6-K 1 quarterlyreport_1q26xsec.htm 6-K Quarterly Report_1Q26_SEC
 
UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2026
Commission file number: 1-10110
 
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
(Exact name of Registrant as specified in its charter)
BANK BILBAO VIZCAYA ARGENTARIA, S.A.
(Translation of Registrant’s name into English)
 
Calle Azul, 4
28050 Madrid
Spain
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F [X]
Form 40-F [  ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes [  ]
No [X]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes [  ]
No [X]
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Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
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January - March 2026 Report
Main data
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BBVA GROUP MAIN DATA (CONSOLIDATED FIGURES)
31-03-26
∆ %
31-03-25
31-12-25
Balance sheet (millions of euros)
Total assets
894,267
15.7
772,863
859,576
Loans and advances to customers (gross)
491,614
14.7
428,673
472,697
Deposits from customers
505,059
10.8
455,708
502,501
Total customer funds
733,235
12.3
652,721
726,866
Total equity
60,804
2.6
59,264
61,798
Income statement (millions of euros)
Net interest income
7,537
17.8
6,398
26,280
Gross income
10,652
14.2
9,324
36,931
Operating income
6,604
14.6
5,762
22,599
Net attributable profit (loss)
2,989
10.8
2,698
10,511
The BBVA share and share performance ratios
Number of shares outstanding (million)
5,634
(2.2)
5,763
5,709
Share price (euros)
18.25
45.4
12.55
20.05
Adjusted earnings (loss) per share (euros) ⁽¹⁾
0.51
13.6
0.45
1.78
Earnings (loss) per share (euros) ⁽¹⁾
0.51
12.5
0.45
1.76
Book value per share (euros) ⁽¹⁾
10.10
5.4
9.58
10.19
Tangible book value per share (euros) ⁽¹⁾
9.57
4.6
9.14
9.69
Market capitalization (millions of euros)
102,821
n.s.
72,300
114,465
Profitability and efficiency ratios (%)
ROE (net attributable profit (loss)/average shareholders' funds +/- average
accumulated other comprehensive income) ⁽¹⁾
20.7
19.3
18.4
ROTE (net attributable profit (loss)/average shareholders' funds excluding average
intangible assets +/- average accumulated other comprehensive income) ⁽¹⁾
21.7
20.2
19.3
RORC (net attributable profit (loss)/average regulatory capital) ⁽¹⁾
23.7
21.9
21.1
ROA (profit (loss) for the period / average total assets - ATA) ⁽¹⁾
1.4
1.5
1.4
RORWA (profit (loss) for the period / average risk-weighted assets - RWA) ⁽¹⁾
3.2
2.9
2.8
Efficiency ratio ⁽¹⁾
38.0
38.2
38.8
Credit risk indicators (%)
Cost of risk ⁽¹⁾
1.54
1.30
1.39
NPL ratio ⁽¹⁾
2.6
2.9
2.7
NPL coverage ratio ⁽¹⁾
86
82
85
Capital adequacy ratios (%) ⁽²⁾
CET1 ratio
12.83
13.09
12.70
Tier 1 ratio
14.20
14.53
14.08
Total capital ratio
17.30
17.55
17.21
Other information
Number of active customers (million) ⁽³⁾
82.0
5.3
77.8
81.3
Number of shareholders ⁽⁴⁾
660,942
(4.3)
690,635
657,193
Number of employees
126,877
1.7
124,741
127,174
Number of branches
5,565
(2.9)
5,733
5,642
Number of ATMs
30,768
0.9
30,484
31,015
⁽¹⁾ For more information, see Alternative Performance Measures at this report.
⁽²⁾ Preliminary data as of 31-03-2026.
⁽³⁾ 2025 data has been revised due to the homogenization of computation criteria in the different countries or changes in the origin of information provisioning,
which would include the reorganization of the active client databases.
⁽⁴⁾ See footnote to table of structural distribution of shareholders in the Capital and shareholders chapter of this report.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
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January - March 2026 Report
Highlights
2025-2029 Strategic Plan
In the first quarter of 2026, the BBVA Group has continued to make significant progress in the execution of its 2025-2029
Strategic Plan, which aims to establish a new axis of differentiation by radically incorporating the customer perspective, as well as
driving and strengthening the Group's commitment to growth and value creation. Thus, in mid-2025, the Group presented its
financial objectives for the period 2025-2028, which are part of the strategic plan presented at the beginning of that same year.
BBVA continues to focus on innovation as a key driver for achieving these goals and continuing to lead the transformation of the
sector. Thanks to artificial intelligence and next-generation technologies, the Group amplifies its positive impact on customers,
helping them make the best decisions.
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Results and business activity
In this context, the BBVA Group achieved a cumulative result of €2,989 million by the end of the first quarter in 2026, representing
an increase of 10.8% over the previous year, supported by the strong performance of recurring revenues from the banking
business If the exchange rates variation is excluded, this growth increases to 14.1% favored by the solid evolution in gross income,
which increased by 18.3% in constant terms, with a growth rate that is higher than that of operating expenses (+17.5% at constant
exchange rates, impacted by an environment of still high inflation). As a result of this evolution, the efficiency ratio stood at 38.0%
as of March 31, 2026, which represents an improvement of 24 basis points compared to the ratio as of March 31, 2025.
The provisions for impairment on financial assets increased by 35.0% compared to the balances as of March 31, 2025 at constant
exchange rates, with a generalized increase across all business areas in a context of lending growth.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.5
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January - March 2026 Report
During the first quarter of 2026, loans and advances to customers increased by 4.0%, driven by the dynamism of the wholesale
segment. Of particular note within this segment was the higher volume of loans to business, which grew by 5.2% at the Group
level. Loans to individuals increased by 2.2%, with consumer loans showing greater dynamism, followed by mortgages.
Customer funds registered an increase of 0.9% so far this year, with slight growth in customer base deposits of 0.5% at the Group
level, and 1.5% in off-balance sheet funds.
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LOANS AND ADVANCES TO CUSTOMERS AND
TOTAL CUSTOMER FUNDS (VARIATION
COMPARED TO 31-12-2025)
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(1) The growth of non-performing loans and advances to customers
under management (excluding repos) stands at 4.6%.
Business areas
According to the accumulated results of the business areas by the end of March 2026, in each of them it is worth mentioning:
–Spain generated a net attributable profit of €1,095 million, that is, 8.1% above the result achieved in the same period of
2025, driven by the evolution of recurring revenues and net trading income (hereinafter NTI).
–BBVA Mexico achieved a net attributable profit of €1,453 million, which represents a year-on-year growth of 4.5%,
excluding the impact of the evolution of the Mexican peso, explained mainly by the favorable evolution of net interest
income and driven by the rest of components of gross income.
–Turkey reached a net attributable profit of €263 million during the first quarter of 2026, with a year-on-year growth of
66.1%, as a result mainly of the good performance of recurring income from the banking business (net interest income
and fees).
–South America generated a net attributable profit of €249 million in the first quarter of 2026, which represents a year-on-
year growth of 16.3%, favored mainly by the improvement in net attributable profit in Colombia.
–Rest of Business achieved a net attributable profit of €236 million, 36.0% higher than in the same period of the previous
year excluding the impact of currency evolution, favored by the evolution of the recurring revenues and the NTI.
The Corporate Center recorded in the first quarter of 2026 a net attributable loss of €305 million.
1 The additional pro forma information from CIB excludes the application of hyperinflation accounting and the Group's wholesale business in Venezuela.
2 As of March 31, 2026, there were no differences between fully loaded and phased-in ratios given that the impact associated with the transitional adjustments is nil.
3 Considering the latest official updates to the countercyclical capital buffer and the systemic risk buffer, applied on the basis of exposure as of December 31, 2025.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
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January - March 2026 Report
Lastly, and for a better understanding of the Group's activity and results, supplementary information is provided below for the
wholesale business, Corporate & Investment Banking (CIB), carried out by BBVA in the countries where it operates. CIB generated
a net attributable profit of €1,083 million1. Excluding the impact of currency fluctuations, this result represents a 24.2% increase
over the previous year, which reflects again the strength of the Group's wholesale businesses, with the aim of offering a value
proposition focused on the needs of its customers.
NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS
OF EUROS)
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+10.8%
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NET ATTRIBUTABLE PROFIT BREAKDOWN ⁽¹⁾
(PERCENTAGE. 1Q26)
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⁽¹⁾ Excludes the Corporate Center.
Solvency
The BBVA Group's CET12 ratio stood at 12.83% as of March 31, 2026, which allows it to maintain a large management buffer over
the Group's CET1 requirement as of that date (8.98%3), and is also above the Group's target management range of 11.5% - 12.0%
of CET1.
4 The Goal 2029 includes the channeling of financial flows, cumulatively, in relation with activities, clients or products considered to be sustainable, or promoting
sustainability and/or the transition, in accordance with internal standards inspired by existing regulations, market standards such as the Green Bond Principles, the
Social Bond Principles, the Climate Transition Finance Handbook and Climate Transition Bond Guidelines and the Sustainability Linked Bond Principles of the
International Capital Markets Association, as well as the Green Loan Principles, Social Loan Principles, Guide to Transition Loans and the Sustainability Linked Loan
Principles of the Loan Market Association, and best market practices. The foregoing is understood without prejudice to the fact that said channeling, both at an initial
stage or at a later time, may not be registered on the balance sheet.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.7
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January - March 2026 Report
Sustainability
BBVA is driving sustainability as a differential growth engine. Within the framework of its ambitious target of channeling €700
billion into sustainable business for the 2025–2029 period4, the BBVA Group has channeled approximately €36 billion in the first
three months of 2026, bringing the cumulative total to €170 billion since the announcement of this new target.
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SUSTAINABLE BUSINESS CHANNELING 2025–MARCH 2026
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Customer segment
Total
%
Scope of activity (€Bn)
Corporates
Enterprises
Retail
Environmental
16
10
2
27
76%
Social
2
3
3
9
24%
Total
18
13
5
36
100%
(1) Generally, the criterion used for distributing pipelines by geography is the location of the corresponding operation's registration. However, there are certain exceptions
when several geographies are involved in the operation.
(2) In cases where data granularity does not allow for a direct attribution between the scope of activity, internal estimation models based on the best available information
are applied. For reporting purposes, the “Environment” category integrates activities related to climate change and natural capital.
(3) The amounts indicated have been rounded; therefore, the amounts or variations shown may not be the exact arithmetic sum of the figures that precede them.
5 For further information, please refer to the "Share buyback programs" section in the "Capital and shareholders" chapter.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.8
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January - March 2026 Report
Shareholder remuneration
Regarding shareholder remuneration, the Annual General Shareholders´ Meeting of BBVA held on March 20, 2026, approved,
under item 1.3 of the Agenda, a cash distribution against the 2025 results as a final dividend for the 2025 financial year, for an
amount equal to €0.60 gross per outstanding BBVA share entitled to participate in this distribution, which was paid on April 10,
2026. Thus, the total amount of cash distributions for the 2025 financial year, taking into account that in November 2025 a gross
amount of €0.32 per share was distributed, stood at €0.92 gross per share. 
Total shareholder policy contemplates that cash distributions may be combined with share buybacks, all subject to the
authorization and approvals applicable at any given time5.
Other highlights
On March 28, 2026, it was announced that Türkiye Garanti Bankası A.Ş. (“Garanti BBVA") had reached an agreement with
Raiffeisen Bank SA —the Romanian subsidiary of the Austrian bank Raiffeisen Bank International AG (RBI)— to sell 100% of
Garanti BBVA’s subsidiaries in Romania. As a result of the above, all the balance sheet items of Garanti Bank SA, Motoractive IFN
SA and Motoractive Multiservices SRL have been reclassified into the category of "Non-current assets (liabilities) and disposal
groups classified as held for sale" (hereinafter NCA&L) in the Group's consolidated balance sheet as of March 31, 2026. The
closing of the transaction is expected during the fourth quarter of 2026, once the regulatory authorizations from the competent
authorities have been received. 
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.9
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January - March 2026 Report
Macroeconomic environment
The global economy has shown greater strength than expected during the last months of 2025 given the high levels of uncertainty,
trade and geopolitical tensions, and the migration restrictions of the United States administration. The negative effects of
protectionist policies and high geopolitical instability would have been mitigated by lower effective tariffs than initially announced,
fiscal stimulus and the strong growth in investment in artificial intelligence, particularly in the United States. The expansionary
nature of the monetary policy of the Federal Reserve (hereinafter, the Fed), the moderate inflation, and contained energy prices
would have also supported global activity.
The conflict in Iran has once again raised uncertainty and geopolitical risk, and has significantly driven up oil and gas prices. Under
the assumption that the conflict is resolved in a reasonable short period and tensions in the energy and financial markets
progressively moderate, BBVA Research forecasts global growth to stand at 3.2% in 2026, the same figure as in 2025. This
expectation of a certain resilience in global activity rests, in part, on the upward revision of the expected growth for the United
States by six tenths to 2.5% (in 2025, growth was 2.1%) due to the strong increase in investment in artificial intelligence. In the
case of the Eurozone, the forecast of a gradual deceleration in activity is maintained: compared to GDP growth of 1.5% in 2025, in
2026 it could be 1.1%, in a context where the impact of tariffs, political instability in some countries in the bloc, and the rise in
energy prices could be partially offset by increased spending on defense and infrastructure. The growth expected for China also
remains unchanged: GDP growth in 2026 could stand at 4.5%, compared to 5% in 2025. 
It is foreseeable that the rise in tariffs, the strength of demand, and the recent tensions in fuel prices will keep inflation in the United
States at around 3% for much of 2026, limiting the Fed's scope for interest rate cuts. Following the cuts in 2025, which brought
the benchmark rate to 3.75%, BBVA Research forecasts two additional rate cuts to 3.25%, conditioned, in any case, on the
duration of the conflict in Iran and its impact on prices. In the Eurozone, the ECB is expected to keep the deposit facility interest
rate unchanged (at 2%) if inflationary pressures subside once the crisis in the Middle East is contained (the headline rate could
remain above 2% throughout 2026). In China, monetary conditions are likely to continue to ease given the current context of very
low inflation in which it finds itself.
The balance of risks for the global economy remains weighted to the downside, with growing uncertainty following the outbreak of
the conflict between the United States, Israel, and Iran. In addition to protectionist measures in trade and immigration, and the
structural challenges facing Europe and China, negative factors include increased geopolitical tensions (potential interventions of
the United States in Latin America, the Middle East or Greenland) and uncertainty regarding the Fed's independence and its
potential impact on financial markets. A sharp increase in the prices of oil, gas, and energy-intensive goods, derived from an
escalation of tensions in the Middle East, emerges as a significant source of risk. On a positive note, however, it is worth
mentioning the boost in investment in artificial intelligence and its medium-term effect on the productivity of economies that
promote its adoption.
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GDP GROWTH ESTIMATES IN 2026 (PERCENTAGE. YEAR-ON-
YEAR VARIATION)
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Source: BBVA Research estimates.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.10
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January - March 2026 Report
Group
Results
The BBVA Group achieved a cumulative result of €2,989 million by the end of the first quarter in 2026, representing an increase of
10.8% over the same period last year, supported by the strong performance of recurring revenues from the banking business. If
the exchange rates variation is excluded, this growth increases to 14.1%.
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CONSOLIDATED INCOME STATEMENT (MILLIONS OF EUROS)
∆ % at constant
1Q26
∆ %
exchange rates
1Q25
Net interest income
7,537
17.8
20.2
6,398
Net fees and commissions
2,256
9.5
15.5
2,060
Net trading income
915
(3.4)
1.1
948
Other operating income and expenses
(56)
(31.3)
(54.7)
(82)
Gross income
10,652
14.2
18.3
9,324
Operating expenses
(4,049)
13.7
17.5
(3,562)
Personnel expenses
(2,201)
15.8
20.1
(1,901)
Other administrative expenses
(1,430)
11.4
15.6
(1,283)
Depreciation
(418)
10.4
11.1
(378)
Operating income
6,604
14.6
18.7
5,762
Impairment on financial assets not measured at fair value through
profit or loss
(1,820)
31.4
35.0
(1,385)
Provisions or reversal of provisions
(64)
26.2
28.3
(51)
Other gains (losses)
2
(90.2)
(89.7)
22
Profit (loss) before tax
4,722
8.6
12.8
4,348
Income tax
(1,534)
4.6
8.4
(1,466)
Profit (loss) for the period
3,189
10.6
15.1
2,882
Non-controlling interests
(199)
8.1
32.8
(184)
Net attributable profit (loss)
2,989
10.8
14.1
2,698
Adjusted earnings (loss) per share (euros) ⁽¹⁾
0.51
0.45
Earnings (loss) per share (euros) ⁽¹⁾
0.51
0.45
⁽¹⁾ For more information, see Alternative Performance Measures at this report.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.11
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January - March 2026 Report
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CONSOLIDATED INCOME STATEMENT: QUARTERLY EVOLUTION (MILLIONS OF EUROS)
2026
2025
1Q
4Q
3Q
2Q
1Q
Net interest income
7,537
7,034
6,640
6,208
6,398
Net fees and commissions
2,256
2,145
2,060
1,951
2,060
Net trading income
915
694
531
484
948
Other operating income and expenses
(56)
(78)
(128)
67
(82)
Gross income
10,652
9,795
9,102
8,710
9,324
Operating expenses
(4,049)
(3,971)
(3,574)
(3,224)
(3,562)
Personnel expenses
(2,201)
(2,181)
(1,899)
(1,792)
(1,901)
Other administrative expenses
(1,430)
(1,398)
(1,296)
(1,062)
(1,283)
Depreciation
(418)
(393)
(379)
(370)
(378)
Operating income
6,604
5,823
5,528
5,485
5,762
Impairment on financial assets not measured at fair value through profit or loss
(1,820)
(1,745)
(1,567)
(1,377)
(1,385)
Provisions or reversal of provisions
(64)
(140)
(99)
(82)
(51)
Other gains (losses)
2
(4)
6
50
22
Profit (loss) before tax
4,722
3,934
3,868
4,076
4,348
Income tax
(1,534)
(1,269)
(1,206)
(1,160)
(1,466)
Profit (loss) for the period
3,189
2,665
2,662
2,916
2,882
Non-controlling interests
(199)
(132)
(132)
(167)
(184)
Net attributable profit (loss)
2,989
2,533
2,531
2,749
2,698
Adjusted earnings (loss) per share (euros) ⁽¹⁾
0.51
0.43
0.42
0.46
0.45
Earnings (loss) per share (euros) ⁽¹⁾
0.51
0.42
0.42
0.46
0.45
⁽¹⁾ For more information, see Alternative Performance Measures at this report.
Unless expressly indicated otherwise, for a better understanding of the changes under the main headings of the Group's income
statement, the rates of change provided below refer to constant exchange rates. When comparing two dates or periods presented
in this report, the impact of changes in the exchange rates against the euro of the currencies of the countries in which BBVA
operates is sometimes excluded, assuming that exchange rates remain constant. For this purpose, the average exchange rate of
the currency of each geographical area of the most recent period is used for both periods, except for those countries whose
economies have been considered hyperinflationary, for which the closing exchange rate of the most recent period is used.
The accumulated net interest income as of the end of the first quarter of 2026 was 20.2% higher than in the same period of the
previous year, mainly driven by growth in Turkey, South America, and Mexico. Moreover, net interest income over average total
assets has shown a favorable evolution over the last few quarters, reflecting greater efficiency in the management of the traditional
banking business. The growing trend shown by this indicator in 2025 continued into the first quarter of 2026, demonstrating the
bank's capacity to generate solid interest income.
