% +4.5% +8.9% 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 +2.0% +2.7% TOTAL LOAN GROWTH (YOY, CONSTANT €) KEY SEGMENTS LOAN GROWTH (YOY JUN’26, CONSTANT €) NET INTEREST INCOME (CONSTANT €M)
Slide 17 — Recurrent Positive Jaws and Leading
p. 17 2Q26 FIXED INCOME PRESENTATION JAWS (6M26 YOY, CONSTANT €) Operating Expenses Gross Income (1) Weighted by operating expenses and excluding Venezuela. (2) Non-recurring items: Voluntary redundancies in 1Q26 and VAT payment regularization in 2Q25 and 2Q26 . FOOTPRINT INFLATION1 8.8% 12M AVERAGE EFFICIENCY RATIO (COST-TO-INCOME, % CONSTANT €) 6M26 6M25 +33bps +16.9%+17.9% 37.5 37.8 +14.5% excl. non recurring items2 Recurrent Positive Jaws and Leading Efficiency Ratio -77bps excl. non recurring items2
Slide 18 — Sound Asset Quality Metrics
p. 18 2Q26 FIXED INCOME PRESENTATION Sound Asset Quality Metrics FINANCIAL ASSETS IMPAIRMENTS (CONSTANT €M) NPL (CURRENT €BN) COST OF RISK (%, YTD) NPL & COVERAGE RATIOS (%) 6M25 9M25 12M25 3M26 6M26 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 2Q25 3Q25 4Q25 1Q26 2Q26 1,470 1,639 1,813 1,807 1,690 14.6 14.3 14.8 15.2 16.0 NPL COVERAGE Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 81% 84% 85% 86% 85% 2.6% 2.6% 2.7% 2.8% 2.9% 1.43% 1.54% 1.39% 1.35% 1.32%
Slide 19 — Business
Business Areas SPAIN MEXICO TURKEY SOUTH AMERICA REST OF BUSINESS
Slide 20 — Spain
p. 20 2Q26 FIXED INCOME PRESENTATION Spain ACTIVITY (€BN, JUN-26) CUST.FUNDS1 LENDING1 (1) Performing loans and Cust.Funds under management, excluding repos. KEY RATIOS +7.4% YoY Mortgages Consumer + Credit Cards Very small businesses Mid-size companies Corporate + CIB Public sector Others +3.1% +10.1% +1.7% +7.7% +13.5% +6.4% +20.3% ASSET QUALITY RATIOS (%) Demand Deposits Time Deposits +5.1% +36.7% +12.3% Off-BS Funds Yield on loans Cost of deposits Customer spread CUSTOMER SPREAD (%) Coverage CoR (YtD) NPL Ratio COST TO INCOME (%) (YtD) 33.6 RoRWA (%) (YtD) 3.7 +10.2% YoY 2Q26 1Q26 2Q25 2Q26 1Q26 2Q25 Δ (%) Δ (%) 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 Net Interest Income 1,689 4.5 2.0 3,346 4.1 Net Fees and Commissions 589 0.8 -2.6 1,194 2.2 Net Trading Income 121 -19.9 -59.0 416 4.8 Other Income & Expenses 94 -21.5 -2.9 191 -8.7 Gross Income 2,493 0.9 -6.0 5,147 3.1 Operating Expenses -835 10.9 -6.6 -1,729 10.3 Operating Income 1,658 -3.6 -5.7 3,417 -0.1 Impairment on Financial Assets -135 -17.1 -18.3 -300 -0.3 Provisions and Other Gains and Losses -18 26.4 -1.4 -37 -8.5 Income Before Tax 1,505 -2.4 -4.5 3,080 0.0 Income Tax -427 -0.8 -11.0 -907 -5.1 Net Attributable Profit 1,077 -3.0 -1.6 2,172 2.3 PROFIT & LOSS (€M) ー Strong loan growth (+3.3% QoQ), led by robust consumer and enterprise lending. ー Solid NII, driven by loan growth and disciplined pricing, with customer spread widening by 3 bps QoQ. ー Fee income moderated on lower CIB-related fees, while asset management and credit card fees maintained solid momentum. ー Disciplined cost management, with operating expenses increasing by +5.3% YoY, excl. extraordinary items2. ー Very solid asset quality, supported by stable underlying trends and a positive impact from a portfolio sale on impairments. (2) 1Q26 voluntary redundancies cost and positive VAT-related one-offs in 2Q25 and 2Q26.
