# EDGAR Filing Document

**Accession Number:** 0000842180
**File Stem:** 0001628280-25-047437
**Filing Date:** 2025-10
**Character Count:** 323363
**Document Hash:** 165f4b3b1927e68afbc084d125fe730b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-047437.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001628280-25-047437

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
- **CENTRAL INDEX KEY:** 0000842180
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 133491492
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10110
- **FILM NUMBER:** 251433721

**BUSINESS ADDRESS:**
- **STREET 1:** CALLE AZUL 4
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28050
- **BUSINESS PHONE:** 011 34 91 537 8172

**MAIL ADDRESS:**
- **STREET 1:** CALLE AZUL 4
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28050

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO BILBAO VIZCAYA ARGENTARIA S A
- **DATE OF NAME CHANGE:** 20000505

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO BILBAO VIZCAYA S A
- **DATE OF NAME CHANGE:** 19991103

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the nine months ended September 30, 2025

Commission file number: 1-10110

**BANCO BILBAO VIZCAYA ARGENTARIA, S.A.** 

**(Exact name of Registrant as specified in its charter)** 

**BANK BILBAO VIZCAYA ARGENTARIA, S.A.** 

**(Translation of Registrant's name into English)** 

**Calle Azul, 4**

**28050 Madrid**

**Spain** 

**(Address of principal executive offices)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F [X] Form 40-F [ ]

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**BANCO BILBAO VIZCAYA ARGENTARIA, S.A.**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | Page |
| [Certain Terms and Conventions](#ib50b93ab9be14a4995d4c2323dd6d189_10) | [1](#ib50b93ab9be14a4995d4c2323dd6d189_10) |
| [Cautionary Statement Regarding Forward-Looking Statements](#ib50b93ab9be14a4995d4c2323dd6d189_13) | [2](#ib50b93ab9be14a4995d4c2323dd6d189_13) |
| [Presentation of Financial Information](#ib50b93ab9be14a4995d4c2323dd6d189_16) | [5](#ib50b93ab9be14a4995d4c2323dd6d189_16) |
| [Business Overview](#ib50b93ab9be14a4995d4c2323dd6d189_28) | [7](#ib50b93ab9be14a4995d4c2323dd6d189_28) |
| [Operating and Financial Review and Prospects](#ib50b93ab9be14a4995d4c2323dd6d189_31) | [16](#ib50b93ab9be14a4995d4c2323dd6d189_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Operating Results](#ib50b93ab9be14a4995d4c2323dd6d189_37) | [16](#ib50b93ab9be14a4995d4c2323dd6d189_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Capital](#ib50b93ab9be14a4995d4c2323dd6d189_70) | [40](#ib50b93ab9be14a4995d4c2323dd6d189_70) |
| [Other Matters](#ib50b93ab9be14a4995d4c2323dd6d189_79) | [42](#ib50b93ab9be14a4995d4c2323dd6d189_79) |
| [Unaudited Condensed Interim Consolidated Financial Statements](#ib50b93ab9be14a4995d4c2323dd6d189_103) | F-[1](#ib50b93ab9be14a4995d4c2323dd6d189_103) |

---

This Form 6-K is incorporated by reference into BBVA's Registration Statement No. 333-289121 on Form F-3 and Registration Statements Nos. 333-240248, 333-228053, 333-217073, 333-208728, 333-199835, 333-191625, 333-185538 and 333-178186 on Form S-8 filed with the Securities and Exchange Commission ("**SEC**").

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**CERTAIN TERMS AND CONVENTIONS**

The terms below are used as follows throughout this report:

&nbsp;&nbsp;&nbsp;&nbsp;• "**BBVA**", the "**Bank**", the "**Company**", the "**Group**", the "**BBVA Group**" or first-person personal pronouns, such as "we", "us" or "our", mean Banco Bilbao Vizcaya Argentaria, S.A. and its consolidated subsidiaries unless otherwise indicated or the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;• "**BBVA Mexico**" means Grupo Financiero BBVA Bancomer, S.A. de C.V. and its consolidated subsidiaries, unless otherwise indicated or the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;• "**Consolidated Financial Statements**" means our audited consolidated financial statements as of and for the years ended December 31, 2024, 2023 and 2022, presented in compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("**IFRS-IASB**"), as well as in accordance with the International Financial Reporting Standards endorsed by the European Union ("**EU-IFRS**") applicable as of December 31, 2024, considering Bank of Spain Circular 4/2017, as well as its successive amendments, and any other legislation governing financial reporting which was, as of the date of preparation of such consolidated financial statements, applicable, and with the format and mark-up requirements established in the EU Delegated Regulation 2019/815 of the European Commission. The Consolidated Financial Statements are included in the 2024 Form 20-F.

&nbsp;&nbsp;&nbsp;&nbsp;• "**Garanti BBVA**" means Türkiye Garanti Bankası A.Ş. and its consolidated subsidiaries, unless otherwise indicated or the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;• "**Latin America**" refers to Mexico and the other countries in which we operate in South America and Central America.

&nbsp;&nbsp;&nbsp;&nbsp;• "**Unaudited Condensed Interim Consolidated Financial Statements**" means our unaudited condensed interim consolidated financial statements as of and for the nine months ended September 30, 2025 presented in accordance with International Accounting Standard 34 (IAS 34) as issued by the IASB and adopted by the European Union ("**EU**") and included herewith.

&nbsp;&nbsp;&nbsp;&nbsp;• "**2024 Form 20-F**" means our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on February 21, 2025.

In this report, "**$**", "**US$**", "**USD**", "**U.S. dollars**", and "**dollars**" refer to United States Dollars and "**€**" and "**euro**" refer to Euro.

------

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

This report contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "**Securities Act**"), Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of forward-looking terminology such as "believe", "expect", "estimate", "forecast", "project", "anticipate", "should", "intend", "probability", "risk", "VaR", "target", "goal", "objective", and "future" or by the use of similar expressions or variations on such expressions, or by the discussion of strategy or objectives. Forward-looking statements are based on current plans, estimates and projections, are not guarantees of future performance and are subject to inherent risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by such forward-looking statements. The accompanying information in this report, including, without limitation, the information under the items listed below, identifies important factors that could cause such differences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Business Overview*";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* "*Operating and Financial Review and Prospects*"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Other Matters*".

Other important factors that could cause actual results to differ materially from those in forward-looking statements include the factors identified in "*Item 3. Key Information—Risk Factors*", "*Item 4. Information on the Company*", "*Item 5. Operating and Financial Review and Prospects*" and "*Item 11. Quantitative and Qualitative Disclosures About Market Risk*" in the 2024 Form 20-F.

Other important factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the deterioration of economic conditions or changes in the institutional environment in the countries in which we operate and/or to whose sovereign debt we are exposed, especially Spain, Mexico and Turkey, including any adverse developments, or the perception that such developments may occur, regarding credit quality, public debt sustainability, economic or fiscal policy and sovereign ratings, particularly Spain's, Mexico's and Turkey's, among other factors. Financial and macroeconomic volatility may increase as a result of, among other factors, U.S. administration policies, including tariffs and fiscal and regulatory changes. The effects of, and uncertainty arising from, these policies and large fiscal deficits have raised the U.S. risk premium, pushing up long-term sovereign yields and weakening the U.S. dollar, and they may spark further market instability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of geopolitical tensions and economic challenges in recent years including, among other factors, the ongoing conflicts in Ukraine and in the Middle East, the long-standing United States-China rivalry, including recent trade tariffs, the escalation of trade tariffs globally, and changes in policies generally. Overall, rising global geopolitical tensions increase uncertainty around the outlook for the world economy and the likelihood of economic and financial disruptions, including a sharp global growth slowdown;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes or volatility in interest rates, foreign exchange rates, asset prices, equity markets, commodity prices (including energy prices), inflation or deflation and, in particular, as of the date of this report on Form 6-K, the depreciation of the currencies of the non-euro geographical areas in which we operate, high inflation, stagflation due to more intense or prolonged supply crises, high interest rates in most of the geographical areas where we operate (which may impact default rates) and low real interest rates in Turkey (which may affect our margins);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse developments in emerging economies, in particular Latin America and Turkey, including unfavorable political and economic developments, social instability and changes in governmental policies, including expropriation, nationalization, exchange controls or other limitations on the distribution or repatriation of dividends, international ownership legislation, tax policies, interest rate caps, fee caps and other policies affecting the banking sector, including the "liraization" strategy in Turkey (which seeks to increase the weight of Turkish lira-denominated assets and liabilities of the banking system). Further, emerging economies generally face higher anti-money laundering and environmental, social and governance ("**ESG**") risk levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in Spain, political, regulatory and economic uncertainty may have a negative impact on economic activity, and there is a risk that public policies could be adopted that have an adverse impact on the economy or our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• downgrades in our credit ratings or in sovereign credit ratings, particularly Spain's, Mexico's and Turkey's respective credit ratings;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the monetary, interest rate and other policies of central banks, and the trade, economic and other policies of governments, in the EU, Spain, Mexico, Turkey, the United States and elsewhere, including the impact of the still-prevailing high interest rates and the escalation of trade tariffs globally on the Group's results of operations (including potential mark-to-market losses on securities portfolios, reduced demand for credit, increased funding costs and higher default rates). Moreover, any interest rate reductions may result in higher inflation and adversely affect the Group's results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjustments in the real estate markets in the geographical areas in which we operate, in particular in Spain, Mexico and Turkey;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the success of our acquisitions and investments, divestitures, mergers, joint ventures and strategic alliances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of competition in the markets in which we operate and the rise of neobanks (a new generation of financial institutions that operate exclusively online), which may be affected by regulation or deregulation affecting us or our competitors, and our ability to manage information technology obsolescence, implement technological advances on a timely basis or at all and effectively capture the benefits of emerging technologies, including cloud computing, artificial intelligence, big data analysis, crypto currencies and alternative payment systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with various legal and regulatory regimes and the impact of applicable laws and regulations on our operations, including capital, resolution, liquidity, provision and consumer protection requirements, and the increasing tax burden;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in consumer spending and savings habits, including changes in government policies which may influence spending, saving and investment decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to continue to access sources of liquidity and funding and our ability to receive dividends and other funds from our subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of our debt recovery policy, including our ability to recover aged non-performing loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to hedge certain risks economically, including exchange rate risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to address physical, regulatory, reputational, transition and business risks associated with climate change and emerging and developing ESG standards, including our ability to meet any ESG expectations, targets or obligations and the cost thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to make payments on certain substantial unfunded amounts relating to commitments with personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of our international operations and our ability to manage such operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weaknesses or failures in the Group's internal or outsourced processes, systems (including information technology systems) and security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weaknesses or failures of our anti-money laundering or anti-terrorism programs, or of our internal policies, procedures, systems and other mitigating measures designed to ensure compliance with applicable anti-corruption laws and sanctions regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security breaches, including cyber-attacks and identity theft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome of legal and regulatory actions and proceedings, both those to which the Group is currently exposed and any others which may arise in the future, including actions and proceedings related to former subsidiaries of the Group or in respect of which the Group may have indemnification obligations, as well as legal and regulatory actions and proceedings against other financial institutions, especially if such actions or proceedings result in rulings that affect the industry generally or lead to changes in the Group's practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions that are incompatible with our ethics and compliance standards, and our failure to timely detect or remedy any such actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our success in managing the risks involved in the foregoing, which depends, among other things, on the adequacy of our internal risk models and our ability to anticipate events that are not captured or fully accounted for in the models we use or which otherwise requires us to successfully adjust our risk parameters, risk appetite framework and estimations to account for the foregoing and any changes in market conditions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *force majeure* and other events beyond our control.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to release publicly the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, including, without limitation, changes in our business, strategy, targets or expectations, including as a result of the occurrence of unanticipated events.

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**PRESENTATION OF FINANCIAL INFORMATION**

Under Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of July 19, 2002, all companies governed by the law of an EU Member State and whose securities are admitted to trading on a regulated market of any Member State must prepare their consolidated financial statements for the years beginning on or after January 1, 2005 in conformity with EU-IFRS. The Bank of Spain issued Circular 4/2017 of November 27, 2017 ("**Circular 4/2017**"), on Public and Confidential Financial Reporting Rules and Formats, which requires Spanish credit institutions to adapt their accounting system to the principles derived from the adoption of EU-IFRS.

There are no differences between EU-IFRS required to be applied under the Bank of Spain's Circular 4/2017 and IFRS-IASB as of the dates and for the periods presented in the Unaudited Condensed Interim Consolidated Financial Statements. The Unaudited Condensed Interim Consolidated Financial Statements are presented in accordance with International Accounting Standard 34 (IAS 34) as issued by the IASB and adopted by the EU.

For a description of our critical accounting policies, see Note 2 to the Unaudited Condensed Interim Consolidated Financial Statements, "*Item 5. Operating and Financial Review and Prospects—Critical Accounting Policies*" in the 2024 Form 20-F and Note 2.2 to the Consolidated Financial Statements.

The financial information as of December 31, 2024 and for the nine months ended September 30, 2024 included herein and in the Unaudited Condensed Interim Consolidated Financial Statements may differ from previously reported financial information as of such date and for such period in previously filed reports as a result of certain intra-group adjustments referred to in the section "—*Changes in Intra-Group Adjustments*" herein.

We consider certain of our critical accounting policies to be particularly important due to their effect on the financial reporting of our financial condition and results of operations and because they require management to make difficult, complex or subjective judgments, some of which may relate to matters that are inherently uncertain. Our reported financial condition and results of operations are sensitive to accounting methods, assumptions and estimates that underlie the preparation of the consolidated financial statements. The nature of critical accounting policies, the judgments and other uncertainties affecting application of those policies and the sensitivity of reported results to changes in conditions and assumptions are factors to be considered when reviewing the Unaudited Condensed Interim Consolidated Financial Statements. For information on the estimates made by the Group in preparing the Unaudited Condensed Interim Consolidated Financial Statement, see Note 1.3 to the Unaudited Condensed Interim Consolidated Financial Statements.

**Hyperinflationary Economies**

The Turkish, Argentine and Venezuelan economies have been considered hyperinflationary, as defined by IAS 29 "Financial Reporting in Hyperinflationary Economies", since 2022, 2018 and 2008, respectively. All the components of the financial statements (including income statement items) of entities located in such countries<sup>1</sup> (in each case, for any period in which the relevant economy was considered to be hyperinflationary) have been converted at the relevant period-end exchange rate for inclusion in the consolidated financial statements, and the resulting conversion differences have been recorded within "Accumulated other comprehensive income (loss)" in accordance with IAS 21 "Effects of Changes in Foreign Exchange Rates".

See Note 2.2.18 to the Consolidated Financial Statements for information on the application of IAS 29 "Financial Reporting in Hyperinflationary Economies" and IAS 21 "Effects of Changes in Foreign Exchange Rates" to hyperinflationary economies.

**Changes in Intra-Group Adjustments**

Following the publication of the Consolidated Financial Statements, certain immaterial balance sheet amounts related to specific activities undertaken by the business units were reallocated between the operating segments and the Corporate Center. As a result, certain expenses were reallocated, in particular, between Spain, Rest of Business and the Corporate Center. In order to make the segment information as of December 31, 2024 and for the nine months ended September 30, 2024 included herein comparable with the segment information as of and for the nine months ended September 30, 2025, segment information as of December 31, 2024 and for the nine months ended September 30, 2024 included herein has been revised in conformity with these intra-group adjustments. These intra-group adjustments had no impact at the consolidated level.

See Note 5 to the Unaudited Condensed Interim Consolidated Financial Statements for information on our operating segments.

<sup>1</sup> With respect to Turkey, IAS 29 does not apply to the operations outside Turkey of the Türkiye Garanti Bankası A.Ş. group of companies, and in particular to the financial statements of Garanti Bank S.A. in Romania and GarantiBank BBVA International N.V. in the Netherlands.

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**Dividends and Share Buyback Program**

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. The total amount paid amounted to approximately €2,360 million.

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 entitled to participate in this distribution on account of the 2025 dividend, to be paid on November 7, 2025. As of September 30, 2025, the total amount corresponding to said dividend amounted to approximately €1,842 million, and it was recorded as a liability under the item "Other financial liabilities".

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.

**Statistical and Financial Information** 

The following principles should be noted in reviewing the statistical (if any) and financial information contained herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless otherwise stated, any reference to loans refers to both loans and advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial information with respect to segments or subsidiaries may not reflect consolidation adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain numerical information in this report on Form 6-K may not compute due to rounding. In addition, information regarding period-to-period changes is based on numbers which have not been rounded.

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**BUSINESS OVERVIEW**

The BBVA Group is a customer-centric global financial services group founded in 1857. Internationally diversified and with strengths in the traditional banking businesses of retail banking, asset management and wholesale banking, the Group is committed to offering a compelling digital proposition focused on customer experience.

For this purpose, the Group is focused on increasingly offering products online and through mobile channels, improving the functionality of its digital offerings and refining customer experience, contributing to the delivery of its strategy in a sustainable and inclusive way. BBVA places sustainability at the core of its strategy. Sustainability is impacting the banking business, affecting not only relations with customers but also internal processes.

**Operating Segments**

As of September 30, 2025, the structure of the operating segments used by the BBVA Group for management purposes remained the same as in 2024.

Set forth below are the Group's current five operating segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mexico;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Turkey;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• South America; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rest of Business.

In addition to the operating segments referred to above, the Group has a Corporate Center which includes those items that have not been allocated to an operating segment. It includes the Group's general management functions, including costs from central units that have a corporate function; management of structural exchange rate positions carried out by the Assets & Liabilities Management unit ("**ALCO**"), including currency hedging; certain proprietary portfolios; certain tax assets and liabilities; certain provisions related to commitments with employees; and goodwill and other intangibles, as well as the financing of such asset portfolios. It also includes the results of the Group's stake in the venture capital fund Propel Venture Partners.

Following the publication of the Consolidated Financial Statements, certain immaterial balance sheet amounts related to specific activities undertaken by the business units were reallocated between the operating segments and the Corporate Center. As a result, certain expenses were reallocated, in particular, between Spain, Rest of Business and the Corporate Center. In order to make the segment information as of December 31, 2024 and for the nine months ended September 30, 2024 included herein comparable with the segment information as of and for the nine months ended September 30, 2025, segment information as of December 31, 2024 and for the nine months ended September 30, 2024 included herein has been revised in conformity with these intra-group adjustments. These intra-group adjustments had no impact at the consolidated level.

The breakdown of the Group's total assets by each of BBVA's operating segments and the Corporate Center as of September 30, 2025 and December 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
| | **As of September 30, 2025** | **As of December 31, 2024** |
| | **(In Millions of Euros)** | **(In Millions of Euros)** |
| Spain | 431932 | 411620 |
| Mexico | 172544 | 168470 |
| Turkey | 86771 | 82782 |
| South America | 73142 | 73997 |
| Rest of Business | 76639 | 66534 |
| **Subtotal Assets by Operating Segment** | **841028** | **803404** |
| Corporate Center and Adjustments (1) | (27965) | (31002) |
| **Total Assets BBVA Group** | **813063** | **772402** |

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(1)Includes balance sheet intra-group adjustments between the Corporate Center and the operating segments (see "*Presentation of Financial Information—Changes in Intra-Group Adjustments*").

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The following table sets forth information relating to the profit (loss) attributable to parent company for each of BBVA's operating segments and the Corporate Center for the nine months ended September 30, 2025 and 2024. Such information is presented under management criteria; however, for the nine months ended September 30, 2025 and 2024, there are no differences between the sum of the income statements of our operating segments and the Corporate Center (calculated in accordance with management criteria used to report segment financial information) and the consolidated income statement of the Group. For additional information on the profit (loss) attributable to parent company for each of BBVA's operating segments and the Corporate Center, see "*Operating and Financial Review and Prospects—Operating Results—BBVA Group results of operations for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024—Results of operations by operating segment for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024*".

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Profit / (Loss) Attributable to Parent Company** | **Profit / (Loss) Attributable to Parent Company** | **% of Profit / (Loss) Attributable to Parent Company (1)** | **% of Profit / (Loss) Attributable to Parent Company (1)** |
| | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (In Percentage)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (In Percentage)** |
| Spain | 3139 | 2841 | 36.0 | 34.0 |
| Mexico | 3875 | 4193 | 44.4 | 50.2 |
| Turkey | 648 | 433 | 7.4 | 5.2 |
| South America | 585 | 471 | 6.7 | 5.6 |
| Rest of Business | 481 | 409 | 5.5 | 4.9 |
| **Subtotal operating segments** | **8728** | **8347** | **100.0** | **100.0** |
| Corporate Center | (750) | (726) |  |  |
| **Profit attributable to parent company** | **7978** | **7622** |  |  |

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(1) Based on subtotal from operating segments.

The following table sets forth certain summarized information relating to the income of each operating segment and the Corporate Center for the nine months ended September 30, 2025 and 2024. Such information is presented under management criteria; however, for the nine months ended September 30, 2025 and 2024, there are no differences between the sum of the income statements of our operating segments and the Corporate Center (calculated in accordance with management criteria used to report segment financial information) and the consolidated income statement of the Group. For additional information on the income of each of BBVA's operating segments and the Corporate Center, see "*Operating and Financial Review and Prospects—Operating Results—BBVA Group results of operations for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024—Results of operations by operating segment for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024*".

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Operating Segments** | **Operating Segments** | **Operating Segments** | **Operating Segments** | **Operating Segments** | **Operating Segments** | **Operating Segments** |
| | **Spain** | **Mexico** | **Turkey** | **South America** | **Rest of Business** | **Corporate Center** | &nbsp;&nbsp;**Total** |
| | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** |
| **September 2025** | | | | | | | |
| Net interest income / (expense) | 4905 | 8393 | 2137 | 3537 | 596 | (323) | 19246 |
| Gross income | 7473 | 11124 | 3776 | 4001 | 1296 | (534) | 27136 |
| Operating profit / (loss) before tax | 4522 | 5387 | 1445 | 1354 | 615 | (1031) | 12292 |
| **Profit / (loss) attributable to parent company** | **3139** | **3875** | **648** | **585** | **481** | **(750)** | **7978** |
| **September 2024** |  |  |  |  |  |  |  |
| Net interest income / (expense) | 4794 | 8762 | 925 | 4178 | 522 | (321) | 18861 |
| Gross income | 7065 | 11641 | 2838 | 3865 | 1058 | (304) | 26161 |
| Operating profit / (loss) before tax | 4011 | 5765 | 1223 | 943 | 520 | (816) | 11647 |
| **Profit / (loss) attributable to parent company** | **2841** | **4193** | **433** | **471** | **409** | **(726)** | **7622** |

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The following tables set forth summarized information relating to the balance sheet of the operating segments and the Corporate Center and adjustments as of September 30, 2025 and December 31, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| | **Spain** | **Mexico** | **Turkey** | **South America** | **Rest of Business** | **Total Operating Segments** | **Corporate Center and Adjustments (1)** |
| | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** |
| **Total Assets** | **431932** | **172544** | **86771** | **73142** | **76639** | **841028** | **(27965)** |
| Cash, cash balances at central banks and other demand deposits | 18645 | 12326 | 9996 | 7393 | 9152 | 57512 | (387) |
| Financial assets at fair value (2) | 112794 | 54644 | 4824 | 10528 | 2043 | 184834 | (2448) |
| Financial assets at amortized cost | 254126 | 98847 | 67484 | 51598 | 64723 | 536777 | (774) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and advances to customers | 188504 | 92147 | 50628 | 47804 | 58308 | 437390 | (1225) |
| **Total Liabilities** | **416260** | **160400** | **77958** | **66329** | **71821** | **792768** | **(41514)** |
| Financial liabilities held for trading and designated at fair value through profit or loss | 77865 | 30432 | 1662 | 2649 | 788 | 113395 | (9365) |
| Financial liabilities at amortized cost - Customer deposits | 237858 | 87554 | 60866 | 50438 | 35178 | 471894 | (530) |
| **Total Equity** | **15672** | **12144** | **8813** | **6814** | **4817** | **48260** | **13549** |
| **Assets under management** | **116041** | **67593** | **23691** | **8406** | **687** | **216417** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 89767 | 61052 | 17729 | 8406 |  | 176953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension funds | 26274 |  | 5962 |  | 687 | 32923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other placements |  | 6541 |  |  |  | 6541 |  |

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(1)Includes balance sheet intra-group adjustments between the Corporate Center and the operating segments (see "*Presentation of Financial Information—Changes in Intra-Group Adjustments*").

(2)Financial assets at fair value includes: "Financial assets held for trading", "Non-trading financial assets mandatorily at fair value through profit or loss", "Financial assets designated at fair value through profit or loss" and "Financial assets at fair value through other comprehensive income".

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Spain** | **Mexico** | **Turkey** | **South America** | **Rest of Business** | **Total Operating Segments** | **Corporate Center and Adjustments (1)** |
| | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In Millions of Euros)** |
| **Total Assets** | **411620** | **168470** | **82782** | **73997** | **66534** | **803404** | **(31002)** |
| Cash, cash balances at central banks and other demand deposits | 12734 | 12564 | 8828 | 8906 | 8348 | 51379 | (234) |
| Financial assets at fair value (2) | 109569 | 54547 | 4503 | 10884 | 1627 | 181130 | (1798) |
| Financial assets at amortized cost | 237279 | 94595 | 64893 | 49983 | 56013 | 502763 | (362) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and advances to customers | 179667 | 88725 | 48299 | 46846 | 50392 | 413930 | (1453) |
| **Total Liabilities** | **396475** | **156743** | **74537** | **66907** | **61501** | **756163** | **(43774)** |
| Financial liabilities held for trading and designated at fair value through profit or loss | 75143 | 30885 | 1943 | 2060 | 642 | 110674 | (9131) |
| Financial liabilities at amortized cost - Customer deposits | 226391 | 84949 | 58095 | 50738 | 27432 | 447605 | 41 |
| **Total Equity** | **15145** | **11727** | **8245** | **7090** | **5033** | **47242** | **12772** |
| **Assets under management** | **108694** | **57253** | **18076** | **7936** | **645** | **192604** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 82852 | 52528 | 12949 | 7936 |  | 156264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension funds | 25841 |  | 5128 |  | 645 | 31614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other placements |  | 4726 |  |  |  | 4726 |  |

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(1)Includes balance sheet intra-group adjustments between the Corporate Center and the operating segments (see "*Presentation of Financial Information—Changes in Intra-Group Adjustments*").

(2)Financial assets at fair value includes: "Financial assets held for trading", "Non-trading financial assets mandatorily at fair value through profit or loss", "Financial assets designated at fair value through profit or loss" and "Financial assets at fair value through other comprehensive income".

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**Spain**

This operating segment includes all of BBVA's banking and non-banking businesses in Spain, other than those included in the Corporate Center. The primary business units included in this operating segment are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Spanish Retail Network***: including individual customers, private banking, small companies and businesses in the domestic market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Corporate and Business Banking***: which manages small and medium sized enterprises ("**SMEs**"), companies and corporations, and public institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Corporate and Investment Banking***: responsible for business with large corporations and multinational groups and the trading floor and distribution business in Spain; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Other units:*** which includes the insurance business unit in Spain (BBVA Seguros) as well as the Group's shareholding in Compañía de Seguros y Reaseguros, S.A., the Asset Management unit (which manages Spanish mutual funds and pension funds), lending to real estate developers and foreclosed real estate assets in Spain, as well as certain proprietary portfolios and certain funding and structural interest-rate positions of the euro balance sheet which are not included in the Corporate Center.

Cash, cash balances at central banks and other demand deposits amounted to €18,645 million as of September 30, 2025, a 46.4% increase compared with the €12,734 million recorded as of December 31, 2024, mainly driven by the narrowing of the credit gap (as loans increased less than deposits), the increase in cash balances held at the European Central Bank ("**ECB**") through repurchase agreements and, to a lesser extent, the proceeds of debt issuances completed during the nine months ended September 30, 2025.

Financial assets at fair value of this operating segment (which includes the following portfolios: "Financial assets held for trading", "Non-trading financial assets mandatorily at fair value through profit or loss", "Financial assets designated at fair value through profit or loss" and "Financial assets at fair value through other comprehensive income") amounted to €112,794 million as of September 30, 2025, a 2.9% increase from the €109,569 million recorded as of December 31, 2024, mainly as a result of the increase in holdings of sovereign debt securities of European countries and equity instruments, respectively, partially offset by the decrease in derivatives recorded under "Financial assets held for trading", as a result of a portfolio reallocation within a low interest rate environment, amid reduced market volatility.

Financial assets at amortized cost of this operating segment as of September 30, 2025 amounted to €254,126 million, a 7.1% increase compared with the €237,279 million recorded as of December 31, 2024. Within this heading, loans and advances to customers amounted to €188,504 million as of September 30, 2025, a 4.9% increase compared with the €179,667 million recorded as of December 31, 2024, mainly due to increases in corporate loans, public sector loans and consumer loans. Loans to the public sector increased due in part to the recognition of an asset under the "Financial assets at amortized cost - Government" line item in the balance sheet as of September 30, 2025, as a result of the €295 million payment corresponding to the new tax on the interest margin and commissions of certain financial entities (the "**Interest Margin and Commission Tax**") for the year ended December 31, 2024, given that such payment was made but considered undue with respect to such year under the existing legal framework as of September 30, 2025 (see Note 13 to the Unaudited Condensed Interim Consolidated Financial Statements). Also within this heading, debt securities of this operating segment as of September 30, 2025 amounted to €50,367 million, a 17.7% increase compared with the €42,791 million recorded as of December 31, 2024, mainly as a result of an increase in holdings of sovereign debt securities of European countries.

Financial liabilities held for trading and designated at fair value through profit or loss of this operating segment as of September 30, 2025 amounted to €77,865 million, a 3.6% increase compared with the €75,143 million recorded as of December 31, 2024, mainly due to increases in short positions (reflecting expectations of a potential rebound in interest rates) and deposits, supported by higher liquidity in the financial system, partially offset by the decrease in derivatives recorded under "Financial liabilities held for trading and designated at fair value through profit or loss".

Customer deposits at amortized cost of this operating segment as of September 30, 2025 amounted to €237,858 million, a 5.1% increase compared with the €226,391 million recorded as of December 31, 2024, mainly due to the increase in time deposits from public institutions (through repurchase agreements) within the Corporate and Investment Banking portfolio, supported by higher short-term liquidity placements of the public sector within a low interest rate environment.

Off-balance sheet funds of this operating segment (which includes "Mutual funds" (including customers' portfolios) and "Pension funds") as of September 30, 2025 amounted to €116,041 million, a 6.8% increase compared with the €108,694 million recorded as of December 31, 2024, mainly due to the shift towards mutual funds from other instruments, as declining interest rates reduced deposit yields and boosted the performance of fixed-income and equity funds.

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This operating segment's non-performing loan ratio (defined as non-performing loans divided by total credit risk and calculated as the sum of impaired loans and advances to customers, impaired guarantees to customers and other impaired commitments divided by the sum of loans and advances to customers, guarantees to customers and other commitments) decreased to 3.1% as of September 30, 2025 from 3.7% as of December 31, 2024. This ratio was positively affected by the sale of non-performing loan portfolios and a decrease in the amount of non-performing loans due to improvements in collateralized loans, particularly in the third quarter of 2025, and increases in loans to the public sector, corporate loans and consumer loans, increasing the overall loans and advances to customers in the ratio's denominator. This operating segment's non-performing loan coverage ratio (defined as allowance for credit losses divided by non-performing loans and calculated as loss allowances on loans and advances divided by the sum of impaired loans and advances to customers, impaired guarantees to customers and other impaired commitments) increased to 65% as of September 30, 2025 from 59% as of December 31, 2024.

