BBVA: Other relevant information - BBVA reports Condensed Interim Consolidated Financial Statements and Interim Consolidated Management Report as of and for the nine months ended September 30, 2026. (On business and financial situation)

BBVA Group - 2026

Report on Limited Review

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

AND SUBSIDIARIES

Condensed Interim Consolidated Financial Statements and Interim Consolidated Management Report for the nine months ended September 30, 2026

Ernst & Young, S.L.

C/ Raimundo Fernández Villaverde, 65 28003 Madrid

Tel: 902 365 456

Fax: 915 727 238

ey.com

REPORT ON LIMITED REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

To the shareholders of Banco Bilbao Vizcaya Argentaria, S.A. at the request of its Board of Directors:

Introduction

We have carried out a limited review of the accompanying condensed interim consolidated financial statements (the "interim financial statements") of Banco Bilbao Vizcaya Argentaria, S.A. (the "Bank") and subsidiaries which, along with the Bank, form the Banco Bilbao Vizcaya Argentaria Group (the "Group"), which comprise the condensed consolidated balance sheet as of September 30, 2026, the condensed consolidated income statement, the condensed consolidated statement of recognized income and expenses, the condensed consolidated statement of changes in equity, the condensed consolidated statement of cash flows and the notes to the accompanying condensed interim consolidated financial statements corresponding to the nine-month period then ended. Pursuant to article 12 of Royal Decree 1362/2007, the Directors are responsible for the preparation of these interim financial statements in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the European Union. Our responsibility is to express a conclusion on said interim financial statements based on our limited review.

Scope of the review

We conducted our limited review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A limited review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit conducted in accordance with prevailing audit regulations in Spain and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the accompanying interim financial statements.

Conclusion

As a result of our limited review, which under no circumstances should be considered an audit of financial statements, nothing came to our attention that would lead us to conclude that the accompanying interim financial statements for the nine-month period ended as of September 30, 2026 are not prepared, in all material respects, in conformity with International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the European Union, for the preparation of interim condensed financial statements, pursuant to article 12 of Royal Decree 1362/2007.

Domicilio Social: Calle de Raimundo Fernández Villaverde, 65. 28003 Madrid - Inscrita en el Registro Mercantil de Madrid, tomo 9.364 general, 8.130 de la sección 3a del Libro de Sociedades, folio 68, hoja nº 87.690-1, inscripción 1a. C.I.F. B-78970506.

2

Emphasis of matter

We draw attention to the matter described in accompanying explanatory note 1, which indicates that these interim financial statements do not include all the information that would be required for complete financial statements prepared in accordance with International Financial Reporting Standards, as adopted by the European Union and therefore, the accompanying interim financial statements should be read in conjunction with the Group's consolidated annual accounts for the year ended December 31, 2025. This matter does not modify our conclusion.

The accompanying interim consolidated management report for the nine-month period ended September 30, 2026 contains such explanations as the Directors of the Bank consider relevant with respect to the significant events that have taken place in this period and their effect on the interim financial statements, as well as the disclosures required by article 15 of Royal Decree 1362/2007. The interim consolidated management report is not an integral part of the interim financial statements. We have verified that the accounting information contained therein is consistent with the interim financial statements for the nine-month period ended September 30, 2026. Our work is limited to the verification of the interim consolidated management report within the scope described in this paragraph and does not include a review of information other than that obtained from the accounting records of Banco Bilbao Vizcaya Argentaria, S.A. and subsidiaries.

Paragraph on other matters

This report has been prepared at the request of the Bank's Board of Directors in relation to the publication of the quarterly financial report voluntarily prepared by the Directors of the Bank.

ERNST & YOUNG, S.L.

(Signed on the original version In Spanish)

José Carlos Hernández Barrasús

October 29, 2026

Condensed consolidated balance sheets 3

Condensed consolidated income statements 4

Condensed consolidated statements of recognized income and expense 5

Condensed consolidated statements of changes in equity 6

Condensed consolidated statements of cash flows 8

1. Introduction, basis for the presentation of the condensed interim consolidated financial statements and other information 9

2. Principles of consolidation, accounting policies, measurement bases applied and recent IFRS pronouncements and interpretations 11

3. BBVA Group 14

4. Shareholder remuneration system 15

5. Operating segment reporting 18

6. Risk management 19

7. Fair value of financial instruments 23

8. Cash, cash balances at central banks and other demand deposits 27

9. Financial assets and liabilities held for trading 27

10. Non-trading financial assets mandatorily at fair value through profit or loss 27

11. Financial assets and liabilities designated at fair value through profit or loss 28

12. Financial assets at fair value through other comprehensive income 28

13. Financial assets at amortized cost 29

14. Investments in joint ventures and associates 29

15. Tangible assets 30

16. Intangible assets 30

17. Tax 31

18. Other assets and liabilities 31

19. Non-current assets and disposal groups classified as held for sale and liabilities included in disposal groups classified as held for sale 32

20. Financial liabilities at amortized cost 32

21. Assets and liabilities under insurance and reinsurance contracts 34

22. Provisions 34

23. Pension and other post-employment commitments 34

24. Capital 35

25. Retained earnings and other reserves 35

26. Accumulated other comprehensive income (loss) 36

27. Minority interests (non-controlling interests) 36

28. Commitments and guarantees given 37

29. Net interest income 37

30. Dividend income 38

1. Fee and commission income and expense 38

2. Gains (losses) on financial assets and liabilities, hedge accounting and exchange differences, net 39

3. Other operating income and expense 40

4. Income and expense from insurance and reinsurance contracts 40

5. Administration costs 40

6. Depreciation and amortization 41

7. Provisions or reversal of provisions 41

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

   modification 42

9. Impairment or reversal of impairment on non-financial assets 42

10. Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations 42

11. Subsequent events 43

12. Explanation added for translation into English 43

APPENDIX I. Condensed interim balance sheets and income statements of Banco Bilbao Vizcaya Argentaria, S.A. 45

APPENDIX II. Condensed consolidated income statements for the nine months ended September 30, 2026 and 2025 and for the

quarter of 2026 and 2025 47

‌Condensed consolidated balance sheets as of September 30, 2026 and December 31, 2025

The Notes and Appendices are an integral part of the condensed interim consolidated financial statements as of and for the nine months ended September 30, 2026.

