Analyst recommendations

Analysts consensus

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Consensus of estimated quarterly results. Consolidated

Consensus (€Mn)	4Q25
Net Interest Income	6,805
Gross Income	9,514
Operating Income	5,662
Net Attributable Profit	2,556
CET1 (%)	12.91

(*) This consensus includes the estimates of 20 analysts for the P&L and CET1 ratio. Updated as of January 23rd, 2026.

Consensus of estimated annual results. Business areas

Net Attributable Profit by division (EUR Mm)	4Q25
Spain	950
Mexico	1,331
Turkey	260
South America	185
Rest of Business	147
Corporate Center	-318

(*) This consensus includes the estimates of 20 analysts. Updated as of January 23rd, 2026.

Consensus of estimated annual results. Consolidated

Consensus (EUR m) (*)	2025	2026	2027
Net Interest Income	26,000	27,225	28,654
Gross Income	36,538	38,445	40,333
Operating Income	22,356	23,707	25,095
Net Attributable Profit	10,519	11,158	11,906
CET1 (%)	13.13	12.82	12.80

(*) Consensus calculated from the contribution of 17 analysts. Data updated as of November 21, 2025.

Consensus of estimated annual results. Business areas

Net Attributable Profit (EUR m) (*)	2025	2026	2027
Spain	4,082	4,161	4,368
Mexico	5,173	5,352	5,582
Turkey	915	1,090	1,247
South America	746	847	932
Rest of Business	636	706	789
Corporate Center	-1,032	-998	-1,012

(*) Consensus calculated from the contribution of 17 analysts. Data updated as of November 21, 2025.

Consensus of estimated annual results. Exchange rates

Exchange rates (*)	2025	2026	2027
Mexico (MXN/EUR)	21.56	22.33	22.97
Turkey (TRY/EUR)	49.07	60.92	71.50
Argentina (ARS/EUR)	1.681	1.948	2.044
Colombia (COP/EUR)	4.631	4.792	4.934
Peru (PEN/EUR)	4.10	4.17	4.23

(*) Consensus calculated with the estimates of 14 analysts for Mexican peso, 13 for Turkish lira and 9 for the remaining currencies. Average excange rate except for hyperinflationary economies (end of period for the Turkish lira and Argentine peso).

Equity analysts

To our best knowledge, the following analysts and companies follow BBVA on a regular basis. BBVA takes no responsibility for their opinions.

Company	Analyst
Alantra Equities	Francisco Riquel
Autonomous Research	Britta Schmidt
Banco Sabadell	María Paz Ojeda
Bankinter	Rafael Alonso
Bank of America	Antonio Reale
Barclays Capital	Cecilia Romero
Bestinver	Javier Beldarrain
CaixaBank BPI	Carlos Joaquim Peixoto
Carraighill	Seamus Murphy
Citigroup	Marta Sánchez Romero
Deutsche Bank	Alfredo Alonso
Exane BNP Paribas	Ignacio Ulargui
Goldman Sachs	Chris Hallam
GVC Gaesco	Marisa Mazo
Intesa Sanpaolo	Fernando Gil de Santivañes
JB Capital	Maksym Mishyn
Jefferies	Íñigo Vega
JP Morgan	Kian Abouhossein
KBW	Hugo Cruz
Kepler Cheuvreux	María Antonia Casado
Mediobanca	Andrea Filtri
Morgan Stanley	Álvaro Serrano
Morningstar	Johann Scholtz
Oddo	Steven Gould
RBC	Benjamin Toms
Redburn	Gonzalo López
Renta 4	Nuria Álvarez
Santander	Ignacio Méndez
UBS	Ignacio Cerezo

(*) To the best of our knowledge, the sell-side analysts listed above cover BBVA on a regular basis. The list may not be complete and may change from time to time. We update the list periodically, based on the most complete information we have at all times.

Including equity analyst recommendation on BBVA.