**Mexico**

The Mexico operating segment includes the banking, insurance and asset management business conducted in Mexico by BBVA Mexico. It also includes BBVA Mexico's agency in Houston.

The Mexican peso remained practically unchanged against the euro as of September 30, 2025 compared with December 31, 2024. See "*Operating and Financial Review and Prospects―Operating Results―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates*".

Cash, cash balances at central banks and other demand deposits amounted to €12,326 million as of September 30, 2025, a 1.9% decrease compared with the €12,564 million recorded as of December 31, 2024, mainly driven by the decrease in cash balances related to repurchase agreements activity, partially offset by the proceeds of debt issuances completed during the nine months ended September 30, 2025.

Financial assets at fair value of this operating segment (which includes the following portfolios: "Financial assets held for trading", "Non-trading financial assets mandatorily at fair value through profit or loss", "Financial assets designated at fair value through profit or loss" and "Financial assets at fair value through other comprehensive income") as of September 30, 2025 amounted to €54,644 million, a 0.2% increase from the €54,547 million recorded as of December 31, 2024.

Financial assets at amortized cost of this operating segment as of September 30, 2025 amounted to €98,847 million, a 4.5% increase compared with the €94,595 million recorded as of December 31, 2024. Within this heading, loans and advances to customers of this operating segment as of September 30, 2025 amounted to €92,147 million, a 3.9% increase compared with the €88,725 million recorded as of December 31, 2024, mainly attributable to increases in the volume of consumer loans and credit card loans within the retail loan portfolio.

Financial liabilities held for trading and designated at fair value through profit or loss of this operating segment as of September 30, 2025 amounted to €30,432 million, a 1.5% decrease compared with the €30,885 million recorded as of December 31, 2024.

Customer deposits at amortized cost of this operating segment as of September 30, 2025 amounted to €87,554 million, a 3.1% increase compared with the €84,949 million recorded as of December 31, 2024, primarily due to increases in time deposits from public institutions.

Off-balance sheet funds of this operating segment (which includes "Mutual funds" (including customers' portfolios) and "Other placements") as of September 30, 2025 amounted to €67,593 million, an 18.1% increase compared with the €57,253 million as of December 31, 2024, mainly as a result of the continuing search by customers for higher-return investments, which continued to boost mutual funds.

This operating segment's non-performing loan ratio (as defined herein) increased to 2.8% as of September 30, 2025 from 2.7% as of December 31, 2024, mainly due to the increase in the retail loan portfolio and a Stage 3 entry from the wholesale portfolio in the third quarter of 2025. This operating segment's non-performing loan coverage ratio (as defined herein) increased to 123% as of September 30, 2025 from 121% as of December 31, 2024, mainly due to higher requirements in the retail portfolio as a result of the increase in coverage requirements resulting from adverse changes in the macroeconomic outlook.

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**Turkey**

This operating segment comprises the activities carried out by Garanti BBVA as an integrated financial services group operating in the banking, insurance and asset management business in Turkey, including corporate, commercial, SME, payment systems, retail, private and investment banking, together with its subsidiaries in pension and life insurance, leasing, factoring, brokerage and asset management, as well as its international subsidiaries in Romania and the Netherlands.

The Turkish lira depreciated 24.8% against the euro as of September 30, 2025 compared to December 31, 2024, adversely affecting the business activity of the Turkey operating segment as of September 30, 2025 expressed in euros. See "*Operating and Financial Review and Prospects―Operating Results―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates*".

Since the first half of 2022, the Turkish economy has been considered to be hyperinflationary as defined by IAS 29 "Financial Reporting in Hyperinflationary Economies". See "*Presentation of Financial Information—Hyperinflationary Economies*" for information on the impact of hyperinflation accounting.

BBVA's operations in Turkey are subject to substantial regulation by Turkish national authorities. See "*Other Matters—Regulatory Update for Turkey*" for summarized information on certain recent changes to regulations that are relevant to our operations.

Cash, cash balances at central banks and other demand deposits amounted to €9,996 million as of September 30, 2025, a 13.2% increase compared with the €8,828 million recorded as of December 31, 2024, mainly driven by increases in cash balances held at the Central Bank of the Republic of Turkey ("**CBRT**") through repurchase agreements, increases in the proceeds of debt issuances completed during the nine months ended September 30, 2025 and the increase in customer deposits (which grew more than loans and advances to customers), partially offset by the depreciation of the Turkish lira against the euro.

Financial assets at fair value of this operating segment (which includes the following portfolios: "Financial assets held for trading", "Non-trading financial assets mandatorily at fair value through profit or loss", "Financial assets designated at fair value through profit or loss" and "Financial assets at fair value through other comprehensive income") as of September 30, 2025 amounted to €4,824 million, a 7.1% increase from the €4,503 million recorded as of December 31, 2024, mainly due to the increase in local currency-denominated debt securities, whose valuation increased supported by the decrease in interest reference rates during the nine months ended September 30, 2025, offset, to a great extent, by the depreciation of the Turkish lira against the euro.

Financial assets at amortized cost of this operating segment as of September 30, 2025 amounted to €67,484 million, a 4.0% increase compared with the €64,893 million recorded as of December 31, 2024. Within this heading, loans and advances to customers of this operating segment as of September 30, 2025 amounted to €50,628 million, a 4.8% increase compared with the €48,299 million recorded as of December 31, 2024, mainly due to the increase in Turkish lira-denominated wholesale, consumer and credit card loans, due, in part, to the measures adopted by the Turkish authorities (e.g., the lessening of loan reserve requirements) to encourage Turkish lira-denominated loans (see *"Other Matters—Regulatory Update for Turkey"*), partially offset by the depreciation of the Turkish lira against the euro. In addition, within this heading, debt securities of this operating segment as of September 30, 2025 amounted to €6,487 million, a 12.5% decrease compared with the €7,417 million recorded as of December 31, 2024, as a result of the depreciation of the Turkish lira against the euro, partially offset by increases in the volume of local currency-denominated bonds as part of our liquidity management measures. Further, loans and advances to central banks increased in the nine months ended September 30, 2025, as a result of increases in the volume of Turkish lira deposits and the continued existence of reserve ratio requirements in Turkish lira deposits established by the CBRT during the period. See "*Other Matters—Regulatory Update for Turkey*".

Financial liabilities held for trading and designated at fair value through profit or loss of this operating segment as of September 30, 2025 amounted to €1,662 million, a 14.5% decrease compared with the €1,943 million recorded as of December 31, 2024, mainly due to the depreciation of the Turkish lira against the euro, partially offset by the increase in debt certificates issued by Garanti.

Customer deposits at amortized cost of this operating segment as of September 30, 2025 amounted to €60,866 million, a 4.8% increase compared with the €58,095 million recorded as of December 31, 2024, mainly due to the increase in Turkish lira-denominated retail and wholesale demand and time deposits, partially offset by the depreciation of the Turkish lira against the euro.

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Off-balance sheet funds of this operating segment (which includes "Mutual funds" and "Pension funds") as of September 30, 2025 amounted to €23,691 million, a 31.1% increase compared with the €18,076 million as of December 31, 2024, mainly due to increases in mutual funds as a result of the shift towards higher-return investments, partially offset by the depreciation of the Turkish lira against the euro.

The non-performing loan ratio (as defined herein) of this operating segment increased to 3.7% as of September 30, 2025 from 3.1% as of December 31, 2024, mainly as a result of the increase in the balance of non-performing retail loans (mainly credit card and consumer loans) and, to a lesser extent, in the balance of non-performing wholesale loans, due, in part, to higher impairment requirements and the increase in consumer, credit card and wholesale loans, partially offset by the sale of non-performing loan portfolios and certain recoveries from the wholesale loan portfolios. This operating segment's non-performing loan coverage ratio (as defined herein) decreased to 78% as of September 30, 2025 from 96% as of December 31, 2024, mainly due to new Stage 3 entries.

**South America**

The South America operating segment includes the Group's banking, finance, insurance and asset management business mainly in Argentina, Chile, Colombia, Peru, Uruguay and Venezuela.

The main business units included in the South America operating segment are:

&nbsp;&nbsp;&nbsp;&nbsp;• ***Retail and Corporate Banking***: includes banks in Argentina, Chile, Colombia, Peru, Uruguay and Venezuela.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Insurance****:* includes insurance businesses in Argentina, Colombia and Venezuela.

As of September 30, 2025, the Argentine peso and the Peruvian sol depreciated against the euro by 31.9% and 4.5% respectively, compared to December 31, 2024, while the Colombian peso remained practically unchanged. Overall, changes in exchange rates resulted in a negative exchange rate effect on the business activity of the South America operating segment as of September 30, 2025 expressed in euros. See "*Operating and Financial Review and Prospects―Operating Results―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates*".

As of September 30, 2025 and December 31, 2024, the Argentine and Venezuelan economies were considered to be hyperinflationary as defined by IAS 29 "Financial Reporting in Hyperinflationary Economies". See "*Presentation of Financial Information—Hyperinflationary Economies*" for information on the impact of hyperinflation accounting.

Cash, cash balances at central banks and other demand deposits as of September 30, 2025 amounted to €7,393 million, a 17.0% decrease compared with the €8,906 million recorded as of December 31, 2024, mainly driven by the credit gap widening in Colombia and Peru and the depreciation of the Argentine peso and the Peruvian sol against the euro, partially offset by the increase in deposits in Argentina.

Financial assets at fair value for this operating segment (which includes the following portfolios: "Financial assets held for trading", "Non-trading financial assets mandatorily at fair value through profit or loss", "Financial assets designated at fair value through profit or loss" and "Financial assets at fair value through other comprehensive income") as of September 30, 2025 amounted to €10,528 million, a 3.3% decrease compared with the €10,884 million recorded as of December 31, 2024, mainly due to the depreciation of the Argentine peso and the Peruvian sol against the euro, partially offset by the increase in derivatives in Colombia and the increase in debt securities in Argentina.

Financial assets at amortized cost of this operating segment as of September 30, 2025 amounted to €51,598 million, a 3.2% increase compared with the €49,983 million recorded as of December 31, 2024. Within this heading, loans and advances to customers of this operating segment as of September 30, 2025 amounted to €47,804 million, a 2.0% increase compared with the €46,846 million recorded as of December 31, 2024, mainly as a result of increases in corporate loans in Argentina and Colombia and increases in household loans in Argentina, partially offset by the depreciation of the Argentine peso and the Peruvian sol against the euro.

Financial liabilities held for trading and designated at fair value through profit or loss of this operating segment as of September 30, 2025 amounted to €2,649 million, a 28.6% increase compared with the €2,060 million recorded as of December 31, 2024, mainly due to increases in derivatives in Colombia and Peru.

Customer deposits at amortized cost of this operating segment as of September 30, 2025 amounted to €50,438 million, a 0.6% decrease compared with the €50,738 million recorded as of December 31, 2024, mainly as a result of the depreciation of the Argentine peso and the Peruvian sol against the euro, partially offset by an increase in time and demand deposits in Argentina.

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Off-balance sheet funds of this operating segment (which includes "Mutual funds", including customers' portfolios, in Argentina, Colombia and Peru) as of September 30, 2025 amounted to €8,406 million, a 5.9% increase compared with the €7,936 million as of December 31, 2024, mainly due to increases in mutual funds in Argentina and Peru as a result of the shift towards higher-return investments, partially offset by the depreciation of the Argentine peso and the Peruvian sol against the euro.

The non-performing loan ratio (as defined herein) of this operating segment decreased to 4.1% as of September 30, 2025 from 4.5% as of December 31, 2024, mainly as a result of the decrease in non-performing loans in the retail portfolios in Peru and Colombia. This operating segment's non-performing loan coverage ratio (as defined herein) increased to 93% as of September 30, 2025, from 88% as of December 31, 2024 as a result of the abovementioned decreases in non-performing loans in the retail portfolios in Peru and Colombia, and increases in the coverage ratio of Stage 1 and Stage 2 loans.

**Rest of Business**

This operating segment mainly includes the wholesale activity carried out by the Group in Europe (excluding Spain), the United States and (through BBVA branches located therein) Asia, as well as the Group's digital banks in Italy and Germany.

The U.S. dollar depreciated 11.5% against the euro as of September 30, 2025 compared to December 31, 2024, adversely affecting the business activity of the Rest of Business operating segment as of September 30, 2025 expressed in euros. See "*Operating and Financial Review and Prospects―Operating Results―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates*".

Cash, cash balances at central banks and other demand deposits as of September 30, 2025 amounted to €9,152 million, a 9.6% increase compared with the €8,348 million recorded as of December 31, 2024, mainly driven by the increase in cash balances held at central banks through repurchase agreements within this operating segment, in particular, at the Federal Reserve System ("**Fed**"), due in part to the shift towards liquid trading assets, which typically offer higher short-term yields and, to a lesser extent increases in other demand deposits, partially offset by the depreciation of the U.S. dollar against the euro.

Financial assets at fair value for this operating segment (which includes the following portfolios: "Financial assets held for trading", "Non-trading financial assets mandatorily at fair value through profit or loss", "Financial assets designated at fair value through profit or loss" and "Financial assets at fair value through other comprehensive income") as of September 30, 2025 amounted to €2,043 million, a 25.6% increase compared with the €1,627 million recorded as of December 31, 2024, mainly due to the increase in loans and advances for investment purposes in Europe, partially offset by the depreciation of the U.S. dollar against the euro.

Financial assets at amortized cost of this operating segment as of September 30, 2025 amounted to €64,723 million, a 15.6% increase compared with the €56,013 million recorded as of December 31, 2024. Within this heading, loans and advances to customers of this operating segment as of September 30, 2025 amounted to €58,308 million, a 15.7% increase compared with the €50,392 million recorded as of December 31, 2024, mainly due to increased wholesale loans in the branches located in New York, Europe and Asia, partially offset by the depreciation of the U.S. dollar against the euro.

Financial liabilities held for trading and designated at fair value through profit or loss of this operating segment as of September 30, 2025 amounted to €788 million, a 22.7% increase compared with the €642 million recorded as of December 31, 2024, mainly due to the increase in deposits (through repurchase agreements) in BBVA Securities Inc., our broker-dealer in the United States, and in the value of derivatives in the New York branch and the branches located in Asia, partially offset by the depreciation of the U.S. dollar against the euro.

Customer deposits at amortized cost of this operating segment as of September 30, 2025 amounted to €35,178 million, a 28.2% increase compared with the €27,432 million recorded as of December 31, 2024, mainly as a result of the growth in time deposits in the branches located in Europe and the increase in wholesale demand deposits in Europe and Asia, partially offset by the depreciation of the U.S. dollar against the euro and the decrease in wholesale time deposits in the New York branch.

Off-balance sheet funds of this operating segment (which consists of "Pension funds", including customers' portfolios) as of September 30, 2025 amounted to €687 million, a 6.5% increase compared with the €645 million recorded as of December 31, 2024 due to increases in the balance of pension funds, as declining interest rates reduced deposit yields and boosted the performance of fixed-income and equity funds.

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The non-performing loan ratio (as defined herein) of this operating segment decreased to 0.2% as of September 30, 2025 from 0.3% as of December 31, 2024, mainly due to the decrease in non-performing loans due to recoveries and charge offs. This operating segment's non-performing loan coverage ratio (as defined herein) increased to 136% as of September 30, 2025, from 102% as of December 31, 2024.

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**OPERATING AND FINANCIAL REVIEW AND PROSPECTS**

**Critical Accounting Policies**

For a description of our critical accounting policies, see Note 2 to the Unaudited Condensed Interim Consolidated Financial Statements, *"Item 5. Operating and Financial Review and Prospects—Critical Accounting Policies"* in our 2024 Form 20-F and Note 2.2 to the Consolidated Financial Statements.

We consider certain of our critical accounting policies to be particularly important due to their effect on the financial reporting of our financial condition and results of operations and because they require management to make difficult, complex or subjective judgments, some of which may relate to matters that are inherently uncertain. Our reported financial condition and results of operations are sensitive to accounting methods, assumptions and estimates that underlie the preparation of our consolidated financial statements. The nature of critical accounting policies, the judgments and other uncertainties affecting application of those policies and the sensitivity of reported results to changes in conditions and assumptions are factors to be considered when reviewing the Unaudited Condensed Interim Consolidated Financial Statements. For information on the estimates made by the Group in preparing the Unaudited Condensed Interim Consolidated Financial Statement, see Note 1.3 to the Unaudited Condensed Interim Consolidated Financial Statements.

See Note 6.2 to the Unaudited Condensed Interim Consolidated Financial Statements for information on the measurement of expected credit loss.

**Operating Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Factors Affecting the Comparability of our Results of Operations and Financial Condition**

Set forth below are the main factors that affect the comparability of the Group's results of operations for the nine months ended September 30, 2025 and 2024, and the Group's financial condition as of September 30, 2025 and December 31, 2024, respectively.

***Trends in Exchange Rates***

We are exposed to foreign exchange rate risk in that our reporting currency is the euro, whereas certain of our subsidiaries and investees have different functional and accounting currencies, principally the Mexican peso, Turkish lira, Argentine peso, Colombian peso, Peruvian sol and U.S. dollar. For example, if these currencies depreciate against the euro, when the results of operations of our subsidiaries in the countries using these currencies are included in our consolidated financial statements, the euro value of their results declines, even if, in local currency terms, their results of operations and financial condition have remained the same. By contrast, the appreciation of these currencies against the euro would have a positive impact on the results of operations of our subsidiaries in the countries using these currencies when their results of operations are included in our consolidated financial statements. Accordingly, changes in exchange rates may limit the ability of our results of operations, stated in euro, to fully show the performance in local currency terms of our subsidiaries.

Except with respect to hyperinflationary economies, where all the components of the financial statements (including income statement items) of the relevant subsidiaries (in each case, for any period in which the economy was considered to be hyperinflationary) are converted at the period-end exchange rate, the assets and liabilities of our subsidiaries which maintain their accounts in currencies other than the euro have been converted to the euro at the period-end exchange rates for inclusion in the Unaudited Condensed Interim Consolidated Financial Statements, and income statement items have been converted at the average exchange rates for the period. See Note 2.2.18 to the Consolidated Financial Statements for information on the application of IAS 29 "Financial Reporting in Hyperinflationary Economies". The following table sets forth the exchange rates of the currencies of the main non-euro regions where we operate against the euro, expressed in local currency per €1.00 as averages for the nine months ended September 30, 2025 and September 30, 2024, and as period-end exchange rates as of September 30, 2025 and as of December 31, 2024 according to the ECB.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Average Exchange Rates** | **Average Exchange Rates** | **Period-End Exchange Rates (1)** | **Period-End Exchange Rates (1)** |
| | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2024** | **As of September 30, 2025** | **As of December 31, 2024** |
| Mexican peso | 21.7995 | 19.2823 | 21.5314 | 21.5504 |
| Turkish lira |  |  | 48.8227 | 36.7372 |
| U.S. dollar | 1.1190 | 1.0870 | 1.1741 | 1.0389 |
| Argentine peso |  |  | 1574.4681 | 1072.6642 |
| Colombian peso | 4618.3671 | 4326.9325 | 4580.5046 | 4580.6659 |
| Peruvian sol | 4.0538 | 4.0715 | 4.0847 | 3.9027 |

---

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(1)The period-end exchange rate as of September 30, 2024 of the Turkish lira and the Argentine peso against the euro was 38.2693 and 1,086.6651, respectively.

During the nine months ended September 30, 2025, the Mexican peso, the Colombian peso and, to a lesser extent, the U.S. dollar depreciated against the euro in average terms compared with the same period of the prior year. On the other hand, during the nine months ended September 30, 2025, the Peruvian sol appreciated slightly against the euro in average terms compared with the same period of the prior year.

In terms of period-end exchange rates, the Argentine peso, the Turkish lira and, to a lesser extent, the U.S. dollar and the Peruvian sol depreciated against the euro compared with the exchange rates as of December 31, 2024. On the other hand, the Colombian peso and the Mexican peso remained practically unchanged against the euro compared with the exchange rates as of December 31, 2024.

The overall effect of changes in exchange rates was negative for the period-on-period comparison of the Group's income statement (mainly due to the depreciation of the period-end exchange rates of the Argentine peso and the Turkish lira used to convert income statement items pursuant to IAS 21, and the depreciation of the Mexican peso) and balance sheet (mainly due to the depreciation of the Argentine peso and the Turkish lira).

When comparing two dates or periods in this report on Form 6-K we have sometimes excluded, where specifically indicated, the impact of changes in exchange rates by assuming constant exchange rates. In doing this, with respect to income statement amounts, we have used the average exchange rate for the more recent period for both periods (except with respect to hyperinflationary economies, where we have used the period-end exchange rate of the more recent period for both periods) and, with respect to balance sheet amounts, we have used the period-end exchange rate of the more recent period for both period ends.

***Macroeconomic and geopolitical conditions***

The Group is vulnerable to deteriorating economic conditions and changes in the institutional environment in the countries in which it operates, and is exposed to sovereign debt, particularly in Spain, Mexico and Turkey.

The global economy is facing significant changes, due in part to the policies of the U.S. administration. Uncertainty about the consequences is exceptionally high, substantially increasing geopolitical, economic, and financial risks.

The increase in U.S. tariffs on imports from its trading partners has triggered financial market volatility, reinforcing global-wide risks. The level and duration of these tariffs, and uncertainty in connection therewith, could negatively impact the global economy, worsening the prospects for the macroeconomic environment. As a result of the tariffs already adopted or announced, global growth could slow significantly.

While fiscal stimulus and monetary easing measures could partially offset the impact of trade protectionism, particularly in the Eurozone, where significant public spending increases have been announced, the impact of higher U.S. tariffs could be amplified by the adoption of retaliatory measures by other countries, sustained uncertainty, weakening confidence levels and financial volatility, among other factors.

Increased tariffs also raise the risk of inflation in the United States and the Eurozone, which could further slow private demand and constrain the Federal Reserve's and ECB's ability to lower rates if warranted by activity.

Beyond import tariffs, tighter controls on migration flows in the United States could also affect the labor market, add to inflationary pressures and weigh on economic growth. The U.S. administration's fiscal, regulatory, industrial and foreign policies, among others, could likewise contribute to financial and macroeconomic volatility. This is compounded by concerns that the Federal Reserve's independence in decision-making may be weakened by political considerations.

Amid heightened uncertainty over U.S. policies and large fiscal deficits, the U.S. risk premium has increased, pushing up long-term sovereign yields and weakening the U.S. dollar. These developments could also spark episodes of volatility, especially given the high public debt levels in both developed and emerging economies. The relatively high valuations of assets linked to artificial intelligence also represent a source of uncertainty, with potential implications in the financial markets.

Rising trade protectionism and the growing U.S.-China rivalry could further heighten geopolitical tensions, especially against the backdrop of ongoing conflicts in Ukraine and in the Middle East. In response to these risks and the changes in the foreign policy of the U.S. administration, the European Union has adopted measures to increase military spending, which could support growth, while also adding to upward pressures on inflation and interest rates in the region.

Overall, rising global geopolitical tensions increase uncertainty around the outlook for the world economy and the likelihood of economic and financial disruptions, including an economic recession.

------

The Group is exposed, among others, to the following general risks related to the economic and institutional environment in the countries where it operates: changes in economic activity, including potential recession scenarios; inflationary pressures that could lead to tightening of monetary conditions; stagflation triggered by intense or prolonged supply shocks, including as a result of a protectionist escalation or a sharp rise in oil and gas prices; exchange rate volatility; adverse developments in real estate markets; changes in the institutional environment of the countries where the Group operates, which could lead to sudden and pronounced GDP contractions and/or shifts in regulatory or government policy, including capital controls, dividend restrictions, or the imposition of new taxes or levies; high levels of public debt or external deficits, which could lead to sovereign credit rating downgrades or defaults or debt restructurings; the impact of policies adopted by the current U.S. administration, about which significant uncertainty remains; and episodes of financial market volatility, such as those seen recently, that could result in significant losses for the Group.

In Spain, political, regulatory, and economic conditions may have a negative impact on activity. In Mexico, there is considerable uncertainty regarding the impact of recently approved constitutional and institutional reforms, and the policies of the U.S. administration have already adversely affected the country's economy and deteriorated its prospects. In Turkey, despite the gradual improvement in macroeconomic conditions, the situation remains relatively unstable, marked by pressure on the Turkish lira, high inflation, a significant trade deficit, relatively low central bank foreign exchange reserves, and high external financing costs. Recent political and social tensions and the geopolitical situation in the Middle East could also trigger new episodes of financial volatility and macroeconomic risks. In Argentina, despite the improvement in prospects following significant fiscal, monetary and exchange rate adjustments, the risk of economic and financial turmoil persists amid heightened political uncertainty. Lastly, in Colombia and Peru, climate-related factors, political tensions, and a deterioration of public finances could weigh on economic performance.

Any of these factors may have a significant adverse effect on the Group's business, financial condition and results of operations.

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**BBVA Group results of operations for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024**

The table below shows the Group's unaudited condensed interim consolidated income statements for the nine months ended September 30, 2025 and 2024.

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| | | | |
|:---|:---|:---|:---|
| | **For the nine months ended September 30,** | **For the nine months ended September 30,** | |
| | **2025** | **2024** | **Change** |
| | **&nbsp;&nbsp;&nbsp;&nbsp; (In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp; (In Millions of Euros)** | **(In %)** |
| Interest and other income | 43231 | 45156 | (4.3) |
| Interest expense | (23985) | (26296) | (8.8) |
| **Net interest income** | **19246** | **18861** | **2.0** |
| Dividend income | 79 | 77 | 3.4 |
| Share of profit or loss of entities accounted for using the equity method | 42 | 31 | 35.5 |
| Fee and commission income | 10022 | 9262 | 8.2 |
| Fee and commission expense | (3951) | (3508) | 12.6 |
| Net gains (losses) on financial assets and liabilities (1) | 2199 | 2417 | (9.0) |
| Exchange differences, net | (237) | 513 | n.m. (2) |
| Other operating income | 497 | 447 | 11.2 |
| Other operating expense | (1907) | (3046) | (37.4) |
| Income on insurance and reinsurance contracts | 2835 | 2687 | 5.5 |
| Expense on insurance and reinsurance contracts | (1689) | (1579) | 7.0 |
| **Gross income** | **27136** | **26161** | **3.7** |
| Administration costs | (9232) | (9064) | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel expense | (5592) | (5443) | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other administrative expense | (3640) | (3621) | 0.5 |
| Depreciation and amortization | (1128) | (1125) | 0.2 |
| **Net margin before provisions (3)** | **16776** | **15972** | **5.0** |
| Provisions or reversal of provisions | (233) | (99) | 135.2 |
| Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | (4328) | (4279) | 1.1 |
| Impairment or reversal of impairment on non-financial assets | (5) | 21 | n.m. (2) |
| Gains (losses) on derecognition of non-financial assets and subsidiaries, net and Impairment or reversal of impairment of investments in joint ventures and associates | 37 | 58 | (35.6) |
| Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations | 45 | (25) | n.m. (2) |
| **Operating profit / (loss) before tax** | **12292** | **11647** | **5.5** |
| Tax expense or income related to profit or loss from continuing operations | (3832) | (3659) | 4.7 |
| **Profit / (loss)** | **8461** | **7987** | **5.9** |
| Profit / (loss) attributable to parent company | 7978 | 7622 | 4.7 |
| Profit / (loss) attributable to non-controlling interests | 483 | 366 | 32.1 |

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(1)Comprises the following income statement line items contained in the Unaudited Condensed Interim Consolidated Financial Statements: "Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities held for trading, net", "Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net" and "Gains (losses) from hedge accounting, net".

(2)Not meaningful.

(3)Calculated as "Gross income" less "Administration costs" and "Depreciation and amortization".

The changes in our unaudited condensed interim consolidated income statements for the nine months ended September 30, 2025 compared with the same period of 2024 were as follows:

*Net interest income*

Net interest income for the nine months ended September 30, 2025 amounted to €19,246 million, a 2.0% increase compared with the €18,861 million recorded for the nine months ended September 30, 2024, mainly as a result of the higher volume of Turkish lira-denominated loans supported by the lessening of the loan reserve requirements in Turkey, increases in the volume of the mortgage and consumer loan portfolios in Mexico and, to a lesser extent, the higher contribution from the securities portfolio in Spain, partially offset by the lower yield and volume in the public sector loan portfolio in South America, the lower yield in the securities portfolio in Argentina and the depreciation against the euro, in average terms, of the currencies of the main countries where the Group operates, except for the Peruvian sol.

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*Fee and commission income*

Fee and commission income increased by 8.2% to €10,022 million for the nine months ended September 30, 2025 from the €9,262 million recorded for the nine months ended September 30, 2024, primarily due to the increase in payment systems fees (fees related to credit and debit cards, monetary transactions, including traditional transfers and mobile payments, and points of sale (POS)) supported by the increase in the maximum credit card fees banks may charge in Turkey pursuant to the regulation established by the CBRT, the increase in the volume of asset management activities in Mexico, Europe and Spain, and increased investment banking activity in the New York branch and Europe, partially offset by the depreciation against the euro, in average terms, of the currencies of the main countries where the Group operates, except for the Peruvian sol.

*Fee and commission expense*

Fee and commission expense increased by 12.6% to €3,951 million for the nine months ended September 30, 2025 from the €3,508 million recorded for the nine months ended September 30, 2024, primarily due to the increase in fees paid by the Group to third parties in connection with the increase in payment systems fees in Turkey and, to a lesser extent, higher fees from payment systems in Mexico and those resulting from an increase in asset management activities in Spain, partially offset by the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol.

*Net gains (losses) on financial assets and liabilities*

Net gains on financial assets and liabilities decreased by 9.0% to €2,199 million for the nine months ended September 30, 2025 compared to the net gain of €2,417 million recorded for the nine months ended September 30, 2024, mainly due to the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol, the lower gains from the Global Markets unit in Spain, the lower gains from the ALCO portfolio in Argentina (due to increased volatility in the financial markets) and in the Corporate Center, partially offset by the sale of certain securities portfolios in Turkey and the higher gains from the Global Markets units in Colombia and Argentina.

*Exchange differences, net*

Exchange differences amounted to a €237 million loss for the nine months ended September 30, 2025 compared with a €513 million gain for the nine months ended September 30, 2024 mainly driven by negative exchange differences in Turkey and the Corporate Center.

*Other operating income and other operating expense*

Other operating income for the nine months ended September 30, 2025 increased by 11.2% to €497 million from €447 million recorded for the nine months ended September 30, 2024 mainly due to higher sales of non-financial assets in Turkey, partially offset by the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol.

Other operating expense for the nine months ended September 30, 2025 amounted to €1,907 million, a 37.4% decrease compared with the €3,046 million recorded for the nine months ended September 30, 2024, mainly driven by the lower loss on the net monetary position resulting from the adjustment for hyperinflation in Argentina, which resulted in a monetary loss of €277 million in the nine months ended September 30, 2025, compared to the €1,178 million monetary loss recorded for the nine months ended September 30, 2024, the lower loss on the net monetary position resulting from the adjustment for hyperinflation in Turkey (€747 million and €1,179 million in the nine months ended September 30, 2025 and 2024, respectively) and, to a lesser extent, the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol. In addition, the period-on-period decrease was driven in part by the fact that the other operating expense for the nine months ended September 30, 2024 included the impact of the temporary tax on credit institutions and financial credit establishments in Spain amounting to €285 million (which was paid in 2024), whereas the nine-month period expense related to the Interest Margin and Commission Tax was recorded under "Tax expense or income related to profit or loss from continuing operations" for the nine months ended September 30, 2025. The period-on-period decrease was partially offset by the lower positive impact of the revaluation of bonds linked to inflation in the period (€585 million and €916 million, respectively, in the nine months ended September 30, 2025 and 2024) in Turkey.