Slide 21 — Mexico
p. 21 2Q26 FIXED INCOME PRESENTATION KEY RATIOS Mexico ACTIVITY (JUN-26; CONSTANT €BN) CUST.FUNDS1 LENDING1 (1) Performing loans and Cust.Funds under management, excluding repos, according to local GAAP. +7.3% +11.7% +12.2% +10.0% +12.1% +4.9% +19.6% +15.2% +6.5% Demand Deposits Time Deposits Off-BS Funds Mortgages Consumer Credit Cards SMEs Other Commercial Public sector 2Q26 1Q26 2Q25 CUSTOMER SPREAD (%) Coverage CoR (YtD) NPL Ratio COST TO INCOME (%) (YtD) 30.8 RoRWA (%) (YtD, CONSTANT) 6.9 Cost of deposits Customer spread Yield on loans 2Q26 1Q26 2Q25 ASSET QUALITY RATIOS (%) +9.9% YoY +10.6% YoY PROFIT & LOSS (CONSTANT €M) Δ Constant (%) Δ Current (%) Δ Constant (%) 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 vs. 6M25 Net Interest Income 3,247 8.9 2.7 6,409 16.3 8.6 Net Fees and Commissions 661 8.3 1.1 1,314 14.9 7.3 Net Trading Income 197 0.5 -31.6 485 21.3 13.3 Other Income & Expenses 150 -12.0 -27.1 356 21.6 13.7 Gross Income 4,255 7.5 -1.3 8,565 16.6 8.9 Operating Expenses -1,305 8.5 -1.9 -2,634 16.8 9.1 Operating Income 2,951 7.1 -1.0 5,931 16.4 8.8 Impairment on Financial Assets -829 -3.3 -7.0 -1,719 15.7 8.1 Provisions and Other Gains and Losses -8 -63.0 -3.0 -17 -50.6 -53.8 Income Before Tax 2,114 12.7 1.6 4,195 17.4 9.7 Income Tax -600 14.4 -2.6 -1,215 21.5 13.5 Net Attributable Profit 1,514 12.1 3.4 2,979 15.8 8.2 PROFIT & LOSS (CONSTANT €M) ー Solid loan growth (+2.1% QoQ), with balanced contributions from retail (+2.2% QoQ) and wholesale (+2% QoQ) portfolios. ー Strong core revenues (+2.4% QoQ), driven by solid NII growth on the back of robust activity and higher fee income. ー Outstanding efficiency ratio of 30.8% in 6M26 ー Sound risk metrics, with CoR at 326 bps, reflecting healthy underlying credit performance.
Slide 22 — Turkey
p. 22 2Q26 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 +6.4% +31.5% +46.5% CUSTOMER SPREAD (%) ASSET QUALITY RATIOS (%) 2Q26 1Q26 2Q25 FC TL YoY1 +70.2% +41.8% +6.5% Coverage 2Q26 1Q26 2Q25 NPL Ratio CoR (YtD) +24.4% FC TL Commercial TL Retail FC Time FC Demand TL Demand TL Time ACTIVITY (JUN-26; CONSTANT €BN; BANK ONLY) Note: Inflation rate 7.0% in 2Q26 vs 10.0% in 1Q26 and 6.0% in 2Q25. COST TO INCOME (%) (YtD) 40.6 RoRWA (%) (YtD, CURRENT) 1.7 +41.6% +38.8% +13.9% Δ Current (%) Δ Current (%) 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 Net Interest Income 1,031 70.3 -8.0 2,152 64.7 Net Fees and Commissions 638 25.4 12.9 1,202 13.7 Net Trading Income 73 -24.7 -49.7 220 -0.7 Other Income & Expenses -82 17.7 -31.7 -201 14.0 Of which: Net Monetary Position (NMP) loss -229 54.6 -21.6 -521 5.1 CPI linkers revenues 151 38.7 -31.7 372 -11.3 Gross Income 1,660 45.4 -3.0 3,372 40.0 Operating Expenses -690 37.3 1.7 -1,369 26.8 Operating Income 970 51.8 -6.1 2,004 50.8 Impairment on Financial Assets -333 92.5 -5.4 -685 68.2 Provisions and Other Gains and Losses -15 -217.4 -2.9 -31 n.s. Income Before Tax 622 29.9 -6.6 1,288 38.1 Income Tax -302 70.2 -14.6 -657 48.4 Non-controlling Interest -50 6.2 2.7 -99 27.5 Net Attributable Profit 269 6.1 2.5 532 29.1 PROFIT & LOSS (CURRENT €M) ー Limited loan growth during the quarter, both in TL and Foreign Currency loans, constrained by regulatory growth caps. ー NII impacted by TL customer spread compression in a higher-rate environment, as deposits reprice faster, partially offset by activity growth. ー Strong fee income primarily driven by payments fees with additional contribution from insurance and asset management fees. ー CoR at 236 bps YtD, still reflecting elevated provisioning requirements in the retail portfolios.
