Overview The BBVA Group is a customer-centric global financial services group founded in 1857. Internationally diversified and with strengths in the traditional banking businesses of retail banking, asset management and wholesale banking, the Group is committed to offering a compelling digital proposition focused on customer experience. BBVA has a leadership position in the Spanish market, it is the largest financial institution in Mexico in terms of assets, it has leading franchises in South America and it is the majority shareholder in Garanti BBVA, Turkey’s largest bank in terms of market capitalization. BBVA also has considerable corporate and investment banking activity in the United States. On May 18, 2022, BBVA closed its voluntary takeover bid for the entire share capital of Garanti BBVA, which resulted in BBVA increasing its stake in Garanti BBVA from 49.85% to 85.97%. The BBVA Group operates in Spain through Banco Bilbao Vizcaya Argentaria, S.A., 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. In addition to the transactions it carries out directly, Banco Bilbao Vizcaya Argentaria, S.A. is the parent company of the BBVA Group, which includes a group of subsidiaries, joint ventures and associates performing a wide range of activities. 79 Critical Accounting Policies The Consolidated Financial Statements as of and for the years ended December 31, 2025, 2024 and 2023 were prepared by the Bank’s directors in compliance with IFRS-IASB and in accordance with EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2017, and by applying the basis of consolidation, accounting policies and measurement bases described in Note 2 to the Consolidated Financial Statements, so that they present fairly the Group’s total equity and financial position as of December 31, 2025, 2024 and 2023, and its results of operations and consolidated cash flows for the years ended December 31, 2025, 2024 and 2023. The Consolidated Financial Statements were prepared on the basis of the accounting records kept by the Bank and by each of the other Group companies and include the adjustments and reclassifications required to unify the accounting policies and measurement bases used by the Group. See Note 2.2 to the Consolidated Financial Statements. In preparing the Consolidated Financial Statements, estimates were made by the Group and the consolidated companies in order to quantify certain of the assets, liabilities, income, expense and commitments reported herein. These estimates relate mainly to the following: •The loss allowance of certain financial assets. •The assumptions used in the valuation of insurance and reinsurance contracts, to quantify certain provisions and the actuarial calculation of the post-employment benefit liabilities and commitments. •The useful life and impairment losses of tangible and intangible assets and impairment losses on non-current assets held for sale. •The valuation of goodwill and price allocation of business combinations. •The fair value of certain unlisted financial assets and liabilities. •The recoverability of deferred tax assets and the estimate for the corporate income tax. Although these estimates were made on the basis of the best information available as of December 31, 2025, 2024 and 2023, respectively, events that take place in the future might make it necessary to revise these estimates (upwards or downwards), which revisions would be carried out prospectively in coming years. Any such changes would be recorded prospectively, recognizing the effects of the change in estimation in the corresponding consolidated financial statements. The BBVA Group is working on its estimation models so that they consider and reflect how climate risk and other climate-related matters can affect the consolidated financial statements, cash flows and financial performance of the Group. The relevant estimates and judgments are being taking into account when preparing the consolidated financial statements of the BBVA Group and, where relevant, they are mentioned in the corresponding Notes to the Consolidated Financial Statements. Further, recent greater macroeconomic and geopolitical uncertainties have resulted in greater complexity in developing reliable estimates and applying judgment. During 2025 there have been no other significant changes in the estimates made as of December 31, 2024 and 2023, with the exception of those indicated in the Consolidated Financial Statements. Note 2 to the Consolidated Financial Statements contains a summary of our significant accounting policies. We consider certain of our critical accounting policies to be particularly important due to their effect on the financial reporting of our financial condition and results of operations and because they require management to make difficult, complex or subjective judgments, some of which may relate to matters that are inherently uncertain. Our reported financial condition and results of operations are sensitive to accounting methods, assumptions and estimates that underlie the preparation of the Consolidated Financial Statements. The nature of critical accounting policies, the judgments and other uncertainties affecting application of those policies and the sensitivity of reported results to changes in conditions and assumptions are factors to be considered when reviewing the Consolidated Financial Statements and the discussion below. For information on the estimates made by the Group in preparing the Consolidated Financial Statements, see Note 1.4 to the Consolidated Financial Statements. We have identified the accounting policies enumerated below as critical to the understanding of our financial condition and results of operations, since the application of these policies requires significant management assumptions and estimates that could result in materially different amounts to be reported if the assumptions used or underlying circumstances were to change. See Note 2.3 to the Consolidated Financial Statements for information on changes to IFRS or their interpretation that were not yet effective as of December 31, 2025. 80 Financial instruments Loss allowance of certain financial assets The “expected losses” impairment model is applied to financial assets valued at amortized cost, debt instruments valued at fair value with changes in accumulated other comprehensive income, financial guarantee contracts and other commitments. All financial instruments valued at fair value through profit or loss are excluded from the impairment model. The standard classifies financial instruments into three categories, which depend on the evolution of their credit risk from the moment of initial recognition and which establish the calculation of the credit risk allowance. –Stage 1 – without significant increase in credit risk Financial assets which are not considered to have significantly increased in credit risk have loss allowances measured at an amount equal to the expected credit loss that arises from all possible default events within 12 months following the presentation date of the financial statements (12 month expected credit losses). –Stage 2 – significant increases in credit risk When the credit risk of a financial asset has increased significantly since the initial recognition, the loss allowances of that financial instrument is calculated as the expected credit loss during the entire life of the asset. That is, they are the expected credit losses that result from all possible default events during the expected life of the financial instrument. During 2024, the criteria for identifying significant increases in credit risk were reviewed and updated. As part of this update, certain short-term portfolio transactions as well as those meeting the expanded definition of the low credit risk exception (see Note 2.2.1 to the Consolidated Financial Statements) were exempted from transfer to Stage 2 based on certain quantitative criteria. These changes led to a significant reduction in the Stage 2 balance at the Group level during the last quarter of 2024, with the impact of these measures primarily concentrated in Banco Bilbao Vizcaya Argentaria, S.A. –Stage 3 – impaired When there is objective evidence that the instrument is credit-impaired, the financial asset is transferred to this category in which the provision for losses of that financial instrument is calculated, as in Stage 2, as the expected credit loss during the entire life of the asset. When the recovery of any recognized amount is considered remote, such amount is written-off on the consolidated balance sheet, without prejudice to any actions that may be taken in order to collect the amount until the rights extinguish in full either because it is time-barred debt, the debt is forgiven, or other reasons. Fair value of financial instruments The fair value of an asset or a liability on a given date is taken to be the price that would be received upon the sale of an asset, or paid, upon the transfer of a liability in an orderly transaction between market participants at the measurement date. The most objective and common reference for the fair value of an asset or a liability is the price that would be paid for it on an organized, transparent and deep market (“quoted price” or “market price”). If there is no market price for a given asset or liability, its fair value is estimated on the basis of the price established in recent transactions involving similar instruments and, in the absence thereof, by using mathematical measurement models sufficiently tried and trusted by the international financial community. Such estimates would take into consideration the specific features of the asset or liability to be measured and, in particular, the various types of risk associated with the asset or liability. However, the limitations inherent to the measurement models developed and the possible inaccuracies of the assumptions required by these models may signify that the fair value of an asset or liability thus estimated does not coincide exactly with the price for which the asset or liability could be purchased or sold on the date of its measurement. See Notes 2.2.1 and 8 to the Consolidated Financial Statements, which contain a summary of our significant accounting policies. Derivatives and other future transactions These instruments include outstanding foreign currency purchase and sale transactions, outstanding securities purchase and sale transactions, futures transactions relating to securities, exchange rates or interest rates, forward interest rate agreements, options relating to exchange rates, securities or interest rates and various types of financial swaps. 81 All derivatives are recognized on the balance sheet at fair value from the date of arrangement. If the fair value of a derivative is positive, it is recorded as an asset and if it is negative, it is recorded as a liability. Unless there is evidence to the contrary, it is understood that on the date of arrangement, the fair value of the derivatives is equal to the transaction price. Changes in the fair value of derivatives after the date of arrangement are recognized in the heading “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net” in the consolidated income statement. Specifically, the fair value of the standard financial derivatives included in the held for trading portfolios is equal to their daily quoted price. If, under exceptional circumstances, their quoted price cannot be established on a given date, these derivatives are measured using methods similar to those used to measure over-the-counter (“OTC”) derivatives. The fair value of OTC derivatives is equal to the sum of the future cash flows arising from the instruments discounted at the measurement date (“present value” or “theoretical value”). These derivatives are measured using methods recognized by the financial markets, including the net present value method and option price calculation models. Financial derivatives that have equity instruments as their underlying, whose fair value cannot be determined in a sufficiently objective manner and are settled by delivery of those instruments, are measured at cost, although the amortized cost criteria is not used when accounting for these instruments. Financial derivatives designated as hedging items are included in the heading of the balance sheet “Derivatives - Hedge accounting”. These financial derivatives are valued at fair value. See Note 2.2.1 to the Consolidated Financial Statements, which contains a summary of our significant accounting policies with respect to these instruments. Goodwill in consolidation Pursuant to IFRS 3, if the difference on the date of a business combination between the sum of the consideration transferred, the amount of all the non-controlling interests and the fair value of equity interest previously held in the acquired entity, on one hand, and the fair value of the assets acquired and liabilities assumed, on the other hand, is positive, it is recorded as goodwill on the asset side of the balance sheet. Goodwill represents the advance payment made by the entity for future economic benefits, from assets that have not been individually identified nor separately recognized in a business combination. Goodwill is allocated to one or more cash-generating units (CGUs), that will benefit from the synergies arising from business combinations. CGUs represent the smallest identifiable groups of assets that generate cash flows for the Group. Goodwill is not amortized and is subject periodically to an impairment analysis, comparing the carrying amount of the relevant CGU - adjusted by the amount of goodwill attributable to minority interests, in the event that the Group has not chosen to measure minority interests at fair value, with its recoverable amount. If the difference is negative, it is recognized directly in the income statement under the heading “Negative goodwill recognized in profit or loss”. The recoverable amount of a CGU is equal to the fair value less sale costs or its value in use, whichever is greater. Value in use is calculated as the discounted value of the cash flow projections that the unit’s management estimates and is based on the latest budgets approved for the coming years. The main assumptions used in its calculation are: a growth rate to extrapolate the cash flows indefinitely, and the discount rate used to discount the cash flows, which is equal to the cost of the capital assigned to each CGU, and equivalent to the sum of the risk-free rate plus a risk premium inherent to the CGU being evaluated for impairment. If the carrying amount of the CGU exceeds the related recoverable amount, the Group recognizes an impairment loss. See Notes 2.1 and 2.2.7 to the Consolidated Financial Statements, which contain a summary of our significant accounting policies related to goodwill. 82 The recoverable amounts of all the CGUs were in excess of their carrying value as of December 31, 2025, December 31, 2024 and December 31, 2023. Mexico CGU Most of the Group’s goodwill balance corresponds to the CGU in Mexico. The impairment test used the cash flow projections estimated by the Group’s management, based on the latest budgets available for the next five years. As of December 31, 2025, the Group used a growth rate of 5.2% (5.5% as of December 31, 2024 and 5.6% as of December 31, 2023) to extrapolate the cash flows in perpetuity starting in the fifth year, based on the real GDP growth rate of Mexico, expected inflation and the potential growth of the banking sector in Mexico. The rate used to discount cash flows is the cost of capital assigned to the CGU, 16.7% as of December 31, 2025 (18.3% as of December 31, 2024 and 12.4% as of December 31, 2023). As of December 31, 2025, if the discount rate had increased or decreased by 50 basis points, the recoverable amount would have decreased or increased by 3% and 4%, respectively (3% and 3%, respectively, as of December 31, 2024, and 6% and 7%, respectively, as of December 31, 2023). If, as of December 31, 2025, the growth rate had increased or decreased by 50 basis points, the recoverable amount would have increased or decreased by 2% and 2%, respectively (2% and 2%, respectively, as of December 31, 2024, and 5% and 4%, respectively, as of December 31, 2023). The Group concluded there was no evidence of indicators of impairment that required recognizing significant impairment losses in the Mexico CGU. Insurance contracts For the years ended December 31, 2025, 2024 and 2023, the valuation method used by default for all insurance and reinsurance contracts was the General Model (Building Block Approach) based on IFRS 17, except in respect of contracts eligible to be valued under the Simplified Model (Premium Allocation Approach) or the Variable Fee Approach. The General Model requires that insurance contracts be initially valued for the total of fulfillment cash flows and the contractual service margin (CSM), each as further described in Note 2.2.8 to the Consolidated Financial Statements. Subsequently, the amount recognized in the consolidated balance sheet for each group of insurance contracts measured under this model comprises the liability for remaining coverage, which includes the aforementioned fulfillment cash flows and the contractual service margin, and the liability for incurred claims, which includes the cash flows from related to claims that have occurred, but have not been paid, discounted to reflect the time value of money, the financial risk associated with future cash flows, and a risk adjustment for non-financial risk that would represent the compensation required by the uncertainty associated with the amount and timing of the expected cash flows. See Notes 2.2.8 and 23 to the Consolidated Financial Statements, which contain a summary of our significant accounting policies and assumptions about our most significant insurance contracts. Post-employment benefits and other long-term commitments to employees Pension and post-retirement benefit costs and credits are based on actuarial calculations. Inherent in these calculations are assumptions including discount rates, rate of salary increase and expected return on plan assets. Changes in pension and post-retirement costs may occur in the future as a consequence of changes in interest rates, expected return on assets or other assumptions. See Notes 2.2.13 and 25 to the Consolidated Financial Statements, which contain a summary of our significant accounting policies about pension and post-retirement benefit costs and credits. Tax assets and liabilities Expenses on corporate income tax applicable to the BBVA Group’s Spanish entities and on similar income taxes applicable to consolidated foreign entities are recognized as an expense for the period in the consolidated income statement, except when they result from transactions on which the profits or losses are recognized directly in equity, in which case the related tax effect is also recognized in equity. The total corporate income tax expense is calculated by aggregating the current tax arising from the application of the corresponding tax rate as per the tax base for the year (after deducting the tax credits or discounts allowable for tax purposes) and the change in deferred tax assets and liabilities recognized in the consolidated income statement. Deferred tax assets and liabilities include temporary differences, the carryforward of unused tax losses and carryforward of unused tax credits or discount carry forwards. These amounts are calculated by applying to each temporary difference the tax rates that are expected to apply when the asset is realized or the liability settled. See Notes 2.2.9 and 19 to the Consolidated Financial Statements, which contain a summary of our significant accounting policies about tax assets and liabilities. 83 A. Operating Results Factors Affecting the Comparability of our Results of Operations and Financial Condition Set forth below are the main factors that affect the comparability of the Group’s results of operations and financial condition as of and for the years ended December 31, 2025, 2024 and 2023. Trends in Exchange Rates We are exposed to foreign exchange rate risk in that our reporting currency is the euro, whereas certain of our subsidiaries and investees have different functional and accounting currencies, principally the Mexican peso, Turkish lira, Argentine peso, Colombian peso, Peruvian sol and U.S. dollar. For example, if these currencies depreciate against the euro, when the results of operations of our subsidiaries in the countries using these currencies are included in our consolidated financial statements, the euro value of their results declines, even if, in local currency terms, their results of operations and financial condition have remained the same. By contrast, the appreciation of these currencies against the euro would have a positive impact on the results of operations of our subsidiaries in the countries using these currencies when their results of operations are included in our consolidated financial statements. Accordingly, changes in exchange rates may limit the ability of our results of operations, stated in euro, to fully show the performance in local currency terms of our subsidiaries. Except with respect to hyperinflationary economies, where all the components of the financial statements (including income statement items) of the relevant subsidiaries (in each case, for any period in which the economy was considered to be hyperinflationary) are converted at the period-end exchange rate, the assets and liabilities of our subsidiaries which maintain their accounts in currencies other than the euro have been converted to the euro at the period-end exchange rates for inclusion in the Consolidated Financial Statements, and income statement items have been converted at the average exchange rates for the period. See Note 2.2.18 to the Consolidated Financial Statements for information on the application of IAS 29 “Financial Reporting in Hyperinflationary Economies”. The following table sets forth the exchange rates of the currencies of the main non-euro regions where we operate against the euro, expressed in local currency per €1.00 as averages for the years ended December 31, 2025, 2024 and 2023 and as period-end exchange rates as of December 31, 2025, 2024 and 2023 according to the ECB. Average Exchange Rates Period-End Exchange Rates Year ended December 31, 2025 Year ended December 31, 2024 Year ended December 31, 2023 As of December 31, 2025 As of December 31, 2024 As of December 31, 2023 Mexican peso 21.6743 19.8220 19.1866 21.1180 21.5504 18.7231 Turkish lira 50.4838 36.7372 32.6531 U.S. dollar 1.1302 1.0822 1.0815 1.1750 1.0389 1.1050 Argentine peso 1,714.8146 1,072.6642 892.8124 Colombian peso 4,575.5520 4,405.4736 4,679.2170 4,414.5690 4,580.6659 4,223.3653 Peruvian sol 4.0249 4.0546 4.0404 3.9486 3.9027 4.1042 During 2025, the Mexican peso and, to a lesser extent, the U.S. dollar and the Colombian peso depreciated against the euro in average terms compared with the prior year. On the other hand, the Peruvian sol appreciated slightly against the euro in average terms compared with the average exchange rates for the prior year. In terms of period-end exchange rates, the Turkish lira, the Argentine peso, the U.S. dollar and, to a lesser extent, the Peruvian sol depreciated against the euro. On the other hand, the Mexican peso and the Colombian peso appreciated against the euro in terms of period-end exchange rates. The overall effect of changes in exchange rates was negative for the period-on-period comparison of the Group’s income statement (mainly due to the depreciation of the Mexican peso in average terms and the depreciation of the period-end exchange rates of the Turkish lira and the Argentine peso used to convert income statement items pursuant to IAS 21) and balance sheet. During 2024, the Mexican peso and, to a lesser extent, the U.S. dollar and the Peruvian sol depreciated against the euro in average terms compared with the prior year. On the other hand, the Colombian peso appreciated against the euro in average terms compared with the average exchange rates for the prior year. The income statement of BBVA Argentina for the year ended December 31, 2024 was significantly impacted by the decline of the Argentine peso during the year, including, in particular, the extraordinary devaluation of the Argentine peso against the euro in December 2023, as a result of the economic measures adopted by the new government. In terms of period-end exchange rates, the Mexican peso, the Turkish lira, the Argentine peso and the Colombian peso depreciated against the euro. On the other hand, the U.S. dollar and the Peruvian sol appreciated against the euro in terms of period-end exchange rates. The overall effect of changes in exchange rates was negative for the period-on-period comparison of the Group’s income statement (mainly due to the depreciation of the Mexican peso in average terms and the depreciation of the period-end exchange rates of the Turkish lira and the Argentine peso used to convert income statement items pursuant to IAS 21) and balance sheet. 