The Notes and Appendices are an integral part of the condensed interim consolidated financial statements as of and for the nine months ended September 30, 2026.

CONDENSED CONSOLIDATED STATEMENTS OF RECOGNIZED INCOME AND EXPENSE (MILLIONS OF EUROS)

Gains (losses) from hedge accounting of equity instruments at fair value through other comprehensive

income, net - -

The Notes and Appendices are an integral part of the condensed interim consolidated financial statements as of and for the nine months ended September 30, 2026.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)

Total income (expense) recognized - - - - - - - - 9,066 - 195 232 606 10,100 Other changes in equity (97) (2,414) - (5) 5,008 - (1,089) (746) (10,511) (181) 991 - (286) (9,330)

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 (97) (2,414) - - 78 - (1,527) 3,960 - - - - - -

Dividend distribution (shareholder remuneration)

- - - - (3,357) - - - - (2,020) - - (268) (5,645)

Purchase of treasury shares - - - - - - - (5,289) - - - - - (5,289)

Sale or cancellation of treasury shares

Reclassification of other equity instruments to financial liabilities

Reclassification of financial liabilities to other equity instruments

Transfers among components of equity

Increase/Reduction of equity due to business combinations

- - - - - - 28 583 - - - - - 611

- - - - - - - - - - - - - -

- - - - - - - - - - - - - -

- - - 13 8,640 - (972) - (10,511) 1,840 991 - - -

- - - - - - - - - - - - - -

Share based payments - - - (30) - - - - - - - - - (30)

Other increases or (-) decreases in equity

- - - 13 (352) - 1,382 - - - - - (18) 1,025

(1) Balances as of December 31, 2025, as originally reported in the consolidated financial statements for the year 2025.

The Notes and Appendices are an integral part of the condensed interim consolidated financial statements as of and for the nine months ended September 30, 2026.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (MILLIONS OF EUROS)

Total income (expense) recognized - - - - - - - - 7,978 - (1,453) (447) 483 6,561 Other changes in equity - - - (6) 5,736 - (8) (28) (10,054) (173) (1) - (230) (4,765)

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)

- - - - (2,357) - - - - (1,842) - - (250) (4,448)

Purchase of treasury shares - - - - - - - (601) - - - - - (601)

Sale or cancellation of treasury shares

Reclassification of other equity instruments to financial liabilities

Reclassification of financial liabilities to other equity instruments

Transfers among components of equity

Increase/Reduction of equity due to business combinations

- - - - - - 6 574 - - - - - 580

- - - - - - - - - - - - - -

- - - - - - - - - - - - - -

- - - 9 8,392 - (14) - (10,054) 1,668 (1) - - -

- - - - - - - - - - - - - -

Share based payments - - - (26) - - - - - - - - - (26)

Other increases or (-) decreases in equity

- - - 11 (299) - - - - - - - 20 (269)

(1) Presented solely and exclusively for comparison purposes (see Note 1.3).

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

The Notes and Appendices are an integral part of the condensed interim consolidated financial statements as of and for the nine months ended September 30, 2026.

1. Presented solely and exclusively for comparison purposes (see Note 1.3).

2. Includes cash and cash equivalents of Garanti Bank's Romanian subsidiaries classified as Non-current assets and disposal groups classified as held for sale (see Note 3).

The Notes and Appendices are an integral part of the condensed interim consolidated financial statements as of and for the nine months ended September 30, 2026.

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

   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 (https://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, 2025, were approved by the shareholders at the Annual General Meeting ("AGM") on March 20, 2026.

   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, 2026 are presented in accordance with the International Accounting Standard 34 "Interim Financial Reporting" (hereinafter "IAS 34") in accordance with Article 12 of Royal Decree 1362/2007 and taking into account the requirements of Circular 3/2018, of June 28, of the National Securities Market Commission (hereinafter "CNMV") and have been approved by the Board of Directors at its meeting held on October 28, 2026.

      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 International Financial Reporting Standards endorsed by the European Union (hereinafter "EU-IFRS"), and 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, 2025.

      The aforementioned annual consolidated financial statements were prepared in accordance with the EU-IFRS applicable as of December 31, 2025, considering the Bank of Spain Circular 4/2017, as well as its successive amendments, and any other legislation governing financial reporting which is 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 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, 2025, except for the new Standards and Interpretations that became effective from January 1, 2026 (see Note 2.1), so that they present fairly the Group's consolidated equity and financial position as of September 30, 2026, together with the consolidated results of its operations and the consolidated cash flows generated by the Group during the nine months ended September 30, 2026.

      The Consolidated Financial Statements and Notes 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.

   3. Comparative information

      The information included in the Consolidated Financial Statements and the Notes relating to the nine months ended September 30, 2025 and as of December 31, 2025, is presented for the purpose of comparison with the information for September 30, 2026.

   4. Responsibility for the information and for the estimates made

      The information contained in the BBVA Group's Consolidated Financial Statements is the responsibility of the Bank'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 and the estimate of the corporate income tax (see Note 17).

        In general, the BBVA Group is working to consider and incorporate into the models used for calculating relevant estimates how climate risk and other climate-related matters may 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 mentioned in the relevant Notes to these Consolidated Financial Statements.

        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, 2026. 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, 2026 there have been no significant changes in the estimates made as of December 31, 2025, other than those indicated in these Consolidated Financial Statements.

   5. 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, 2025.

      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.

   6. Separate condensed interim financial statements

      The separate financial statements of the parent company of the Group (Banco Bilbao Vizcaya Argentaria, S.A.) are prepared under Spanish regulations (Circular 4/2017 of the Bank of Spain, as well as its successive amendments, and following other regulatory requirements of financial information applicable to it).

      Appendix I shows the condensed interim financial statements of Banco Bilbao Vizcaya Argentaria, S.A. as of and for the nine months ended September 30, 2026.

