6-K - BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (0000842180) (Filer)

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 month of October, 2026

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:

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails                                                                                                    .p.1

Main data

Contents

Highlights

2025-2029 Strategic Plan

In the first nine months of 2026, the BBVA Group has continued to make progress in executing its 2025-2029 Strategic Plan, with

the ambition of leading the banking of the future. The objective is to radically embed a customer-centric perspective, as well as to

drive and strengthen the Group's commitment to growth and value creation.

Artificial intelligence is a key lever for accelerating the Group's transformation and amplifying the impact of all strategic priorities.

In this regard, BBVA is driving its cross-cutting integration across the entire organization through The Eight, the artificial

intelligence transformation agenda, to evolve toward a more personalized and proactive relationship with customers, redesign and

streamline processes, and enhance employee capabilities. Furthermore, BBVA is developing The Frame, a common operating

model that enables scaling the deployment of artificial intelligence solutions and agents safely and efficiently.

BBVA has established six strategic priorities to advance its strategy. These Priorities form the framework for

implementing the 2025-2029 Strategic Plan.

Thanks to the strong execution of the Strategic Plan, BBVA continues to make progress in achieving the financial targets defined

for the 2025-2028 period.

Results and business activity

The cumulative net attributable profit of the BBVA Group in the first nine months of 2026 reached €9,066 million, representing an

increase of 13.6% over the same period last year supported by the strong performance of recurring revenues from the banking

business, that is, net interest income, which increased by 20.8%, and, to a lesser extent, net fees and commissions, which grew at

a year-on-year rate of 13.8%, with a particularly strong evolution of payment systems fees.

The solid evolution of net interest income, with a positive performance in all business areas, offset the growth in operating

expenses, which increased by 17.4%, and the provisions for impairment on financial assets, which grew by 25.8% compared to the

cumulative balances as of September 30, 2025, in a context of lending growth.

Regarding activity, during the first nine months of 2026, loans and advances to customers increased by 14.6%, driven for another

quarter by the dynamism of corporate loans, growing by 19.9% at the Group level. For their part, loans to individuals increased by

6.8%, with a favorable evolution across all products.

Customer funds registered an increase of 7.7% year-to-date, with standout growth in time deposits (+20.7%) and mutual funds

(+8.3%) at the Group level.

(1) The growth of performing loans and advances to customers under

management (excluding repos) stands at 15.1%.

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

Business areas

Regarding the cumulative results as of the end of September 2026 by business areas, excluding exchange rate fluctuations unless

otherwise specified, it is worth mentioning:

–Spain generated a net attributable profit of €3,106 million in the first nine months of 2026, which is in line with that

achieved in the same period of 2025 favored by the good performance of net interest income.

–Mexico achieved a net attributable profit of €4,522 million, which represents a year-on-year growth of 8.4%, explained

mainly by the favorable evolution of net interest income, supported by robust lending activity growth and driven also by

the rest of components of gross income.

–Turkey reached a net attributable profit of €789 million, which compares very favorably with the result achieved in the

same period of the previous year, mainly as a result of the strong performance of net interest income.

–South America generated a net attributable profit of €821 million, which represents a year-on-year growth of 42.1% at

current exchange rates, favored by the evolution of net interest income.

–Rest of Business achieved a net attributable profit of €801 million, 58.5% higher than in the same period of the previous

year, favored by the evolution of the recurring revenues and the NTI.

The Corporate Center recorded in the first nine months of 2026 a net attributable loss of €-974 million which represents a

worsening compared to the same period of the previous year, associated with higher personnel expenses.

Lastly, and for a better understanding of the Group's activity and results, supplementary information is provided on the wholesale

business, Corporate & Investment Banking (CIB), carried out by BBVA in the countries where it operates. CIB generated a net

attributable profit of €3,082 million in the first nine months of 20261. This result represents, excluding the impact of currency

fluctuations, a 19.0% increase over the previous year, which once again reflects the strength of the Group's wholesale businesses,

with the aim of offering a value proposition focused on the needs of its customers.

⁽¹⁾ Excludes the Corporate Center.

2 The Goal 2029 includes the channeling of financial flows, cumulatively, in relation with activities, clients or products considered to be sustainable, transition and/or

linked to sustainability, in accordance with internal standards inspired by existing regulations, market standards such as the Green Bond Principles, the Social Bond

Principles, the Climate Transition Bond Guidelines, the Sustainability Linked Bond Principles of the International Capital Markets Association, as well as the Green

Loan Principles, Social Loan Principles, Guide to Transition Loans and the Sustainability Linked Loan Principles of the Loan Market Association, and best market

practices. The foregoing is understood without prejudice to the fact that said channeling, both at an initial stage or at a later time, may not be registered on the balance

sheet. The products and eligibility and accounting criteria are described in the BBVA Sustainable and Transition Business Channeling Guide available on the BBVA

Group's shareholders and investors website (https://shareholdersandinvestors.bbva.com/wp-content/uploads/2026/02/Guia-para-la-canalizacion-de-negocio-

sostenible-050226_ENG.pdf).

Sustainability

BBVA is driving sustainability as a differential growth engine. Within the framework of its ambitious target of channeling €700

billion into sustainable business for the 2025–2029 period2, the BBVA Group has channeled approximately €120 billion in the first

nine months of 2026, bringing the cumulative total to €254 billion since the announcement of this target.

(1) Sustainable business channeling as of September 30, 2026 also includes transition activities in accordance with the Guide for Sustainable and Transition Business

Channeling. The amount corresponding to these activities is not visible in the charts or table due to the scale used, expressed in billions of euros.

(2) Generally, the criterion used for distributing sustainable business channeling by geographical area is the location of the corresponding operation's registration. However,

there are certain exceptions when several geographies are involved in the operation.

(3) At current exchange rates.

(4) In cases where data granularity does not allow for a direct attribution between the scope of activity, internal estimation models based on the best available information

are applied. For reporting purposes, the “Environment” category integrates activities related to climate change and natural capital.

(5) The amounts indicated have been rounded; therefore, the amounts or variations shown may not be the exact arithmetic sum of the figures that precede them.

3 As of September 30, 2026, there were no differences between fully loaded and phased-in ratios given that the impact associated with the transitional adjustments is

nil.

4 Considering the latest official updates to the countercyclical capital buffer and the systemic risk buffer, applied on the basis of exposure as of June 30, 2026.

5 For further information, please refer to the "Share buyback programs" section in the "Capital and shareholders" chapter.

Solvency

The BBVA Group's CET13 ratio stood at 12.21% as of September 30, 2026, which allows it to maintain a large management buffer

over the Group's CET1 requirement as of that date (8.97%4), and is also above the Group's target management range of 11.5% -

12.0% of CET1.

Shareholder remuneration

The shareholder remuneration policy contemplates that cash distributions may be combined with share buybacks, all subject to

the authorization and approvals applicable at any given time5.