84 When comparing two dates or periods in this Annual Report on Form 20-F we have sometimes excluded, where specifically indicated, the impact of changes in exchange rates by assuming constant exchange rates. In doing this, with respect to income statement amounts, we have used the average exchange rate for the more recent period for both periods (except with respect to hyperinflationary economies, where we have used the period-end exchange rate of the more recent period for both periods) and, with respect to balance sheet amounts, we have used the period-end exchange rate of the more recent period for both period ends. Macroeconomic and geopolitical conditions The Group is vulnerable to deteriorating economic conditions and changes in the institutional environment in the countries in which it operates, and is exposed to sovereign debt, particularly in Spain, Mexico and Turkey. The global economy is facing significant changes, due in part to the policies of the U.S. administration. Uncertainty about the consequences is exceptionally high, substantially increasing geopolitical, economic, and financial risks. The increase in U.S. tariffs on imports from its trading partners has triggered financial market volatility, reinforcing global-wide risks. The level and duration of these tariffs, and uncertainty in connection therewith, could negatively impact the global economy, worsening the prospects for the macroeconomic environment. As a result of the tariffs already adopted or announced, global growth could slow significantly. While fiscal stimulus and monetary easing measures could partially offset the impact of trade protectionism, particularly in the Eurozone, where significant public spending increases have been announced, the impact of higher U.S. tariffs could be amplified by the adoption of retaliatory measures by other countries, sustained uncertainty, weakening confidence levels and financial volatility, among other factors. Increased tariffs also raise the risk of inflation in the United States and the Eurozone, which could further slow private demand and constrain the Federal Reserve’s and ECB’s ability to lower rates if warranted by activity. Beyond import tariffs, tighter controls on migration flows in the United States could also affect the labor market, add to inflationary pressures and weigh on economic growth. The U.S. administration’s fiscal, monetary, regulatory, industrial and foreign policies, among others, could likewise contribute to financial and macroeconomic volatility. This is compounded by concerns that the Federal Reserve’s independence in decision-making may be weakened by political considerations. Amid heightened uncertainty over U.S. policies and large fiscal deficits, the U.S. risk premium has increased, pushing up long-term sovereign yields and weakening the U.S. dollar. These developments could also spark episodes of volatility, especially given the high public debt levels in both developed and emerging economies. The relatively high valuations of assets linked to artificial intelligence also represent a source of uncertainty, with potential implications in the financial markets. Rising trade protectionism and the U.S.-China rivalry could further heighten geopolitical tensions, especially against the backdrop of ongoing conflicts in Ukraine and the Middle East, recent tensions in Latin America and Iran and the Greenland crisis. In response to these risks and the changes in the foreign policy of the U.S. administration, the European Union has adopted measures to increase military spending, which could support growth but, to some extent, add pressure on inflation and interest rates in the region. Overall, rising global geopolitical tensions increase uncertainty around the outlook for the world economy and the likelihood of economic and financial disruptions, including an economic recession. For additional information on the deteriorating economic environment, see “—Operating Environment”. The Group’s results of operations have also been affected in recent years by the high inflation in all countries in which BBVA operates, especially Turkey and Argentina. In particular, the Turkish economy has been considered hyperinflationary since the first half of 2022. See “Presentation of Financial Information—Hyperinflationary Economies”. 85 The Group is exposed, among others, to the following general risks related to the economic and institutional environment in the countries where it operates: changes in economic activity, including potential recession scenarios; inflationary pressures that could lead to tightening of monetary conditions; stagflation triggered by intense or prolonged supply shocks, including as a result of a protectionist escalation or a sharp rise in oil and gas prices; exchange rate volatility; adverse developments in real estate markets; changes in the institutional environment of the countries where the Group operates, which could lead to sudden and pronounced GDP contractions and/or shifts in regulatory or government policy, including capital controls, dividend restrictions, or the imposition of new taxes or levies; high levels of public debt or external deficits, which could lead to sovereign credit rating downgrades or defaults or debt restructurings; the impact of policies adopted by the current U.S. administration, about which significant uncertainty remains; and episodes of financial market volatility, such as those seen recently, that could result in significant losses for the Group. In Spain, political, regulatory, and economic conditions may have a negative impact on activity. In Mexico, there is considerable uncertainty regarding the impact of recently approved constitutional and institutional reforms, and the policies of the U.S. administration and the outcome of the review of the USMCA have already adversely affected the country’s economy and deteriorated its prospects. In Turkey, despite the gradual improvement in macroeconomic conditions, the situation remains relatively unstable, marked by pressure on the Turkish lira, high inflation, a significant trade deficit, relatively low central bank foreign exchange reserves, and high external financing costs. Recent political and social tensions and the geopolitical situation in the Middle East could also trigger new episodes of financial volatility and macroeconomic risks. Further, our activities in Turkey have been affected by the regulation and monetary policy adopted by the CBRT in recent years. For additional information on measures adopted by the CBRT, see “Item 4. Information on the Company―Business Overview—Supervision and Regulation—Principal Markets—Turkey”. 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 improvement in prospects following significant fiscal, monetary and exchange rate adjustments, the risk of economic and financial turmoil persists amid heightened political uncertainty. Lastly, in Colombia and Peru, meteorological events, political tensions, and a deterioration of public finances could weigh on economic performance. Any of these factors may have a significant adverse effect on the Group’s business, financial condition and results of operations. Operating Environment The below discussion of BBVA’s operating environment includes the current expectations, estimates and beliefs of BBVA Research, based on internal and third-party sources, with respect to the future evolution of macroeconomic conditions. These expectations, estimates and beliefs are subject to uncertainty, and the actual evolution of macroeconomic conditions could differ materially from any expected evolution described below. Our results of operations are dependent, to a large extent, on the level of demand for our products and services (primarily loans and deposits but also intermediation of financial products such as sovereign or corporate debt) in the countries in which we operate. Demand for our products and services in those countries is affected by the performance of their respective economies in terms of Gross Domestic Product (“GDP”), as well as prevailing levels of employment, inflation and, particularly, interest rates. Typically, the demand for loans and saving products correlates positively with income, which correlates in turn with GDP, employment and the evolution of corporate earnings. Interest rates have a direct impact on bank results as banking activity mainly relies on the generation of positive interest margins by paying lower interest on liabilities, primarily deposits, than the interest received on assets, primarily loans. However, it should be noted that higher interest rates, all else being equal, also reduce the demand for banking loans and increase the cost of funding and also typically lead to unrealized losses on fixed income securities and higher default rates. The global economy has exhibited greater resilience than expected throughout 2025, despite elevated levels of uncertainty, trade and geopolitical tensions, and the tightening of migration policies by the U.S. administration. The adverse effects of protectionist measures appear to have been mitigated by lower effective tariffs than initially announced, an expansion of fiscal stimulus, and a sharp increase in investment in artificial intelligence, particularly in the United States. Low financial market volatility—supported by the Federal Reserve’s (Fed) accommodative monetary policy stance—and contained energy prices have also provided support to global economic activity. Against this backdrop, BBVA Research expects global growth to have reached 3.2% in 2025, only slightly below the rate recorded in 2024. This outcome has been driven in part by stronger-than-expected economic performance in both the United States and China. In the United States, the resilience of private consumption and the momentum of technology-related investment are estimated to have lifted GDP growth in 2025 to 2.0%. In China, robust external sector performance has helped offset weaker consumption and private investment, raising the estimated GDP growth rate to 5.0%, in line with 2024. The euro area has also shown a gradual recovery path, albeit at more moderate rates. Fiscal stimulus measures and renewed spending on infrastructure and defense have supported domestic demand, resulting in an estimated GDP growth rate of 1.4% in 2025. 86 Regarding price dynamics, tariff policies and the strength of domestic demand have been the main drivers of inflation developments in 2025. In the United States, the impact of tariffs has kept inflation around 3%, a level at which it is expected to have closed the year. This has constrained the Fed’s scope for interest rate cuts, with the policy rate standing at 3.75% in December 2025, down from 4.5% at the end of 2024. In contrast, in the European Union, inflation stability (near the 2% mark) and the gradual pace of the recovery have allowed the ECB to maintain an accommodative monetary stance, reducing the deposit facility rate to 2.0%. China has also adopted an accommodative monetary policy posture in light of its low-inflation environment, with headline inflation expected to have closed 2025 at 0.3%. Looking ahead to 2026, global growth is projected by BBVA Research at 3.1% amid a mild deceleration across major economies. U.S. GDP growth is expected to reach 1.9%, while economic activity in the euro area is projected to expand by 1.1%, and China’s economy is forecast to grow by 4.5%. Inflation is likely to remain close to 3% in the United States due to tariff effects (with a projected year-end rate of 2.9%), stabilize around the ECB’s 2% target in the euro area (1.9% in December 2025), and rise gradually in China to approximately 1% by the end of the year. Under this growth and inflation outlook, the Fed could continue to lower interest rates at a gradual pace, reaching 3.25% by end-2026. A similarly accommodative stance is expected from the People’s Bank of China, while policy rates in the euro area are projected to remain unchanged. Overall, the balance of risks to the global economy remains tilted to the downside, although it is somewhat more balanced than previously expected. In addition to protectionist measures in trade and immigration and the structural challenges facing Europe and China, downside risks include heightened geopolitical tensions—such as ongoing and potential U.S. interventions in Latin America and the Middle East, or the Greenland crisis—and uncertainty surrounding the independence of the Fed and its implications for financial markets. On the upside, increased investment in artificial intelligence and its medium-term impact on productivity in economies that actively promote its adoption stand out as a key positive factor. In Spain, economic growth has remained robust throughout 2025, and near-term prospects continue to be relatively favorable. Activity has been supported by the resilience of services exports, a recovery in construction investment, and rising private consumption, amid accommodative monetary conditions and wage growth. The acceleration in the deployment of European recovery funds and increased defense spending could further support domestic demand and economic growth in the coming months. According to BBVA Research, GDP growth is most likely to have reached 2.9% in 2025. For 2026, growth is expected to gradually moderate to 2.4%, reflecting factors such as global protectionism, reduced fiscal support, limited productivity gains, and supply constraints in sectors such as housing. Headline inflation remained around 3% throughout 2025, closing the year at 2.9%, and is projected to ease slightly to 2.6% by the end of 2026. In Mexico, weak investment and industrial activity constrained economic growth in 2025, with machinery exports and services acting as the main drivers of activity. BBVA Research maintains its 2025 growth estimation at 0.7% and projects GDP growth of 1.2% in 2026 amid looser monetary conditions, less fiscal consolidation, and ongoing uncertainty related to the review of the USMCA. Inflation fluctuated between 3.5% and 4.0% during 2025, closing the year at 3.7%, and is expected to remain at similar levels in 2026 (3.8% year-end). The expected inflation and growth environment point to a gradual pace of further interest rate cuts following the reductions implemented in 2025, with the policy rate projected to reach 6.5% by the end of 2026, 50 basis points below its current level. In Turkey, economic activity maintained strong momentum throughout 2025, supported by robust domestic demand. Together with more accommodative monetary conditions, a relatively more favorable global environment, and a neutral fiscal stance, this has underpinned positive growth expectations for the coming quarters. According to BBVA Research, GDP growth is estimated to have reached 3.7% in 2025 and is expected to rise to 4.0% in 2026. Inflation continued on a path of gradual moderation during 2025 reaching 30.9% in December 2025. This has allowed the CBRT to continue gradually cutting interest rates, which stood at 38% at year-end. For 2026, both inflation and interest rates are expected to continue declining, potentially reaching 25% and 32%, respectively, by year-end. In Argentina, 2025 concluded with a recovery in economic activity amid a gradual reduction in political instability and lower exchange rate pressures. BBVA Research maintains its GDP growth estimate for 2025 at 4.5% and expects growth to moderate gradually to 3.0% in 2026. Inflation continued its downward trend throughout 2025, reaching 31.5% in December 2025. For 2026, inflationary pressures are expected to ease further, with headline inflation declining to approximately 20% by year-end. In Colombia, private consumption and fiscal spending have continued to support economic activity. BBVA Research estimates GDP growth for 2025 at 2.7%, with a similar expansion of 2.8% expected in 2026. Strong domestic demand has limited the disinflation process, with inflation closing December 2025 at 5.1%, prompting the central bank to keep policy rates unchanged at 9.25%. The announced increase in the minimum wage is expected to generate additional inflationary pressures in 2026, with headline inflation potentially reaching 6.5%, and could lead the central bank to tighten monetary policy, raising interest rates to as high as 12.25%. 87 In Peru, economic activity performed favorably in 2025, supported by private consumption, withdrawals from private pension funds, and relatively favorable terms of trade. According to BBVA Research, GDP growth could have reached 3.3% in 2025 and is expected to moderate slightly to 3.1% in 2026 amid rising domestic political uncertainty and upcoming elections. Inflation remained well contained, closing December 2025 at 1.5%, and is projected to rise gradually to 2.5% by the end of 2026, while low interest rates—expected to remain unchanged at the current 4.25%—continue to support the growth outlook. 88 BBVA Group results of operations for 2025 compared to 2024 The table below shows the Group’s consolidated income statements for 2025 and 2024. Year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Interest and other income 58,345 61,659 (5.4) Interest expense (32,065) (36,392) (11.9) Net interest income 26,280 25,267 4.0 Dividend income 123 120 2.7 Share of profit or loss of entities accounted for using the equity method 62 40 54.6 Fee and commission income 13,743 13,036 5.4 Fee and commission expense (5,528) (5,048) 9.5 Net gains (losses) on financial assets and liabilities (1) 2,941 3,218 (8.6) Exchange differences, net (285) 695 n.m. (2) Other operating income 688 623 10.5 Other operating expense (2,614) (3,951) (33.8) Income on insurance and reinsurance contracts 3,890 3,720 4.6 Expense on insurance and reinsurance contracts (2,370) (2,238) 5.9 Gross income 36,931 35,481 4.1 Administration costs (12,811) (12,660) 1.2 Personnel expense (7,773) (7,659) 1.5 Other administrative expense (5,038) (5,001) 0.7 Depreciation and amortization (1,521) (1,533) (0.8) Net margin before provisions (3) 22,599 21,288 6.2 Provisions or reversal of provisions (373) (198) 88.8 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (6,073) (5,745) 5.7 Impairment or reversal of impairment on non-financial assets (13) 1 n.m. (2) Gains (losses) on derecognition of non-financial assets and subsidiaries, net and Impairment or reversal of impairment of investments in joint ventures and associates 68 77 (11.2) Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations 18 (17) n.m. (2) Operating profit / (loss) before tax 16,227 15,405 5.3 Tax expense or income related to profit or loss from continuing operations (5,100) (4,830) 5.6 Profit / (loss) from continuing operations 11,126 10,575 5.2 Profit / (loss) from discontinued operations, net — — — Profit / (loss) 11,126 10,575 5.2 Profit / (loss) attributable to parent company 10,511 10,054 4.5 Profit / (loss) attributable to non-controlling interests 615 521 18.1 (1)Comprises the following income statement line items contained in the Consolidated Financial Statements: “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net” and “Gains (losses) from hedge accounting, net”. (2)Not meaningful. (3)Calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. 89 The changes in the Group’s consolidated income statements for the years ended December 31, 2025 and 2024 were as follows: Net interest income The following table summarizes net interest income for the years ended December 31, 2025 and 2024. Year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Interest and other income 58,345 61,659 (5.4) Interest expense (32,065) (36,392) (11.9) Net interest income 26,280 25,267 4.0 Net interest income for the year ended December 31, 2025 amounted to €26,280 million, a 4.0% increase compared with the €25,267 million recorded for the year ended December 31, 2024, as interest expense decreased by 11.9% partially offset by the 5.4% decrease in interest and other income, both primarily driven by lower interest rates, as repricing dynamics affected interest-earning assets more than funding costs, and credit quality deteriorated. Further, the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol, affected interest and other income to a greater extent than interest expense, especially in Turkey, Mexico and South America, due to asymmetric exposure to changes in exchange rates. The decrease in interest and other income was partially offset by the higher volume of Turkish lira-denominated loans supported by the lessening of the loan reserve requirements by the CBRT throughout 2025, the higher customer spread in Turkey, and the higher contribution from the securities portfolio and the ALCO portfolio in Spain. At constant exchange rates, net interest income increased by 13.9%, driven by an increase in interest and other income and a decrease in interest expense. Dividend income Dividend income for the year ended December 31, 2025 amounted to €123 million, a 2.7% increase compared with the €120 million recorded for the year ended December 31, 2024. Share of profit or loss of entities accounted for using the equity method Share of profit or loss of entities accounted for using the equity method for the year ended December 31, 2025 amounted to income of €62 million, a 54.6% increase compared with the income of €40 million recorded for the year ended December 31, 2024. Fee and commission income The table below provides a breakdown of fee and commission income for the years ended December 31, 2025 and 2024: Year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Bills receivables 19 21 (5.8) Demand accounts 298 300 (0.5) Credit and debit cards and POS (1) 7,308 7,106 2.8 Checks 134 166 (19.4) Transfers and other payment orders 970 961 0.9 Insurance product commissions 524 461 13.7 Loan commitments given 371 322 15.3 Other commitments and financial guarantees given 548 530 3.3 Asset management 1,845 1,685 9.5 Securities fees 401 360 11.4 Custody securities 219 221 (0.9) Other fees and commissions 1,105 902 22.5 Fee and commission income 13,743 13,036 5.4 (1) Points of Sale. 90 Fee and commission income increased by 5.4% to €13,743 million for the year ended December 31, 2025 from the €13,036 million recorded for the year ended December 31, 2024, primarily due to the higher fees paid to BBVA in connection with the debt issuances in which BBVA Securities Inc., our broker-dealer in the United States, acted as underwriter, and the increase in payment systems fees (fees related to credit and debit cards and POS (points of sale)),as shown in Note 40 to the Consolidated Financial Statements supported by the increase in the maximum credit card fees banks may charge in Turkey pursuant to the regulation established by the CBRT and the increase in the volume of asset management activities in Spain, Turkey and Mexico, partially offset by the depreciation against the euro, in average terms, of the currencies of the main countries where the Group operates, except for the Peruvian sol. Fee and commission expense The breakdown of fee and commission expense for the years ended December 31, 2025 and 2024 is as follows: Year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Demand accounts 9 7 24.2 Credit and debit cards 3,654 3,534 3.4 Transfers and other payment orders 192 153 25.7 Commissions for selling insurance 44 47 (7.5) Custody securities 96 101 (4.9) Other fees and commissions 1,533 1,206 27.1 Fee and commission expense 5,528 5,048 9.5 Fee and commission expense increased by 9.5% to €5,528 million for the year ended December 31, 2025 from the €5,048 million recorded for the year ended December 31, 2024, primarily due to the increase in fees paid to third parties driven by the increase in payment systems fee income in Turkey and Mexico and, to a lesser extent, the higher fees paid to third parties related to the increase in volume of asset management activities in Spain, partially offset by the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol. Net gains (losses) on financial assets and liabilities Net gains on financial assets and liabilities amounted to €2,941 million for the year ended December 31, 2025, an 8.6% decrease compared to the net gain of €3,218 million recorded for the year ended December 31, 2024, mainly due to the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol, and lower gains from the Global Markets unit in Spain recorded under “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, partially offset by higher trading gains in the Global Markets unit in Colombia, the higher gains from the ALCO portfolio resulting from the repurchase of bonds in Mexico, the higher gains in the trading portfolio from the Global Markets unit in Turkey and the sale of certain securities portfolios in Turkey. 