*Income and expense on insurance and reinsurance contracts*

Income on insurance and reinsurance contracts for the nine months ended September 30, 2025 was €2,835 million, a 5.5% increase compared with the €2,687 million recorded for the nine months ended September 30, 2024, mainly due to the increase in insurance premiums, attributable in part to the increase in insurance premiums in Mexico and Turkey, partially offset by the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol.

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Expense on insurance and reinsurance contracts for the nine months ended September 30, 2025 was €1,689 million, a 7.0% increase compared with the €1,579 million expense recorded for the nine months ended September 30, 2024, mainly as a result of increased insurance sales, in particular, in Mexico and Turkey.

*Administration costs*

Administration costs, which include personnel expense and other administrative expense, for the nine months ended September 30, 2025 amounted to €9,232 million, a 1.9% increase compared with the €9,064 million recorded for the nine months ended September 30, 2024, mainly as a result of the increase in the number of employees, salary updates and the increase in general expenses (technology and marketing) in Turkey and, to a lesser extent, Mexico and Argentina, and increases in personnel expenses in the branches located in New York and Europe due to new hires and investment in strategic projects, partially offset by the lower expense corresponding to the value added tax in Banco Bilbao Vizcaya Argentaria, S.A. (the parent company of the Group), following the upward re-estimation of such tax, applied pro-rata in previous periods and in 2025 (see Note 35.2 to the Unaudited Condensed Interim Consolidated Financial Statements) and the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol.

*Depreciation and amortization*

Depreciation and amortization for the nine months ended September 30, 2025 was €1,128 million, a 0.2% increase compared with the €1,125 million recorded for the nine months ended September 30, 2024.

*Provisions or reversal of provisions* 

Provisions or reversal of provisions for the nine months ended September 30, 2025 amounted to an expense of €233 million compared with the €99 million expense recorded for the nine months ended September 30, 2024, mainly due to higher provisions for contingent risks in Turkey.

*Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification*

Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification for the nine months ended September 30, 2025 was an expense of €4,328 million, a 1.1% increase compared with the €4,279 million expense recorded for the nine months ended September 30, 2024 mainly due to the increase in the expected losses related to the retail portfolio (mainly related to consumer and credit card loans) in Turkey (which volumes increased and also required higher credit impairments) and higher credit impairment requirements in the retail loan portfolios in Mexico (as a result of the worsening of the macroeconomic scenario) and Argentina (in particular, related to consumer and credit card loans, as a result in part of the greater credit activity (as we increased private lending as a result of lower government borrowings)), partially offset by lower credit impairment requirements in the retail loan portfolios in Colombia and Peru and, to a lesser extent, in the corporate loan portfolio in Turkey, and the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol.

*Operating profit / (loss) before tax*

As a result of the foregoing, operating profit before tax for the nine months ended September 30, 2025 amounted to €12,292 million, a 5.5% increase compared with the €11,647 million recorded for the nine months ended September 30, 2024.

*Tax expense or income related to profit or loss from continuing operations*

Tax expense related to profit from continuing operations for the nine months ended September 30, 2025 amounted to €3,832 million, a 4.7% increase compared with the €3,659 million expense recorded for the nine months ended September 30, 2024, mainly due to the higher operating profit before tax in Spain and, to a lesser extent, South America and Turkey, and the approximately €224 million expense recorded in connection with the nine-month accrual of the estimated amount of the Interest Margin and Commission Tax for the nine months ended September 30, 2025 in Spain (see Note 17 to the Unaudited Condensed Interim Consolidated Financial Statements and "*Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Spain—Temporary Tax on Credit Institutions in Spain*" in our 2024 Form 20-F). The period-on-period increase was partially offset by an adjustment in the estimate of the annual tax rate for the BBVA Group, which reflects the Group reassessment of the coverage needs for the identified tax risks and certain deferred tax assets corresponding to the Group in Spain, which had not previously been recorded and were first recognized in the nine months ended September 30, 2025 (see Note 17 to the Unaudited Condensed Interim Consolidated Financial Statements), and the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol.

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Amounts paid by BBVA under the temporary tax on credit institutions and financial credit establishments and the Interest Margin and Commission Tax in Spain are a non-deductible expense for tax purposes.

*Profit / (loss)*

As a result of the foregoing, profit for the nine months ended September 30, 2025 amounted to €8,461 million, a 5.9% increase from the €7,987 million recorded for the nine months ended September 30, 2024.

*Profit / (loss) attributable to parent company*

As a result of the foregoing, profit attributable to parent company for the nine months ended September 30, 2025 amounted to €7,978 million, a 4.7% increase from the €7,622 million recorded for the nine months ended September 30, 2024.

*Profit / (loss) attributable to non-controlling interests*

Profit attributable to non-controlling interests for the nine months ended September 30, 2025 increased by 32.1% to €483 million, from the €366 million profit attributable to non-controlling interests recorded for the nine months ended September 30, 2024 as a result, in part, of the increase in profit in Peru and Turkey.

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***Results of operations by operating segment for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024***

The information contained in this section is presented under management criteria; however, for the nine months ended September 30, 2025 and 2024, there are no differences between the sum of the income statements of our operating segments and the Corporate Center (calculated in accordance with management criteria used to report segment financial information) and the consolidated income statement of the Group. The tables set forth below show the income statement of our operating segments, the Corporate Center and the Group for the periods indicated.

For certain relevant information concerning the preparation and presentation of the financial information included in this report, including certain recent intra-group adjustments, see "*Presentation of Financial Information—Changes in Intra-Group Adjustments".*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** |
| | **Spain** | **Mexico** | **Turkey** | **South America** | **Rest of Business** | **Corporate Center** | **Group** |
| | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** |
| **Net interest income / (expense)** | **4905** | **8393** | **2137** | **3537** | **596** | **(323)** | **19246** |
| Net fees and commissions | 1743 | 1730 | 1602 | 655 | 428 | (87) | 6071 |
| Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) | 536 | 570 | 340 | 433 | 269 | (186) | 1962 |
| Other operating income and expense, net (2) | 289 | 430 | (303) | (625) | 4 | 62 | (143) |
| **Gross income** | **7473** | **11124** | **3776** | **4001** | **1296** | **(534)** | **27136** |
| Administration costs | (2135) | (3063) | (1475) | (1602) | (596) | (362) | (9232) |
| Depreciation and amortization | (285) | (326) | (176) | (154) | (28) | (159) | (1128) |
| **Net margin before provisions (3)** | **5053** | **7735** | **2125** | **2245** | **672** | **(1055)** | **16776** |
| Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | (478) | (2279) | (667) | (857) | (47) | (1) | (4328) |
| Provisions or reversal of provisions and other results | (53) | (69) | (13) | (34) | (11) | 25 | (155) |
| **Operating profit / (loss) before tax** | **4522** | **5387** | **1445** | **1354** | **615** | **(1031)** | **12292** |
| Tax expense or income related to profit or loss from continuing operations | (1381) | (1511) | (674) | (417) | (134) | 285 | (3832) |
| **Profit / (loss)** | **3141** | **3876** | **771** | **937** | **481** | **(746)** | **8461** |
| Profit / (loss) attributable to non-controlling interests | (2) | (1) | (123) | (353) |  | (5) | (483) |
| **Profit / (loss) attributable to parent company** | **3139** | **3875** | **648** | **585** | **481** | **(750)** | **7978** |

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(1)Includes "Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities held for trading, net", "Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net", "Gains (losses) from hedge accounting, net" and "Exchange differences, net".

(2)Includes "Dividend income", "Share of profit or loss of entities accounted for using the equity method", "Income from insurance and reinsurance contracts", "Expense from insurance and reinsurance contracts", "Other operating income" and "Other operating expense".

(3)"Net margin before provisions" is calculated as "Gross income" less "Administration costs" and "Depreciation and amortization".

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** |
| | **Spain** | **Mexico** | **Turkey** | **South America** | **Rest of Business** | **Corporate Center** | **Group** |
| | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(In Millions of Euros)** |
| **Net interest income / (expense)** | **4794** | **8762** | **925** | **4178** | **522** | **(321)** | **18861** |
| Net fees and commissions | 1673 | 1846 | 1404 | 610 | 281 | (60) | 5754 |
| Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) | 604 | 606 | 836 | 548 | 252 | 83 | 2930 |
| Other operating income and expense, net (2) | (6) | 427 | (328) | (1471) | 1 | (6) | (1383) |
| **Gross income** | **7065** | **11641** | **2838** | **3865** | **1058** | **(304)** | **26161** |
| Administration costs | (2186) | (3116) | (1232) | (1650) | (476) | (403) | (9064) |
| Depreciation and amortization | (272) | (365) | (148) | (159) | (22) | (160) | (1125) |
| **Net margin before provisions (3)** | **4606** | **8160** | **1458** | **2056** | **560** | **(867)** | **15972** |
| Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | (506) | (2356) | (333) | (1049) | (36) | 1 | (4279) |
| Provisions or reversal of provisions and other results | (89) | (39) | 98 | (63) | (3) | 50 | (46) |
| **Operating profit / (loss) before tax** | **4011** | **5765** | **1223** | **943** | **520** | **(816)** | **11647** |
| Tax expense or income related to profit or loss from continuing operations | (1168) | (1571) | (709) | (189) | (112) | 89 | (3659) |
| **Profit / (loss) from continuing operations** | **2843** | **4194** | **515** | **754** | **409** | **(727)** | **7987** |
| Profit / (loss) from discontinued operations, net and Other |  |  |  |  |  |  |  |
| **Profit / (loss)** | **2843** | **4194** | **515** | **754** | **409** | **(727)** | **7987** |
| Profit / (loss) attributable to non-controlling interests | (2) | (1) | (81) | (283) |  | 1 | (366) |
| **Profit / (loss) attributable to parent company** | **2841** | **4193** | **433** | **471** | **409** | **(726)** | **7622** |

---

(1)Includes "Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities held for trading, net", "Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net", "Gains (losses) from hedge accounting, net" and "Exchange differences, net".

(2)Includes "Dividend income", "Share of profit or loss of entities accounted for using the equity method", "Income from insurance and reinsurance contracts", "Expense from insurance and reinsurance contracts", "Other operating income" and "Other operating expense".

(3)"Net margin before provisions" is calculated as "Gross income" less "Administration costs" and "Depreciation and amortization".

------

**SPAIN**

---

| | | | |
|:---|:---|:---|:---|
| | **For the nine months ended September 30,** | **For the nine months ended September 30,** | |
| | **2025** | **2024** | **Change** |
| | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In %)** |
| **Net interest income** | **4905** | **4794** | **2.3** |
| Net fees and commissions | 1743 | 1673 | 4.2 |
| Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) | 536 | 604 | (11.2) |
| Other operating income and expense, net | (10) | (294) | (96.6) |
| Income and expense on insurance and reinsurance contracts | 299 | 288 | 3.7 |
| **Gross income** | **7473** | **7065** | **5.8** |
| Administration costs | (2135) | (2186) | (2.3) |
| Depreciation and amortization | (285) | (272) | 4.8 |
| **Net margin before provisions (2)** | **5053** | **4606** | **9.7** |
| Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | (478) | (506) | (5.7) |
| Provisions or reversal of provisions and other results | (53) | (89) | (40.6) |
| **Operating profit / (loss) before tax** | **4522** | **4011** | **12.7** |
| Tax expense or income related to profit or loss from continuing operations | (1381) | (1168) | 18.3 |
| **Profit** | **3141** | **2843** | **10.5** |
| Profit attributable to non-controlling interests | (2) | (2) |  |
| **Profit attributable to parent company** | **3139** | **2841** | **10.5** |

---

(1)Includes "Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities held for trading, net", "Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net", "Gains (losses) from hedge accounting, net" and "Exchange differences, net".

(2)Calculated as "Gross income" less "Administration costs" and "Depreciation and amortization".

***Net interest income***

Net interest income of this operating segment for the nine months ended September 30, 2025 amounted to €4,905 million, a 2.3% increase compared with the €4,794 million recorded for the nine months ended September 30, 2024, mainly as a result of the higher contribution from the securities portfolio and, to a lesser extent, the ALCO portfolio, and the lower funding costs in the wholesale portfolios, partially offset by the impact of interest rates cuts implemented by the ECB since the second half of 2024 on the consumer and household loan portfolios, which are mostly referenced to variable interest rates. The net interest margin over average total assets of this operating segment amounted to 1.51% for the nine months ended September 30, 2025, compared with 1.47% for the nine months ended September 30, 2024.

***Net fees and commissions***

Net fees and commissions of this operating segment for the nine months ended September 30, 2025 amounted to €1,743 million, a 4.2% increase compared with the €1,673 million recorded for the nine months ended September 30, 2024, mainly due to the increase in the volume of asset management activities and, to a lesser extent, increases in the volume of credit card loans.

***Net gains (losses) on financial assets and liabilities and Exchange differences, net***

Net gains on financial assets and liabilities and Exchange differences, net, of this operating segment for the nine months ended September 30, 2025 was a net gain of €536 million, an 11.2% decrease compared with the €604 million net gain recorded for the nine months ended September 30, 2024, mainly due to the lower gains from the Global Markets unit.

***Other operating income and expense, net***

Other operating income and expense, net of this operating segment for the nine months ended September 30, 2025 amounted to a €10 million expense, a 96.6% decrease compared with the €294 million expense recorded for the nine months ended September 30, 2024. Other operating expense for the nine months ended September 30, 2024 included the impact of the temporary tax on credit institutions and financial credit establishments in Spain amounting to €285 million (which was paid in 2024), whereas the nine-month period accrual of the Interest Margin and Commission Tax was recorded under "Tax expense or income related to profit or loss from continuing operations" for the nine months ended September 30, 2025.

------

***Income and expense on insurance and reinsurance contracts***

Net income on insurance and reinsurance contracts of this operating segment for the nine months ended September 30, 2025 was €299 million, a 3.7% increase compared with the €288 million income recorded for the nine months ended September 30, 2024.

***Administration costs***

Administration costs of this operating segment for the nine months ended September 30, 2025 amounted to €2,135 million, a 2.3% decrease compared with the €2,186 million recorded for the nine months ended September 30, 2024, mainly as a result of the lower expense corresponding to the value added tax in Banco Bilbao Vizcaya Argentaria, S.A., following the upward re-estimation of such tax, applied pro-rata in previous periods and in 2025 (see Note 35.2 to the Unaudited Condensed Interim Consolidated Financial Statements).

***Depreciation and amortization***

Depreciation and amortization for the nine months ended September 30, 2025 was €285 million, a 4.8% increase compared with the €272 million recorded for the nine months ended September 30, 2024.

***Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification***

Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the nine months ended September 30, 2025 amounted to a €478 million expense, a 5.7% decrease compared with the €506 million expense recorded for the nine months ended September 30, 2024, mainly due to lower credit impairment requirements in the retail loan portfolio, in particular, in the mortgage portfolio.

***Provisions or reversal of provisions and other results***

Provisions or reversal of provisions and other results of this operating segment for the nine months ended September 30, 2025 was a €53 million expense, a 40.6% decrease compared with the €89 million expense recorded for the nine months ended September 30, 2024, mainly due to the reversal of provisions related to contingent risks and the reversal of impairment on non-financial assets recorded under other results.

***Operating profit / (loss) before tax***

As a result of the foregoing, operating profit before tax of this operating segment for the nine months ended September 30, 2025 was €4,522 million, a 12.7% increase compared with the €4,011 million profit recorded for the nine months ended September 30, 2024.

***Tax expense or income related to profit or loss from continuing operations***

Tax expense related to profit from continuing operations of this operating segment for the nine months ended September 30, 2025 was an expense of €1,381 million, an 18.3% increase compared with the €1,168 million expense recorded for the nine months ended September 30, 2024, as a result of the approximately €224 million expense recorded in connection with the nine-month accrual of the estimated amount of the Interest Margin and Commission Tax (of which, approximately €75 million was accrued in the third quarter of 2025), for the nine months ended September 30, 2025 (see Note 17 to the Unaudited Condensed Interim Consolidated Financial Statements and *"Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Spain—Temporary Tax on Credit Institutions in Spain"* in our 2024 Form 20-F), and the higher operating profit before tax recorded for the nine months ended September 30, 2025.

***Profit attributable to parent company***

As a result of the foregoing, profit attributable to parent company of this operating segment for the nine months ended September 30, 2025 amounted to €3,139 million, a 10.5% increase compared with the €2,841 million profit recorded for the nine months ended September 30, 2024.

------

**MEXICO**

---

| | | | |
|:---|:---|:---|:---|
| | **For the nine months ended September 30,** | **For the nine months ended September 30,** | |
| | **2025** | **2024** | **Change** |
| | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In %)** |
| **Net interest income** | **8393** | **8762** | **(4.2)** |
| Net fees and commissions | 1730 | 1846 | (6.3) |
| Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) | 570 | 606 | (5.9) |
| Other operating income and expense, net | (268) | (260) | 3.1 |
| Income and expense on insurance and reinsurance contracts | 698 | 686 | 1.7 |
| **Gross income** | **11124** | **11641** | **(4.4)** |
| Administration costs | (3063) | (3116) | (1.7) |
| Depreciation and amortization | (326) | (365) | (10.7) |
| **Net margin before provisions (2)** | **7735** | **8160** | **(5.2)** |
| Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | (2279) | (2356) | (3.3) |
| Provisions or reversal of provisions and other results | (69) | (39) | 78.9 |
| **Operating profit / (loss) before tax** | **5387** | **5765** | **(6.6)** |
| Tax expense or income related to profit or loss from continuing operations | (1511) | (1571) | (3.8) |
| **Profit** | **3876** | **4194** | **(7.6)** |
| Profit attributable to non-controlling interests | (1) | (1) |  |
| **Profit attributable to parent company** | **3875** | **4193** | **(7.6)** |

---

(1)Includes "Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities held for trading, net", "Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net", "Gains (losses) from hedge accounting, net" and "Exchange differences, net".

(2)"Net margin before provisions" is calculated as "Gross income" less "Administration costs" and "Depreciation and amortization".

In the nine months ended September 30, 2025, the Mexican peso depreciated by 11.5% against the euro in average terms compared with the nine months ended September 30, 2024, adversely affecting the results of operations of the Mexico operating segment for the nine months ended September 30, 2025 expressed in euros. See "*―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates*".

***Net interest income***

Net interest income of this operating segment for the nine months ended September 30, 2025 amounted to €8,393 million, a 4.2% decrease compared with the €8,762 million recorded for the nine months ended September 30, 2024, mainly as a result of the depreciation of the Mexican peso against the euro, partially offset by increases in the volume of the mortgage and consumer loan portfolios and lower wholesale funding costs. At constant exchange rates, there was an 8.3% increase in net interest income. The net interest margin over average total assets of this operating segment amounted to 6.72% for the nine months ended September 30, 2025, compared with 6.74% for the nine months ended September 30, 2024.

***Net fees and commissions***

Net fees and commissions of this operating segment for the nine months ended September 30, 2025 amounted to €1,730 million, a 6.3% decrease compared with the €1,846 million recorded for the nine months ended September 30, 2024, mainly due to the depreciation of the Mexican peso against the euro, partially offset by the fees resulting from an increase in asset management activity. At constant exchange rates, there was a 6.0% increase in net fees and commissions.

***Net gains (losses) on financial assets and liabilities and Exchange differences, net***

Net gains on financial assets and liabilities and Exchange differences, net, of this operating segment for the nine months ended September 30, 2025 were €570 million, a 5.9% decrease compared with the €606 million gain recorded for the nine months ended September 30, 2024, mainly as a result of the depreciation of the Mexican peso against the euro and the lower gains of the Global Markets unit, partially offset by the higher trading gains from the ALCO portfolio, resulting from the repurchase of bonds. At constant exchange rates, there was a 6.3% increase in net gains on financial assets and liabilities and exchange differences.

------

***Other operating income and expense, net***

Other operating income and expense, net of this operating segment for the nine months ended September 30, 2025 was an expense of €268 million, a 3.1% increase compared with the €260 million expense recorded for the nine months ended September 30, 2024, mainly as a result of the higher contributions made to the Deposit Guarantee Fund, partially offset by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 16.5% increase in net other operating expense.

***Income and expense on insurance and reinsurance contracts***

Net income on insurance and reinsurance contracts of this operating segment for the nine months ended September 30, 2025 was €698 million, a 1.7% increase compared with the €686 million income recorded for the nine months ended September 30, 2024, mainly due to the increase in insurance premiums, partially offset by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 15.0% increase in income on insurance and reinsurance contracts.

 ***Administration costs***

Administration costs of this operating segment for the nine months ended September 30, 2025 were €3,063 million, a 1.7% decrease compared with the €3,116 million recorded for the nine months ended September 30, 2024, mainly as a result of the depreciation of the Mexican peso against the euro, partially offset by the higher salaries and the higher general expenses related mainly to IT. At constant exchange rates, there was an 11.1% increase in administration costs.

***Depreciation and amortization***

Depreciation and amortization for the nine months ended September 30, 2025 was €326 million, a 10.7% decrease compared with the €365 million recorded for the nine months ended September 30, 2024, mainly due to the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 0.9% increase in depreciation and amortization.

***Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification***

Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the nine months ended September 30, 2025 was a €2,279 million expense, a 3.3% decrease compared with the €2,356 million expense recorded for the nine months ended September 30, 2024, mainly due to the depreciation of the Mexican peso against the euro, partially offset by higher credit impairment requirements, in particular, in the retail portfolio as a result of the worsening of the macroeconomic scenario in Mexico (see *"—Factors Affecting the Comparability of our Results of Operations and Financial Condition—Macroeconomic and geopolitical conditions*"), as well as higher credit impairment requirements related to increases in the volume of mortgage and consumer loans, driven by the increase in the volume of such loans. At constant exchange rates, there was a 9.4% increase in impairment on financial assets not measured at fair value through profit or loss or net gains by modification.

***Provisions or reversal of provisions and other results***

Provisions or reversal of provisions and other results of this operating segment for the nine months ended September 30, 2025 were a €69 million expense, a 78.9% increase compared with the €39 million expense recorded for the nine months ended September 30, 2024, mainly due to the higher provisions related to contingent and legal risks.

***Operating profit / (loss) before tax***

As a result of the foregoing, operating profit before tax of this operating segment for the nine months ended September 30, 2025 was €5,387 million, a 6.6% decrease compared with the €5,765 million recorded for the nine months ended September 30, 2024. At constant exchange rates, there was a 5.6% increase in operating profit before tax.

***Tax expense or income related to profit or loss from continuing operations***

Tax expense related to profit from continuing operations of this operating segment for the nine months ended September 30, 2025 was €1,511 million, a 3.8% decrease compared with the €1,571 million expense recorded for the nine months ended September 30, 2024, mainly as a result of the lower operating profit before tax. At constant exchange rates, there was an 8.7% increase in tax expense related to profit from continuing operations.

------

***Profit attributable to parent company***

As a result of the foregoing, profit attributable to parent company of this operating segment for the nine months ended September 30, 2025 amounted to €3,875 million, a 7.6% decrease compared with the €4,193 million recorded for the nine months ended September 30, 2024. At constant exchange rates, there was a 4.5% increase in profit attributable to parent company.

------

**TURKEY**

---

| | | | |
|:---|:---|:---|:---|
| | **For the nine months ended September 30,** | **For the nine months ended September 30,** | |
| | **2025** | **2024** | **Change** |
| | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In %)** |
| **Net interest income** | **2137** | **925** | **131.0** |
| Net fees and commissions | 1602 | 1404 | 14.1 |
| Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) | 340 | 836 | (59.4) |
| Other operating income and expense, net | (374) | (368) | 1.8 |
| Income and expense on insurance and reinsurance contracts | 71 | 40 | 78.6 |
| **Gross income** | **3776** | **2838** | **33.1** |
| Administration costs | (1475) | (1232) | 19.7 |
| Depreciation and amortization | (176) | (148) | 19.1 |
| **Net margin before provisions (2)** | **2125** | **1458** | **45.8** |
| Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | (667) | (333) | 100.6 |
| Provisions or reversal of provisions and other results | (13) | 98 | n.m. (3) |
| **Operating profit / (loss) before tax** | **1445** | **1223** | **18.1** |
| Tax expense or income related to profit or loss from continuing operations | (674) | (709) | (4.9) |
| **Profit** | **771** | **515** | **49.8** |
| Profit attributable to non-controlling interests | (123) | (81) | 50.7 |
| **Profit attributable to parent company** | **648** | **433** | **49.6** |

---

(1)Includes "Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities held for trading, net", "Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net", "Gains (losses) from hedge accounting, net" and "Exchange differences, net".

(2)"Net margin before provisions" is calculated as "Gross income" less "Administration costs" and "Depreciation and amortization".

(3)Not meaningful.

As of September 30, 2025, the Turkish lira depreciated by 21.6% against the euro compared to September 30, 2024, adversely affecting the results of operations of the Turkey operating segment for the nine months ended September 30, 2025 expressed in euros (as the period-end exchange rates of the Turkish lira are used to convert income statement items pursuant to IAS 21 for the nine months ended September 30, 2025 and 2024, respectively). See "*―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates*".

Since the first half of 2022, the Turkish economy has been considered to be hyperinflationary as defined by IAS 29 "Financial Reporting in Hyperinflationary Economies". See "*Presentation of Financial Information—Hyperinflationary Economies*" for information on the impact of hyperinflation accounting.

Regulation and monetary policy, including the liraization strategy adopted by the CBRT to protect the Turkish lira, has affected this operating segment. See "*Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Turkey*" in our 2024 Form 20-F and "*Other Matters—Regulatory Update for Turkey*".

***Net interest income***

Net interest income of this operating segment for the nine months ended September 30, 2025 amounted to €2,137 million compared with the €925 million recorded for the nine months ended September 30, 2024, as a result mainly of the higher volume of Turkish lira-denominated loans supported by the lessening of the loan reserve requirements by the CBRT throughout 2025, and the higher customer spread (calculated as the average rate at which assets are remunerated, less the equivalent average rate for deposits), partially offset by the depreciation of the Turkish lira against the euro and, to a lesser extent, the higher cost of wholesale funding. The period-on-period comparison was positively affected by changes in the reserve requirement for foreign currency deposits, which was set at 8.0% as of February 2024 and reduced in September 2024 (5.0%), November 2024 (4.0%) and June 2025 (2.5%) (see "*Other Matters—Regulatory Update for Turkey*"), and which requires Garanti BBVA to make Turkish lira-denominated deposits with the CBRT in such proportion with respect to all foreign currency-denominated deposits and participation funds, excluding those obtained from banks abroad, regardless of their maturities. The net interest margin over average total assets of this operating segment amounted to 3.34% for the nine months ended September 30, 2025, compared with 1.69% for the nine months ended September 30, 2024.

------

***Net fees and commissions***

Net fees and commissions of this operating segment for the nine months ended September 30, 2025 amounted to €1,602 million, a 14.1% increase compared with the €1,404 million recorded for the nine months ended September 30, 2024, mainly as a result of the increase in payment systems fees supported by the increase in the maximum credit card fees banks may charge in Turkey pursuant to the regulation established by the CBRT in November 2024 and the increase in the volume of asset management activities, partially offset by the depreciation of the Turkish lira against the euro and the increase in fees paid to third parties driven by the increase in payment systems fee income. At constant exchange rates, there was a 41.6% increase in net fees and commissions.

***Net gains (losses) on financial assets and liabilities and Exchange differences, net***

Net gains on financial assets and liabilities and Exchange differences, net, of this operating segment for the nine months ended September 30, 2025 amounted to €340 million, a 59.4% decrease compared with the €836 million gain recorded for the nine months ended September 30, 2024, mainly driven by negative exchange differences and lower gains in the trading portfolio from the Global Markets unit and, to a lesser extent, the depreciation of the Turkish lira against the euro, partially offset by the sale of certain securities portfolios. At constant exchange rates, there was a 49.7% decrease in net gains on financial assets and liabilities and exchange differences.

***Other operating income and expense, net***

Other operating income and expense, net of this operating segment for the nine months ended September 30, 2025 was a €374 million net expense, a 1.8% increase compared with the €368 million net expense recorded for the nine months ended September 30, 2024. In the nine months ended September 30, 2025, other operating income and expense, net, was negatively affected by the lower positive impact of the revaluation of bonds linked to inflation in the period (€585 million and €916 million, respectively, in the nine months ended September 30, 2025 and 2024) and the depreciation of the Turkish lira against the euro, and positively affected by the lower loss on the net monetary position resulting from the adjustment for hyperinflation (€747 million and €1,179 million in the nine months ended September 30, 2025 and 2024, respectively). At constant exchange rates, there was a 34.6% decrease in net other operating expense.

***Income and expense on insurance and reinsurance contracts***

Net income on insurance and reinsurance contracts of this operating segment for the nine months ended September 30, 2025 was €71 million, a 78.6% increase compared with the €40 million income recorded for the nine months ended September 30, 2024, mainly due to the increase in insurance premiums, partially offset by the depreciation of the Turkish lira against the euro.

***Administration costs***

Administration costs of this operating segment for the nine months ended September 30, 2025 amounted to €1,475 million, a 19.7% increase compared with the €1,232 million recorded for the nine months ended September 30, 2024, mainly as a result of the increase in the number of employees, salary updates and the increase in general expenses (technology and marketing) driven to a great extent by the high average inflation rates, partially offset by the depreciation of the Turkish lira against the euro. At constant exchange rates, there was a 48.3% increase in administration costs, which was above Turkey's inflation rate for the period.

***Depreciation and amortization***

Depreciation and amortization for the nine months ended September 30, 2025 was €176 million, a 19.1% increase compared with the €148 million recorded for the nine months ended September 30, 2024, mainly due to increases in the depreciation expense related to IT equipment, partially offset by the depreciation of the Turkish lira against the euro. At constant exchange rates, there was a 32.5% increase in depreciation and amortization.

***Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification***

Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the nine months ended September 30, 2025 was a €667 million expense compared with the €333 million expense recorded for the nine months ended September 30, 2024, mainly as a result of the increase in the expected losses related to the retail portfolio (mainly related to consumer and credit card loans) (which volumes increased and also required higher credit impairments), partially offset by lower expected losses in the corporate loan portfolio and the depreciation of the Turkish lira against the euro.

------

***Provisions or reversal of provisions and other results***

Provisions or reversal of provisions and other results of this operating segment for the nine months ended September 30, 2025 were a €13 million expense compared with the €98 million income recorded for the nine months ended September 30, 2024, mainly due to higher provisions for contingent risks.

***Operating profit / (loss) before tax***

As a result of the foregoing, operating profit before tax of this operating segment for the nine months ended September 30, 2025 was €1,445 million, an 18.1% increase compared with the €1,223 million recorded for the nine months ended September 30, 2024.

***Tax expense or income related to profit or loss from continuing operations***

Tax expense related to profit from continuing operations of this operating segment for the nine months ended September 30, 2025 was €674 million, a 4.9% decrease compared with the €709 million expense recorded for the nine months ended September 30, 2024. The tax expense for the nine months ended September 30, 2025 was lower than for the nine months ended September 30, 2024, notwithstanding the period-on-period increase in operating profit before tax, mainly as a result of the application of hyperinflationary accounting in assessing the tax burden in Turkey (with lower inflation and lower loss from the net monetary position, the effective tax rate is also lower). At constant exchange rates, there was a 19.2% increase in tax expense related to profit or loss from continuing operations.