Regarding cash distribution, the Annual General Shareholders' Meeting of BBVA held on March 20, 2026, approved, under item 1.3

of the Agenda, a cash distribution against the 2025 results as a final dividend for the 2025 financial year, for an amount equal to

€0.60 gross per outstanding BBVA share entitled to participate in this distribution, which was paid on April 10, 2026. Thus, the

total amount of cash distributions for the 2025 financial year, taking into account that in November 2025 a gross amount of €0.32

per share was distributed, stood at €0.92 gross per share. 

Likewise, the BBVA Board of Directors agreed on the payment of a cash interim dividend against 2026 earnings in the gross

amount of €0.37 (€0.2997 net of applicable withholding tax) for each outstanding share entitled to participate in said distribution,

which was paid on October 15, 2026.

The 2026 share buyback programs comprise an extraordinary program for almost €4 billion, executed in several tranches

between December 2025 and August 3, 2026. Added to this a new extraordinary share buyback program amounting to €2 billion,

structured into two tranches of €1 billion each. The first of these tranches was executed between August 5 and October 1, 2026,

while the execution of the second began on October 14, 2026.

Macroeconomic environment

The global economy has maintained relatively solid growth during the third quarter of 2026, despite the persistence of geopolitical

tensions, rising energy costs due to the prolongation of conflicts in the Middle East, and the increase in long-term sovereign yields.

Investment linked to artificial intelligence, defense spending, and fiscal stimulus have continued to cushion the effect of these

factors. BBVA Research leaves its global growth forecast for 2026 unchanged at 3.1%, and places it at 3.3% for 2027.

The relatively good performance of the US economy and the greater dynamism of the Eurozone explain the resilience of global

growth in the third quarter. In particular, the expected GDP growth for the United States stands at 2.4% in 2026, the same forecast

as in the previous scenario, and at 2.2% for the following year, supported by still solid domestic demand and investment in artificial

intelligence. For the Eurozone, BBVA Research raises expected economic growth for 2026 by two-tenths of a percentage point, to

0.9%, and places it at 1.2% for 2027, to the extent that the increase in energy and financing costs is partially offset by a weaker

euro. In China, the GDP growth forecast remains at 4.5% for 2026 and 4.2% for 2027, in a context of structural slowdown led by

the adjustment in the real estate sector.

For its part, the resilience of demand and the maintenance of commodity prices at relatively high levels will limit the correction of

inflation in the short term. In the United States, headline inflation could end 2026 slightly above 3%, leaving the annual average at

around 3.3%. In the Eurozone inflation could exceed 3.5% by year-end (the annual average would be around 3%). In both

economies, a progressive reduction in inflation is expected during 2027 toward average levels of 2.5%, under the assumption of a

gradual moderation in energy prices. In this environment, the United States Federal Reserve and the European Central Bank have

raised their reference rates. BBVA Research anticipates additional hikes before the end of 2026, up to 4.25% and 2.75%,

respectively, and expects them to remain at these levels during 2027. In China, where inflation remains very contained, monetary

conditions will continue to be accommodative, with reference rates at levels similar to those of 2025.

The balance of risks for the global economy remains tilted to the downside, given the uncertainty regarding the resolution of

conflicts in the Middle East and Ukraine, the restoration of trade in the affected areas, and the performance of energy input prices.

Added to this are doubts about the sustainability of public debt in several developed economies, tensions in sovereign debt yields,

and the effects of protectionist measures in the areas of trade and immigration. The occurrence of extreme weather events, as well

as a potential reactivation of the threat of interventionist actions by the US administration, also constitute sources of risk.

Conversely, a faster normalization of energy markets and a greater impact of artificial intelligence on the productivity of the

economies actively promoting its adoption are worth mentioning.

Source: BBVA Research estimates.

Group

Quarterly evolution of results

In the third quarter of 2026, the Group achieved a net attributable profit of €3,015 million, once again exceeding €3,000 million,

with a favorable performance in recurring revenue and NTI, although lower than in the previous quarter due to growth in operating

expenses and loan-loss provisions.

Year-on-year evolution of results

The cumulative net attributable profit of the BBVA Group in the first nine months of 2026 reached €9,066 million, representing an

increase of 13.6% over the same period last year supported by the strong performance of recurring revenues from the banking

business, particularly net interest income. Excluding the effect of exchange rates fluctuations, this growth stands at 11.4%.

Unless expressly indicated otherwise, for a better understanding of the changes under the main headings of the Group's income

statement, the rates of change provided below refer to constant exchange rates. When comparing two dates or periods presented

in this report, the impact of changes in the exchange rates against the euro of the currencies of the countries in which BBVA

operates is sometimes excluded, assuming that exchange rates remain constant. For this purpose, the average exchange rate of

the currency of each geographical area of the most recent period is used for both periods, except for those countries whose

economies have been considered hyperinflationary, for which the closing exchange rate of the most recent period is used.

On a year-on-year basis, cumulative net interest income as of September 2026 maintained its positive momentum across all

business areas, with Turkey recording the strongest growth, followed by South America and Mexico. Overall, net interest income

increased by 17.8%.

Likewise, net fees and commissions experienced a year-on-year growth of 14.5%, with a differential increase in Turkey, although all

areas recorded higher fees in the first nine months of 2026 compared to the same period of the previous year. By type, fees from

payment methods stood out, and to a lesser extent, asset management fees.

As a result of this favorable evolution of net interest income and net fees and commissions, recurring revenues from the banking

business continued to show an upward quarterly trend, with a cumulative year-on-year growth as of the end of September 2026 of

17.0%.

⁽¹⁾ At current exchange rates: +19.1%.

The NTI showed a positive performance (+5.6% at the end of September 2026), with a standout performance in Rest of Business

and, to a lesser extent, in Mexico and South America.

The other operating income and expenses line stood practically in line with the same period of the previous year, where a more

negative hyperinflation impact and a higher contribution to deposit guarantee schemes were offset by the rest of the positive

effects recorded in this line, notably a stronger performance in the results of the insurance business.

⁽¹⁾ At current exchange rates: +18.2%.

⁽¹⁾ At current exchange rates: +17.4%.

Operating expenses grew by 16.0%, below the gross income growth rate of (+16.3%), with the consequent year-on-year

improvement in the efficiency ratio (9 basis points, at constant exchange rates). The increase in this line item stems from both

higher general expenses, mainly in technology and taxes (both periods including the impact of the re-estimation of the applied pro-

rata on the Value Added Tax at BBVA, S.A.) and personnel expenses, the latter including the increase in staff remuneration and the

impact of voluntary redundancies in 2026. Excluding from the year-on-year comparison the aforementioned re-estimation of the

applied pro-rata on the Value Added Tax, with an impact in both periods, and the voluntary redundancies in 2026, the efficiency

ratio would decrease by 81 basis points.