Slide 23 — South America
p. 23 2Q26 FIXED INCOME PRESENTATION South America ACTIVITY (JUN-26; CONSTANT €BN) CUST.FUNDS1 LENDING1 (1) Performing loans and Cust.Funds under management, excluding repos. KEY RATIOS Colombia Peru Argentina Other +8.3% +9.7% +45.8% +15.3% CUSTOMER SPREAD (%) COST OF RISK (YtD, %) 2Q26 1Q26 2Q25 2Q26 2Q25 1Q26 +10.7% +14.4% +45.9% Note: Inflation rate ARG: 6.8% in 2Q26 vs 9.4% in 1Q26 and 6.0% in 2Q25. . COL +12.8% Colombia Peru Argentina Other PER ARG (1) Other includes BBVA Forum (Chile), Venezuela, Uruguay and Brazil. COST TO INCOME (%) (YtD) 41.5 RoRWA (%) (YtD, CURRENT) 2.9 +14.4% YoY +18.0% YoY Δ Current (%) Δ Current (%) 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 Colombia 97 142.7 24.4 175 140.4 Peru 113 57.8 38.8 194 25.3 Argentina 46 13.9 69.9 73 -19.2 Other ¹ 52 1.5 -17.2 114 15.9 South America 308 51.7 23.6 556 33.6 NET ATTRIBUTABLE PROFIT (CURRENT €M) ー Solid NAP, driven by strong gross income growth (+7.4% QoQ) Higher NII, supported by activity (+3.3% QoQ constant €), and stronger fees. CoR remained broadly stable at 202 bps YtD. ー Strong NAP, underpinned by higher NII (+2.1% QoQ), reflecting solid activity growth (+3.3% QoQ constant €) . Lower impairments, with CoR declining to 125 bps YtD. ー Solid NAP supported by higher gross income, driven by strong core revenues. CoR stabilized, although it remained elevated. COL PER ARG
Slide 24 — Rest of business
p. 24 2Q26 FIXED INCOME PRESENTATION Rest of business KEY RATIOS ASSET QUALITY RATIOS (%) 2Q26 1Q26 2Q25 Coverage CoR (YtD) NPL Ratio (1) Performing loans and Cust.Funds under management, excluding repos. ACTIVITY (JUN-26; CONSTANT €BN) CUST.FUNDS1 LENDING1 (1) Performing loans and Cust.Funds under management, excluding repos. Other +4.6% Digital Banks Other +91.9% +28.4% CIB +46.8% CIB US CIB Europe/UK CIB Asia +63.9% +39.5% +69.4% Rest of business includes mainly CIB business in US, Europe & Asia and digital banks (Italy, Germany). COST TO INCOME (%) (YtD) 41.6 RoRWA (%) (YtD, CONSTANT) 2.1 +52.5% YoY +55.7% YoY Δ (%) Δ (%) 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 Net Interest Income 274 44.7 17.2 507 36.0 Net Fees and Commissions 190 32.1 -5.6 391 41.5 Net Trading Income 137 80.4 -15.4 300 66.5 Other Income & Expenses -1 n.a. n.a. -1 -153.1 Gross Income 600 46.5 0.4 1,197 44.1 Operating Expenses -258 33.4 7.6 -498 31.9 Operating Income 341 58.3 -4.5 699 54.3 Impairment on Financial Assets 0 -102.0 -100.7 -51 39.5 Provisions and Other Gains and Losses 8 -259.7 -285.1 4 -291.0 Income Before Tax 350 81.9 15.9 652 57.3 Income Tax -79 61.1 21.3 -143 48.4 Net Attributable Profit 271 89.0 14.5 508 60.0 PROFIT & LOSS (CONSTANT €M) ー Strong revenue growth, supported by robust lending activity. Core revenues increase by 6.9% QoQ. ー Solid NTI, following a exceptionally strong Q1. ー Positive operating jaws maintained despite continued investment to support business growth. ー Sound asset quality metrics. CoR declined to 14 bps YtD.