Likewise, net fees and commissions experienced a year-on-year growth of 15.5%, with an increase in this line in Turkey much
higher than in the rest of business areas. By type, fees from payment methods stood out, and to a lesser extent, asset
management fees.
As a result of this favorable evolution of the net interest income and net fees and commissions, the combined total of these two,
i.e., recurring banking business revenues, grew by 19.1% compared to the first three months of 2025.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.12
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January - March 2026 Report
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NET INTEREST INCOME / AVERAGE TOTAL
ASSETS (PERCENTAGE AT CONSTANT
EXCHANGE RATES)
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NET INTEREST INCOME PLUS NET FEES AND
COMMISSIONS (MILLIONS OF EUROS AT
CONSTANT EXCHANGE RATES)
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+19.1%
(1)
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⁽¹⁾ At current exchange rates: +15.8%.
The NTI showed a favorable performance (+1.1% at the end of March 2026), with a positive year-on-year growth in Mexico, Rest of
Business, Spain and Turkey, partially offset by unfavorable trends in South America and, especially, the Corporate Center.
The other operating income and expenses line accumulated, as of March 31, 2026, an improved result compared to the same
period of the previous year. This is largely due to better results in the insurance business, which offset a more negative impact
derived from hyperinflation in the first quarter of 2026, compared to the same period in 2025.
GROSS INCOME (MILLIONS OF EUROS AT
CONSTANT EXCHANGE RATES)
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+18.3%
(1)
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⁽¹⁾ At current exchange rates: +14.2%.
OPERATING EXPENSES (MILLIONS OF EUROS AT
CONSTANT EXCHANGE RATES)
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+17.5%
(1)
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⁽¹⁾ At current exchange rates: +13.7%.
Thanks to the solid evolution in gross income, which increased by 18.3%, above the rate of growth in operating expenses (+17.5%),
the efficiency ratio stood at 38.0% as of March 31, 2026, which represents an improvement of 24 basis points compared to the
ratio as of March 31, 2025, at constant exchange rates. The year-on-year growth in operating expenses stems from both higher
other administrative expenses (mainly in technology) and personnel expenses, the latter including the impact of voluntary
redundancies in the first quarter of 2026.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.13
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January - March 2026 Report
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EFFICIENCY RATIO (PERCENTAGE)
-24
Basis points
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OPERATING INCOME (MILLIONS OF EUROS AT
CONSTANT EXCHANGE RATES)
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+18.7%
(1)
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⁽¹⁾ At current exchange rates: +14.6%.
The impairment on financial assets not measured at fair value through profit or loss (impairment on financial assets) stood at the
end of March 2026 at 35.0% higher than in the same period of the previous year, in a context of activity growth, although it
remained virtually unchanged compared to the previous quarter. This evolution is largely explained by the higher provisions made
in Turkey and Mexico, although all areas registered an increase in the level of loan-loss provisions.
IMPAIRMENT ON FINANCIAL ASSETS (MILLIONS
OF EUROS AT CONSTANT EXCHANGE RATES)
+35.0%
(1)
chart-c00ec279742540e0bc7.gif
⁽¹⁾ At current exchange rates: +31.4%.
shape-d4f25616fd3735ad.gif
shape-34e0129200884dda.gif
The provisions or reversal of provisions line (hereinafter provisions) registered at the end of March 31, 2026 higher provisions
(+28.3% year-on-year), with growth mainly in South America and Turkey.
On the other hand, the other gains (losses) line ended in the first quarter of 2026 89.7% lower than the same period in 2025.
Income tax includes the accrual for the first quarter of 2026 corresponding to the new tax on net interest income and net fees and
commissions in Spain which amounts to approximately €81 million, in line with the €85 million accrued in the first quarter of 2025.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.14
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January - March 2026 Report
As a result of the above, the BBVA Group reached a net attributable profit of €2,989 million accumulated at the end of the first
quarter of 2026, showing growth of 14.1% compared to the same period of the previous year. This solid result is based on the
strength of the net interest income, which offsets the increase in operating expenses and the provisions for impairment losses on
financial assets.
The net attributable profits, in millions of euros and accumulated at the end of March 2026, for the business areas that compose
the Group were as follows: 1,095 in Spain, 1,453 in Mexico, 263 in Turkey, 249 in South America and 236 in Rest of Business.
shape-617755854f30442a.gif
NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS
OF EUROS AT CONSTANT EXCHANGE RATES)
shape-2f32e71231262f1a.gif
+14.1%
(1)
chart-fafc83006a5542a9869.gif
⁽¹⁾ At current exchange rates: +10.8%.
The Group's excellent performance has also allowed it to continue generating value, as is reflected in the growth of the tangible
book value per share and dividends, which at the end of March 2026 was 14.7% higher than at the same period of the previous
year.
TANGIBLE BOOK VALUE PER SHARE AND
DIVIDENDS (EUROS)
shape-ead652d8feef541d.gif
shape-2f32e71231262f1a.gif
shape-e2066fb8abdae045.gif
+14.7%
shape-4a28c53e0fdd3955.gif
+18.1%
ex-SBB
chart-9ff3c451f0f4455e86a.gif
General note: Replenishing dividends paid in the period. For more
information, see Alternative Performance Measures at this report.
shape-5266a95c82199568.gif
EARNINGS (LOSS) PER SHARE (EUROS)
+12.5%
⁽¹⁾
shape-2f32e71231262f1a.gif
shape-24e2e8d84ce88a66.gif
chart-78a48d6db5714fdda2b.gif
General note: Adjusted by additional Tier 1 instrument
remuneration. For more information, see Alternative
Performance Measures at this report.
⁽¹⁾ The year-on-year variation of adjusted EPS stands at 13.6%.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.15
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January - March 2026 Report
Lastly, the Group’s profitability indicators show BBVA's ability to combine higher growth rates and profitability ratios at high levels
in a way that differentiates it from the market.
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ROE, ROTE AND RORC (PERCENTAGE)
chart-631cd66a423d42fba33.gif
chart-30114033592f401abb9.gif
chart-cf9c78ba7795456a807.gif
shape-f995c3d98301dd8a.gif
ROA AND RORWA (PERCENTAGE)
chart-dc57302213b94e799e0.gif
chart-8b96b55337394726a9a.gif
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.16
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January - March 2026 Report
Balance sheet and business activity
During the first quarter of 2026, loans and advances to customers increased by 4.0%, driven by the dynamism of the wholesale
segment. Of particular note within this segment was the higher volume of loans to business, which grew by 5.2% at the Group
level. Loans to individuals increased by 2.2%, with consumer loans showing greater dynamism, followed by mortgages (4.2% and
1.5%, respectively). All business areas performed well, with Rest of Business standing out.
Customer funds registered an increase of 0.9% so far this year, with slight growth in customer base deposits of 0.5% at the Group
level, and 1.5% in off-balance sheet funds.
The other assets/other liabilities figure includes, at the end of March 2026, the assets and liabilities of Garanti Bank SA.,
Motoractive IFN SA., and Motoractive Multiservices, SRL, which have been classified as non-current assets and liabilities held for
sale (NCA&L) on the BBVA Group's consolidated balance sheet, once the sale agreement was made public, as already mentioned
in the highlights section. Therefore, the loans and advancements to customers and customer base deposits in the Group's tables
and charts presented here, unless expressly stated otherwise, exclude those corresponding to the subsidiaries covered by the sale
agreement in Romania.
shape-95c235d1bdf7de9a.gif
CONSOLIDATED BALANCE SHEET (MILLIONS OF EUROS)
31-03-26
∆ %
31-12-25
Cash, cash balances at central banks and other demand deposits
45,909
(22.0)
58,837
Financial assets held for trading
144,300
17.1
123,185
Non-trading financial assets mandatorily at fair value through profit or loss
11,935
5.9
11,272
Financial assets designated at fair value through profit or loss
998
(0.8)
1,006
Financial assets at fair value through accumulated other comprehensive
income
61,937
5.3
58,809
Financial assets at amortized cost
587,499
3.3
568,893
Loans and advances to central banks and credit institutions
34,209
(2.6)
35,113
Loans and advances to customers
478,949
4.0
460,401
Debt securities
74,340
1.3
73,379
Investments in joint ventures and associates
1,022
2.9
994
Tangible assets
9,667
2.0
9,482
Intangible assets
2,935
2.8
2,856
Other assets
28,066
15.8
24,243
Total assets
894,267
4.0
859,576
Financial liabilities held for trading
108,279
17.8
91,917
Other financial liabilities designated at fair value through profit or loss
19,837
7.7
18,417
Financial liabilities at amortized cost
671,801
2.0
658,599
Deposits from central banks and credit institutions
56,099
3.9
53,997
Deposits from customers
505,059
0.5
502,501
Debt certificates
87,564
7.0
81,842
Other financial liabilities
23,080
13.9
20,258
Liabilities under insurance and reinsurance contracts
12,827
0.5
12,760
Other liabilities
20,719
28.8
16,084
Total liabilities
833,463
4.5
797,778
Non-controlling interests
4,534
2.1
4,441
Accumulated other comprehensive income
(18,533)
(1.8)
(18,871)
Shareholders’ funds
74,803
(1.9)
76,228
Total equity
60,804
(1.6)
61,798
Total liabilities and equity
894,267
4.0
859,576
Memorandum item:
Guarantees given
77,047
4.1
74,022
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.17
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January - March 2026 Report
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LOANS AND ADVANCES TO CUSTOMERS (MILLIONS OF EUROS)
31-03-26
∆ %
31-12-25
Public sector
27,880
7.6
25,905
Individuals
196,711
2.2
192,524
Mortgages
101,141
1.5
99,606
Consumer
54,078
4.2
51,912
Credit cards
29,552
2.8
28,753
Other loans
11,940
(2.6)
12,253
Business
252,389
5.2
239,922
Non-performing loans
14,635
2.0
14,346
Loans and advances to customers (gross)
491,614
4.0
472,697
Allowances ⁽¹⁾
(12,665)
3.0
(12,297)
Loans and advances to customers
478,949
4.0
460,401
⁽¹⁾ Allowances include valuation adjustments for credit risk throughout the expected residual life in those financial instruments that have been acquired (mainly
originating from the acquisition of Catalunya Banc, S.A.). As of March 31, 2026, December 31, 2025 and March 31, 2025 the remaining amount was €60m,
€76m and €101m, respectively.
shape-56a9eb4302aa9855.gif
LOANS AND ADVANCES TO CUSTOMERS
(BILLIONS OF EUROS)
shape-8a73971286ba504c.gif
+4.0%
(1)
shape-6e210df9cada6531.gif
chart-a96e9ec013fd4307b13.gif
        ⁽¹⁾ At constant exchange rates: +3.4%.
CUSTOMER FUNDS (BILLIONS OF EUROS)
shape-b4082d07296994f7.gif
shape-ee8a6517b603f691.gif
shape-c75a5a570b73e2f9.gif
+0.9%
(1)
chart-7994b637fb704ddf934.gif
⁽¹⁾ At constant exchange rates: +0.4%.
shape-83399b2e964ba882.gif
CUSTOMER FUNDS (MILLIONS OF EUROS)
31-03-26
∆ %
31-12-25
Deposits from customers
505,059
0.5
502,501
Current accounts
364,520
1.1
360,682
Time deposits
123,791
(2.5)
126,938
Other deposits
16,747
12.5
14,881
Other customer funds
228,176
1.7
224,365
Mutual funds and investment companies and customer portfolios ⁽¹⁾
186,014
1.5
183,183
Pension funds
34,604
0.9
34,306
Other off-balance sheet funds
7,558
9.9
6,876
Total customer funds
733,235
0.9
726,866
⁽¹⁾ Includes the customer portfolios in Spain, Mexico, Peru (preliminary data as of 31-03-2026) and Colombia (preliminary data as of 31-03-2026).
6 For the periods shown, there were no differences between fully loaded and phased-in ratios given that the impact associated with the transitional adjustments is nil.
7 Considering the latest official updates to the countercyclical capital buffer and the systemic risk buffer, applied on the basis of exposure as of December 31, 2025.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.18
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January - March 2026 Report
Capital and shareholders
Capital base
The BBVA Group's CET1 ratio6 stood at 12.83% as of March 31, 2026, which allows it to maintain a large management buffer over
the Group's CET1 requirement as of that date (8.98%7), and is also above the Group's target management range of 11.5% - 12.0%
of CET1.
Regarding the evolution during the first quarter, the Group’s CET1 increased by 13 basis points with respect to the December level
(12.70%).
Regarding the recurring aspects that impact the ratio, it is worth noting the strong earnings generation during the first quarter,
which contributed 75 basis points to the ratio. The provision for dividends and the coupon payments on AT1 instruments (CoCos)
subtracted 40 basis points. Organic growth in risk-weighted assets (RWA) at constant exchange rates, which net of risk transfer
initiatives, represents a consumption of 34 basis points, reflecting, once again, the Group's ability to continue reinvesting in new
growth.
Meanwhile, among the other impacts whose aggregate has had a positive impact on the ratio (+12 basis point), it is worth
highlighting the positive compensatory effect on "Other Comprehensive Income" offsetting the negative impact in the income
statement from the loss on the net monetary position recorded in the financial statements of the subsidiaries operating in
hyperinflationary economies and the negative effects of the exchange rate and other market variables.
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QUARTERLY EVOLUTION OF THE CET1 RATIO
shape-1fbaa8ec01e2bf60.gif
+ 13 bps
chart-d8a5a30945744ae9ad7.gif
(1) Includes, among others, FX, mark to market of HTC&S portfolios, minority interests, and a positive impact in OCI equivalent to the
loss on the net monetary position in hyperinflationary economies registered in results.
The AT1 ratio stood at 1.36%, a slight change of -2 basis points compared to December 31, 2025. This change is mainly due to
organic growth in RWA and the foreign exchange effect.
8 Considering the latest official updates to the countercyclical capital buffer and the systemic risk buffer, applied on the basis of exposure as of December 31, 2025.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.19
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January - March 2026 Report
Meanwhile, the Tier 2 ratio reached 3.11%, not experiencing a significant change (-2 basis points) during the quarter, primarily
impacted by the organic growth of the RWA.
As a consequence of the foregoing, the consolidated total capital ratio stood at 17.30% as of March 31, 2026, above the total
capital requirements.
Following the latest decision of the SREP (Supervisory Review and Evaluation Process), which came into force on January 1, 2026,
BBVA Group must maintain at consolidated level a total capital ratio of 13.13%8 and a CET1 capital ratio of 8.98%8, including a
Pillar 2 requirement at consolidated level of 1.62% (a minimum of 0.96% must be satisfied with CET1), of which 0.12% is
determined on the basis of the European Central Bank (ECB) prudential provisioning expectations, and must be satisfied by CET1.
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CAPITAL RATIOS (PERCENTAGE)
chart-0bcb5d21d4214667856.gif
shape-167d33a1184a2fcf.gif
CAPITAL BASE (MILLIONS OF EUROS)
31-03-26 ⁽¹⁾
31-12-25
31-03-25
Common Equity Tier 1 (CET1)
52,464
50,446
51,745
Tier 1
58,039
55,934
57,452
Tier 2
12,709
12,431
11,946
Total capital (Tier 1 + Tier 2)
70,748
68,365
69,397
Risk-weighted assets
408,854
397,241
395,352
CET1 ratio (%)
12.83
12.70
13.09
Tier 1 ratio (%)
14.20
14.08
14.53
Tier 2 ratio (%)
3.11
3.13
3.02
Total capital ratio (%)
17.30
17.21
17.55
⁽¹⁾ Preliminary data.
As of March 31, 2026, the leverage ratio stood at 6.18%, which represents an increase of 3 basis points compared to December
2026.
shape-3081283a94f08ac0.gif
LEVERAGE RATIO
31-03-26 ⁽¹⁾
31-12-25
31-03-25
Exposure to Leverage Ratio (million euros)
939,628
908,869
827,965
Leverage ratio (%)
6.18
6.15
6.94
⁽¹⁾ Preliminary data.
9 Calculated at subconsolidated level according to the resolution strategy MPE (“Multiple Point of Entry”) of the BBVA Group, established by the SRB ("Single
Resolution Board"). The resolution group is made up of Banco Bilbao Vizcaya Argentaria, S.A. and subsidiaries that belong to the same European resolution group. That
implies the ratios are calculated under the subconsolidated perimeter of the resolution group. Preliminary MREL ratios as of the date of publication.
10 The subordinated requirement in RWA is 13.50%.
11 Calculated, in accordance with current regulations and supervisory criteria, as of March 31, 2026.
12 The subordinated requirement in LR is 5.66%.
13 The subordination requirement in RWA is 13.50%.
14 Considering the latest official updates to the countercyclical capital buffer and the systemic risk buffer, applied on the basis of exposure as of December 31, 2025.
15 The subordination requirement in leverage ratio is 5.56%.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.20
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January - March 2026 Report
With respect to the MREL (Minimum Requirement for own funds and Eligible Liabilities) ratios9 achieved as of March 31, 2026,
these were 29.63% and 10.30%, respectively for MREL in RWA and MREL in LR, reaching the subordinated ratios of both 25.92%
and 9.01%, respectively. A summarizing table is shown below:
shape-84a469cc2c52fa15.gif
MREL
31-03-26 ⁽¹⁾
31-12-25
31-03-25
Total own funds and eligible liabilities (million euros)
61,580
59,277
65,776
Total RWA of the resolution group (million euros)
207,816
205,154
198,078
RWA ratio (%)
29.63
28.89
33.21
Total exposure for the Leverage calculation (million euros)
597,934
580,788
525,772
Leverage ratio (%)
10.30
10.21
12.51
⁽¹⁾ Preliminary data.
As of March 31, 2026, BBVA must maintain a MREL requirement in RWA of 23.13%10, without taking into account the current11
combined buffer requirement (CBR) of 3.72%. In addition, BBVA must also maintain, as of March 31, 2026, a volume of own funds
and eligible liabilities in terms of total exposure for calculation of the leverage ratio of 8.59% (the “MREL in LR”)12.
Given the structure of the resolution group's own funds and eligible liabilities, as of March 31, 2026, the Group meets the
aforementioned requirements.
On April 14, 2026, the Group announced that it had received a communication from the Bank of Spain regarding its MREL
requirement, established by the Single Resolution Board (SRB). According to his communication, BBVA must maintain, as from
April 14, 2025, a new MREL requirement in RWA of 23.94%13, without taking into account the current combined capital buffer
requirement (CBR)14 of 3.72%. Additionally, BBVA must maintain, also as of April 14, 2026, a volume of own funds and eligible
liabilities in terms of total exposure for the calculation of the leverage ratio of 8.96% (the "MREL in LR")15.
For more information on these issuances, see "Structural risks" section within the "Risk management" chapter.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.21
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January - March 2026 Report
Shareholder remuneration
Cash distributions
The Annual General Shareholders´ Meeting of BBVA held on March 20, 2026, approved, under item 1.3 of the Agenda, a cash
distribution against the 2025 results as a final dividend for the 2025 financial year, for an amount equal to €0.60 gross per
outstanding BBVA share entitled to participate in this distribution, which was paid on April 10, 2026. Thus, the total amount of cash
distributions for the 2025 financial year, taking into account that in November 2025 €0.32 gross per share was distributed, stood
at €0.92 gross per share.