⁽¹⁾ At current exchange rates: +18.6%.

The impairment on financial assets not measured at fair value through profit or loss (hereinafter, impairment on financial assets)

was at the end of September 2026 22.0% higher than in the same period of the previous year. This evolution is largely explained

by the higher provisions made mainly in Turkey, and to a lesser extent, in South America and Mexico.

⁽¹⁾ At current exchange rates: +25.8%.

The provisions or reversal of provisions line (hereinafter, provisions) registered as of September 30, 2026 lower provisions

(-44.1% year-on-year) in all business areas except for Turkey and Spain.

On the other hand, the other gains (losses) line ended the first nine months of 2026, with a slight loss, contrasting with the

cumulative positive results at the end of September 2025.

Income tax includes the accrual corresponding to the first nine months of 2026 of the tax on net interest income and net fees and

commissions in Spain, which amounts to approximately €225 million, in line with the €224 million accrued in the same period of

2025.

As a result of the above, the BBVA Group recorded a net attributable profit of €9,066 million accumulated at the end of September

2026, showing an increase of 11.4% compared to the same period of the previous year. This solid result is underpinned by the

strength of net interest income, which absorbs the increase in operating expenses and impairment on financial assets, in a context

of expanding lending activity.

The cumulative net attributable profit, in millions of euros as of the end of September 2026, for the business areas that make up

the Group were as follows: 3,106 in Spain, 4,522 in Mexico, 789 in Turkey, 821 in South America and 801 in Rest of Business.

⁽¹⁾ At current exchange rates: +13.6%.

The Group's excellent performance has also allowed it to continue generating value, as is reflected in the growth of the tangible

book value per share and dividends, which at the end of September 2026 was 14.3% higher than the same period of the previous

year.

+19.9%

ex-SBB

General note: Adding back dividends paid in April and October 2026. For

more information, see Alternative Performance Measures at this report.

Lastly, the Group’s profitability indicators show BBVA's ability to combine higher growth rates and profitability ratios at high levels

in a way that differentiates it from the market.

Balance sheet and business activity

During the first nine months of 2026, loans and advances to customers increased by 14.6%, driven for another quarter by the

dynamism of the wholesale segment. Within this segment, the increased volume of business loans stands out, growing by 19.9% at

the Group level. For their part, loans to individuals increased by 6.8%, with a favorable evolution across all products. All business

areas showed higher lending activity, with Rest of Business standing out once again.

Customer funds registered an increase of 7.7% year-to-date, with standout growth in time deposits (+20.7%, mainly in Rest Of

Business) and mutual funds (+8.3%) at the Group level.

The other assets/other liabilities figure includes, at the end of September 2026, the assets and liabilities of Garanti Bank SA.,

Motoractive IFN SA., and Motoractive Multiservices, SRL, which have been classified as non-current assets and liabilities held for

sale (NCA&L) on the BBVA Group's consolidated balance sheet, following the announcement of the sale agreement with Raiffeisen

Bank - the Romanian subsidiary of the Austrian bank Raiffeisen Bank International AG (RBI) - to sell 100% of its subsidiary in

Romania. Therefore, the loans and advances to customers and deposits from customers in the Group's tables and charts

presented here, unless expressly stated otherwise, exclude those corresponding to the subsidiaries covered by the sale agreement

in Romania.

        ⁽¹⁾ At constant exchange rates: +14.0%.

⁽¹⁾ At constant exchange rates: +7.5%.

6 For the periods shown, there were no differences between fully loaded and phased-in ratios given that the impact associated with the transitional adjustments is nil.

7 Considering the latest official updates to the countercyclical capital buffer and the systemic risk buffer, applied on the basis of exposure as of June 30, 2026.

Capital and shareholders

Capital base

The BBVA Group's CET1 ratio6 stood at 12.21% as of September 30, 2026, which allows it to maintain a large management buffer

over the Group's CET1 requirement as of that date (8.97%7), and is also above the Group's target management range of 11.5% -

12.0% of CET1.

Regarding the evolution during the third quarter, the Group’s CET1 decreased by -69 basis points with respect to the June level

(12.90%), mainly due to the impact of the second framework share buyback program which has had an effect of -49 basis points.

In terms of the recurring evolution of the ratio (-20 basis points), earnings generation in the third quarter was the main positive

driver, contributing +71 basis points. This was partially offset by the dividend accrual and coupon payments on AT1 instruments

(CoCos), which reduced the ratio by -38 basis points, as well as by the organic growth in risk-weighted assets (RWA), which, at

constant exchange rates and net of risk transfer initiatives -with lower transferred balances than in previous periods-, consumed

-44 basis points. This performance highlights the Group’s capacity to continue allocating capital to profitable business growth

maintaining a comfortable capital position.

The remaining impacts had, overall, a negative contribution of -9 basis points to the ratio. Within this item, the unfavorable effect

due to the exchange rates and other market variables partially make up for the positive effect recorded in “Accumulated other

comprehensive income”, which offsets the negative impact recognized in the income statement from the loss on the net monetary

position of the financial statements of subsidiaries operating in hyperinflationary economies.

The AT1 ratio stood at 1.50%, showing a variation of -3 basis points compared to June 30, 2026. This variation is mainly due to

the evolution RWA.

8 Considering the latest official updates to the countercyclical capital buffer and the systemic risk buffer, applied on the basis of exposure as of June 30, 2026.

Meanwhile, the Tier 2 ratio reached 2.87%, experiencing a change of -12 basis points during the quarter, primarily impacted by the

organic growth of the RWA, and, to a lesser extent, the foreign exchange, being slightly offset by the issuance of a subordinated

debt by Garanti BBVA amounting to USD 125 million, and another by BBVA Perú amounting to PEN 350 million.

As a consequence of the foregoing, the consolidated total capital ratio stood at 16.57% as of September 30, 2026, above the total

capital requirements.

Following the decision of the SREP (Supervisory Review and Evaluation Process), which came into force on January 1, 2026, BBVA

Group must maintain at consolidated level a total capital ratio of 13.13%8 and a CET1 capital ratio of 8.97%8, including a Pillar 2

requirement at consolidated level of 1.62% (a minimum of 0.96% must be satisfied with CET1), of which 0.12% is determined on

the basis of the ECB prudential provisioning expectations, and must be satisfied by CET1.

On October 26, 2026, BBVA received the result of the Supervisory Review and Evaluation Process (SREP), whereby the ECB

communicated the minimum capital requirements for financial year 2027. Pursuant to this, BBVA shall maintain, at the

consolidated level, from January 1, 2027 a Pillar 2 requirement (P2R) of 1.70%, of which a minimum of 0.96% shall be met with

Common Equity Tier 1 (CET1), while the additional 0.12% requirement associated with the ECB’s prudential provisioning

expectations, which had to be met entirely with CET1 capital, is no longer applicable.