91 The table below provides a breakdown of net gains (losses) on financial assets and liabilities for the years ended December 31, 2025 and 2024: Year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 423 327 29.2 Financial assets at fair value through other comprehensive income 400 306 30.9 Financial assets at amortized cost 24 20 19.9 Other financial assets and liabilities (2) 1 n.m. (1) Gains (losses) on financial assets and liabilities held for trading, net 2,255 2,458 (8.2) Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net 236 179 31.7 Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net 28 249 (88.7) Gains (losses) from hedge accounting, net (1) 5 n.m. (1) Net gains (losses) on financial assets and liabilities 2,941 3,218 (8.6) (1)Not meaningful. Exchange differences, net Exchange differences amounted to a €285 million loss for the year ended December 31, 2025 compared with a €695 million gain for the year ended December 31, 2024, mainly driven by negative exchange differences in Turkey and the Corporate Center, in particular, with respect to the Mexican peso, and the lower gains on certain U.S. bonds driven by the depreciation of the U.S. dollar. Other operating income and other operating expense Other operating income for the year ended December 31, 2025 increased by 10.5% to €688 million compared with the €623 million recorded for the year ended December 31, 2024, mainly due to higher sales of non-financial assets in Turkey, partially offset by the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol. Other operating expense for the year ended December 31, 2025 amounted to €2,614 million, a 33.8% decrease compared with the €3,951 million recorded for the year ended December 31, 2024, mainly driven by the lower aggregate expense attributable to the loss on the net monetary position resulting from the adjustment for hyperinflation in Argentina (€356 million in 2025 compared to €1,419 million in 2024) and in Turkey (€878 million in 2025 compared to €1,512 million in 2024), and the depreciation of the Mexican peso, the Turkish lira and the Argentine peso, partially offset by the lower gain from the revaluation of bonds linked to inflation in Turkey (€674 million, compared to €1,164 million for the year ended December 31, 2024) and the higher loss on the net monetary position resulting from the adjustment for hyperinflation in Venezuela (€183 million in 2025). In addition, the year-on-year decrease was driven in part by the fact that the other operating expense for the year ended December 31, 2024, included the impact of the temporary tax on credit institutions and financial credit establishments in Spain amounting to €285 million (which was paid in 2024), whereas the 2025 expense related to the IMIC was recorded under “Tax expense or income related to profit or loss from continuing operations”. Income and expense on insurance and reinsurance contracts Income on insurance and reinsurance contracts for the year ended December 31, 2025 was €3,890 million, a 4.6% increase compared with the €3,720 million of income recorded for the year ended December 31, 2024, mainly due to the increase in insurance premiums, attributable in part to a higher volume of insurance sales in Mexico, and the higher insurance sales by the insurance companies in Turkey, partially offset by the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol. Expense on insurance and reinsurance contracts for the year ended December 31, 2025 was €2,370 million, a 5.9% increase compared with the €2,238 million expense recorded for the year ended December 31, 2024, mainly as a result of increased insurance sales, in particular, in Mexico, partially offset by the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol. 92 Administration costs Administration costs, which include personnel expense and other administrative expense, for the year ended December 31, 2025 amounted to €12,811 million, a 1.2% increase compared with the €12,660 million recorded for the year ended December 31, 2024, mainly as a result of the increase in personnel expenses, driven by the increase in salaries (mainly driven by inflation) and, to a lesser extent, the number of employees, the increase in administrative expense in Spain related to advertising and the increase in general expenses (technology, outsourced services and maintenance), in particular, in Turkey and, to a lesser extent, Mexico, driven to a great extent by the higher average inflation rates, partially offset by the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol. The table below provides a breakdown of personnel expense for the years ended December 31, 2025 and 2024: Year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Wages and salaries 6,088 5,937 2.5 Social security costs 1,070 1,007 6.2 Defined contribution plan expense 152 158 (3.9) Defined benefit plan expense 43 51 (15.3) Other personnel expense 420 506 (17.0) Personnel expense 7,773 7,659 1.5 The table below provides a breakdown of other administrative expense for the years ended December 31, 2025 and 2024: Year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Technology and systems 1,778 1,732 2.6 Communications 247 261 (5.5) Advertising 564 441 27.8 Property, fixtures and materials 561 577 (2.8) Taxes other than income tax 322 481 (33.1) Surveillance and cash courier services 244 255 (4.5) Other expense 1,323 1,253 5.6 Other administrative expense 5,038 5,001 0.7 Depreciation and amortization Depreciation and amortization for the year ended December 31, 2025 was €1,521 million, a 0.8% decrease compared with the €1,533 million recorded for the year ended December 31, 2024. Provisions or reversal of provisions Provisions or reversal of provisions for the year ended December 31, 2025 amounted to an expense of €373 million, an 88.8% increase compared with the €198 million expense recorded for the year ended December 31, 2024, mainly due to higher provisions for contingent risks in Turkey and, to a lesser extent, in Mexico. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification for the year ended December 31, 2025 was an expense of €6,073 million, a 5.7% increase compared with the €5,745 million expense recorded for the year ended December 31, 2024, mainly due to the increase in the expected losses related to the retail portfolio (mainly related to consumer and credit card loans, which volumes increased and also required higher credit impairments) in Turkey and, to a lesser extent, higher credit impairment requirements in Mexico as a result of the worsening of the macroeconomic scenario. 93 The table below provides a breakdown of impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification for the years ended December 31, 2025 and 2024: Year ended December 31, 2025 2024 Change Impairment or reversal of impairment on: (In Millions of Euros) (In %) Financial assets at fair value through other comprehensive income (28) 58 n.m. (2) Financial assets at amortized cost 6,101 5,687 7.3 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification 6,073 5,745 5.7 Impairment or reversal of impairment on non-financial assets Impairment or reversal of impairment on non-financial assets for the year ended December 31, 2025 amounted to a €13 million expense, compared with the €1 million income recorded for the year ended December 31, 2024. Gains (losses) on derecognition of non-financial assets and subsidiaries, net and Impairment or reversal of impairment of investments in joint ventures and associates Gains on derecognition of non-financial assets and subsidiaries, net and Impairment or reversal of impairment of investments in joint ventures and associates for the year ended December 31, 2025 amounted to €68 million, an 11.2% decrease compared with the €77 million gain recorded for the year ended December 31, 2024, mainly due to the reversal of impairment of certain investments in joint ventures and associates. Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations Gains from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations for the year ended December 31, 2025 amounted to €18 million, compared with the €17 million loss recorded for the year ended December 31, 2024. Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax for the year ended December 31, 2025 amounted to €16,227 million, a 5.3% increase compared with the €15,405 million operating profit before tax recorded for the year ended December 31, 2024. Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations for the year ended December 31, 2025 amounted to €5,100 million, a 5.6% increase compared with the €4,830 million expense recorded for the year ended December 31, 2024, mainly due to the higher operating profit before tax in Spain and, to a lesser extent, South America and Turkey, and the approximately €318 million expense recorded in connection with the accrual of the estimated amount of the IMIC for the year ended December 31, 2025 in Spain (see Note 19 to the Consolidated Financial Statements and “Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Spain—Temporary Tax on Credit Institutions in Spain”). The year-on-year increase was partially offset by an adjustment in the estimate of the annual tax rate for the BBVA Group, which reflects the Group’s reassessment of the coverage needs for the identified tax risks and certain deferred tax assets corresponding to the Group in Spain, which had not previously been recorded and were first recognized in 2025 (see Note 19 to the Consolidated Financial Statements), and the depreciation in average terms of the currencies of the main countries where the Group operates, except for the Peruvian sol. Amounts paid by BBVA under the temporary tax on credit institutions and financial credit establishments and the IMIC in Spain are a non-deductible expense for tax purposes. Profit / (loss) As a result of the foregoing, profit for the year ended December 31, 2025 amounted to €11,126 million, a 5.2% increase compared with the €10,575 million recorded for the year ended December 31, 2024. Profit / (loss) attributable to parent company As a result of the foregoing, profit attributable to parent company for the year ended December 31, 2025 amounted to €10,511 million, a 4.5% increase compared with the €10,054 million recorded for the year ended December 31, 2024. 94 Profit / (loss) attributable to non-controlling interests Profit attributable to non-controlling interests for the year ended December 31, 2025 amounted to €615 million, an 18.1% increase compared with the €521 million profit attributable to non-controlling interests recorded for the year ended December 31, 2024, mainly attributable to Peru. 95 BBVA Group results of operations for 2024 compared to 2023 The table below shows the Group’s consolidated income statements for 2024 and 2023. Year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Interest and other income 61,659 47,850 28.9 Interest expense (36,392) (24,761) 47.0 Net interest income 25,267 23,089 9.4 Dividend income 120 118 1.4 Share of profit or loss of entities accounted for using the equity method 40 26 52.5 Fee and commission income 13,036 9,899 31.7 Fee and commission expense (5,048) (3,611) 39.8 Net gains (losses) on financial assets and liabilities (1) 3,218 1,844 74.5 Exchange differences, net 695 339 105.0 Other operating income 623 619 0.7 Other operating expense (3,951) (4,042) (2.3) Income on insurance and reinsurance contracts 3,720 3,081 20.7 Expense on insurance and reinsurance contracts (2,238) (1,821) 22.9 Gross income 35,481 29,542 20.1 Administration costs (12,660) (10,905) 16.1 Personnel expense (7,659) (6,530) 17.3 Other administrative expense (5,001) (4,375) 14.3 Depreciation and amortization (1,533) (1,403) 9.3 Net margin before provisions (2) 21,288 17,233 23.5 Provisions or reversal of provisions (198) (373) (47.1) Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (5,745) (4,428) 29.7 Impairment or reversal of impairment on non-financial assets 1 (54) n.m. (3) Gains (losses) on derecognition of non-financial assets and subsidiaries, net and Impairment or reversal of impairment of investments in joint ventures and associates 77 19 n.m. (3) Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations (17) 22 n.m. (3) Operating profit / (loss) before tax 15,405 12,419 24.0 Tax expense or income related to profit or loss from continuing operations (4,830) (4,003) 20.7 Profit / (loss) from continuing operations 10,575 8,416 25.7 Profit / (loss) from discontinued operations, net — — — Profit / (loss) 10,575 8,416 25.7 Profit / (loss) attributable to parent company 10,054 8,019 25.4 Profit / (loss) attributable to non-controlling interests 521 397 31.2 (1)Comprises the following income statement line items contained in the Consolidated Financial Statements: “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net” and “Gains (losses) from hedge accounting, net”. (2)Calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. (3)Not meaningful. 96 The changes in the Group’s consolidated income statements for the years ended December 31, 2024 and 2023 were as follows: Net interest income The following table summarizes net interest income for the years ended December 31, 2024 and 2023. Year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Interest and other income 61,659 47,850 28.9 Interest expense (36,392) (24,761) 47.0 Net interest income 25,267 23,089 9.4 Net interest income for the year ended December 31, 2024 amounted to €25,267 million, a 9.4% increase compared with the €23,089 million recorded for the year ended December 31, 2023, as interest and other income increased by 28.9% due mainly to the increase in yields and volumes (see “Item 4. Information on the Company—Selected Statistical Information—Average Balances and Rates”), particularly of loans to enterprises and consumer loans, partially offset by an increase in interest expense of 47.0%, mainly driven by higher overall funding costs due to interest rate increases, and the depreciation of the Argentine peso and the Mexican peso against the euro. At constant exchange rates, net interest income increased by 12.9%. The following factors, set out by region, were the main contributors to the 9.4% increase in net interest income: •South America: there was a 27.2% increase mainly as a result of increases in the volume and yield of credit card loans and the commercial loan portfolios in Argentina and Colombia. •Spain: there was a 14.6% increase mainly as a result of the higher yield of the loans to enterprises and consumer loans, which led to an increase in the customer spread (calculated as the average rate at which assets are remunerated, less the equivalent average rate for deposits), as a result of the impact of the increase in interest rates in 2023 up to the cuts beginning in the second half of 2024 and, to a lesser extent, an increase in the average volume of loan portfolios. •Mexico: there was a 4.5% increase mainly as a result of the higher contribution from the wholesale and retail loan portfolios (attributable to increases in volume), and the higher contribution from the securities portfolio. The period-on-period increase was offset in substantial part by the overall higher funding costs in all regions due to the interest rate increases, the higher interest expense on Turkish lira-denominated deposits (due to the higher volume of deposits and the higher interest rates paid on them), the higher wholesale and swap funding costs in Turkey, the impact of interest rates cuts implemented by the ECB since the second half of 2024 on consumer and household loan portfolios in Spain, which are mostly referenced to variable interest rates, and the depreciation of the Turkish lira, the Argentine peso and the Mexican peso against the euro. As a result, interest expense grew significantly more rapidly than interest and other income, negatively affecting net interest income. Dividend income Dividend income for the year ended December 31, 2024 amounted to €120 million, a 1.4% increase compared with the €118 million recorded for the year ended December 31, 2023. Share of profit or loss of entities accounted for using the equity method Share of profit or loss of entities accounted for using the equity method for the year ended December 31, 2024 amounted to income of €40 million, a 52.5% increase compared with the income of €26 million recorded for the year ended December 31, 2023. 97 Fee and commission income The table below provides a breakdown of fee and commission income for the years ended December 31, 2024 and 2023: Year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Bills receivables 21 24 (13.8) Demand accounts 300 300 (0.1) Credit and debit cards and POS (1) 7,106 4,665 52.3 Checks 166 175 (5.2) Transfers and other payment orders 961 862 11.5 Insurance product commissions 461 384 19.9 Loan commitments given 322 307 4.8 Other commitments and financial guarantees given 530 471 12.7 Asset management 1,685 1,407 19.8 Securities fees 360 345 4.4 Custody securities 221 207 6.8 Other fees and commissions 902 751 20.1 Fee and commission income 13,036 9,899 31.7 (1) Points of Sale. Fee and commission income increased by 31.7% to €13,036 million for the year ended December 31, 2024 from the €9,899 million recorded for the year ended December 31, 2023, primarily due to the increase in payment systems fees (fees related to credit and debit cards and POS (points of sale), as shown in Note 40 to the Consolidated Financial Statements) supported by the increase in the maximum credit card fees banks may charge in Turkey pursuant to the regulation established by the CBRT and, to a lesser extent, the increased volume of transactions by credit card customers and of asset management activities in Mexico, the increase in the volume of asset management activities and the higher credit card fees in Spain and increases in payment systems-related fees (in particular, related to credit cards), as a result of increases in the volume of transactions and commission rates in Argentina, partially offset by the depreciation of the Turkish lira, the Mexican peso and the Argentine peso against the euro. Fee and commission expense The breakdown of fee and commission expense for the years ended December 31, 2024 and 2023 is as follows: Year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Demand accounts 7 6 9.7 Credit and debit cards 3,534 2,337 51.3 Transfers and other payment orders 153 156 (1.9) Commissions for selling insurance 47 40 16.8 Custody securities 101 111 (8.5) Other fees and commissions 1,206 961 25.4 Fee and commission expense 5,048 3,611 39.8 Fee and commission expense increased by 39.8% to €5,048 million for the year ended December 31, 2024 from the €3,611 million recorded for the year ended December 31, 2023, primarily due to the increase in fees paid by the Group in connection with the increase in payment systems fees in Turkey (in particular, due to an increase in the volume of transactions by credit card customers), partially offset by the depreciation of the Turkish lira, the Mexican peso and the Argentine peso against the euro. 98 Net gains (losses) on financial assets and liabilities Net gains on financial assets and liabilities increased to €3,218 million for the year ended December 31, 2024, a 74.5% increase compared to the net gain of €1,844 million recorded for the year ended December 31, 2023, mainly due to the gains from foreign currency hedges in Turkey, the gains from certain foreign currency hedges (recorded in the ALCO portfolio of the Corporate Center) on the estimated results of the operating segments resulting from the impact of the depreciation of the Mexican peso and, to a lesser extent, the higher gains from the Global Markets units in Mexico and Spain, recorded under “Gains (losses) on financial assets and liabilities held for trading, net”, partially offset by the depreciation of the Turkish lira and the Argentine peso against the euro. The table below provides a breakdown of net gains (losses) on financial assets and liabilities for the years ended December 31, 2024 and 2023: Year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 327 76 n.m. (1) Financial assets at fair value through other comprehensive income 306 42 n.m. (1) Financial assets at amortized cost 20 41 (50.7) Other financial assets and liabilities 1 (7) n.m. (1) Gains (losses) on financial assets and liabilities held for trading, net 2,458 1,352 81.8 Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net 179 337 (46.8) Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net 249 96 158.8 Gains (losses) from hedge accounting, net 5 (17) n.m. (1) Net gains (losses) on financial assets and liabilities 3,218 1,844 74.5 (1)Not meaningful. Exchange differences, net Exchange differences increased to a €695 million gain for the year ended December 31, 2024 from a €339 million gain for the year ended December 31, 2023, mainly as a result of the positive exchange differences recognized in the Corporate Center, partially offset by the lower positive exchange differences in Turkey compared to 2023. Other operating income and other operating expense Other operating income for the year ended December 31, 2024 increased by 0.7% to €623 million compared with the €619 million recorded for the year ended December 31, 2023. Other operating expense for the year ended December 31, 2024 amounted to €3,951 million, a 2.3% decrease compared with the €4,042 million recorded for the year ended December 31, 2023, mainly driven by the lower aggregate expense attributable to the loss on the net monetary position resulting from the adjustment for hyperinflation in Turkey (€1,512 million in 2024 compared to €2,118 million in 2023) and the depreciation of the Mexican peso, the Turkish lira and the Argentine peso, partially offset by the higher loss on the net monetary position resulting from the adjustment for hyperinflation in Argentina (€1,419 million in 2024 compared to €1,062 million in 2023), the lower gain from the revaluation of bonds linked to inflation in Turkey (€1,164 million, compared to €1,202 million for the year ended December 31, 2023) and the higher expense recorded in connection with the temporary tax on credit institutions and financial credit establishments in Spain (totaling €285 million in the year ended December 31, 2024, compared to €215 million in the year ended December 31, 2023). As of December 31, 2023, BBVA had satisfied in full the amount to be paid by it at a global level under the ECB’s Single Resolution Fund. Income and expense on insurance and reinsurance contracts Income on insurance and reinsurance contracts for the year ended December 31, 2024 was €3,720 million, a 20.7% increase compared with the €3,081 million of income recorded for the year ended December 31, 2023, mainly due to increased insurance activity in Spain and the increase in insurance premiums, attributable in part to higher insurance sales in Mexico. 