Share buyback programs
On December 19, 2025, and after receiving the required authorization from the European Central Bank (hereinafter "ECB"), by
means of an Inside Information notice (información privilegiada) BBVA announced that its Board of Directors, at its meeting held
on December 18, 2025, had agreed to carry out the execution of a framework share buyback program, all in accordance with the
provisions of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse and
Commission Delegated Regulation (EU) No. 2016/1052 of March 8, 2016 (the "Regulations"), which will be executed in several
tranches for a maximum monetary amount of €3,960 million with the purpose of reducing BBVA's share capital (the "Framework
Program"), without prejudice to the possibility of suspending or terminating the Framework Program early if circumstances
warrant. It also announced that the Board of Directors agreed to execute a first tranche of the Framework Program in compliance
with the Regulations, for the purpose of reducing BBVA's share capital for a maximum monetary amount of €1,500 million (the
"First Tranche"). The execution was carried out externally by J.P. Morgan SE.
By means of an Other Relevant Information notice dated March 6, 2026, BBVA announced the completion of the execution of the
First Tranche of the Framework Program, having reached the maximum monetary amount of €1,500 million having acquired,
between December 22, 2025 and March 6, 2026, 74,963,302 own shares representing approximately 1.31% of BBVA's share
capital on that date.
On March 31, 2026, BBVA notified through an Other Relevant Information notice the partial execution of the share capital
reduction resolution adopted by the Annual General Shareholders’ Meeting of BBVA held on March 20, 2026, under item 5 of the
Agenda, through the reduction of BBVA’s share capital in a nominal amount of €36,732,017.98 and the consequent redemption,
charged to unrestricted reserves, of the 74,963,302 BBVA shares of €0.49 par value each acquired derivatively by BBVA in
execution of the First Tranche of the BBVA Framework Program and which were held as treasury shares.
Following the communication dated December 19, 2025, on March 20, 2026, BBVA announced by means of an Inside Information
that its Board of Directors, at its meeting held on such day, within the scope of the Framework Program, had agreed to execute a
second treasury share buyback program in accordance with the Regulations for the purpose of reducing BBVA's share capital, for
a maximum monetary amount of €1,000 million (the "Second Tranche"). The execution was carried out externally through
Citigroup Global Markets Europe AG.
By means of an Other Relevant Information notice dated April 17, 2026, BBVA announced the completion of the execution of the
Second Tranche of the Framework Program, having reached the maximum monetary amount of €1,000 million. Between March
23 and April 17, 2026, a total of 52,800,888 own shares, representing approximately 0.94% of BBVA's share capital on that date
were acquired. The amortization of such shares is pending execution as of the date of publication of this document.
Additionally, the Board of Directors, at its meeting held on April 29, 2026, agreed to execute a third tranche of the Framework
Program in accordance with the Regulations for the purpose of reducing BBVA's share capital, for a maximum monetary amount
of €1,460 million.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.22
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January - March 2026 Report
shape-92d70b88dc8584dd.gif
SHARE BUYBACK PROGRAMS CARRIED OUT IN 2025 AND 2026
Start date
Completion
date
Redemption date
Number of shares
% of share
capital*
Disbursement
(millions of euros)
First program
October 31,
2025
December 10,
2025
December 23,
2025
54,316,765
0.93
993
Second program -
1st Tranche
December 22,
2025
March 6, 2026
March 31, 2026
74,963,302
1.31
1,500
Second program -
2nd Tranche
March 23, 2026
April 17, 2026
52,800,888
0.94
1,000
Total
129,280,120
3,493
*As of the date of the program closure.
As of March 31, 2026, BBVA’s share capital amounted to €2,760,662,645.02 divided into 5,634,005,398 shares.
shape-4c587d1e6d72ff3a.gif
SHAREHOLDER STRUCTURE (31-03-26)
Shareholders
Shares outstanding
Number of shares
Number
%
Number
%
Up to 500
301,063
45.6
54,387,690
1.0
501 to 5,000
284,046
43.0
499,111,221
8.9
5,001 to 10,000
40,838
6.2
286,109,662
5.1
10,001 to 50,000
31,507
4.8
603,280,150
10.7
50,001 to 100,000
2,232
0.3
151,799,826
2.7
100,001 to 500,000
998
0.2
178,107,563
3.2
More than 500,001
258
0.04
3,861,209,286
68.5
Total
660,942
100
5,634,005,398
100
Note: in the case of shares held by investors operating through a custodian entity located outside Spain, only the custodian is counted as a shareholder, as it is the
entity registered in the corresponding book-entry register. Therefore, the reported number of shareholders does not include these underlying holders.
Ratings
During the first quarter of 2026, BBVA's rating continued to show its strength, supported by the solidity of its fundamentals.
Following the upgrades recorded in the final stretch of 2025 by the three major agencies, BBVA's ratings remain at high levels with
the A category. In this context, it is worth noting that the rating agency DBRS revised its outlook to positive from stable on
February 24, 2026, affirming the rating at A (high), in recognition of the solidity and resilience of the Group's results. For their part,
S&P, Moody's, and Fitch have maintained their respective ratings and outlooks unchanged during the quarter, thus consolidating
the perception of BBVA's stability and financial strength, supported by its high profitability and the resilience of its asset quality.
The following table shows the credit ratings and outlooks assigned by the agencies:
shape-49a3ced6bf247303.gif
RATINGS
Rating agency
Long term  ⁽¹⁾
Short term
Outlook
DBRS
A (high)
R-1 (middle)
Positive
Fitch
A
F-1
Stable
Moody's
A2
P-1
Stable
Standard & Poor's
A+
A-1
Stable
⁽¹⁾ Ratings assigned to long term senior preferred debt. Additionally, Moody’s, Fitch and DBRS assign A1, A and A (high) rating, respectively, to BBVA’s long term
deposits.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.23
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January - March 2026 Report
Risk management
At a global level, the persistence of geopolitical tensions has increased uncertainty, representing a potentially significant risk
factor. The evolution of these international tensions adds complexity to the global macroeconomic environment, potentially
generating additional pressures on inflation, financial conditions, and economic activity. Therefore, the macroeconomic outlook of
the geographical areas in which the Group operates could be influenced by the duration and intensity of these factors. In Spain, a
moderation of growth is expected compared to the previous year, in a context where the evolution of inflation and interest rates
will continue to be relevant, with a sound level of solvency and liquidity in the system. In Mexico, the economic environment
remains influenced by the evolution of activity, inflation, and the monetary policy path, with a banking system that continues to
show credit growth. Meanwhile, in Turkey, macroeconomic developments remain conditioned by inflation, the management of
monetary and fiscal policies, and the volatility of the environment. Lastly, in South America, a heterogeneous performance across
countries is expected, in a context of differing trends in growth, inflation, and interest rates.
Within this framework, the Group continuously monitors the evolution of the macroeconomic and geopolitical environment, as well
as its potential impact on the evolution of credit risk, in accordance with the applicable accounting and prudential regulations.
Credit risk metrics
The Group periodically reviews its individual estimates and its models for collective estimates of expected losses, as well as the
impact of macroeconomic scenarios considered for such purposes. It should be noted that, although these updates incorporate
the best information available at the relevant time, they may not fully reflect the most recent developments in the economic
environment, especially in contexts of high uncertainty and volatility, or with respect to very recent events still underway.
For the estimation of expected losses, the models include individual and collective estimates, taking into account the
macroeconomic forecasts as established in IFRS 9. Thus, the estimate at the end of the quarter includes the effect on expected
losses of updating macroeconomic forecasts. The Group may supplement these expected losses to account for effects that may
not be included therein, either because it considers that there are additional risk factors, or to incorporate sectoral particularities
or those that may affect a set of operations or borrowers, in accordance with a formal internal process established for this
purpose. 
In this regard, as of March 31, 2026, the Group has made an adjustment amounting to €98 million, motivated by the high
geopolitical uncertainty associated with the conflict in the Middle East, particularly due to its duration and scope.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.24
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January - March 2026 Report
BBVA Group's credit risk indicators
The following chart shows the evolution of the Group's risk metrics from the first quarter of 2025:
NPL AND NPL COVERAGE RATIOS AND COST OF RISK (PERCENTAGE)
shape-698e69076168b693.gif
chart-33033db2e0fc47beb1a.gif
chart-d7e6d2cf88e0487f8d7.gif
chart-1e71526c71f34d87acd.gif
The evolution of the Group’s main credit risk indicators is summarized below:
–In terms of asset quality, the NPL ratio stood at 2.6% as of March 31, 2026, which is an improvement of 6 basis points
compared to the previous quarter, and an improvement of 24 basis points when compared to the end of March 2025,
both comparisons driven by the performance of lending, which showed an increase in all business areas.
NON-PERFORMING LOANS (MILLIONS OF EUROS)
PROVISIONS (MILLIONS OF EUROS)
shape-5f4231bc532ce31e.gif
shape-f6210cdda680f550.gif
+2.2%
+3.8%
shape-b588a24da15edb6.gif
chart-26d0c19f86cf4d3fbd2.gif
shape-88e31f863c088ffc.gif
chart-5954b24319a647f196b.gif
–Credit risk increased by 4.6% in the first quarter of the year (+3.8% at constant exchange rates) with generalized growth
in all business areas, and highlighting, in percentage and absolute terms, the variation in Rest of Business. In the last
twelve months, the growth has exceeded double digits, standing at 15.7% (+17.9% at constant exchange rates), showing
greater dynamism than in the same period of 2025.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.25
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January - March 2026 Report
–The balance of non-performing loans increased by 2.2% in the first quarter of 2026 at the Group level, and of 6.1% in
year-on year terms (+7.4% at constant exchange rates). At constant exchange rates, the quarterly variation stood at
1.6%, concentrated in Turkey, as a result of the increase in non-performing loans in the retail portfolio, and to a lesser
extent, due to growth in South America, mainly in Argentina, whose increases have been mitigated by decreases in Spain
and Mexico.
–The NPL coverage ratio ended March 2026 at 86%, which represents an increase of 129 basis points compared to the
previous quarter (and growth of 456 basis points compared to the end of March 2025), as a result of higher coverage in
Spain, Mexico and Rest of Business.
–The cost of risk as of March 31, 2026 stood at 1.54%, practically stable compared to the cost of risk at the end of the
fourth quarter, with Spain and Mexico stable, and the rest of business areas showing an increase.
shape-750ed2c0a1671566.gif
CREDIT RISK ⁽¹⁾ (MILLIONS OF EUROS)
31-03-26 ⁽²⁾
31-12-25
30-09-25
30-06-25
31-03-25
Credit risk
572,273
547,184
516,896
503,733
494,729
Stage 1
521,734
498,750
470,097
456,385
447,804
Stage 2
35,375
33,597
32,464
32,727
32,629
Stage 3 (non-performing loans)
15,163
14,837
14,335
14,621
14,296
Provisions
13,077
12,604
12,031
11,859
11,677
Stage 1
2,578
2,467
2,450
2,423
2,409
Stage 2
2,155
2,005
1,938
1,864
1,942
Stage 3 (non-performing loans)
8,343
8,133
7,643
7,572
7,326
NPL ratio (%)
2.6
2.7
2.8
2.9
2.9
NPL coverage ratio (%) ⁽³⁾
86
85
84
81
82
⁽¹⁾ Includes gross loans and advances to customers plus guarantees given.
⁽²⁾ Figures without considering the classification of non-current assets held for sale (NCA&L) reached from the agreement to sell the Romanian subsidiary of
Garanti BBVA.
⁽³⁾ The NPL coverage ratio includes the valuation adjustments for credit risk throughout the expected residual life in those financial instruments that have been
acquired (mainly originating from the acquisition of Catalunya Banc, S.A.). If these valuation corrections had not been taken into account, the NPL coverage ratio
would have also stood at 86% as of March 31, 2026.
shape-f9fd3ad34f2b5aa5.gif
NON-PERFORMING LOANS EVOLUTION (MILLIONS OF EUROS)
1Q26 ⁽¹⁾ ⁽²⁾
4Q25
3Q25
2Q25
1Q25
Beginning balance
14,837
14,335
14,621
14,296
14,839
Entries
3,359
3,450
3,600
3,219
2,862
Recoveries
(1,587)
(1,722)
(1,754)
(1,677)
(1,741)
Net variation
1,771
1,729
1,846
1,542
1,122
Write-offs
(1,240)
(1,182)
(1,065)
(957)
(1,329)
Exchange rate differences and other
(205)
(45)
(1,067)
(261)
(335)
Period-end balance
15,163
14,837
14,335
14,621
14,296
Memorandum item:
Non-performing loans
14,709
14,346
13,813
14,131
13,771
Non performing guarantees given
455
491
522
490
526
⁽¹⁾ Preliminary data.
⁽²⁾ Figures without considering the classification of non-current assets held for sale (NCA&L) reached from the agreement to sell the Romanian subsidiary of
Garanti BBVA.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.26
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January - March 2026 Report
Structural risks
Liquidity and funding
Liquidity and funding management at BBVA is aimed at driving sustained growth of the banking business, through access to a wide
variety of alternative sources of funding and assuring optimal term and cost conditions. BBVA's business model, risk appetite
framework and funding strategy are designed to reach a solid funding structure based on stable customer deposits, mainly retail
(granular). As a result of this model, deposits have a high degree of insurance in each geographical area, close to 50% in Spain and
Mexico. It is important to note that, given the nature of BBVA's business, lending is mainly financed through stable customer
funds.
One of the key elements in the BBVA Group's liquidity and funding management is the maintenance of large high-quality liquidity
buffers in all geographical areas. Thus, the Group has maintained during the last 12 months an average volume of high-quality
liquid assets (HQLA) of €116.4 billion, of which 98% corresponded to maximum quality assets (level 1 in the liquidity coverage
ratio, LCR).
Due to its subsidiary-based management model, BBVA is one of the few major European banks that follows a Multiple Point of
Entry (MPE) resolution strategy: the parent company sets the liquidity policies, but the subsidiaries are self-sufficient and
responsible for managing their own liquidity and funding (taking deposits or accessing the market with their own rating). This
strategy limits the spread of a liquidity crisis among the Group's different areas and ensures the adequate transmission of the cost
of liquidity and financing to the price formation process.
The BBVA Group maintains a solid liquidity position in every geographical area in which it operates, with ratios well above the
minimum required:
–The LCR requires banks to maintain a volume of high-quality liquid assets sufficient to withstand liquidity stress for 30
days. BBVA Group's consolidated LCR remained comfortably above 100% during the first quarter of 2026 and stood at
141% as of March 31, 2026. It should be noted that, given the MPE nature of BBVA, this ratio limits the numerator of the
LCR for subsidiaries of BBVA S.A. to 100% of their net outflows, therefore, the resulting ratio is below that of the
individual units (the LCR of the main components was 165% in BBVA, S.A., 155% in Mexico and 134% in Turkey). Without
considering this restriction, the Group's LCR ratio was 167%.
–The net stable funding ratio (NSFR) requires banks to maintain a stable funding profile in relation to the composition of
their assets and off-balance sheet activities. The BBVA Group's NSFR ratio stood at 125% as of March 31, 2026.
The breakdown of these ratios in the main geographical areas in which the Group operates is shown below:
shape-781336da04e70424.gif
LCR AND NSFR RATIOS (PERCENTAGE. 31-03-26)
BBVA, S.A.
Mexico
Turkey
South America
LCR
165
155
134
All countries >100
NSFR
116
131
139
All countries >100
During the first quarter of 2026, the conflict in Iran has created an environment of greater uncertainty and volatility in the markets,
with central banks maintaining a cautious stance regarding its potential implications.
In this context, BBVA maintains a solid liquidity position across all its geographic areas, with no signs of stress. As previously
shown, the main liquidity indicators (LCR, NSFR, and internal metrics) remain at comfortable levels, well above regulatory
thresholds. Furthermore, the active and prudent balance sheet management, together with the diversification of funding sources,
strengthens the Group's ability to face different scenarios without compromising its liquidity position.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.27
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January - March 2026 Report
Apart from the above, the most relevant aspects related to the main geographical areas are the following:
–BBVA, S.A. has maintained a strong position with a large high-quality liquidity buffer, maintaining at all times the
regulatory liquidity metrics well above the set minimums. During the first quarter of 2026, significant growth has been
observed in lending activity, driven primarily by the wholesale segment, within a context of relative decline in deposits.
This development has not put pressure on the liquidity position.
–BBVA Mexico continues to show a solid liquidity position, although the credit gap at constant exchange rates has widened
in the first quarter of the year due to the strength of lending.
–In Turkey, Garanti BBVA maintained an adequate liquidity position in the first three months of 2026. Thus, the lending gap
has increased due to loans in the Turkish lira. On the other hand, there was an improvement in the foreign currency credit
gap due to the growth of deposits, which was driven by the appreciation in gold prices.
–In South America, the liquidity situation has also remained adequate throughout the region in 2026. BBVA Argentina
maintains an adequate liquidity position within a context of strong growth in credit to exporters in US dollars, largely
supported by growth in dollar deposits as well. On the other hand, stagnation in local currency credit allowed for a
reduction in the volume of wholesale deposits during the quarter. In BBVA Colombia, the liquidity situation remains stable
with a narrowing credit gap, and deposit growth outpaced lending. At BBVA Peru, the liquidity situation remains solid, with
an improved credit gap in both soles and US dollars thanks mainly to the growth of retail deposits.
The main wholesale financing transactions carried out by the BBVA Group during the first quarter 2026 are listed below.
shape-4a04481fff2fe1e4.gif
Issuer
Type of issue
Date of issue
Nominal
(millions)
Currency
Coupon
Early
redemption
Maturity date
BBVA, S.A.
Senior non-preferred
Jan-26
1,250
EUR
3.750%
—
Jan-36
Senior non-preferred
Jan-26
750
EUR
Euribor 3m
+55 bps
—
Jan-29
Senior non-preferred
Mar-26
1,000
USD
4.150%
—
Mar-29
Senior non-preferred
Mar-26
1,000
USD
5.127%
—
Mar-36
Senior non-preferred
Mar-26
500
USD
Compounded
SOFR + 88
bps
—
Mar-29
In addition, on January 15, 2026, BBVA, S.A. carried out the early redemption of a green AT1 issuance made on July 15, 2020, for a
combined nominal amount of €1 billion, a decision that was communicated to market on December 17, 2025. Likewise, on March
24, 2026, BBVA, S.A. carried out the early redemption of a senior preferred bond issuance originally issued on March 24, 2021, for
a total aggregate nominal amount of €1 billion, a decision that was disclosed to the market on February 11, 2026.
BBVA Mexico issued senior debt in the local market totaling MXN 15.272 billion (approximately €700 billion) in three tranches: the
first for MXN 6.124 billion at a variable rate of TIEE plus 32 basis points with a maturity of 3.5 years, the second for MXN 8,876
billion at a fixed rate of 9.26% with a maturity of ten years, and the third for USD 16 million at a fixed rate of 4.19% with a maturity
of 2.5 years. This issuance has been made to renew maturities.
In Turkey, USD 500 billion of senior debt (MTN) has been issued to renew maturities.
It is worth noting that, following the outbreak of the conflict in Iran, both BBVA Peru and BBVA Argentina tapped their local
markets, demonstrating the Group's franchises' market access within a complex market environment. Peru carried out a Tier 2
issuance amounting PEN 300 million (approximately €75 million equivalent), while BBVA Argentina completed two senior debt
issuances in the local market: one for USD 36.5 million at a rate of 5% and another for ARS 45.457 billion.