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, 2025, except for the entry into force of certain new standards and interpretations in 2026, among which the following should be highlighted:

   1. Standards and interpretations that became effective in the first nine months of 2026 Amendments to IFRS 9 and IFRS 7: Amendments to the classification and measurement of financial instruments

      On May 30, 2024, the IASB (International Accounting Standards Board) 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) targets. Additionally, they clarify that a financial liability should be derecognized on 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 characteristics and equity instruments classified at fair value through other comprehensive income.

      The amendments came into force on January 1, 2026 and had no significant impact on the consolidated financial statements.

      Amendment to IFRS 9 and IFRS 7: Contracts relating 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 the requirements for applying hedge accounting to these agreements.

      They came into effect on January 1, 2026 and had no significant impact on the consolidated financial statements.

      Annual improvements applied to International Financial Reporting Standards (IFRS)

      The IASB issued in July 2024 a number of minor amendments and improvements to various IFRS accounting standards to clarify their wording or correct minor effects, oversights or conflicts between the requirements of the standards. The standards affected are: IFRS 1 "First-time adoption of International Financial Reporting Standards", IFRS 7 "Financial instruments, disclosures", IFRS 9 "Financial instruments", IFRS 10 "Consolidated financial statements" and IAS 7 "Statement of cash flows".

      These modifications came into force on January 1, 2026 and had no significant impact on the consolidated financial statements.

   2. Standards and interpretations issued but not yet effective as of September 30, 2026

      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, and were not mandatory as of September 30, 2026. 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 new predefined profit and loss categories (operating, investing and financing), in addition to the existing ones (income tax and results of discontinued operations) and two mandatory subtotals ("operating profit (loss)" and "profit (loss) 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. The Group is currently evaluating the potential effects derived from the application of the standard; however, given that it is fundamentally a presentation and disclosure standard, no impacts are expected on the consolidated equity of the Group or on the attributed profit, beyond possible changes in the presentation, disaggregation and disclosure of certain financial information.

      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 requirements of recognition, valuation and presentation of other IFRS accounting standards.

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

      Amendments to IFRS 19: "Subsidiaries without Public Accountability: Disclosures"

      As stated above, IFRS 19, issued in May 2024, allows certain eligible entities to elect to apply the reduced disclosure requirements of IFRS 19 while continuing to apply the requirements of recognition, valuation and presentation of other IFRS accounting standards (including IFRS 18). With these amendments, IFRS 19 reflects the changes in IFRS that will come into effect on January 1, 2027, the date on which IFRS 19 will become applicable. In the future, IFRS 19 will be amended simultaneously with the publication or revision by the IASB of other accounting standards.

      This amendment is pending approval by the European Union. No significant impact on the consolidated financial statements is expected.

      Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates"

      On November 13, 2025, the IASB issued a series of amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates. These amendments address how companies should translate financial information from a non-hyperinflationary functional currency to a hyperinflationary presentation currency.

      Specifically, it states that a company with a non-hyperinflationary functional currency but with a hyperinflationary presentation currency must translate all amounts in the financial statements (including comparative amounts) using the closing exchange rate on the last presentation date.

      The amendments also require reporting and detailing financial information about the foreign operations affected by the indicated conversion method. The amendments will come into effect on January 1, 2027, once adopted by the European Union, and will be applied retrospectively. The entry into force of the standard will not have any impact on the consolidated financial statements.

      Amendment to IAS 28 - "Amendments to the Fair Value Option for Investments in Associates and Joint Ventures"

      In June 2026, the IASB issued specific amendments to IAS 28 regarding the use of the fair value option as an exemption from applying the equity method to investments in associates and joint ventures for eligible entities. The amendments clarify the scope of this exemption to include entities whose main business activity is investing in specified types of assets, in accordance with IFRS

      18. The amendments become effective when an entity first applies IFRS 18, i.e. for annual reporting periods beginning on or after January 1, 2027, or earlier if IFRS 18 is adopted early. However, the amendments are still pending endorsement by the European Union. The entry into force of the standard is not expected to have any impact on the consolidated financial statements.

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, 2025:

   • 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.

   • Appendix IV shows fully consolidated subsidiaries with more than 10% owned by non-Group shareholders.

   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 2026 Divestitures

   Agreement for the sale of the Romanian subsidiary of Garanti BBVA

   On March 28, 2026, it was announced that Türkiye Garanti Bankası A.Ş. ("Garanti BBVA") had reached an agreement with Raiffeisen Bank SA -the Romanian subsidiary of the Austrian bank Raiffeisen Bank International AG (RBI)- to sell 100% of Garanti BBVA's subsidiaries in Romania. As a result of the above, all of the balance sheet items of Garanti Bank SA, Motoractive IFN SA and Motoractive Multiservices SRL have been reclassified into the line items "Non-current assets (liabilities) and disposal groups classified as held for sale" in the Group's consolidated balance sheet as of September 30, 2026.

   Following receipt of the relevant regulatory approvals, completion of the transaction is expected to take place in November 2026.

   Significant transactions in 2025

   During the fiscal year 2025, no significant or relevant corporate transactions have been completed.

4. ‌Shareholder remuneration system Shareholder remuneration Cash distributions in 2025

   During the 2025 financial year, the Annual General Shareholders' Meeting and the Board of Directors approved the payment of the following cash distributions:

   • 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 financial year, for an amount equal to €0.41 gross (€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, excluding dividends paid in respect of treasury shares held by the Group's companies other than BBVA, S.A., amounted to €2,357 million.

   • By means of an Inside Information notice (información privilegiada) dated September 29, 2025, BBVA announced that the Board of Directors had approved the payment of a cash interim dividend of €0.32 gross (€0.2592 net of withholding tax) per each outstanding BBVA share entitled to participate in this distribution, which was paid on November 7, 2025. The total amount paid, excluding dividends paid in respect of treasury shares held by the Group's companies other than BBVA, S.A., amounted to €1,840 million.

     Cash distributions in 2026

     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. The total amount paid, excluding dividends paid in respect of treasury shares held by the Group's companies other than BBVA, S.A., amounted to approximately €3,357 million.

   • 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. The total amount paid, excluding dividends paid in respect of treasury shares held by the Group's companies other than BBVA, S.A., amounted to €2,022 million.