9 Calculated at subconsolidated level according to the resolution strategy MPE (“Multiple Point of Entry”) of the BBVA Group, established by the SRB ("Single

Resolution Board"). The resolution group is made up of Banco Bilbao Vizcaya Argentaria, S.A. and subsidiaries that belong to the same European resolution group. That

implies the ratios are calculated under the subconsolidated perimeter of the resolution group. Preliminary MREL ratios as of the date of publication.

10 The subordination requirement in RWA is 13.50%.

11 Considering the latest official updates to the countercyclical capital buffer and the systemic risk buffer, applied on the basis of exposure as of June 30, 2026.

12 The subordination requirement in leverage ratio is 5.56%.

As of September 30, 2026, the leverage ratio stood at 5.71%, which represents a decrease of -29 basis points compared to June

2026.

With respect to the MREL (Minimum Requirement for own funds and Eligible Liabilities) ratios9 achieved as of September 30,

2026, these were 29.40% and 9.89%, respectively for MREL in RWA and MREL in LR, reaching the subordinated ratios of both

26.37% and 8.87%, respectively. A summarizing table is shown below:

On April 14, 2026, the Group announced that it had received a communication from the Bank of Spain regarding its MREL

requirement, established by the Single Resolution Board (SRB). According to this communication, BBVA must maintain, as from

April 14, 2026, a new MREL requirement in RWA of 23.94%10, without taking into account the current combined capital buffer

requirement (CBR)11 of 3.72%. Additionally, BBVA must maintain, also as of April 14, 2026, a volume of own funds and eligible

liabilities in terms of total exposure for the calculation of the leverage ratio of 8.96% (the "MREL in LR")12.

Given the structure of the resolution group's own funds and eligible liabilities, as of September 30, 2026, the Group meets the

aforementioned requirements.

For more information on these issuances, see "Structural risks" section within the "Risk management" chapter.

Shareholder remuneration

Cash distributions

During the 2026 financial year, the Annual General Shareholders' Meeting and the Board of Directors, respectively, approved the

payment of the following cash amounts:

–The Annual General Shareholders' Meeting of BBVA held on March 20, 2026, approved, under item 1.3 of the Agenda, a

cash distribution against the 2025 results as a final dividend for the 2025 financial year, for an amount equal to €0.60

gross per outstanding BBVA share entitled to participate in this distribution, which was paid on April 10, 2026. Thus, the

total amount of cash distributions for the 2025 financial year, taking into account that in November 2025 €0.32 gross per

share was distributed, stood at €0.92 gross per share.

–Additionally, by means of an Inside Information notice (información privilegiada) dated October 1, 2026, BBVA announced

that the Board of Directors had approved the payment of a cash interim dividend of €0.37 gross (€0.2997 net of

withholding tax) per each outstanding BBVA share entitled to participate in this distribution, which was paid on October

15, 2026.

First Framework Program in 2026

On December 19, 2025, and after receiving the required authorization from the ECB, by means of an Inside Information notice

(información privilegiada), BBVA announced that its Board of Directors, at its meeting held on December 18, 2025, had agreed to

carry out the execution of an extraordinary framework share buyback program, all in accordance with the Regulations, which will

be executed in several tranches for a maximum monetary amount of €3,960 million with the purpose of reducing BBVA's share

capital (the "Framework Program"), without prejudice to the possibility of suspending or terminating the Framework Program

early if circumstances warrant.

First Tranche

As part of the communication of December 19, 2025, it was also announced that the Board of Directors agreed to execute a first

tranche of the Framework Program in compliance with the Regulations, for the purpose of reducing BBVA's share capital for a

maximum monetary amount of €1,500 million (the "First Tranche"). The execution was carried out externally by J.P. Morgan SE.

By means of an Other Relevant Information notice (Otra Información Relevante) dated March 6, 2026, BBVA announced the

completion of the execution of the First Tranche of the Framework Program, having reached the maximum monetary amount of

€1,500 million, having acquired, between December 22, 2025 and March 6, 2026, 74,963,302 own shares representing

approximately 1.31% of BBVA's share capital as of that date.

On March 31, 2026, BBVA notified through an Other Relevant Information notice (Otra Información Relevante) the first partial

execution of the share capital reduction resolution adopted by the Annual General Shareholders’ Meeting of BBVA held on March

20, 2026, under item 5 of the Agenda, through the reduction of BBVA’s share capital in a nominal amount of €36,732,017.98 and

the consequent redemption, charged to unrestricted reserves, of the 74,963,302 BBVA shares of €0.49 par value each acquired

derivatively by BBVA in execution of the First Tranche of the BBVA Framework Program and which were held as treasury shares.

Second Tranche

On March 20, 2026, BBVA announced by means of an Inside Information notice (información privilegiada) that its Board of

Directors, at its meeting held on such day, had agreed to execute a second tranche of the treasury share buyback program within

the Framework Program, in accordance with the Regulations, for the purpose of reducing BBVA's share capital, for a maximum

monetary amount of €1,000 million (the "Second Tranche"). The execution was carried out externally through Citigroup Global

Markets Europe AG.

By means of an Other Relevant Information notice (Otra Información Relevante) dated April 17, 2026, BBVA announced the

completion of the execution of the Second Tranche of the Framework Program, having reached the maximum monetary amount of

€1,000 million. Between March 23 and April 17, 2026, a total of 52,800,888 own shares, representing approximately 0.94% of

BBVA's share capital as of that date, were acquired.

On June 24, 2026, BBVA communicated, through an Other Relevant Information notice (Otra Información Relevante), the second

partial execution of the share capital reduction resolution adopted by the Annual General Shareholders’ Meeting of BBVA held on

March 20, 2026, under item 5 of the Agenda, through the reduction of BBVA’s share capital in a nominal amount of

€25,872,435.12 and the consequent redemption, charged to unrestricted reserves, of the 52,800,888 BBVA shares of €0.49 par

value each acquired derivatively by BBVA in execution of the Second Tranche of the BBVA Framework Program and which were

held as treasury shares.

Third Tranche

On April 30, 2026, BBVA communicated by means of an Inside Information notice (información privilegiada), that its Board of

Directors, at its meeting held on April 29, 2026, had agreed to execute a third tranche of treasury share buyback within the

Framework Program, in accordance with the Regulations for the purpose of reducing BBVA's share capital, for a maximum

monetary amount of €1,460 million (the "Third Tranche"). The execution was carried out externally through Citigroup Global

Markets Europe AG.

By means of an Other Relevant Information notice (Otra Información Relevante) dated August 3, 2026, BBVA announced the

completion of the execution of the Third Tranche of the Framework Program, having reached the maximum monetary amount of

€1,460 million. Between May 6 and August 3, 2026, a total of 70,339,213 own shares, representing approximately 1.26% of

BBVA's share capital as of that date, were acquired.

