Highlights
2025-2029 Strategic Plan
In the first nine months of 2026, the BBVA Group has continued to make progress in executing its 2025-2029 Strategic Plan, with the ambition of leading the banking of the future. The objective is to radically embed a customer-centric perspective, as well as to drive and strengthen the Group's commitment to growth and value creation.
Artificial intelligence is a key lever for accelerating the Group's transformation and amplifying the impact of all strategic priorities. In this regard, BBVA is driving its cross-cutting integration across the entire organization through The Eight, the artificial intelligence transformation agenda, to evolve toward a more personalized and proactive relationship with customers, redesign and streamline processes, and enhance employee capabilities. Furthermore, BBVA is developing The Frame, a common operating model that enables scaling the deployment of artificial intelligence solutions and agents safely and efficiently.
STRATEGIC PRIORITIES
BBVA has established six strategic priorities to advance its strategy. These Priorities form the framework for implementing the 2025-2029 Strategic Plan.
Thanks to the strong execution of the Strategic Plan, BBVA continues to make progress in achieving the financial targets defined for the 2025-2028 period.
BBVA GROUP FINANCIAL KPIS GOALS EVOLUTION
(1) Compound Annual Growth Rate.
(2) Excluding the effect of Share Buybacks.
Results and business activity
The cumulative net attributable profit of the BBVA Group in the first nine months of 2026 reached €9,066 million, representing an increase of 13.6% over the same period last year supported by the strong performance of recurring revenues from the banking business, that is, net interest income, which increased by 20.8%, and, to a lesser extent, net fees and commissions, which grew at a year-on-year rate of 13.8%, with a particularly strong evolution of payment systems fees.
The solid evolution of net interest income, with a positive performance in all business areas, offset the growth in operating expenses, which increased by 17.4%, and the provisions for impairment on financial assets, which grew by 25.8% compared to the cumulative balances as of September 30, 2025, in a context of lending growth.
Regarding activity, during the first nine months of 2026, loans and advances to customers increased by 14.6%, driven for another quarter by the dynamism of corporate loans, growing by 19.9% at the Group level. For their part, loans to individuals increased by 6.8%, with a favorable evolution across all products.
Customer funds registered an increase of 7.7% year-to-date, with standout growth in time deposits (+20.7%) and mutual funds (+8.3%) at the Group level.
LOANS AND ADVANCES TO CUSTOMERS AND TOTAL CUSTOMER FUNDS (VARIATION COMPARED TO 31-12-2025)
(1) The growth of performing loans and advances to customers under management (excluding repos) stands at 15.1%.
Business areas
Regarding the cumulative results as of the end of September 2026 by business areas, excluding exchange rate fluctuations unless otherwise specified, it is worth mentioning:
Spain generated a net attributable profit of €3,106 million in the first nine months of 2026, which is in line with that achieved in the same period of 2025 favored by the good performance of net interest income.
Mexico achieved a net attributable profit of €4,522 million, which represents a year-on-year growth of 8.4%, explained mainly by the favorable evolution of net interest income, supported by robust lending activity growth and driven also by the rest of components of gross income.
Turkey reached a net attributable profit of €789 million, which compares very favorably with the result achieved in the same period of the previous year, mainly as a result of the strong performance of net interest income.
South America generated a net attributable profit of €821 million, which represents a year-on-year growth of 42.1% at current exchange rates, favored by the evolution of net interest income.
Rest of Business achieved a net attributable profit of €801 million, 58.5% higher than in the same period of the previous year, favored by the evolution of the recurring revenues and the NTI.
The Corporate Center recorded in the first nine months of 2026 a net attributable loss of €-974 million which represents a worsening compared to the same period of the previous year, associated with higher personnel expenses.
Lastly, and for a better understanding of the Group's activity and results, supplementary information is provided on the wholesale business, Corporate & Investment Banking (CIB), carried out by BBVA in the countries where it operates. CIB generated a net attributable profit of €3,082 million in the first nine months of 20261. This result represents, excluding the impact of currency fluctuations, a 19.0% increase over the previous year, which once again reflects 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. JAN.-SEP.26)
(1) Excludes the Corporate Center.
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 period2, the BBVA Group has channeled approximately €120 billion in the first nine months of 2026, bringing the cumulative total to €254 billion since the announcement of this target.
SUSTAINABLE BUSINESS CHANNELING 2025–SEPTEMBER 2026 (1)
(1) Sustainable business channeling as of September 30, 2026 also includes transition activities in accordance with the Guide for Sustainable and Transition Business Channeling. The amount corresponding to these activities is not visible in the charts or table due to the scale used, expressed in billions of euros.
SUSTAINABLE BUSINESS CHANNELING 9M26
(2) Generally, the criterion used for distributing sustainable business channeling by geographical area is the location of the corresponding operation's registration. However, there are certain exceptions when several geographies are involved in the operation.
(3) At current exchange rates.
| BY CUSTOMER SEGMENT AND SCOPE OF ACTIVITY (4)(5) | |||||
|---|---|---|---|---|---|
| Scope of activity (€Bn) | Customer segment | Total | % | ||
| Corporates | Enterprises | Retail | |||
| Environmental | 54 | 33 | 5 | 91 | 76% |
| Social | 7 | 13 | 10 | 29 | 24% |
| Total | 60 | 45 | 14 | 120 | 100% |
| (4) 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. (5) 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. |
|||||
Solvency
The BBVA Group's CET13 ratio stood at 12.21% as of September 30, 2026, which allows it to maintain a large management buffer over the Group's CET1 requirement as of that date (8.97%4), and is also above the Group's target management range of 11.5% - 12.0% of CET1.
Shareholder remuneration
The shareholder remuneration policy contemplates that cash distributions may be combined with share buybacks, all subject to the authorization and approvals applicable at any given time5.
Regarding cash distribution, 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.
Likewise, the BBVA Board of Directors agreed on the payment of a cash interim dividend against 2026 earnings in the gross amount of €0.37 (€0.2997 net of applicable withholding tax) for each outstanding share entitled to participate in said distribution, which was paid on October 15, 2026.
The 2026 share buyback programs comprise an extraordinary program for almost €4 billion, executed in several tranches between December 2025 and August 3, 2026. Added to this a new extraordinary share buyback program amounting to €2 billion, structured into two tranches of €1 billion each. The first of these tranches was executed between August 5 and October 1, 2026, while the execution of the second began on October 14, 2026.
1 The additional pro forma information from CIB excludes the application of hyperinflation accounting and the Group's wholesale business in Venezuela.
2 The Goal 2029 includes the channeling of financial flows, cumulatively, in relation with activities, clients or products considered to be sustainable, transition and/or linked to sustainability, in accordance with internal standards inspired by existing regulations, market standards such as the Green Bond Principles, the Social Bond Principles, the Climate Transition Bond Guidelines, 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. The products and eligibility and accounting criteria are described in the BBVA Sustainable and Transition Business Channeling Guide available on the BBVA Group's shareholders and investors website.
3 As of September 30, 2026, there were no differences between fully loaded and phased-in ratios given that the impact associated with the transitional adjustments is nil.
4 Considering the latest official updates to the countercyclical capital buffer and the systemic risk buffer, applied on the basis of exposure as of June 30, 2026.
5 For further information, please refer to the "Share buyback programs" section in the "Capital and shareholders" chapter.
Read legal disclaimer of this report.