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.
GROUP FINANCIAL KPIS GOALS EVOLUTION
(1) Compound Annual Growth Rate.
(2) Excluding the effect of Share Buybacks.
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.
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.
LOANS AND ADVANCES TO CUSTOMERS AND TOTAL CUSTOMER FUNDS (VARIATION COMPARED TO 31-12-2025)
(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.
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)
NET ATTRIBUTABLE PROFIT BREAKDOWN (1)
(PERCENTAGE. 1Q26)
(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.
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.
SUSTAINABLE BUSINESS CHANNELING 2025–MARCH 2026
SUSTAINABLE BUSINESS CHANNELING 1Q26
(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.
| BY CUSTOMER SEGMENT AND SCOPE OF ACTIVITY (2)(3) | |||||
|---|---|---|---|---|---|
| Scope of activity (€Bn) | Customer segment | Total | % | ||
| Corporates | Enterprises | Retail | |||
| Environmental | 16 | 10 | 2 | 27 | 76 % |
| Social | 2 | 3 | 3 | 9 | 24 % |
| Total | 18 | 13 | 5 | 36 | 100 % |
| (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. |
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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.
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.
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.
5 For further information, please refer to the "Share buyback programs" section in the "Capital and shareholders" chapter.
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