BBVA · Banco Bilbao Vizcaya Argentaria, S.A.

BBVA reported excellent first quarter 2026 results, with net attributable profit of €2,989 million, up 10.8% year-on-year on a constant basis. The strong performance was driven by robust revenue growth across all segments, particularly net interest income which rose 20.2% constant, supported by solid loan growth of 17.0% constant and effective price management despite declining interest rates in key markets like Mexico and Spain. Net fees and commissions grew 15.5% constant, led by payments, asset management, and higher insurance and CIB contributions. The bank maintained positive jaws, with gross income growing 18.3% constant outpacing operating expenses growth of 17.5% constant, resulting in an improved efficiency ratio of 38.0% (36.8% excluding voluntary redundancies). Asset quality remained sound with the NPL ratio improving to 2.6% and coverage ratio increasing to 86%, while cost of risk was stable at 1.54%. Capital generation was strong, with the CET1 ratio increasing 13 basis points to 12.83%, well above the 11.5%-12.0% target range and the SREP requirement of 8.98%. The bank continued its shareholder remuneration program, having completed two tranches of the share buyback approved in December 2025 for approximately €1.5 billion, with a third tranche of €2.5 billion set to start early next week. By geography, Mexico remained the largest profit contributor with net attributable profit of €1,453 million (+4.5% YoY constant), driven by robust loan growth and strong revenue performance. Spain delivered net profit of €1,095 million (+8.1% YoY), supported by solid core revenues and well-controlled costs. Turkey contributed €263 million (+66.1% YoY current), benefiting from strong NII growth and customer spread expansion. South America posted net profit of €249 million (+16.3% YoY current), with strong performance in Colombia and Peru. The bank also highlighted progress in its AI transformation strategy, with early positive impacts including 70% monthly active users of AI tools and 2-3 hours average weekly savings per employee.