On September 23, 2026, BBVA communicated, through an Other Relevant Information notice (Otra Información Relevante), the

third partial execution of the share capital reduction resolution adopted by the Annual General Shareholders’ Meeting of BBVA

held on March 20, 2026, under item 5 of the Agenda, through the reduction of BBVA’s share capital in a nominal amount of

€34,466,214.37 and the consequent redemption, charged to unrestricted reserves, of the 70,339,213 BBVA shares of €0.49 par

value each acquired derivatively by BBVA in execution of the Third Tranche of the BBVA Framework Program and which were held

as treasury shares

Second Framework Program in 2026

On July 30, 2026, and after receiving the required authorization from the ECB, by means of an Inside Information notice

(información privilegiada) BBVA announced that its Board of Directors had agreed to carry out the execution of a new

extraordinary framework share buyback program, all in accordance with the Regulations, for a maximum monetary amount of

€2,000 million, which will be executed in several tranches, with the purpose of reducing BBVA's share capital (the "Second

Framework Program"), without prejudice to the possibility of suspending or terminating the Second Framework Program early if

circumstances warrant.

First Tranche

As part of that communication, it was also announced that the Board of Directors agreed to execute a first tranche of the Second

Framework Program in compliance with the Regulations, for the purpose of reducing BBVA's share capital for a maximum

monetary amount of €1,000 million (the "First Tranche of the Second Framework Program"). The execution was carried out

externally through HSBC Continental Europe.

By means of an Other Relevant Information notice (Otra Información Relevante) dated October 2, 2026, BBVA announced the

completion of the execution of the First Tranche of the Second Framework Program, having reached the maximum monetary

amount of €1,000 million. Between August 5, 2026 and October 1, 2026, a total of 40,204,840 own shares, representing

approximately 0.73% of BBVA's share capital as of that date, were acquired.

Second Tranche

On October 13, 2026, BBVA announced by means of an Inside Information notice (información privilegiada) that it had agreed to

carry out a second tranche of treasury share buyback, in accordance with the Regulations for the purpose of reducing BBVA's

share capital, for a maximum monetary amount of €1,000 million (the "Second Tranche of the Second Framework Program"). The

execution started on October 14, 2026 and will be carried out externally through J.P. Morgan SE.

As of September 30, 2026, BBVA’s share capital amounted to € 2,700,323,995.53 divided into 5,510,865,297 shares.

Ratings

During the first nine months of 2026, BBVA's credit ratings continued to reflect the strength of its fundamentals and remained at

high levels within the A category. Notably, in October 2026, DBRS upgraded BBVA’s long-term credit rating by one notch, from A

(high) to AA (low), while revising its outlook from positive to stable, in recognition of the strength and resilience of the Group’s

profitability. In May 2026, Fitch also upgraded BBVA's long-term issuer credit rating by one notch, from A- to A, as a result of a

methodological change. Meanwhile, S&P and Moody's maintained their respective ratings and outlooks unchanged during the first

nine months of the year, reaffirming the perception of BBVA's stability and financial strength, supported by its high profitability

and the resilience of its asset quality.

The following table shows the credit ratings and outlooks assigned by the agencies:

Risk management

At a global level, uncertainty regarding the resolution of the geopolitical conflicts in the Middle East and Ukraine, with the resulting

implications for the potential normalization of trade in the affected regions and its impact on energy input prices means that the

balance of risks remains tilted to the downside. The evolution of these international tensions adds complexity to the global

macroeconomic environment, and the duration and intensity of these factors could affect the geographical areas in which the

Group operates to varying degrees, with differentiated impacts by country. Similarly, the occurrence of extreme weather events

and the potential resurgence of the threat of interventionist actions by the U.S. administration also constitute sources of risk.

In Spain, economic activity maintained a favorable performance during the second quarter of 2026, with a positive outlook toward

the end of the year. For its part, inflation recorded a significant uptick during the third quarter, although a gradual moderation is

expected in the coming months. All of this took place in a context in which the financial system continues to show comfortable

solvency and liquidity levels. In Mexico, the strong economic momentum in the second quarter has led to an upward revision of the

growth forecast, in a context of moderating inflationary pressures, with a banking system that continues to show lending growth.

In Turkey, macroeconomic developments remain conditioned by inflation, the management of monetary and fiscal policies, and

the volatility of the environment. Lastly, in South America, a heterogeneous performance across countries is expected, in a context

of differing trends in growth, inflation, and interest rates, in an environment also subject to the severity of potential weather events,

which have a particular impact on the region.

Within this framework, the Group continuously monitors the evolution of the macroeconomic and geopolitical environment, as well

as its potential impact on the evolution of credit risk, in accordance with the applicable accounting and prudential regulations.

Credit risk metrics

The Group periodically reviews its individual estimates and its models for collective estimates of expected losses, as well as the

impact of macroeconomic scenarios considered for such purposes. It should be noted that, although these updates incorporate

the best information available at the relevant 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.

For the estimation of expected losses, the models include individual and collective estimates, taking into account the

macroeconomic forecasts as established in IFRS 9. Thus, the estimate at the end of the quarter includes the effect on expected

losses of updating macroeconomic forecasts. 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.

As of September 30, 2026 and December 31, 2025, the Group had not recognized any material adjustment to the models used in

the estimation of expected credit losses.

BBVA Group's credit risk indicators

The following chart shows the evolution of the Group's risk metrics from the first nine months of 2025:

The evolution of the Group’s main credit risk indicators is summarized below:

–In terms of asset quality, the NPL ratio stood at 2.6% as of September 30, 2026, showing an improvement of 2 basis

points compared to the previous quarter, and an improvement of 17 basis points when compared to the end of September

2025, with both comparisons driven by lending growth.

–Credit risk increased by 3.3% in the third quarter of the year, (+4.2% at constant exchange rates), with generalized

growth in all business areas except Spain, which remained practically stable due to the typical seasonality of the quarter.

In the last twelve months, the growth has exceeded double digits, standing at 21.7% (+20.6% at constant exchange

rates), showing greater dynamism than in the same period of 2025.

–The balance of non-performing loans increased by 2.4% in the third quarter of 2026 at the Group level, and by 10.3%

when compared to the end of December 2025 (+10.1% at constant exchange rates). At constant exchange rates, the

quarterly variation stood at 3.8%, with widespread increases except in South America.

–The NPL coverage ratio ended September 2026 at 84%, representing a slight decrease compared to the end of the

previous year (-106 basis points) and compared to the previous quarter (-77 basis points), while remaining stable

compared to the same period of the previous year (-3 basis points).

–The cumulative cost of risk as of September 30, 2026 stood at 1.44%, which is 1 basis point above the end of the previous

quarter and represents an increase of 5 basis points compared to the cost of risk at the end of 2025.