16 This sensitivity does not include the cost of capital hedges, which are currently estimated at 1 basis point per quarter for Mexican peso and 2 basis points per quarter
for Turkish lira.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.28
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January - March 2026 Report
Foreign exchange
Foreign exchange risk management aims to reduce both the sensitivity of the capital ratios to currency movements, as well as the
variability of profit attributed to currency movements.
During the quarter, the US dollar showed an irregular performance, depreciating until the end of January, recording a moderate
appreciation during February, and finally appreciating sharply in March following the outbreak of the conflict in Iran, closing with an
appreciation of 2.2% against the euro. For its part, the Mexican peso appreciated strongly (+2.0% against the euro), while the
Turkish lira depreciated (-1.3% against the euro).
shape-ddf961b9481e2329.gif
EXCHANGE RATES
Period-end exchange rates
Average exchange rates
Currency/Euro
∆ % of the
currency
against
∆ % of the
currency
against
Currency/Euro
∆ % of the
currency
against
31-03-26
31-03-25
31-12-25
1Q26
1Q25
U.S. dollar
1.1498
(5.9)
2.2
1.1703
(10.1)
Mexican peso
20.7101
6.5
2.0
20.5483
4.6
Turkish lira ⁽¹⁾
51.1433
(19.8)
(1.3)
—
—
Peruvian sol
4.0220
(1.7)
(1.8)
3.9632
(1.8)
Argentine peso ⁽¹⁾
1,603.88
(27.6)
6.9
—
—
Chilean peso
1,071.12
(4.5)
(0.5)
1,036.64
(2.2)
Colombian peso
4,219.72
7.5
4.6
4,325.94
2.0
⁽¹⁾ According to IAS 21 "The effects of changes in foreign exchange rates", the year-end exchange rate is used for the conversion of the Turkey and Argentina
income statement.
In relation to the hedging of capital ratios, BBVA aims to hedge between 50% and 70% of the capital excess of the currencies of its
main subsidiaries. The sensitivity of the Group's CET1 ratio to 10% depreciations in major currencies is estimated at: +12 basis
points for the U.S. dollar, -15 basis points for the Mexican peso and -2 basis points for the Turkish lira16. With regard to the hedging
of results, BBVA hedges between 40% and 50% of the aggregate net attributable profit it expects to generate in the next 12
months. For each currency, the final amount hedged depends, among other factors, on its expected future evolution, the costs and
the relevance of the income related to the Group's results as a whole.
Interest rate
Interest rate risk management seeks to limit the impact that BBVA may suffer, both in terms of results (short-term) and economic
value (long-term), from adverse movements in the interest rate curves in the various currencies in which the Group operates.
BBVA carries out this work through an internal procedure, pursuant to the guidelines established by the European Banking
Authority (EBA), with the aim of analyzing the potential impact that could derive from a range of scenarios on the Group's different
balance sheets.
Risk measurement is based on assumptions intended to realistically mimic the behavior of the balance sheet. The assumptions
regarding the behavior of accounts with no explicit maturity and prepayment estimates are especially relevant. These assumptions
are reviewed and adapted, at least once a year according to the evolution in observed behaviors.
At the aggregate level, BBVA continues to maintain a moderate risk profile in line with the target set in the changing interest rate
cycle environment maintaining positive sensitivity to interest rate rises in net interest income.
17 Structural portfolio managed by the Asset and Liability Committee, designed to mitigate the sensitivity of the balance sheet to interest rate movements.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.29
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January - March 2026 Report
The first quarter of 2026 has been influenced by the outbreak of conflict in Iran. Central banks, as well as other market
participants, remain cautious about the potential impacts this could have on inflation and growth in different geographic areas. So
far, the start of the conflict has led to high volatility and widespread spikes in yields across interest rate curves. In this respect, the
valuation of ALCO17 portfolios had a negative performance in 2026.
By geographical areas:
–Spain has a balance sheet characterized by a lending portfolio with a high proportion of variable-rate loans (mortgages
and corporate lending) and liabilities composed mainly by customer demand deposits. The ALCO portfolio acts as a
management lever and hedge for the balance sheet, mitigating its sensitivity to interest rate fluctuations. The exposure of
the net interest income to movements in interest rates remains limited. The ECB has kept its interest rates unchanged
during the first quarter of 2026. Thus, the benchmark interest rate in the euro area stood at 2.15% at the end of
December 2026, the rate on the deposit facility at 2.00% and the rate on the marginal lending facility at 2.40%.
–Mexico continues to show a balance between fixed and variable interest rates balances, which results in a limited
sensitivity to interest rates fluctuations. Among the assets that are most sensitive to interest rate changes, the
commercial portfolio stands out, while consumer and mortgage portfolios are mostly at a fixed rate. With regard to
customer funds, the high proportion of non-interest-bearing deposits, which are insensitive to interest rate movements,
should be highlighted. The ALCO portfolio is invested primarily in fixed-rate sovereign bonds with limited durations. The
monetary policy rate stood at 6.75% at the end of March 2026, 25 basis points below the year-end level for 2025.
–In Turkey, the sensitivity of net interest income to rates remains limited in both local and foreign currencies, thanks to the
bank's management, with a low repricing gap between loans and deposits. The Central Bank of the Republic of Turkey
(CBRT) continued its monetary easing process at the beginning of the quarter, supported by improved inflation setting
the monetary policy rate at 37.0% in January 2026 (a decrease of 100 basis points since the end of December of the
previous year). However, following the outbreak of the conflict in Iran, it took measures to raise the effective funding cost
towards the upper bound of the corridor, de facto setting interest rate at 40% in view of geopolitical risk and the effects
on inflation.
–In South America, the sensitivity of net interest income continues to be limited, since most of the countries in the area
have a fixed/variable composition stable between assets and liabilities. In addition, in balance sheets with several
currencies, the interest rate risk is managed for each of the currencies, showing a very low level of exposure. Regarding
benchmark interest rates, in Argentina, the central bank abandoned the official interest rate as a monetary anchor and
began to regulate the monetary base using other tools such as setting reserve requirements or intervening in the foreign
exchange market for its management. In Colombia, the reference rate stood at 11.25% at the end of March 2026, 200
basis points above the end of 2025. In Peru, the official monetary policy rate closed March 2026 at 4.25%, unchanged
with respect to the end of the previous year.
shape-53054916458b1826.gif
INTEREST RATES (PERCENTAGE)
31-03-26
31-12-25
30-09-25
30-06-25
31-03-25
Official ECB rate ⁽¹⁾
2.00
2.00
2.00
2.00
2.50
Euribor 3 months ⁽²⁾
2.11
2.05
2.03
1.98
2.44
Euribor 1 year ⁽²⁾
2.57
2.27
2.17
2.08
2.40
USA Federal rates
3.75
3.75
4.25
4.50
4.50
Banxico official rate (Mexico)
6.75
7.00
7.50
8.00
9.00
CBRT (Turkey)
37.00
38.00
40.50
46.00
42.50
⁽¹⁾ Deposit facility.
⁽²⁾ Calculated as the month average.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.30
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January - March 2026 Report
Business areas
This section presents the most relevant aspects of the Group's different business areas. Specifically, for each one of them, it
shows a summary of the income statements and balance sheets, the business activity figures and the most significant ratios.
The structure of the business areas reported by the BBVA Group on March 31, 2026 is the same as the one presented at the end of
2025.
The composition of BBVA Group's business areas is summarized below:
–Spain mainly includes the banking, insurance and asset management activities that the Group carries out in this country.
–Mexico includes banking, insurance and asset management activities in this country, as well as the activity that BBVA
Mexico carries out through its Houston agency.
–Turkey reports the activity of the group Garanti BBVA that is mainly carried out in this country and, to a lesser extent, in
Romania and the Netherlands.
–South America includes banking, financial, insurance and asset management activities conducted, mainly, in Argentina,
Chile, Colombia, Peru, Uruguay, Venezuela and Brazil.
–Rest of Business mainly incorporates the wholesale activity carried out in Europe (excluding Spain), the United States,
BBVA’s branches in Asia, as well as the digital banks of the Group in Italy and Germany.
The Corporate Center includes the centralized functions of the Group, including: the costs of the head offices with a corporate
function for the consolidated BBVA Group; structural exchange rate positions management; certain portfolios, such as financial
and industrial holdings; stakes in Funds & Investment Vehicles in tech companies; certain tax assets and liabilities; funds related to
commitments to employees; goodwill and other intangible assets as well as portfolios and assets' funding. Finally, in the
description of this aggregate, it is worth mentioning that the Corporate Center's tax expense includes for each interim period the
difference between the effective tax rate in the period of each business area and the expected tax rate of the Group for the year as
a whole.
In addition to these geographical breakdowns, supplementary pro forma information is provided for the wholesale business,
Corporate & Investment Banking (CIB), carried out by BBVA in the countries where it operates. This business is relevant to have a
broader understanding of the Group's activity and results due to the important features of the type of customers served, products
offered and risks assumed, even if this is a pro forma information that does not include the wholesale business of the Group in
Venezuela nor the application of the hyperinflation accounting.
To prepare the information by business areas, which is presented under management criteria based on the financial information
used in the preparation of the financial statements, in general, the lowest level units and/or companies that make up the Group are
taken and assigned to the different areas according to the main region or company group in which they carry out their activity. In
relation to the information related to the business areas, in the first quarter of 2026 the Group carried out the reassignment of
certain activities. Similarly, mainly as a result of an internal resegmentation process within the countries, certain commercial
customers, due to their needs and profile, are managed in CIB in 2026. Therefore, in order to make those year-on-year
comparisons homogeneous, the figures for the 2025 financial year have been restated, which has not affected the consolidated
financial information of the Group.
Regarding the shareholders' funds allocation in the business areas, a capital allocation system based on the consumed regulatory
capital is used.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.31
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January - March 2026 Report
Finally, it should be noted that, as usual, in the case of the different business areas of Mexico, Turkey, South America and Rest of
Business, and, additionally, CIB, in addition to the year-on-year variations applying current exchange rates, the variations at
constant exchange rates are also disclosed.
shape-b236fa15dba97b8c.gif
GROSS INCOME ⁽¹⁾, OPERATING INCOME ⁽¹⁾ AND NET ATTRIBUTABLE PROFIT ⁽¹⁾ BREAKDOWN (PERCENTAGE. 1Q26)
Gross income
Operating income
Net attributable profit
chart-cfac49305b7647a2a76.gif
chart-04681cdde61440788c6.gif
chart-8c312dc3187e42b29b0.gif
⁽¹⁾ Excludes the Corporate Center.
shape-606d412ead831a75.gif
MAIN INCOME STATEMENT LINE ITEMS BY BUSINESS AREA (MILLIONS OF EUROS)
Business areas
BBVA
Group
Spain
Mexico
Turkey
South
America
Rest of
Business
∑ Business
areas
Corporate
Center
1Q26
Net interest income
7,537
1,656
3,136
1,121
1,474
232
7,620
(83)
Gross income
10,652
2,653
4,274
1,712
1,626
595
10,860
(208)
Operating income
6,604
1,759
2,956
1,033
950
355
7,054
(450)
Profit (loss) before tax
4,722
1,575
2,064
666
561
300
5,166
(443)
Net attributable profit (loss)
2,989
1,095
1,453
263
249
236
3,295
(305)
1Q25
Net interest income
6,398
1,598
2,767
701
1,232
188
6,487
(88)
Gross income
9,324
2,518
3,705
1,267
1,439
435
9,364
(40)
Operating income
5,762
1,703
2,557
690
797
246
5,992
(230)
Profit (loss) before tax
4,348
1,538
1,847
453
507
230
4,576
(228)
Net attributable profit (loss)
2,698
1,012
1,329
158
214
180
2,893
(195)
General note: 2025 balances have been restated due to the reorganization of certain activities effective January 2026. These changes do not affect the Group’s
consolidated financial statements.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.32
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January - March 2026 Report
shape-9d35d8bab48dbc6f.gif
MAIN BALANCE-SHEET ITEMS AND RISK-WEIGHTED ASSETS BY BUSINESS AREA (MILLIONS OF EUROS)
Business areas
BBVA
Group
Spain
Mexico
Turkey
South
America
Rest of
Business
∑ Business
areas
Corporate
Center ⁽¹⁾
Deletions
NCA&L ⁽²⁾
31-03-26
Loans and advances
to customers
478,949
195,110
101,835
56,952
53,644
75,432
482,974
539
(1,785)
(2,779)
Deposits from
customers
505,059
248,520
99,308
65,433
56,996
38,048
508,304
2,063
(2,114)
(3,194)
Off-balance sheet
funds
228,176
118,976
72,169
26,823
9,454
755
228,176
—
—
—
Total assets/
liabilities and equity
894,267
474,365
185,748
94,215
81,103
95,249
930,680
28,837
(65,249)
—
RWAs
408,854
117,752
83,745
74,171
59,235
49,627
384,530
24,324
—
—
31-12-25
Loans and advances
to customers
460,401
192,959
97,259
53,745
51,235
66,418
461,618
361
(1,578)
—
Deposits from
customers
502,501
251,430
93,855
62,984
53,375
40,932
502,577
2,001
(2,077)
—
Off-balance sheet
funds
224,365
119,535
69,533
26,290
8,271
736
224,365
—
—
—
Total assets/
liabilities and equity
859,576
458,090
182,654
90,702
76,624
88,354
896,424
28,969
(65,817)
—
RWAs
397,241
119,734
82,746
71,551
55,912
46,853
376,796
20,445
—
—
General note: Balances highlighted in grey have been revised.
⁽¹⁾ Excluding deletions.
⁽²⁾ Non-current assets and liabilities held for sale of Garanti Bank SA, Motoractive IFN SA and Motoractive Multiservices, SRL, subsidiaries of Garanti BBVA in
Romania.
shape-f525ffd20ddf98b9.gif
NUMBER OF EMPLOYEES, BRANCHES AND ATMS
Employees
Branches
ATMs
chart-032723a8db8c4aa0bdc.gif
chart-1890705a89ad4e54bc3.gif
chart-a43157a9a819404089e.gif
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.33
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January - March 2026 Report
Spain
shape-f3382ef3eb54eabb.gif
Highlights for the period January - March 2026
–Investment growth, driven by business and consumer lending
–Favorable performance of recurring revenues and NTI
–Improvement of NPL ratio and NPL coverage ratio
–Year-on-year growth in net attributable profit, which remains above €1 billion
shape-88a1128a21c374d0.gif
BUSINESS ACTIVITY ⁽¹⁾ (VARIATION COMPARED
TO 31-12-25)
chart-d683060a7289457d9f0.gif
⁽¹⁾ Excluding repos.
shape-88a1128a21c374d0.gif
NET INTEREST INCOME / AVERAGE TOTAL
ASSETS (PERCENTAGE)
chart-ba50fef7597b43c6971.gif
shape-73b3a2a66d62d70b.gif
OPERATING INCOME (MILLIONS OF EUROS)
shape-6e210df9cada6531.gif
+3.3%
chart-019e82bba2ee4c6694e.gif
shape-73b3a2a66d62d70b.gif
NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF
EUROS)
shape-6e210df9cada6531.gif
+8.1%
chart-0c9b57cb7fde4ee3bfb.gif
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.34
image_1.jpg
January - March 2026 Report
shape-c23ced0b295d5a2b.gif
FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE)
Income statement
1Q26
∆ %
1Q25 ⁽¹⁾
Net interest income
1,656
3.6
1,598
Net fees and commissions
605
3.5
584
Net trading income
295
20.0
246
Other operating income and expenses
97
8.4
89
Of which: Insurance activities
107
3.3
103
Gross income
2,653
5.4
2,518
Operating expenses
(894)
9.7
(815)
Personnel expenses
(495)
14.8
(431)
Other administrative expenses
(297)
1.9
(292)
Depreciation
(102)
10.2
(93)
Operating income
1,759
3.3
1,703
Impairment on financial assets not measured at fair value through profit or loss
(165)
19.4
(139)
Provisions or reversal of provisions and other results
(18)
(28.1)
(26)
Profit (loss) before tax
1,575
2.4
1,538
Income tax
(480)
(8.7)
(525)
Profit (loss) for the period
1,096
8.1
1,013
Non-controlling interests
(1)
3.2
(1)
Net attributable profit (loss) excluding non-recurring impacts
1,095
8.1
1,012
Balance sheets
31-03-26
∆ %
31-12-25 ⁽¹⁾
Cash, cash balances at central banks and other demand deposits
11,503
(42.3)
19,929
Financial assets designated at fair value
134,513
12.2
119,910
Of which: Loans and advances
51,501
18.8
43,346
Financial assets at amortized cost
268,949
2.1
263,437
Of which: Loans and advances to customers
195,110
1.1
192,959
Inter-area positions
52,706
9.1
48,288
Tangible assets
2,692
(1.0)
2,718
Other assets
4,003
5.1
3,808
Total assets/liabilities and equity
474,365
3.6
458,090
Financial liabilities held for trading and designated at fair value through profit or loss
95,873
15.8
82,785
Deposits from central banks and credit institutions
37,671
8.9
34,582
Deposits from customers
248,520
(1.2)
251,430
Debt certificates
59,147
11.0
53,300
Inter-area positions
—
—
—
Other liabilities
17,679
(15.1)
20,822
Allocated regulatory capital
15,474
2.0
15,171
Relevant business indicators
31-03-26
∆ %
31-12-25
Performing loans and advances to customers under management ⁽²⁾
193,253
1.2
190,943
Non-performing loans
6,597
(2.4)
6,759
Customer deposits under management ⁽¹⁾⁽²⁾
234,205
(1.8)
238,447
Off-balance sheet funds ⁽¹⁾⁽³⁾
118,976
(0.5)
119,535
Risk-weighted assets ⁽¹⁾
117,752
(1.7)
119,734
RORWA ⁽⁴⁾
3.7
3.4
Efficiency ratio (%)
33.7
33.3
NPL ratio (%)
2.9
3.0
NPL coverage ratio (%)
69
67
Cost of risk (%)
0.34
0.34
⁽¹⁾ Revised balances. For more information, please refer to the “Business Areas” section.
⁽²⁾ Excluding repos.
⁽³⁾ Includes mutual funds, customer portfolios and pension funds.
⁽⁴⁾ For more information on the calculation methodology, as well as the calculation of the metric at the consolidated Group level, see Alternative Performance
Measures at this report.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.35
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January - March 2026 Report
Macro and industry trends
The dynamism of economic activity has remained solid during the fourth quarter of 2025 and forward-looking growth expectations
continue to be favorable according to the information available for the first months of 2026. The advance in employment and
private consumption, the recovery in investment, and the resilience of service exports are expected to continue supporting activity
throughout the year. The fiscal support measures adopted to overcome the effects of the conflict in Iran, together with the
acceleration of European recovery funds and the increase in defense spending, could also continue to boost domestic demand.
Nevertheless, BBVA Research maintains its forecast of a gradual moderation in growth for 2026 to 2.4%, compared to the 2.8%
observed the previous year. The context of geopolitical instability and protectionism at a global level, the limited advances in
productivity, and supply restrictions in key sectors such as housing, energy and infrastructure would explain this deceleration. For
its part, headline inflation rebounded in March to 3.4%, after standing at 2.3% in the first 2 months of the year, as a consequence
of the increase in fuel prices. It is expected to remain above 3% until mid-2026 and moderate slightly thereafter to close the year
at 2.7%.