***Profit attributable to non-controlling interests***

Profit attributable to non-controlling interests of this operating segment for the nine months ended September 30, 2025 amounted to €123 million, a 50.7% increase compared with the €81 million recorded for the nine months ended September 30, 2024.

***Profit attributable to parent company***

As a result of the foregoing, profit attributable to parent company of this operating segment for the nine months ended September 30, 2025 amounted to €648 million, a 49.6% increase compared with the €433 million recorded for the nine months ended September 30, 2024.

------

**SOUTH AMERICA**

---

| | | | |
|:---|:---|:---|:---|
| | **For the nine months ended September 30,** | **For the nine months ended September 30,** | |
| | **2025** | **2024** | **Change** |
| | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In %)** |
| **Net interest income** | **3537** | **4178** | **(15.3)** |
| Net fees and commissions | 655 | 610 | 7.5 |
| Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) | 433 | 548 | (20.9) |
| Other operating income and expense, net | (708) | (1561) | (54.6) |
| Income and expense on insurance and reinsurance contracts | 83 | 89 | (7.3) |
| **Gross income** | **4001** | **3865** | **3.5** |
| Administration costs | (1602) | (1650) | (2.9) |
| Depreciation and amortization | (154) | (159) | (3.0) |
| **Net margin before provisions (2)** | **2245** | **2056** | **9.2** |
| Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | (857) | (1049) | (18.3) |
| Provisions or reversal of provisions and other results | (34) | (63) | (46.9) |
| **Operating profit / (loss) before tax** | **1354** | **943** | **43.6** |
| Tax expense or income related to profit or loss from continuing operations | (417) | (189) | 120.5 |
| **Profit** | **937** | **754** | **24.3** |
| Profit attributable to non-controlling interests | (353) | (283) | 24.7 |
| **Profit attributable to parent company** | **585** | **471** | **24.1** |

---

(1)Includes "Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities held for trading, net", "Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net", "Gains (losses) from hedge accounting, net" and "Exchange differences, net".

(2)"Net margin before provisions" is calculated as "Gross income" less "Administration costs" and "Depreciation and amortization".

In the nine months ended September 30, 2025, the Argentine peso depreciated by 31.0% against the euro (considering the period-end exchange rates used to convert income statement items for the nine months ended September 30, 2025 and 2024, respectively, pursuant to IAS 21) and the Colombian peso depreciated by 6.3% against the euro in average terms compared with the nine months ended September 30, 2024. On the other hand, the Peruvian sol slightly appreciated by 0.4% against the euro in average terms compared with the nine months ended September 30, 2024. Overall, changes in exchange rates adversely affected the results of operations of the South America operating segment for the nine months ended September 30, 2025 expressed in euros. See *"―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates*".

As of and for the nine months ended September 30, 2025 and 2024, the Argentine and Venezuelan economies were considered to be hyperinflationary as defined by IAS 29 "Financial Reporting in Hyperinflationary Economies". See "*Presentation of Financial Information—Hyperinflationary Economies*" for information on the impact of hyperinflation accounting.

***Net interest income***

Net interest income of this operating segment for the nine months ended September 30, 2025 amounted to €3,537 million, a 15.3% decrease compared with the €4,178 million recorded for the nine months ended September 30, 2024, mainly as a result of the lower yield and volume in the public sector loan portfolio, particularly in Argentina, driven in part, with respect to the yield, by the decline in the monetary policy rate in Argentina, the lower yield in the securities portfolio and the depreciation of the Argentine peso against the euro, partially offset by increases in the volume of the commercial and the consumer loan portfolios in Argentina. At constant exchange rates, there was a 1.9% decrease in net interest income. The net interest margin over average total assets of this operating segment amounted to 6.52% for the nine months ended September 30, 2025, compared with 8.29% for the nine months ended September 30, 2024.

***Net fees and commissions***

Net fees and commissions of this operating segment for the nine months ended September 30, 2025 amounted to €655 million income, a 7.5% increase compared with the €610 million income recorded for the nine months ended September 30, 2024, mainly due to increases in payment systems fees (in particular, related to credit cards), as a result of increases in the volume of transactions and commission rates in Argentina, partially offset by the depreciation of the Argentine peso against the euro. At constant exchange rates, there was an 18.9% increase in net fees and commissions.

------

***Net gains (losses) on financial assets and liabilities and Exchange differences, net***

Net gains on financial assets and liabilities and Exchange differences, net, of this operating segment for the nine months ended September 30, 2025 were €433 million, a 20.9% decrease compared with the €548 million gain recorded for the nine months ended September 30, 2024, mainly due to the lower gains from the ALCO portfolio in Argentina (due to increased volatility in the financial markets) and, to a lesser extent, the depreciation of the Argentine peso against the euro, partially offset by the higher gains from the Global Markets unit in Colombia and Argentina. At constant exchange rates, there was an 11.6% decrease in net gains on financial assets and liabilities and exchange differences.

***Other operating income and expense, net***

Other operating income and expense, net of this operating segment for the nine months ended September 30, 2025 was a €708 million expense, a 54.6% decrease compared with the €1,561 million expense recorded for the nine months ended September 30, 2024, mainly driven by the lower loss on the net monetary position resulting from the adjustment for hyperinflation in Argentina, which resulted in a monetary loss of €277 million in the nine months ended September 30, 2025, compared to the €1,178 million monetary loss recorded for the nine months ended September 30, 2024. At constant exchange rates, there was a 52.5% decrease in net other operating expense.

***Income and expense on insurance and reinsurance contracts***

Net income on insurance and reinsurance contracts of this operating segment for the nine months ended September 30, 2025 was €83 million, a 7.3% decrease compared with the €89 million net income recorded for the nine months ended September 30, 2024, mainly as a result of the depreciation of the Argentine peso against the euro. At constant exchange rates, there was a 3.6% increase in net income on insurance and reinsurance contracts.

***Administration costs***

Administration costs of this operating segment for the nine months ended September 30, 2025 amounted to €1,602 million, a 2.9% decrease compared with the €1,650 million recorded for the nine months ended September 30, 2024, mainly as a result of the depreciation of the Argentine peso against the euro, partially offset by increases in personnel expenses, mainly driven by salary updates (aimed at compensating the loss of purchasing power due to inflation) and certain general expenses in Argentina. At constant exchange rates, there was a 9.8% increase in administration costs.

***Depreciation and amortization***

Depreciation and amortization for the nine months ended September 30, 2025 was a €154 million expense, a 3.0% decrease compared with the €159 million expense recorded for the nine months ended September 30, 2024. At constant exchange rates, there was a 0.5% increase in depreciation and amortization.

***Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification***

Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the nine months ended September 30, 2025 was a €857 million expense, an 18.3% decrease compared with the €1,049 million expense recorded for the nine months ended September 30, 2024, mainly as a result of lower credit impairment requirements in the retail loan portfolios in Colombia and Peru and the depreciation of the Argentine peso against the euro, partially offset by higher credit impairments in the retail loan portfolio in Argentina, in particular, related to consumer and credit card loans, as a result in part of the greater credit activity (as we increased private lending as a result of lower government borrowings). At constant exchange rates, there was a 12.0% decrease in impairment on financial assets not measured at fair value through profit or loss or net gains by modification.

***Provisions or reversal of provisions and other results***

Provisions or reversal of provisions and other results of this operating segment for the nine months ended September 30, 2025 were a €34 million expense, a 46.9% decrease compared with the €63 million expense recorded for the nine months ended September 30, 2024, attributable mainly to the lower provisions for tax contingencies in Peru and Argentina. At constant exchange rates, there was a 41.3% decrease in provisions and other results.

***Operating profit / (loss) before tax***

As a result of the foregoing, operating profit before tax of this operating segment for the nine months ended September 30, 2025 was €1,354 million, a 43.6% increase compared with the €943 million profit recorded for the nine months ended September 30, 2024.

------

***Tax expense or income related to profit or loss from continuing operations***

Tax expense related to profit from continuing operations of this operating segment for the nine months ended September 30, 2025 was €417 million compared with the €189 million expense recorded for the nine months ended September 30, 2024, mainly as a result of the higher operating profit before tax.

***Profit attributable to non-controlling interests***

Profit attributable to non-controlling interests of this operating segment for the nine months ended September 30, 2025 amounted to €353 million, a 24.7% increase compared with the €283 million recorded for the nine months ended September 30, 2024. At constant exchange rates, there was a 68.0% increase in profit attributable to non-controlling interests.

***Profit attributable to parent company***

As a result of the foregoing, profit attributable to parent company of this operating segment for the nine months ended September 30, 2025 amounted to €585 million, a 24.1% increase compared with the €471 million recorded for the nine months ended September 30, 2024. At constant exchange rates, there was an 84.2% increase in profit attributable to parent company.

------

**REST OF BUSINESS**

---

| | | | |
|:---|:---|:---|:---|
| | **For the nine months ended September 30,** | **For the nine months ended September 30,** | |
| | **2025** | **2024** | **Change** |
| | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In %)** |
| **Net interest income** | **596** | **522** | **14.1** |
| Net fees and commissions | 428 | 281 | 52.0 |
| Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) | 269 | 252 | 6.4 |
| Other operating income and expense, net | 2 |  | n.m. (2) |
| Income and expense on insurance and reinsurance contracts | 2 | 2 |  |
| **Gross income** | **1296** | **1058** | **22.6** |
| Administration costs | (596) | (476) | 25.2 |
| Depreciation and amortization | (28) | (22) | 27.5 |
| **Net margin before provisions (3)** | **672** | **560** | **20.2** |
| Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | (47) | (36) | 28.1 |
| Provisions or reversal of provisions and other results | (11) | (3) | n.m. (2) |
| **Operating profit / (loss) before tax** | **615** | **520** | **18.1** |
| Tax expense or income related to profit or loss from continuing operations | (134) | (112) | 19.7 |
| **Profit** | **481** | **409** | **17.6** |
| Profit attributable to non-controlling interests |  |  |  |
| **Profit attributable to parent company** | **481** | **409** | **17.6** |

---

(1)Includes "Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities held for trading, net", "Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net", "Gains (losses) from hedge accounting, net" and "Exchange differences, net".

(2)Not meaningful.

(3)"Net margin before provisions" is calculated as "Gross income" less "Administration costs" and "Depreciation and amortization".

In the nine months ended September 30, 2025, the U.S. dollar depreciated by 2.9% against the euro in average terms compared with the nine months ended September 30, 2024, adversely affecting the results of operations of the Rest of Business operating segment for the nine months ended September 30, 2025 expressed in euros. See "*―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates"*.

***Net interest income***

Net interest income of this operating segment for the nine months ended September 30, 2025 amounted to €596 million, a 14.1% increase compared with the €522 million recorded for the nine months ended September 30, 2024, mainly due to the increase in the corporate and investment banking activity of the New York branch, supported by the increase in loan activity, in particular, in the wholesale portfolio, and careful price management, partially offset by the depreciation of the U.S. dollar against the euro. At constant exchange rates, there was a 15.7% increase in net interest income. The net interest margin over average total assets of this operating segment amounted to 1.16% for the nine months ended September 30, 2025, compared with 1.17% for the nine months ended September 30, 2024.

***Net fees and commissions***

Net fees and commissions of this operating segment for the nine months ended September 30, 2025 amounted to €428 million, a 52.0% increase compared with the €281 million recorded for the nine months ended September 30, 2024 mainly due to increased investment banking activity in the New York branch and Europe and higher commissions charged to transactional banking clients, partially offset by the depreciation of the U.S. dollar against the euro. At constant exchange rates, there was a 53.9% increase in net fees and commissions.

***Net gains (losses) on financial assets and liabilities and Exchange differences, net***

Net gains on financial assets and liabilities and Exchange differences, net, of this operating segment for the nine months ended September 30, 2025 were €269 million, a 6.4% increase compared with the €252 million net gain recorded for the nine months ended September 30, 2024, mainly due to the higher positive exchange differences in Asia and the higher trading gains in the New York branch and in BBVA Securities Inc. mainly related to equity brokerage activity, partially offset by the depreciation of the U.S. dollar against the euro and lower trading gains in Asia and Europe. At constant exchange rates, there was an 8.8% increase in net gains on financial assets and liabilities and exchange differences.

------

***Administration costs***

Administration costs of this operating segment for the nine months ended September 30, 2025 amounted to €596 million, a 25.2% increase compared with the €476 million recorded for the nine months ended September 30, 2024, mainly due to increases in personnel expenses in the branches located in New York and Europe due to new hires and investment in strategic projects, partially offset by the depreciation of the U.S. dollar against the euro. At constant exchange rates, there was a 26.8% increase in administration costs.

***Depreciation and amortization***

Depreciation and amortization for the nine months ended September 30, 2025 amounted to €28 million, a 27.5% increase compared with the €22 million recorded for the nine months ended September 30, 2024. At constant exchange rates, there was a 28.9% increase in depreciation and amortization.

***Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification***

Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the nine months ended September 30, 2025 was a €47 million expense, a 28.1% increase compared with the €36 million expense recorded for the nine months ended September 30, 2024, mainly as a result of the higher credit impairment requirements in the corporate and investment banking loan portfolios in the United States, our broker-dealer in the United States, partially offset by the depreciation of the U.S. dollar against the euro. At constant exchange rates, there was a 27.7% increase in impairment on financial assets not measured at fair value through profit or loss or net gains by modification.

***Provisions or reversal of provisions and other results***

Provisions or reversal of provisions and other results of this operating segment for the nine months ended September 30, 2025 were an expense of €11 million compared with the €3 million expense recorded for the nine months ended September 30, 2024.

***Operating profit / (loss) before tax***

As a result of the foregoing, operating profit before tax of this operating segment for the nine months ended September 30, 2025 was €615 million, an 18.1% increase compared with the €520 million recorded for the nine months ended September 30, 2024. At constant exchange rates, there was a 20.5% increase in operating profit before tax.

***Tax expense or income related to profit or loss from continuing operations***

Tax expense related to profit from continuing operations of this operating segment for the nine months ended September 30, 2025 was €134 million, a 19.7% increase compared with the €112 million expense recorded for the nine months ended September 30, 2024, due mainly to the increase in operating profit. At constant exchange rates, there was a 22.0% increase in tax expense related to profit from continuing operations.

***Profit attributable to parent company***

As a result of the foregoing, profit attributable to parent company of this operating segment for the nine months ended September 30, 2025 amounted to €481 million, a 17.6% increase compared with the €409 million recorded for the nine months ended September 30, 2024. At constant exchange rates, there was a 20.0% increase in profit attributable to parent company.

------

**CORPORATE CENTER**

---

| | | | |
|:---|:---|:---|:---|
| | **For the nine months ended September 30,** | **For the nine months ended September 30,** | |
| | **2025** | **2024** | **Change** |
| | **(In Millions of Euros)** | **(In Millions of Euros)** | **(In %)** |
| **Net interest income / (expense)** | **(323)** | **(321)** | **0.5** |
| Net fees and commissions | (87) | (60) | 44.4 |
| Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) | (186) | 83 | n.m. (2) |
| Other operating income and expense, net | 61 | (5) | n.m. (2) |
| Income and expense on insurance and reinsurance contracts | 2 |  | n.m. (3) |
| **Gross income** | **(534)** | **(304)** | **75.4** |
| Administration costs | (362) | (403) | (10.2) |
| Depreciation and amortization | (159) | (160) | (0.4) |
| **Net margin before provisions (3)** | **(1055)** | **(867)** | **21.6** |
| Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | (1) | 1 | n.m. (3) |
| Provisions or reversal of provisions and other results | 25 | 50 | (49.9) |
| **Operating profit / (loss) before tax** | **(1031)** | **(816)** | **26.3** |
| Tax expense or income related to profit or loss from continuing operations | 285 | 89 | 220.6 |
| **Profit / (loss)** | **(746)** | **(727)** | **2.5** |
| Profit / (loss) attributable to non-controlling interests | (5) | 1 | n.m. (3) |
| **Profit / (loss) attributable to parent company** | **(750)** | **(726)** | **3.4** |

---

(1)Includes "Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities held for trading, net", "Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net", "Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net", "Gains (losses) from hedge accounting, net" and "Exchange differences, net".

(2)Not meaningful.

(3)"Net margin before provisions" is calculated as "Gross income" less "Administration costs" and "Depreciation and amortization".

***Net interest income / (expense)***

Net interest expense of the Corporate Center for the nine months ended September 30, 2025 was €323 million, a 0.5% increase compared with the €321 million net expense recorded for the nine months ended September 30, 2024.

***Net fees and commissions***

Net fees and commissions of the Corporate Center was an expense of €87 million for the nine months ended September 30, 2025, a 44.4% increase compared with the €60 million expense recorded for the nine months ended September 30, 2024 mainly as a result of the higher fees paid in connection with the debt issuances carried out by Banco Bilbao Vizcaya Argentaria, S.A. (the parent company of the Group).

***Net gains (losses) on financial assets and liabilities and Exchange differences, net***

Net losses on financial assets and liabilities and exchange differences of the Corporate Center for the nine months ended September 30, 2025 were €186 million compared with the €83 million gains recorded for the nine months ended September 30, 2024, mainly as a result of the lower gains in the ALCO portfolio and the negative exchange differences, in particular, with respect to the Mexican peso, partially offset by higher gains in the non-trading portfolio from the revaluation of certain venture capital investments.

***Other operating income and expense, net***

Other operating income and expense, net of the Corporate Center for the nine months ended September 30, 2025 was €61 million of net income compared with the €5 million net expense recorded for the nine months ended September 30, 2024. The nine months ended September 30, 2024 were negatively affected by the expenses incurred in connection with the subscription of bonds issued by the Central Bank of Argentina.

***Administration costs***

Administration costs of the Corporate Center for the nine months ended September 30, 2025 amounted to €362 million, a 10.2% decrease compared with the €403 million recorded for the nine months ended September 30, 2024, mainly due to lower general expenses.

------

***Depreciation and amortization***

Depreciation and amortization of the Corporate Center for the nine months ended September 30, 2025 was €159 million, a 0.4% decrease compared with the €160 million recorded for the nine months ended September 30, 2024.

***Provisions or reversal of provisions and other results***

Provisions or reversal of provisions and other results of the Corporate Center for the nine months ended September 30, 2025 were €25 million of income, a 49.9% decrease compared with the €50 million of income recorded for the nine months ended September 30, 2024, mainly due to lower income from certain investments in associates.

***Operating profit / (loss) before tax***

As a result of the foregoing, operating loss before tax of the Corporate Center for the nine months ended September 30, 2025 was €1,031 million, a 26.3% increase compared with the €816 million loss recorded for the nine months ended September 30, 2024.

***Tax expense or income related to profit or loss from continuing operations***

Tax income related to loss from continuing operations of the Corporate Center for the nine months ended September 30, 2025 amounted to €285 million compared with the €89 million income recorded for the nine months ended September 30, 2024, mainly due to the adjustment in the estimate of the annual tax rate for the BBVA Group, which reflects the Group reassessment of the coverage needs for the identified tax risks and certain deferred tax assets corresponding to the Group in Spain, which had not previously been recorded and were first recognized in the current period (see Note 17 to the Unaudited Condensed Interim Consolidated Financial Statements).

***Profit / (loss) attributable to parent company***

As a result of the foregoing, loss attributable to parent company of the Corporate Center for the nine months ended September 30, 2025 was €750 million, a 3.4% increase compared with the €726 million loss recorded for the nine months ended September 30, 2024.

------

**Capital** 

September 30, 2025 information presented below is based on preliminary data.

As of September 30, 2025 and December 31, 2024, own funds are calculated in accordance with the applicable regulations on minimum capital requirements for Spanish credit institutions both at an individual entity level and as a consolidated group. Such regulations establish how to calculate own funds, as well as the various required internal capital adequacy assessment processes and the information required to be disclosed to the market.

The minimum capital requirements established by the current regulations are calculated according to the Group's exposure to credit and dilution risk, counterparty and liquidity risk relating to the trading portfolio, exchange-rate risk and operational risk. In addition, the Group must fulfill the risk concentration limits established in these regulations and internal corporate governance obligations.

As a result of the most recent Supervisory Review and Evaluation Process (SREP) carried out by the ECB, BBVA must maintain, at a consolidated level, as from January 1, 2025, a CET1 capital ratio of 9.13%<sup>2</sup> and a total capital ratio of 13.29%<sup>2</sup>. The consolidated total capital requirement includes: (i) the "Pillar 1" capital requirement (8.00%), of which a minimum of 4.50% must be met with CET1 capital, 1.50% could be met with AT1 instruments and 2.00% could be met with Tier 2 instruments; (ii) the "Pillar 2" capital requirement (1.68%), of which a minimum of 1.02% must be met with CET1 capital (of which 0.18% is determined on the basis of the ECB's prudential provisioning expectation), 0.28% could be met with AT1 instruments and 0.38% could be met with Tier 2 instruments; (iii) the capital conservation buffer (2.50% that must be met exclusively with CET1 capital); (iv) the D-SIB capital buffer (1.00% that must be met exclusively with CET1 capital); and (v) the capital buffer for Countercyclical Risk (0.10%<sup>2</sup> that must be met exclusively with CET1 capital). In addition, the Systemic Risk buffer is 0.01%<sup>2</sup>.

BBVA Group's CET1 ratio stood at 13.42% as of September 30, 2025, which represents an increase of 54 basis points compared to December 31, 2024, mainly due to the profit of the BBVA Group recorded during the nine months ended September 30, 2025, which allows the Group to continue investing in growth opportunities. The entry into force of the new Capital Requirements Regulation (Regulation (EU) 2024/1623) ("**CRR III**") had no significant impact on this ratio.

Risk-weighted assets (RWA) increased in the nine months ended September 30, 2025 by approximately €807 million, mainly as a result of the increase in credit lending, mainly in Turkey, Spain and in the New York branch, partially offset by the depreciation of the Argentine peso, the Turkish lira and, to a lesser extent, the U.S. dollar and the Peruvian sol (see *"―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates*").

The AT1 ratio stood at 1.39% as of September 30, 2025, a decrease of 14 basis points from December 31, 2024. During the nine months ended September 30, 2025, Banco Bilbao Vizcaya Argentaria, S.A. completed an issuance for an amount of USD 1.0 billion of contingent convertible preferred securities (CoCos), as well as the early redemption of another issuance for the same amount. The depreciation of the U.S. dollar had a negative impact on the AT1 contribution of such CoCos.

The fully-loaded Tier 2 ratio stood at 2.94% as of September 30, 2025, which represents an increase of 44 basis points compared to December 31, 2024, mainly due to the issuance of subordinated debt by Banco Bilbao Vizcaya Argentaria, S.A. in Spain, amounting to €1.0 billion, during the nine months ended September 30, 2025. In addition, issuances of subordinated debt were completed during such period in Mexico (USD 1.0 billion) and Turkey (USD 500 million).

As a result of the above, the total fully-loaded capital ratio stood at 17.75% as of September 30, 2025.

<sup>2</sup> Considering the last official updates of the countercyclical capital buffer and systemic risk buffer, calculated on the basis of exposure as of June 30, 2025.

------

The consolidated ratios as of September 30, 2025 and December 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
| **CAPITAL BASE (MILLIONS OF EUROS) (1)** | | |
| | **September 30, 2025 (2)** | **December 31, 2024** |
| Common Equity Tier 1 (CET1) | 53056 | 50799 |
| Tier 1 | 58541 | 56822 |
| Tier 2 | 11614 | 9858 |
| **Total capital (Tier 1 + Tier 2)** | **70156** | **66680** |
| **Risk-weighted assets** | **395275** | **394468** |
| CET1 (%) | 13.42 | 12.88 |
| Tier 1 (%) | 14.81 | 14.40 |
| Tier 2 (%) | 2.94 | 2.50 |
| **Total capital ratio (%)** | **17.75** | **16.90** |

---

(1)December 31, 2024 data and ratios are presented according to the requirements under CRR II. September 30, 2025 data and ratios have been calculated applying the regulatory changes of CRR III.

(2)Preliminary data.

As of September 30, 2025, the leverage ratio (calculated by dividing BBVA's Tier 1 capital by its total leverage ratio exposure measure, which includes BBVA's assets and off-balance-sheet items) stood at 6.72% compared to 6.81% as of December 31, 2024. The denominator (total leverage ratio exposure measure) increased mainly due to higher deposits with the European Central Bank and the increase in lending activity, while the numerator (Tier 1 capital) also increased, supported by the generation of results during the nine months ended September 30, 2025, which together resulted in a decrease of 9 basis points in the leverage ratio compared to December 31, 2024.

With regard to MREL (Minimum Requirement for own funds and Eligible Liabilities) requirements, BBVA must maintain, as from June 12, 2025, an amount of own funds and eligible liabilities equal to 23.13% of the total RWA of its resolution group, on sub-consolidated level (the "**MREL in RWA**"). Within this MREL in RWA, an amount equal to 13.50% of the RWA of the resolution group must be met with subordinated instruments (the "**subordination requirement in RWA**"). The MREL in RWA and the subordination requirement in RWA do not include the combined capital buffer requirement (3.66%, considering the last official update of the countercyclical capital buffer and the systemic risk buffer, calculated on the basis of exposure as of December 31, 2024, according to applicable regulations and supervisory criteria).

Additionally, BBVA is required to meet, also as from June 12, 2025, a volume of own funds and eligible liabilities in terms of total exposure considered for the purpose of the calculation of the leverage ratio (the "**MREL in LR**") of 8.59% of which 5.66% in terms of the total exposure considered for calculating the leverage ratio shall be satisfied with subordinated instruments (the "subordination requirement in LR"). The MREL in RWA and MREL in LR ratios stood at 31.31% and 11.76%, respectively, at September 30, 2025, while the subordinated ratios (subordination requirement in RWA and subordination requirement in LR, respectively, to be fulfilled only by capital and/or subordinated instruments) were 26.61% and 9.99%, respectively, at such date.

Given the structure of the resolution group's own funds and eligible liabilities, as of September 30, 2025, the Group meets the aforementioned requirements.

The September 30, 2025 ratios referred to above include the impact of the various debt issuances made by BBVA during the nine months ended September 30, 2025 with the aim of reinforcing compliance with the aforementioned requirements.

In addition, as from January 1, 2025, BBVA must maintain, at an individual entity level, a CET1 ratio of 8.01% and a total capital ratio of 12.17%. These ratios include a "Pillar 2" capital requirement at the individual entity level of 1.50%, of which at least 0.84% shall be met with CET1.

The individual ratios as of September 30, 2025 were as follows: the CET1 ratio stood at 15.70%, the Tier 1 ratio stood at 18.20%, the Tier 2 ratio stood at 3.04% and the total capital ratio stood at 21.24%. Risk-weighted assets (RWA) on an individual entity level amounted to €212,620 million as of September 30, 2025.

------

**OTHER MATTERS**

**Exchange Offer regarding Banco Sabadell**

On May 9, 2024, BBVA announced, through the publication of an inside information notice (*información privilegiada*), the decision to launch an exchange offer (the "Exchange Offer") for the entire share capital of Banco de Sabadell, S.A. The Exchange Offer ceased to be 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.

------

**Regulatory Update for Spain**

The below summary includes certain updates to the information included in *"Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Spain*" in our 2024 Form 20-F.

***Investment Services***

Several sustainability initiatives within the European Union are shaping the asset management and retail investment services sectors during 2025. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the European Securities and Markets Authority ("**ESMA**") Guidelines on the use of ESG- or sustainability-related terms in fund names: Pursuant to the guidelines, asset managers were required to adapt the names of investment funds under their management—or, alternatively, adjust the investment policies of those funds—by May 21, 2025. BBVA completed the required review of the relevant funds in the EU ahead of the May 21, 2025 deadline. Where necessary, funds either (i) adapted their investment policies or (ii) simplified their names; in most cases the latter involved removing generic "ESG" wording. The exercise was concluded without material impact on product strategy, client positioning or commercial flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proposed EU simplification of the Corporate Sustainability Reporting Directive ("**CSRD**"): in February 2025 the Commission's "Simplification Omnibus" package proposed limiting CSRD's scope to large undertakings that employ more than 1,000 people. The Council endorsed this approach on June 23, 2025, and trilogue negotiations are scheduled for after the summer recess. Because the Spanish transposition bill has been put on hold while the final EU thresholds are agreed, BBVA asset managers are not yet required to apply CSRD reporting to financial year 2025; whether they will fall within the scope of CSRD in the future (which would trigger certain reporting requirements) will depend on the thresholds ultimately adopted. Should the CSRD's scope be reduced, the amount of corporate-sustainability data available in the market is expected to shrink, which could in turn hamper BBVA funds' ability to comply with their disclosure obligations under the Sustainable Finance Disclosure Regulation ("**SFDR**") as they seek to gather the required information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review of SFDR: following the 2023-2024 consultation, the Commission launched a Call for Evidence on May 2, 2025 to prepare reforms aimed at simplifying the regime and potentially introducing an EU-wide product labelling system. The legislative proposal is expected in the last quarter of 2025; until then, uncertainty remains over the final categories and the start date for any new labels.

The European Commission ("**EC**") recently communicated, through a letter addressed to the European Supervisory Authorities, its decision to deprioritize 115 Level 2 legislative acts within the framework of the European Union's financial services regime in order to simplify the regulatory framework, reduce the burdens associated with its implementation, and allow more time to review legislation before establishing new mandates in the next EC regulatory cycle. The decision includes not adopting Level 2 acts considered non-essential before October 1, 2027 and proposing to modify or eliminate the empowerments for non-essential Level 2 acts that have a mandatory deadline when related Level 1 acts are being reviewed. The measure primarily affects the area of sustainable finance. Among the postponed provisions are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS): delegated acts related to sectoral standards, applicable to third countries, as well as modified versions of the ESRS, have been deprioritized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SFDR: revisions of several regulatory technical standards (RTS) related to negative impact indicators, alignment with the taxonomy, and product-level disclosures are postponed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EU Taxonomy Regulation: technical updates linked to environmental disclosures are postponed according to the SFDR calendar; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ESG ratings Regulation: technical standards related to transparency, methodology, and data format are also postponed.

Recent developments in financial services legislation include the following:

------

The European Commission has published a regulatory package called Retail Investment Strategy ("**RIS**") which aims to increase the participation of retail investors in European capital markets. Directive 2014/65/EU on markets in financial instruments (MiFID) is included among the different EU directives to be reviewed, with relevant changes proposed in retail investor protection. The European Parliament and European Council have also published their alternatives to the European Commission proposal. The amendment of MiFID is not expected to be approved in 2025, and its content is likely to undergo relevant changes given the differing public positions of the various EU co-legislators. This initiative may be affected by the new proposal known as Savings and Investments Union ("**SIU**").

The European Commission has adopted its strategy for the SIU, a key initiative to improve the way the EU financial system channels savings to productive investments. This strategy is intended to be further developed through a number of legal initiatives across four strands of work: (i) citizens and savings, aimed at increasing investment in capital markets by EU citizens; (ii) investments and financing, aimed at providing more capital and financing options to EU businesses; (iii) integration and scale, aimed at reducing fragmentation in EU capital markets; and (iv) efficient supervision in the Single Market, aimed at creating a level playing field across the EU. Immediate developments are expected in the fields of financial education, the creation of investments and savings accounts, private pensions, promotion of investment in equity securities by institutional investors and other measures intended to enhance liquidity, securitization, improvement of market infrastructures, encouragement of cross border activities within the EU and harmonized and efficient supervision.