Structural risks

Liquidity and funding

Liquidity and funding management at BBVA is aimed at driving sustained growth of the banking business, through access to a wide

variety of alternative sources of funding and assuring optimal term and cost conditions. BBVA's business model, risk appetite

framework and funding strategy are designed to ensure a solid funding structure based on stable customer deposits, mainly retail

(granular). As a result of this model, a high proportion of deposits is covered by deposit guarantee schemes in each geographical

area, close to 50% in Spain and Mexico. It is important to note that, given the nature of BBVA's business, lending is mainly

financed through stable customer funds.

One of the key elements in the BBVA Group's liquidity and funding management is the maintenance of large high-quality liquidity

buffers in all geographical areas. Thus, the Group has maintained during the last 12 months an average volume of high-quality

liquid assets (HQLA) of €132.1 billion, of which 98% corresponded to maximum quality assets (level 1 in the liquidity coverage

ratio, LCR).

Due to its subsidiary-based management model, BBVA is one of the few major European banks that follows a Multiple Point of

Entry (MPE) resolution strategy: the parent company sets the liquidity policies, but the subsidiaries are self-sufficient and

responsible for managing their own liquidity and funding (taking deposits or accessing the market with their own rating). This

strategy limits the spread of a liquidity crisis among the Group's different areas and ensures the adequate transmission of the cost

of liquidity and financing to the price formation process.

The BBVA Group maintains a solid liquidity position in every geographical area in which it operates, with ratios well above the

minimum required:

–The LCR requires banks to maintain a volume of high-quality liquid assets sufficient to withstand liquidity stress for 30

days. BBVA Group's consolidated LCR remained comfortably above 100% during the first nine months of 2026 and stood

at 143% as of September 30, 2026. It should be noted that, given the MPE nature of BBVA, this ratio limits the numerator

of the LCR for subsidiaries of BBVA S.A. to 100% of their net outflows, therefore, the resulting ratio is below that of the

individual units (the LCR of the main components was 171% in BBVA, S.A., 153% in Mexico and 152% in Turkey). Without

considering this restriction, the Group's LCR ratio was 173%.

–The net stable funding ratio (NSFR) requires banks to maintain a stable funding profile in relation to the composition of

their assets and off-balance sheet activities. The BBVA Group's NSFR ratio stood at 123% as of September 30, 2026.

The breakdown of these ratios in the main geographical areas in which the Group operates is shown below:

During the first nine months of 2026, the conflict in Iran has continued to generate volatility and disruptions in energy supply,

intensifying inflationary pressures and risks to economic growth. Against this backdrop, central banks adopted a more restrictive

monetary policy stance, driving an uptick in sovereign bond yields.

In this context, BBVA maintains an adequate liquidity position across its different geographical areas, with no significant tensions

observed. As shown previously, the main liquidity indicators (LCR, NSFR, and internal metrics) remain above regulatory

thresholds, albeit with varying levels of headroom. Likewise, active balance sheet management and the diversification of funding

sources contribute to preserving the Group's liquidity position and its capacity to respond to adverse scenarios.

Apart from the above, the most relevant aspects related to the main geographical areas are the following:

–BBVA, S.A. has maintained a strong position with a large high-quality liquidity buffer, maintaining at all times the

regulatory liquidity metrics well above the set minimums. During the first nine months of 2026, significant growth has

been observed in lending activity, driven primarily by the wholesale segment, in an environment of a more moderate

growth in deposits. This development has not put pressure on the liquidity position.

–BBVA Mexico continues to show a solid liquidity situation, despite the widening of the credit gap in the first nine months of

the year due to the strength of lending, in both local and foreign currency.

–In Turkey, Garanti BBVA maintained an adequate liquidity situation in the first nine months of 2026. The local currency

credit gap has deteriorated due to loan growth outpacing deposit gathering. On the other hand, an improvement in the

foreign currency credit gap has been observed thanks to the increase in deposits.

–In South America, the liquidity situation has also remained adequate throughout the region in the first nine months of

2026. BBVA Argentina maintains a solid liquidity position with an improvement in local currency credit gap thanks to the

positive performance in deposits, despite a slight deterioration in the foreign currency gap. In BBVA Colombia, the

liquidity situation remains stable with a narrowing credit gap, and deposit growth outpaced lending. In BBVA Peru, the

liquidity position remains solid, with an improved credit gap thanks mainly to the good performance of retail deposits.

On the following page, the main wholesale financing transactions carried out by the BBVA Group during the first nine months of

2026 are detailed.

During the first nine months of 2026, BBVA, S.A. carried out the early redemption of four issuances. First, on January 15, 2026, it

carried out the early redemption of a green AT1 issuance made on July 15, 2020, for a combined nominal amount of €1 billion.

Likewise, on March 24, 2026, BBVA, S.A. carried out the early redemption of a senior preferred bond issuance originally issued on

March 24, 2021, for a total aggregate nominal amount of €1 billion. On July 15, 2026, the early redemption of a subordinated bond

issuance was carried out for a combined nominal amount of 300 million pounds sterling, and on September 22, it carried out the

full early redemption of the public sector covered bond issuance made in March 2022 for an aggregate nominal amount of €540

million.

13 This sensitivity does not include the cost of capital hedges, which are currently estimated at 1 basis point per quarter for Mexican peso and 1 basis point per quarter

for Turkish lira.

Foreign exchange

Exchange rate risk management aims to reduce the sensitivity of capital ratios to currency fluctuations, as well as the volatility of

net attributable profit resulting from such movements.

During the third quarter of 2026, the Group's main currencies showed an uneven performance against the euro. Given its

relevance to the Group, the performance of the Mexican peso is particularly noteworthy, depreciating by 3.3% against the euro. In

the case of the US dollar, the currency registered a moderate appreciation of 0.3% against the euro. For its part, the Turkish lira

and the Argentine peso depreciated by 4.5% and 2.5%, respectively, against the euro (although, in real terms, both currencies

registered an appreciation against the euro). Regarding currencies of the main countries in South America, the performance was

also mixed: the Peruvian sol depreciated by 0.5% and the Chilean peso likewise depreciated by 4.6%, while the Colombian peso

appreciated by 3.4% against the euro.

In relation to the hedging of capital ratios, BBVA aims to hedge between 50% and 70% of the capital excess of the currencies of its

main subsidiaries. The sensitivity of the Group's CET1 ratio to 10% depreciations in major currencies is estimated at: +13 basis

points for the U.S. dollar, -13 basis points for the Mexican peso and -3 basis points for the Turkish lira13. With regard to the hedging

of results, BBVA hedges between 40% and 50% of the aggregate net attributable profit it expects to generate in the next 12

months. For each currency, the final amount hedged depends, among other factors, on its expected future evolution, the costs and

the relevance of the income related to the Group's results as a whole.