Slide 25 — 21%
p. 25 2Q26 FIXED INCOME PRESENTATION Updated 2026 Outlook Updated 2026 Outlook MEXICO SOUTH AMERICA around 10% growth Loans: Gross Income: below 335 bps CoR: high teens growth TURKEY around 220 bps CoR: NII: high single digit growth Improved Guidance Worsened Guidance GROUP ROTE 21% around
Slide 26 — Capital, Liquidity &
Capital, Liquidity & Funding 3
Slide 27 — High quality and resilient capital
p. 27 2Q26 FIXED INCOME PRESENTATION High quality and resilient 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 March 31, 2026. CET 1 FULLY-LOADED (%) 12.90% 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 Jun-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: 66% standardized model, 34% IRB according to 1Q26 Pillar III report. 44% 6.0% 28% 4.9% RWA/TOTAL ASSETS BBVA JUN-26 / PEERS MAR-26 LEVERAGE RATIO FL BBVA JUN-26 / PEERS MAR-26 3 YEAR FL DEPLETION (2025-2027) (BPS) BBVA CRR 3 Min. Requirement 3% CET1 pro-forma SBB (2 bn€) 12.41%
Slide 28 — Sound capital position above our target
p. 28 2Q26 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) A new €2 billion share buyback programme has been approved, to be executed in several tranches, together with the launch of a first €1 billion tranche. The execution of the remaining €1 billion under this new share buyback programme, as well as its terms and conditions, will be announced once approved by the governing bodies. CET 1 FULLY-LOADED (% BPS) AT1 AND TIER 2 FL BUCKETS JUN-26 (%) AT1 TIER 2 1.78% 2.38% 1.53% 2.99% 302 bps buffer vs. 259 bps Peer Group Target Range 11.5%-12.0% Results Dividend accrual & AT1 coupons RWAs (constant €) Others1 Jun-26 12.90% -40 bps -41 bps 12.83% +75 bps Mar-26 SREP Requirement 8.98% +7 bps +13 bps CET1 pro-forma SBB (2 bn€) 12.41% New extraordinary SBB program2 2.0 billion €
Slide 29 — One of the lowest SREP requirement among
p. 29 2Q26 FIXED INCOME PRESENTATION One of the lowest SREP requirement among peers with a comfortable MDA distance BBVA, GROUP CET1 REQUIREMENT AND DISTANCE TO MDA BBVA JUN-26/ PEERS MAR-26 9.96% 11.08% 11.22% European Peer Group subject to ECB regulation: ISP, CASA, SAN, BNPP, UCI, CABK, NDA, ING, DB, SG. 13.80% 10.42% 10.26% 10.20% 9.84% 9.12% 8.75% 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 + 0.26% CCyB +0.01% SRB (Considering the latest official updates to the countercyclical capital buffer and the systemic risk buffer, applied on the basis of exposure as of March 31, 2026) 2) 367 bps MDA Buffer = 12.90% - 0.25% (Tier 1 shortfall )- 8.98% (CET1 Requirement). Notes: O-SII: Following the Bank of Spain's July 2026 O-SII review, the BBVA Group's O-SII buffer will increase by 25 bps to 1.0%, effective January 1, 2027. CCyB: In line with the Bank of Spain's announced CCyB increase, the remaining 0.5% increase will become effective in October 2026, bringing the buffer to 1.0% 8.98% 13.14% 17.42% Distance to MDA 2 367 bps €15.5 Bn CET1 Requirement Jun’26 Total Capital Requirement Jun’26 Total Capital Ratio Jun’26 CET1 AT1 T2 Pilar 1 Pilar 2R 0-SIIB SRB+CCyB1 CCB CET1 T2 AT1
Slide 30 — Strong capital position in BBVA, S.A.,
p. 30 2Q26 FIXED INCOME PRESENTATION Strong capital position in BBVA, S.A., above requirement BBVA, S.A. REQUIREMENT AND DISTANCE TO MDA JUN-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, applied on the basis of exposure as of Mar-26. (3) 616 bps distance to MDA = 13.63% (Jun’26 CET1) - 7.47% (CET1 Requirement). 19.09% Total Capital Ratio Jun’26 AT1 7.47%1 Pilar 1 SRB + CCyB 2 CCB CET1 T2 CET1 AT1 T2 Distance to MDA 3 616 bps €13.8 Bn 10.97% Total Capital Requirement Jun’26 CET1 Requirement Jun’26
Slide 31 — Sound MREL Position