***Undertakings for Collective Investments***

Directive (EU) 2024/927, amending the Alternative Investment Fund Managers Directive (AIFMD) and Undertakings for Collective Investment in Transferable Securities (UCITS) Directive was approved in 2024 and must be transposed into national legislation before April 16, 2026. The main change introduced by the regulation relates to the delegation of functions and liquidity management. In this regard, ESMA published its final report on Regulatory Technical Standards and Guidelines on Liquidity Management Tools under the AIFMD and UCITS Directives, which are expected to be approved before the end of the year 2025. On top of that, the International Organization of Securities Commissions (IOSCO) published additional recommendations on liquidity management. In addition, there is certain regulatory and supervisory concern regarding the contribution to systemic risks and the use of leverage by non-banking financial intermediaries.

------

**Regulatory Update for Mexico**

The below summary includes certain updates to the information included in *"Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Mexico*" in our 2024 Form 20-F.

***Constitutional and Institutional Reform***

On September 15, 2024, a constitutional reform regarding the Judiciary System was published in Mexico's Federal Official Gazette. The reform primarily establishes the popular election of federal judges, including the Supreme Court Justice ("**SCJN**"). Furthermore, it reduces the number of SCJN justices from 11 to 9. The reform took effect the day after its publication, with extraordinary elections scheduled for 2025.

Additionally, on December 20, 2024, a further constitutional reform was published in Mexico's Federal Official Gazette to eliminate several Constitutionally Autonomous Bodies (OCAs), transferring their functions to other entities of the federal government. Among others, the reform provides for the redistribution of the responsibilities of the National Institute of Transparency ("**INAI**") to government agencies, and the replacement of the Federal Economic Competition Commission ("**COFECE**") by a decentralized body stemming from the Federal Executive, which will also be in charge of telecommunications' antitrust matters.

As a result of the aforementioned reform, on March 20, 2025, a decree was published in the Federal Official Gazette enacting new legislation on transparency and personal data protection. The new legal framework includes: (i) the General Law on Transparency and Access to Public Information; (ii) the General Law on Personal Data Protection Held by Obligated Subjects; and (iii) the Federal Law on Personal Data Protection Held by Private Parties. These new laws reassign transparency-related responsibilities from INAI to various entities including the Secretariat of Anti-Corruption and Good Governance and the Federal Judiciary. They also mandate the establishment of the National Information Access System and the creation of specialized courts and tribunals to address these matters. The enactment of secondary regulation is still pending.

Furthermore, on July 9, 2025, the Mexican Congress approved a reform to the Federal Economic Competition Law ("**LFCE**"), which was subsequently published in the Federal Official Gazette on July 16. This amendment introduces significant changes –such as the creation of a new National Antitrust Commission ("**CNA**"), enhanced enforcement powers, and an expanded sanctions framework–and will affect various sectors, including banking, by increasing scrutiny over market behavior and dominant positions. The new LFCE came into effect on October 17, 2025, following President Claudia Sheinbaum's formal appointment of Andrea Marván, then-President of COFECE, as the first President of the CNA on October 16, 2025. With this appointment, COFECE was officially dissolved and the CNA began operations.

***Anti-Money Laundering Regulation***

On June 26, 2025, the Mexican Congress approved a reform to the Anti-Money Laundering Law (the Federal Law for the Prevention and Identification of Operations with Illicit Proceeds), which was subsequently published in the Federal Official Gazette on July 16, 2025. This amendment introduces expanded definitions (including "beneficial owner" and "politically exposed person"), enhances the Ministry of Finance's oversight powers, and strengthens coordination with public and national security authorities. It is expected that these changes will have legal and operational impacts, including increased due diligence requirements, stricter reporting obligations, and updates to internal AML systems.

***COFECE Investigation into Card Payments Market***

In 2018, the Investigative Authority (IA) of the COFECE launched an investigation into the card payments market. In July 2023, the COFECE's Board issued a final resolution recommending that regulators implement regulatory changes and mandating clearing houses to establish a compliance program and appoint an antitrust compliance officer. BBVA Mexico has taken all necessary actions and provided all required information to demonstrate compliance with the resolution.

Separately, in October 2022, COFECE announced that it had initiated an investigation in April 2022 into potential collusion in credit card transactions involving deferred monthly payments at zero interest. Although not under investigation, in July 2024, BBVA was requested to assist the authority by providing information related to the case. The request was fulfilled in December 2024. On December 18, 2024, COFECE concluded the investigation phase. In April 2025, the Investigative Authority of COFECE presented its findings to the Board of Commissioners. As a result of the investigation, COFECE issued a Statement of Probable Responsibility and notified the involved parties, thereby initiating the trial-like stage of the proceeding. BBVA is not an involved party and did not receive any notification.

------

**Regulatory Update for Turkey**

The below summary includes certain updates to the information included in "*Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Turkey*" in our 2024 Form 20-F.

***Regulation on Loans and Reserve Requirements***

Since 2020, the Banking Regulation and Supervision Agency ("**BRSA**") and the CBRT have issued recommendations to protect the value of the Turkish lira by ensuring that customers who are granted cash loans do not use the loan amounts for buying foreign currency or gold, and has introduced and regulated the Foreign Currency Protected Turkish Lira Deposit Account, an instrument designed to protect Turkish lira-denominated deposits from volatility in exchange rates. Several Communiqués were issued since then, establishing maximum limits with respect to loan allocation and loan disbursement fees, revising applicable rates, and implementing policies to strengthen the monetary policy transmission mechanisms and to balance domestic demand.

In order to enhance the effectiveness of loan growth limits, a reserve requirement based on loan growth was introduced in 2024. During 2024, the monthly growth limit was reduced from 2.5% to 2.0% for Turkish lira commercial loans and from 3.0% to 2.0% for general purpose loans. On January 4, 2025, the growth limit was revised to 2.5% for SME loans and 1.5% for commercial loans. These measures were implemented in order to control the growth in Turkish lira denominated loans within a lower interest rate environment.

With respect to foreign currency denominated loans and with the aim of ensuring a level of loan growth consistent with the target decrease in inflation and the maintenance of the share of Turkish lira denominated loans, a monthly growth limit of 1.0% was introduced for such loans during 2024. As per the latest amendment on March 1, 2025, the monthly growth limit for foreign currency denominated loans has been reduced from 1.0% to 0.5%, and the scope of foreign currency denominated loans exempted from this growth limit has been narrowed.

On June 21, 2025, the Communiqué on Deposit and Loan Interest Rates and Participation Account Profit and Loss Participation Rates lowered the additional reserve requirement to 2.5%, from 4.0%.

***Regulation on Deposits***

The CBRT has amended the Communiqué Regarding Reserve Requirements, adjusting ratios for both Turkish lira and foreign currency liabilities (including deposits). Recent changes for foreign currency liabilities, effective April 25, 2025, increased reserve requirements (funds to be held at the CBRT as a percentage of loans or deposits, as the case may be) across various maturity profiles: requirements for demand and up to 1-month maturity deposits rose from 30% to 32%; requirements for up to 3 months, 6 months, and 1-year maturities increased from 26% to 28%; and requirements for deposits 1 year or longer (included) increased from 20% to 22% for general deposits/participation funds. Additionally, an extra 25% reserve requirement was introduced for foreign currency deposits/participation funds from repo transactions with domestic residents, with maturities up to 1 year.

Pursuant to the Communiqué on Deposit and Loan Interest Rates and Participation Account Profit and Loss Participation Rate of June 21, 2025, the following amendments on deposits were established: (i) new reserve requirement ratios were set for accounts with variable interest rates linked to the consumer price index (CPI), producer price index (PPI), and Turkish lira Overnight Reference Rate ("**TLREF**") Index, set at 10%; (ii) for accounts with maturities up to 6 months benefiting from CBRT exchange rate/price protection, the ratio increased from 33% to 40%, while demand deposits/participation funds in foreign banks belonging to parent companies were set at 0%; and (iii) variable interest rates may be applied to Turkish lira deposits with maturities longer than 1 month (previously, 3 months or longer) and to foreign currency deposits with maturities longer than 6 months.

Additionally, on January 20, 2025, the CBRT discontinued the opening and renewal of foreign currency protected deposit and participation accounts, converted from foreign currency and gold, with maturities of 6 months and 12 months. This decision aligns with prior measures to phase out foreign currency-linked financial instruments.

On July 20, 2024, the Communiqué on Amendments to the Communiqué on the Deposit and Participation Scheme for Non-Resident Turkish Citizens was adopted, setting forth certain regulation applicable to time deposit and participation accounts ("**YUVAM**") that are the result of converting foreign currency deposit accounts and participation funds of certain non-resident persons that were denominated in foreign currency into Turkish lira deposits or accounts, and which provide additional returns according to the procedures determined by the CBRT. YUVAM accounts are a subset of foreign currency-protected deposit ("**KKM**") accounts, specifically tailored for non-resident individuals and legal entities, offering both exchange rate protection and an additional yield. As per the latest amendments, Turkish authorities are to gradually phase out the broader KKM scheme, specifically by excluding domestic legal entities from its scope for new openings and renewals, while maintaining YUVAM accounts as a distinct, regulated mechanism to attract foreign currency from non-resident individuals and legal entities.

------

***Other regulations***

New regulations in Turkey, effective June 2025, have significantly tightened anti-money laundering (AML) protocols for crypto asset service providers ("**CSP**"). The Financial Crimes Investigation Board ("**FCIB"**) now requires CSP to conduct remote Know Your Customer ("**KYC**") checks, verifying customer identity and address through government databases for ongoing business relationships. This move integrates crypto services into the broader AML framework, aiming to increase transparency and accountability within the digital asset space. Further updates from the FCIB introduce specific restrictions on crypto asset transfers.

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![logocaptura.jpg](logocaptura.jpg)

**Unaudited Condensed Interim Consolidated Financial Statements as of and for the nine months ended September 30, 2025**

------

![logocaptura.jpg](logocaptura.jpg)

**Contents**

**UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [Condensed consolidated balance sheets](#ib50b93ab9be14a4995d4c2323dd6d189_109) | F-[3](#ib50b93ab9be14a4995d4c2323dd6d189_109) |
| [Condensed consolidated income statements](#ib50b93ab9be14a4995d4c2323dd6d189_112) | F-[4](#ib50b93ab9be14a4995d4c2323dd6d189_112) |
| [Condensed consolidated statements of recognized income and expense](#ib50b93ab9be14a4995d4c2323dd6d189_115) | F-[5](#ib50b93ab9be14a4995d4c2323dd6d189_115) |
| [Condensed consolidated statements of changes in equity](#ib50b93ab9be14a4995d4c2323dd6d189_118) | F-[6](#ib50b93ab9be14a4995d4c2323dd6d189_118) |
| [Condensed consolidated statements of cash flows](#ib50b93ab9be14a4995d4c2323dd6d189_121) | F-[8](#ib50b93ab9be14a4995d4c2323dd6d189_121) |

---

------

![logocaptura.jpg](logocaptura.jpg)

**NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [1. Introduction, basis for the presentation of the condensed interim consolidated financial statements and other information](#ib50b93ab9be14a4995d4c2323dd6d189_127) | F-[9](#ib50b93ab9be14a4995d4c2323dd6d189_127) |
| [2. Principles of consolidation, accounting policies, measurement bases applied and recent IFRS pronouncements and interpretations](#ib50b93ab9be14a4995d4c2323dd6d189_142) | F-[11](#ib50b93ab9be14a4995d4c2323dd6d189_142) |
| [3. BBVA Group](#ib50b93ab9be14a4995d4c2323dd6d189_157) | F-[15](#ib50b93ab9be14a4995d4c2323dd6d189_157) |
| [4. Shareholder remuneration system](#ib50b93ab9be14a4995d4c2323dd6d189_160) | F-[16](#ib50b93ab9be14a4995d4c2323dd6d189_160) |
| [5. Operating segment reporting](#ib50b93ab9be14a4995d4c2323dd6d189_163) | F-[17](#ib50b93ab9be14a4995d4c2323dd6d189_163) |
| [6. Risk management](#ib50b93ab9be14a4995d4c2323dd6d189_166) | F-[18](#ib50b93ab9be14a4995d4c2323dd6d189_166) |
| [7. Fair value of financial instruments](#ib50b93ab9be14a4995d4c2323dd6d189_184) | F-[24](#ib50b93ab9be14a4995d4c2323dd6d189_184) |
| [8. Cash, cash balances at central banks and other demand deposits](#ib50b93ab9be14a4995d4c2323dd6d189_187) | F-[26](#ib50b93ab9be14a4995d4c2323dd6d189_187) |
| [9. Financial assets and liabilities held for trading](#ib50b93ab9be14a4995d4c2323dd6d189_190) | F-[27](#ib50b93ab9be14a4995d4c2323dd6d189_190) |
| [10. Non-trading financial assets mandatorily at fair value through profit or loss](#ib50b93ab9be14a4995d4c2323dd6d189_193) | F-[27](#ib50b93ab9be14a4995d4c2323dd6d189_193) |
| [11. Financial assets and liabilities designated at fair value through profit or loss](#ib50b93ab9be14a4995d4c2323dd6d189_196) | F-[27](#ib50b93ab9be14a4995d4c2323dd6d189_196) |
| [12. Financial assets at fair value through other comprehensive income](#ib50b93ab9be14a4995d4c2323dd6d189_199) | F-[27](#ib50b93ab9be14a4995d4c2323dd6d189_199) |
| [13. Financial assets at amortized cost](#ib50b93ab9be14a4995d4c2323dd6d189_205) | F-[28](#ib50b93ab9be14a4995d4c2323dd6d189_205) |
| [14. Investments in joint ventures and associates](#ib50b93ab9be14a4995d4c2323dd6d189_211) | F-[28](#ib50b93ab9be14a4995d4c2323dd6d189_211) |
| [15. Tangible assets](#ib50b93ab9be14a4995d4c2323dd6d189_214) | F-[29](#ib50b93ab9be14a4995d4c2323dd6d189_214) |
| [16. Intangible assets](#ib50b93ab9be14a4995d4c2323dd6d189_217) | F-[29](#ib50b93ab9be14a4995d4c2323dd6d189_217) |
| [17. Tax assets and liabilities](#ib50b93ab9be14a4995d4c2323dd6d189_220) | F-[30](#ib50b93ab9be14a4995d4c2323dd6d189_220) |
| [18. Other assets and liabilities](#ib50b93ab9be14a4995d4c2323dd6d189_223) | F-[30](#ib50b93ab9be14a4995d4c2323dd6d189_223) |
| [19. Non-current assets and disposal groups classified as held for sale and liabilities included in disposal groups classified as held for sale](#ib50b93ab9be14a4995d4c2323dd6d189_226) | F-[31](#ib50b93ab9be14a4995d4c2323dd6d189_226) |
| [20. Financial liabilities at amortized cost](#ib50b93ab9be14a4995d4c2323dd6d189_229) | F-[31](#ib50b93ab9be14a4995d4c2323dd6d189_229) |
| [21. Assets and liabilities under insurance and reinsurance contracts](#ib50b93ab9be14a4995d4c2323dd6d189_241) | F-[32](#ib50b93ab9be14a4995d4c2323dd6d189_241) |
| [22. Provisions](#ib50b93ab9be14a4995d4c2323dd6d189_244) | F-[33](#ib50b93ab9be14a4995d4c2323dd6d189_244) |
| [23. Pension and other post-employment commitments](#ib50b93ab9be14a4995d4c2323dd6d189_247) | F-[33](#ib50b93ab9be14a4995d4c2323dd6d189_247) |
| [24. Capital](#ib50b93ab9be14a4995d4c2323dd6d189_250) | F-[33](#ib50b93ab9be14a4995d4c2323dd6d189_250) |
| [25.](#ib50b93ab9be14a4995d4c2323dd6d189_253)[Retained earnings and other reserves](#ib50b93ab9be14a4995d4c2323dd6d189_253) | F-[34](#ib50b93ab9be14a4995d4c2323dd6d189_253) |
| [26. Accumulated other comprehensive income (loss)](#ib50b93ab9be14a4995d4c2323dd6d189_256) | F-[34](#ib50b93ab9be14a4995d4c2323dd6d189_256) |
| [27. Minority interests (non-controlling interests)](#ib50b93ab9be14a4995d4c2323dd6d189_259) | F-[35](#ib50b93ab9be14a4995d4c2323dd6d189_259) |
| [28. Commitments and guarantees given](#ib50b93ab9be14a4995d4c2323dd6d189_262) | F-[35](#ib50b93ab9be14a4995d4c2323dd6d189_262) |
| [29. Net interest income](#ib50b93ab9be14a4995d4c2323dd6d189_265) | F-[35](#ib50b93ab9be14a4995d4c2323dd6d189_265) |
| [30. Dividend income](#ib50b93ab9be14a4995d4c2323dd6d189_274) | F-[36](#ib50b93ab9be14a4995d4c2323dd6d189_274) |
| [31. Fee and commission income and expense](#ib50b93ab9be14a4995d4c2323dd6d189_277) | F-[36](#ib50b93ab9be14a4995d4c2323dd6d189_277) |
| [32. Gains (losses) on financial assets and liabilities, hedge accounting and exchange differences, net](#ib50b93ab9be14a4995d4c2323dd6d189_280) | F-[37](#ib50b93ab9be14a4995d4c2323dd6d189_280) |
| [33. Other operating income and expense](#ib50b93ab9be14a4995d4c2323dd6d189_283) | F-[37](#ib50b93ab9be14a4995d4c2323dd6d189_283) |
| [34. Income and expense from insurance and reinsurance contracts](#ib50b93ab9be14a4995d4c2323dd6d189_286) | F-[38](#ib50b93ab9be14a4995d4c2323dd6d189_286) |
| [35. Administration costs](#ib50b93ab9be14a4995d4c2323dd6d189_289) | F-[38](#ib50b93ab9be14a4995d4c2323dd6d189_289) |
| [36. Depreciation and amortization](#ib50b93ab9be14a4995d4c2323dd6d189_298) | F-[39](#ib50b93ab9be14a4995d4c2323dd6d189_298) |
| [37. Provisions or reversal of provisions](#ib50b93ab9be14a4995d4c2323dd6d189_301) | F-[39](#ib50b93ab9be14a4995d4c2323dd6d189_301) |
| [38. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification](#ib50b93ab9be14a4995d4c2323dd6d189_304) | F-[39](#ib50b93ab9be14a4995d4c2323dd6d189_304) |
| [39. Impairment or reversal of impairment of investments in joint ventures and associates](#ib50b93ab9be14a4995d4c2323dd6d189_307) | F-[39](#ib50b93ab9be14a4995d4c2323dd6d189_307) |
| 40.[Impairment or reversal of impairment on non-financial assets](#ib50b93ab9be14a4995d4c2323dd6d189_310) | F-[40](#ib50b93ab9be14a4995d4c2323dd6d189_310) |
| [4](#ib50b93ab9be14a4995d4c2323dd6d189_313)1[. Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations](#ib50b93ab9be14a4995d4c2323dd6d189_313) | F-[40](#ib50b93ab9be14a4995d4c2323dd6d189_313) |
| [4](#ib50b93ab9be14a4995d4c2323dd6d189_316)2.[Subsequent events](#ib50b93ab9be14a4995d4c2323dd6d189_316) | F-[40](#ib50b93ab9be14a4995d4c2323dd6d189_316) |

---

------

![logocaptura.jpg](logocaptura.jpg)

**Unaudited condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **ASSETS (MILLIONS OF EUROS)** | **ASSETS (MILLIONS OF EUROS)** | **ASSETS (MILLIONS OF EUROS)** | **ASSETS (MILLIONS OF EUROS)** |
| | **Notes** | **September <br>2025** | **December 2024** |
| Cash, cash balances at central banks and other demand deposits | 8 | 57125 | 51145 |
| Financial assets held for trading | 9 | 111037 | 108948 |
| Non-trading financial assets mandatorily at fair value through profit or loss | 10 | 10845 | 10546 |
| Financial assets designated at fair value through profit or loss | 11 | 942 | 836 |
| Financial assets at fair value through other comprehensive income | 12 | 59562 | 59002 |
| Financial assets at amortized cost | 13 | 536003 | 502400 |
| Derivatives - hedge accounting |  | 632 | 1158 |
| Fair value changes of the hedged items in portfolio hedges of interest rate risk |  | (66) | (65) |
| Joint ventures and associates | 14 | 1006 | 989 |
| Insurance and reinsurance assets | 21 | 218 | 191 |
| Tangible assets | 15 | 9253 | 9759 |
| Intangible assets | 16 | 2667 | 2490 |
| Tax assets | 17 | 17418 | 18650 |
| Other assets | 18 | 5682 | 5525 |
| Non-current assets and disposal groups classified as held for sale | 19 | 738 | 828 |
| **TOTAL ASSETS** |  | **813063** | **772402** |

---

---

| | | | |
|:---|:---|:---|:---|
| **LIABILITIES AND EQUITY (MILLIONS OF EUROS)** | **LIABILITIES AND EQUITY (MILLIONS OF EUROS)** | **LIABILITIES AND EQUITY (MILLIONS OF EUROS)** | **LIABILITIES AND EQUITY (MILLIONS OF EUROS)** |
| | **Notes** | **September <br>2025** | **December 2024** |
| Financial liabilities held for trading | 9 | 86758 | 86591 |
| Financial liabilities designated at fair value through profit or loss | 11 | 17273 | 14952 |
| Financial liabilities at amortized cost | 20 | 617649 | 584339 |
| Derivatives - hedge accounting |  | 1975 | 2503 |
| Liabilities under insurance and reinsurance contracts | 21 | 12303 | 10981 |
| Provisions | 22 | 4452 | 4619 |
| Tax liabilities | 17 | 3891 | 3033 |
| Other liabilities | 18 | 6954 | 5370 |
| Liabilities included in disposal groups classified as held for sale | 19 |  |  |
| **TOTAL LIABILITIES** |  | **751253** | **712388** |

---

---

| | | | |
|:---|:---|:---|:---|
| **LIABILITIES AND EQUITY (CONTINUED) (MILLIONS OF EUROS)** | | | |
| | **Notes** | **September <br>2025** | **December 2024** |
| **SHAREHOLDERS' FUNDS** |  | **76319** | **72875** |
| Capital | 24 | 2824 | 2824 |
| Share premium |  | 19184 | 19184 |
| Other equity |  | 34 | 40 |
| Retained earnings | 25 | 46429 | 40693 |
| Other reserves | 25 | 1805 | 1814 |
| Less: Treasury shares |  | (93) | (66) |
| Profit or loss attributable to owners of the parent |  | 7978 | 10054 |
| Less: Interim dividends |  | (1842) | (1668) |
| **ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)** | **26** | **(18674)** | **(17220)** |
| **MINORITY INTERESTS (NON-CONTROLLING INTERESTS)** | **27** | **4165** | **4359** |
| **TOTAL EQUITY** |  | **61809** | **60014** |
| **TOTAL EQUITY AND TOTAL LIABILITIES** |  | **813063** | **772402** |
| **MEMORANDUM ITEM (OFF-BALANCE SHEET EXPOSURES) (MILLIONS OF EUROS)** | **MEMORANDUM ITEM (OFF-BALANCE SHEET EXPOSURES) (MILLIONS OF EUROS)** | **MEMORANDUM ITEM (OFF-BALANCE SHEET EXPOSURES) (MILLIONS OF EUROS)** |  |
|  | **Notes** | **September <br>2025** | **December 2024** |
| Loan commitments given | 28 | 221785 | 188515 |
| Financial guarantees given | 28 | 23162 | 22503 |
| Other commitments given | 28 | 63851 | 51215 |

---

The Notes are an integral part of the unaudited condensed interim consolidated financial statements.

------

![logocaptura.jpg](logocaptura.jpg)

**Unaudited condensed consolidated income statements for the nine months ended September 30, 2025 and 2024**

---

| | | | |
|:---|:---|:---|:---|
| **CONDENSED CONSOLIDATED INCOME STATEMENTS (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED INCOME STATEMENTS (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED INCOME STATEMENTS (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED INCOME STATEMENTS (MILLIONS OF EUROS)** |
| | **Notes** | **September <br>2025** | **September 2024** |
| Interest and other income | 29.1 | 43231 | 45156 |
| &nbsp;&nbsp;*Interest income using effective interest rate method* |  | *39147* | *40261* |
| &nbsp;&nbsp;*Other interest income* |  | *4084* | *4895* |
| Interest expense | 29.2 | (23985) | (26296) |
| **NET INTEREST INCOME** |  | **19246** | **18861** |
| Dividend income | 30 | 79 | 77 |
| Share of profit or loss of entities accounted for using the equity method |  | 42 | 31 |
| Fee and commission income | 31 | 10022 | 9262 |
| Fee and commission expense | 31 | (3951) | (3508) |
| Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net | 32 | 245 | 148 |
| Gains (losses) on financial assets and liabilities held for trading, net | 32 | 1719 | 2037 |
| Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net | 32 | 191 | 52 |
| Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net | 32 | 37 | 173 |
| Gains (losses) from hedge accounting, net | 32 | 8 | 7 |
| Exchange differences, net | 32 | (237) | 513 |
| Other operating income | 33 | 497 | 447 |
| Other operating expense | 33 | (1907) | (3046) |
| Income from insurance and reinsurance contracts | 34 | 2835 | 2687 |
| Expense from insurance and reinsurance contracts | 34 | (1689) | (1579) |
| **GROSS INCOME** |  | **27136** | **26161** |
| Administration costs | 35 | (9232) | (9064) |
| Depreciation and amortization | 36 | (1128) | (1125) |
| Provisions or reversal of provisions | 37 | (233) | (99) |
| Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification | 38 | (4328) | (4279) |
| **NET OPERATING INCOME** |  | **12215** | **11594** |
| Impairment or reversal of impairment of investments in joint ventures and associates | 39 | 32 | 52 |
| Impairment or reversal of impairment on non-financial assets | 40 | (5) | 21 |
| Gains (losses) on derecognition of non-financial assets and subsidiaries, net |  | 5 | 5 |
| Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations | 41 | 45 | (25) |
| **PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS** |  | **12292** | **11647** |
| Tax expense or income related to profit or loss from continuing operations |  | (3832) | (3659) |
| **PROFIT (LOSS) AFTER TAX FROM CONTINUING OPERATIONS** |  | **8461** | **7987** |
| Profit (loss) after tax from discontinued operations | 19 |  |  |
| **PROFIT (LOSS)** |  | **8461** | **7987** |
| **ATTRIBUTABLE TO MINORITY INTERESTS (NON-CONTROLLING INTERESTS)** | **27** | **483** | **366** |
| **ATTRIBUTABLE TO OWNERS OF THE PARENT** |  | **7978** | **7622** |
|  |  | **September <br>2025** | **September 2024** |
| **EARNINGS (LOSSES) PER SHARE (EUROS)** |  | **1.33** | **1.27** |
| Basic earnings (losses) per share from continuing operations |  | 1.33 | 1.27 |
| Diluted earnings (losses) per share from continuing operations |  | 1.33 | 1.27 |
| Basic earnings (losses) per share from discontinued operations |  |  |  |
| Diluted earnings (losses) per share from discontinued operations |  |  |  |

---

The Notes are an integral part of the unaudited condensed interim consolidated financial statements.

------

![logocaptura.jpg](logocaptura.jpg)

**Unaudited condensed consolidated statements of recognized income and expense for the nine months ended September 30, 2025 and 2024**

---

| | | |
|:---|:---|:---|
| **CONDENSED CONSOLIDATED STATEMENTS OF RECOGNIZED INCOME AND EXPENSE (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF RECOGNIZED INCOME AND EXPENSE (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF RECOGNIZED INCOME AND EXPENSE (MILLIONS OF EUROS)** |
| | **September** **2025** | **September 2024** |
| **PROFIT (LOSS) RECOGNIZED IN INCOME STATEMENT** | **8461** | **7987** |
| **OTHER RECOGNIZED INCOME (EXPENSE)** | **(1900)** | **(1058)** |
| **ITEMS NOT SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT** | **(146)** | **222** |
| Actuarial gains (losses) from defined benefit pension plans | (218) | (17) |
| Non-current assets and disposal groups held for sale |  |  |
| Share of other recognized income and expense of entities accounted for using the equity method |  |  |
| Fair value changes of equity instruments measured at fair value through other comprehensive income, net | 132 | 290 |
| Gains (losses) from hedge accounting of equity instruments at fair value through other comprehensive income, net |  |  |
| Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk | (111) | (82) |
| Income tax related to items not subject to reclassification to income statement | 52 | 29 |
| **ITEMS SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT** | **(1754)** | **(1280)** |
| **Hedge of net investments in foreign operations (effective portion)** | **(485)** | **645** |
| Valuation gains (losses) taken to equity | (485) | 645 |
| Transferred to profit or loss |  |  |
| Other reclassifications |  |  |
| **Foreign currency translation** | **(1498)** | **(2174)** |
| Translation gains (losses) taken to equity | (1498) | (2174) |
| Transferred to profit or loss |  | 1 |
| Other reclassifications |  |  |
| **Cash flow hedges (effective portion)** | **(71)** | **299** |
| Valuation gains (losses) taken to equity | (71) | 299 |
| Transferred to profit or loss |  |  |
| Transferred to initial carrying amount of hedged items |  |  |
| Other reclassifications |  |  |
| **Hedging instruments (non-designated elements)** | **3** | **—** |
| Valuation gains or losses taken to equity | 3 |  |
| **Debt securities at fair value through other comprehensive income** | **434** | **(30)** |
| Valuation gains (losses) taken to equity | 633 | 24 |
| Transferred to profit or loss | (200) | (54) |
| Other reclassifications |  |  |
| **Non-current assets and disposal groups held for sale** |  |  |
| Valuation gains (losses) taken to equity |  |  |
| Transferred to profit or loss |  |  |
| Other reclassifications |  |  |
| **Entities accounted for using the equity method** | **(16)** | **11** |
| **Income tax relating to items subject to reclassification to income statements** | **(121)** | **(32)** |
| **TOTAL RECOGNIZED INCOME (EXPENSE)** | **6561** | **6929** |
| **Attributable to minority interests (non-controlling interests)** | **36** | **696** |
| **ATTRIBUTABLE TO THE PARENT COMPANY** | **6525** | **6233** |

---

The Notes are an integral part of the unaudited condensed interim consolidated financial statements.

------

![logocaptura.jpg](logocaptura.jpg)

**Unaudited condensed consolidated statements of changes in equity for the nine months ended September 30, 2025 and 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** |
| | **Capital** **(Note 24)** | **Share Premium** | **Equity instruments issued other than capital** | **Other Equity** | **Retained earnings** **(Note 25)** | **Revaluation reserves** | **Other reserves** **(Note 25)** | **Treasury shares** | **Profit or loss attributable to owners of the parent** | **Interim dividend** **(Note 4)** | **Accumulated other comprehensive income** **(Note 26)** | **Minority interests** | **Minority interests** | **Total** |
| **September 2025** | **Capital** **(Note 24)** | **Share Premium** | **Equity instruments issued other than capital** | **Other Equity** | **Retained earnings** **(Note 25)** | **Revaluation reserves** | **Other reserves** **(Note 25)** | **Treasury shares** | **Profit or loss attributable to owners of the parent** | **Interim dividend** **(Note 4)** | **Accumulated other comprehensive income** **(Note 26)** | **Accumulated other comprehensive income** **(Note 27)** | **Other** **(Note 27)** | **Total** |
| **Balances as of January 1, 2025 ⁽¹⁾** | **2824** | **19184** | **—** | **40** | **40693** | **—** | **1814** | **(66)** | **10054** | **(1668)** | **(17220)** | **(2730)** | **7089** | **60014** |
| Total income (expense) recognized |  |  |  |  |  |  |  |  | **7978** |  | **(1453)** | **(447)** | **483** | **6561** |
| **Other changes in equity** |  |  |  | **(6)** | **5736** |  | **(8)** | **(28)** | **(10054)** | **(173)** | **(1)** |  | **(230)** | **(4765)** |
| Issuances of ordinary shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Issuances of preferred shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Issuance of other equity instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Settlement or maturity of other equity instruments issued |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Conversion of debt on equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital reduction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Dividend distribution (shareholder remuneration) |  |  |  |  | (2357) |  |  |  |  | (1842) |  |  | (250) | (4448) |
| Purchase of treasury shares |  |  |  |  |  |  |  | (601) |  |  |  |  |  | (601) |
| Sale or cancellation of treasury shares |  |  |  |  |  |  | 6 | 574 |  |  |  |  |  | 580 |
| Reclassification of other equity instruments to financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reclassification of financial liabilities to other equity instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Transfers among components of equity |  |  |  | 9 | 8392 |  | (14) |  | (10054) | 1668 | (1) |  |  |  |
| Increase/Reduction of equity due to business combinations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Share based payments |  |  |  | (26) |  |  |  |  |  |  |  |  |  | (26) |
| Other increases or (-) decreases in equity |  |  |  | 11 | (299) |  |  |  |  |  |  |  | 20 | (269) |
| **Balances as of September 30, 2025** | **2824** | **19184** | **—** | **34** | **46429** | **—** | **1805** | **(93)** | **7978** | **(1842)** | **(18674)** | **(3177)** | **7342** | **61809** |

---

(1) Balances as of December 31, 2024, as originally reported in the consolidated financial statements for the year 2024.