As for the banking system, with data at the end of February 2026, the volume of credit to the private sector grew by 3.9% year-on-
year, with higher growth in the portfolios of credit to households (+4.8%) than in credit to non-financial companies (+2.9%).
Customer deposits grew by 6.3% year-on-year in February 2026, due to an 8.0% increase in demand deposits, which more than
offsets the reduction of 2.6% in time deposits. The NPL ratio stood at 2.7% in January 2026, 62 basis points lower than in January
of last year. It should also be noted that the system maintains comfortable levels of solvency and liquidity.
Activity
The most relevant aspects related to the area's activity during the first quarter of 2026 were:
–Lending activity increased by 1.2% compared to the end of December, favored mainly by the performance of credit to
companies (+2.7%), followed by consumer lending (+2.6%).
–Regarding asset quality, the NPL ratio stood at 2.9%, with a decrease of 11 basis points compared to the end of
December, driven by the evolution of activity and the decrease of non-performing loans, concentrated in mortgages. In
addition, there was a strong portfolio dynamism and portfolio sales carried out in the quarter, contributing to an increase
in the NPL coverage ratio by 190 basis points in the quarter, to 69% at the end of March 2025.
–Total customer funds decreased overall by 1.3% in the first quarter of 2026, affected by the traditional seasonality of the
quarter, which involves a reduction in customer deposits, mainly due to lower time deposit balances (-7.7%) and a
negative market effect on off-balance sheet funds which causes them to show a reduction compared to the end of the
previous year (-0.5%). 
Results
Spain generated a net attributable profit of €1,095 million in the first quarter of 2026, which is 8.1% above the result achieved in
the same period of 2025, driven by the evolution of recurring revenues and NTI.
The most relevant aspects of the year-on-year evolution of the area's income statement at the end of March 2026 were:
–Net interest income grew by 3.6%, supported by the higher contribution from the securities portfolio and higher lending
balances.
–Net fees and commissions grew by 3.5% compared to the same period of the previous year, driven primarily by the
performance of asset management fees and those from the relationship with wholesale customers.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.36
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January - March 2026 Report
–Net Trading Income (NTI) recorded a growth of 20.0% compared to that achieved in the first quarter of the previous year,
favored by the performance of the insurance portfolio and portfolio sales made in the quarter.
–The other operating income and expenses line performed favorably, with a growth of 8.4% as a result of the favorable
performance of the insurance business.
–Operating expenses increased by 9.7% compared to the first quarter of 2025, due to both higher general expenses
(mainly in technology) and personnel expenses, the latter reflecting the impact of the voluntary redundancies in the first
quarter of 2026.
–The impairment on financial assets increased by 19.4%, primarily due to the different dynamics of the macroeconomic
scenarios between both periods, in a context of greater uncertainty in the current environment. Meanwhile, the
cumulative cost of risk at the end of March 2026 remained stable compared to December 2025 and the quarterly total,
standing at 0.34%.
–Finally, the income tax line includes the accrual corresponding to the first quarter of 2026, of the tax on net interest
income and net fees and commissions that have amounted to approximately €81 million, in line with the €85 million euros
accrued in the same period of the previous year.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.37
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January - March 2026 Report
Mexico
shape-26546dbfe34142d6.gif
Highlights for the period January - March 2026
–Growth in lending, driven by the momentum of the wholesale segment
–Good performance of all components of gross income 
–Favorable evolution in the insurance business
–Quarterly net attributable profit stands at high levels and above the previous quarter
shape-3dd7a89fb85a27b8.gif
BUSINESS ACTIVITY ⁽¹⁾ (VARIATION AT CONSTANT
EXCHANGE RATE COMPARED TO 31-12-25)
chart-78ee6bfbd7b24c11948.gif
⁽¹⁾ Excluding repos.
shape-3dd7a89fb85a27b8.gif
NET INTEREST INCOME / AVERAGE TOTAL
ASSETS (PERCENTAGE AT CONSTANT EXCHANGE
RATE)
chart-a50ab84f5e704824afa.gif
shape-79fbe4a0b2e0c12a.gif
OPERATING INCOME (MILLIONS OF EUROS AT
CONSTANT EXCHANGE RATE)
shape-6e210df9cada6531.gif
+10.5%
(1)
chart-b88614dfae854236876.gif
⁽¹⁾ At current exchange rate: 15.6%.
shape-79fbe4a0b2e0c12a.gif
NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF
EUROS AT CONSTANT EXCHANGE RATE)
shape-24e2e8d84ce88a66.gif
+4.5%
(1)
chart-1e540774252f40d98dc.gif
⁽¹⁾ At current exchange rate: 9.3%.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.38
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January - March 2026 Report
shape-d95d22944d882807.gif
FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE)
Income statement
1Q26
∆ %
∆ % ⁽¹⁾
1Q25 ⁽²⁾
Net interest income
3,136
13.3
8.3
2,767
Net fees and commissions
648
11.2
6.3
583
Net trading income
286
29.8
24.0
220
Other operating income and expenses
204
51.0
44.6
135
Gross income
4,274
15.4
10.3
3,705
Operating expenses
(1,318)
14.8
9.8
(1,148)
Personnel expenses
(607)
9.9
5.1
(553)
Other administrative expenses
(588)
20.7
15.3
(487)
Depreciation
(123)
13.7
8.6
(108)
Operating income
2,956
15.6
10.5
2,557
Impairment on financial assets not measured at fair value through profit or
loss
(883)
27.0
21.4
(696)
Provisions or reversal of provisions and other results
(9)
(36.4)
(39.3)
(14)
Profit (loss) before tax
2,064
11.7
6.8
1,847
Income tax
(611)
17.8
12.6
(518)
Profit (loss) for the period
1,453
9.3
4.5
1,329
Non-controlling interests
(0)
8.6
3.8
(0)
Net attributable profit (loss)
1,453
9.3
4.5
1,329
Balance sheets
31-03-26
∆ %
∆ % ⁽¹⁾
31-12-25 ⁽²⁾
Cash, cash balances at central banks and other demand deposits
9,434
(9.4)
(11.2)
10,417
Financial assets designated at fair value
59,481
(1.1)
(3.0)
60,136
Of which: Loans and advances
5,691
(12.7)
(14.4)
6,523
Financial assets at amortized cost
109,712
4.0
2.0
105,494
Of which: Loans and advances to customers
101,835
4.7
2.7
97,259
Tangible assets
2,097
0.8
(1.2)
2,081
Other assets
5,024
11.0
8.9
4,525
Total assets/liabilities and equity
185,748
1.7
(0.3)
182,654
Financial liabilities held for trading and designated at fair value through
profit or loss
30,966
(5.0)
(6.8)
32,584
Deposits from central banks and credit institutions
6,058
0.5
(1.5)
6,028
Deposits from customers
99,308
5.8
3.8
93,855
Debt certificates
12,506
7.2
5.1
11,664
Other liabilities
25,327
(7.9)
(9.7)
27,507
Allocated regulatory capital
11,584
5.2
3.1
11,015
Relevant business indicators
31-03-26
∆ %
∆ % ⁽¹⁾
31-12-25
Performing loans and advances to customers under management ⁽³⁾
102,274
4.6
2.6
97,744
Non-performing loans
2,788
(1.0)
(2.9)
2,817
Customer deposits under management ⁽³⁾
98,391
4.9
2.8
93,817
Off-balance sheet funds ⁽⁴⁾
72,169
3.8
1.8
69,533
Risk-weighted assets
83,745
1.2
(0.7)
82,746
RORWA ⁽¹⁾⁽⁵⁾
7.0
6.0
Efficiency ratio (%)
30.8
30.5
NPL ratio (%)
2.6
2.7
NPL coverage ratio (%)
129
124
Cost of risk (%)
3.45
3.31
⁽¹⁾ At constant exchange rate.
⁽²⁾ Revised balances. For more information, please refer to the “Business Areas” section.
⁽³⁾ Excluding repos.
⁽⁴⁾ Includes mutual funds, customer portfolios and other off-balance sheet funds.
⁽⁵⁾ For more information on the calculation methodology, as well as the calculation of the metric at the consolidated Group level, see Alternative Performance
Measures at this report.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.39
image_1.jpg
January - March 2026 Report
Macro and industry trends
The Mexican economy has shown a better-than-expected performance in the last quarter of 2025, thanks to the support of private
consumption and the services sector. The forecasted recovery for investment and the manufacturing sector, in a context of lower-
than-anticipated trade tariffs, a more contained fiscal adjustment, and a certain dynamism in exports linked to the technology
sector, should contribute to boosting growth in the coming quarters. All in all, BBVA Research places the expected GDP growth for
2026 at 1.8%, six tenths above what was anticipated in the previous scenario and one percentage point higher than the observed in
2025 (0.8%). For its part, the headline inflation has increased slightly in the first two months of 2026, standing at 4.6% in March
and potentially closing the year at 3.9%. The interest rate forecast remains unchanged: the expected price and activity
environment anticipates an additional cut, establishing 6.5% as the target level for 2026.
Regarding the banking system, with data at the end of February 2026, the volume of credit to the non-financial private sector loans
by 5.5% year-on-year in nominal terms. Generalized growth is observed in all the main portfolios: 11.5% for consumer credit, 5.0%,
for mortgage loans, and 2.8% for business loans. The growth of total deposits (demand and time deposits) is slightly higher than
the credit growth (+6.2% year-on-year in February 2026), with greater dynamism in time deposits (+7.8%) than in demand
deposits (+5.3%). For its part, the NPL ratio stood at 2.46% in February 2026, and capital indicators remained comfortable.
Unless expressly stated otherwise, all the comments below on rates of variation, for both activity and results, will be given at
constant exchange rate. These rates, together with variations at current exchange rates, can be found in the attached tables of
financial statements and relevant business indicators.
Activity
The most relevant aspects related to the area's activity in the first quarter of 2026 were:
–During the quarter, lending activity grew by 2.6%, with more notable growth in the wholesale portfolio (+3.6%), driven by
the dynamism of business lending. Meanwhile, the retail portfolio grew at a slower pace, 1.7%, showing some deceleration
compared to the previous quarter, which had been boosted by year-end sales campaigns promoting consumer credit and
credit cards.
–With regard to the asset quality indicators, the NPL ratio stood at 2.6% as of the end of March 2026, which represents a
decrease of 15 basis points compared to the end of December. This improvement was mainly explained by the stronger
business activity and the reduction in non-performing balances due to lower entries in both retail and wholesale, positively
impacting the NPL coverage ratio, which stood at 129% as of the end of March 2026, which represents an increase of 5
percentage points compared to the end of December.
–Customer deposits under management were 2.4% above the December balances, originated from the evolution of
customer deposits (+2.8%). For its part, off-balance sheet funds grew by 1.8%.
Results
BBVA Mexico achieved a net attributable profit of €1,453 million at the end of March 2026, which represents a year-on-year
growth of 4.5%, explained mainly by the favorable evolution of net interest income and supported by the evolution of fees, NTI and
the insurance business.
The most relevant aspects of the year-on-year evolution in the income statement as of the end of March 2026 are summarized
below:
–Net interest income increased by 8.3%, mainly driven by higher lending volumes and favored by lower funding costs.
–Net fees and commissions grew by 6.3%, mainly as a result of the higher revenues from asset management, and those
associated with wholesale operations (administration and advisory).
–The contribution from NTI increased by 24.0% fundamentally due to higher results from Global Markets.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.40
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January - March 2026 Report
–The other operating income and expenses line item recorded an increase of 44.6%, favored by the strong performance of
the insurance business.
–Operating expenses grew by 9.8%, mainly due to the increase in overhead costs (technology expenses and advertising
expenses) and, to a lesser extent, higher personnel expenses.
–Loan-loss provisions increased by 21.4%, with higher portfolio requirements supported by growth and a greater weight in
retail portfolios. Thus, the cumulative cost of risk at the end of March 2026 increased to 3.45%, stable compared to the
previous quarter.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.41
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January - March 2026 Report
Turkey
shape-26546dbfe34142d6.gif
Highlights for the period January - March 2026
–Growth in lending activity in the quarter was boosted by loans in Turkish lira
–Positive performance of recurring revenues
–Greater negative adjustment for hyperinflation
–Favorable evolution of the net attributable profit
shape-1272ff8a09ad7a19.gif
BUSINESS ACTIVITY ⁽¹⁾ (VARIATION AT CONSTANT
EXCHANGE RATE COMPARED TO 31-12-25)
chart-354624b89ac04caa83f.gif
⁽¹⁾ Excluding repos.
shape-1272ff8a09ad7a19.gif
NET INTEREST INCOME / AVERAGE TOTAL
ASSETS (PERCENTAGE AT CONSTANT EXCHANGE
RATE)
chart-21e8480587c644ba9d9.gif
shape-3bdc9bf5124c44f1.gif
OPERATING INCOME (MILLIONS OF EUROS AT
CURRENT EXCHANGE RATE)
shape-6e210df9cada6531.gif
+49.8%
chart-efb38a613ae345748ab.gif
shape-4fe6295e41821c9a.gif
NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF
EUROS AT CURRENT EXCHANGE RATE)
shape-24e2e8d84ce88a66.gif
+66.1%
chart-3d0ed1b8629d4cc585a.gif
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.42
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January - March 2026 Report
shape-803fed01eb0a79a.gif
FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE)
Income statement
1Q26
∆ %
∆ % ⁽¹⁾
1Q25 ⁽²⁾
Net interest income
1,121
59.9
93.4
701
Net fees and commissions
565
2.7
26.9
549
Net trading income
146
18.2
42.3
124
Other operating income and expenses
(120)
11.6
(31.2)
(107)
Gross income
1,712
35.1
79.5
1,267
Operating expenses
(679)
17.6
42.1
(577)
Personnel expenses
(395)
18.6
44.7
(333)
Other administrative expenses
(218)
17.8
43.9
(185)
Depreciation
(66)
11.5
23.4
(59)
Operating income
1,033
49.8
117.1
690
Impairment on financial assets not measured at fair value through profit or
loss
(352)
50.2
85.1
(234)
Provisions or reversal of provisions and other results
(16)
n.s.
n.s.
(2)
Profit (loss) before tax
666
46.9
135.6
453
Income tax
(354)
33.8
65.6
(265)
Profit (loss) for the period
312
65.2
n.s.
189
Non-controlling interests
(49)
60.5
280.1
(31)
Net attributable profit (loss)
263
66.1
n.s.
158
Balance sheets
31-03-26
∆ %
∆ % ⁽¹⁾
31-12-25 ⁽²⁾
Cash, cash balances at central banks and other demand deposits
9,593
5.9
6.7
9,061
Financial assets designated at fair value
8,133
62.3
63.9
5,010
Of which: Loans and advances
19
7.4
8.8
18
Financial assets at amortized cost
71,519
(0.7)
0.3
72,047
Of which: Loans and advances to customers
56,952
6.0
7.1
53,745
Tangible assets
2,047
7.5
8.3
1,905
Other assets
2,922
9.0
9.9
2,680
Total assets/liabilities and equity
94,215
3.9
4.9
90,702
Financial liabilities held for trading and designated at fair value through
profit or loss
1,868
10.5
9.0
1,690
Deposits from central banks and credit institutions
3,317
(6.9)
(6.2)
3,565
Deposits from customers
65,433
3.9
5.0
62,984
Debt certificates
7,270
(3.1)
(1.9)
7,502
Other liabilities
6,937
21.2
22.0
5,726
Allocated regulatory capital
9,390
1.7
2.9
9,235
Relevant business indicators
31-03-26
∆ %
∆ % ⁽¹⁾
31-12-25
Performing loans and advances to customers under management ⁽³⁾
56,115
5.7
6.9
53,080
Non-performing loans
3,130
12.0
13.5
2,793
Customer deposits under management ⁽³⁾
65,356
4.5
5.6
62,535
Off-balance sheet funds ⁽⁴⁾
26,823
2.0
3.4
26,290
Risk-weighted assets
74,171
3.7
4.9
71,551
RORWA ⁽⁵⁾
1.7
1.4
Efficiency ratio (%)
39.6
44.4
NPL ratio (%)
4.1
3.9
NPL coverage ratio (%)
74
76
Cost of risk (%)
2.53
1.94
⁽¹⁾ At constant exchange rate.
⁽²⁾ Revised balances with no significant impacts. For more information, please refer to the “Business Areas” section.
⁽³⁾ Excluding repos.
⁽⁴⁾ Includes mutual funds and pension funds.
⁽⁵⁾ For more information on the calculation methodology, as well as the calculation of the metric at the consolidated Group level, see Alternative Performance
Measures at this report.
18 The variation rates of loans in Turkish lira and loans in foreign currency (U.S. dollars) are calculated based on local activity data and refer only refer to Garanti Bank
and therefore exclude the subsidiaries of Garanti BBVA, mainly in Romania and Netherlands.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.43
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January - March 2026 Report
Macro and industry trends
Economic activity has remained resilient during the last quarter of 2025 thanks to the contributions of private consumption and
the services sector, which allowed economic growth for the full year to stand at 3.6%. The conflicts in the Middle East represent
significant risk factors for the Turkish economy given its proximity to the conflict zone, upward pressures on energy prices, the
reduction in tourism, and the associated financial instability. For 2026, BBVA Research maintains its forecast of a slight
improvement in growth to rates of 4%, conditioned on the duration and intensity of the conflict and the internal management of
monetary and fiscal policies. Regarding the price environment, headline inflation has remained close to 31% in the first three
months of 2026 (30.9% in March) and, although it is expected to gradually decelerate as the year progresses and the crisis in the
Middle East is resolved, it could close the year at 28.5% (3.5 points higher than in the previous scenario). This could facilitate
looser monetary conditions and a reduction in benchmark interest rates to levels of 35% (3 points above the previous scenario),
compared to 37% in March.
The Turkish banking system continues to be affected by the impact of inflation. The total volume of credit in the system increased
by 55.1% year-on-year at the end of February 2026, similar to the previous months. The stock of credit continues to be driven by
consumer credit and credit card portfolios (+47.4% year-on-year) and especially by corporate lending (+59.6% year-on-year).
Total deposits maintained the strength of recent months and grew by 40.9% year-on-year at the end of February 2026, with
greater growth in dollar deposits (+63.13%) than in lira deposits (+29.4%). Dollarization of the system increased slightly to 39.5%
in February 2025, from 34.2% a year earlier. As for the system's NPL ratio, it increased slightly in February 2026 to 2.81%. For
their part, capital indicators remained at comfortable levels at the same date.
Unless expressly stated otherwise, all comments below on rates of changes for both activity and results will be presented at
constant exchange rates. These rates, together with changes at current exchange rates, can be observed in the attached tables of
the financial statements and relevant business indicators. For the conversion of these figures, the end of period exchange rate as
of March 31, 2026 is used, reflecting the strong depreciation by the Turkish lira in the last twelve months. Likewise, the balance
sheet, Risk-Weighted Assets (RWA) and the equity are affected. Additionally, the activity, results, and relevant management
indicators of the area include, on an ongoing basis, the contribution of the subsidiaries in Romania included in the sale agreement
described in the "Highlights" section.
Activity18
The most relevant aspects related to the area’s activity in the first quarter of 2026 were:
–Lending activity (performing loans under management) increased by 6.9% (below the quarterly inflation rate, placed at
10.0%), mainly driven by the growth in Turkish lira loans (+7.1%), as dollar loans remained stable (+0.2%). Within Turkish
lira loans, credit cards, consumer loans, and business loans continued to drive growth.
