Highlights

2025-2029 Strategic Plan

Between January and September 2025, the Group has made significant progress in the execution of its new 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, on July 31, the Group presented its financial objectives for the period 2025-2028, which are part of the strategic plan presented at the beginning of the 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.

Results and business activity

In this context, the BBVA Group achieved a cumulative result of €7,978, by the end of September 2025, representing a year-on-year increase of 4.7%, supported by the strong performance of recurring revenues from the banking business, that is, net interest income and net fees and commissions. If the exchange rates variation is excluded, this growth increases to 19.8%.

Thanks to the solid evolution in gross income, which increased by 16.2% in constant terms, with a growth rate that is significantly higher than that of operating expenses (+11.0% at constant exchange rates, impacted by an environment of still high inflation), the efficiency ratio fell to 38.2% as of September 30, 2025, which represents an improvement of 178 basis points compared to the ratio as of September 30, 2024.

The provisions for impairment on financial assets increased by 12.0% compared to the balances at the end of September 2024 and at constant exchange rates, a rate that is below the growth in lending, which reached 16.0%.

During the first nine months of 2025, loans and advances to customers increased by 5.7%, 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 5.9% at the Group level. Loans to individuals increased by 4.2%, with consumer and mortgage loans showing greater dynamism.

Customer funds grew by 7.4% in the first nine months of the year, driven not only by mutual funds and managed portfolios, but also by deposits from customers.

Business areas

According to the accumulated results of the business areas by the end of September 2025, in each of them it is worth mentioning:

The Corporate Center recorded a net attributable loss of €-750m, in line with the €-726m recorded in the same period of the previous year.

Lastly, and for a broader 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 €2,341m¹. Excluding the impact of currency fluctuations, this result represents a 31.8% increase over the same period of the previous year and 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.

Solvency

The BBVA Group's CET1² ratio stood at 13.42% as of September 30, 2025, which allows it to maintain a large management buffer over the Group's CET1 requirement as of that date (9.13%³), and is also above the Group's target management range of 11.5% - 12.0% of CET1.

Shareholder remuneration

Regarding shareholder remuneration, as approved by the Annual General Shareholders´ Meeting of BBVA held on March 21, 2025, approved, under item 1.3 of the Agenda, a cash distribution against the 2024 results as a final dividend for the 2024 fiscal year, for an amount equal to €0.41 (€0.3321 net of withholding tax) per outstanding BBVA share entitled to participate in this distribution, which was paid on April 10, 2025.

By means of an inside information notice (información privilegiada) dated September 29, 2025, BBVA announced that its Board of Directors had approved the payment of a cash interim dividend of €0.32 gross (€0.2592 net of withholding tax) per share on account of the 2025 dividend entitled to participate in this distribution, to be paid on November 7, 2025.

Additionally, on January 30, 2025, BBVA announced a share buyback program for an amount of €993 million, which is expected to be carried out starting on October 31, 2025. Likewise, given the relevant accumulated excess capital above 12%, BBVA's Board of Directors has agreed to launch a significant additional share buyback as soon as it receives the authorization from the European Central Bank⁴.

Other highlights

During the first nine months of 2025 and the fiscal year 2024, no significant or relevant corporate transactions have been completed, notwithstanding the voluntary public tender offer for the entire share capital of Banco de Sabadell, S.A. announced by BBVA on May 9, 2024. The offer was no longer in effect on October 16, 2025, following the publication of its outcome by the CNMV, as the minimum acceptance condition established by BBVA was not met.

Sustainability

BBVA aims to promote sustainability as a driver of differential growth, leveraging the need to finance investments to meet the increasing demand for efficient and clean energy. As part of its new and ambitious target of channeling €700 billion in sustainable business for the 2025–2029 period⁵, the BBVA Group has channeled approximately €97 billion in the first nine months of 2025⁶, representing a 48%⁷ increase. Of this amount, 76% corresponds to the environmental impact area, while the remaining 24% relates to opportunities in the social sphere.

BBVA’s sustainable business channeling includes aspects related to climate change and natural capital (which encompasses activities connected to water, agriculture, and the circular economy), as well as the promotion and financing of social initiatives (including social, educational, and health infrastructure; support for entrepreneurs and young businesses; and financial inclusion for the most disadvantaged groups). This channeling refers to financial flows linked to activities, clients, or products deemed sustainable by BBVA. Moreover, it is a cumulative concept, as it reflects amounts originated from a specific date. Some of these flows are not recorded on the balance sheet (such as client bond placements or guarantees), or they may have already matured.

During the first nine months of 2025, BBVA has channeled nearly €11.1 billion into its retail business, representing a year-on-year growth of 102%⁶. In line with its bet for sustainability, the Group has developed digital tools to help its retail customers adopt more responsible energy consumption habits. These solutions offer indicative estimates of the potential savings that can be achieved by implementing energy efficiency measures in areas such as the home and transport.

It is worth highlighting the strong performance in financing for the acquisition of hybrid or electric vehicles, which reached approximately €1.3 billion.

The corporate business unit channeled approximately €36.2 billion during the same period, representing a year-on-year growth of 52%⁶. During these months, BBVA has continued to offer its customers in this segment specialized advice on solutions aimed at generating potential savings, with cross-cutting initiatives such as energy efficiency, transport fleet renewal, and water resource management. A particularly noteworthy aspect has been financing linked to natural capital, which reached nearly €3.9 billion, where Mexico's contribution remains essential, generating around half of this channeling, mainly in the agricultural sector.

Between January and September 2025, CIB (Corporate & Investment Banking) channeled approximately €49.7 billion, representing a 36%⁶ increase. BBVA has continued to promote the financing of clean technologies and renewable energy projects within the wholesale segment, as well as solutions such as sustainability-linked confirming. Among these initiatives, the financing of renewable energy projects stands out, reaching €2.1 billion until September.

Relevant initiatives in the field of sustainability

BBVA considers the agri-food sector to be a strategic pillar due to its contribution to a more sustainable economy and its ability to address global challenges such as food security. The bank's strategy is geared toward supporting companies in their transition to more efficient and sustainable models, with a focus on modernization, digitalization, and opening up to new markets.

This engagement was recently showcased at Fruit Attraction, one of the world's largest events for the fruit and vegetable industry, where BBVA reaffirmed its role as the sector’s financial partner. In this context, the Group presented its value proposition, built around sustainability and internationalization. This positioning is supported by the fact that nearly 30% of the exhibiting companies are already customers.

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