The Notes are an integral part of the unaudited condensed interim consolidated financial statements.

------

![logocaptura.jpg](logocaptura.jpg)

**Unaudited condensed consolidated statements of changes in equity for the nine months ended September 30, 2025 and 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)** |
| | **Capital** **(Note 24)** | **Share Premium** | **Equity instruments issued other than capital** | **Other Equity** | **Retained earnings** **(Note 25)** | **Revaluation reserves** | **Other reserves** **(Note 25)** | **Treasury shares** | **Profit or loss attributable to owners of the parent** | **Interim dividend** **(Note 4)** | **Accumulated other comprehensive income** **(Note 26)** | **Minority interests** | **Minority interests** | **Total** |
| **September 2024** | **Capital** **(Note 24)** | **Share Premium** | **Equity instruments issued other than capital** | **Other Equity** | **Retained earnings** **(Note 25)** | **Revaluation reserves** | **Other reserves** **(Note 25)** | **Treasury shares** | **Profit or loss attributable to owners of the parent** | **Interim dividend** **(Note 4)** | **Accumulated other comprehensive income** **(Note 26)** | **Accumulated other comprehensive income** **(Note 27)** | **Other** **(Note 27)** | **Total** |
| **Balances as of January 1, 2024 ⁽**<sup>1</sup>**⁾** | **2861** | **19769** | **—** | **40** | **36237** | **—** | **2015** | **(34)** | **8019** | **(951)** | **(16254)** | **(3321)** | **6885** | **55265** |
| **Effect of changes in accounting policies** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Adjusted initial balance** | **2861** | **19769** | **—** | **40** | **36237** | **—** | **2015** | **(34)** | **8019** | **(951)** | **(16254)** | **(3321)** | **6885** | **55265** |
| **Total income (expense) recognized** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **7622** | **—** | **(1388)** | **330** | **366** | **6929** |
| **Other changes in equity** | **(37)** | **(585)** | **—** | **(5)** | **4560** | **—** | **(163)** | **(75)** | **(8019)** | **(717)** | **(5)** | **4** | **(381)** | **(5422)** |
| Issuances of ordinary shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Issuances of preferred shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Issuance of other equity instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Settlement or maturity of other equity instruments issued |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Conversion of debt on equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital reduction | (37) | (585) |  |  | 29 |  | (189) | 781 |  |  |  |  |  |  |
| Dividend distribution (shareholder remuneration) |  |  |  |  | (2245) |  |  |  |  | (1668) |  |  | (341) | (4254) |
| Purchase of treasury shares |  |  |  |  |  |  |  | (1428) |  |  |  |  |  | (1428) |
| Sale or cancellation of treasury shares |  |  |  |  |  |  | 10 | 573 |  |  |  |  |  | 582 |
| Reclassification of other equity instruments to financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reclassification of financial liabilities to other equity instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Transfers among components of equity |  |  |  | 8 | 7061 |  |  |  | (8019) | 951 | (5) | 4 |  |  |
| Increase/Reduction of equity due to business combinations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Share based payments |  |  |  | (25) |  |  |  |  |  |  |  |  |  | (25) |
| Other increases or (-) decreases in equity |  |  |  | 11 | (285) |  | 16 |  |  |  |  |  | (40) | (298) |
| **Balances as of September 30, 2024** | **2824** | **19184** | **—** | **35** | **40797** | **—** | **1851** | **(109)** | **7622** | **(1668)** | **(17647)** | **(2987)** | **6870** | **56772** |

---

(1) Balances as of December 31, 2023, as originally reported in the consolidated financial statements for the year 2023.

The Notes are an integral part of the unaudited condensed interim consolidated financial statements.

------

![logocaptura.jpg](logocaptura.jpg)

**Unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024**

---

| | | |
|:---|:---|:---|
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (MILLIONS OF EUROS)** |
| | **September <br>2025** | **September 2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES (1)** | **10962** | **(11490)** |
| Of which hyperinflation effect from operating activities | 1282 | 1980 |
| **Profit for the period** | **8461** | **7987** |
| **Adjustments to obtain the cash flow from operating activities** | **10579** | **11022** |
| Depreciation and amortization | 1128 | 1125 |
| Other adjustments | 9451 | 9896 |
| **Net increase/decrease in operating assets/liabilities** | **(6255)** | **(26783)** |
| Financial assets/liabilities held for trading | (2044) | (11084) |
| Non-trading financial assets mandatorily at fair value through profit or loss | (375) | (2106) |
| Other financial assets/liabilities designated at fair value through profit or loss | 2246 | 2582 |
| Financial assets at fair value through other comprehensive income | (477) | (1969) |
| Financial assets/liabilities at amortized cost | (6000) | (15839) |
| Other operating assets/liabilities | 395 | 1634 |
| **Collection/Payments for income tax** | **(1823)** | **(3716)** |
| **CASH FLOWS FROM INVESTING ACTIVITIES (2)** | **(925)** | **(1166)** |
| Of which hyperinflation effect from investing activities | 311 | 718 |
| Tangible assets | (423) | (845) |
| Intangible assets | (682) | (523) |
| Investments in joint ventures and associates | 44 | 21 |
| Subsidiaries and other business units |  | (23) |
| Non-current assets/liabilities held for sale | 136 | 204 |
| Other settlements/collections related to investing activities |  |  |
| **CASH FLOWS FROM FINANCING ACTIVITIES (3)** | **(1881)** | **(1436)** |
| Of which hyperinflation effect from financing activities |  |  |
| Dividends | (2357) | (2245) |
| Subordinated liabilities | 1009 | 2314 |
| Treasury share amortization/increase |  | (37) |
| Treasury share acquisition/disposal | (58) | (842) |
| Other items relating to financing activities | (476) | (627) |
| **EFFECT OF EXCHANGE RATE CHANGES (4)** | **(2176)** | **(2736)** |
| **NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (1+2+3+4)** | **5980** | **(16828)** |
| **CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD** | **51145** | **75416** |
| **CASH AND CASH EQUIVALENTS AT END OF THE PERIOD** | **57125** | **58588** |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMPONENTS OF CASH AND EQUIVALENT AT END OF THE PERIOD (MILLIONS OF EUROS)** | **COMPONENTS OF CASH AND EQUIVALENT AT END OF THE PERIOD (MILLIONS OF EUROS)** | **COMPONENTS OF CASH AND EQUIVALENT AT END OF THE PERIOD (MILLIONS OF EUROS)** | **COMPONENTS OF CASH AND EQUIVALENT AT END OF THE PERIOD (MILLIONS OF EUROS)** |
| | **Notes** | **September** **2025** | **September 2024** |
| Cash on hand | 8 | 6960 | 7496 |
| Cash balances at central banks | 8 | 42525 | 43162 |
| Other demand deposits | 8 | 7639 | 7930 |
| Less: Bank overdraft refundable on demand |  |  |  |
| **TOTAL CASH AND CASH EQUIVALENTS AT END OF THE PERIOD** | **8** | **57125** | **58588** |

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The Notes are an integral part of the unaudited condensed interim consolidated financial statements.

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**Notes to the condensed interim consolidated financial statements as of and for the nine months ended September 30, 2025**

**1. Introduction, basis for the presentation of the condensed interim consolidated financial statements and other information**

**1.1.Introduction**

Banco Bilbao Vizcaya Argentaria, S.A. (hereinafter "the Bank", "BBVA" or "BBVA, S.A.") is a private-law entity subject to the laws and regulations governing banking entities operating in Spain. It carries out its activity through branches and agencies across the country and abroad.

The Bylaws and other public information are available for inspection at the Bank's registered address (Plaza San Nicolás, 4, Bilbao) as noted on its web site (www.bbva.com).

In addition to the activities it carries out directly, the Bank heads a group of subsidiaries, joint ventures and associates which perform a wide range of activities and which together with the Bank constitute the Banco Bilbao Vizcaya Argentaria Group (hereinafter "the Group" or "the BBVA Group"). In addition to its own separate financial statements, the Bank is required to prepare consolidated financial statements comprising all consolidated subsidiaries of the Group.

The consolidated financial statements of the BBVA Group for the year ended December 31, 2024 were authorized for issue on February 21, 2025.

**1.2.Basis for the presentation of the condensed interim consolidated financial statements**

The BBVA Group's condensed interim consolidated financial statements (hereinafter the "Consolidated Financial Statements") as of and for the nine months ended September 30, 2025 are presented in accordance with the International Accounting Standard 34 "Interim Financial Reporting" (hereinafter "IAS 34"), adopted by the European Union ("EU-IFRS"), and with IFRS-IASB (International Financial Reporting Standards as issued by the International Accounting Standards Board) and have been approved by the Board of Directors at its meeting held on October 29, 2025.

In accordance with IAS 34, the interim financial information is prepared solely for the purpose of updating the last annual consolidated financial statements, focusing on new activities, events and circumstances that occurred during the period without duplicating the information previously published in those consolidated financial statements.

Therefore, the Consolidated Financial Statements do not include all information required by a complete set of consolidated financial statements prepared in accordance with EU-IFRS. Consequently, for an appropriate understanding of the information included in them, they should be read together with the consolidated financial statements of the Group as of and for the year ended December 31, 2024.

The aforementioned annual consolidated financial statements are presented in compliance with IFRS-IASB (International Financial Reporting Standards as issued by the International Accounting Standards Board), as well as in accordance with the EU-IFRS applicable as of December 31, 2024, considering the Bank of Spain Circular 4/2017, as well as its successive amendments, and any other legislation governing financial reporting which was, as of the date of preparation of such consolidated financial statements, applicable, and with the format and mark-up requirements established in the EU Delegated Regulation 2019/815 of the European Commission.

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![logocaptura.jpg](logocaptura.jpg)

The Consolidated Financial Statements were prepared applying principles of consolidation, accounting policies and valuation criteria, which, as described in Note 2, are the same as those applied in the consolidated financial statements of the Group as of and for the year ended December 31, 2024, except for the new Standards and Interpretations applicable from January 1, 2025 (see Note 2.1), so that they present fairly the Group's consolidated equity and financial position as of September 30, 2025, together with the consolidated results of its operations and the consolidated cash flows generated by the Group during the nine months ended September 30, 2025.

The Consolidated Financial Statements were prepared on the basis of the accounting records kept by the Bank and each of the other entities in the Group. They include the adjustments and reclassifications required to harmonize the accounting policies and valuation criteria used by the entities in the Group.

All effective accounting standards and valuation criteria with a significant effect on the Consolidated Financial Statements were applied in their preparation.

The amounts reflected in the Consolidated Financial Statements are presented in millions of euros, unless it is more appropriate to use smaller units. Therefore, some items that appear without a balance in these Consolidated Financial Statements are due to how the units are expressed. Also, in presenting amounts in millions of euros, the accounting balances have been rounded up or down. It is therefore possible that the totals appearing in some tables are not the exact arithmetical sum of their component figures.

The percentage changes in amounts have been calculated using figures expressed in thousands of euros.

When determining the information to disclose about various items of the Consolidated Financial Statements, the Group, in accordance with IAS 34, has taken into account their materiality in relation to the consolidated financial statements.

**1.3.&nbsp;&nbsp;&nbsp;&nbsp;Responsibility for the information and for the estimates made**

The information contained in the Consolidated Financial Statements is the responsibility of the Group's Directors.

Estimates were required to be made at times when preparing these Consolidated Financial Statements in order to calculate the recorded or disclosed amount of some assets, liabilities, income, expense and commitments. These estimates relate mainly to the following:

–Loss allowances on certain financial assets (see Notes 6, 12, 13 and 14).

–The assumptions used in the valuation of insurance and reinsurance contracts (see Note 21), to quantify certain provisions (see Note 22), and for the actuarial calculation of post-employment benefit liabilities and other commitments (see Note 23).

–The useful life and impairment losses of tangible and intangible assets, and impairment losses on non-current assets held for sale (see Notes 15, 16 and 19).

–The valuation of goodwill and price allocation of business combinations (see Note 16).

–The fair value of certain unlisted financial assets and liabilities (see Notes 6, 7, 9, 10, 11 and 12).

–The recoverability of deferred tax assets (see Note 17) and the forecast of corporate tax expense.

In general, the BBVA Group is working to consider and include in its estimation models how climate risks and other climate-related matters can affect the financial statements, cash flows and financial performance of the Group. These estimates and judgments are being considered in preparing the BBVA Group's financial statements and, to the extent relevant, they are disclosed in the relevant Notes to these Consolidated Financial Statements.

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The prevailing geopolitical and economic uncertainties (see Note 6.1) entail a greater complexity in developing reliable estimations and applying judgment.

Estimates have been made on the basis of the best available information on the matters analyzed as of September 30, 2025. However, it is possible that events may take place subsequent to such date which could make it necessary to amend these estimations (upward or downward), which would be carried out prospectively, recognizing the effects of the change in estimation in the corresponding consolidated financial statements.

During the nine-month period ended September 30, 2025 there have been no significant changes in the estimates made as of December 31, 2024, other than those indicated in these Consolidated Financial Statements.

**1.4.&nbsp;&nbsp;&nbsp;&nbsp;Related party transactions**

The information related to these transactions is presented in Note 53 of the consolidated financial statements of the Group for the year ended December 31, 2024.

As financial institutions, BBVA and other entities in the Group engage in transactions with related parties in the regular course of their business. None of these transactions are considered significant and the transactions are carried out under normal market conditions.

**2. Principles of consolidation, accounting policies, measurement bases applied and recent IFRS pronouncements and interpretations**

The accounting policies and methods applied for the preparation of the Consolidated Financial Statements do not differ significantly from those detailed in Note 2 to the consolidated financial statements of the Group for the year ended December 31, 2024, except for the application of IFRS 9 requirements to hedge accounting relationships as of January 1, 2025 (see Note 2.3).

The BBVA Group decided to transition to the IFRS 9 accounting framework for micro-hedge accounting as of January 1, 2025. This decision was motivated by the fact that this option better aligns with the BBVA Group's risk management strategy. IFRS 9 introduces changes to IAS 39 in various areas, such as hedged items, hedging instruments, accounting for the time value of options and forward items, hedge rebalancing, and hedge effectiveness assessments, which facilitate and expand the transactions to which hedge accounting can be applied.

The BBVA Group has adapted its accounting policies and processes to the new regulations. A procedure has been established to document the requirements for recognizing an economic hedge as hedge accounting, such as the clear identification of the hedged items and hedging instruments and the assessment of the hedge's effectiveness, and to support evidence of the entity's intention to manage its risk through these instruments.

The adoption of this accounting policy has not had any significant impact on the Group's consolidated financial statements.

With respect to the accounting of macro-hedging relationships, the Group maintains the criteria established in IAS 39.

The standards that came into effect on January 1, 2025, as well as the standards issued by the International Accounting Standards Board (IASB) but not yet in effect as of September 30, 2025, respectively, are listed below. The most notable standards are:

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**2.1.Standards and interpretations that became effective in the first nine months of 2025**

**Amendment to IAS 21 "Effects of Changes in Foreign Exchange Rates"**

On August 15, 2023, the IASB issued a series of amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates. The standard has a dual objective: to provide guidance on when one currency is convertible into another and, on how to determine the exchange rate to use in accounting when it is concluded that such convertibility does not exist.

Regarding the first objective, a currency is convertible into another currency when an entity can obtain the other currency within a timeframe that allows for normal administrative delays; and through markets or exchange mechanisms in which an exchange transaction creates enforceable rights and obligations. If the entity determines that convertibility between the currencies is not possible, it must estimate an exchange rate. The standard does not establish a specific estimation technique for these rates, but rather establishes guidelines for determining them, allowing either an unadjusted observable rate or an estimation technique.

The amendment introduced in the standard came into force on January 1, 2025, with no impact on the consolidated financial statements of the BBVA Group.

**2.2.Standards and interpretations issued but not yet effective as of September 30, 2025**

The following new International Financial Reporting Standards together with their Interpretations or Modifications had been published at the date of preparation of the Consolidated Financial Statements, which are not mandatory as of September 30, 2025. Although in some cases the IASB allows early adoption before their effective date, the BBVA Group has not proceeded with this option for any such new standards.

**IFRS 18 - "Presentation and Disclosures in Financial Statements"**

On April 9, 2024, the IASB issued IFRS 18 "Presentation and Disclosures in Financial Statements" which introduces new requirements to improve the quality of information presented in financial statements and to promote analysis, transparency and comparability of companies' performance.

Specifically, IFRS 18 introduces three predefined expense categories (operating, investing, financing) and two subtotals ("operating profit" and "profit before financing and income taxes") to provide a consistent structure in the income statement and facilitate the analysis of the income statement. Additionally, it introduces disclosure requirements for management-defined performance measures (MPM). Finally, it establishes requirements and provides guidance on aggregation/disaggregation of the information to be provided in the primary financial statements.

This new standard will come into force on January 1, 2027, with early application permitted once it is adopted by the European Union.

**Amendments to IFRS 9 and IFRS 7: Amendments to the classification and measurement of financial instruments**

On May 30, 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to clarify how to assess the contractual cash flow characteristics of financial assets that include contingent features such as environmental, social, and governance (ESG) characteristics. Additionally, they clarify that a financial liability must be derecognized at the settlement date and introduce an accounting policy option to derecognize before that date financial liabilities that are settled using an electronic payment system. Finally, additional disclosures are required by IFRS 7 for financial instruments with contingent features and equity instruments classified at fair value through other comprehensive income.

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The amendments will enter into force on January 1, 2026, and may be applied early, as they were adopted by the European Union. No significant impact on the financial statements is expected from the entry into force of the amendments.

**IFRS 19 "Subsidiaries without public accountability: Disclosures"**

On May 9, 2024, the IASB issued IFRS 19 "Subsidiaries Without Public Accountability: Disclosures" which allows certain eligible entities to elect to apply the reduced disclosure requirements of IFRS 19 while continuing to apply the recognition, measurement and presentation requirements of other IFRS accounting standards.

This new standard will enter into force on January 1, 2027, allowing for earlier application once it is adopted by the European Union. The Group has no entities that fall within the scope of this standard, so no significant impact on the financial statements is expected.

**Amendments to IFRS 9 and IFRS 7: Contracts that refer to nature-dependent electricity**

On December 18, 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to address the accounting for renewable electricity purchase agreements. The amendments include guidance on the "own use" exemption for electricity purchasers and requirements for applying hedge accounting to these agreements.

The amendments enter into force on January 1, 2026, although they can be applied earlier since they were adopted by the European Union on June 30, 2025. No significant impacts on the financial statements are expected from the entry into force of the amendments.

**2.3.IFRS 9 "Financial Instruments"**

**Transition to IFRS 9 for accounting for micro hedges**

On January 1, 2018, IFRS 9, which replaced IAS 39 with respect to the classification and measurement of financial assets and liabilities, credit impairment, and hedge accounting, entered into force. However, the Group chose to continue applying IAS 39 for hedge accounting, as permitted by IFRS 9, pending the approval of a new accounting standard for macro hedges. On January 1, 2025, the Group decided to transition to the new IFRS 9 accounting framework for micro hedge accounting.

Given the lack of a specific regulatory framework for macro hedges in IFRS 9, the Group continues to apply the current framework established under IAS 39 for macro hedge accounting. Thus, from January 1, 2025, the Group will apply simultaneously two standards with common characteristics (IAS 39 for macro hedges and IFRS 9 for micro hedges) until the IASB completes the project to develop a specific framework for macro hedge accounting, known as the Dynamic Risk Management (DRM) Project.

The adoption of the accounting policy for accounting for micro-hedges in accordance with the requirements set out in IFRS 9 has not had any significant impact on the Group's Consolidated Financial Statements.

**"Derivatives – Hedge Accounting" and "Fair Value Changes of the Hedged Items in Portfolio Hedges of Interest Rate Risk"**

With the aim of improving the alignment between risk management and its presentation in the financial statements, the Group has decided to apply, replacing the requirements established in IAS 39, those of IFRS 9 for micro hedge accounting from January 1, 2025. Thus, until the transition date, the Group was applying IAS 39 for micro hedge accounting.

The Group uses hedging derivatives as a tool to manage financial risks, primarily interest rate risk and exchange rate risk.

To cover these risks, the Group uses, among others, the following hedging instruments:

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–Interest rate derivatives to convert interest rate exposures into fixed or variable rates.

–Foreign exchange derivatives to convert foreign currency exposures into the entity's currency and net investment exposure into the local currency.

In some hedging relationships, the Group additionally designates inflation risk as a contractually specified component of a debt instrument (e.g., inflation-linked bonds).

For these economic hedges to be recognized as hedge accounting, they must meet certain requirements established under both IAS 39 and IFRS 9. These requirements include clear identification of the hedged items and hedging instruments, an assessment of the hedge's effectiveness over time, and adequate documentation supporting the Group's intention to manage its risk through these instruments. Only when these criteria are met can financial derivatives be accounted for as hedge accounting, allowing for an accounting treatment that more accurately reflects the Group's risk management strategy.

Hedge accounting maintains a similar accounting scheme under both IAS 39 and IFRS 9. Hedge ineffectiveness, defined as the difference between the change in value of the hedging instrument and the hedged item in each period attributable to the hedged risk, is recorded in the consolidated income statement (or in other comprehensive income if it is a hedge of equity instruments recorded at fair value through other comprehensive income) (see Note 32).

Under IAS 39, hedge effectiveness is assessed both retrospectively and prospectively, ensuring that it remains within a range of 80% to 125%. However, IFRS 9 eliminates the strict 80%-125% effectiveness range requirement, allowing qualitative prospective assessments if there is an economic relationship between the hedged item and the hedging instrument, and credit risk does not exert a dominant effect on changes in the value of either the hedged item or the hedging instrument. The BBVA Group has chosen to continue applying the 80%-125% range as a measure for assessing hedge effectiveness, and may rebalance the hedge without discontinuing hedges if this range is not maintained, as explained below.

Changes that occur after the hedge is designated in the valuation of financial instruments designated as hedged items and financial instruments designated as accounting hedging instruments are recorded as follows:

–In fair value hedges, differences in the fair value of the derivative and the hedged instrument attributable to the hedged risk are recognized directly under the heading "Gains (losses) from hedge accounting, net" in the consolidated income statement (or in other comprehensive income in the case of a hedge of equity instruments recorded at fair value through other comprehensive income); with an offsetting entry made in the consolidated balance sheet items in which the hedging element ("Derivatives – Hedge accounting") or the hedged item is recorded, as applicable (see Note 29).

–In fair value hedges of interest rate risk on a portfolio of financial instruments ("macro hedges"), gains or losses arising from the measurement of the hedging instrument are recognized directly in the consolidated income statement with an offsetting entry made under the heading "Derivatives – Hedge accounting" and gains or losses arising from the change in the fair value of the hedged item (attributable to the hedged risk) are also recorded in the consolidated income statement (in both cases, under the heading "Gains (losses) from hedge accounting, net"), with an offsetting entry made in the heading "Fair value changes of the hedged items in portfolio hedges of interest rate risk" of the asset or liability in the consolidated balance sheet, depending on the nature of the hedged item.

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–In cash flow hedges, the valuation differences arising in the effective hedge portion of the hedging items are temporarily recorded heading "Accumulated other comprehensive income (loss) - Items that may be reclassified to profit or loss - Hedging derivatives. Cash flow hedges (effective portion)" in the consolidated balance sheet, with an offsetting entry made in the "Derivatives - Hedge accounting" headings of the asset or liability sections in the consolidated balance sheet, as appropriate. These differences are recognized in the consolidated income statement when the gain or loss on the hedged item is recorded in profit or loss, when the forecast transactions are executed, or on the maturity date of the hedged item. Almost all of the Group's cash flow hedges are interest rate and inflation hedges for financial instruments, so the amount recorded in other accumulated comprehensive income will be reclassified in results under the heading "Interest and other income" or under the heading "Interest expense" in the consolidated income statement (see Note 29).

–The differences in the value of the hedging instrument corresponding to the ineffective portion of cash flow hedging transactions are recorded directly under heading "Gains (losses) from hedge accounting, net" in the consolidated income statement (see Note 32).

–In hedges of net investments in foreign businesses, valuation differences arising in the effective portion of the hedging items are temporarily recorded under heading "Accumulated other comprehensive income (loss) - Items that may be reclassified to profit or loss - Hedge of net investments in foreign operations (effective portion)" in the consolidated balance sheet, with an offsetting entry made under "Derivatives - Hedge accounting" in the asset or liability sections of the consolidated balance sheet, as applicable. Such valuation differences are recognized in the consolidated income statement when the foreign investment is disposed of or removed from the consolidated balance sheet (see Note 32).

The other relevant new features introduced by IFRS 9 and applicable from January 1, 2025, are as follows:

–It provides flexibility in the items that can be hedged (for example, it enables the hedging of net positions, aggregate positions, and specific risk components in non-financial items).

–It introduces the accounting treatment of "hedge cost," allowing components of hedging instruments such as forward points, the time value of options, or the base spread to be excluded from the hedge. Changes in value can be recognized in other comprehensive income, thereby reducing volatility in the consolidated income statement.

–It allows for the rebalancing of hedges without the need for discontinuations in hedge accounting as long as the relationship between the hedging instrument and the hedged item is adjusted.

–For fair value hedges on equity instruments recorded at fair value through other comprehensive income, the differences in the fair value of the derivative are recorded in "Accumulated other comprehensive income (loss)", which helps avoid the accounting asymmetry of recording the change in the value of the equity instrument in "Accumulated other comprehensive income (loss)" and the change in the value of the hedging derivative in the profit or loss for the period.

**3. BBVA Group** 

The BBVA Group is an international diversified financial group with a significant presence in retail banking, wholesale banking and asset management. The Group also operates in the insurance sector.

The following information is detailed in the Appendices to the consolidated financial statements of the Group for the year ended December 31, 2024:

–Appendix I shows relevant information related to the consolidated subsidiaries and structured entities.

–Appendix II shows relevant information related to investments in joint ventures and associates accounted for using the equity method.

–Appendix III shows the main changes and notification of investments and divestments in the BBVA Group.

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–Appendix IV shows the fully consolidated companies in which, based on the information available, there were shareholders outside the Group with a stake in them exceeding 10% of their capital.

The BBVA Group's activities are mainly located in Spain, Mexico, Turkey and South America, with an active presence in other areas of Europe, the United States and Asia (see Note 5).

**Significant transactions in the first nine months of 2025 and 2024**

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.

**4. Shareholder remuneration system**

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. The total amount paid amounted to approximately €2,360 million.

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 entitled to participate in this distribution on account of the 2025 dividend, to be paid on November 7, 2025. As of September 30, 2025, the total amount corresponding to said dividend amounted to approximately €1,842 million, and it was recorded as a liability under the item "Other financial liabilities".

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.

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**5. Operating segment reporting**

Operating segment reporting represents a basic tool for monitoring and managing the different activities of the BBVA Group. In preparing the information by operating segment, the starting point is the lowest-level units, which are aggregated in accordance with the organizational structure determined by the Group's Management to create higher-level units and, finally, the reportable operating segments themselves.

As of September 30, 2025, the structure of the information by operating segment reported by the BBVA Group remains the same as that of the closing of 2024 financial year.

The BBVA Group's operating areas or segments are summarized below:

–Spain includes mainly the banking, insurance and asset management businesses that the Group carries out in Spain.

–Mexico includes banking, insurance and asset management businesses in this country as well as the activity that BBVA Mexico carries out through its agency in Houston.

–Turkey reports the activity of Garanti BBVA group that is mainly carried out in this country and, to a lesser extent, in Romania and the Netherlands.

–South America includes banking, financial, insurance and asset management activity that are carried out mainly in Argentina, Chile, Colombia, Peru, Uruguay and Venezuela.

–Rest of business mainly incorporates the wholesale activity carried out in Europe (excluding Spain), the United States, and the BBVA branches located in Asia, as well as the Group's digital banks in Italy and Germany.

The Corporate Center performs centralized Group functions, including: the costs of the head offices with a corporate function for the consolidated BBVA Group, management of structural exchange rate positions; certain portfolios, such as financial and industrial holdings; stakes in Funds & Investment Vehicles in tech companies; certain tax assets and liabilities; funds for employee commitments; goodwill and other intangible assets, as well as the financing of such portfolios and assets.

The breakdown of the BBVA Group's total assets by operating segment and the Corporate Center as of September 30, 2025 and December 31, 2024, is as follows:

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| | | |
|:---|:---|:---|
| **TOTAL GROUP ASSETS BY OPERATING SEGMENTS (MILLIONS OF EUROS)** | **TOTAL GROUP ASSETS BY OPERATING SEGMENTS (MILLIONS OF EUROS)** | **TOTAL GROUP ASSETS BY OPERATING SEGMENTS (MILLIONS OF EUROS)** |
| | **September 2025** | **December 2024 ⁽¹⁾** |
| Spain | 431932 | 411620 |
| Mexico | 172544 | 168470 |
| Turkey | 86771 | 82782 |
| South America | 73142 | 73997 |
| Rest of Business | 76639 | 66534 |
| **Subtotal assets by operating segments** | **841028** | **803404** |
| Corporate Center and adjustments | (27965) | (31002) |
| **Total assets BBVA Group** | **813063** | **772402** |

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(1) In the first quarter of 2025 certain immaterial balance sheet amounts related to specific activities undertaken by the business units were reallocated between the operating segments and the Corporate Center. As a result, certain expenses were reallocated, in particular, between Spain, Rest of Business and the Corporate Center. In order to make the period-on-period comparison homogeneous, the figures for year 2024 have been revised, which has not affected the consolidated financial information of the Group.