99 Expense on insurance and reinsurance contracts for the year ended December 31, 2024 was €2,238 million, a 22.9% increase compared with the €1,821 million expense recorded for the year ended December 31, 2023, mainly as a result of higher insurance-related expenses in Spain, due in part to the increased activity. Administration costs Administration costs, which include personnel expense and other administrative expense, for the year ended December 31, 2024 amounted to €12,660 million, a 16.1% increase compared with the €10,905 million recorded for the year ended December 31, 2023, mainly as a result of the increase in personnel expenses, driven by the increase in salaries (mainly driven by inflation) and, to a lesser extent, the number of employees and the increase in general expenses (technology, outsourced services and maintenance), in particular, in Turkey and Argentina, driven to a great extent by the higher average inflation rates, partially offset by the depreciation of the Turkish lira, the Mexican peso and the Argentine peso against the euro. The table below provides a breakdown of personnel expense for the years ended December 31, 2024 and 2023: Year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Wages and salaries 5,937 5,068 17.1 Social security costs 1,007 834 20.7 Defined contribution plan expense 158 139 14.0 Defined benefit plan expense 51 49 3.5 Other personnel expense 506 440 15.0 Personnel expense 7,659 6,530 17.3 The table below provides a breakdown of other administrative expense for the years ended December 31, 2024 and 2023: Year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Technology and systems 1,732 1,512 14.5 Communications 261 219 19.6 Advertising 441 349 26.4 Property, fixtures and materials 577 520 10.9 Taxes other than income tax 481 451 6.6 Surveillance and cash courier services 255 234 9.2 Other expense 1,253 1,090 15.0 Other administrative expense 5,001 4,375 14.3 Depreciation and amortization Depreciation and amortization for the year ended December 31, 2024 was €1,533 million, a 9.3% increase compared with the €1,403 million recorded for the year ended December 31, 2023, mainly due to the increase in the depreciation expense related to IT equipment especially, in Turkey and Argentina, partially offset by the depreciation of the Turkish lira and the Argentine peso against the euro. Provisions or reversal of provisions Provisions or reversal of provisions for the year ended December 31, 2024 amounted to an expense of €198 million, a 47.1% decrease compared with the €373 million expense recorded for the year ended December 31, 2023, mainly due to the impact, in 2023, of the provisions recorded in connection with the February 2023 earthquakes. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification for the year ended December 31, 2024 was an expense of €5,745 million, a 29.7% increase compared with the €4,428 million expense recorded for the year ended December 31, 2023, mainly due to the higher impairment entries in the retail loan portfolios in Mexico and Turkey and, to a lesser extent, in South America, as further explained in “—Results of Operations by Operating Segment”. In addition, the deterioration of macroeconomic conditions and forecast led to higher impairments in Mexico. 100 The table below provides a breakdown of impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification for the years ended December 31, 2024 and 2023: Year ended December 31, 2024 2023 Change Impairment or reversal of impairment on: (In Millions of Euros) (In %) Financial assets at fair value through other comprehensive income 58 42 38.2 Financial assets at amortized cost 5,687 4,386 29.7 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification 5,745 4,428 29.7 Impairment or reversal of impairment on non-financial assets Impairment or reversal of impairment on non-financial assets for the year ended December 31, 2024 amounted to €1 million of income, compared with the €54 million expense recorded for the year ended December 31, 2023. Gains (losses) on derecognition of non-financial assets and subsidiaries, net and Impairment or reversal of impairment of investments in joint ventures and associates Gains on derecognition of non-financial assets and subsidiaries, net and Impairment or reversal of impairment of investments in joint ventures and associates for the year ended December 31, 2024 amounted to €77 million, compared with the €19 million gain recorded for the year ended December 31, 2023, mainly due to the reversal of impairment of certain investments in joint ventures and associates. Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations Losses from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations for the year ended December 31, 2024 amounted to €17 million, compared with the €22 million gains recorded for the year ended December 31, 2023. Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax for the year ended December 31, 2024 amounted to €15,405 million, a 24.0% increase compared with the €12,419 million operating profit before tax recorded for the year ended December 31, 2023. Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations for the year ended December 31, 2024 amounted to €4,830 million, a 20.7% increase compared with the €4,003 million expense recorded for the year ended December 31, 2023, mainly due to the higher operating profit before tax in Mexico and Spain. Amounts paid by BBVA under the temporary tax on credit institutions and financial credit establishments in Spain are a non-deductible expense for tax purposes. Profit / (loss) As a result of the foregoing, profit for the year ended December 31, 2024 amounted to €10,575 million, a 25.7% increase compared with the €8,416 million recorded for the year ended December 31, 2023. Profit / (loss) attributable to parent company As a result of the foregoing, profit attributable to parent company for the year ended December 31, 2024 amounted to €10,054 million, a 25.4% increase compared with the €8,019 million recorded for the year ended December 31, 2023. Profit / (loss) attributable to non-controlling interests Profit attributable to non-controlling interests for the year ended December 31, 2024 amounted to €521 million, a 31.2% increase compared with the €397 million profit attributable to non-controlling interests recorded for the year ended December 31, 2023. 101 Results of Operations by Operating Segment The information contained in this section is presented under management criteria; however, for the years ended December 31, 2025, 2024 and 2023, there are no differences between the sum of the income statements of our operating segments and the Corporate Center (calculated in accordance with management criteria used to report segment financial information) and the consolidated income statement of the Group. Following the publication of our consolidated financial statements as of and for the years ended December 31, 2024, 2023 and 2022 included in our annual report on Form 20-F for the year ended December 31, 2024, certain immaterial balance sheet amounts related to specific activities undertaken by the business units were reallocated between the operating segments and the Corporate Center. As a result, certain expenses were reallocated, in particular, between Spain, Rest of Business and the Corporate Center. For certain relevant information concerning the preparation and presentation of the financial information included in this Annual Report, see “Presentation of Financial Information”. For the year ended December 31, 2025 Spain Mexico Turkey South America Rest of Business Corporate Center Group (In Millions of Euros) Net interest income / (expense) 6,588 11,424 3,079 4,830 828 (469) 26,280 Net fees and commissions 2,364 2,367 2,123 897 591 (127) 8,215 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 723 788 394 568 382 (200) 2,656 Other operating income and expense, net (2) 351 619 (384) (932) 7 118 (221) Gross income 10,027 15,198 5,213 5,363 1,807 (678) 36,931 Administration costs (2,937) (4,182) (2,084) (2,146) (889) (573) (12,811) Depreciation and amortization (386) (440) (231) (210) (40) (213) (1,521) Net margin before provisions (3) 6,704 10,576 2,898 3,007 878 (1,464) 22,599 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (649) (3,130) (1,000) (1,208) (85) (1) (6,073) Provisions or reversal of provisions and other results (121) (105) (34) (42) (22) 25 (299) Operating profit / (loss) before tax 5,933 7,341 1,863 1,758 772 (1,440) 16,227 Tax expense or income related to profit or loss from continuing operations (1,755) (2,076) (904) (582) (145) 361 (5,100) Profit / (loss) from continuing operations 4,178 5,265 959 1,176 627 (1,079) 11,126 Profit / (loss) from discontinued operations, net and Other — — — — — — — Profit / (loss) 4,178 5,265 959 1,176 627 (1,079) 11,126 Profit / (loss) attributable to non-controlling interests (3) (1) (154) (450) — (7) (615) Profit / (loss) attributable to parent company 4,175 5,264 805 726 627 (1,086) 10,511 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)Includes “Dividend income”, “Share of profit or loss of entities accounted for using the equity method”, “Income from insurance and reinsurance contracts”, “Expense from insurance and reinsurance contracts”, “Other operating income” and “Other operating expense”. (3)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. 102 For the year ended December 31, 2024 Spain Mexico Turkey South America Rest of Business Corporate Center Group (In Millions of Euros) Net interest income / (expense) 6,384 11,556 1,492 5,589 742 (495) 25,267 Net fees and commissions 2,281 2,443 2,111 834 390 (71) 7,988 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 728 767 1,145 798 337 138 3,913 Other operating income and expense, net (2) 50 571 (535) (1,815) 4 39 (1,686) Gross income 9,443 15,337 4,212 5,405 1,472 (388) 35,481 Administration costs (2,980) (4,170) (1,895) (2,341) (710) (564) (12,660) Depreciation and amortization (366) (477) (216) (226) (33) (215) (1,533) Net margin before provisions (3) 6,097 10,689 2,101 2,838 730 (1,168) 21,288 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (684) (3,098) (526) (1,369) (71) 3 (5,745) Provisions or reversal of provisions and other results (150) (69) 165 (127) (11) 54 (137) Operating profit / (loss) before tax 5,263 7,522 1,741 1,342 648 (1,110) 15,405 Tax expense or income related to profit or loss from continuing operations (1,508) (2,074) (1,014) (313) (138) 215 (4,830) Profit / (loss) from continuing operations 3,755 5,448 727 1,029 511 (895) 10,575 Profit / (loss) 3,755 5,448 727 1,029 511 (895) 10,575 Profit / (loss) attributable to non-controlling interests (3) (1) (116) (394) — (7) (521) Profit / (loss) attributable to parent company 3,752 5,447 611 635 511 (901) 10,054 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)Includes “Dividend income”, “Share of profit or loss of entities accounted for using the equity method”, “Income from insurance and reinsurance contracts”, “Expense from insurance and reinsurance contracts”, “Other operating income” and “Other operating expense”. (3)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. 103 For the year ended December 31, 2023 Spain Mexico Turkey South America Rest of Business Corporate Center Group (In Millions of Euros) Net interest income / (expense) 5,570 11,054 1,869 4,394 539 (336) 23,089 Net fees and commissions 2,124 2,226 998 700 309 (69) 6,288 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 460 572 937 633 261 (681) 2,183 Other operating income and expense, net (2) (305) 415 (824) (1,395) 3 87 (2,018) Gross income 7,848 14,267 2,981 4,331 1,113 (999) 29,542 Administration costs (2,809) (3,946) (1,252) (1,785) (560) (553) (10,905) Depreciation and amortization (383) (469) (150) (165) (26) (210) (1,403) Net margin before provisions (3) 4,656 9,853 1,579 2,381 527 (1,762) 17,233 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (656) (2,499) (118) (1,134) (28) 6 (4,428) Provisions or reversal of provisions and other results (145) (25) (137) (58) (1) (21) (386) Operating profit / (loss) before tax 3,855 7,329 1,324 1,189 499 (1,777) 12,419 Tax expense or income related to profit or loss from continuing operations (1,162) (2,009) (702) (286) (96) 252 (4,003) Profit / (loss) from continuing operations 2,693 5,320 622 903 403 (1,525) 8,416 Profit / (loss) 2,693 5,320 622 903 403 (1,525) 8,416 Profit / (loss) attributable to non-controlling interests (2) (1) (95) (302) — 3 (397) Profit / (loss) attributable to parent company 2,690 5,319 527 601 403 (1,522) 8,019 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)Includes “Dividend income”, “Share of profit or loss of entities accounted for using the equity method”, “Income from insurance and reinsurance contracts”, “Expense from insurance and reinsurance contracts”, “Other operating income” and “Other operating expense”. (3)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. 104 Results of Operations by Operating Segment for 2025 Compared with 2024 SPAIN For the year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Net interest income 6,588 6,384 3.2 Net fees and commissions 2,364 2,281 3.7 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 723 728 (0.7) Other operating income and expense, net (36) (329) (89.0) Income and expense on insurance and reinsurance contracts 387 379 2.1 Gross income 10,027 9,443 6.2 Administration costs (2,937) (2,980) (1.4) Depreciation and amortization (386) (366) 5.4 Net margin before provisions (2) 6,704 6,097 10.0 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (649) (684) (5.1) Provisions or reversal of provisions and other results (121) (150) (19.0) Operating profit / (loss) before tax 5,933 5,263 12.7 Tax expense or income related to profit or loss from continuing operations (1,755) (1,508) 16.4 Profit from continuing operations 4,178 3,755 11.3 Profit / (loss) from discontinued operations, net and Other — — — Profit 4,178 3,755 11.3 Profit attributable to non-controlling interests (3) (3) — Profit attributable to parent company 4,175 3,752 11.3 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)Calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. (3)Not meaningful. Net interest income Net interest income of this operating segment for the year ended December 31, 2025 amounted to €6,588 million, a 3.2% increase compared with the €6,384 million recorded for the year ended December 31, 2024, mainly as a result of the higher contribution from the securities portfolio and the ALCO portfolio, and the lower funding costs in the wholesale portfolios, partially offset by the impact of interest rates cuts implemented by the ECB since the second half of 2024 on the consumer and household loan portfolios, which are mostly referenced to variable interest rates. The net interest margin over average total assets of this operating segment amounted to 1.49% for the year ended December 31, 2025, compared with 1.47% for the year ended December 31, 2024. Net fees and commissions Net fees and commissions of this operating segment for the year ended December 31, 2025 amounted to €2,364 million, a 3.7% increase compared with the €2,281 million recorded for the year ended December 31, 2024, mainly due to the increase in the volume of asset management activities and, to a lesser extent, payment systems fees (driven in part by increases in the volume of credit card loans), partially offset by the higher fees paid to third parties related to the increase in volume of asset management activities. Net gains (losses) on financial assets and liabilities and Exchange differences, net Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2025 was a net gain of €723 million, a 0.7% decrease compared with the €728 million net gain recorded for the year ended December 31, 2024, mainly as a result of the lower gains from the Global Markets unit, partially offset by the gains from certain ALCO portfolio sales and positive exchange differences. 105 Other operating income and expense, net Other operating income and expense, net of this operating segment for the year ended December 31, 2025 amounted to a €36 million expense, an 89.0% decrease compared with the €329 million expense recorded for the year ended December 31, 2024. Other operating expense for the year ended December 31, 2024 included the impact of the temporary tax on credit institutions and financial credit establishments in Spain amounting to €285 million (which was paid in 2024), whereas the accrual of the IMIC for the year ended December 31, 2025 was recorded under “Tax expense or income related to profit or loss from continuing operations”. Further, during 2025, the Group made the payment corresponding to the IMIC for the 2024 financial year (€295 million). However, since this payment is not required under the legal framework in place as of December 31, 2025, an asset for the amount paid (€295 million) has been recorded under the heading “General Governments” of the item “Financial assets at amortized cost - Loans and advances to customers” in the balance sheet. Therefore, the IMIC payment for the 2024 financial year was not recorded as an operating expense for the year ended December 31, 2025. Income and expense on insurance and reinsurance contracts Net income on insurance and reinsurance contracts of this operating segment for the year ended December 31, 2025 was €387 million, a 2.1% increase compared with the €379 million income recorded for the year ended December 31, 2024, as a result of increased insurance activity. Administration costs Administration costs of this operating segment for the year ended December 31, 2025 amounted to €2,937 million, a 1.4% decrease compared with the €2,980 million recorded for the year ended December 31, 2024. Depreciation and amortization Depreciation and amortization for the year ended December 31, 2025 was €386 million, a 5.4% increase compared with the €366 million recorded for the year ended December 31, 2024 mainly due to the increase in the depreciation expense related to IT equipment. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the year ended December 31, 2025 amounted to a €649 million expense, a 5.1% decrease compared with the €684 million expense recorded for the year ended December 31, 2024, mainly due to the lower credit impairment requirements in the mortgage loan portfolio. Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of this operating segment for the year ended December 31, 2025 were a €121 million expense, a 19.0% decrease compared with the €150 million expense recorded for the year ended December 31, 2024, mainly due to higher gains from the sale of certain investments recorded under other results. Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax of this operating segment for the year ended December 31, 2025 was €5,933 million, a 12.7% increase compared with the €5,263 million profit recorded for the year ended December 31, 2024. Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations of this operating segment for the year ended December 31, 2025 was €1,755 million, a 16.4% increase compared with the €1,508 million expense recorded for the year ended December 31, 2024, mainly as a result of the approximately €318 million expense recorded in connection with the accrual of the estimated amount of the IMIC for the year ended December 31, 2025 (see Note 19 to the Consolidated Financial Statements and “Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Spain—Temporary Tax on Credit Institutions in Spain”), and the higher operating profit before tax recorded for the year ended December 31, 2025. The effective tax rate increased to 29.6% for the year ended December 31, 2025 from 28.7% for the year ended December 31, 2024. 106 Profit attributable to parent company As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2025 amounted to €4,175 million, an 11.3% increase compared with the €3,752 million profit recorded for the year ended December 31, 2024. 107 MEXICO For the year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Net interest income 11,424 11,556 (1.1) Net fees and commissions 2,367 2,443 (3.1) Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 788 767 2.7 Other operating income and expense, net (346) (342) 1.0 Income and expense on insurance and reinsurance contracts 965 913 5.7 Gross income 15,198 15,337 (0.9) Administration costs (4,182) (4,170) 0.3 Depreciation and amortization (440) (477) (7.7) Net margin before provisions (2) 10,576 10,689 (1.1) Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (3,130) (3,098) 1.0 Provisions or reversal of provisions and other results (105) (69) 52.6 Operating profit / (loss) before tax 7,341 7,522 (2.4) Tax expense or income related to profit or loss from continuing operations (2,076) (2,074) 0.1 Profit 5,265 5,448 (3.4) Profit attributable to non-controlling interests (1) (1) — Profit attributable to parent company 5,264 5,447 (3.4) (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. In the year ended December 31, 2025, the Mexican peso depreciated by 8.5% against the euro in average terms compared with the year ended December 31, 2024, adversely affecting the results of operations of the Mexico operating segment for the year ended December 31, 2025 expressed in euros. See “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”. Net interest income Net interest income of this operating segment for the year ended December 31, 2025 amounted to €11,424 million, a 1.1% decrease compared with the €11,556 million recorded for the year ended December 31, 2024, mainly as a result of the depreciation of the Mexican peso against the euro, partially offset by increases in the volume of the mortgage and consumer loan portfolios and lower wholesale funding costs. At constant exchange rates, there was an 8.1% increase in net interest income. The net interest margin over average total assets of this operating segment amounted to 6.74% for the year ended December 31, 2025, compared with 6.73% for the year ended December 31, 2024. Net fees and commissions Net fees and commissions of this operating segment for the year ended December 31, 2025 amounted to €2,367 million, a 3.1% decrease compared with the €2,443 million recorded for the year ended December 31, 2024, mainly due to the depreciation of the Mexican peso against the euro and the increase in commissions paid to third parties in relation to payment systems fees, offset, to a great extent, by the increase in payment systems fees and, to a lesser extent, the increase in fees received related to asset management activities (mutual and pension funds), as a result of the increase in the volume of such funds. At constant exchange rates, there was a 6.0% increase in net fees and commissions. Net gains (losses) on financial assets and liabilities and Exchange differences, net Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2025 were €788 million, a 2.7% increase compared with the €767 million gain recorded for the year ended December 31, 2024, mainly as a result of the higher gains from the ALCO portfolio resulting from the repurchase of bonds, partially offset by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 12.3% increase in net gains on financial assets and liabilities and exchange differences. 