   Share buyback programs Share buyback programs in 2025

   On January 30, 2025, BBVA announced, among other matters, the execution of a share buyback program of BBVA shares, with the purpose of reducing BBVA's share capital, for a monetary amount of €993 million, subject to obtaining the corresponding regulatory authorizations and to the communication of the specific terms and conditions of the share buyback program before its execution.

   On October 30, 2025, after receiving the required authorization from the European Central Bank (hereinafter "ECB"), BBVA announced by means of an Inside Information notice (información privilegiada) the execution of a time-scheduled buyback program for the repurchase of own shares, with the purpose of reducing BBVA's share capital, all in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse and Commission Delegated Regulation (EU) No. 2016/1052 of March 8, 2016 (the "Regulations"), for a maximum monetary amount of €993 million. The

   execution was carried out externally by Citigroup Global Markets Europe AG. By means of an Other Relevant Information notice (Otra Información Relevante) dated December 10, 2025, BBVA announced the completion of the share buyback program upon reaching the maximum monetary amount, having acquired a total of 54,316,765 BBVA shares, between October 31 and December 10, 2025, representing, approximately, 0.93% of BBVA's share capital as of such date. On December 23, 2025, BBVA notified through an Other Relevant Information notice (Otra Información Relevante) the partial execution of the share capital reduction resolution adopted by the Annual General Shareholders' Meeting of BBVA held on March 21, 2025, under item 3 of the Agenda, through the reduction of BBVA's share capital in a nominal amount of €26,615,214.85 and the consequent redemption, charged to unrestricted reserves, of the 54,316,765 BBVA shares of €0.49 par value each acquired derivatively by BBVA in execution of the aforementioned BBVA share buyback program and which were held as treasury shares.

   Share buyback programs in 2026

   First Framework Program

   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 (see Notes 24 and 25).

   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 (see Notes 24 and 25).

   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 (see Notes 24 and 25).

   Second Framework Program

   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.

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, 2026, the structure of the information by operating segment reported by the BBVA Group remains the same as that of the closing of 2025 financial year.

   The BBVA Group's operating areas or segments are 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 Garanti BBVA Group that is mainly carried out in this country and, to a lesser extent, in Romania and the Netherlands. As described in Note 3, Garanti BBVA has entered into an agreement to sell its subsidiaries in Romania.

   • 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.

   The accompanying Interim Consolidated Management Report presents the condensed consolidated income statements, as well as the main figures of the consolidated balance sheets by operating segments.

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, 2026 do not differ significantly from those included in Note 7 of the consolidated financial statements of the Group for the year ended December 31, 2025.

   1. Risk 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 (hereinafter, "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, 2025.

      Macroeconomic and geopolitical risks

      The Group is sensitive to the deterioration of economic conditions and the alteration of the institutional environment of the countries in which it operates, and is exposed to sovereign debt, particularly in Spain, Mexico and Turkey.

      The global economy is undergoing significant challenges, due in part to the policies of the U.S. administration and, more recently, the conflict in Iran. Uncertainty surrounding their consequences is exceptionally high, substantially increasing geopolitical, economic, and financial risks.

      Tensions in the Middle East have led to increases in 2026 in the prices of oil, gas, and other energy-intensive goods. A prolonged escalation of the conflict may result in further volatility or sustained increases in global energy prices, generate strong inflationary pressures, increase financial volatility, weigh on economic growth, and potentially contribute to a global economic slowdown while constraining the policy space of major central banks. These risks are compounded by the continuation of the conflict in Ukraine and the potential reactivation of other geopolitical flashpoints, such as the Arctic, or developments in Latin America linked to possible interventions by the U.S. administration. In response to these risks and to 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.

      The increase in U.S. tariffs on imports from its trading partners under the current U.S. administration has also triggered financial market volatility, reinforcing global risks. High uncertainty regarding the final level and duration of these tariffs could negatively impact the global economy, worsening the macroeconomic environment. As a result of adopted or announced tariffs, global growth could decelerate significantly.

      While fiscal and monetary policies could partially offset the effects of global protectionism, notably 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, weakened confidence levels, and financial volatility, among other factors.

      Rising tariffs also increase 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 the ECB's ability to lower rates if warranted by activity.

      Beyond import tariffs, tighter controls on migration flows could also affect the labor market in the United States, add to inflationary pressures, and weigh on economic growth. Potential changes in the U.S. administration's fiscal, monetary, regulatory, industrial, and foreign policies, together with the uncertainty surrounding the upcoming midterm elections, could likewise contribute to increased financial and macroeconomic volatility. This is compounded by concerns regarding the potential consideration by the Federal Reserve of political factors in its decision-making.

      Amid growing uncertainty surrounding U.S. policies and the widening fiscal deficit, the U.S. risk premium could continue to rise, pushing up long-term sovereign yields and further weakening the U.S. dollar. These developments could trigger episodes of volatility, especially given the high public debt levels in both advanced and emerging economies, and the political uncertainty and social unrest in some European countries. Additionally, the relatively high valuations of AI-related assets constitute an additional source of uncertainty, with potential implications in the financial markets.

      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, among others, to the following general risks related to the economic and institutional environment in the countries where it operates: a deterioration 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; extreme weather and climate-related factors; 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 even 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 uncertainty arising, in part, from the upcoming general elections in Spain, may have a negative impact on activity. In Mexico, there is considerable uncertainty regarding the impact of the constitutional reforms implemented in 2025, as well as the policies of the U.S. administration and the outcome of the review of the United States-Mexico-Canada free trade agreement (USMCA). 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. Political and social tensions could also trigger new episodes of financial volatility and macroeconomic risks. Moreover, uncertainty remains over the final impact of the geopolitical situation in the Middle East. In South America, ongoing and potential interventionist actions by the United States in some of its countries constitute a significant source of risk. In Argentina, despite the improved prospects for the economy following significant fiscal, monetary and exchange rate adjustments, the risk of economic and financial turmoil persists. Lastly, in Colombia and Peru, the severity of extreme climate-related events, the deterioration in public security conditions, and the worsening of public finances could weigh on economic performance.

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

   2. Credit 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, 2026 do not differ significantly from those included in Note 7 of the consolidated financial statements of the Group for the year ended December 31, 2025.