–In terms of asset quality, the NPL ratio increased by 25 basis points compared to the figure as of the end of December to
4.1%, mainly as a result of the increase in non-performing loans, in the retail portfolios, partially offset by sales of impaired
loans and recoveries. On the other hand, the NPL coverage ratio recorded a decrease of 246 basis points during the
quarter, affected by the increase in NPL inflows, standing at 74% as of March 31, 2026.
–In the positive evolution of customer funds during the quarter (+4.7%), the growth in Turkish lira time deposits stood out
(+6.4%), more than offsetting the decline in demand deposits in local currency. Meanwhile, US dollar deposits increased
by 2.9%, with growth in both demand and time deposit balances.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.44
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January - March 2026 Report
Results
Turkey reached a net attributable profit of €263 million during the first quarter of 2026, which compares very favorably with the
result achieved in the same period of the previous year, as a result mainly of the good performance of recurring revenues in
banking business (net interest income and net fees and commissions).
As mentioned above, the year-on-year comparison of the accumulated income statement at the end of March 2026 at current
exchange rate is affected by the depreciation of the Turkish lira over the past twelve months (-19.8%), with a less pronounced drop
in the quarter (-1.3%). To isolate this effect, the highlights of the results of the first quarter of 2026 at constant exchange rates are
summarized below:
–Net interest income grew year-on-year, mainly driven by the dynamism of lending activity and by the improvement of the
Turkish lira customer spread. In addition, the central bank has increased the remuneration of certain Turkish lira reserves
since February 2025 and a decrease in the cost of wholesale funding.
–Net fees and commissions recorded a significant increase, driven by the solid performance in fees and commissions
associated with payment methods, followed by those related to asset management, insurances, guarantees and
brokerage activity, which compensated the increase in fees paid for payroll acquisitions.
–Increase in NTI, originating from higher results in Global Markets and derivatives, partially offset by higher losses from the
foreign exchange positions.
–The other operating income and expenses line had a balance of €-120 million, which compares favorably with the same
period of the previous year. This line incorporates, among others, the loss on the net monetary position, together with its
partial offset by the income derived from inflation-linked bonds (CPI linkers). Considering current exchange rate, the net
impact of both effects was more negative at the end of the first quarter of 2026, compared with the same period of 2025.
This line item also includes the results of certain subsidiaries of Garanti BBVA and the performance of the insurance
business, whose contribution was increased in both cases.
–Operating expenses continued to grow, mainly due to increased fixed employee remuneration linked to a salary review in
the context of high inflation. On the other hand, general expenses also increased, highlighting the technology expenses.
–Regarding the impairment on financial assets, higher provisions were recorded, which is explained by the growth of the
activity and higher requirements in retail portfolios. Meanwhile, the cumulative cost of risk as of March 31, 2026 stood at
2.53%, with an increase of 7 basis points compared to the quarterly cost of risk of the previous quarter.
–The line item for provisions and other results closed March 2026 at €-16 million, reflecting an unfavorable evolution
compared to the same period of the previous year, due to higher provisions for risks and contingent commitments.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.45
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January - March 2026 Report
South America
shape-8c22cc8e49479c2b.gif
Highlights for the period January - March 2026
–Growth in lending activity and customer funds
–Favorable evolution of the net interest income in Argentina, Colombia and Peru
–Greater adjustment for hyperinflation compared to March 2025
–Year-on-year increase in the area's net attributable profit, driven by Colombia
shape-4e7005a1f33a130d.gif
BUSINESS ACTIVITY ⁽¹⁾ (VARIATION AT CONSTANT
EXCHANGE RATES COMPARED TO 31-12-25)
chart-a7af96f6ef014130807.gif
⁽¹⁾ Excluding repos.
shape-45badfb047dd341e.gif
NET INTEREST INCOME / AVERAGE TOTAL
ASSETS (PERCENTAGE AT CONSTANT EXCHANGE
RATES)
chart-075c6cfa8b754b87b36.gif
shape-4b0188d97a3be5d5.gif
OPERATING INCOME (MILLIONS OF EUROS AT
CURRENT EXCHANGE RATES)
shape-34e0129200884dda.gif
+19.1%
(1)
chart-7a053df5533c424abda.gif
⁽¹⁾ At constant exchange rates: +34.5%.
shape-4d5acea4d7435813.gif
NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF
EUROS AT CURRENT EXCHANGE RATES)
shape-24e2e8d84ce88a66.gif
+16.3%
(1)
chart-fc65035fa78a4a6da97.gif
⁽¹⁾ At constant exchange rates: +33.8%.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.46
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January - March 2026 Report
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FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE)
Income statement
1Q26
∆ %
∆ % ⁽¹⁾
1Q25 ⁽²⁾
Net interest income
1,474
19.7
33.4
1,232
Net fees and commissions
263
15.7
30.1
227
Net trading income
145
(23.0)
(12.6)
188
Other operating income and expenses
(256)
23.1
35.2
(208)
Gross income
1,626
13.0
26.6
1,439
Operating expenses
(677)
5.4
17.0
(642)
Personnel expenses
(307)
10.2
23.4
(278)
Other administrative expenses
(310)
0.6
12.2
(308)
Depreciation
(60)
8.1
12.1
(55)
Operating income
950
19.1
34.5
797
Impairment on financial assets not measured at fair value through profit or
loss
(371)
25.2
36.4
(297)
Provisions or reversal of provisions and other results
(18)
n.s.
n.s.
6
Profit (loss) before tax
561
10.6
27.1
507
Income tax
(170)
15.4
35.7
(147)
Profit (loss) for the period
391
8.6
23.6
360
Non-controlling interests
(142)
(2.7)
9.1
(146)
Net attributable profit (loss)
249
16.3
33.8
214
Balance sheets
31-03-26
∆ %
∆ % ⁽¹⁾
31-12-25 ⁽²⁾
Cash, cash balances at central banks and other demand deposits
8,279
2.6
(0.1)
8,073
Financial assets designated at fair value
11,665
10.0
7.5
10,602
Of which: Loans and advances
248
(16.4)
(20.1)
297
Financial assets at amortized cost
57,431
5.8
3.8
54,283
Of which: Loans and advances to customers
53,644
4.7
2.8
51,235
Tangible assets
1,241
8.0
7.4
1,149
Other assets
2,486
(1.2)
(6.3)
2,517
Total assets/liabilities and equity
81,103
5.8
3.6
76,624
Financial liabilities held for trading and designated at fair value through
profit or loss
2,531
4.2
0.2
2,430
Deposits from central banks and credit institutions
3,383
(11.6)
(12.6)
3,826
Deposits from customers
56,996
6.8
4.6
53,375
Debt certificates
4,112
2.4
0.4
4,015
Other liabilities
6,692
17.3
14.2
5,707
Allocated regulatory capital
7,389
1.6
(0.6)
7,271
Relevant business indicators
31-03-26
∆ %
∆ % ⁽¹⁾
31-12-25
Performing loans and advances to customers under management ⁽³⁾
52,857
4.5
2.6
50,566
Non-performing loans
2,497
7.9
5.7
2,314
Customer deposits under management ⁽⁴⁾
56,996
6.8
4.6
53,375
Off-balance sheet funds ⁽⁵⁾
9,454
14.3
11.3
8,271
Risk-weighted assets
59,235
5.9
3.7
55,912
RORWA ⁽⁶⁾
2.7
2.1
Efficiency ratio (%)
41.6
44.4
NPL ratio (%)
4.2
4.0
NPL coverage ratio (%)
90
92
Cost of risk (%)
2.76
2.50
⁽¹⁾ At constant exchange rate.
⁽²⁾ Revised balances. For more information, please refer to the “Business Areas” section.
⁽³⁾ Excluding repos.
⁽⁴⁾ Excluding repos and including specific marketable debt securities.
⁽⁵⁾ Includes mutual funds and customer portfolios in Colombia and Peru.
⁽⁶⁾ For more information on the calculation methodology, as well as the calculation of the metric at the consolidated Group level, see Alternative Performance
Measures at this report.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.47
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January - March 2026 Report
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SOUTH AMERICA. DATA PER COUNTRY (MILLIONS OF EUROS)
Operating income
Net attributable profit (loss)
Country
1Q26
∆ %
∆ % ⁽¹⁾
1Q25
1Q26
∆ %
∆ % ⁽¹⁾
1Q25
Argentina
241
9.9
n.s.
220
27
(45.9)
n.s.
50
Colombia
218
43.0
40.2
152
78
137.6
133.0
33
Peru
330
7.6
9.6
306
81
(2.6)
(0.8)
83
Other countries ⁽²⁾
160
34.9
35.8
119
62
31.3
32.1
47
Total
950
19.1
34.5
797
249
16.3
33.8
214
⁽¹⁾ At constant exchange rates.
⁽²⁾ Chile (Forum), Uruguay, Venezuela and Brazil. Additionally, it includes eliminations and other charges.
shape-59837a3ee9a5d2b5.gif
SOUTH AMERICA. RELEVANT BUSINESS INDICATORS PER COUNTRY (MILLIONS OF EUROS)
Argentina
Colombia
Peru 
31-03-26
31-12-25
31-03-26
31-12-25
31-03-26
31-12-25
Performing loans and advances to customers under
management  ⁽¹⁾⁽²⁾
9,142
8,723
18,473
18,146
19,860
19,426
Non-performing loans ⁽¹⁾
622
458
808
831
870
896
Customer deposits under management ⁽¹⁾⁽³⁾
10,966
10,786
20,056
19,474
21,693
20,442
Off-balance sheet funds ⁽¹⁾⁽⁴⁾
2,853
2,229
3,311
3,123
3,289
3,141
Risk-weighted assets
12,115
10,501
20,112
19,171
20,202
19,856
RORWA ⁽⁵⁾
1.5
1.8
1.7
0.8
3.5
3.1
Efficiency ratio (%)
49.3
51.5
39.9
46.3
38.7
38.9
NPL ratio (%)
6.3
4.9
4.1
4.3
3.6
3.7
NPL coverage ratio (%)
79
84
86
88
103
99
Cost of risk (%)
7.84
5.67
1.99
2.19
1.51
1.67
⁽¹⁾ Figures at constant exchange rates.
⁽²⁾ Excluding repos.
⁽³⁾ Excluding repos and including specific marketable debt securities.
⁽⁴⁾ Includes mutual funds and customer portfolios (in Colombia and Peru preliminary data as of March 31, 2026).
⁽⁵⁾ For more information on the calculation methodology, as well as the calculation of the metric at the consolidated Group level, see Alternative Performance
Measures at this report.
Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at
constant exchange rates. These rates, together with the changes at current exchange rates, can be found in the attached tables of
the financial statements and relevant business indicators.
Activity and results
The most relevant aspects related to the area's activity during the first quarter of the year 2026 have been:
–Lending activity registered a positive variation of 2.6%, mainly supported by the dynamism of commercial loans (+2.9%),
and consumer finance (+3.9%, as a whole).
–With regard to the quality of the credit, the area's NPL ratio stood at 4.2%, which represents an increase of 12 basis points
compared to the previous quarter, due to the performance of Argentina and Chile. For its part, the NPL coverage ratio for
the area was 90%, representing a decrease of 206 basis points compared to the end of December, with a generalized
declines across the board except Peru.
–Customer funds under management increased at a rate of 5.5%, with growth of 4.6% in customer deposits and a
variation of 11.3% in off-balance sheet funds.
19 At current rates, that is, the impact of exchange rate fluctuations on the profit and loss account is not excluded.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.48
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January - March 2026 Report
South America generated a net attributable profit of €249 million in the first quarter of 2026, which represents a year-on-year
growth of 16.3% at current exchange rates, favored mainly by the improvement in net attributable profit in Colombia.
Meanwhile, the impact of the adjustment for hyperinflation of subsidiaries domiciled in Argentina stands out, which implies, among
other effects, the recording of the loss on the monetary position in the item "Other operating income and expenses" in the income
statement. This impact amounted to €147 million in the period January - March 2026, above the €117 million recorded in the
period January - March 2025.
More detailed information on the most representative countries of the business area is provided below.
Argentina
Macro and industry trends
The economic recovery has continued in the fourth quarter of 2025, led by the improvement in the primary sectors, raising GPD
growth for the full year to 4.4%. For 2026, BBVA Research maintains its forecast of a gradual deceleration to rates of 3%, with
investment and exports driving growth. Regarding the price environment, upside surprises in inflation during the first months of
2026 (in March it stood at 32.6%) raise the forecast for the overall rate at year-end to 29%, 15 points above the previous scenario.
The banking system is growing at a rapid pace, although the inflation control entails that the credit and deposit volume growth is
more moderate than in previous quarters. With data at the end of March 2026, total lending increased by 56.8% compared to
March 2025, favored by consumer, corporate and, above all, mortgage portfolios, which grew by 45%, 59% and 172% year-on-
year, respectively. For their part, deposits have increased and at the end of March recorded a year-on-year growth of 64%. Finally,
the NPL ratio has rebounded due to the growth in household credit defaults, standing at 6.4% at the end of January 2026.
Activity and results
–In the first quarter of 2026, performing loans under management grew by 4.8%, below the quarterly inflation rate
(+8,7%). At the end of March 2026, the NPL ratio stood at 6.3%, an increase of 136 basis points compared to the end of
December 2025, mainly due to retail portfolio NPL entries affecting the NPL coverage ratio, which stood at 79%, below
the level recorded at the end of December 2025.
–Customer funds grew by 6.2%, with mutual funds showing a notable growth of 28.0%.
–Regarding the evolution of the income statement19, the cumulative net attributable profit at the end of March 2026 stood
at €27 million, with growth in recurring revenue offset by lower NTI and a greater impact for hyperinflation compared to
the end of March 2025. An 89.3% increase was observed in provisions for impairment in financial assets due to higher
requirements in the retail portfolio, partly affected by a larger portfolio volume. Meanwhile, the quarterly cost of risk stood
at 7.84%, which represents a decrease of 4 basis points compared to the cost of risk in the last quarter of the previous
year.
Colombia
Macro and industry trends
Household consumption and public spending have continued to support economic activity the last months of 2025, with GDP
growth standing at 2.6% for that year. BBVA Research maintains its growth forecast for 2026 at 2.8% supported by domestic
demand and with a better performance of activity during the first half of the year. The increase in the minimum wage largely
explains the persistence of inflationary pressures and the restrictive tone of monetary policy. Headline inflation could close 2026
at 6.5%, compared to 5.6% in March, and interest rates at 12.25% (11.25% in March).
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.49
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January - March 2026 Report
Total credit growth in the banking system stood at 9.1% year-on-year in February 2026, with growth across all portfolios. Thus,
corporate lending, mortgage lending, and consumer lending portfolios showed year-on-year growth rates of 8.5%, 11.8% and
8.5%, respectively in February 2026. On the other hand, total deposits grew by 12,9% year-on-year at the end of February 2026,
with a performance marked by the growth in demand deposits. Thus, demand and time deposits grew by 16.1% and 8.9% year-on-
year respectively. The system's NPL ratio has improved in the last few months, standing at 3.87% in February 2026, 83 basis
points below the figure for the same month of the previous year.
Activity and results
–Lending activity grew at a rate of 1.8% compared to the end of 2025, favored by the performance of the corporate
banking segment. In terms of asset quality indicators, with respect to the end of 2025: the NPL ratio stood at 4.1%,
representing a decrease of 21 basis points with respect to the previous quarter, continuing the positive trend of recent
quarters. On the other hand, coverage stood at 86%, with a decrease of 266 basis points compared to the previous
quarter.
–Customer funds grew by 3.4% compared to the end of 2025, with a 3.6% increase in time deposits, 2.4% in the case of
demand deposits and 6.0% in the case of off-balance sheet funds.
–The cumulative net attributable profit at the end of March 2026 stood at €78 million, that is, 137.6% higher than at the
result at the end of the same period of the previous year (at current exchange rates), driven by the growth in recurring
income and lower loan-loss provisions due to reduced requirements in the retail portfolio. For its part, the cumulative cost
of risk stood at 1.99% at the end of March 2026, down 10 basis points in the quarter.
Peru
Macro and industry trends
Economic activity continued to show a relatively good performance in the last quarter of 2025, supported by private consumption
and investment, placing GDP growth for the full year at 3.4%. For 2026, BBVA Research forecasts a deceleration in growth to rates
2.9%, two tenths below what was expected in the previous scenario. Even though domestic demand remains dynamic and gold
and copper prices are favorable, the recent deterioration in weather conditions, the restriction in the local fuel supply, and internal
political uncertainty will limit GDP growth. For its part, inflation is expected to moderate gradually throughout the year, after the
rebound in March, when it reached 3.8% to close the year at levels of 2.6%. The moderation in growth and price could control
anticipate stability in interest rates at the current level of 4.25%.
Total lending in the Peruvian banking system increased by 4.4% year-on-year in February 2026, with positive growth in all
portfolios. Thus, the consumer credit portfolio grew by 10.3% year-on-year, the mortgage portfolio increased by 6.9% and the
corporate loan portfolio by 1.6% year-on-year. For its part, the system's total deposits registered a year-on-year growth of 8.0% in
February 2026, thanks to the 12.7% growth in demand deposits and recovery in time deposits to -1.1% year-on-year. Finally, the
system's NPL ratio continued on a downward trend, reaching a rate of 3.11% in February 2026.
Activity and results
–Lending activity grew by 2.2% compared to the end of December 2025, with business loans increasing by 1.9%, followed
by consumer finance at 4.4%. Regarding the asset quality indicators, the NPL ratio decreased compared to the end of
December 2026 (-19 basis points) placing at 3.6%, reflecting continued strong recovery performance and contained
entries. Meanwhile, the NPL coverage ratio was 103%, which represents an increase of 359 basis points compared to the
end of December, supported by the reduction in non-performing loans. For its part, the cost of risk at the end of March
2026 stood at 1.51%, an increase of 10 basis points compared to the cost of risk at the end of the last quarter of 2025.
–Customers funds under management increased during the first quarter of 2026 (+5.9%), mainly due to the favorable
performance in customer base deposits (+6.1%).