108 Other operating income and expense, net Other operating income and expense, net of this operating segment for the year ended December 31, 2025 was a net expense of €346 million, a 1.0% increase compared with the €342 million net expense recorded for the year ended December 31, 2024, mainly as a result of the higher contributions made to the Deposit Guarantee Fund, partially offset by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 10.5% increase in net expense. Income and expense on insurance and reinsurance contracts Net income on insurance and reinsurance contracts of this operating segment for the year ended December 31, 2025 was €965 million, a 5.7% increase compared with the €913 million net income recorded for the year ended December 31, 2024, due mainly to the increase in insurance premiums, attributable in part to a higher volume of insurance sales, partially offset by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 15.6% increase in income on insurance and reinsurance contracts. Administration costs Administration costs of this operating segment for the year ended December 31, 2025 were €4,182 million, a 0.3% increase compared with the €4,170 million recorded for the year ended December 31, 2024, mainly as a result of the higher general expenses related mainly to IT and the higher personnel expenses driven by the higher salaries and the increase in the number of employees, partially offset by the depreciation of the Mexican peso against the euro. At constant exchange rates, administration costs increased by 9.6%. Depreciation and amortization Depreciation and amortization for the year ended December 31, 2025 was €440 million, a 7.7% decrease compared with the €477 million recorded for the year ended December 31, 2024. At constant exchange rates, there was a 0.9% increase in depreciation and amortization. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the year ended December 31, 2025 was a €3,130 million expense, a 1.0% increase compared with the €3,098 million expense recorded for the year ended December 31, 2024, mainly due to higher credit impairment requirements, in particular, in the retail portfolio as a result of the worsening of the macroeconomic scenario in Mexico (see “—Factors Affecting the Comparability of our Results of Operations and Financial Condition—Macroeconomic and geopolitical conditions”), as well as higher credit impairment requirements in retail loans, driven by the increase in the volume of such loans, partially offset by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 10.5% increase in impairment on financial assets not measured at fair value through profit or loss or net gains by modification. Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of this operating segment for the year ended December 31, 2025 were a €105 million expense, a 52.6% increase compared with the €69 million expense recorded for the year ended December 31, 2024, mainly due to the higher provisions related to contingent and legal risks. At constant exchange rates, there was a 66.8% decrease in provisions and other results. Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax of this operating segment for the year ended December 31, 2025 was €7,341 million, a 2.4% decrease compared with the €7,522 million of operating profit before tax recorded for the year ended December 31, 2024. At constant exchange rates, there was a 6.7% increase in operating profit before tax. Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations of this operating segment for the year ended December 31, 2025 was €2,076 million, a 0.1% increase compared with the €2,074 million expense recorded for the year ended December 31, 2024. The effective tax rate amounted to 28.3% of operating profit before tax for the year ended December 31, 2025, and 27.6% for the year ended December 31, 2024. At constant exchange rates, there was a 9.5% increase in tax expense related to profit from continuing operations. 109 Profit attributable to parent company As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2025 amounted to €5,264 million, a 3.4% decrease compared with the €5,447 million recorded for the year ended December 31, 2024. At constant exchange rates, there was a 5.7% increase in profit attributable to parent company. 110 TURKEY For the year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Net interest income 3,079 1,492 106.4 Net fees and commissions 2,123 2,111 0.6 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 394 1,145 (65.6) Other operating income and expense, net (478) (595) (19.8) Income and expense on insurance and reinsurance contracts 94 60 55.7 Gross income 5,213 4,212 23.8 Administration costs (2,084) (1,895) 10.0 Depreciation and amortization (231) (216) 7.1 Net margin before provisions (2) 2,898 2,101 37.9 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (1,000) (526) 90.1 Provisions or reversal of provisions and other results (34) 165 n.m. (2) Operating profit / (loss) before tax 1,863 1,741 7.1 Tax expense or income related to profit or loss from continuing operations (904) (1,014) (10.8) Profit 959 727 31.9 Profit attributable to non-controlling interests (154) (116) 32.5 Profit attributable to parent company 805 611 31.8 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. (3)Not meaningful. As of December 31, 2025, the Turkish lira depreciated by 27.2% against the euro compared to December 31, 2024, adversely affecting the results of operations of the Turkey operating segment for the year ended December 31, 2025 expressed in euros (as the period-end exchange rates of the Turkish lira are used to convert income statement items pursuant to IAS 21 for the years ended December 31, 2025 and 2024, respectively). See “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”. Since the first half of 2022, the Turkish economy has been considered to be hyperinflationary as defined by IAS 29 “Financial Reporting in Hyperinflationary Economies”. See “Presentation of Financial Information—Hyperinflationary Economies” and Note 2.2.18 to the Consolidated Financial Statements for information on the impact of hyperinflation accounting. Regulation and monetary policy, including the liraization strategy adopted by the CBRT to protect the Turkish lira, has affected this operating segment. See “Item 4. Information on the Company―Business Overview—Supervision and Regulation—Principal Markets—Turkey”. Net interest income Net interest income of this operating segment for the year ended December 31, 2025 amounted to €3,079 million compared with the €1,492 million recorded for the year ended December 31, 2024, as a result mainly of the higher volume of Turkish lira-denominated loans supported by the lessening of the loan reserve requirements by the CBRT throughout 2025, and the higher customer spread (calculated as the average rate at which assets are remunerated, less the equivalent average rate for deposits), partially offset by the depreciation of the Turkish lira against the euro, and, to a lesser extent, the higher cost of wholesale funding. The year-on-year comparison was positively affected by changes in the reserve requirement for foreign currency deposits, which was set at 8.0% as of February 2024 and reduced in September 2024 (5.0%), November 2024 (4.0%) and June 2025 (2.5%) (see “Item 4. Information on the Company―Business Overview—Supervision and Regulation—Principal Markets—Turkey”), and which requires Garanti BBVA to make Turkish lira-denominated deposits with the CBRT in such proportion with respect to all foreign currency-denominated deposits and participation funds, excluding those obtained from banks abroad, regardless of their maturities. The net interest margin over average total assets of this operating segment amounted to 3.56% for the year ended December 31, 2025, compared with 1.98% for the year ended December 31, 2024. 111 Net fees and commissions Net fees and commissions of this operating segment for the year ended December 31, 2025 amounted to €2,123 million, a 0.6% increase compared with the €2,111 million recorded for the year ended December 31, 2024, mainly as a result of the increase in payment systems fees supported by the increase in the maximum credit card fees banks may charge in Turkey pursuant to the regulation established by the CBRT in November 2024 and the increase in the volume of asset management activities, partially offset by the depreciation of the Turkish lira against the euro and the increase in fees paid to third parties driven by the increase in payment systems fee income. At constant exchange rates, there was a 32.3% increase in net fees and commissions. Net gains (losses) on financial assets and liabilities and Exchange differences, net Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2025 amounted to €394 million, a 65.6% decrease compared with the €1,145 million gain recorded for the year ended December 31, 2024, mainly driven by a negative foreign currency position and, to a lesser extent, the depreciation of the Turkish lira against the euro, partially offset by higher gains in the trading portfolio from the Global Markets unit and the sale of certain securities portfolios. At constant exchange rates, net gains on financial assets and liabilities and exchange differences decreased by 55.4%. Other operating income and expense, net Other operating income and expense, net of this operating segment for the year ended December 31, 2025 was a €478 million net expense, a 19.8% decrease compared with the €595 million net expense recorded for the year ended December 31, 2024. In the year ended December 31, 2025, other operating income and expense, net, was positively affected by the lower loss on the net monetary position resulting from the adjustment for hyperinflation (€878 million and €1,512 million in the years ended December 31, 2025 and 2024, respectively) and negatively affected by the lower positive impact of the revaluation of bonds linked to inflation in the period (€674 million and €1,164 million, respectively, in the years ended December 31, 2025 and 2024) and the depreciation of the Turkish lira against the euro. At constant exchange rates, there was a 48.3% decrease in net expense. See “Presentation of Financial Information—Hyperinflationary Economies” and Note 2.2.18 to the Consolidated Financial Statements for information on the impact of hyperinflation accounting. Income and expense on insurance and reinsurance contracts Net income on insurance and reinsurance contracts of this operating segment for the year ended December 31, 2025 was €94 million, a 55.7% increase compared with the €60 million income recorded for the year ended December 31, 2024, mainly due to the higher insurance sales by the insurance companies. Administration costs Administration costs of this operating segment for the year ended December 31, 2025 amounted to €2,084 million, a 10.0% increase compared with the €1,895 million recorded for the year ended December 31, 2024, mainly as a result of the increase in personnel expenses, driven by the increase in the number of employees and salary updates, and the increase in general expenses (technology and marketing) driven to a great extent by the high average inflation rates, partially offset by the depreciation of the Turkish lira. At constant exchange rates, administration costs increased by 44.3%, which was above Turkey’s inflation rate for the year. Depreciation and amortization Depreciation and amortization for the year ended December 31, 2025 was €231 million, a 7.1% increase compared with the €216 million recorded for the year ended December 31, 2024, mainly as a result of the increase in the depreciation expense related to IT equipment, offset in part by the depreciation of the Turkish lira. At constant exchange rates, there was a 22.5% increase in depreciation and amortization. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the year ended December 31, 2025 was a €1,000 million expense, a 90.1% increase compared with the €526 million expense recorded for the year ended December 31, 2024, mainly as a result of the increase in the expected losses related to the retail portfolio (mainly related to consumer and credit card loans, which volumes increased and also required higher credit impairments), partially offset by lower expected losses in the corporate loan portfolio and the depreciation of the Turkish lira against the euro. 112 Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of this operating segment for the year ended December 31, 2025 were a €34 million expense compared with the €165 million income recorded for the year ended December 31, 2024, mainly due to higher provisions for contingent risks. Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax of this operating segment for the year ended December 31, 2025 was €1,863 million, a 7.1% increase compared with the €1,741 million recorded for the year ended December 31, 2024. Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations of this operating segment for the year ended December 31, 2025 was €904 million, a 10.8% decrease compared with the €1,014 million expense recorded for the year ended December 31, 2024. The tax expense for the year ended December 31, 2025 was lower than for the year ended December 31, 2024 notwithstanding the year-on-year increase in operating profit before tax, mainly as a result of the application of hyperinflationary accounting in assessing the tax burden in Turkey (with lower inflation and lower loss from the net monetary position, the effective tax rate is also lower). At constant exchange rates, there was an 18.5% increase in tax expense related to profit or loss from continuing operations. Profit attributable to non-controlling interests Profit attributable to non-controlling interests of this operating segment for the year ended December 31, 2025 amounted to €154 million, a 32.5% increase compared with the €116 million recorded for the year ended December 31, 2024, as a result, in part, of the increase in profit. Profit attributable to parent company As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2025 amounted to €805 million, a 31.8% increase compared with the €611 million recorded for the year ended December 31, 2024. 113 SOUTH AMERICA For the year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Net interest income 4,830 5,589 (13.6) Net fees and commissions 897 834 7.6 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 568 798 (28.8) Other operating income and expense, net (1,008) (1,935) (47.9) Income and expense on insurance and reinsurance contracts 76 120 (36.7) Gross income 5,363 5,405 (0.8) Administration costs (2,146) (2,341) (8.3) Depreciation and amortization (210) (226) (7.2) Net margin before provisions (2) 3,007 2,838 6.0 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (1,208) (1,369) (11.8) Provisions or reversal of provisions and other results (42) (127) (67.1) Operating profit / (loss) before tax 1,758 1,342 31.0 Tax expense or income related to profit or loss from continuing operations (582) (313) 86.1 Profit 1,176 1,029 14.3 Profit attributable to non-controlling interests (450) (394) 14.2 Profit attributable to parent company 726 635 14.3 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. In the year ended December 31, 2025, the Argentine peso depreciated by 37.4% against the euro (considering the period-end exchange rates used to convert income statement items for the years ended December 31, 2025 and 2024, respectively, pursuant to IAS 21) and the Colombian peso depreciated by 3.7% against the euro in average terms compared with the year ended December 31, 2024. On the other hand, the Peruvian sol appreciated by 0.7% against the euro in average terms compared with the year ended December 31, 2024. Overall, changes in exchange rates adversely affected the results of operations of the South America operating segment for the year ended December 31, 2025 expressed in euros. See “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”. As of and for the years ended December 31, 2025 and 2024, the Argentine and Venezuelan economies were considered to be hyperinflationary as defined by IAS 29 “Financial Reporting in Hyperinflationary Economies” (see “Presentation of Financial Information—Hyperinflationary Economies” and Note 2.2.18 to the Consolidated Financial Statements for information on the impact of hyperinflation accounting). Net interest income Net interest income of this operating segment for the year ended December 31, 2025 amounted to €4,830 million, a 13.6% decrease compared with the €5,589 million recorded for the year ended December 31, 2024, mainly as a result of the depreciation of the Argentine peso against the euro and lower yields in the loan portfolio driven in part by the decline in the monetary policy rate in Argentina. At constant exchange rates, there was a 1.6% increase in net interest income. The net interest margin over average total assets of this operating segment amounted to 6.59% for the year ended December 31, 2025, compared with 8.18% for the year ended December 31, 2024. Net fees and commissions Net fees and commissions of this operating segment for the year ended December 31, 2025 amounted to €897 million of income, a 7.6% increase compared with the €834 million of income recorded for the year ended December 31, 2024, mainly due to increases in payment systems fees (in particular, related to credit cards), as a result of increases in the volume of transactions and commission rates in Argentina, partially offset by the depreciation of the Argentine peso against the euro, and increased commissions paid to third parties as a result of higher activity. At constant exchange rates, there was a 20.7% increase in net fees and commissions. 114 Net gains (losses) on financial assets and liabilities and Exchange differences, net Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2025 were €568 million, a 28.8% decrease compared with the €798 million gain recorded for the year ended December 31, 2024, mainly due to the lower gains on exchange differences from the Global Markets unit in Colombia and, to a lesser extent, lower gains on exchange differences in the ALCO portfolio in Argentina, partially offset by higher trading gains in the Global Markets unit in Colombia. At constant exchange rates, there was a 20.4% decrease in net gains on financial assets and liabilities and exchange differences. Other operating income and expense, net Other operating income and expense, net of this operating segment for the year ended December 31, 2025 was a €1,008 million expense, a 47.9% decrease compared with the €1,935 million expense recorded for the year ended December 31, 2024, mainly driven by the lower loss on the net monetary position resulting from the adjustment for hyperinflation in Argentina, which resulted in a monetary loss of €356 million in the year ended December 31, 2025, compared to the €1,419 million monetary loss recorded for the year ended December 31, 2024, partially offset by the higher loss on the net monetary position in Venezuela, which resulted in a monetary loss of €183 million in the year ended December 31, 2025 compared to the €9 million monetary loss recorded in the year ended December 31, 2024. At constant exchange rates, there was a 44.7% decrease in net other operating expense. Income and expense on insurance and reinsurance contracts Net income on insurance and reinsurance contracts of this operating segment for the year ended December 31, 2025 was €76 million, a 36.7% decrease compared with the €120 million income recorded for the year ended December 31, 2024. At constant exchange rates, there was a 29.5% decrease in net income on insurance and reinsurance contracts. Administration costs Administration costs of this operating segment for the year ended December 31, 2025 amounted to €2,146 million, an 8.3% decrease compared with the €2,341 million recorded for the year ended December 31, 2024, mainly as a result of the depreciation of the Argentine peso against the euro, partially offset by increases in personnel expenses, mainly driven by salary updates (aimed at compensating the loss of purchasing power due to inflation) and certain general expenses in Peru and Argentina (mainly related to marketing and IT). At constant exchange rates, there was a 5.9% increase in administration costs. Depreciation and amortization Depreciation and amortization for the year ended December 31, 2025 was €210 million, a 7.2% decrease compared with the €226 million recorded for the year ended December 31, 2024, mainly due to the decrease in the depreciation expense related to IT equipment in Argentina. At constant exchange rates, there was a 3.7% decrease in depreciation and amortization. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the year ended December 31, 2025 was a €1,208 million expense, an 11.8% decrease compared with the €1,369 million expense recorded for the year ended December 31, 2024, mainly as a result of lower credit impairment requirements in the retail loan portfolios in Peru and Colombia and the depreciation of the Argentine peso against the euro, partially offset by the higher credit impairment requirements in the retail loan portfolio in Argentina, as a result in part of the greater credit activity (as we increased private lending as a result of lower government borrowings). At constant exchange rates, there was a 5.2% decrease in impairment on financial assets not measured at fair value through profit or loss or net gains by modification. Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of this operating segment for the year ended December 31, 2025 were a €42 million expense, a 67.1% decrease compared with the €127 million expense recorded for the year ended December 31, 2024, attributable mainly due to higher gains on non-financial assets in Argentina recorded under other results and lower provisions in Peru and Argentina. At constant exchange rates, there was a 64.4% decrease in provisions and other results. 115 Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax of this operating segment for the year ended December 31, 2025 was €1,758 million, a 31.0% increase compared with the €1,342 million recorded for the year ended December 31, 2024. Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations of this operating segment for the year ended December 31, 2025 was €582 million, an 86.1% increase compared with the €313 million expense recorded for the year ended December 31, 2024, as a result mainly of the higher operating profit before tax and the impact of the hyperinflation-related adjustments in Argentina. The effective tax rate amounted to 33.1% of operating profit before tax for the year ended December 31, 2025, and 23.3% for the year ended December 31, 2024. Profit attributable to non-controlling interests Profit attributable to non-controlling interests of this operating segment for the year ended December 31, 2025 amounted to €450 million, a 14.2% increase compared with the €394 million recorded for the year ended December 31, 2024, mainly due to the higher operating profit before tax. At constant exchange rates, there was a 54.4% increase in profit attributable to non-controlling interests. Profit attributable to parent company As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2025 amounted to €726 million, a 14.3% increase compared with the €635 million recorded for the year ended December 31, 2024. At constant exchange rates, there was a 71.5% increase in profit attributable to parent company. 