14 Structural portfolio managed by the Asset and Liability Committee, designed to mitigate the sensitivity of the balance sheet to interest rate movements.

Interest rate

Interest rate risk management seeks to limit the impact that BBVA may suffer, both in terms of results (short-term) and economic

value (long-term), from adverse movements in the interest rate curves in the various currencies in which the Group operates.

BBVA carries out this work through an internal procedure, pursuant to the guidelines established by the European Banking

Authority (EBA), with the aim of analyzing the potential impact that could derive from a range of scenarios on the Group's different

balance sheets.

Risk measurement is based on assumptions intended to realistically mimic the behavior of the balance sheet. The assumptions

regarding the behavior of accounts with no explicit maturity and prepayment estimates are especially relevant. These assumptions

are reviewed and adapted, at least once a year according to the evolution in observed behaviors.

At the aggregate level, BBVA continues to maintain a moderate risk profile in line with the target set in the changing interest rate

cycle environment preserving positive sensitivity to interest rate rises in net interest income.

The first nine months of 2026 have been marked by the conflict in Iran and its repercussions on energy markets. Following the

initial volatility, the persistence of oil prices at high levels has intensified inflationary pressures and conditioned expectations

regarding the evolution of monetary policy. In this context, financial markets have priced in expectations of further monetary

tightening, anticipating hikes in official reference interest rates, some of which have already materialized across different

geographical areas. This dynamic has translated into a global rebound in yields across interest rate curves in the third quarter of

the year. In this respect, the valuation of ALCO14 portfolios has shown a negative performance so far this year.

By geographical areas:

–Spain has a balance sheet characterized by a lending portfolio with a high proportion of variable-rate loans (mortgages

and corporate lending) and liabilities composed mainly by customer demand deposits. The ALCO portfolio acts as a

management lever and hedge for the balance sheet, mitigating its sensitivity to interest rate fluctuations. The exposure of

the net interest income to movements in interest rates remains limited. In June 2026, the ECB carried out its first interest

rate hike in three years, with an increase of 25 basis points, and an additional hike in September that brought the

reference interest rate in the eurozone to 2.65%, the rate on the deposit facility at 2.50% and the rate on the marginal

lending facility at 2.90% at the end of September 2026.

–Mexico continues to show a balance between fixed and variable interest rates balances, which results in a limited

sensitivity to interest rates fluctuations. Among the assets that are most sensitive to interest rate changes, the

commercial portfolio stands out, while consumer and mortgage portfolios are mostly at a fixed rate. With regard to

customer funds, the high proportion of non-interest-bearing deposits, which are insensitive to interest rate movements,

should be highlighted. The ALCO portfolio is invested primarily in fixed-rate sovereign bonds. The monetary policy rate

stood at 6.50% at the end of September 2026, 50 basis points below the year-end level for 2025, and the central bank is

expected to leave it unchanged through the end of 2027.

–In Turkey, the sensitivity of net interest income to rates remains limited in both local and foreign currencies, thanks to the

bank's management. The Central Bank of the Republic of Turkey (CBRT) continued its monetary easing process at the

beginning of the year, supported by improved inflation, reducing the monetary policy rate by 100 basis points to 37.0% in

January 2026, the level at which it remained as of the end of September. However, the outbreak of the conflict in Iran led

the institution to temporarily increase (until August 2026) the effective cost of financing toward the upper limit of its

corridor (40%) in response to geopolitical tensions and their inflationary impact. At its October meeting, the CBRT

resumed rate cuts, with a 100 basis point reduction that brought the monetary policy rate down to 36.0%.

–In South America, the sensitivity of net interest income continues to be limited, since most of the countries in the area

have a balanced fixed/variable composition between assets and liabilities. In addition, in balance sheets with several

currencies, the interest rate risk is managed for each of the currencies, showing a very low level of exposure. Regarding

benchmark interest rates, in Argentina, the central bank abandoned the official interest rate as a monetary anchor and

began to regulate the monetary base using other tools such as setting reserve requirements or intervening in the foreign

exchange market for its management. In Colombia, the reference rate stood at 12.25% at the end of September 2026,

300 basis points above the end of 2025, with an increase of 25 basis points in the third quarter of 2026, a level at which it

is expected to remain until the end of next year, when the first rate cuts could take place. In Peru, the official monetary

policy rate closed September 2026 at 4.25%, unchanged with respect to the end of the previous year.

Business areas

This section presents the most relevant aspects of the Group's different business areas. Specifically, for each one of them, it

shows a summary of the income statements and balance sheets, the business activity figures and the most significant ratios.

The structure of the business areas reported by the BBVA Group on September 30, 2026 is the same as the one presented at the

end of 2025.

The composition of BBVA Group's business areas is summarized below:

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

–Mexico includes banking, insurance and asset management activities in this country, as well as the activity that BBVA

Mexico carries out through its Houston agency.

–Turkey reports the activity of the group Garanti BBVA 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 activities conducted, mainly, in Argentina,

Chile, Colombia, Peru, Uruguay, Venezuela and Brazil.

–Rest of Business mainly incorporates the wholesale activity carried out in Europe (excluding Spain), the United States,

BBVA’s branches in Asia, as well as the digital banks of the Group in Italy and Germany.

The Corporate Center includes the centralized functions of the Group, including: the costs of the head offices with a corporate

function for the consolidated BBVA Group; structural exchange rate positions management; certain portfolios, such as financial

and industrial holdings; stakes in Funds & Investment Vehicles in tech companies; certain tax assets and liabilities; funds related to

commitments to employees; goodwill and other intangible assets as well as the funding of such portfolios and assets. Finally, in the

description of this aggregate, it is worth mentioning that the Corporate Center's tax expense includes for each interim period the

difference between the effective tax rate in the period of each business area and the expected tax rate of the Group for the year as

a whole.

In addition to these geographical breakdowns, supplementary pro forma information is provided for the wholesale business,

Corporate & Investment Banking (CIB), carried out by BBVA in the countries where it operates. This business is relevant to have a

broader understanding of the Group's activity and results due to the important features of the type of customers served, products

offered and risks assumed, even if this is a pro forma information that does not include the wholesale business of the Group in

Venezuela nor the application of the hyperinflation accounting.

To prepare the information by business areas, which is presented under management criteria based on the financial information

used in the preparation of the financial statements, in general, the lowest level units and/or companies that make up the Group are

taken and assigned to the different areas according to the main region or company group in which they carry out their activity. In

relation to the information related to the business areas, in the first quarter of 2026 the Group carried out the reassignment of

certain activities. Similarly, mainly as a result of an internal resegmentation process within the countries, certain commercial

customers, due to their needs and profile, are managed in CIB in 2026. Therefore, in order to make those year-on-year

comparisons homogeneous, the figures for the 2025 financial year have been restated, which has not affected the consolidated

financial information of the Group.