   Credit risk exposure

   The BBVA Group's credit risk exposure by headings in the consolidated balance sheets as of September 30, 2026 and December 31, 2025 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)
   		September
   	Notes	2026	Stage 1	Stage 2	Stage 3
   Financial assets held for trading		115,671
   Equity instruments	9	10,889
   Debt securities	9	34,236
   Loans and advances	9	70,545
   Non-trading financial assets mandatorily at fair value through profit or loss		13,504
   Equity instruments	10	12,379
   Debt securities	10	320
   Loans and advances	10	805
   Financial assets designated at fair value through profit or loss	11	831
   Derivatives (trading and hedging)		55,088
   Financial assets at fair value through other comprehensive income		59,851
   Equity instruments	12	591
   Debt securities		58,395	58,395	-	-
   Loans and advances		864	292	573	-
   Financial assets at amortized cost		665,082	616,584	32,632	15,866
   Debt securities		79,278	79,238	-	40
   Loans and advances to central banks		11,913	11,913	-	-
   Loans and advances to credit institutions		33,123	33,097	26	-
   Loans and advances to customers		540,767	492,335	32,606	15,826
   Total financial assets risk		910,026
   Total loan commitments and financial guarantees		383,260	371,808	10,752	700
   Loan commitments given	28	278,904	270,663	7,997	243
   Financial guarantees given	28	27,518	26,678	722	118
   Other commitments given	28	76,839	74,466	2,034	339
   Total maximum credit exposure		1,293,286

   MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)
   		December
   	Notes	2025	Stage 1	Stage 2	Stage 3
   Financial assets held for trading		90,634
   Equity instruments	9	9,901
   Debt securities	9	30,846
   Loans and advances	9	49,887
   Non-trading financial assets mandatorily at fair value through profit or loss		11,272
   Equity instruments	10	10,539
   Debt securities	10	192
   Loans and advances	10	541
   Financial assets designated at fair value through profit or loss	11	1,006
   Derivatives (trading and hedging)		49,141
   Financial assets at fair value through other comprehensive income		58,919
   Equity instruments	12	1,360
   Debt securities		57,046	57,020	-	25
   Loans and advances		513	24	488	-
   Financial assets at amortized cost		581,271	536,123	30,765	14,383
   Debt securities		73,429	73,387	5	37
   Loans and advances to central banks		10,881	10,881	-	-
   Loans and advances to credit institutions		24,263	24,230	34	-
   Loans and advances to customers		472,697	427,625	30,727	14,346
   Total financial assets risk		792,242
   Total loan commitments and financial guarantees		312,578	303,063	8,839	676
   Loan commitments given	28	227,554	220,990	6,385	179
   Financial guarantees given	28	24,865	23,988	739	138
   Other commitments given	28	60,159	58,084	1,715	359
   Total maximum credit exposure		1,104,820

   CHANGES IN IMPAIRED FINANCIAL ASSETS AND GUARANTEES GIVEN (MILLIONS OF EUROS)

   (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.

   The changes during the nine months ended September 30, 2026 and the year ended December 31, 2025 of impaired assets (financial assets; financial guarantees given and other commitments given) are as follows:

   	September 2026	December 2025
   Balance at the beginning of the period	14,900	14,891
   Additions	11,530	13,143
   Decreases ⁽¹⁾	(5,598)	(6,893)
   Net additions	5,932	6,250
   Amounts written-off	(3,903)	(4,534)
   Exchange differences and other	(608)	(1,708)
   Balance at the end of the period	16,321	14,900

   Loss allowances

   CHANGES IN LOSS ALLOWANCES OF LOANS AND ADVANCES AT AMORTIZED COST AND FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (MILLIONS OF EUROS)

   Below are the changes in the nine months ended September 30, 2026, and the year ended December 31, 2025 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 fair value with changes through other comprehensive income and in loans and advances at amortized cost:

   	September 2026	December 2025
   Balance at the beginning of the period	(12,394)	(11,630)
   Increase in loss allowances charged to income	(10,297)	(10,899)
   Stage 1	(1,702)	(1,761)
   Stage 2	(1,667)	(1,433)
   Stage 3	(6,928)	(7,706)
   Decrease in loss allowances charged to income	4,869	4,780
   Stage 1	1,812	1,245
   Stage 2	1,025	1,058
   Stage 3	2,032	2,476
   Transfer to written-off loans, exchange differences and other	4,413	5,356
   Balance at the end of the period	(13,408)	(12,394)

   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 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. In this regard, with respect to the estimates for expected losses, the provisions described in Note 7 to the consolidated financial statements for the year 2025 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.

   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 the evaluation by the relevant Global Risk Management Committee (hereinafter, "GRMC") as described in the General risk management and control model chapter of the Consolidated Management Report for the year 2025.

   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.

7. ‌Fair value of financial instruments

   The criteria and valuation methods used to estimate the fair value of financial instruments as of September 30, 2026 do not differ significantly from those included in Note 8 to the consolidated financial statements for the year ended December 31, 2025.

   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, 2025.

   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 for 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, 2025.

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

      FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. SEPTEMBER 2026 (MILLIONS OF EUROS)

      The fair value of the Group's financial instruments recognized at fair value in 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, 2026 and December 31, 2025:

      				Fair value
      	Notes	Book value	Level 1	Level 2	Level 3
      ASSETS
      Financial assets held for trading	9	154,537	32,244	119,180	3,112
      Derivatives		38,866	1,629	36,297	940
      Equity instruments		10,889	10,604	51	234
      Debt securities		34,236	20,010	13,657	569
      Loans and advances		70,545	1	69,175	1,369
      Non-trading financial assets mandatorily at fair value through profit or 10 13,504 11,165 891 1,448
      loss
      Equity instruments		12,379	10,965	125	1,289
      Debt securities		320	200	119	1
      Loans and advances		805	-	646	158
      Financial assets designated at fair value through profit or loss	11	831	830	-	-
      Debt securities		831	830	-	-
      Financial assets at fair value through other comprehensive income	12	59,741	50,979	5,354	3,407
      Equity instruments		591	262	86	243
      Debt securities		58,359	50,694	5,000	2,665
      Loans and advances		790	24	268	499
      Derivatives - Hedge accounting		775	-	775	-
      LIABILITIES
      Financial liabilities held for trading	9	126,627	12,384	112,572	1,672
      Trading derivatives		35,755	1,512	33,185	1,058
      Short positions		11,058	10,871	185	1
      Deposits		79,815	-	79,201	614
      Financial liabilities designated at fair value through profit or loss	11	21,567	44	19,388	2,135
      Deposits from credit institutions		-	-	-	-
      Customer deposits		843	-	843	-
      Debt certificates issued		6,883	44	4,703	2,135
      Other financial liabilities		13,841	-	13,841	-
      Derivatives - Hedge accounting		2,288	-	2,274	14