p. 31 2Q26 FIXED INCOME PRESENTATION Sound MREL Position Note: Preliminary Data. (1) Position as of June 2026 as % LRE: MREL 9.75% (vs 8.96% Requirement); Subordination 8.73% (vs 5.56% 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 3.72%, without prejudice to any other buffer that may apply at any time. Figure according to MREL Requirement received on April 14th, 2026. M-MDA buffer stands at 79bps (€5.2bn) in LRE. (3) Includes the update of the CCyB and the systemic risk buffer calculated on the basis of exposures as of Mar'26. POSITION AS OF JUN-26 (% RWA1) MREL REQUIREMENT + CBR SUBORDINATION REQUIREMENT + CBR Subordination Buffer 961bps (20.6€bn) M-MDA Buffer 230bps (4.9€bn) >85% of MREL eligible with subordination > or = to SNP CBR3 MREL 27.66% 29.96% 17.22% 26.83% Total Requirement Eligible instruments 2 Total Requirement Eligible instruments 2 CBR3 Subordination 3.72% 13.50% 3.72% 23.94%
Slide 32 — Solid funding structure with ample liquidity
p. 32 2Q26 FIXED INCOME PRESENTATION Solid funding structure with ample liquidity buffers BBVA GROUP LIQUIDITY BALANCE SHEET1 JUN-26 BBVA GROUP LIQUIDITY AND FUNDING METRICS JUN-26 Assets Liabilities BBVA S.A.2 Mexico Turkey3 South America LTD 98% 103% 83% 95% LCR 180% 149% 156% >100% NSFR 116% 129% 141% >100% LCR Group4 174% NSFR Group 125% Total HQLA 129,786 Level 1 126,829 Level 2 2,956 Level 2A 970 Level 2B 1,986 (2) Liquidity Management perimeter. Liquidity Management Buffer: €143 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 145%. (5) 12 month average of total HQLAs of the Group, considering BBVA , S.A. subsidiaries’ excess liquidity. HQLAS (JUN-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 33 — Limited wholesale funding maturities in all
p. 33 2Q26 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 21.8 13.6 5.8 6.3 14.8 27% 81.8 17% 8% 18% 24% Limited wholesale funding maturities in all geographies 7% Parent and subsidiaries with consistent access to wholesale funding in a diversified way DEBT OUTSTANDING BY PRODUCT JUN-26, € BN WHOLESALE FUNDING MATURITIES JUN-26, € BN 2026 2027 2028 2029 2030+ 19.5 Others1 MEXICO €12.1 bn TURKEY € 8.6 bn EURO € 59.1 bn S. AMERICA € 2.1 bn ESG Group debt outstanding € 7.96 bn
Slide 34 — AT1 & Tier 2 instruments with a manageable
p. 34 2Q26 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 JUN’26 (Mn€) (1) The MDA distance stood at 367 bps (€15.5bn) at Group level and 616 bps (€13.8bn) at BBVA S.A. level. Loss absorption triggers at 5.125% amount to €32,927mn at Group level and €19,066mn at BBVA S.A, as of June 2026 (2) Does not include calls and maturity profile of Tier 2 instruments issued by subsidiaries (3) The 348 Mn GBP T2 in 2026 has already been called T2 2, 3 AT1
Slide 35 — Funding Plan 2026
p. 35 2Q26 FIXED INCOME PRESENTATION BBVA SA (€Bn) 2026 Executed 2026 Strategy1 Forecasted Pending Issuances AT1 0.9 Progressive optimization of the capital structure Tier 2 - SNP SP 6.5 (€1.25 SNP Green) Refinancing MREL eligibility losses and funding credit growth 2- 3 Bn CB 2.2 Given the Balance Sheet evolution €11-13 Bn Funding Plan subject to Balance Sheet evolution 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. Note: 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 €9.62
Slide 36 — High Quality Single A Credit ratings, consistent
p. 36 2Q26 FIXED INCOME PRESENTATION 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 August 5, 2026. BBVA LONG TERM SENIOR PREFERRED CURRENT RATINGS Stable outlook (Oct. 3rd, 2025) Moody’s Stable outlook (Sep. 16th, 2025) S&P DBRS Stable outlook (Jul 8th, 2026) Fitch A2 A+ A A (high) DBRS currently maintains a positive outlook on BBVAʼs rating 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 37 — Sustainable Debt