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.50
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January - March 2026 Report
–BBVA Peru's cumulative attributable profit stood at the end of March 2026 at €81 million, that is, in line with the results
achieved in the first quarter of the precious year (€83 million). During the period, a growth in net interest income was
observed, associated with a higher profitability of the loan portfolio, as well as higher fees and results from the Global
Markets unit included in NTI. Operating expenses increased due to higher general expenses, particularly in advertising
and technology, as well as higher personnel costs due to the expansion of the workforce. Meanwhile, an increase in the
level of impairments and higher charges to provisions for contingent commitments were observed, which compare with
the releases of the previous year.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.51
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January - March 2026 Report
Rest of Business
shape-26546dbfe34142d6.gif
Highlights for the period January - March 2026
–Dynamic lending activity, with growth in all geographical areas driven by Corporate Lending and Project
Finance
–Favorable performance of recurring revenues
–Positive evolution of the efficiency ratio
–Double-digit growth in net attributable profit
shape-4e7005a1f33a130d.gif
BUSINESS ACTIVITY ⁽¹⁾ (VARIATION AT CONSTANT
EXCHANGE RATES COMPARED TO 31-12-25)
chart-d471f378376440abbb3.gif
⁽¹⁾ Excluding repos.
shape-4e7005a1f33a130d.gif
NET INTEREST INCOME / AVERAGE TOTAL
ASSETS (PERCENTAGE AT CONSTANT EXCHANGE
RATES)
chart-7a84b41a1eb74089a76.gif
shape-f7d0b110ae373691.gif
OPERATING INCOME (MILLIONS OF EUROS AT
CONSTANT EXCHANGE RATES)
shape-6e210df9cada6531.gif
+50.7%
(1)
chart-ddb53722e4eb4449941.gif
⁽¹⁾ At current exchange rates: +44.7%.
shape-d45e7926c9654384.gif
NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF
EUROS AT CONSTANT EXCHANGE RATES)
shape-34e0129200884dda.gif
+36.0%
(1)
chart-24baae36386a4be692f.gif
⁽¹⁾ At current exchange rates: +30.9%.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.52
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January - March 2026 Report
shape-50079c349ce9f4f8.gif
FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE)
Income statement
1Q26
∆ %
∆ % ⁽¹⁾
1Q25 ⁽²⁾
Net interest income
232
23.2
27.0
188
Net fees and commissions
201
46.6
51.5
137
Net trading income
161
48.4
56.5
109
Other operating income and expenses
0
(60.9)
(60.9)
1
Gross income
595
36.7
41.8
435
Operating expenses
(239)
26.2
30.3
(189)
Personnel expenses
(120)
19.2
23.7
(101)
Other administrative expenses
(108)
35.5
39.0
(80)
Depreciation
(11)
22.9
25.7
(9)
Operating income
355
44.7
50.7
246
Impairment on financial assets not measured at fair value through profit or
loss
(51)
168.8
182.3
(19)
Provisions or reversal of provisions and other results
(4)
n.s.
n.s.
3
Profit (loss) before tax
300
30.7
35.9
230
Income tax
(64)
30.1
35.3
(50)
Profit (loss) for the period
236
30.9
36.0
180
Non-controlling interests
—
—
—
—
Net attributable profit (loss)
236
30.9
36.0
180
Balance sheets
31-03-26
∆ %
∆ % ⁽¹⁾
31-12-25 ⁽²⁾
Cash, cash balances at central banks and other demand deposits
7,545
(34.7)
(36.1)
11,559
Financial assets designated at fair value
2,612
35.5
33.9
1,928
Of which: Loans and advances
2,007
48.3
46.1
1,354
Financial assets at amortized cost
84,390
13.6
12.7
74,292
Of which: Loans and advances to customers
75,432
13.6
12.6
66,418
Inter-area positions
—
—
—
—
Tangible assets
251
(3.9)
(5.3)
261
Other assets
451
43.9
42.8
314
Total assets/liabilities and equity
95,249
7.8
6.7
88,354
Financial liabilities held for trading and designated at fair value through
profit or loss
772
1.0
(1.1)
764
Deposits from central banks and credit institutions
5,074
(2.1)
(2.7)
5,181
Deposits from customers
38,048
(7.0)
(7.6)
40,932
Debt certificates
1,908
6.0
5.0
1,800
Inter-area positions ⁽³⁾
42,316
29.8
27.9
32,593
Other liabilities ⁽³⁾
1,616
(14.1)
(15.1)
1,882
Allocated regulatory capital
5,516
6.0
5.0
5,202
Relevant business indicators
31-03-26
∆ %
∆ % ⁽¹⁾
31-12-25
Performing loans and advances to customers under management ⁽⁴⁾
75,507
13.6
12.6
66,457
Non-performing loans
152
(0.4)
(0.4)
153
Customer deposits under management ⁽⁴⁾
38,048
(7.0)
(7.6)
40,932
Off-balance sheet funds ⁽⁵⁾
755
2.6
2.6
736
Risk-weighted assets
49,627
5.9
4.9
46,853
RORWA ⁽¹⁾⁽⁶⁾
2.0
1.7
Efficiency ratio (%)
40.2
49.0
NPL ratio (%)
0.1
0.2
NPL coverage ratio (%)
197
172
Cost of risk (%)
0.30
0.15
⁽¹⁾ At constant exchange rate.
⁽²⁾ Revised balances. For more information, please refer to the “Business Areas” section.
⁽³⁾ Revised balances in 2025.
⁽⁴⁾ Excluding repos.
⁽⁵⁾ Includes pension funds.
⁽⁶⁾ For more information on the calculation methodology, as well as the calculation of the metric at the consolidated Group level, see Alternative Performance
Measures at this report.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.53
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January - March 2026 Report
Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at
constant exchange rates. These rates, together with the changes at current exchange rates, can be found in the attached tables of
the financial statements and relevant business indicators. Comments that refer to Europe exclude Spain.
Activity
The most relevant aspects of the evolution of BBVA Group's Rest of Business activity during the first quarter of 2026 were:
–Lending (performing loans under management) recorded a growth of 12.6%, continuing the upward trend seen in recent
quarters. Balanced growth was observed in all geographical areas, driven by the activity of Corporate Lending and Project
Finance.
–On the other hand, compared to the end of December, the NPL ratio decreased by 2 basis points and remains at 0.1%,
helped by the positive momentum of activity and the stability of non-performing loans, while the NPL coverage ratio
increased to 197% supported by increased coverage on certain customers.
–Customer funds under management decreased by 7.4%, mainly driven by customer deposits in New York and Asia (CIB).
Results
Rest of Business achieved a net attributable profit of €236 million during 2026, 36.0% higher than in the same period of the
previous year, favored by the evolution of the recurring revenues and the NTI, which more than offset the increase in operating
expenses and loan-loss provisions.
In the year-on-year evolution of the main lines of the area's income statement at the end of March 2026, the following was
particularly noteworthy:
–Net interest income grew by 27.0% as a result of increased activity volume, particularly in investment banking, as well as
transactional business.
–Net fees and commissions had an excellent performance and increased by 51.5%, thanks to issuance activity in the
primary debt market and relevant operations in project finance and corporate loans. By geographical area, fee generation
was primarily concentrated in Europe and the United States.
–NTI grew by 56.5%, benefiting from the contribution of Europe and, to a lesser extent, Asia and the United States.
–Increase in operating expenses of 30.3% mainly explained by higher expenses in Europe due to new hires and investment
in strategic projects.
–The impairment on financial assets line at the end of March 2026 recorded a balance of €-51 million, a figure which is
higher than in the same period of the previous year, mainly originated in higher provisions linked to specific exposures in
the United States and Europe. Meanwhile, the cost of risk at the end of March increased by 6 basis points compared to the
cost of risk of the last quarter of 2025, reaching 0.30%, as a result of the increase in the portfolio and partly due to higher
provisions for individual customers in the United States portfolio.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.54
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January - March 2026 Report
Corporate Center
shape-8380cefa90968420.gif
FINANCIAL STATEMENTS (MILLIONS OF EUROS AND PERCENTAGE)
Income statement
1Q26
∆ %
1Q25 ⁽¹⁾
Net interest income
(83)
(6.4)
(88)
Net fees and commissions
(25)
21.8
(21)
Net trading income
(118)
n.s.
61
Other operating income and expenses
18
128.0
8
Gross income
(208)
n.s.
(40)
Operating expenses
(242)
27.1
(190)
Personnel expenses
(277)
35.3
(205)
Other administrative expenses
91
32.9
69
Depreciation
(56)
3.5
(54)
Operating income
(450)
95.3
(230)
Impairment on financial assets not measured at fair value through profit or loss
4
n.s.
(1)
Provisions or reversal of provisions and other results
3
(18.6)
4
Profit (loss) before tax
(443)
94.7
(228)
Income tax
145
271.1
39
Profit (loss) for the period
(298)
58.2
(189)
Non-controlling interests
(7)
6.9
(7)
Net attributable profit (loss)
(305)
56.5
(195)
Balance sheets ⁽¹⁾
31-03-26
∆ %
31-12-25 ⁽²⁾
Cash, cash balances at central banks and other demand deposits
501
(2.9)
516
Financial assets designated at fair value
6,932
2.9
6,737
Of which: Loans and advances
—
—
—
Financial assets at amortized cost
4,777
15.2
4,146
Of which: Loans and advances to customers
539
49.3
361
Inter-area positions
568
n.s.
—
Tangible assets
1,838
(0.9)
1,855
Other assets
14,221
(9.5)
15,714
Total assets/liabilities and equity
28,837
(0.5)
28,969
Financial liabilities held for trading and designated at fair value through profit or loss
230
64.7
139
Deposits from central banks and credit institutions
3,876
2.2
3,793
Deposits from customers
2,063
3.1
2,001
Debt certificates
2,987
(23.2)
3,888
Inter-area positions
—
(100.0)
398
Other liabilities
8,230
69.8
4,847
Allocated regulatory capital
(49,353)
3.0
(47,895)
Total equity
60,804
(1.6)
61,798
⁽¹⁾ Excluding deletions.
⁽²⁾ Revised balances. For more information, please refer to the “Business Areas” section.
Results
The Corporate Center recorded in the first quarter of 2026 a net attributable loss of €305 million, representing a deterioration of
56.5% compared to the €-195 million recorded in the previous year. The evolution of this aggregate is largely explained by the
negative NTI registered at the end of March 2026, originating from exchange rate hedges. Additionally, operating expenses include
the impact of voluntary redundancies in the first quarter of 2026.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.55
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January - March 2026 Report
Additional pro forma information: Corporate & Investment Banking
shape-4363098820eb9af0.gif
Highlights for the period January - March 2026
–Lending continues to show steady growth
–Positive evolution of recurring revenues
–Strength of gross income in all business divisions
–Increase in net attributable profit in the quarter
–
shape-4e7005a1f33a130d.gif
BUSINESS ACTIVITY ⁽¹⁾ (VARIATION AT CONSTANT
EXCHANGE RATES COMPARED TO 31-12-25)
chart-61b0e75c096a46b3b7b.gif
⁽¹⁾ Excluding repos.
shape-4e7005a1f33a130d.gif
RECURRING REVENUES / AVERAGE TOTAL
ASSETS (PERCENTAGE AT CONSTANT EXCHANGE
RATES)
chart-ebfcb85e09d241e0aa1.gif
shape-282f7bfcfe656cf9.gif
OPERATING INCOME (MILLIONS OF EUROS AT
CONSTANT EXCHANGE RATES)
shape-34e0129200884dda.gif
+24.4%
(1)
chart-143cfff464b042efbf9.gif
⁽¹⁾ At current exchange rates: +17.0%.
shape-4cadebd7c338c5f1.gif
NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF
EUROS AT CONSTANT EXCHANGE RATES)
shape-a812852c018fb09d.gif
+24.2%
(1)
chart-40bced9036824bdbafb.gif
⁽¹⁾ At current exchange rates: +17.5%.
The additional pro forma information from CIB excludes the application of hyperinflation accounting and the Group's wholesale business in Venezuela.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.56
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January - March 2026 Report
shape-502a5de90515ff59.gif
FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE)
Income statement
1Q26
∆ %
∆ % ⁽¹⁾
1Q25 ⁽²⁾
Net interest income
1,018
21.5
29.9
838
Net fees and commissions
473
30.4
34.6
362
Net trading income
714
5.7
11.3
676
Other operating income and expenses
(20)
61.7
66.6
(12)
Gross income
2,185
17.2
23.8
1,864
Operating expenses
(533)
18.1
21.9
(451)
Personnel expenses
(245)
10.0
14.2
(222)
Other administrative expenses
(248)
25.0
28.8
(199)
Depreciation
(40)
32.6
33.1
(30)
Operating income
1,652
17.0
24.4
1,413
Impairment on financial assets not measured at fair value through profit or
loss
(14)
(45.4)
(42.4)
(26)
Provisions or reversal of provisions and other results
—
(98.2)
(98.2)
16
Profit (loss) before tax
1,638
16.9
24.3
1,402
Income tax
(461)
18.8
26.6
(388)
Profit (loss) for the period
1,177
16.1
23.4
1,014
Non-controlling interests
(94)
1.8
15.3
(92)
Net attributable profit (loss)
1,083
17.5
24.2
922
General note: For the translation of the income statement in those countries where hyperinflation accounting is applied, the punctual exchange rate as of March
31, 2026.
Balance sheets
31-03-26
∆ %
∆ % ⁽¹⁾
31-12-25 ⁽²⁾
Cash, cash balances at central banks and other demand deposits
10,862
(28.1)
(29.3)
15,106
Financial assets designated at fair value
152,171
16.6
16.0
130,559
Of which: Loans and advances
56,383
24.6
24.5
45,254
Financial assets at amortized cost
166,717
7.8
7.0
154,718
Of which: Loans and advances to customers
139,215
7.5
6.7
129,459
Inter-area positions
—
—
—
—
Tangible assets
258
(4.1)
(5.5)
269
Other assets
4,915
35.0
35.8
3,640
Total assets/liabilities and equity
334,923
10.1
9.4
304,292
Financial liabilities held for trading and designated at fair value through
profit or loss
111,655
14.2
13.8
97,798
Deposits from central banks and credit institutions
42,852
2.6
2.3
41,780
Deposits from customers
102,810
(2.8)
(3.5)
105,751
Debt certificates
15,563
13.1
12.6
13,766
Inter-area positions
43,911
59.5
56.1
27,535
Other liabilities
3,353
(3.9)
(4.2)
3,490
Allocated regulatory capital
14,779
4.3
3.5
14,171
Relevant business indicators
31-03-26
∆ %
∆ % ⁽¹⁾
31-12-25 ⁽²⁾
Performing loans and advances to customers under management ⁽³⁾
139,185
10.1
9.3
126,424
Non-performing loans
582
(3.8)
(3.0)
605
Customer deposits under management ⁽³⁾
95,618
(3.0)
(3.6)
98,567
Off-balance sheet funds ⁽⁴⁾
2,506
(43.0)
(44.5)
4,394
Efficiency ratio (%)
24.4
26.9
⁽¹⁾ At constant exchange rates.
⁽²⁾ Revised balances. For more information, please refer to the “Business Areas” section.
⁽³⁾ Excluding repos.
⁽⁴⁾ Includes mutual funds, customer portfolios and other off-balance sheet funds.
20 The additional pro forma information from CIB excludes the application of hyperinflation accounting and the Group's wholesale business in Venezuela.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.57
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January - March 2026 Report
Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at
constant exchange rates. For the conversion of these figures in those countries in which accounting for hyperinflation is applied,
the end of period exchange rate as of March 31, 2026 is used. These rates, together with changes at current exchange rates, can
be found in the attached tables of financial statements and relevant business indicators. When making comments referring to
Europe in this area, Spain is excluded.
Activity
The most relevant aspects related to the area's activity in the first quarter of 2026 were:
–Lending stood at the end of March 2026, 9.3% above the balance at December 31, 2025, continuing the upward trend of
recent quarters. Growth was observed in both transactional banking and Investment Banking & Finance, driven primarily
by the performance of the countries compromising the Rest of Business area, particularly the United States and Asia.
–Customer funds decreased by -5.4% during the first quarter of the year 2026, mainly in Rest of Business and Spain.
Results
CIB generated a net attributable profit of €1,083 million in 202620. Excluding the impact of currency fluctuations, this result
represents a 24.2% increase over the previous year, which reflects again the strength of the Group's wholesale businesses, with
the aim of offering a value proposition focused on the needs of its customers.
All business divisions posted double-digit revenue growth: Global Markets with good behavior in all its products, particularly in
currency, interest rates and equities; Global Transaction Banking (GTB), thanks to the positive evolution of recurring revenues,
mainly net interest income; excellent results in IB&F, with relevant operations that have generated commission income and a
positive evolution of net interest income. All business divisions showed growth in net attributable profit to shareholders.
The most relevant aspects of the year-on-year income statement evolution of this aggregate as of end of March 2026 are
summarized below:
–Net interest income increased by 29.9%, thanks to the continued growth of the portfolio both in 2025 and in the first
quarter of 2026, in both GTB and IB&F. By geographical areas, Spain and Rest of Business showed the strongest growth.
–Net fees and commissions recorded an increase of 34.6%, driven primarily by increased activity in primary debt issuance
in Global Markets, as well as by the strong performance of Project Finance, Corporate Lending in IB&F, and guarantee
activity associated with Working Capital and Trade Finance in GTB. Geographically, Spain and the Rest of Business
deserve special mention for their performance. 
–Growth in the NTI line (+11.3%) was driven by commercial activity, with significant performance in currency, interest
rates, and equity. Rest of Business, Turkey, and Mexico showed the strongest performance compared to the same period
last year. 
–Operating expenses grew by 21.9% driven by higher personnel expenses, associated with strategic plans and new
capacities, as well as increased spending in technology. However, the efficiency ratio stood at 24.4% at the end of March,
an improvement of 37 basis points compared to 2025, thanks to the strong boost in gross income.
–The impairment on financial assets line recorded a provision of €-14 million, mainly originating in the United States and
Europe, which represents an improvement compared to the provisions made in the same period of the previous year.
21 With the exception of those countries whose economies have been considered hyperinflationary, for which the closing exchange rate of the most recent period will be
used.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.58
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January - March 2026 Report
Alternative Performance Measures
(APMs)
BBVA presents its results in accordance with the International Financial Reporting Standards (EU-IFRS). Additionally, the Group
also considers that some Alternative Performance Measures (hereinafter APMs) provide useful additional financial information
that should be taken into account when evaluating performance. They are considered complementary information and do not
replace the financial information drafted according to the EU-IFRS. These APMs are also used when making financial, operational
and planning decisions within the Entity. The Group firmly believes that they give a true and fair view of its financial information.
These APMs are generally used in the financial sector as indicators for monitoring the assets, liabilities and economic and financial
situation of entities.
BBVA Group's APMs are given below. They are presented in accordance with the European Securities and Markets Authority
(ESMA) guidelines, published on October 5, 2015 (ESMA/2015/1415en). The guideline mentioned before is aimed at promoting
the usefulness and transparency of APMs included in prospectuses or regulated information in order to protect investors in the
European Union. In accordance with the indications given in the aforementioned guideline, BBVA Group's APMs:
–Include clear and readable definitions of the APMs.
–Disclose the reconciliations to the most directly reconcilable line item, subtotal or total presented in the financial
statements of the corresponding period, separately identifying and explaining the material reconciling items.
–Are standard measures generally used in the financial industry, so their use provides comparability in the analysis of
performance between issuers.
–Do not have greater preponderance than measures directly stemming from financial statements.
–Are accompanied by comparatives for previous periods.
–Are consistent over time.
Constant exchange rates
When comparing two dates or periods in this report, the impact of changes in the exchange rates against the euro of the
currencies of the countries in which BBVA operates is sometimes excluded, assuming that exchange rates remain constant. This is
done for the amounts in the income statement by using the average exchange rate against the euro in the most recent period for
each currency21 of the geographical areas in which the Group operates, and applying it to both periods; for amounts in the balance
sheet and activity, the closing exchange rates in the most recent period are used.
During the year 2025 and the first quarter of 2026, there were no corporate transactions, non-recurring impacts or other types of
adjustments for management purposes that determine a net attributable profit or a profit for the period different from those
disclosed in the Consolidated Financial Statements. For this reason, as there are no differences between the Consolidated
Financial Statements and the consolidated management results statement, no reconciliation is presented for the periods disclosed
in this report. For the same reason, the Group does not present among its Alternative Performance Measures shown below an
adjusted profit for the period nor an adjusted net attributable profit, neither does it present the profitability ratios derived from
them: that is, adjusted ROE, adjusted ROTE, adjusted RORC, adjusted ROA and adjusted RORWA.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.59
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January - March 2026 Report
Regarding the consideration of the sale of the subsidiaries in Romania in the Alternative Performance Measures presented below,
these have been calculated on a continuity basis, that is, without taking into account the classification of these companies as
NCA&L on the Group's consolidated balance sheet.