      				Fair value
      	Notes	Book value	Level 1	Level 2	Level 3
      ASSETS
      Financial assets held for trading	9	123,185	30,045	90,885	2,254
      Derivatives		32,551	955	30,829	768
      Equity instruments		9,901	9,536	158	208
      Debt securities		30,846	19,555	10,686	605
      Loans and advances		49,887	-	49,213	673
      Non-trading financial assets mandatorily at fair value through profit or 10 11,272 3,946 5,732 1,594
      loss
      Equity instruments		10,539	3,817	5,341	1,380
      Debt securities		192	128	63	-
      Loans and advances		541	-	328	213
      Financial assets designated at fair value through profit or loss	11	1,006	1,004	2	-
      Debt securities		1,006	1,004	2	-
      Financial assets at fair value through other comprehensive income	12	58,809	52,134	4,760	1,915
      Equity instruments		1,360	1,015	107	237
      Debt securities		57,001	51,095	4,652	1,255
      Loans and advances		448	24	1	423
      Derivatives - Hedge accounting		570	-	570	-
      LIABILITIES
      Financial liabilities held for trading	9	91,917	14,129	76,334	1,454
      Trading derivatives		30,345	1,131	28,021	1,193
      Short positions		13,100	12,999	102	-
      Deposits		48,472	-	48,211	261
      Financial liabilities designated at fair value through profit or loss	11	18,417	-	16,284	2,133
      Deposits from credit institutions		-	-	-	-
      Customer deposits		897	-	897	-
      Debt certificates issued		5,997	-	3,864	2,133
      Other financial liabilities		11,524	-	11,524	-
      Derivatives - Hedge accounting		1,933	-	1,926	7

      FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. DECEMBER 2025 (MILLIONS OF EUROS)

   2. Fair value of financial instruments recognized at amortized cost according to valuation method

      FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. SEPTEMBER 2026 (MILLIONS OF EUROS)

      ASSETS

      (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 2025 (MILLIONS OF EUROS)

      ASSETS

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

      Below is shown the fair value of the Group's financial instruments in 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, 2026 and December 31, 2025:

      Notes Book value	Fair value
      	Carrying amount presented as fair value ⁽¹⁾	Level 1	Level 2	Level 3	Total

      Cash, cash balances at central banks and other demand deposits	8	62,933	62,933	-	-	-	62,933
      Financial assets at amortized cost	13	651,701	48,291	68,710	32,518	497,228	646,746
      Debt securities		79,232	-	68,710	6,369	1,885	76,964
      Loans and advances		572,470	48,291	-	26,148	495,343	569,782
      LIABILITIES
      Financial liabilities at amortized cost	20	739,518	429,006	51,836	121,186	137,756	739,784
      Deposits		605,642	406,004	-	63,273	135,847	605,124
      Debt certificates issued		110,874	-	51,836	57,913	1,910	111,659
      Other financial liabilities		23,001	23,001	-	-	-	23,001

      Notes Book value	Fair value
      	Carrying amount presented as fair value ⁽¹⁾	Level 1	Level 2	Level 3	Total

      Cash, cash balances at central banks and other demand deposits	8	58,837	58,837	-	-	-	58,837
      Financial assets at amortized cost	13	568,893	40,224	65,255	25,873	437,577	568,929
      Debt securities		73,379	-	65,255	6,526	1,322	73,103
      Loans and advances		495,513	40,224	-	19,347	436,255	495,826
      LIABILITIES
      Financial liabilities at amortized cost	20	658,599	416,378	42,578	86,123	115,369	660,447
      Deposits		556,498	396,119	-	49,084	112,053	557,256
      Debt certificates issued		81,842	-	42,578	37,039	3,316	82,932
      Other financial liabilities		20,258	20,258	-	-	-	20,258

      CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEMAND DEPOSITS (MILLIONS OF EUROS)

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

   	September 2026	December 2025
   Cash on hand	6,770	8,050
   Cash balances at central banks	46,113	42,856
   Other demand deposits	10,050	7,931
   Total	62,933	58,837

   FINANCIAL ASSETS AND LIABILITIES HELD FOR TRADING (MILLIONS OF EUROS)

   (1) The variation is mainly due to the evolution of "Reverse repurchase agreements" of BBVA, S.A. partially offset by the evolution of "Repurchase agreements" principally of BBVA, S.A.

9. ‌Financial assets and liabilities held for trading

   	Notes	September 2026	December 2025
   ASSETS
   Derivatives		38,866	32,551
   Equity instruments	6.2	10,889	9,901
   Debt securities	6.2	34,236	30,846
   Loans and advances (1)	6.2	70,545	49,887
   Total assets	7	154,537	123,185
   LIABILITIES
   Derivatives		35,755	30,345
   Short positions		11,058	13,100
   Deposits (1)		79,815	48,472
   Total liabilities	7	126,627	91,917

   NON-TRADING FINANCIAL ASSETS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS (MILLIONS OF EUROS)

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

    		September	December
    	Notes	2026	2025
    Equity instruments	6.2	12,379	10,539
    Debt securities	6.2	320	192
    Loans and advances	6.2	805	541
    Total	7	13,504	11,272

    FINANCIAL ASSETS AND LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (MILLIONS OF EUROS)

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

    		September	December
    	Notes	2026	2025
    ASSETS
    Debt securities	6.2 / 7	831	1,006
    Total assets	7	831	1,006
    LIABILITIES
    Customer deposits		843	897
    Debt certificates issued		6,883	5,997
    Other financial liabilities: Unit-linked products		13,841	11,524
    Total liabilities	7	21,567	18,417

    FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (MILLIONS OF EUROS)

    (1) The variation is mainly due to the reduction in the stake held by the Group in Telefónica, S.A.