Sustainable Debt Financing 4
Slide 38 — Sustainable Debt Financing Framework aligned with
p. 38 2Q26 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 Green Jun-26 Senior Non-Preferred EUR 1.250 5Y
Slide 39 — Sustainable Debt Financing Framework
p. 39 2Q26 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 40 — Annex
Annex Business Units Financial KPIs Goals CET1 expected generation & uses of capital CIB Business 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 18
Slide 41 — Business Units Financial KPIs Goals
p. 41 2Q26 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 42 — CET1 expected generation & uses of capital1
p. 42 2Q26 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 43 — c.40%
p. 43 2Q26 FIXED INCOME PRESENTATION CIB Asia +8.4% CIB South America CIB Europe/UK +26.5% +32.4% +38.5% YoY CIB U.S. +18.5% CIB Business ACTIVITY (JUN-26; CONSTANT €BN) LENDING1 CROSS-BORDER REVENUES O/ TOTAL CLIENT REVENUES c.40% CROSS BORDER BUSINESS KEY RATIOS Coverage CoR (YtD) NPL Ratio COST TO INCOME (%) (YtD) 25.9 2Q26 1Q26 2Q25 ASSET QUALITY RATIOS (%) €1.3bn CROSS BORDER REVENUES 6M26 (2) Excluding Turkey and Argentina 3.0%. Note: CIB excludes the application of hyperinflation accounting and the Group's wholesale business in Venezuela. Δ Current(%) Δ (%) 2Q26 vs. 2Q25 vs. 1Q26 6M26 vs. 6M25 Net Interest Income 1,100 25.6 8.0 2,119 23.6 Net Fees and Commissions 422 23.6 -10.8 894 27.1 Net Trading Income 564 31.8 -21.0 1,278 15.8 Other Income & Expenses -20 67.0 -2.0 -40 64.3 Gross Income 2,066 26.5 -5.5 4,251 21.6 Operating Expenses -568 31.7 6.7 -1,101 24.7 Operating Income 1,498 24.7 -9.4 3,150 20.5 Impairment on Financial Assets 6 -93.1 n.s. -9 n.s. Provisions and Other Gains and Losses 4 n.s. n.s. 5 -55.9 Income Before Tax 1,508 18.0 -8.0 3,146 17.4 Income Tax -440 17.9 -4.5 -902 18.3 Net Attributable Profit 971 18.9 -10.4 2,054 18.2 PROFIT & LOSS (CURRENT €M) 26.5 19.9 15.0 8.9 RoRWA (%)2(YtD, CONSTANT) 3.7 (1) Performing loans under management, excluding repos. Note: CIB U.S., CIB Europe/UK and CIB Asia are reported within the Rest of Business unit. ≃ +21% YoY +63.9% +39.5% +69.4% 153.4 CIB Spain 26.5 CIB Mexico 19.9 CIB Turkey 15.0 CIB U.S. 32.5 CIB Asia 20.4 CIB Europe/UK 30.1 CIB SA 8.9 CIB Turkey CIB Mexico CIB Spain ANNEX
Slide 44 — +3.0%
p. 44 2Q26 FIXED INCOME PRESENTATION (1) Figures exclude SAREB senior bonds (€3.6bn as of Jun-25, Mar-26 and Jun-26) ALCO Portfolio Amort Cost (HTC) Fair Value (HTC&S) JUN-26 (€ BN) (€ BN) (duration incl. hedges) South America 0.2 7.1 1.9 years Turkey 4.9 3.5 3.0 years Mexico 7.5 11.6 3.8 years Euro1 47.3 7.5 3.1 years Spain 30.2 3.2 Italy 6.2 2.7 Rest 10.9 1.6 +3.0% EURO ALCO YIELD (JUN-26, %) ALCO PORTFOLIO BREAKDOWN BY REGION (€ BN) EURO ALCO PORTFOLIO MATURITY PROFILE (€ BN) ANNEX
Slide 45 — +/– c.4%
p. 45 2Q26 FIXED INCOME PRESENTATION NII Sensitivity to Interest Rates Movements Note: NII sensitivities to parallel interest rates movements as of Jun’26, using our dynamic internal model. Mexico NII sensitivity for +/-100 bps breakdown: MXN sensitivity +/-1.6%; USD sensitivity +/-0.8%. +/– c.4% EURO BALANCE SHEET ESTIMATED IMPACT ON NII IN THE NEXT 12 MONTHS TO PARALLEL INTEREST RATE MOVEMENTS (TO +/-100 BPS INTEREST RATES MOVEMENT, %) +/-2.4% MEXICO ANNEX
Slide 46 — Customer Spreads: Quarterly Evolution