The following table sets forth the main margins and profit by operating segment and the Corporate Center for the nine months ended September 30, 2025 and 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **MAIN MARGINS AND PROFIT BY OPERATING SEGMENTS (MILLIONS OF EUROS)** | **MAIN MARGINS AND PROFIT BY OPERATING SEGMENTS (MILLIONS OF EUROS)** | **MAIN MARGINS AND PROFIT BY OPERATING SEGMENTS (MILLIONS OF EUROS)** | **MAIN MARGINS AND PROFIT BY OPERATING SEGMENTS (MILLIONS OF EUROS)** | **MAIN MARGINS AND PROFIT BY OPERATING SEGMENTS (MILLIONS OF EUROS)** | **MAIN MARGINS AND PROFIT BY OPERATING SEGMENTS (MILLIONS OF EUROS)** | **MAIN MARGINS AND PROFIT BY OPERATING SEGMENTS (MILLIONS OF EUROS)** | **MAIN MARGINS AND PROFIT BY OPERATING SEGMENTS (MILLIONS OF EUROS)** |
| | **Operating Segments** | **Operating Segments** | **Operating Segments** | **Operating Segments** | **Operating Segments** | **Operating Segments** | **Operating Segments** |
| | **BBVA Group** | **Spain** | **Mexico** | **Turkey** | **South America** | **Rest of Business** | **Corporate Center and adjustments** |
| **September 2025** | | | | | | | |
| Net interest income | 19246 | 4905 | 8393 | 2137 | 3537 | 596 | (323) |
| Gross income | 27136 | 7473 | 11124 | 3776 | 4001 | 1296 | (534) |
| Operating profit /(loss) before tax | 12292 | 4522 | 5387 | 1445 | 1354 | 615 | (1031) |
| **Attributable profit (loss)** | **7978** | **3139** | **3875** | **648** | **585** | **481** | **(750)** |
| **September 2024 ⁽¹⁾** |  |  |  |  |  |  |  |
| Net interest income | 18861 | 4794 | 8762 | 925 | 4178 | 522 | (321) |
| Gross income | 26161 | 7065 | 11641 | 2838 | 3865 | 1058 | (304) |
| Operating profit /(loss) before tax | 11647 | 4011 | 5765 | 1223 | 943 | 520 | (816) |
| **Attributable profit (loss)** | **7622** | **2841** | **4193** | **433** | **471** | **409** | **(726)** |

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(1) In the first quarter of 2025 certain immaterial balance sheet amounts related to specific activities undertaken by the business units were reallocated between the operating segments and the Corporate Center. As a result, certain expenses were reallocated, in particular, between Spain, Rest of Business and the Corporate Center. In order to make the period-on-period comparison homogeneous, the figures for year 2024 have been revised, which has not affected the consolidated financial information of the Group.

**6. Risk management**

The principles and risk management policies, as well as tools and procedures established and implemented in the Group as of September 30, 2025 do not differ significantly from those included in Note 7 of the consolidated financial statements of the Group for the year ended December 31, 2024.

**6.1Risk factors**

The BBVA Group has processes in place for identifying risks and analyzing scenarios in order to enable the Group to manage risks in a dynamic and proactive way.

The risk identification processes are forward looking to seek the identification of emerging risks and take into account the concerns of both the business areas, which are close to the reality of the different geographical areas, and the corporate areas and senior management.

Risks are identified and measured consistently using the methodologies deemed appropriate in each case. Their measurement includes the design and application of scenario analyses and stress testing and considers the controls to which the risks are subjected.

As part of this process, a forward projection of the Risk Appetite Framework (RAF) variables in stress scenarios is conducted in order to identify possible deviations from the established thresholds. If any such deviations are detected, measures are taken to seek to keep the variables within the target risk profile.

In this context, there are a number of emerging risks that could affect the evolution of the Group's business, including the below and those mentioned in Note 7.1 to the consolidated financial statements of the Group for the year ended December 31, 2024.

**Macroeconomic and geopolitical risks**

The Group is vulnerable to deteriorating economic conditions and changes in the institutional environment in the countries in which it operates, and is exposed to sovereign debt, particularly in Spain, Mexico and Turkey.

The global economy is facing significant changes, due in part to the policies of the U.S. administration. Uncertainty about the consequences is exceptionally high, substantially increasing geopolitical, economic, and financial risks.

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The increase in U.S. tariffs on imports from its trading partners has triggered financial market volatility, reinforcing global-wide risks. The level and duration of these tariffs, and the high level of uncertainty in connection therewith, could negatively impact the global economy, worsening the macroeconomic environment. As a result of the tariffs already adopted or announced, global growth could slow significantly.

While fiscal and monetary policies could partially offset the impact of trade protectionism—particularly in the Eurozone, where significant increases in public spending have been announced—the impact of higher U.S. tariffs could be amplified by countermeasures from other countries, prolonged uncertainty, lower confidence, and financial volatility, among other factors.

Rising tariffs also raise the risk of inflation in the United States and the Eurozone, which could further slow private demand and, at the same time, constrain the Federal Reserve's and ECB's ability to lower rates if warranted by activity.

Beyond tariffs, increased immigration control could affect the labor market in the United States, increase inflationary pressures, and hinder growth. The U.S. administration's fiscal, regulatory, industrial, and foreign policies could also contribute to financial and macroeconomic volatility. This is compounded by concerns that the Federal Reserve's independence in decision-making may be weakened by political considerations.

Given the growing uncertainty surrounding U.S. policies and the rising fiscal deficit, the U.S. risk premium has risen, pushing up long-term sovereign yields and weakening the U.S. dollar. These developments could trigger bouts of volatility, especially given the high public debt levels in both developed and emerging economies. The relatively high valuations of AI-related stocks are also a source of uncertainty, with potential implications in the financial markets.

The rise of trade protectionism and the growing rivalry between the United States and China could further intensify geopolitical tensions, especially in the context of the conflicts in Ukraine and the Middle East. In response to these risks and changes in U.S. foreign policy, the European Union has taken steps to increase military spending, which could support growth but also add upward pressure on inflation and interest rates in the region.

Overall, rising global geopolitical tensions are increasing uncertainty about the global economy and the likelihood of economic and financial disruptions, including a recession.

The Group is exposed to, among others, the following general risks related to the economic and institutional environment in the countries in which it operates: a deterioration in economic activity, including recessionary scenarios; inflationary pressures, which could trigger a tightening of monetary conditions; stagflation due to intense or prolonged supply shocks, including as a result of an escalation of protectionism or an increase in oil and gas prices; exchange rate fluctuations; unfavorable developments in the real estate market; changes in the institutional environment in the countries in which the Group operates, which could lead to sudden and sharp falls in Gross Domestic Product and/or changes in regulatory or governmental policy, including with regard to exchange controls and restrictions on dividend distributions or the imposition of new taxes or charges; high levels of public debt or external deficits, which could lead to a downgrade of sovereign debt ratings and even a possible default or restructuring of such debt; the impact of the current administration's policies in the United States, about which there remains a high level of uncertainty; and episodes of volatility in the financial markets, such as those observed recently, which could cause the Group significant losses.

In Spain, political, regulatory, and economic uncertainty could negatively impact activity. In Mexico, considerable uncertainty persists regarding the impact of the recently approved constitutional reforms, as well as the policies of the U.S. administration. In Turkey, despite the gradual improvement in macroeconomic conditions, the situation remains relatively unstable, with pressure on the Turkish lira, high inflation, a significant trade deficit, limited international reserves, and high external financing costs. Recent political and social tensions could also generate renewed bouts of financial volatility and macroeconomic risks. Furthermore, uncertainty remains regarding the impact of the geopolitical situation in the Middle East on Turkey. In Argentina, despite the improvement in prospects following significant fiscal, monetary and exchange rate adjustments, the risk of economic and financial turbulence persists amid heightened political uncertainty. Finally, in Colombia and Peru, climate factors, political tensions, and deteriorating public finances could weigh on economic performance.

------

Any of these factors could have a material adverse impact on the Group's business, financial condition and results of operations.

------

**6.2Credit risk** 

Credit risk arises from the probability that one party to a financial instrument will fail to meet its contractual obligations for reasons of insolvency or inability to pay and cause a financial loss for the other party. The general principles governing credit risk management in the BBVA Group, as well as the credit risk management in the Group as of September 30, 2025 do not differ significantly from those included in Note 7 of the consolidated financial statements of the Group for the year ended December 31, 2024.

**Credit risk exposure**

In accordance with IFRS 7 "Financial Instruments: Disclosures", the BBVA Group's credit risk exposure by headings in the consolidated balance sheets as of September 30, 2025 and December 31, 2024 is provided below. It does not consider the loss allowances and the availability of collateral or other credit enhancements to ensure compliance with payment obligations. The details are broken down by category of financial instruments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)** | **MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)** | **MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)** | **MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)** | **MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)** | **MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)** |
| | **Notes** | **September <br>2025** | **Stage 1** | **Stage 2** | **Stage 3** |
| **Financial assets held for trading** |  | **78015** |  |  |  |
| Equity instruments | 9 | 8857 |  |  |  |
| Debt securities | 9 | 29450 |  |  |  |
| Loans and advances | 9 | 39708 |  |  |  |
| **Non-trading financial assets mandatorily at fair value through profit or loss** |  | **10845** |  |  |  |
| Equity instruments | 10 | 10110 |  |  |  |
| Debt securities | 10 | 284 |  |  |  |
| Loans and advances | 10 | 451 |  |  |  |
| **Financial assets designated at fair value through profit or loss** | **11** | **942** |  |  |  |
| **Derivatives (trading and hedging)** |  | **47437** |  |  |  |
| **Financial assets at fair value through other comprehensive income** |  | **59612** |  |  |  |
| Equity instruments | 12 | 1601 |  |  |  |
| Debt securities |  | 57562 | 57537 |  | 25 |
| Loans and advances | 12 | 448 | 24 | 424 |  |
| **Financial assets at amortized cost** |  | **547824** | **504488** | **29487** | **13849** |
| Debt securities |  | 67076 | 67030 | 10 | 35 |
| Loans and advances to central banks |  | 8707 | 8707 |  |  |
| Loans and advances to credit institutions |  | 24140 | 24110 | 30 |  |
| Loans and advances to customers |  | 447901 | 404641 | 29447 | 13813 |
| **Total financial assets risk** |  | **744674** |  |  |  |
| **Total loan commitments and financial guarantees** |  | **308798** | **299939** | **8162** | **697** |
| Loan commitments given | 28 | 221785 | 216058 | 5556 | 171 |
| Financial guarantees given | 28 | 23162 | 22280 | 726 | 156 |
| Other commitments given | 28 | 63851 | 61601 | 1881 | 369 |
| **Total maximum credit exposure** |  | **1053473** |  |  |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)** | **MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)** | **MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)** | | | |
| | **Notes** | **December <br>2024** | **Stage 1** | **Stage 2** | **Stage 3** |
| **Financial assets held for trading** |  | **72945** |  |  |  |
| Equity instruments | 9 | 6760 |  |  |  |
| Debt securities | 9 | 27955 |  |  |  |
| Loans and advances | 9 | 38230 |  |  |  |
| **Non-trading financial assets mandatorily at fair value through profit or loss** |  | **10546** |  |  |  |
| Equity instruments | 10 | 9782 |  |  |  |
| Debt securities | 10 | 407 |  |  |  |
| Loans and advances to customers | 10 | 358 |  |  |  |
| **Financial assets designated at fair value through profit or loss** | **11** | **836** |  |  |  |
| **Derivatives (trading and hedging)** |  | **53229** |  |  |  |
| **Financial assets at fair value through other comprehensive income** |  | **59115** |  |  |  |
| Equity instruments | 12 | 1451 |  |  |  |
| Debt securities |  | 57639 | 55315 | 2309 | 16 |
| Loans and advances to credit institutions | 12 | 25 | 25 |  |  |
| **Financial assets at amortized cost** |  | **514086** | **467910** | **31930** | **14246** |
| Debt securities |  | 59070 | 58887 | 149 | 34 |
| Loans and advances to central banks |  | 8261 | 8261 |  |  |
| Loans and advances to credit institutions |  | 22668 | 22658 | 8 | 2 |
| Loans and advances to customers |  | 424087 | 378104 | 31772 | 14211 |
| **Total financial assets risk** |  | **710757** |  |  |  |
| **Total loan commitments and financial guarantees** |  | **262233** | **253291** | **8150** | **791** |
| Loan commitments given | 28 | 188515 | 182830 | 5524 | 160 |
| Financial guarantees given | 28 | 22503 | 21513 | 798 | 192 |
| Other commitments given | 28 | 51215 | 48948 | 1828 | 439 |
| **Total maximum credit exposure** |  | **972990** |  |  |  |

---

The changes in the nine months ended September 30, 2025 and the year ended December 31, 2024 of impaired financial assets (financial assets and guarantees given) are as follows:

---

| | | |
|:---|:---|:---|
| **CHANGES IN IMPAIRED FINANCIAL ASSETS AND GUARANTEES GIVEN (MILLIONS OF EUROS)** | **CHANGES IN IMPAIRED FINANCIAL ASSETS AND GUARANTEES GIVEN (MILLIONS OF EUROS)** | **CHANGES IN IMPAIRED FINANCIAL ASSETS AND GUARANTEES GIVEN (MILLIONS OF EUROS)** |
| | **September <br>2025** | **December <br>2024** |
| **Balance at the beginning of the period** | **14891** | **15362** |
| Additions | 9690 | 12255 |
| Decreases ⁽¹⁾ | (5172) | (7346) |
| **Net additions** | **4518** | **4909** |
| Amounts written-off | (3352) | (4559) |
| Exchange differences and other | (1660) | (820) |
| **Balance at the end of the period** | **14396** | **14891** |

---

(1) Reflects the total amount of impaired loans and advances derecognized from the consolidated balance sheet throughout the period as a result of monetary recoveries as well as mortgage foreclosures and real estate assets received in lieu of payment.

**Loss allowances**

Below are the changes in the nine months ended September 30, 2025, and the year ended December 31, 2024 in the loss allowances recognized on the condensed consolidated balance sheets to cover the estimated impairment or reversal of impairment on loans and advances at amortized cost:

------

---

| | | |
|:---|:---|:---|
| **CHANGES IN LOSS ALLOWANCES OF LOANS AND ADVANCES AT AMORTIZED COST (MILLIONS OF EUROS)** | **CHANGES IN LOSS ALLOWANCES OF LOANS AND ADVANCES AT AMORTIZED COST (MILLIONS OF EUROS)** | **CHANGES IN LOSS ALLOWANCES OF LOANS AND ADVANCES AT AMORTIZED COST (MILLIONS OF EUROS)** |
| | **September <br>2025** | **December <br>2024** |
| **Balance at the beginning of the period** | **(11630)** | **(11316)** |
| Increase in loss allowances charged to income | (8470) | (11646) |
| *Stage 1* | *(1500)* | *(2021)* |
| *Stage 2* | *(1207)* | *(1677)* |
| *Stage 3* | *(5763)* | *(7949)* |
| Decrease in loss allowances charged to income | 4104 | 5823 |
| *Stage 1* | *1028* | *1362* |
| *Stage 2* | *938* | *1554* |
| *Stage 3* | *2137* | *2907* |
| Transfer to written-off loans, exchange differences and other | 4229 | 5509 |
| **Balance at the end of the period** | **(11768)** | **(11630)** |

---

**Estimation models and additional adjustments to expected losses measurement** 

The Group periodically reviews its individual estimates and its models for collective estimates of expected losses, as well as the impact of the macroeconomic scenarios considered for such purposes. It should be noted that, although these updates incorporate the best information available at any given time, they may not fully reflect the most recent developments in the economic environment, especially in contexts of high uncertainty and volatility or with respect to very recent events still underway. In this regard, when estimating expected losses, the provisions described in Note 7 to the consolidated financial statements for the year 2024 regarding individual and collective estimates of expected losses, as well as macroeconomic estimates and the sensitivity to variations in key assumptions of the macroeconomic scenarios, must be taken into account.

Additionally, the Group may supplement these expected losses to account for effects that may not be included therein, either because it considers that there are additional risk factors, or to incorporate sectoral particularities or those that may affect a set of operations or borrowers, following a formal internal approval process established for this purpose, including, among others, the evaluation by the relevant GRMC committees (Global Risk Management Committee).

In this context, as of September 30, 2025, the Group has not recognized any material adjustment to the models used in the estimation of expected credit losses following the reversal and, to a lesser extent, the use of the €33 million recorded as of December 31, 2024, related to the damage caused by the Isolated Depression at High Levels (DANA) in different Spanish municipalities between October 28 and November 4, 2024.

------

**7. Fair value of financial instruments** 

The criteria and valuation methods used to estimate the fair value of financial assets as of September 30, 2025 do not differ significantly from those included in Note 8 of the consolidated financial statements for the year ended December 31, 2024.

The techniques and unobservable inputs used for the valuation of the financial instruments classified in the fair value hierarchy as Level 3, do not significantly differ from those detailed in Note 8 of the consolidated financial statements for the year ended December 31, 2024.

The effect on the consolidated income statements and on the consolidated equity, resulting from changing the main assumptions used in the valuation of Level 3 financial instruments to other reasonably possible assumptions, does not differ significantly from that detailed in Note 8 of the consolidated financial statements for the year ended December 31, 2024.

**7.1. Fair value of financial instruments recognized at fair value according to valuation method**

The fair value of the Group's financial instruments recognized at fair value from the condensed consolidated balance sheets is presented below, broken down according to the valuation method used to determine their fair value, and their respective book value as of September 30, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** |
| | **Notes** | **Book value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** |
| | **Notes** | **Book value** | **Level 1** | **Level 2** | **Level 3** |
| **ASSETS** | | | | | |
| Financial assets held for trading | 9 | 111037 | 30097 | 78777 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  | 33022 | 1425 | 30961 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity instruments |  | 8857 | 8661 | 134 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 29450 | 20011 | 8880 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and advances |  | 39708 |  | 38802 | 906 |
| Non-trading financial assets mandatorily at fair value through profit or loss | 10 | 10845 | 8745 | 614 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity instruments |  | 10110 | 8663 | 36 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 284 | 82 | 188 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and advances to customers |  | 451 |  | 390 | 61 |
| Financial assets designated at fair value through profit or loss | 11 | 942 | 866 | 76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 942 | 866 | 76 |  |
| Financial assets at fair value through other comprehensive income | 12 | 59562 | 49104 | 8643 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity instruments |  | 1601 | 1273 | 83 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 57513 | 47806 | 8560 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and advances  |  | 448 | 24 |  | 424 |
| Derivatives – Hedge accounting |  | 632 |  | 632 |  |
| **LIABILITIES** |  |  |  |  |  |
| Financial liabilities held for trading | 9 | 86758 | 14404 | 70666 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading derivatives |  | 31125 | 1278 | 28583 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short positions |  | 13349 | 13126 | 205 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits |  | 42284 |  | 41878 | 406 |
| Financial liabilities designated at fair value through profit or loss | 11 | 17273 | 76 | 15079 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits from credit institutions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits |  | 917 |  | 917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt certificates issued |  | 5239 | 76 | 3045 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | 11117 |  | 11117 |  |
| Derivatives – Hedge accounting |  | 1975 |  | 1956 | 19 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** |
| | **Notes** | **Book value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** |
| | **Notes** | **Book value** | **Level 1** | **Level 2** | **Level 3** |
| **ASSETS** | | | | | |
| Financial assets held for trading | 9 | 108948 | 26332 | 80323 | 2292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  | 36003 | 969 | 34591 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity instruments |  | 6760 | 6602 | 76 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 27955 | 18762 | 8438 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and advances |  | 38230 |  | 37218 | 1011 |
| Non-trading financial assets mandatorily at fair value through profit or loss | 10 | 10546 | 8511 | 617 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity instruments |  | 9782 | 8309 | 107 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 407 | 202 | 173 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and advances to customers |  | 358 |  | 336 | 21 |
| Financial assets designated at fair value through profit or loss | 11 | 836 | 774 | 62 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 836 | 774 | 62 |  |
| Financial assets at fair value through other comprehensive income | 12 | 59002 | 50354 | 7515 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity instruments |  | 1451 | 1157 | 79 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  | 57526 | 49173 | 7436 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and advances to credit institutions |  | 25 | 25 |  |  |
| Derivatives – Hedge accounting |  | 1158 |  | 1158 |  |
| **LIABILITIES** |  |  |  |  |  |
| Financial liabilities held for trading | 9 | 86591 | 14308 | 71072 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading derivatives |  | 33059 | 1118 | 31400 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short positions |  | 13878 | 13189 | 673 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits |  | 39654 |  | 38999 | 656 |
| Financial liabilities designated at fair value through profit or loss | 11 | 14952 |  | 12865 | 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits from credit institutions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits |  | 934 |  | 934 |  |
| Debt certificates issued |  | 4597 |  | 2511 | 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities |  | 9420 |  | 9420 |  |
| Derivatives – Hedge accounting |  | 2503 |  | 2480 | 23 |

---

**7.2 Fair value of financial instruments recognized at amortized cost according to valuation method**

Below is shown the fair value of the Group's financial instruments from the condensed consolidated balance sheets recognized at amortized cost, broken down according to the valuation method used to determine their fair value, and their respective book value as of September 30, 2025 and December 31, 2024:

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. SEPTEMBER 2025 (MILLIONS OF EUROS)** |
| | **Notes** | **Book value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** |
| | **Notes** | **Book value** | **Carrying amount presented as fair value ⁽¹⁾** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **ASSETS** | | | | | | | |
| Cash, cash balances at central banks and other demand deposits | 8 | 57125 | 57125 |  |  |  | 57125 |
| Financial assets at amortized cost | 13 | 536003 | 36987 | 59113 | 25816 | 415120 | 537036 |
| &nbsp;&nbsp;*Debt securities* |  | *67023* | *—* | *59113* | *6478* | *1102* | *66692* |
| &nbsp;&nbsp;*Loans and advances* |  | *468980* | *36987* | *—* | *19338* | *414019* | *470344* |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Financial liabilities at amortized cost | 20 | 617649 | 392858 | 40944 | 68648 | 116684 | 619135 |
| &nbsp;&nbsp;*Deposits* |  | *520539* | *373177* | *87* | *38159* | *109503* | *520925* |
| &nbsp;&nbsp;*Debt certificates issued* |  | *77428* | *—* | *40858* | *30489* | *7182* | *78528* |
| &nbsp;&nbsp;*Other financial liabilities* |  | *19681* | *19681* | *—* | *—* | *—* | *19681* |

---

(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** | **FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. DECEMBER 2024 (MILLIONS OF EUROS)** |
| | **Notes** | **Book value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value** |
| | **Notes** | **Book value** | **Carrying amount presented as fair value ⁽¹⁾** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **ASSETS** | | | | | | | |
| Cash, cash balances at central banks and other demand deposits | 8 | 51145 | 51145 |  |  |  | 51145 |
| Financial assets at amortized cost | 13 | 502400 | 32615 | 50771 | 24157 | 394496 | 502039 |
| &nbsp;&nbsp;*Debt securities* |  | *59014* | *—* | *50771* | *6589* | *921* | *58281* |
| &nbsp;&nbsp;*Loans and advances* |  | *443386* | *32615* | *—* | *17568* | *393575* | *443759* |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Financial liabilities at amortized cost | 20 | 584339 | 378530 | 47323 | 58016 | 101025 | 584894 |
| &nbsp;&nbsp;*Deposits* |  | *496720* | *360777* | *—* | *37647* | *98038* | *496461* |
| &nbsp;&nbsp;*Debt certificates issued* |  | *69867* | *—* | *47323* | *20369* | *2986* | *70679* |
| &nbsp;&nbsp;*Other financial liabilities* |  | *17753* | *17753* | *—* | *—* | *—* | *17753* |

---

(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.

**8. Cash, cash balances at central banks and other demand deposits**

---

| | | |
|:---|:---|:---|
| **CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEMAND DEPOSITS (MILLIONS OF EUROS)** | **CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEMAND DEPOSITS (MILLIONS OF EUROS)** | **CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEMAND DEPOSITS (MILLIONS OF EUROS)** |
| | **September <br>2025** | **December <br>2024** |
| Cash on hand | 6960 | 8636 |
| Cash balances at central banks ⁽¹⁾ | 42525 | 35306 |
| Other demand deposits | 7639 | 7202 |
| **Total** | **57125** | **51145** |

---

(1) The variation is mainly due to the evolution of the balances held in the Bank of Spain.

------

**9. Financial assets and liabilities held for trading**

---

| | | | |
|:---|:---|:---|:---|
| **FINANCIAL ASSETS AND LIABILITIES HELD FOR TRADING (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AND LIABILITIES HELD FOR TRADING (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AND LIABILITIES HELD FOR TRADING (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AND LIABILITIES HELD FOR TRADING (MILLIONS OF EUROS)** |
| | **Notes** | **September <br>2025** | **December <br>2024** |
| **ASSETS** | | | |
| Derivatives |  | 33022 | 36003 |
| Equity instruments | 6.2 | 8857 | 6760 |
| Debt securities | 6.2 | 29450 | 27955 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Loans and advances* | *6.2* | *39708* | *38230* |
| **Total assets** | **7** | **111037** | **108948** |
| **LIABILITIES** |  |  |  |
| Derivatives |  | 31125 | 33059 |
| Short positions |  | 13349 | 13878 |
| Deposits |  | 42284 | 39654 |
| **Total liabilities** | **7** | **86758** | **86591** |

---

**10. Non-trading financial assets mandatorily at fair value through profit or loss**

---

| | | | |
|:---|:---|:---|:---|
| **NON-TRADING FINANCIAL ASSETS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS (MILLIONS OF EUROS)** | **NON-TRADING FINANCIAL ASSETS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS (MILLIONS OF EUROS)** | **NON-TRADING FINANCIAL ASSETS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS (MILLIONS OF EUROS)** | **NON-TRADING FINANCIAL ASSETS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS (MILLIONS OF EUROS)** |
| | **Notes** | **September <br>2025** | **December <br>2024** |
| Equity instruments | 6.2 | 10110 | 9782 |
| Debt securities | 6.2 | 284 | 407 |
| Loans and advances to customers | 6.2 | 451 | 358 |
| **Total** | **7** | **10845** | **10546** |

---

**11. Financial assets and liabilities designated at fair value through profit or loss**

---

| | | | |
|:---|:---|:---|:---|
| **FINANCIAL ASSETS AND LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AND LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AND LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AND LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (MILLIONS OF EUROS)** |
| | **Notes** | **September <br>2025** | **December <br>2024** |
| **ASSETS** | | | |
| Debt securities | 6.2 / 7 | 942 | 836 |
| **Total assets** | **7** | **942** | **836** |
| **LIABILITIES** |  |  |  |
| Customer deposits |  | 917 | 934 |
| Debt certificates issued |  | 5239 | 4597 |
| Other financial liabilities: Unit-linked products |  | 11117 | 9420 |
| **Total liabilities** | **7** | **17273** | **14952** |

---

**12. Financial assets at fair value through other comprehensive income**

------

---

| | | | |
|:---|:---|:---|:---|
| **FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (MILLIONS OF EUROS)** |
| | **Notes** | **September <br>2025** | **December <br>2024** |
| Equity instruments | 6.2 | 1601 | 1451 |
| Debt securities |  | 57513 | 57526 |
| Loans and advances | 6.2 | 448 | 25 |
| **Total** | **7** | **59562** | **59002** |
| &nbsp;&nbsp;*Of which: loss allowances of debt securities* |  | *(50)* | *(112)* |
| &nbsp;&nbsp;*Of which: loss allowances of loans and advances* |  | *(61)* | *—* |

---

**13. Financial assets at amortized cost**

---

| | | | |
|:---|:---|:---|:---|
| **FINANCIAL ASSETS AT AMORTIZED COST (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AT AMORTIZED COST (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AT AMORTIZED COST (MILLIONS OF EUROS)** | **FINANCIAL ASSETS AT AMORTIZED COST (MILLIONS OF EUROS)** |
| | **Notes** | **September <br>2025** | **December <br>2024** |
| **Debt securities** |  | **67023** | **59014** |
| **Loans and advances to central banks** |  | **8696** | **8255** |
| **Loans and advances to credit institutions** |  | **24119** | **22655** |
| **Loans and advances to customers** |  | **436165** | **412477** |
| Government |  | 26353 | 22111 |
| Other financial corporations |  | 21549 | 17497 |
| Non-financial corporations |  | 201962 | 193386 |
| Other |  | 186302 | 179483 |
| **Total** | 7 | **536003** | **502400** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Of which: impaired assets of loans and advances to customers* | *6.2* | *13813* | *14211* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Of which: loss allowances of loans and advances* | *6.2* | *(11768)* | *(11630)* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Of which: loss allowances of debt securities* |  | *(53)* | *(57)* |

---

During 2025, the Group made a payment corresponding to the Interest and Commission Margin Tax ("IMIC", by its acronym in Spanish) for the year ended December 31, 2024, regulated by the Ninth Final Provision of Law 7/2024. However, given that such payment was made but considered undue with respect to such year under the existing legal framework as of September 30, 2025, an asset for the amount disbursed (€295 million) was recorded under the "Government" line item in the balance sheet.

**14.&nbsp;&nbsp;&nbsp;&nbsp;Investments in joint ventures and associates**

---

| | | |
|:---|:---|:---|
| **JOINT VENTURES AND ASSOCIATES (MILLIONS OF EUROS)** | **JOINT VENTURES AND ASSOCIATES (MILLIONS OF EUROS)** | **JOINT VENTURES AND ASSOCIATES (MILLIONS OF EUROS)** |
| | **September <br>2025** | **December <br>2024** |
| Joint ventures | 97 | 94 |
| Associates | 909 | 895 |
| **Total** | **1006** | **989** |

---

------

**15.&nbsp;&nbsp;&nbsp;&nbsp;Tangible assets**

---

| | | |
|:---|:---|:---|
| **TANGIBLE ASSETS. BREAKDOWN BY TYPE (MILLIONS OF EUROS)** | | |
| | **September 2025** | **December 2024** |
| **Property, plant and equipment** | **9015** | **9506** |
| **For own use** | **8176** | **8501** |
| Land and buildings | 6353 | 6475 |
| Work in progress | 51 | 155 |
| Furniture, fixtures and vehicles | 6856 | 6848 |
| Right to use assets | 2571 | 2439 |
| Accumulated depreciation | (7517) | (7276) |
| Impairment | (138) | (140) |
| **Leased out under an operating lease** | **839** | **1004** |
| Assets leased out under an operating lease | 1038 | 1158 |
| Accumulated depreciation | (199) | (153) |
| **Investment property** | **238** | **253** |
| Building rental | 221 | 240 |
| Other | 1 | 1 |
| Right to use assets | 255 | 251 |
| Accumulated depreciation | (131) | (118) |
| Impairment | (108) | (121) |
| **Total** | **9253** | **9759** |

---

**16.&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets**

---

| | | |
|:---|:---|:---|
| **INTANGIBLE ASSETS (MILLIONS OF EUROS)** | **INTANGIBLE ASSETS (MILLIONS OF EUROS)** | **INTANGIBLE ASSETS (MILLIONS OF EUROS)** |
| | **September <br>2025** | **December <br>2024** |
| **Goodwill** | **699** | **700** |
| **Other intangible assets** | **1968** | **1790** |
| Computer software acquisition expense | 1939 | 1764 |
| Other intangible assets with an infinite useful life | 8 | 9 |
| Other intangible assets with a definite useful life | 21 | 17 |
| **Total** | **2667** | **2490** |

---

**Goodwill**

As of September 30, 2025 and December 31, 2024, the principal amount of the goodwill related to the cash-generating unit (hereinafter "CGU") of Mexico for an amount of €542 million and €541 million, respectively.

**Impairment Test**

As mentioned in Note 2.2.7 of the consolidated financial statements of the Group for the year ended December 31, 2024, the CGUs to which goodwill has been allocated are periodically tested for impairment by including the allocated goodwill in their carrying amount. This analysis is performed at least annually or whenever there is any indication of impairment. As of and for the nine months ended September 30, 2025, no indicators of impairment have been identified in any CGU.