12. ‌Financial assets at fair value through other comprehensive income

    		September	December
    	Notes	2026	2025
    Equity instruments (1)	6.2	591	1,360
    Debt securities		58,359	57,001
    Loans and advances		790	448
    Total	7	59,741	58,809
    Of which: loss allowances of debt securities		(36)	(45)
    Of which: loss allowances of loans and advances		(74)	(65)

13. ‌Financial assets at amortized cost

    FINANCIAL ASSETS AT AMORTIZED COST (MILLIONS OF EUROS)
    	Notes	September 2026	December 2025
    Debt securities		79,232	73,379
    Loans and advances to central banks		11,901	10,869
    Loans and advances to credit institutions		33,114	24,244
    Loans and advances to customers		527,455	460,401
    General governments		31,688	25,905
    Other financial corporations		32,395	23,522
    Non-financial corporations		256,805	217,390
    Other		206,568	193,583
    Total	7	651,701	568,893
    Of which: impaired assets of loans and advances to customers	6.2	15,826	14,346
    Of which: loss allowances of loans and advances	6.2	(13,334)	(12,329)
    Of which: loss allowances of debt securities		(46)	(49)

    During 2025, the Group made a payment corresponding to the Interest Margin and Commission 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 each of December 31, 2025 and September 30, 2026, an asset for the amount disbursed (€295 million) was recorded under the "General governments" heading within the "Financial assets at amortized cost - Loans and advances to customers" item in the balance sheet as of each such dates.

14. ‌Investments in joint ventures and associates

    JOINT VENTURES AND ASSOCIATES (MILLIONS OF EUROS)
    	September 2026	December 2025
    Joint ventures	198	111
    Associates	783	883
    Total	981	994

15. ‌Tangible assets

    TANGIBLE ASSETS. BREAKDOWN BY TYPE (MILLIONS OF EUROS)
    	September 2026	December 2025
    Property, plant and equipment	9,509	9,247
    For own use	8,614	8,367
    Land and buildings	6,603	6,377
    Work in progress	87	83
    Furniture, fixtures and vehicles	7,479	7,029
    Right to use assets	2,985	2,683
    Accumulated depreciation	(8,392)	(7,659)
    Impairment	(148)	(146)
    Leased out under an operating lease	895	879
    Assets leased out under an operating lease	1,154	1,085
    Accumulated depreciation	(259)	(206)
    Investment property	254	235
    Building rental	256	215
    Other	1	1
    Right to use assets	236	251
    Accumulated depreciation	(143)	(135)
    Impairment	(96)	(97)
    Total	9,763	9,482

16. ‌Intangible assets

    INTANGIBLE ASSETS (MILLIONS OF EUROS)
    	September 2026	December 2025
    Goodwill	752	715
    Other intangible assets	2,451	2,140
    Computer software acquisition expense	2,397	2,105
    Other intangible assets with an infinite useful life	8	8
    Other intangible assets with a definite useful life	46	27
    Total	3,203	2,856

    Goodwill

    As of September 30, 2026 and December 31, 2025, the principal amount of the goodwill relates to the cash-generating unit (hereinafter "CGU") of Mexico for an amount of €567 million and €553 million, respectively.

    Impairment Test

    As mentioned in Note 2.2.7 to the consolidated financial statements for the year ended December 31, 2025, 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, 2026, no indicators of impairment have been identified in any CGU.

17. ‌Tax

    TAX ASSETS AND LIABILITIES (MILLIONS OF EUROS)
    	September 2026	December 2025
    Tax assets
    Current tax assets	3,083	3,998
    Deferred tax assets	14,317	13,869
    Total	17,400	17,867
    Tax liabilities
    Current tax liabilities	1,804	1,480
    Deferred tax liabilities	3,024	2,540
    Total	4,828	4,020

    As of September 30, 2026 and December 31, 2025, current tax liabilities include, among other things, the outstanding amount of the Interest Margin and Commission Tax (IMIC) applicable to certain financial entities. Specifically, as of September 30, 2026, current tax liabilities comprise both the amount of IMIC payable for the 2025 financial year -whose total amount, after the update derived from the Corporate Income Tax Return for the year 2025 amounts to €296 million- and the amount accrued for the first nine months of 2026, which as of September 30, 2026, amounts to approximately €225 million. This is recognized under the heading "Tax expense or income related to profit or loss from continuing operations", in accordance with its classification as an income tax under IAS 12, given its characteristics as a direct tax, whose taxable event is the generation within Spanish territory of a positive net interest margin and commissions during the tax period.

18. ‌Other assets and liabilities

    OTHER ASSETS AND LIABILITIES (MILLIONS OF EUROS)
    	September 2026	December 2025
    ASSETS
    Inventories	1,335	1,307
    Transactions in progress	176	182
    Accruals	2,796	2,101
    Other items	1,574	1,395
    Total	5,881	4,985
    LIABILITIES
    Transactions in progress	312	346
    Accruals	4,168	3,463
    Other items	3,512	1,900
    Total	7,992	5,709

    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)

    1. The balance as of September 2026 corresponds mainly to the stake in the Romanian subsidiary of Garanti Bank (see Note 3).