p. 46 2Q26 FIXED INCOME PRESENTATION Customer Spreads: Quarterly Evolution (1) FC: Foreign Currency. AVERAGE 2Q25 3Q25 4Q25 1Q26 2Q26 Spain 3.05% 2.88% 2.80% 2.82% 2.85% Yield on Loans 3.66% 3.45% 3.39% 3.39% 3.43% Cost of Deposits -0.60% -0.57% -0.59% -0.58% -0.58% Mexico MXN 11.96% 11.98% 12.01% 11.74% 11.61% Yield on Loans 14.71% 14.42% 14.26% 14.02% 13.84% Cost of Deposits -2.75% -2.45% -2.25% -2.28% -2.23% Mexico FC1 5.25% 5.24% 4.98% 4.79% 4.54% Yield on Loans 6.14% 6.21% 5.89% 5.69% 5.54% Cost of Deposits -0.90% -0.97% -0.91% -0.90% -1.00% Turkey TL 1.04% 1.00% 1.68% 2.02% 0.38% Yield on Loans 37.56% 36.53% 34.90% 33.72% 33.94% Cost of Deposits -36.53% -35.53% -33.23% -31.70% -33.56% Turkey FC1 7.90% 7.88% 7.57% 7.35% 7.18% Yield on Loans 8.31% 8.23% 7.83% 7.57% 7.57% Cost of Deposits -0.41% -0.35% -0.27% -0.22% -0.39% Argentina 16.73% 14.02% 17.24% 17.41% 17.13% Yield on Loans 30.98% 32.37% 34.57% 30.40% 27.28% Cost of Deposits -14.25% -18.35% -17.33% -12.98% -10.16% Colombia 5.64% 5.81% 6.11% 6.02% 6.01% Yield on Loans 12.26% 12.23% 12.30% 12.49% 13.17% Cost of Deposits -6.62% -6.42% -6.19% -6.47% -7.16% Peru 7.22% 7.26% 7.42% 7.62% 7.47% Yield on Loans 9.02% 9.02% 9.17% 9.28% 9.09% Cost of Deposits -1.80% -1.76% -1.76% -1.65% -1.61% ANNEX
Slide 47 — Stages Breakdown by Business Areas
p. 47 2Q26 FIXED INCOME PRESENTATION Stages Breakdown by Business Areas CREDIT RISK BREAKDOWN BY AREA (JUN-26, € M) BBVA GROUP Gross Exposure Accumulated impairments SPAIN Gross Exposure Accumulated impairments MEXICO Gross Exposure Accumulated impairments Stage 1 555,789 2,672 Stage 1 209,238 521 Stage 1 104,022 1,478 Stage 2 36,990 2,109 Stage 2 14,906 565 Stage 2 7,713 680 Stage 3 15,976 8,747 Stage 3 6,595 3,614 Stage 3 3,181 1,595 TURKEY SOUTH AMERICA REST OF BUSINESS Stage 1 68,162 220 Stage 1 57,178 410 Stage 1 121,808 43 Stage 2 7,301 415 Stage 2 4,709 314 Stage 2 2,360 135 Stage 3 3,243 1,797 Stage 3 2,564 1,569 Stage 3 392 171 COLOMBIA PERU ARGENTINA Stage 1 19,545 111 Stage 1 23,047 217 Stage 1 9,096 34 Stage 2 1,724 133 Stage 2 1,984 125 Stage 2 649 34 Stage 3 819 450 Stage 3 867 567 Stage 3 665 437 ANNEX
Slide 48 — Capital Base BBVA Group & BBVA, S.A.
p. 48 2Q26 FIXED INCOME PRESENTATION Capital Base BBVA Group & BBVA, S.A. Note: Preliminary Data As of June 30, 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 17.42% BBVA Group BBVA, S.A. CET 1 € 54,626 m € 30,547 m AT1 € 6,484 m € 6,260 m T2 € 12,675 m € 5,986 m Total Capital Base € 73,785 m € 42,793 m RWA € 423,497 m € 224,178 m CAPITAL RATIOS JUN-26 (%) ANNEX 19.09%
Slide 49 — ー 7 bps
p. 49 2Q26 FIXED INCOME PRESENTATION CET1 Sensitivity to Market Impacts1 (1) CET1 sensitivity considering the FL capital ratio as of June 30th, 2026 (2) This sensitivity does not include the cost of capital hedges, which are currently estimated at 1 bps per quarter for MXN and 1 bps per quarter for TRY. TO A 10% CURRENCY DEPRECIATION2 (JUN-26) ー 7 bps TO +100 BPS MOVEMENT IN THE MEXICAN SOVEREIGN BOND (JUN-26) ー 8 bps TO +100 BPS MOVEMENT IN THE SPANISH SOVEREIGN BOND (JUN-26) MXN TRY USD ー 15 bps ー 3 bps +14 bps ANNEX
Slide 50 — Risk-Weighted Assets by Business Area
p. 50 2Q26 FIXED INCOME PRESENTATION Risk-Weighted Assets by Business Area BREAKDOWN BY BUSINESS AREA (€M) Fully-Loaded RWAs Δ (%) Jun-25 Mar-26 Jun-26 vs. Jun-25 vs. Mar-26 Spain 120,209 117,752 120,207 0.0% 2.1% Mexico 88,043 83,745 87,755 -0.3% 4.8% Turkey 66,656 74,171 77,402 16.1% 4.4% South America 52,735 59,235 62,487 18.5% 5.5% Argentina 11,352 12,115 12,133 6.9% 0.1% Chile 2,023 2,226 2,212 9.3% -0.6% Colombia 17,428 20,112 22,134 27.0% 10.1% Peru 18,266 20,202 21,051 15.2% 4.2% Others 3,667 4,581 4,956 35.2% 8.2% Rest of business 38,656 49,627 54,505 41.0% 9.8% Corporate Center 20,751 24,324 21,142 1.9% -13.1% BBVA Group 387,051 408,854 423,497 9.4% 3.6% ANNEX
Slide 51 — Group RWA Breakdown
p. 51 2Q26 FIXED INCOME PRESENTATION Note 1: Credit Valuation Adjustment. Note: Distribution of RWAs by type of risk and Model based on 1Q26 Pillar III report. Group RWA Breakdown TOTAL RWA BREAKDOWN PHASED-IN 66% Standardized Models 34% IRB Models 0.6% CVA Risk 5.2% Market Risk 11.6% Operational Risk 82.5% Credit Risk ANNEX