------

**17.&nbsp;&nbsp;&nbsp;&nbsp;Tax assets and liabilities**

---

| | | |
|:---|:---|:---|
| **TAX ASSETS AND LIABILITIES (MILLIONS OF EUROS)** | **TAX ASSETS AND LIABILITIES (MILLIONS OF EUROS)** | **TAX ASSETS AND LIABILITIES (MILLIONS OF EUROS)** |
| | **September** **2025** | **December** **2024** |
| **Tax assets** | | |
| Current tax assets | 3439 | 4295 |
| Deferred tax assets | 13979 | 14354 |
| **Total** | **17418** | **18650** |
| **Tax liabilities** |  |  |
| Current tax liabilities | 1357 | 575 |
| Deferred tax liabilities | 2535 | 2458 |
| **Total** | **3891** | **3033** |

---

As of September 30, 2025, current tax liabilities include approximately €224 million corresponding to the accrual of the Interest Margin and Commissions Tax (IMIC) for the first nine months of 2025. IMIC is applicable to certain financial institutions, including BBVA, S.A., and regulated by the ninth Final Provision of Law 7/2024.

The evolution of the Group's deferred tax assets during the period was influenced by the result of the tax inspection process of the BBVA consolidated tax group in Spain, covering the years 2017 to 2020, with respect to the main taxes applicable to it, as well as by the Group´s reassessment of the coverage needs for the identified tax risks —both effects mainly recorded in the first half of fiscal year 2025.

Additionally, during the first half of the year, certain deferred tax assets belonging to the Group in Spain, which until then had not been recorded in the financial statements, were recognized for accounting purposes. This decision was based on the ability and acceleration observed in the absorption process of these assets, a solid track record of recent historical results —including for the current 2025 financial year, the Group's sustained capacity to generate value and profit projections that support their recognition, in accordance with the information detailed in Note 19 to the consolidated financial statements for the year ended December 31, 2024.

All of the above has had a net positive effect on the estimated effective tax rate, which stood at 31.2% as of September 30, 2025 (31.4% as of December 31, 2024).

**18.&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities**

---

| | | |
|:---|:---|:---|
| **OTHER ASSETS AND LIABILITIES (MILLIONS OF EUROS)** | | |
| | **September <br>2025** | **December <br>2024** |
| **ASSETS** | | |
| Inventories | 1306 | 1299 |
| Transactions in progress | 181 | 482 |
| Accruals | 2229 | 1862 |
| Other items | 1965 | 1881 |
| **Total** | **5682** | **5525** |
| **LIABILITIES** |  |  |
| Transactions in progress | 226 | 306 |
| Accruals | 3503 | 3066 |
| Other items | 3225 | 1997 |
| **Total** | **6954** | **5370** |

---

------

**19.&nbsp;&nbsp;&nbsp;&nbsp;Non-current assets and disposal groups classified as held for sale and liabilities included in disposal groups classified as held for sale**

---

| | | |
|:---|:---|:---|
| **NON-CURRENT ASSETS AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE AND LIABILITIES INCLUDED IN DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE. BREAKDOWN BY ITEMS (MILLIONS OF EUROS)** | **NON-CURRENT ASSETS AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE AND LIABILITIES INCLUDED IN DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE. BREAKDOWN BY ITEMS (MILLIONS OF EUROS)** | **NON-CURRENT ASSETS AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE AND LIABILITIES INCLUDED IN DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE. BREAKDOWN BY ITEMS (MILLIONS OF EUROS)** |
| | **September** **2025** | **December <br>2024** |
| **ASSETS** | | |
| Foreclosures and recoveries | 764 | 847 |
| Other assets from tangible assets | 501 | 618 |
| Companies held for sale | 57 | 55 |
| Accrued amortization ⁽¹⁾ | (50) | (46) |
| Impairment losses | (533) | (645) |
| **Total** | **738** | **828** |
| **LIABILITIES** |  |  |
| Companies held for sale |  |  |
| **Total** | **—** | **—** |

---

(1) Corresponds to the accumulated depreciation of assets before their classification as "Non-current assets and disposal groups classified as held for sale".

**20.&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at amortized cost**

**20.1&nbsp;&nbsp;&nbsp;&nbsp;Breakdown of the balance** 

---

| | | | |
|:---|:---|:---|:---|
| **FINANCIAL LIABILITIES AT AMORTIZED COST (MILLIONS OF EUROS)** | **FINANCIAL LIABILITIES AT AMORTIZED COST (MILLIONS OF EUROS)** | **FINANCIAL LIABILITIES AT AMORTIZED COST (MILLIONS OF EUROS)** | **FINANCIAL LIABILITIES AT AMORTIZED COST (MILLIONS OF EUROS)** |
| | **Notes** | **September** **2025** | **December** **2024** |
| **Deposits** |  | **520539** | **496720** |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits from central banks |  | 16057 | 14668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand deposits |  | 311 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits and other |  | 10342 | 6369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements |  | 5404 | 7642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits from credit institutions |  | 33118 | 34406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand deposits |  | 6207 | 6977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits and other |  | 16283 | 15049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements |  | 10628 | 12380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits |  | 471364 | 447646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand deposits |  | 341346 | 331780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits and other |  | 120008 | 106658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements |  | 10009 | 9208 |
| **Debt certificates issued** |  | **77428** | **69867** |
| **Other financial liabilities** |  | **19681** | **17753** |
| **Total** | **7** | **617649** | **584339** |

---

------

**20.2&nbsp;&nbsp;&nbsp;&nbsp;Debt certificates issued**

---

| | | |
|:---|:---|:---|
| **DEBT CERTIFICATES ISSUED (MILLIONS OF EUROS)** | | |
| | **September** **2025** | **December** **2024** |
| **In Euros** | **42570** | **37118** |
| Promissory bills and notes | 5420 | 1360 |
| Non-convertible bonds and debentures | 17422 | 17788 |
| Covered bonds | 3355 | 5825 |
| Hybrid financial instruments <sup>(1)</sup> | 985 | 519 |
| Securitization bonds | 3502 | 2201 |
| Wholesale funding | 3511 | 1030 |
| Subordinated liabilities | 8376 | 8395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible perpetual certificates | 2750 | 2750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-convertible subordinated liabilities | 5626 | 5645 |
| **In foreign currencies** | **34858** | **32748** |
| Promissory bills and notes | 1665 | 2962 |
| Non-convertible bonds and debentures | 12443 | 12136 |
| Covered bonds | 99 | 95 |
| Hybrid financial instruments <sup>(1)</sup> | 6544 | 5327 |
| Securitization bonds |  |  |
| Wholesale funding | 2997 | 1067 |
| Subordinated liabilities | 11110 | 11161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible perpetual certificates | 2555 | 2888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-convertible subordinated liabilities | 8554 | 8273 |
| **Total** | **77428** | **69867** |

---

(1) Corresponds to structured note issuances with embedded derivatives that have been segregated according to IFRS 9.

**20.3 Other financial liabilities**

---

| | | |
|:---|:---|:---|
| **OTHER FINANCIAL LIABILITIES (MILLIONS OF EUROS)** | | |
| | **September** **2025** | **December** **2024** |
| Lease liabilities | 1430 | 1467 |
| Creditors for other financial liabilities | 5251 | 4859 |
| Collection accounts | 3741 | 3693 |
| Creditors for other payment obligations ⁽¹⁾ | 9258 | 7734 |
| **Total** | **19681** | **17753** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes the amount of the interim dividend announced on September 29, 2025, whose payment is scheduled for November 2025.

**21.&nbsp;&nbsp;&nbsp;&nbsp;Assets and liabilities under insurance and reinsurance contracts**

As of September 30, 2025 and December 31, 2024, the balance under the heading "Insurance and reinsurance assets" amounted to €218 million and €191 million, respectively.

The breakdown of the balance under the heading "Liabilities under insurance and reinsurance contracts" is as follows:

------

---

| | | |
|:---|:---|:---|
| **LIABILITIES UNDER INSURANCE AND REINSURANCE CONTRACTS (MILLIONS OF EUROS)** | **LIABILITIES UNDER INSURANCE AND REINSURANCE CONTRACTS (MILLIONS OF EUROS)** | **LIABILITIES UNDER INSURANCE AND REINSURANCE CONTRACTS (MILLIONS OF EUROS)** |
| | **September <br>2025** | **December <br>2024** |
| Liabilities for remaining coverage | 11108 | 9835 |
| Liabilities for incurred claims | 1195 | 1146 |
| **Total** | **12303** | **10981** |

---

**22.&nbsp;&nbsp;&nbsp;&nbsp;Provisions**

---

| | | |
|:---|:---|:---|
| **PROVISIONS. BREAKDOWN BY CONCEPTS (MILLIONS OF EUROS)** | | |
| | **September <br>2025** | **December <br>2024** |
| Provisions for pensions and similar obligations | 2322 | 2348 |
| Other long term employee benefits | 342 | 384 |
| Provisions for taxes and other legal contingencies | 771 | 791 |
| Commitments and guarantees given | 675 | 667 |
| Other provisions <sup>(1)</sup> | 342 | 429 |
| **Total** | **4452** | **4619** |

---

(1) Individually non-significant provisions for various concepts and corresponding to different geographical areas.

**23.&nbsp;&nbsp;&nbsp;&nbsp;Pension and other post-employment commitments**

The Group sponsors defined-contribution plans for the majority of its active employees, with the plans in Spain and Mexico being the most significant. Most of the defined benefit plans are for individuals already retired, and are closed to new employees, the most significant being those in Spain, Mexico and Turkey. In Mexico, the Group provides post-retirement medical benefits to a closed group of employees and their family members, both in active service and retirement. During the first nine months of 2025, there have been no relevant changes in the Group's commitments.

The amounts relating to post-employment benefits charged to the condensed consolidated income statement are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **CONDENSED CONSOLIDATED INCOME STATEMENT IMPACT (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED INCOME STATEMENT IMPACT (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED INCOME STATEMENT IMPACT (MILLIONS OF EUROS)** | **CONDENSED CONSOLIDATED INCOME STATEMENT IMPACT (MILLIONS OF EUROS)** |
| | **Notes** | **September** **2025** | **September** **2024** |
| Interest income and expense |  | 89 | 101 |
| Personnel expense |  | 147 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Defined contribution plan expense* | *35.1* | *111* | *125* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Defined benefit plan expense* | *35.1* | *36* | *41* |
| Provisions or reversal of provisions | 37 | 3 | 4 |
| **Total expense (income)** |  | **239** | **270** |

---

**24.&nbsp;&nbsp;&nbsp;&nbsp;Capital**

As of September 30, 2025 and December 31, 2024, BBVA's share capital amounted to €2,824,009,877.85 represented by 5,763,285,465 shares.

As of each of such dates, all shares were of the same class and series, fully subscribed and paid-up, of €0.49 par value each, and represented through book-entry accounts. All of the Bank´s shares carry the same voting and dividend rights, and no single stockholder enjoys special voting rights. Each and every share is part of the Bank's capital.

------

BBVA is not aware of any direct or indirect interests through which control of the Bank may be exercised. BBVA has not received any information on stockholder agreements, including agreements regulating the exercise of voting rights at its Annual General Meetings or restricting or placing conditions on the free transferability of BBVA shares. BBVA is not aware of any agreement that could give rise to changes in the control of the Bank.

**25.&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings and other reserves**

---

| | | |
|:---|:---|:---|
| **RETAINED EARNINGS AND OTHER RESERVES (MILLIONS OF EUROS)** | **RETAINED EARNINGS AND OTHER RESERVES (MILLIONS OF EUROS)** | **RETAINED EARNINGS AND OTHER RESERVES (MILLIONS OF EUROS)** |
| | **September <br>2025** | **December <br>2024** |
| Retained earnings | 46429 | 40693 |
| Other reserves | 1805 | 1814 |
| **Total** | **48235** | **42507** |

---

**26.&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss)**

---

| | | |
|:---|:---|:---|
| **ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). BREAKDOWN BY CONCEPTS (MILLIONS OF EUROS)** | **ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). BREAKDOWN BY CONCEPTS (MILLIONS OF EUROS)** | **ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). BREAKDOWN BY CONCEPTS (MILLIONS OF EUROS)** |
| | **September** **2025** | **December** **2024** |
| **Items that will not be reclassified to profit or loss** | **(2137)** | **(1988)** |
| Actuarial gains (losses) on defined benefit pension plans | (1259) | (1067) |
| Non-current assets and disposal groups classified as held for sale |  |  |
| Fair value changes of equity instruments measured at fair value through other comprehensive income | (784) | (905) |
| Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk | (95) | (17) |
| **Items that may be reclassified to profit or loss** | **(16537)** | **(15232)** |
| Hedge of net investments in foreign operations (effective portion) | (2811) | (2329) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican peso | (3123) | (2697) |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkish lira | 338 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other exchanges | (25) | (25) |
| Foreign currency translation | (13832) | (12702) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican peso | (3592) | (3644) |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkish lira | (6538) | (5835) |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentine peso | (808) | (555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Venezuela Bolívar | (1911) | (1865) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other exchanges | (983) | (803) |
| Hedging derivatives. Cash flow hedges (effective portion) | 319 | 370 |
| Fair value changes of debt instruments measured at fair value through other comprehensive income | (205) | (576) |
| Non-current assets and disposal groups classified as held for sale |  |  |
| Share of other recognized income and expense of investments in joint ventures and associates | (9) | 5 |
| **Total** | **(18674)** | **(17220)** |

---

The balances recognized under these headings are presented net of tax.

------

**27.&nbsp;&nbsp;&nbsp;&nbsp;Minority interests (non-controlling interests)**

---

| | | |
|:---|:---|:---|
| **MINORITY INTERESTS (NON-CONTROLLING INTERESTS). BREAKDOWN BY SUBGROUPS (MILLIONS OF EUROS)** | **MINORITY INTERESTS (NON-CONTROLLING INTERESTS). BREAKDOWN BY SUBGROUPS (MILLIONS OF EUROS)** | **MINORITY INTERESTS (NON-CONTROLLING INTERESTS). BREAKDOWN BY SUBGROUPS (MILLIONS OF EUROS)** |
| | **September** **2025** | **December <br>2024** |
| Garanti BBVA | 1277 | 1351 |
| BBVA Peru | 1848 | 1779 |
| BBVA Argentina | 664 | 843 |
| BBVA Colombia | 50 | 60 |
| BBVA Venezuela | 137 | 134 |
| Other entities | 188 | 191 |
| **Total** | **4165** | **4359** |

---

---

| | | |
|:---|:---|:---|
| **PROFIT ATTRIBUTABLE TO MINORITY INTERESTS (NON-CONTROLLING INTERESTS). BREAKDOWN BY SUBGROUPS (MILLIONS OF EUROS)** | **PROFIT ATTRIBUTABLE TO MINORITY INTERESTS (NON-CONTROLLING INTERESTS). BREAKDOWN BY SUBGROUPS (MILLIONS OF EUROS)** | **PROFIT ATTRIBUTABLE TO MINORITY INTERESTS (NON-CONTROLLING INTERESTS). BREAKDOWN BY SUBGROUPS (MILLIONS OF EUROS)** |
| | **September** **2025** | **September <br>2024** |
| Garanti BBVA | 123 | 81 |
| BBVA Peru | 251 | 199 |
| BBVA Argentina | 55 | 80 |
| BBVA Colombia | 2 |  |
| BBVA Venezuela | 46 | 6 |
| Other entities | 7 |  |
| **Total** | **483** | **366** |

---

**28.&nbsp;&nbsp;&nbsp;&nbsp;Commitments and guarantees given**

---

| | | | |
|:---|:---|:---|:---|
| **COMMITMENTS AND GUARANTEES GIVEN (MILLIONS OF EUROS)** | **COMMITMENTS AND GUARANTEES GIVEN (MILLIONS OF EUROS)** | **COMMITMENTS AND GUARANTEES GIVEN (MILLIONS OF EUROS)** | **COMMITMENTS AND GUARANTEES GIVEN (MILLIONS OF EUROS)** |
| | **Notes** | **September** **2025** | **December** **2024** |
| Loan commitments given | 6.2 | 221785 | 188515 |
| Financial guarantees given | 6.2 | 23162 | 22503 |
| Other commitments given | 6.2 | 63851 | 51215 |
| **Total** | **6.2** | **308798** | **262233** |

---

**29.&nbsp;&nbsp;&nbsp;&nbsp;Net interest income**

**29.1&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income**

---

| | | |
|:---|:---|:---|
| **INTEREST AND OTHER INCOME. BREAKDOWN BY ORIGIN (MILLIONS OF EUROS)** | **INTEREST AND OTHER INCOME. BREAKDOWN BY ORIGIN (MILLIONS OF EUROS)** | **INTEREST AND OTHER INCOME. BREAKDOWN BY ORIGIN (MILLIONS OF EUROS)** |
| | **September <br>2025** | **September <br>2024** |
| Financial assets designated at fair value through profit or loss | 3934 | 4772 |
| Financial assets at fair value through other comprehensive income | 2420 | 3106 |
| Financial assets at amortized cost ⁽¹⁾ | 36131 | 36595 |
| Adjustments of income as a result of hedging transactions | 595 | 534 |
| Other income | 151 | 149 |
| **Total** | **43231** | **45156** |
| *Of which: insurance activity* | *1018* | *1086* |

---

(1) Includes interest on demand deposits at central banks and credit institutions.

------

**29.2&nbsp;&nbsp;&nbsp;&nbsp;Interest expense**

---

| | | |
|:---|:---|:---|
| **INTEREST EXPENSE. BREAKDOWN BY ORIGIN (MILLIONS OF EUROS)** | | |
| | **September <br>2025** | **September <br>2024** |
| Financial liabilities designated at fair value through profit or loss | 3178 | 4327 |
| Financial liabilities at amortized cost | 19699 | 20216 |
| Adjustments of expense as a result of hedging transactions | 348 | 919 |
| Cost attributable to pension funds | 150 | 143 |
| Other expense | 610 | 691 |
| **Total** | **23985** | **26296** |
| *Of which: insurance activity* | *694* | *761* |

---

**30.&nbsp;&nbsp;&nbsp;&nbsp;Dividend income**

---

| | | |
|:---|:---|:---|
| **DIVIDEND INCOME (MILLIONS OF EUROS)** | **DIVIDEND INCOME (MILLIONS OF EUROS)** | **DIVIDEND INCOME (MILLIONS OF EUROS)** |
| | **September <br>2025** | **September <br>2024** |
| Non-trading financial assets mandatorily at fair value through profit or loss | 9 | 10 |
| Financial assets at fair value through other comprehensive income | 70 | 67 |
| **Total** | **79** | **77** |

---

**31.&nbsp;&nbsp;&nbsp;&nbsp;Fee and commission income and expense** 

---

| | | |
|:---|:---|:---|
| **FEE AND COMMISSION INCOME. BREAKDOWN BY ORIGIN (MILLIONS OF EUROS)** | **FEE AND COMMISSION INCOME. BREAKDOWN BY ORIGIN (MILLIONS OF EUROS)** | **FEE AND COMMISSION INCOME. BREAKDOWN BY ORIGIN (MILLIONS OF EUROS)** |
| | **September** **2025** | **September** **2024** |
| Bills receivables | 14 | 15 |
| Demand accounts | 231 | 222 |
| Credit and debit cards and POS <sup>(1)</sup> | 5334 | 4986 |
| Checks | 104 | 126 |
| Transfers and other payment orders | 713 | 685 |
| Insurance product commissions | 380 | 330 |
| Loan commitments given | 262 | 241 |
| Other commitments and financial guarantees given | 404 | 385 |
| Asset management | 1320 | 1179 |
| Securities fees | 297 | 275 |
| Custody securities | 160 | 162 |
| Other fees and commissions | 801 | 656 |
| **Total** | **10022** | **9262** |

---

(1) Point Of Sale.

---

| | | |
|:---|:---|:---|
| **FEE AND COMMISSION EXPENSE. BREAKDOWN BY ORIGIN (MILLIONS OF EUROS)** | **FEE AND COMMISSION EXPENSE. BREAKDOWN BY ORIGIN (MILLIONS OF EUROS)** | **FEE AND COMMISSION EXPENSE. BREAKDOWN BY ORIGIN (MILLIONS OF EUROS)** |
| | **September** **2025** | **September** **2024** |
| Demand accounts | 6 | 5 |
| Credit and debit cards and POS <sup>(1)</sup> | 2639 | 2477 |
| Transfers and other payment orders | 135 | 116 |
| Commissions for selling insurance | 32 | 33 |
| Custody securities | 68 | 72 |
| Other fees and commissions | 1071 | 806 |
| **Total** | **3951** | **3508** |

---

(1) Point Of Sale.

------

**32.&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on financial assets and liabilities, hedge accounting and exchange differences, net** 

---

| | | |
|:---|:---|:---|
| **GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES, HEDGE ACCOUNTING AND EXCHANGE DIFFERENCES, NET (MILLIONS OF EUROS)** | **GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES, HEDGE ACCOUNTING AND EXCHANGE DIFFERENCES, NET (MILLIONS OF EUROS)** | **GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES, HEDGE ACCOUNTING AND EXCHANGE DIFFERENCES, NET (MILLIONS OF EUROS)** |
| | **September** **2025** | **September** **2024** |
| Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net | 245 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at amortized cost | 31 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets and liabilities | 213 | 139 |
| Gains (losses) on financial assets and liabilities held for trading, net | 1719 | 2037 |
| Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net | 191 | 52 |
| Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net | 37 | 173 |
| Gains (losses) from hedge accounting, net | 8 | 7 |
| **Subtotal gains (losses) on financial assets and liabilities and hedge accounting** | **2199** | **2417** |
| Exchange differences, net | (237) | 513 |
| **Total** | **1962** | **2930** |

---

---

| | | |
|:---|:---|:---|
| **GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES AND HEDGE ACCOUNTING. BREAKDOWN BY NATURE OF THE FINANCIAL INSTRUMENT (MILLIONS OF EUROS)** | **GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES AND HEDGE ACCOUNTING. BREAKDOWN BY NATURE OF THE FINANCIAL INSTRUMENT (MILLIONS OF EUROS)** | **GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES AND HEDGE ACCOUNTING. BREAKDOWN BY NATURE OF THE FINANCIAL INSTRUMENT (MILLIONS OF EUROS)** |
| | **September** **2025** | **September** **2024** |
| Debt instruments | 394 | 671 |
| Equity instruments | 1419 | 605 |
| Trading derivatives and hedge accounting | (640) | 6 |
| Loans and advances to customers | (16) | 249 |
| Customer deposits | (25) | (73) |
| Other | 1067 | 959 |
| **Total** | **2199** | **2417** |

---

**33.&nbsp;&nbsp;&nbsp;&nbsp;Other operating income and expense**

---

| | | |
|:---|:---|:---|
| **OTHER OPERATING INCOME (MILLIONS OF EUROS)** | | |
| | **September** **2025** | **September** **2024** |
| Gains from sales of non-financial services | 268 | 240 |
| Other operating income | 230 | 207 |
| **Total** | **497** | **447** |

---

---

| | | |
|:---|:---|:---|
| **OTHER OPERATING EXPENSE (MILLIONS OF EUROS)** | **OTHER OPERATING EXPENSE (MILLIONS OF EUROS)** | **OTHER OPERATING EXPENSE (MILLIONS OF EUROS)** |
| | **September** **2025** | **September** **2024** |
| Change in inventories | 104 | 104 |
| Contributions to guaranteed banks deposits funds | 477 | 463 |
| Hyperinflation adjustment ⁽¹⁾ | 537 | 1451 |
| Other operating expense <sup>(2)</sup> | 788 | 1028 |
| **Total** | **1907** | **3046** |

---

(1) For the nine months ended September 30, 2025, it includes €277 million related to Argentina and €162 million related to Turkey. For the nine months ended September 30, 2024, it includes €1,178 million related to Argentina and €263 million related to Turkey.

(2) For the nine months ended September 30, 2024, it includes €285 million corresponding to the total annual amount paid under the temporary tax on credit institutions and financial credit establishments, according to Law 38/2022 of December 27, 2022.

------

**34.&nbsp;&nbsp;&nbsp;&nbsp;Income and expense from insurance and reinsurance contracts**

---

| | | |
|:---|:---|:---|
| **INCOME AND EXPENSE FROM INSURANCE AND REINSURANCE CONTRACTS (MILLIONS OF EUROS)** | **INCOME AND EXPENSE FROM INSURANCE AND REINSURANCE CONTRACTS (MILLIONS OF EUROS)** | **INCOME AND EXPENSE FROM INSURANCE AND REINSURANCE CONTRACTS (MILLIONS OF EUROS)** |
| | **September <br>2025** | **September <br>2024** |
| Income from insurance and reinsurance contracts | 2835 | 2687 |
| Expense from insurance and reinsurance contracts | (1689) | (1579) |
| **Total** | **1145** | **1108** |

---

**35.&nbsp;&nbsp;&nbsp;&nbsp;Administration costs**

**35.1&nbsp;&nbsp;&nbsp;&nbsp;Personnel expense**

---

| | | | |
|:---|:---|:---|:---|
| **PERSONNEL EXPENSE (MILLIONS OF EUROS)** | **PERSONNEL EXPENSE (MILLIONS OF EUROS)** | | |
| | **Notes** | **September <br>2025** | **September <br>2024** |
| Wages and salaries |  | 4190 | 4098 |
| Social security costs |  | 798 | 729 |
| Defined contribution plan expense | 23 | 111 | 125 |
| Defined benefit plan expense | 23 | 36 | 41 |
| Other personnel expense |  | 457 | 450 |
| **Total** |  | **5592** | **5443** |

---

**35.2&nbsp;&nbsp;&nbsp;&nbsp;Other administrative expense**

---

| | | |
|:---|:---|:---|
| **OTHER ADMINISTRATIVE EXPENSE. BREAKDOWN BY MAIN CONCEPTS (MILLIONS OF EUROS)** | **OTHER ADMINISTRATIVE EXPENSE. BREAKDOWN BY MAIN CONCEPTS (MILLIONS OF EUROS)** | **OTHER ADMINISTRATIVE EXPENSE. BREAKDOWN BY MAIN CONCEPTS (MILLIONS OF EUROS)** |
| | **September <br>2025** | **September <br>2024** |
| Technology and systems | 1332 | 1277 |
| Communications | 190 | 196 |
| Advertising | 396 | 300 |
| Property, fixtures and materials | 417 | 422 |
| Taxes other than income tax ⁽¹⁾ | 178 | 355 |
| Surveillance and cash courier services | 186 | 187 |
| Other expense | 942 | 884 |
| **Total** | **3640** | **3621** |

---

(1) The variation is attributable, mainly, to the recognition of a lower expense corresponding to the value added tax in BBVA, S.A., after the upward re-estimation of its pro-rata applied both to previous years and to fiscal year 2025 itself.

------

**36.&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization**

---

| | | |
|:---|:---|:---|
| **DEPRECIATION AND AMORTIZATION (MILLIONS OF EUROS)** | | |
| | **September** **2025** | **September** **2024** |
| Tangible assets | 702 | 714 |
| &nbsp;&nbsp;&nbsp;For own use | 447 | 458 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 251 | 253 |
| &nbsp;&nbsp;&nbsp;Investment properties and other | 3 | 4 |
| Intangible assets | 426 | 411 |
| **Total** | **1128** | **1125** |

---

**37.&nbsp;&nbsp;&nbsp;&nbsp;Provisions or reversal of provisions**

---

| | | | |
|:---|:---|:---|:---|
| **PROVISIONS OR REVERSAL OF PROVISIONS (MILLIONS OF EUROS)** | **PROVISIONS OR REVERSAL OF PROVISIONS (MILLIONS OF EUROS)** | **PROVISIONS OR REVERSAL OF PROVISIONS (MILLIONS OF EUROS)** | **PROVISIONS OR REVERSAL OF PROVISIONS (MILLIONS OF EUROS)** |
| | **Notes** | **September 2025** | **September 2024** |
| Pensions and other post-employment defined benefit obligations | 23 | 3 | 4 |
| Commitments and guarantees given |  | 63 | (93) |
| Pending legal issues and tax litigation |  | 138 | 132 |
| Other provisions  |  | 29 | 55 |
| **Total** |  | **233** | **99** |

---

**38.&nbsp;&nbsp;&nbsp;&nbsp;Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification**

---

| | | |
|:---|:---|:---|
| **IMPAIRMENT OR REVERSAL OF IMPAIRMENT ON FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS OR NET GAINS BY MODIFICATION (MILLIONS OF EUROS)** | **IMPAIRMENT OR REVERSAL OF IMPAIRMENT ON FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS OR NET GAINS BY MODIFICATION (MILLIONS OF EUROS)** | **IMPAIRMENT OR REVERSAL OF IMPAIRMENT ON FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS OR NET GAINS BY MODIFICATION (MILLIONS OF EUROS)** |
| | **September 2025** | **September 2024** |
| Financial assets at fair value through other comprehensive income - debt securities | (28) | 84 |
| Financial assets at amortized cost | 4356 | 4195 |
| &nbsp;&nbsp;*Of which: recovery of written-off assets by cash collection* | *(297)* | *(286)* |
| **Total** | **4328** | **4279** |

---

**39. Impairment or reversal of impairment of investments in joint ventures and associates**

The heading "Impairment or reversal of the impairment of investments in joint ventures or associates" included a reversal of impairment of €32 million for the nine months ended September 30, 2025, corresponding to investments in associates, and it included a reversal of impairment of €52 million for the nine months ended September 30, 2024.

------

**40. Impairment or reversal of impairment on non-financial assets**

---

| | | |
|:---|:---|:---|
| **IMPAIRMENT OR REVERSAL OF IMPAIRMENT ON NON-FINANCIAL ASSETS (MILLIONS OF EUROS)** | **IMPAIRMENT OR REVERSAL OF IMPAIRMENT ON NON-FINANCIAL ASSETS (MILLIONS OF EUROS)** | **IMPAIRMENT OR REVERSAL OF IMPAIRMENT ON NON-FINANCIAL ASSETS (MILLIONS OF EUROS)** |
| | **September 2025** | **September 2024** |
| Tangible assets | (5) | (39) |
| Intangible assets | 10 | 12 |
| Others |  | 7 |
| **Total** | **5** | **(21)** |

---

**41. Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations** 

---

| | | |
|:---|:---|:---|
| **GAINS (LOSSES) FROM NON-CURRENT ASSETS AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE NOT QUALIFYING AS DISCONTINUED OPERATIONS (MILLIONS OF EUROS)** | **GAINS (LOSSES) FROM NON-CURRENT ASSETS AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE NOT QUALIFYING AS DISCONTINUED OPERATIONS (MILLIONS OF EUROS)** | **GAINS (LOSSES) FROM NON-CURRENT ASSETS AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE NOT QUALIFYING AS DISCONTINUED OPERATIONS (MILLIONS OF EUROS)** |
| | **September 2025** | **September 2024** |
| Gains on sale of real estate | 50 | 26 |
| Impairment of non-current assets held for sale | (5) | (51) |
| Gains (losses) on sale of investments classified as non-current assets held for sale |  |  |
| **Total** | **45** | **(25)** |

---

**42. Subsequent events**

From October 1, 2025 to the date of preparation of these Consolidated Financial Statements, no subsequent event requiring disclosure in these Consolidated Financial Statements, that could significantly affect the Group's earnings or its consolidated equity position, has taken place.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANCO BILBAO VIZCAYA ARGENTARIA, S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: |  |
|  | /s/ Luisa Gómez Bravo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: | Luisa Gómez Bravo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | Chief Financial Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | October 30, 2025 |

---

<br>