Profitability and efficiency ratios
ROE
The ROE (return on equity) ratio measures the accounting return obtained on an entity's shareholders' funds plus accumulated
other comprehensive income. It is calculated as follows:
shape-700b42ec0e035812.gif
Net attributable profit (loss)
Average shareholders' funds + Average accumulated other comprehensive income
Explanation of the formula: the numerator is the net attributable profit (loss) of the Group's consolidated income statement. If the
metric is presented on a date before the close of the fiscal year, the numerator will be annualized.
Average shareholders' funds are the weighted moving average of the shareholders' funds at the end of each month of the period
analyzed, adjusted to take into account the execution of the "Dividend-option" at the closing dates on which it was agreed to
deliver this type of dividend prior to the publication of the Group´s results.
Average accumulated other comprehensive income is the moving weighted average of "Accumulated other comprehensive
income", which is part of the equity on the Entity's balance sheet and is calculated in the same way as average shareholders’ funds
(above).
Relevance of its use: this ratio is very commonly used not only in the banking sector but also in other sectors to measure the return
obtained on shareholders' funds.
shape-26ed9f0d3b755476.gif
ROE
Jan.-Mar.2026
Jan.-Dec.2025
Jan.-Mar.2025
Numerator       
(Millions of euros)
=
Net attributable profit (loss) annualized
12,123
10,511
10,942
Denominator
(Millions of euros)
+
Average shareholders' funds
76,962
75,270
73,767
+
Average accumulated other comprehensive income
(18,320)
(18,147)
(16,998)
=
ROE
20.7%
18.4%
19.3%
ROTE
The ROTE (return on tangible equity) ratio measures the accounting return on an entity's shareholders' funds, plus accumulated
other comprehensive income, and excluding intangible assets. It is calculated as follows:
shape-af008ac04f39d615.gif
Net attributable profit (loss)
Average shareholders' funds + Average accumulated other comprehensive income - Average intangible assets
Explanation of the formula: the numerator "Net attributable profit (loss)" and the items in the denominator "Average intangible
assets" and "Average accumulated other comprehensive income" are the same items and are calculated in the same way as
explained for ROE.
22 The target fully loaded CET1 ratio considered for the purposes of this metric has been placed at 12%, at the top of the Group's established target management range
of 11.5-12.0% of CET1.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.60
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January - March 2026 Report
Average intangible assets are the intangible assets on the Group's consolidated balance sheet, including goodwill and other
intangible assets. The average balance is calculated in the same way as explained for shareholders funds in ROE.
Relevance of its use: this metric is generally used not only in the banking sector but also in other sectors to measure the return
obtained on shareholders' funds, not including intangible assets.
shape-2a4f3ba04e9859c.gif
ROTE
Jan.-Mar.2026
Jan.-Dec.2025
Jan.-Mar.2025
Numerator       
(Millions of euros)
=
Net attributable profit (loss) annualized
12,123
10,511
10,942
Denominator
(Millions of euros)
+
Average shareholders' funds
76,962
75,270
73,767
+
Average accumulated other comprehensive income
(18,320)
(18,147)
(16,998)
-
Average intangible assets
2,882
2,596
2,502
=
ROTE
21.7%
19.3%
20.2%
RORC
The RORC (return on regulatory capital) measures the return on regulatory capital necessary to meet the CET1 fully loaded target
ratio22. It is calculated as follows:
shape-a862850b5aee5586.gif
Net attributable profit (loss)
Average regulatory capital of the Group
Explanation of the formula: The numerator is the net attributable profit (loss), described above. The denominator is the average
regulatory capital of the Group, defined as the Risk Weighted Assets multiplied by the CET1 fully loaded target ratio plus regulatory
deductions plus the perimeter differences between regulatory and accounting own funds less Solvency minority interests. If the
described metric is presented on a date prior to the end of the year, the numerator will be presented on an annualized basis.
Relevance of its use: this metric is generally used in the banking sector.
shape-83d3a1282052863a.gif
RORC
Jan.-Mar.2026
Jan.-Dec.2025
Jan.-Mar.2025
Numerator       
(Millions of euros)
=
Net attributable profit (loss) annualized
12,123
10,511
10,942
Denominator
(Millions of euros)
=
Average regulatory capital of the Group
51,076
49,736
49,945
=
RORC
23.7%
21.1%
21.9%
ROA
The ROA (return on assets) ratio measures the accounting return obtained on an entity's assets. It is calculated as follows:
shape-1b022018cd6926d8.gif
Profit (loss) for the period
Average total assets
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
p.61
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January - March 2026 Report
Explanation of the formula: the numerator is the profit (loss) for the period of the Group's consolidated income statement. If the
metric is presented on a date before the close of the fiscal year, the numerator must be annualized.
Average total assets are taken from the Group’s consolidated balance sheet. The average balance is calculated as explained for
average shareholders' funds in the ROE.
Relevance of its use: this ratio is generally used not only in the banking sector but also in other sectors to measure the return
obtained on assets.
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ROA
Jan.-Mar.2026
Jan.-Dec.2025
Jan.-Mar.2025
Numerator       
(Millions of euros)
Profit (loss) for the period annualized
12,931
11,126
11,690
Denominator
(Millions of euros)
Average total assets
909,553
817,040
791,521
=
ROA
1.4%
1.4%
1.5%
RORWA
The RORWA (return on risk-weighted assets) ratio measures the accounting return obtained on average risk-weighted assets. It is
calculated as follows:
shape-aefe47bfe50b2f46.gif
Profit (loss) for the period
Average risk-weighted assets
Explanation of the formula: the numerator "Profit (loss) for the period" is the same and is calculated in the same way as explained
for ROA.
Average risk-weighted assets (RWA) are the moving weighted average of the RWA at the end of each month of the period under
analysis.
Relevance of its use: this ratio is generally used in the banking sector to measure the return obtained on RWA.
shape-9d29f4a8a4c2816d.gif
RORWA
Jan.-Mar.2026
Jan.-Dec.2025
Jan.-Mar.2025
Numerator       
(Millions of euros)
Profit (loss) for the period annualized
12,931
11,126
11,690
Denominator
(Millions of euros)
Average RWA
406,365
397,508
402,812
=
RORWA
3.2%
2.8%
2.9%
Efficiency ratio
This measures the percentage of gross income consumed by an entity's operating expenses. It is calculated as follows:
shape-d9fa950dcafe4ef4.gif
Operating expenses
Gross income
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
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January - March 2026 Report
Explanation of the formula: both "Operating expenses" and "Gross income" are taken from the Group’s consolidated income
statement. Operating expenses are the sum of the administration costs (personnel expenses plus other administrative expenses)
plus depreciation. Gross income is the sum of net interest income, net fees and commissions, net trading income dividend income,
share of profit or loss of entities accounted for using the equity method, other operating income and expenses, and income from
assets and expenses from liabilities under insurance and reinsurance contracts. For a more detailed calculation of this ratio, the
graphs on "Results" section of this report should be consulted, one of them with calculations with figures at current exchange rates
and another with the data at constant exchange rates.
Relevance of its use: this ratio is generally used in the banking sector.
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EFFICIENCY RATIO
Jan.-Mar.2026
Jan.-Dec.2025
Jan.-Mar.2025
Numerator       
(Millions of euros)
+
Operating expenses
4,049
14,332
3,562
Denominator
(Millions of euros)
+
Gross income
10,652
36,931
9,324
=
Efficiency ratio
38.0%
38.8%
38.2%
Other ratios
Earnings (loss) per share
The earnings (loss) per share is calculated in accordance to the criteria established in the IAS 33 “Earnings per share”.
shape-b1ada5a0df01baf.gif
EARNINGS (LOSS) PER SHARE
Jan.-Mar.2026
Jan.-Dec.2025
Jan.-Mar.2025
(Millions of euros)
+
Net attributable profit (loss)
2,989
10,511
2,698
(Millions of euros)
-
Remuneration related to the Additional Tier 1 securities
(CoCos)
113
397
100
Numerator       
(millions of euros)
=
Net attributable profit (loss) ex.CoCos remuneration
2,876
10,114
2,598
Denominator         
(millions) ⁽¹⁾
+
Weighted average number of shares of the period
5,708
5,762
5,763
-
Average treasury shares of the period
9
9
11
-
Share buyback program (average)
40
5
—
=
Earnings (loss) per share (euros)
0.51
1.76
0.45
⁽¹⁾ Earnings per share is calculated using the weighted average number of ordinary shares outstanding during the period, taking into account the impact of share
buybacks and redemptions of shares.
Additionally, for management purposes, the adjusted earnings (loss) per share is presented.
shape-9e1e81a2654bd1f1.gif
ADJUSTED EARNINGS (LOSS) PER SHARE
Jan.-Mar.2026
Jan.-Dec.2025
Jan.-Mar.2025
Numerator       
(millions of euros)
=
Net attributable profit (loss) ex. CoCos remuneration
2,876
10,114
2,598
Denominator         
(millions) ⁽¹⁾
+
Number of shares
5,634
5,709
5,763
-
Treasury shares
9
10
12
-
Shares buyback program ⁽²⁾
21
7
—
=
Adjusted earnings (loss) per share (euros)
0.51
1.78
0.45
⁽¹⁾ Adjusted earnings per share is calculated using the number of ordinary shares outstanding at the end of each period, net of treasury shares.
⁽²⁾ For the period January - March 2026, the Buyback Program includes the shares acquired between March 23 and 31, 2026, corresponding to the Second
Tranche of the Second Share buyback program.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
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Book value per share
The book value per share determines the value of a company on its books for each share held. It is calculated as follows:
shape-c0aae69c87272144.gif
Shareholders' funds + Accumulated other comprehensive income
Number of shares outstanding net of treasury shares
Explanation of the formula: the figures for both "Shareholders' funds" and "Accumulated other comprehensive income" are taken
from the balance sheet. Shareholders' funds are adjusted to take into account the execution of the "Dividend-option" at the closing
dates on which it was agreed to deliver this type of dividend prior to the publication of the Group´s results. The denominator
includes the final number of outstanding shares, net of own shares (treasury shares) and net of the shares corresponding to share
buyback programs. In addition, the denominator is also adjusted to include the capital increase resulting from the execution of the
dividend options explained above. Both the numerator and the denominator take into account period-end balances.
Relevance of its use: it shows the company's book value for each share issued. It is a generally used ratio, not only in the banking
sector but also in others.
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BOOK VALUE PER SHARE
31-03-26
31-12-25
31-03-25
Numerator         
(Millions of euros)
+
Shareholders' funds
74,803
76,228
73,025
+
Accumulated other comprehensive income
(18,533)
(18,871)
(17,948)
Denominator         
(Millions of shares) ⁽¹⁾
+
Number of shares
5,634
5,709
5,763
-
Treasury shares
9
10
12
-
Share buyback program ⁽²⁾
53
73
—
=
Book value per share (euros / share)
10.10
10.19
9.58
⁽¹⁾ Book value per share is calculated using the number of ordinary shares outstanding at the end of each period, net of treasury shares.
⁽²⁾ As of March 31, 2026, includes all shares repurchased under the second tranche of the second share buyback program, which began on March 23, 2026 and
was completed on April 17, 2026.
Tangible book value per share
The tangible book value per share determines the value of the company on its books for each share held by shareholders in the
event of liquidation. It is calculated as follows:
shape-ead241d7bb40ce3.gif
Shareholders' funds + Accumulated other comprehensive income - Intangible assets
Number of shares outstanding net of treasury shares
Explanation of the formula: the figures for "Shareholders' funds", "Accumulated other comprehensive income" and "Intangible
assets" are all taken from the balance sheet and additionally, the "Intangible Assets" of subsidiaries in Romania classified as
NCA&L are considered. Shareholders' funds are adjusted to take into account the execution of the "Dividend-option" at the closing
dates on which it was agreed to deliver this type of dividend prior to the publication of the Group´s results. The denominator
includes the final number of shares outstanding, net of own shares (treasury shares) and net of the shares corresponding to share
buyback programs which are deducted from the shareholders' funds. In addition, the denominator is also adjusted to include the
result of the capital increase resulting from the execution of the dividend options explained above. Both the numerator and the
denominator take into account period-end balances.
Relevance of its use: it shows the company's book value for each share issued, after deducting intangible assets. It is a generally
used ratio, not only in the banking sector but also in others.
23 IFRS 9 classifies financial instruments into three stages, which depend on the evolution of their credit risk from the moment of initial recognition. The stage 1 includes
operations when they are initially recognized, stage 2 comprises operations for which a significant increase in credit risk has been identified since their initial recognition
and, stage 3, impaired operations.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
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January - March 2026 Report
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TANGIBLE BOOK VALUE PER SHARE
31-03-26
31-12-25
31-03-25
Numerator         
(Millions of euros)
+
Shareholders' funds
74,803
76,228
73,025
+
Accumulated other comprehensive income
(18,533)
(18,871)
(17,948)
-
Intangible assets
2,952
2,856
2,492
Denominator
(Millions of shares) ⁽¹⁾
+
Number of shares
5,634
5,709
5,763
-
Treasury shares
9
10
12
-
Share buyback program ⁽²⁾
53
73
—
=
Tangible book value per share (euros / share)
9.57
9.69
9.14
⁽¹⁾ Tangible book value per share is calculated using the number of ordinary shares outstanding at the end of each period, net of treasury shares.
⁽²⁾ As of March 31, 2026, includes all shares repurchased under the second tranche of the second share buyback program, which began on March 23, 2026 and
was completed on April 17, 2026.
Credit risk indicators
In order to more accurately reflect the evolution of the Group's credit risk, BBVA updated in 2025 the definition of the risk
indicators presented here, including them to the business model whose objective is to receive contractual cash flows and sale of
the financial assets.
In this context, the indicators incorporate, in both the numerator and the denominator, loans and advances classified at fair value
with changes in other comprehensive income, managed under a Held to Collect and Sell business model, together with the assets
at amortized cost and the corresponding contingent risk.
This update allows risk metrics to more accurately represent the credit risk actually managed, avoiding distortions that do not
respond to a deterioration of risk, but to strategic balance sheet management decisions.
Non-performing loan (NPL) ratio
It is the ratio between the risks classified for accounting purposes as non-performing loans and the total credit risk balance. It is
calculated as follows:
shape-27a3da2c6edd14f7.gif
Non-performing loans
Total credit risk
Explanation of the formula: non-performing loans and the credit risk balance are gross, meaning they are not adjusted by
associated accounting provisions.
Non-performing loans are calculated as the sum of “loans and advances at amortized cost”, "the fair value loan portfolio through
other comprehensive income" and the “contingent risk” in stage 323 and the following counterparties:
•other financial entities
•public sector
•non-financial institutions
•households, excluding central banks and other credit institutions.
The credit risk balance is calculated as the sum of "loans and advances at amortized cost", "the fair value loan portfolio through
other comprehensive income" and "contingent risk" in stage 1 + stage 2 + stage 3 of the previous counterparts.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
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January - March 2026 Report
This indicator is shown, as others, at a business area level.
Relevance of its use: this is one of the main indicators used in the banking sector to monitor the current situation and changes in
credit risk quality, and specifically, the relationship between risks classified in the accounts as non-performing loans and the total
balance of credit risk, with respect to customers and contingent liabilities.
shape-f39ed0bdb706d2a7.gif
NON-PERFORMING LOANS (NPLS) RATIO
31-03-26
31-12-25
31-03-25
Numerator       
(Millions of euros)
NPLs
15,163
14,837
14,296
Denominator       
(Millions of euros)
Credit Risk
572,273
547,184
494,729
=
Non-Performing Loans (NPLs) ratio
2.6%
2.7%
2.9%
NPL coverage ratio
This ratio reflects the degree to which the impairment of non-performing loans has been covered in the accounts via allowances. It
is calculated as follows:
shape-d1cc10925e8598d7.gif
Provisions
Non-performing loans
Explanation of the formula: it is calculated as "Provisions" from stage 1 + stage 2 + stage 3, divided by non-performing loans,
formed by “credit risk” from stage 3.
Provisions understood as the value adjustments associated with loans and advances to customers at amortized cost and fair value
with changes in other comprehensive income, together with the provisions associated with contingent risks, of the counterparties
included in the non-performing loans balance.
This indicator is shown, as others, at a business area level.
Relevance of its use: this is one of the main indicators used in the banking sector to monitor the situation and changes in the
quality of credit risk, reflecting the degree to which the impairment of non-performing loans has been covered in the accounts via
value adjustments.
shape-d55f9a5c4625501e.gif
NPL COVERAGE RATIO
31-03-26
31-12-25
31-03-25
Numerator       
(Millions of euros)
Provisions
13,077
12,604
11,677
Denominator       
(Millions of euros)
NPLs
15,163
14,837
14,296
=
NPL coverage ratio
86%
85%
82%
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
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Cost of risk
This ratio indicates the current situation and changes in credit-risk quality through the annual cost in terms of impairment losses
(accounting loan-loss provisions) of each unit of loans and advances to customers (gross). It is calculated as follows:
shape-4fcdeb7e5e2dcb94.gif
Loan-loss provisions
Average loans and advances to customers (gross)
Explanation of the formula: "Loans to customers (gross)" refers to the "Loans and advances at amortized cost" and the "fair value
loan portfolio through other comprehensive income" portfolios with the following counterparts:
•other financial entities
•public sector
•non-financial institutions
•households, excluding central banks and other credit institutions.
Average loans to customers (gross) is calculated by using the average of the period-end balances of each month of the period
analyzed plus the previous month. If the metric is presented on a date before the close of the fiscal year, the numerator will be
annualized. By doing this, "Annualized loan-loss provisions" are calculated by accumulating and annualizing the loan-loss
provisions of each month of the period under analysis (based on days passed).
Loan-loss provisions refer to the aforementioned loans and advances at amortized cost and the fair value loan portfolio through
other comprehensive income portfolios.
This indicator is shown, as others, at a business area level.
Relevance of its use: this is one of the main indicators used in the banking sector to monitor the situation and changes in the
quality of credit risk through the cost over the year.
shape-7e128c49b033031.gif
COST OF RISK
Jan.-Mar.2026
Jan.-Dec.2025
Jan.-Mar.2025
Numerator       
(Millions of euros)
Loan-loss provisions annualized
7,386
6,115
5,558
Denominator
(Millions of euros)
Average loans to customers (gross)
479,565
439,525
426,100
=
Cost of risk
1.54%
1.39%
1.30%
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
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Legal disclaimer
This document is provided for informative purposes only 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 relevant company in relation to each such 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
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 future growth rates or the achievement of future
targets, including those relating to ESG performance.
The information contained in this document reflects our current expectations, estimates 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 actual results 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 conditions, exchange rates,
inflation and interest rates, geopolitical tensions and tariff policies; (2) regulatory, oversight, political, governmental, 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; (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; and (8) our ability to successfully complete and integrate acquisitions. 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, 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.
Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
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January - March 2026 Report
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Banco Bilbao Vizcaya Argentaria, S.A.
Date: April 30, 2026
By:
/s/ MªÁngeles Peláez Morón
Name:
MªÁngeles Peláez Morón
Title:
Head of Accounting & Regulatory Reporting