Slide 52 — Debt Issuances 2025- 2026 YTD
p. 52 2Q26 FIXED INCOME PRESENTATION PRODUCT ISSUE DATE CALL DATE MATURITY NOMINAL COUPON Debt Issuances 2025- 2026 YTD SNP Jun-26 - Jun-31 €1,250 3.375% CB Double-T Jun-26 - Jun-33 / Jun-29 €1,000 / €1,250 3.125% / 2.875% AT1 May-26 May33 Perp $1,000 M 7.125% SNP May-26 - May-31 $1,250 M 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 Senior T2 Jun-26 Feb-25 - Feb-30 Jun-31 Feb-35 $ 1,000 M $ 1.000 M 5.4% 7.625%
Slide 53 — Covered Bonds High Issuance Capacity
p. 53 2Q26 FIXED INCOME PRESENTATION Covered Bonds High Issuance Capacity of €51bn across the Three Programs Mortgage Public Sector Export Finance BBVA S.A (€M) 2Q26 2Q26 2Q26 Cover Pool Balance 52.7 17.7 6.6 Cover Bond Outstanding Of which Retained 19.8 14 0.5 0.5 1.5 1.5 Covered Bond Rating (Moody’s / DBRS) Aa1/AAA Aa1 Aa1 OC Level 161% 3189.2% 334.3% Cover Pool WAL 10.44 5.1 4.97 Cover Bond WAL 3.45 0.7 1.68 Currency >99% EUR >100% EUR 42%USD/52%EUR/6% Other WA LTV 53 Nº of Loans 621.051 3.086 189 Floating/ Fixed 38% / 62% 40% / 60% 90% / 10% WA Seasoning (months) 88 34 20 WA Rem. Term (months) 222 89 123 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 €6.6Bn 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 82% of the residential portfolio followed by the second residence ANNEX
Slide 54 — Called notes 2018 - 2026 YTD
p. 54 2Q26 FIXED INCOME PRESENTATION Called notes 2018 - 2026 YTD PRODUCT ISSUE DATE REDEMPTION OUTSTANDING CURRENCY (M) COUPON BBVA, S.A. T2 Jul-20 Jun-26 £ 300 3.10% 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 55 — Wholesale maturities 2026 - 2030+
p. 55 2Q26 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 0.2 1.9 1.1 2.1 8.4 13.6 Covered Bonds 1.0 1.7 0.0 1.3 1.9 5.8 Preferred Shares 0.0 0.9 1.0 0.9 3.5 6.3 Subordinated 0.3 1.3 1.2 0.0 4.4 7.3 Others 3.9 2.8 1.4 1.6 7.3 17.0 EURO TOTAL €BN 6.4 10.9 5.0 7.9 28.9 59.1 MEXICO Senior Debt 1.0 1.8 0.9 1.3 3.0 8.0 Subordinated 0.0 0.0 0.9 0.7 2.5 4.1 MEXICO TOTAL €BN 1.0 1.8 1.8 2.0 5.5 12.1 TURKEY Senior Debt 1.1 2.2 0.1 0.0 0.0 3.4 Subordinated 0.0 0.5 0.0 0.0 2.1 2.7 Other L/T issuances (Securitizations) 0.0 0.1 0.1 0.0 1.4 1.6 Syndication 0.1 0.4 0.2 0.1 0.0 0.9 Bilateral 0.0 0.0 0.0 0.0 0.0 0.0 TURKEY TOTAL €BN 1.3 3.3 0.3 0.1 3.6 8.6 SOUTH AMERICA Senior Debt 0.2 0.4 0.2 0.2 0.4 1.3 Subordinated 0.0 0.0 0.1 0.3 0.3 0.7 S.AMERICA TOTAL €BN 0.2 0.4 0.3 0.5 0.7 2.1 ANNEX
Slide 56 — BBVA ratings by type of instrument and issuer
p. 56 2Q26 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 August 5, 2026. Investment grade Non Investment Grade Moody’s S&P DBRS Fitch CB SNP T2 AT1 SNP T2 SP Issuer T2 AT1 CB T2 SNP SP Issuer SP 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 ANNEX
Slide 57 — Credit ratings of Main Subsidiaries
p. 57 2Q26 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 August 5, 2026.(1) Long term deposit rating BBVA MAIN SUBSIDIARIES AND SOVEREIGN LONG TERM RATINGS Investment grade Non Investment Grade BBVA Mexico Garanti BBVA BBVA Colombia BBVA Argentina S&P (-) 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 (-) Moody’s (St) 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) Moody’s (St)1 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 (…) ANNEX
Slide 58 — Book Value of the Main Subsidiaries1,2
p. 58 2Q26 FIXED INCOME PRESENTATION Book Value of the 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; JUN-26) Mexico Turkey Peru Colombia Argentina Chile Venezuela Δ (%) QoQ Uruguay +6.1% +4.9% +12.5% +10.1% +2.8% +4.8% -4.3% +18.7% ANNEX