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

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

    	September	December
    	2026	2025
    ASSETS
    Foreclosures and recoveries	792	743
    Other assets from tangible assets	324	473
    Companies held for sale ⁽¹⁾	4,130	55
    Accrued amortization ⁽²⁾	(64)	(58)
    Impairment losses	(319)	(504)
    Total	4,863	709
    LIABILITIES
    Companies held for sale ⁽¹⁾	3,466	-
    Total	3,466	-

20. ‌Financial liabilities at amortized cost
    1. Breakdown of the balance

       FINANCIAL LIABILITIES AT AMORTIZED COST (MILLIONS OF EUROS)
       	Notes	September 2026	December 2025
       Deposits		605,642	556,498
       Deposits from central banks		20,010	17,226
       Demand deposits		930	7
       Time deposits and other		12,896	13,774
       Repurchase agreements		6,184	3,445
       Deposits from credit institutions		46,069	36,771
       Demand deposits		7,333	6,764
       Time deposits and other		21,456	16,700
       Repurchase agreements		17,280	13,307
       Customer deposits		539,563	502,501
       Demand deposits		364,428	360,682
       Time deposits and other		153,794	127,397
       Repurchase agreements		21,342	14,422
       Debt certificates issued		110,874	81,842
       Other financial liabilities		23,001	20,258
       Total	7	739,518	658,599

    2. Debt certificates

       DEBT CERTIFICATES ISSUED (MILLIONS OF EUROS)
       	September 2026	December 2025
       In Euros	52,830	42,070
       Promissory bills and notes	6,816	5,379
       Non-convertible bonds and debentures	17,978	15,860
       Covered bonds	5,566	3,371
       Hybrid financial instruments (1)	1,840	1,160
       Securitization bonds	4,330	3,203
       Wholesale funding	8,103	3,688
       Subordinated liabilities	8,197	9,409
       Convertible perpetual certificates	2,750	3,750
       Other non-convertible subordinated liabilities	5,447	5,659
       In foreign currencies	58,044	39,773
       Promissory bills and notes	5,521	2,781
       Non-convertible bonds and debentures	19,780	13,302
       Covered bonds	107	94
       Hybrid financial instruments (1)	12,696	7,914
       Securitization bonds	-	-
       Wholesale funding	7,603	4,142
       Subordinated liabilities	12,338	11,540
       Convertible perpetual certificates	3,523	2,553
       Other non-convertible subordinated liabilities	8,813	8,986
       Total	110,874	81,842
       (1) Corresponds to structured note issuances with embedded derivatives that have been segregated according to IFRS 9.

    3. Other financial liabilities

       OTHER FINANCIAL LIABILITIES (MILLIONS OF EUROS)
       	September 2026	December 2025
       Lease liabilities	1,501	1,463
       Creditors for other financial liabilities	6,261	4,597
       Collection accounts	3,914	4,450
       Creditors for other payment obligations (1)	11,326	9,748
       Total	23,001	20,258
       (1) This caption includes the amount of the interim dividend paid on October 15, 2026 (see Note 4).

21. ‌Assets and liabilities under insurance and reinsurance contracts

    As of September 30, 2026 and December 31, 2025, the balance under the heading "Insurance and reinsurance assets" amounted to €264 million and €198 million, respectively.

    LIABILITIES UNDER INSURANCE AND REINSURANCE CONTRACTS (MILLIONS OF EUROS)

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

    	September	December
    	2026	2025
    Liabilities for remaining coverage	11,579	11,456
    Liabilities for incurred claims	1,505	1,304
    Total	13,084	12,760

22. ‌Provisions

    PROVISIONS. BREAKDOWN BY CONCEPTS (MILLIONS OF EUROS)
    	September 2026	December 2025
    Provisions for pensions and similar obligations	2,063	2,267
    Other long term employee benefits	388	332
    Provisions for taxes and other legal contingencies	736	805
    Provisions for commitments and guarantees given	760	725
    Other provisions (1)	306	293
    Total	4,253	4,422
    (1) Individually non-significant provisions for various concepts and corresponding to different geographical areas.

23. ‌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 2026, there have been no significant changes in the Group's post-employment commitments.

    CONDENSED CONSOLIDATED INCOME STATEMENT IMPACT (MILLIONS OF EUROS)

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

    		September	September
    	Notes	2026	2025
    Interest income and expense		111	89
    Personnel expense		186	147
    Defined contribution plan expense	35.1	142	111
    Defined benefit plan expense	35.1	44	36
    Provisions or reversal of provisions	37	(1)	3
    Total expense (income)		296	239

24. ‌Capital

    As of September 30, 2026 and December 31, 2025, BBVA's share capital amounted to €2,700,323,995.53 and

    €2,797,394,663.00 divided into 5,510,865,297 and 5,708,968,700 shares, respectively. This variation has resulted from the partial executions of the capital reduction resolution adopted by the BBVA Annual General Shareholders' Meeting held on March 20, 2026, under item five of its agenda, which were communicated through Other Relevant Information notices (Otra Información Relevante) on March 31, June 24 and September 23, 2026 (see Note 4).

    As of such dates, all shares were fully subscribed and paid-up, of the same class and series, 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 Shareholders´ 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. ‌Retained earnings and other reserves

    RETAINED EARNINGS AND OTHER RESERVES (MILLIONS OF EUROS)
    	September 2026	December 2025
    Retained earnings	51,354	46,346
    Other reserves	(886)	203
    Total	50,469	46,550

26. ‌Accumulated other comprehensive income (loss)

    	September	December
    	2026	2025
    Items that will not be reclassified to profit or loss	(1,638)	(2,505)
    Actuarial gains (losses) on defined benefit pension plans	(1,659)	(1,396)
    Non-current assets and disposal groups classified as held for sale	1	-

    Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk	(29)	(127)
    Items that may be reclassified to profit or loss	(16,048)	(16,366)
    Hedge of net investments in foreign operations (effective portion)	(3,475)	(3,117)
    Mexican peso	(3,919)	(3,454)
    Turkish lira	482	368
    Other exchanges	(37)	(31)
    Foreign currency translation	(11,785)	(13,340)
    Mexican peso	(2,583)	(3,139)
    Turkish lira	(6,432)	(6,625)
    Argentine peso	(511)	(832)
    Venezuelan bolivar	(1,901)	(1,910)
    Other exchanges	(359)	(834)
    Hedging derivatives. Cash flow hedges (effective portion)	282	311

    ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). BREAKDOWN BY CONCEPTS (MILLIONS OF EUROS)

    Fair value changes of equity instruments measured at fair value through other comprehensive income

    49

    (983)

    Fair value changes of debt instruments measured at fair value through other comprehensive income

    Hedging instruments (non-designated items)

    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

    (1,065)

    33

    (38)

    -

    (209)

    (4)

    -

    (7)

    Total (17,686) (18,871)

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

MINORITY INTERESTS (NON-CONTROLLING INTERESTS). BREAKDOWN BY SUBGROUPS (MILLIONS OF EUROS)

1. ‌Minority interests (non-controlling interests)