The share

The global economy has remained resilient during the second quarter of 2026, despite the high levels of uncertainty and the prolongation of the conflict between the United States and Iran for longer than initially expected. According to BBVA Research, global GDP will grow by 3.1% for the full year, just one tenth below what was anticipated in the previous quarter, thanks to the support provided by the increase in investment in artificial intelligence, the increase in defense spending and the expansionary nature of fiscal policies.

The relatively strong performance of the U.S. economy and the strength of China in the face of the energy shock linked to tensions in Iran largely explain the resilience of global growth. In particular, the GDP growth forecast for the United States in 2026 stands at 2.4%, one tenth lower than in the previous scenario, with investment in technology driving domestic spending, while it remains unchanged for China, at 4.5%, where the dynamism of the external sector is limiting the effects of the adjustment in the real estate market. However, in the Eurozone, the impact of higher energy commodity prices on its economy is expected to be greater, which justifies the downward revision of BBVA Research's growth forecast for this year from 1.1% to 0.7%.

For its part, the price increases of energy-intensive goods and the supply chain disruptions associated with the conflict in the Middle East have raised inflation in the main geographical areas and are expected to keep it above the levels anticipated a quarter ago for the remainder of the year: in the case of the United States, the headline rate could stand around 3.5%, and in the Eurozone, above 2.5%. Given this price context, monetary policy will become more restrictive. BBVA Research anticipates that the Fed will leave benchmark interest rates unchanged at 3.75%, compared to the two cuts expected in the previous scenario, and the ECB will keep them at 2.25% following the hike carried out in June. In China, monetary conditions will also be somewhat less accommodative and rates could remain at 2025 levels.

The balance of risks for the global economy has improved following the restoration of trade flows in the Strait of Hormuz and the correction in oil prices, although uncertainty remains high regarding the definite resolution of the crisis between the United States, Iran and Israel. Added to this are the protectionist measures in trade and immigration, and the structural challenges facing Europe and China. Geopolitical tensions in several Middle Eastern countries, the possible revival of the threat of potential actions by the United States administration in Greenland or Mexico, and uncertainty regarding the reaction of central banks and their impact on financial markets also constitute sources of risk. On a positive note, 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.

The main indexes have shown a positive performance during the second quarter of 2026. In Europe, the Stoxx Europe 600 index rose by 10.0% compared to the end of March 2026, and in Spain the Ibex 35 increased by 14.2% in the same period, showing a better relative performance. In the United States, the S&P 500 index increased by 14.9%.

With regard to the banking sector indexes, the performance in the second quarter of 2026 was better than the general indexes in Europe. The Stoxx Europe 600 Banks index, which includes the banks in the United Kingdom, and the Euro Stoxx Banks, an index of Eurozone banks, increased by 21.1% and 22.9% respectively, while in the United States, the S&P Regional Banks sector index increased by 15.0% in the period.

BBVA’s share price increased by 19.8% during the quarter, outperforming its sector index, closing the month of June 2026 at €21.87.

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 time¹.

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.

For its part, the 2026 share buyback programs include an extraordinary program of almost €4,000 million whose execution in several tranches started in December 2025 and is nearing completion in addition to a new extraordinary share buyback program of €2,000 million, which will be executed in several tranches, and whose first tranche, amounting to €1,000 million, is scheduled to begin execution on August 5.

On June 30, 2026, the number of BBVA shares outstanding was 5,581 million. The number of shareholders reached 655,706 and, by type of investor, 67.97% of the capital belonged to institutional investors and the remaining 32.03% was in the hands of retail shareholders.

BBVA shares are included on the main stock market indexes. At the closing of June 2026, the weighting of BBVA shares in the Ibex 35, Euro Stoxx 50 and the Stoxx Europe 600 index, were 12.7%, 2.9% and 0.95%, respectively. They are also included on several sector indexes, including Stoxx Europe 600 Banks, which includes the United Kingdom, with a weighting of 6.2% and the Euro Stoxx Banks index for the eurozone with a weighting of 10.2%. Moreover BBVA maintains a significant presence on a number of international sustainability indexes, such as, Dow Jones Sustainability Index (DJSI), FTSE4Good or MSCI ESG Indexes.

¹ For further information, please refer to the "Share buyback programs" section in the "Capital and shareholders" chapter of the quarterly report.

According to the accumulated results of the business areas at the end of June 2026, and excluding the evolution of currencies in each of them, it is worth mentioning:

The Corporate Center recorded in the first half of 2026 a net attributable loss of €-696 million which represents a worsening compared to the same period of the previous year, associated with the lower contribution of the NTI and higher personnel expenses.

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 €2,054 million in the first half of 2026⁵. Excluding the impact of currency fluctuations, this result represents a 20.7% 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 BREAKDOWN ⁽¹⁾
(PERCENTAGE. 6M26)

⁽¹⁾ Excludes the Corporate Center.

⁵ The additional pro forma information from CIB excludes the application of hyperinflation accounting and the Group's wholesale business in Venezuela.

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