116 REST OF BUSINESS For the year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Net interest income 828 742 11.6 Net fees and commissions 591 390 51.3 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 382 337 13.6 Other operating income and expense, net 4 2 107.8 Income and expense on insurance and reinsurance contracts 3 2 62.2 Gross income 1,807 1,472 22.8 Administration costs (889) (710) 25.3 Depreciation and amortization (40) (33) 22.2 Net margin before provisions (2) 878 730 20.3 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (85) (71) 19.5 Provisions or reversal of provisions and other results (22) (11) 98.3 Operating profit / (loss) before tax 772 648 19.1 Tax expense or income related to profit or loss from continuing operations (145) (138) 5.2 Profit 627 511 22.9 Profit attributable to non-controlling interests — — — Profit attributable to parent company 627 511 22.9 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. (3)Not meaningful. In the year ended December 31, 2025, the U.S. dollar depreciated by 4.3% against the euro in average terms compared with the year ended December 31, 2024, adversely affecting the results of operations of the Rest of Business operating segment for the year ended December 31, 2025 expressed in euros. See “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”. Net interest income Net interest income of this operating segment for the year ended December 31, 2025 amounted to €828 million, an 11.6% increase compared with the €742 million recorded for the year ended December 31, 2024, mainly due to the increase in the corporate and investment banking activity of the New York branch, supported by the increase in loan activity, in particular, in the wholesale portfolio, and careful price management, partially offset by the depreciation of the U.S. dollar against the euro and decreased activity in Europe. At constant exchange rates, there was a 15.9% increase in net interest income. The net interest margin over average total assets of this operating segment amounted to 1.16% for the year ended December 31, 2025 compared with 1.24% for the year ended December 31, 2024. Net fees and commissions Net fees and commissions of this operating segment for the year ended December 31, 2025 amounted to €591 million, a 51.3% increase compared with the €390 million recorded for the year ended December 31, 2024 mainly due to the higher fees paid to BBVA in connection with the debt issuances in which BBVA Securities Inc., our broker-dealer in the United States, acted as underwriter and higher commissions charged to transactional banking clients, partially offset by the depreciation of the U.S. dollar against the euro. At constant exchange rates, there was a 56.0% increase in net fees and commissions. Net gains (losses) on financial assets and liabilities and Exchange differences, net Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2025 was €382 million, a 13.6% increase compared with the €337 million net gain recorded for the year ended December 31, 2024, mainly due to the higher positive exchange differences in Asia and the higher trading gains in the New York branch and in BBVA Securities Inc. mainly related to equity brokerage activity, partially offset by the depreciation of the U.S. dollar against the euro and lower trading gains in Europe. At constant exchange rates, there was a 19.4% increase in net gains on financial assets and liabilities and exchange differences. 117 Other operating income and expense, net Other operating income and expense, net of this operating segment for the year ended December 31, 2025 was €4 million income, compared with the €2 million income for the year ended December 31, 2024. Income and expense on insurance and reinsurance contracts Income on insurance and reinsurance contracts for the year ended December 31, 2025 was €3 million, compared with the €2 million of income recorded for the year ended December 31, 2024. Administration costs Administration costs of this operating segment for the year ended December 31, 2025 amounted to €889 million, a 25.3% increase compared with the €710 million recorded for the year ended December 31, 2024, mainly due to increases in personnel expenses in the branches located in Europe and New York, due to new hires and investment in strategic projects, partially offset by the depreciation of the U.S. dollar against the euro. At constant exchange rates, there was a 29.7% increase in administration costs. Depreciation and amortization Depreciation and amortization for the year ended December 31, 2025 was €40 million, a 22.2% increase compared with the €33 million recorded for the year ended December 31, 2024. At constant exchange rates, there was a 26.2% increase in depreciation and amortization. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the year ended December 31, 2025 was a €85 million expense, a 19.5% increase compared with the €71 million expense recorded for the year ended December 31, 2024, mainly as a result of the higher credit impairment requirements in the corporate and investment banking loan portfolios in the United States, partially offset by the lower credit impairments in the household portfolio in Europe. Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of this operating segment for the year ended December 31, 2025 were a €22 million expense, a 98.3% increase compared with the €11 million expense recorded for the year ended December 31, 2024. Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax of this operating segment for the year ended December 31, 2025 was €772 million, a 19.1% increase compared with the €648 million recorded for the year ended December 31, 2024. At constant exchange rates, there was a 25.2% increase in operating profit before tax. Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations of this operating segment for the year ended December 31, 2025 was €145 million, a 5.2% increase compared with the €138 million expense recorded for the year ended December 31, 2024. At constant exchange rates, there was a 9.6% increase in tax expense related to profit from continuing operations. Profit attributable to parent company As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2025 amounted to €627 million, a 22.9% increase compared with the €511 million recorded for the year ended December 31, 2024. At constant exchange rates, there was a 29.4% increase in profit attributable to parent company. 118 CORPORATE CENTER For the year ended December 31, 2025 2024 Change (In Millions of Euros) (In %) Net interest income / (expense) (469) (495) (5.3) Net fees and commissions (127) (71) 80.4 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) (200) 138 n.m. (2) Other operating income and expense, net 116 37 212.7 Income and expense on insurance and reinsurance contracts 2 2 — Gross income (678) (388) 74.5 Administration costs (573) (564) 1.6 Depreciation and amortization (213) (215) (0.9) Net margin before provisions (3) (1,464) (1,168) 25.4 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (1) 3 n.m. (2) Provisions or reversal of provisions and other results 25 54 (54.3) Operating profit / (loss) before tax (1,440) (1,110) 29.8 Tax expense or income related to profit or loss from continuing operations 361 215 68.1 Profit / (loss) (1,079) (895) 20.6 Profit / (loss) attributable to non-controlling interests (7) (7) — Profit / (loss) attributable to parent company (1,086) (901) 20.5 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)Not meaningful. (3)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. Net interest income / (expense) Net interest expense of the Corporate Center for the year ended December 31, 2025 was €469 million, a 5.3% decrease compared with the €495 million net expense recorded for the year ended December 31, 2024, mainly due to lower funding costs of investments. Net fees and commissions Net fees and commissions of the Corporate Center for the year ended December 31, 2025 amounted to a €127 million expense, an 80.4% increase compared with the €71 million expense recorded for the year ended December 31, 2024, mainly as a result of the higher fees paid by BBVA in connection with the debt issuances carried out by Banco Bilbao Vizcaya Argentaria, S.A. (the parent company of the Group). Net gains (losses) on financial assets and liabilities and Exchange differences, net Net losses on financial assets and liabilities and exchange differences of the Corporate Center for the year ended December 31, 2025 were €200 million compared with the €138 million net gains recorded for the year ended December 31, 2024, mainly as a result of losses from foreign exchange hedging, in particular, with respect to the Mexican peso, the lower gains on certain U.S. bonds driven by the depreciation of the U.S. dollar and the lower gains in the ALCO portfolio, partially offset by higher gains in the non-trading portfolio from the revaluation of certain venture capital investments. Other operating income and expense, net Other operating income and expense, net of the Corporate Center for the year ended December 31, 2025 was €116 million of net income, compared with the €37 million net income recorded for the year ended December 31, 2024. Administration costs Administration costs of the Corporate Center for the year ended December 31, 2025 amounted to €573 million, a 1.6% increase compared with the €564 million recorded for the year ended December 31, 2024. 119 Depreciation and amortization Depreciation and amortization of the Corporate Center for the year ended December 31, 2025 was €213 million, a 0.9% decrease compared with the €215 million recorded for the year ended December 31, 2024. Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of the Corporate Center for the year ended December 31, 2025 was €25 million income, a 54.3% decrease compared with the €54 million income recorded for the year ended December 31, 2024, mainly due to losses from certain investments in associates. Operating profit / (loss) before tax As a result of the foregoing, operating loss before tax of the Corporate Center for the year ended December 31, 2025 was €1,440 million, a 29.8% increase compared with the €1,110 million loss recorded for the year ended December 31, 2024. Tax expense or income related to profit or loss from continuing operations Tax income related to loss from continuing operations of the Corporate Center for the year ended December 31, 2025 amounted to €361 million, a 68.1% increase compared with the €215 million income recorded for the year ended December 31, 2024 mainly due to the higher operating loss before tax and the adjustment in the estimate of the annual tax rate for the BBVA Group, which reflects the Group’s reassessment of the coverage needs for the identified tax risks and certain deferred tax assets corresponding to the Group in Spain, which had not previously been recorded and were first recognized in the current period (see Note 19 to the Consolidated Financial Statements). Profit / (loss) attributable to parent company As a result of the foregoing, loss attributable to parent company of the Corporate Center for the year ended December 31, 2025 was €1,086 million, a 20.5% increase compared with the €901 million loss recorded for the year ended December 31, 2024. 120 Results of Operations by Operating Segment for 2024 Compared with 2023 SPAIN For the year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Net interest income 6,384 5,570 14.6 Net fees and commissions 2,281 2,124 7.4 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 728 460 58.3 Other operating income and expense, net (329) (658) (50.0) Income and expense on insurance and reinsurance contracts 379 353 7.6 Gross income 9,443 7,848 20.3 Administration costs (2,980) (2,809) 6.1 Depreciation and amortization (366) (383) (4.4) Net margin before provisions (2) 6,097 4,656 30.9 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (684) (656) 4.3 Provisions or reversal of provisions and other results (150) (145) 3.2 Operating profit / (loss) before tax 5,263 3,855 36.5 Tax expense or income related to profit or loss from continuing operations (1,508) (1,162) 29.7 Profit from continuing operations 3,755 2,693 39.4 Profit / (loss) from discontinued operations, net and Other — — — Profit 3,755 2,693 39.4 Profit attributable to non-controlling interests (3) (2) 31.7 Profit attributable to parent company 3,752 2,690 39.4 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)Calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. (3)Not meaningful. Net interest income Net interest income of this operating segment for the year ended December 31, 2024 amounted to €6,384 million, a 14.6% increase compared with the €5,570 million recorded for the year ended December 31, 2023, mainly as a result of the higher yield of the loans to enterprises and consumer loans, which led to an increase in the customer spread (calculated as the average rate at which assets are remunerated, less the equivalent average rate for deposits), as a result of the impact of the increase in interest rates in 2023 up to the cuts beginning in the second half of 2024 and, to a lesser extent, an increase in the average volume of loan portfolios, partially offset by higher funding costs and the impact of interest rates cuts implemented by the ECB since the second half of 2024 on consumer and household loan portfolios, which are mostly referenced to variable interest rates. The net interest margin over average total assets of this operating segment amounted to 1.47% for the year ended December 31, 2024, compared with 1.33% for the year ended December 31, 2023. Net fees and commissions Net fees and commissions of this operating segment for the year ended December 31, 2024 amounted to €2,281 million, a 7.4% increase compared with the €2,124 million recorded for the year ended December 31, 2023, mainly due to the increase in the volume of asset management activities and the higher credit card fees. Net gains (losses) on financial assets and liabilities and Exchange differences, net Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2024 was a net gain of €728 million, a 58.3% increase compared with the €460 million net gain recorded for the year ended December 31, 2023, mainly as a result of the positive performance of the Global Markets unit and, to a lesser extent, certain ALCO portfolio sales and positive exchange differences. The ALCO portfolio is used to manage the risk of changes in interest rates. 121 Other operating income and expense, net Other operating income and expense, net of this operating segment for the year ended December 31, 2024 amounted to a €329 million expense, a 50.0% decrease compared with the €658 million expense recorded for the year ended December 31, 2023. The decrease was driven in part by the fact that BBVA was not required to make any contributions to the ECB’s Single Resolution Fund in the year ended December 31, 2024, since its constitution was completed in 2023, and the lower contribution to the Deposit Guarantee Fund. The decrease was offset in part by the higher expense recorded in connection with the temporary tax on credit institutions and financial credit establishments in Spain (totaling €285 million in the year ended December 31, 2024, compared to €215 million in the year ended December 31, 2023). No impact associated with IMIC was recorded in the Consolidated Financial Statements for the year ended December 31, 2024. See Note 19.6 to the Consolidated Financial Statements for additional information on certain contributions and taxes. Income and expense on insurance and reinsurance contracts Net income on insurance and reinsurance contracts of this operating segment for the year ended December 31, 2024 was €379 million, a 7.6% increase compared with the €353 million income recorded for the year ended December 31, 2023, as a result of increased insurance activity. Administration costs Administration costs of this operating segment for the year ended December 31, 2024 amounted to €2,980 million, a 6.1% increase compared with the €2,809 million recorded for the year ended December 31, 2023, mainly as a result of the increase in general expenses related to IT equipment (driven by inflation), and, to a lesser extent, personnel expenses (driven by salary updates). Depreciation and amortization Depreciation and amortization for the year ended December 31, 2024 was €366 million, a 4.4% decrease compared with the €383 million recorded for the year ended December 31, 2023. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the year ended December 31, 2024 amounted to a €684 million expense, a 4.3% increase compared with the €656 million expense recorded for the year ended December 31, 2023, mainly due to higher credit impairment requirements in the wholesale loan portfolio. Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of this operating segment for the year ended December 31, 2024 were a €150 million expense, a 3.2% increase compared with the €145 million expense recorded for the year ended December 31, 2023. Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax of this operating segment for the year ended December 31, 2024 was €5,263 million, a 36.5% increase compared with the €3,855 million profit recorded for the year ended December 31, 2023. Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations of this operating segment for the year ended December 31, 2024 was €1,508 million, a 29.7% increase compared with the €1,162 million expense recorded for the year ended December 31, 2023, as a result of the higher operating profit before tax recorded for the year ended December 31, 2024. The effective tax rate decreased to 28.7% for the year ended December 31, 2024 from 30.1% for the year ended December 31, 2023. Amounts paid by BBVA under the temporary tax on credit institutions and financial credit establishments in Spain are a non-deductible expense for tax purposes. Profit attributable to parent company As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2024 amounted to €3,752 million, a 39.4% increase compared with the €2,690 million profit recorded for the year ended December 31, 2023. 122 MEXICO For the year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Net interest income 11,556 11,054 4.5 Net fees and commissions 2,443 2,226 9.7 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 767 572 34.0 Other operating income and expense, net (342) (332) 3.0 Income and expense on insurance and reinsurance contracts 913 748 22.1 Gross income 15,337 14,267 7.5 Administration costs (4,170) (3,946) 5.7 Depreciation and amortization (477) (469) 1.8 Net margin before provisions (2) 10,689 9,853 8.5 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (3,098) (2,499) 24.0 Provisions or reversal of provisions and other results (69) (25) 175.0 Operating profit / (loss) before tax 7,522 7,329 2.6 Tax expense or income related to profit or loss from continuing operations (2,074) (2,009) 3.2 Profit 5,448 5,320 2.4 Profit attributable to non-controlling interests (1) (1) — Profit attributable to parent company 5,447 5,319 2.4 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. In the year ended December 31, 2024, the Mexican peso depreciated 3.2% against the euro in average terms compared with the year ended December 31, 2023, resulting in a negative exchange rate effect on the consolidated income statement for the year ended December 31, 2024 and in the results of operations of the Mexico operating segment for such period expressed in euros. See “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”. Net interest income Net interest income of this operating segment for the year ended December 31, 2024 amounted to €11,556 million, a 4.5% increase compared with the €11,054 million recorded for the year ended December 31, 2023, mainly as a result of the higher contribution from the wholesale and retail loan portfolios (attributable to increases in volume), and the higher contribution from the securities portfolio, partially offset by higher wholesale funding costs and the depreciation of the Mexican peso against the euro. At constant exchange rates, there was an 8.0% increase in net interest income. The net interest margin over average total assets of this operating segment amounted to 6.73% for the year ended December 31, 2024, compared with 7.09% for the year ended December 31, 2023. Net fees and commissions Net fees and commissions of this operating segment for the year ended December 31, 2024 amounted to €2,443 million, a 9.7% increase compared with the €2,226 million recorded for the year ended December 31, 2023, mainly due to the increased volume of transactions by credit card customers and of asset management activities, offset in part by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 13.4% increase in net fees and commissions. Net gains (losses) on financial assets and liabilities and Exchange differences, net Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2024 were €767 million, a 34.0% increase compared with the €572 million gain recorded for the year ended December 31, 2023, mainly as a result of the higher gains from the Global Markets unit, resulting from foreign currency hedges, and, to a lesser extent, the higher gains from the ALCO portfolio, offset in part by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 38.5% increase in net gains on financial assets and liabilities and exchange differences. 123 Other operating income and expense, net Other operating income and expense, net of this operating segment for the year ended December 31, 2024 was a net expense of €342 million, a 3.0% increase compared with the €332 million net expense recorded for the year ended December 31, 2023, mainly due to the higher contributions made to the Deposit Guarantee Fund, offset in part by the depreciation of the Mexican peso against the euro. At constant exchange rates, there was a 6.4% increase in net expense. Income and expense on insurance and reinsurance contracts Net income on insurance and reinsurance contracts of this operating segment for the year ended December 31, 2024 was €913 million, a 22.1% increase compared with the €748 million net income recorded for the year ended December 31, 2023, due mainly to the increase in insurance premiums, attributable in part to higher insurance sales, partially offset mainly by the higher insurance premiums paid to third parties. Administration costs Administration costs of this operating segment for the year ended December 31, 2024 were €4,170 million, a 5.7% increase compared with the €3,946 million recorded for the year ended December 31, 2023, mainly as a result of the higher personnel expenses driven by the increase in the number of employees and the higher salaries, and the higher general expenses related to value added tax, partially offset by the depreciation of the Mexican peso against the euro. At constant exchange rates, administration costs increased by 9.2%. Depreciation and amortization Depreciation and amortization for the year ended December 31, 2024 was €477 million, a 1.8% increase compared with the €469 million recorded for the year ended December 31, 2023. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the year ended December 31, 2024 was a €3,098 million expense, a 24.0% increase compared with the €2,499 million expense recorded for the year ended December 31, 2023, mainly due to higher impairment entries in the retail loan portfolio (in particular, credit cards and consumer loans, which are loans that generally entail greater profitability but also carry a greater default risk), within a context of deteriorating macroeconomic conditions and forecast. Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of this operating segment for the year ended December 31, 2024 were a €69 million expense compared with the €25 million expense recorded for the year ended December 31, 2023, mainly due to the impairment of a guarantee on a leasing transaction. Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax of this operating segment for the year ended December 31, 2024 was €7,522 million, a 2.6% increase compared with the €7,329 million of operating profit before tax recorded for the year ended December 31, 2023. Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations of this operating segment for the year ended December 31, 2024 was €2,074 million, a 3.2% increase compared with the €2,009 million expense recorded for the year ended December 31, 2023, mainly as a result of the higher operating profit before tax. The effective tax rate amounted to 27.6% of operating profit before tax for the year ended December 31, 2024, and 27.4% for the year ended December 31, 2023. Profit attributable to parent company As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2024 amounted to €5,447 million, a 2.4% increase compared with the €5,319 million recorded for the year ended December 31, 2023. 124 TURKEY For the year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Net interest income 1,492 1,869 (20.2) Net fees and commissions 2,111 998 111.5 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 1,145 937 22.1 Other operating income and expense, net (595) (887) (32.9) Income and expense on insurance and reinsurance contracts 60 63 (4.3) Gross income 4,212 2,981 41.3 Administration costs (1,895) (1,252) 51.3 Depreciation and amortization (216) (150) 44.3 Net margin before provisions (2) 2,101 1,579 33.1 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (526) (118) n.m. (3) Provisions or reversal of provisions and other results 165 (137) n.m. (3) Operating profit / (loss) before tax 1,741 1,324 31.5 Tax expense or income related to profit or loss from continuing operations (1,014) (702) 44.4 Profit 727 622 16.9 Profit attributable to non-controlling interests (116) (95) 22.6 Profit attributable to parent company 611 527 15.9 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. (3)Not meaningful. As of December 31, 2024, the Turkish lira depreciated by 11.1% against the euro compared to December 31, 2023 (i.e., the year-end exchange rates of the Turkish lira used by the Group to convert income statement items pursuant to IAS 21 for the years ended December 31, 2024 and 2023, respectively), adversely affecting the results of operations of the Turkey operating segment for the year ended December 31, 2024 expressed in euros. See “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”. Since the first half of 2022, the Turkish economy has been considered to be hyperinflationary as defined by IAS 29 “Financial Reporting in Hyperinflationary Economies”. See “Presentation of Financial Information—Hyperinflationary Economies” and Note 2.2.18 to the Consolidated Financial Statements for information on the impact of hyperinflation accounting. Net interest income Net interest income of this operating segment for the year ended December 31, 2024 amounted to €1,492 million, a 20.2% decrease compared with the €1,869 million recorded for the year ended December 31, 2023, as a result mainly of the depreciation of the Turkish lira against the euro, higher interest expense on Turkish lira-denominated deposits (due to the higher volume of deposits and the higher interest rates paid on them) and the higher wholesale and swap funding costs (which were affected by the reserve requirement for foreign currency deposits, which was set at 8% as of February 2024 and amended in September 2024 and November 2024 to 5% and 4%, respectively; and which requires Garanti BBVA to make Turkish lira-denominated deposits with the CBRT in such proportion with respect to all foreign currency-denominated deposits and participation funds, excluding those obtained from banks abroad, regardless of their maturities). The year-on-year decrease was partially offset by the higher volume and yield of Turkish lira-denominated loans and the increase in volume and yield of sovereign debt securities, as a result in part –with respect to the increases in the volumes of Turkish lira-denominated loans and sovereign debt securities- of the measures adopted by the CBRT (see “Item 4. Information on the Company―Business Overview—Supervision and Regulation—Principal Markets—Turkey”). At constant exchange rates, there was a 10.4% decrease in net interest income. The net interest margin over average total assets of this operating segment amounted to 1.98% for the year ended December 31, 2024, compared with 2.83% for the year ended December 31, 2023. 125 Net fees and commissions Net fees and commissions of this operating segment for the year ended December 31, 2024 amounted to €2,111 million compared with the €998 million recorded for the year ended December 31, 2023, mainly as a result of the increase in payment systems fees (fees related to credit and debit cards and POS) supported by the increase in the maximum credit card fees banks may charge in Turkey pursuant to the regulation established by the CBRT, partially offset by the depreciation of the Turkish lira against the euro. Net gains (losses) on financial assets and liabilities and Exchange differences, net Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2024 amounted to €1,145 million, a 22.1% increase compared with the €937 million gain recorded for the year ended December 31, 2023, mainly driven by gains from foreign currency hedges, offset in part by lower positive exchange differences compared to 2023, the depreciation of the Turkish lira and, to a lesser extent, lower gains from the Global Markets unit due to lower sales. At constant exchange rates, net gains on financial assets and liabilities and exchange differences increased by 34.5%. Other operating income and expense, net Other operating income and expense, net of this operating segment for the year ended December 31, 2024 was a €595 million net expense, a 32.9% decrease compared with the €887 million net expense recorded for the year ended December 31, 2023, mainly due to the lower loss on the net monetary position resulting from the adjustment for hyperinflation (€1,512 million and €2,118 million in the years ended December 31, 2024 and 2023, respectively) and, to a lesser extent, the depreciation of the Turkish lira against the euro, partially offset by certain sales of non-financial services and the lower positive impact of the revaluation of bonds linked to inflation in the period (€1,164 million and €1,202 million, respectively, in the years ended December 31, 2024 and 2023). At constant exchange rates, there was a 42.1% decrease in net expense. See “Presentation of Financial Information—Hyperinflationary Economies” and Note 2.2.18 to the Consolidated Financial Statements for information on the impact of hyperinflation accounting. Income and expense on insurance and reinsurance contracts Net income on insurance and reinsurance contracts of this operating segment for the year ended December 31, 2024 was €60 million, a 4.3% decrease compared with the €63 million income recorded for the year ended December 31, 2023. At constant exchange rates, there was a 5.2% increase. Administration costs Administration costs of this operating segment for the year ended December 31, 2024 amounted to €1,895 million, a 51.3% increase compared with the €1,252 million recorded for the year ended December 31, 2023, mainly as a result of the increase in personnel expenses, driven by the increase in salaries (mainly driven by inflation) and, to a lesser extent, the number of employees, and the increase in general expenses (technology, outsourced services and maintenance) driven to a great extent by the higher average inflation rates, partially offset by the depreciation of the Turkish lira. At constant exchange rates, administration costs increased by 69.4%, which was above Turkey’s inflation rate for the year. Depreciation and amortization Depreciation and amortization for the year ended December 31, 2024 was €216 million, a 44.3% increase compared with the €150 million recorded for the year ended December 31, 2023, mainly as a result of the increase in the depreciation expense related to IT equipment, offset in part by the depreciation of the Turkish lira. At constant exchange rates, there was a 55.0% increase. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the year ended December 31, 2024 was a €526 million expense compared with the €118 million expense recorded for the year ended December 31, 2023, mainly as a result of the increase in the expected losses related to the retail portfolio (mainly credit card and consumer loans, which volumes increased and also experienced greater deterioration), partially offset by the depreciation of the Turkish lira and the higher reversal of impairment on the wholesale portfolio compared to 2023. The year ended December 31, 2023 was affected by the change in the staging of certain loans from Stage 1 to Stage 2, due to the impact of the earthquakes in February 2023 and certain significant Stage 3 entries in the retail and wholesale portfolios. 126 Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of this operating segment for the year ended December 31, 2024 were a €165 million income compared with the €137 million expense recorded for the year ended December 31, 2023, mainly due to the impact, in 2023, of the provisions recorded in connection with the February 2023 earthquakes, and increases in the value of certain real estate assets in 2024. Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax of this operating segment for the year ended December 31, 2024 was €1,741 million, a 31.5% increase compared with the €1,324 million recorded for the year ended December 31, 2023. At constant exchange rates, operating profit before tax increased by 83.3%. Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations of this operating segment for the year ended December 31, 2024 was €1,014 million, a 44.4% increase compared with the €702 million expense recorded for the year ended December 31, 2023, mainly as a result of the increase in operating profit before tax recorded for the year ended December 31, 2024. Current tax regulation in Turkey does not include a provision to reduce tax expense upon the existence of a loss linked to the net monetary position. The effective tax rate amounted to 58.2% of operating profit before tax of this operating segment for the year ended December 31, 2024 and 53.0% for the year ended December 31, 2023. Profit attributable to non-controlling interests Profit attributable to non-controlling interests of this operating segment for the year ended December 31, 2024 amounted to €116 million, a 22.6% increase compared with the €95 million recorded for the year ended December 31, 2023, as a result, in part, of the increase in profit. Profit attributable to parent company As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2024 amounted to €611 million, a 15.9% increase compared with the €527 million recorded for the year ended December 31, 2023. 127 SOUTH AMERICA For the year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Net interest income 5,589 4,394 27.2 Net fees and commissions 834 700 19.1 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 798 633 26.0 Other operating income and expense, net (1,935) (1,491) 29.7 Income and expense on insurance and reinsurance contracts 120 96 24.9 Gross income 5,405 4,331 24.8 Administration costs (2,341) (1,785) 31.2 Depreciation and amortization (226) (165) 36.4 Net margin before provisions (2) 2,838 2,381 19.2 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (1,369) (1,134) 20.7 Provisions or reversal of provisions and other results (127) (58) 120.5 Operating profit / (loss) before tax 1,342 1,189 12.8 Tax expense or income related to profit or loss from continuing operations (313) (286) 9.3 Profit 1,029 903 14.0 Profit attributable to non-controlling interests (394) (302) 30.5 Profit attributable to parent company 635 601 5.6 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. In the year ended December 31, 2024, the Argentine peso depreciated by 16.8% against the euro (considering the period-end exchange rates used to convert income statement items for the years ended December 31, 2024 and 2023, respectively, pursuant to IAS 21). On the other hand, the Colombian peso appreciated by 6.2% against the euro in average terms compared with the year ended December 31, 2023. The Peruvian sol remained practically unchanged against the euro in average terms compared with the year ended December 31, 2023. Overall, changes in exchange rates resulted in a negative exchange rate effect on the consolidated income statement for the year ended December 31, 2024 and in the results of operations of the South America operating segment for such period expressed in euros. See “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”. As of and for the years ended December 31, 2024 and 2023, the Argentine and Venezuelan economies were considered to be hyperinflationary as defined by IAS 29 “Financial Reporting in Hyperinflationary Economies” (see “Presentation of Financial Information—Hyperinflationary Economies”). Net interest income Net interest income of this operating segment for the year ended December 31, 2024 amounted to €5,589 million, a 27.2% increase compared with the €4,394 million recorded for the year ended December 31, 2023, mainly as a result of increases in the volume and yield of credit card loans and the commercial loan portfolios in Argentina and Colombia, partially offset by higher funding costs, particularly in Argentina as a result of increases in interest rates, and the depreciation of the Argentine peso against the euro. At constant exchange rates, there was a 31.9% increase in net interest income. The net interest margin over average total assets of this operating segment amounted to 8.18% for the year ended December 31, 2024, compared with 6.99% for the year ended December 31, 2023. Net fees and commissions Net fees and commissions of this operating segment for the year ended December 31, 2024 amounted to €834 million of income, a 19.1% increase compared with the €700 million of income recorded for the year ended December 31, 2023, mainly due to increases in payment systems-related fees (in particular, related to credit cards), as a result of increases in the volume of transactions and commission rates, especially in Argentina, partially offset by the depreciation of the Argentine peso against the euro. At constant exchange rates, there was a 21.5% increase. 128 Net gains (losses) on financial assets and liabilities and Exchange differences, net Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2024 were €798 million, a 26.0% increase compared with the €633 million gain recorded for the year ended December 31, 2023, mainly due to the higher gains from the ALCO portfolio in Argentina, partially offset by the depreciation of the Argentine peso against the euro. At constant exchange rates, net gains on financial assets and liabilities and exchange differences, net, increased by 33.3%. Other operating income and expense, net Other operating income and expense, net of this operating segment for the year ended December 31, 2024 was a €1,935 million expense, a 29.7% increase compared with the €1,491 million expense recorded for the year ended December 31, 2023, mainly driven by the higher loss on the net monetary position resulting from the adjustment for hyperinflation in Argentina, which resulted in a monetary loss of €1,419 million in the year ended December 31, 2024, compared to the €1,062 million monetary loss recorded for the year ended December 31, 2023, partially offset by the depreciation of the Argentine peso against the euro. At constant exchange rates, the net expense increased by 31.8%. Income and expense on insurance and reinsurance contracts Net income on insurance and reinsurance contracts of this operating segment for the year ended December 31, 2024 was €120 million, a 24.9% increase compared with the €96 million income recorded for the year ended December 31, 2023, mainly as a result of higher income related to life insurance in Colombia and, to a lesser extent, Argentina, partially offset by the depreciation of the Argentine peso against the euro. Administration costs Administration costs of this operating segment for the year ended December 31, 2024 amounted to €2,341 million, a 31.2% increase compared with the €1,785 million recorded for the year ended December 31, 2023, mainly as a result of increases in personnel expenses, mainly driven by salary updates (aimed at compensating the loss of purchasing power due to inflation) and certain general expenses related to technology (affected by the high inflation) in Argentina, partially offset by the depreciation of the Argentine peso against the euro. At constant exchange rates, administration costs increased by 33.8%. Depreciation and amortization Depreciation and amortization for the year ended December 31, 2024 was €226 million, a 36.4% increase compared with the €165 million recorded for the year ended December 31, 2023, mainly due to the increase in the depreciation expense related to IT equipment in Argentina. At constant exchange rates, depreciation and amortization increased by 36.5%. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the year ended December 31, 2024 was a €1,369 million expense, a 20.7% increase compared with the €1,134 million expense recorded for the year ended December 31, 2023, mainly as a result of higher credit impairment requirements in retail loans, within an inflationary and high interest environment, in Colombia and Peru (where default rates are starting to increase), and the larger loan portfolio. At constant exchange rates, impairment on financial assets not measured at fair value through profit or loss or net gains by modification increased by 21.0%. Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of this operating segment for the year ended December 31, 2024 were a €127 million expense compared with the €58 million expense recorded for the year ended December 31, 2023, attributable mainly to the higher provisions for property, plant and equipment in Argentina, partially offset by the depreciation of the Argentine peso against the euro. Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax of this operating segment for the year ended December 31, 2024 was €1,342 million, a 12.8% increase compared with the €1,189 million recorded for the year ended December 31, 2023. At constant exchange rates, there was a 28.1% increase. 129 Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations of this operating segment for the year ended December 31, 2024 was €313 million, a 9.3% increase compared with the €286 million expense recorded for the year ended December 31, 2023, as a result mainly of the higher operating profit before tax, partially offset by the impact of hyperinflation-related adjustments in Argentina. At constant exchange rates (and excluding the impact of the hyperinflation-related adjustments in Argentina), tax expense or income related to profit or loss from continuing operations increased by 32.5%. The effective tax rate amounted to 23.3% of operating profit before tax for the year ended December 31, 2024, and 24.1% for the year ended December 31, 2023. Profit attributable to non-controlling interests Profit attributable to non-controlling interests of this operating segment for the year ended December 31, 2024 amounted to €394 million, a 30.5% increase compared with the €302 million recorded for the year ended December 31, 2023, mainly due to the higher operating profit before tax. At constant exchange rates, there was a 46.3% increase. Profit attributable to parent company As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2024 amounted to €635 million, a 5.6% increase compared with the €601 million recorded for the year ended December 31, 2023. At constant exchange rates, there was a 17.1% increase. 130 REST OF BUSINESS For the year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Net interest income 742 539 37.6 Net fees and commissions 390 309 26.3 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 337 261 28.8 Other operating income and expense, net 2 — n.m. (3) Income and expense on insurance and reinsurance contracts 2 3 (51.3) Gross income 1,472 1,113 32.3 Administration costs (710) (560) 26.8 Depreciation and amortization (33) (26) 25.5 Net margin before provisions (2) 730 527 38.5 Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (71) (28) 155.9 Provisions or reversal of provisions and other results (11) (1) n.m. (3) Operating profit / (loss) before tax 648 499 30.0 Tax expense or income related to profit or loss from continuing operations (138) (96) 44.0 Profit 511 403 26.7 Profit attributable to non-controlling interests — — — Profit attributable to parent company 511 403 26.7 (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. (3)Not meaningful. In the year ended December 31, 2024, the U.S. dollar remained practically unchanged against the euro in average terms compared with the year ended December 31, 2023. See “―Factors Affecting the Comparability of our Results of Operations and Financial Condition―Trends in Exchange Rates”. Net interest income Net interest income of this operating segment for the year ended December 31, 2024 amounted to €742 million, a 37.6% increase compared with the €539 million recorded for the year ended December 31, 2023, mainly due to increase in the corporate and investment banking activity of the branches located in Europe and New York, supported by the increase in loan activity and an adequate price management. The net interest margin over average total assets of this operating segment amounted to 1.24% for the year ended December 31, 2024 compared with 1.05% for the year ended December 31, 2023. Net fees and commissions Net fees and commissions of this operating segment for the year ended December 31, 2024 amounted to €390 million, a 26.3% increase compared with the €309 million recorded for the year ended December 31, 2023 as a result of increased investment banking activity. Net gains (losses) on financial assets and liabilities and Exchange differences, net Net gains on financial assets and liabilities and exchange differences of this operating segment for the year ended December 31, 2024 was €337 million, a 28.8% increase compared with the €261 million net gain recorded for the year ended December 31, 2023, mainly due to the higher gains from the Global Markets units in Europe and the higher gains from the broker-dealer BBVA Securities Inc., partially offset by negative exchange differences. Other operating income and expense, net Other operating income and expense, net of this operating segment for the year ended December 31, 2024 was €2 million income, compared with nil for the year ended December 31, 2023. 131 Income and expense on insurance and reinsurance contracts Income on insurance and reinsurance contracts for the year ended December 31, 2024 was €2 million, compared with the €3 million of income recorded for the year ended December 31, 2023. Administration costs Administration costs of this operating segment for the year ended December 31, 2024 amounted to €710 million, a 26.8% increase compared with the €560 million recorded for the year ended December 31, 2023, mainly due to increases in personnel expenses, due to the increase in the number of employees, and in marketing expenses in the branches located in New York and Europe. Depreciation and amortization Depreciation and amortization for the year ended December 31, 2024 was €33 million, a 25.5% increase compared with the €26 million recorded for the year ended December 31, 2023. Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification of this operating segment for the year ended December 31, 2024 was a €71 million expense compared with the €28 million expense recorded for the year ended December 31, 2023, mainly as a result of the higher credit impairment requirements related to certain new impairment entries in the wholesale loans portfolio in Europe. Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of this operating segment for the year ended December 31, 2024 were an €11 million expense compared with the €1 million expense recorded for the year ended December 31, 2023. Operating profit / (loss) before tax As a result of the foregoing, operating profit before tax of this operating segment for the year ended December 31, 2024 was €648 million, a 30.0% increase compared with the €499 million recorded for the year ended December 31, 2023. Tax expense or income related to profit or loss from continuing operations Tax expense related to profit from continuing operations of this operating segment for the year ended December 31, 2024 was €138 million, a 44.0% increase compared with the €96 million expense recorded for the year ended December 31, 2023 due, mainly, to the increase in operating profit. Profit attributable to parent company As a result of the foregoing, profit attributable to parent company of this operating segment for the year ended December 31, 2024 amounted to €511 million, a 26.7% increase compared with the €403 million recorded for the year ended December 31, 2023. 132 CORPORATE CENTER For the year ended December 31, 2024 2023 Change (In Millions of Euros) (In %) Net interest income / (expense) (495) (336) 47.5 Net fees and commissions (71) (69) 2.3 Net gains (losses) on financial assets and liabilities and Exchange differences, net (1) 138 (681) n.m. (2) Other operating income and expense, net 37 89 (58.3) Income and expense on insurance and reinsurance contracts 2 (2) n.m. (2) Gross income (388) (999) (61.1) Administration costs (564) (553) 2.0 Depreciation and amortization (215) (210) 2.5 Net margin before provisions (3) (1,168) (1,762) (33.7) Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification 3 6 (48.2) Provisions or reversal of provisions and other results 54 (21) n.m. (2) Operating profit / (loss) before tax (1,110) (1,777) (37.5) Tax expense or income related to profit or loss from continuing operations 215 252 (14.6) Profit / (loss) (895) (1,525) (41.3) Profit / (loss) attributable to non-controlling interests (7) 3 n.m. (2) Profit / (loss) attributable to parent company (901) (1,522) (40.8) (1)Includes “Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities held for trading, net”, “Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net”, “Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net”, “Gains (losses) from hedge accounting, net” and “Exchange differences, net”. (2)Not meaningful. (3)“Net margin before provisions” is calculated as “Gross income” less “Administration costs” and “Depreciation and amortization”. Net interest income / (expense) Net interest expense of the Corporate Center for the year ended December 31, 2024 was €495 million, a 47.5% increase compared with the €336 million net expense recorded for the year ended December 31, 2023, mainly due to higher funding costs of investments as a result of higher interest rates. Net fees and commissions Net fees and commissions of the Corporate Center for the year ended December 31, 2024 amounted to a €71 million expense, a 2.3% increase compared with the €69 million expense recorded for the year ended December 31, 2023. Net gains (losses) on financial assets and liabilities and Exchange differences, net Net gains on financial assets and liabilities and exchange differences of the Corporate Center for the year ended December 31, 2024 were €138 million compared with the €681 million net losses recorded for the year ended December 31, 2023, mainly as a result of the gains from certain foreign currency hedges (recorded in the ALCO portfolio of the Corporate Center) on the estimated results of the operating segments resulting from the impact of the depreciation of the Mexican peso and positive exchange differences. Other operating income and expense, net Other operating income and expense, net of the Corporate Center for the year ended December 31, 2024 was €37 million of net income, a 58.3% decrease compared with the €89 million net income recorded for the year ended December 31, 2023, mainly due to the expenses on the subscription of bonds issued by the Central Bank of Argentina. Administration costs Administration costs of the Corporate Center for the year ended December 31, 2024 amounted to €564 million, a 2.0% increase compared with the €553 million recorded for the year ended December 31, 2023. Depreciation and amortization Depreciation and amortization of the Corporate Center for the year ended December 31, 2024 was €215 million, a 2.5% increase compared with the €210 million recorded for the year ended December 31, 2023. 133 Provisions or reversal of provisions and other results Provisions or reversal of provisions and other results of the Corporate Center for the year ended December 31, 2024 were €54 million income, compared with the €21 million expense recorded for the year ended December 31, 2023, mainly due to the reversal of provisions related to certain investments in associates. Operating profit / (loss) before tax As a result of the foregoing, operating loss before tax of the Corporate Center for the year ended December 31, 2024 was €1,110 million, a 37.5% decrease compared with the €1,777 million loss recorded for the year ended December 31, 2023. Tax expense or income related to profit or loss from continuing operations Tax income related to profit or loss from continuing operations of the Corporate Center for the year ended December 31, 2024 amounted to €215 million, a 14.6% decrease compared with the €252 million income recorded for the year ended December 31, 2023, mainly due to the lower operating loss before tax. Profit / (loss) attributable to parent company As a result of the foregoing, loss attributable to parent company of the Corporate Center for the year ended December 31, 2024 was €901 million, a 40.8% decrease compared with the €1,522 million loss recorded for the year ended December 31, 2023. 134 B. Liquidity and Capital Resources BBVA’s principal source of funds is its customer deposit base, which consists primarily of demand, savings and time deposits. In addition to relying on customer deposits, BBVA also accesses the interbank market (overnight and time deposits) and domestic and international capital markets for its additional liquidity requirements. To access the capital markets, BBVA has in place a series of domestic and international programs for the issuance of commercial paper and medium- and long-term debt. Another source of liquidity is the generation of cash flow from operations. Finally, BBVA may supplement its funding sources with borrowings from the ECB or the respective central banks of the countries where its subsidiaries are located. For additional information on the financing structure of the BBVA Group, see Note 7.5.3 to the Consolidated Financial Statements. During 2025, liquidity conditions remained adequate in all the countries where the BBVA Group operates. The following table shows the balances as of December 31, 2025, 2024 and 2023 of our principal sources of funds (including accrued interest, hedge transactions and issue expenses): As of December 31, 2025 2024 2023 (In Millions of Euros) Deposits from central banks 20,879 18,028 26,707 Deposits from credit institutions 54,909 50,690 83,376 Customer deposits 530,079 468,590 437,405 Debt certificates 87,839 74,464 72,685 Other financial liabilities 31,782 27,173 23,650 Total 725,488 638,945 643,823 Liquidity and Funding Risk Management of the BBVA Group aims, in the short term, to prevent any Group entity from having difficulties in meeting its payment commitments and from having to resort –in order to meet them– to obtaining funds on burdensome conditions and, in the medium term, to support the suitability of the Group’s financial structure and its evolution, within the prevailing economic, market and regulatory conditions. One of the key elements in the BBVA Group’s Liquidity and Financing Risk Management is the maintenance of large, high quality liquidity buffers in all its bank subsidiaries. Due, in part, to the Group’s decision to follow a Multiple Point of Entry strategy, in accordance with the framework for the resolution of financial entities designed by the Financial Stability Board (FSB), the Group’s subsidiaries are self-sufficient and each subsidiary is responsible for managing its own capital and liquidity, without fund transfers or financing between either the parent company and the subsidiaries or between the different subsidiaries. This strategy aims to limit the spread of a liquidity crisis among the Group’s different areas, and supports that the cost of liquidity and financing is correctly reflected in the price formation process. As part of this strategy, the BBVA Group is organized into eight Liquidity Management Units (“LMUs”) composed of the parent company and the bank subsidiaries in each of Spain, Mexico, Turkey, South America (Argentina, Colombia, Peru, Uruguay) and Switzerland, plus the branches that depend on them. Regarding liquidity and funding performance, the BBVA Group seeks to maintain an adequate and dynamic funding structure consistent with the existing Risk Appetite Framework, through liquidity and funding planning. In this regard, the Liquidity and Funding Management model evaluates liquid resources needed and the ability to maintain the liquidity profile over the planning horizon, including in the face of unexpected stress conditions. The Group’s funding structure is predominantly of a retail nature, as customer deposits represent the main source of funding. 135 Throughout 2025, BBVA has maintained its objective of preserving the strength of the funding structure of the different Group entities by focusing on strengthening self-funding from customer funds, maintaining a buffer of fully available liquid assets, diversifying sources of funding and generating and optimizing collateral available to deal with the withdrawal of central banks’ monetary stimulus and/or stress situations in the markets. During 2025, 2024 and 2023, all LMUs held self-funding levels deemed by the Group to be sufficient, mainly satisfied by customer deposits. The Liquidity Coverage Ratio (LCR), a liquidity buffer, at both a consolidated and individual level, was 143% as of December 31, 2025 (in excess of the required 100%) and 134% as of December 31, 2024 (in excess of the required 100%). The net stable funding ratio (NSFR) of the BBVA Group was 126% as of December 31, 2025 (in excess of the required 100%) and 127% as of December 31, 2024 (in excess of the required 100%). The NSFR ratio is the result of the division between the amount of stable funding available and the amount of stable funding required, requiring banks to maintain a stable financing profile in relation to the composition of their assets and off-balance sheet activities. The Group has pension commitments with its employees, which are due on retirement, death and long term disability. The Group maintains insurance contracts contracted with insurance companies owned by the Group, which use derivatives to mitigate the interest rate risk arising from such commitments. See Notes 23 and 25 to the Consolidated Financial Statements for additional information on the Group’s contractual obligations with respect to its insurance activity and the post-employment benefits of the Group, respectively. See also “Item 3. Key Information—Risk Factors—Financial Risks—The Group has a substantial amount of commitments with personnel considered wholly unfunded due to the absence of qualifying plan assets”. Furthermore, the BBVA Group holds loan commitments and financial guarantees which are in turn possible obligations of the entity that arise from past events and whose existence depends on the occurrence or non-occurrence of one or more future events independent of the entity’s will and that could lead to the recognition of financial assets. For information on loan commitments, financial guarantees and other commitments given by the Group, see Note 33 to the Consolidated Financial Statements. We believe that our working capital is sufficient for our present requirements and to pursue our planned business strategies. Please see Notes 51 and 7.5 to the Consolidated Financial Statements for additional information on the BBVA Group’s liquidity and capital resources. Potential structural limitations affecting Banco Bilbao Vizcaya Argentaria, S.A.’s funding As some of the Group’s operations are conducted through subsidiaries, Banco Bilbao Vizcaya Argentaria, S.A.’s results depend in part on the ability of its subsidiaries to generate earnings. The Group operates in Spain, Mexico, Turkey and over 25 other countries, mainly in Europe, South America, the United States and Asia. Our banking subsidiaries around the world are subject to supervision and regulation by a variety of regulatory bodies relating to, among other things, the satisfaction of different solvency, resolution and/or governance requirements. The obligation to satisfy such requirements may affect the ability of our banking subsidiaries to transfer funds to Banco Bilbao Vizcaya Argentaria, S.A. in the form of cash dividends, loans or advances. In addition, under the laws of the various jurisdictions where our subsidiaries are incorporated, dividends may only be paid out of funds legally available and, in certain cases, subject to the prior approval of the competent regulatory or supervisory authorities. Even where any applicable requirements are met and funds are legally available, the relevant regulator could advise against the transfer of funds to Banco Bilbao Vizcaya Argentaria, S.A. in the form of cash dividends, loans or advances, for prudence reasons or otherwise. For example, the repatriation of dividends from BBVA’s Turkish, Argentinian and Venezuelan subsidiaries is subject to certain restrictions and there is no assurance that further restrictions will not be imposed. The geographic diversification of the Group’s businesses, however, may help to limit the effect of any restrictions that could be adopted in any given country. 136 Customer deposits Customer deposits (including “Financial liabilities at amortized cost - Customer deposits”, “Financial liabilities designated at fair value through profit or loss – Customer deposits” and “Financial liabilities held for trading – Customer deposits”) amounted to €530,079 million as of December 31, 2025 compared with €468,590 million as of December 31, 2024 (€437,405 million as of December 31, 2023), a 13.1% increase, mainly due to: (i) the increase in time deposits from public institutions (through repurchase agreements) within the Corporate and Investment Banking portfolio, supported by higher short-term liquidity placements of the public sector within a low interest rate environment, increases in time deposits within the corporate portfolio and the increase in demand deposits from households in Spain; (ii) the growth in household demand deposits through our digital banking offerings in Europe and the increase in wholesale demand deposits in Asia and Europe; and (iii) the increase in Turkish lira-denominated retail and wholesale demand deposits and wholesale time deposits, partially offset by the depreciation of the Turkish lira against the euro. Our customer deposits, excluding repurchase agreements, amounted to €489,057 million as of December 31, 2025, an 11.3% increase compared with €439,469 million as of December 31, 2024 (€410,044 million as of December 31, 2023). Short-term customer deposits at amortized cost amounted to €473,799 million as of December 31, 2025, or 89.4% of our total customer deposits, compared to €426,174 million and 90.9% of our total customer deposits as of December 31, 2024 (see Note 22.3 to the Consolidated Financial Statements). Deposits from credit institutions and central banks The following table shows amounts due to credit institutions and central banks as of December 31, 2025, 2024 and 2023: As of December 31, 2025 2024 2023 (In Millions of Euros) Deposits from credit institutions 54,909 50,690 83,376 Deposits from central banks 20,879 18,028 26,707 Total 75,789 68,719 110,083 Deposits from credit institutions and central banks amounted to €75,789 million as of December 31, 2025 compared with €68,719 million as of December 31, 2024 (€110,083 million as of December 31, 2023). The increase as of December 31, 2025 compared to December 31, 2024 was mainly attributable to an increase in time deposits from central banks and deposits from credit institutions (through repurchase agreements) in the amortized cost and trading portfolios in Spain, partially offset by decreases in deposits from central banks (through repurchase agreements) in Mexico. Capital markets We make debt issuances in the domestic and international capital markets in order to finance our activities. As of December 31, 2025 we had €60,894 million of debt certificates outstanding, comprising €52,734 million in bonds and debentures and €8,160 million in promissory notes and other securities, compared with €50,310 million, €45,988 million and €4,322 million outstanding, respectively, as of December 31, 2024, and €52,875 million, €47,124 million and €5,752 million outstanding, respectively, as of December 31, 2023 (see Note 22.4 to the Consolidated Financial Statements). In addition, we had a total of €21,052 million in subordinated debt and subordinated deposits and €1 million preferred securities outstanding as of December 31, 2025 compared with €19,611 million and €1 million, respectively, as of December 31, 2024 (€15,867 million and nil, respectively, as of December 31, 2023). The following is a breakdown as of December 31, 2025 of the maturities of our debt certificates (including bonds), subordinated debt, subordinated deposits and preferred securities. Regulatory equity instruments have been classified according to their contractual maturity: Demand Up to 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Total (In Millions of Euros) Debt certificates (including bonds) — 3,348 3,902 16,876 25,792 10,976 60,894 Subordinated debt, subordinated deposits and preferred securities — 3 — 35 2,105 18,910 21,053 Total — 3,351 3,902 16,911 27,897 29,886 81,947 137 Capital As of December 31, 2025, 2024 and 2023, equity is calculated in accordance with current regulations on minimum capital base requirements for Spanish credit institutions on both an individual and consolidated basis. These regulations dictate how to calculate equity levels, as well as the various internal capital adequacy assessment processes they should have in place and the information such institutions should disclose to the market. The minimum capital base requirements established by the current regulations are calculated according to the Group’s exposure to credit and dilution risk, counterparty and liquidity risk relating to the trading portfolio, exchange-rate risk and operational risk. In addition, the Group must fulfill the risk concentration limits established in these regulations and internal corporate governance obligations. For information on our SREP requirements, the consolidated capital ratios as of December 31, 2025, 2024 and 2023, our RWAs, our MREL requirements, the capital issuances of Banco Bilbao Vizcaya Argentaria, S.A. and the impact on BBVA’s CET1 arising from certain singular effects, see “Item 4. Information on the Company—Business Overview—Supervision and Regulation” and Note 32 to the Consolidated Financial Statements. C. Research and Development, Patents and Licenses, etc. In 2025, we continued to foster the use of new technologies as a key component of our global development strategy. We explored new business and growth opportunities, focusing on three major areas: emerging technologies, digital banking and data driven initiatives, in each case with the customer as the focal point of our banking business. The BBVA Group is not materially dependent on the issuance of patents, licenses and industrial, mercantile or financial contracts or on new manufacturing processes in carrying out its business purpose. D. Trend Information The European financial services sector is expected to remain competitive in the current challenging environment. See “Item 4. Information on the Company―Competition”. See also “Item 3. Key Information—Risk Factors—Business Risks—The Group faces increasing competition and is exposed to a changing business model”. Trends expected to shape the sector’s profitability in the future include the following: •positive interest rates, especially in Spain, after the protracted period of low (or even negative) interest rates ended in 2022. Changes in interest rates may be particularly significant in countries like Spain, where mortgages account for a significant proportion of credit (more than 40%) and approximately two-thirds of mortgage loans are estimated to have floating rates. Although interest rates are declining from the peak reached in June 2024, the persistence of relatively high and positive interest rates may lead to higher interest revenue, but also to an increase in non-performing loans and a decrease in the demand for loans, in addition to resulting in higher funding costs; •a more challenging competitive environment with the entry of non-bank digital financial services providers, which are growing very fast in line with technological advances and becoming a very important competitor for the banking industry. These entities do not have to comply with a regulation scheme as strict as that applicable to banks. For additional information, see “Item 4. Information on the Company―Competition”; •the completion and the implementation of the ongoing financial regulatory reforms. On one hand, when such reforms are applied locally, inconsistently and heterogeneously, regulatory fragmentation and the implementation by some countries of more flexible or stricter rules or regulations may put certain banks at a disadvantage. Conversely, it is possible that, in the framework of the banking union and in the capital markets union, regulatory changes and enhanced institutional architecture might contribute to a less fragmented, but more competitive, landscape. Moreover, regulatory changes, adopted or proposed, as well as their interpretation or application, have increased and may continue to increase operating expenses and decrease margins. For information on certain significant supervision and regulatory matters which affect the Group, see “Item 4. Information on the Company—Business Overview—Supervision and Regulation”; •the increasing tax burden in certain regions such as the tax on net interest revenue and net fees and commissions applicable to credit institutions operating in Spain and the proposed Tax Directive of the European Commission for the Financial Transactions Tax (which would tax the acquisitions of certain securities, negotiated in markets where the Group operates); 138 •the adoption of novel pro-consumer regulation and measures, such as the proposed creation of a new administrative authority in Spain, which shall resolve complaints against banks from customers and potential customers and be financed by financial institutions, and the amendments introduced in the Code of Good Practices in recent years, easing the impact of interest rate hikes on mortgage loans agreements related to primary residences, among others (see “Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Spain” for additional information); and •the relevance of ESG and climate change matters, albeit milder than in previous years, which may result, among others, in changes in consumer preferences and additional legislation and regulatory requirements. For example, several of the European Union’s sustainability initiatives are expected to significantly impact asset management activities in coming years, as asset managers need to include sustainability as part of their financial advice. Further, climate-related disasters could result in market volatility, negatively impact customers’ ability to pay outstanding loans, result in the deterioration of the value of collateral or insurance shortfalls or otherwise disrupt the operations of banks or the operations of their customers or third parties on which they rely. See “Item 3. Key Information—Risk Factors—Business Risks—Environmental, social and governance (ESG) risks may adversely impact the Group”. E. Critical Accounting Estimates Not Applicable. 139