Regarding the shareholders' funds allocation in the business areas, a capital allocation system based on the consumed regulatory

capital is used.

Finally, it should be noted that, as usual, in the case of the different business areas of Mexico, Turkey, South America and Rest of

Business, and, additionally, CIB, in addition to the year-on-year variations applying current exchange rates, the variations at

constant exchange rates are also disclosed.

⁽¹⁾ Excludes the Corporate Center.

(1) The figures corresponding to the “Rest” category are as follows: employees, 2,090, 2,128 and 2,469; branches,32, 31 and 31; ATMs, 20, 21 and 20, as of

September 2025, December 2025 and September 2026, respectively.

Spain

Highlights for the period January - September 2026

–Lending dynamism continues, driven by corporate and consumer lending

–Favorable performance of net interest income

–The NPL ratio remains at historical lows

–Year-on-year stability in net attributable profit, with a decrease in the third quarter 

⁽¹⁾ Excluding repos.

Macro and industry trends

Economic activity maintained a favorable tone in the second quarter of 2026, and forward-looking expectations remain positive.

The strength of domestic demand, supported by private consumption and investment; job creation; and the dynamism of service

exports are expected to offset, to some extent, the effects of higher commodity costs, a more restrictive monetary policy, and

bottlenecks in sectors such as housing or energy. In this context, BBVA Research forecasts a GDP growth of 2.6% for 2026, two-

tenths of a percentage point above the previous scenario's forecast, and a progressive moderation toward growth of 2.1% in 2027.

For its part, inflation increased sharply during the third quarter of the year, with the headline inflation rate reaching 4.9% in

September, driven by rising fuel and package holiday prices. Going forward, a gradual correction is expected toward levels of 4%

by year-end, which would leave the annual average for 2026 at 3.7%, and place that of 2027 at 3.2%, albeit with figures below that

level in the final months of the year.

Regarding the banking sector, as of August 2026, the volume of lending to the private sector grew by 3.4% year-on-year (4.6%

excluding the consumer loan portfolio for other purposes, which underwent a methodological change in April 2026 by the Bank of

Spain), with a growth of 2.9% in the household loan portfolio (+5.2% excluding consumer loans for other purposes) and 4.4% in

lending to non-financial corporations. Deposits from the non-financial sector increased by 1.6% year-on-year in August 2026, with

a negative contribution from public sector demand deposits (-15.4%). Interest rate hikes have accelerated the growth of time

deposit balances, which represent 14.9% of the total balance, to 9.0% year-on-year in August, compared to the 0.4% growth in

demand deposits. The NPL ratio stood at 2.51% in July 2026, 41 basis points below the figure for July of the previous year.

Additionally, the system maintains comfortable solvency and liquidity levels.

Activity

The most relevant aspects related to the area's activity during the first nine months of 2026 were:

–Lending balances were 4.7% higher than at the end of December 2025, mainly driven by the performance of the larger

corporate segments (+7.4%) and consumer lending (+7.5%).

–Total customer funds increased by 3.5%, mainly explained by the growth in off-balance sheet funds (mutual and pension

funds), which increased by 6.5% due to the positive market effect concentrated in the first half of the year and, to a lesser

extent, by the favorable performance of customer deposits (+1.9%).

The most relevant aspects related to the area's activity during the third quarter of 2026 were:

–Lending activity remained stable (+0.2% compared to the end of June 2026), mainly driven by the dynamism of credit to

companies (+3.9% larger companies and +2.5% SMEs), which, together with the rest of the portfolios, offset the seasonal

decline in public sector loans (which as of the end of June included the advance on extra payments to pensioners).

–Regarding asset quality, the NPL ratio stood at 2.9%, an increase of 4 basis points compared to the end of June and a

contained increase in the non-performing balance (+1.2%). The NPL ratio shows a cumulative decrease of 15 basis points

throughout 2026. For its part, the NPL coverage ratio increased by 116 basis points in the quarter, to 72% at the end of

September 2026.

–Total customer funds grew by 0.9% in the third quarter of 2026, favored by the evolution of time deposits which

presented a growth of 15.3%, driven by the performance of wholesale balances. Off-balance sheet funds showed stability

compared to the end of the previous quarter at 0.6%.

Results

Spain generated a net attributable profit of €3,106 million in the first nine months of 2026, which is in line with that achieved in the

same period of 2025 (-0.2%) favored by the good performance of net interest income, which offset the growth in expenses and

provisions for financial asset impairments.

The most relevant aspects of the year-on-year evolution of the area's income statement at the end of September 2026 were:

–Net interest income grew by 3.4%, supported by higher lending balances and a higher contribution from the securities

portfolio.

–Net fees and commissions grew by 2.3% compared to the same period of the previous year, mainly driven by the

performance of asset management fees.

–Net Trading Income (NTI) showed a decrease of 7.0% compared to the first nine months of the previous year, with lower

results achieved by the Global Markets unit.

–The other operating income and expenses line showed a balance of €283m, which is 2.0% lower than in the same period

of the previous year, as the first nine months of 2025 included extraordinary income associated with the achievement of

certain milestones foreseen in the Allianz bancassurance agreement, recorded at the end of June of that year. Aside from

the factors mentioned above, earnings from the insurance business performed well.

–Operating expenses increased by 7.7% compared to the cumulative figures for the first nine months of 2025, due to both

higher general expenses (mainly in technology) and personnel expenses, the latter reflecting the impact of voluntary

redundancies in the first quarter of 2026. Both periods include, in the general expenses line, the impact of re-estimation

of the applied pro-rata on the Value Added Tax.

–The impairment on financial assets increased compared to the first nine months of the previous year (+2.8%), mainly as a

result of the growth in the volume of lending. Meanwhile, the cumulative cost of risk at the end of September 2026 rose by

2 basis points compared to the previous quarter to stand at 0.33%, remaining practically stable compared to the end of

the previous year (a decrease of 1 basis point), mainly because the second quarter was positively affected by a portfolio

sale.

–Finally, the income tax line includes the accrual corresponding to the first nine months of 2026, of the tax on net interest

income and net fees and commissions which stood at approximately €225 million, compared to the €224 million accrued

in the same period of the previous year.

The net attributable profit generated by Spain in the third quarter of 2026 reached €934m, with a decrease of 13.3% compared to

the previous quarter. This performance is due to a lower contribution from all of gross income components except net interest

income, together with an increase in provisions for financial assets (the previous quarter included the positive impact coming from

a portfolio sale) and higher operating expenses.

Mexico

Highlights for the period January - September 2026

–Credit growth led by the wholesale segment with gains across all retail products

–Continued favorable performance across all gross income components 

–Quarterly improvement in the efficiency ratio

–Quarterly net attributable profit remains at high levels

⁽¹⁾ Excluding repos.

⁽¹⁾ At current exchange rate: 17.0%.

⁽¹⁾ At current exchange rate: 16.9%.