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- **Record Profit and Growth**: EUR 10.5 billion net profit, 16.2% loan growth, and 19.3% return on tangible equity highlight 2025 success.
- **Strategic Investments**: EUR 4 billion share buyback, highest dividend in history, and 11.5 million new customers driven by AI and digital transformation.
- **Regional Strength**: Spain (8% loan growth, 33% cost-to-income), Mexico (7.5% loan growth, 30% cost-to-income), and South America (14.3% profit growth) all outperform peers.
- **Capital Discipline**: CET1 target 11.5%-12%, with 30-40 basis points annual organic capital generation and flexible dividend policy.
- **Digital and AI Focus**: 127,000 employees using OpenAI, 1 million new digital customers in Spain, and EUR 12.2 billion digital bank deposits in Italy/Germany.
- **Risk Management**: 200 basis points cost of risk guidance for Turkey, 250 basis points for Mexico, and 16 basis points operational risk in Q4.

**CEO Summary Section**
- BBVA achieved record net attributable profit of EUR 10.5 billion in 2025, up 4.5% year-over-year, driven by 16.2% loan growth and 19.3% return on tangible equity.
- Strategic focus on AI and customer-centric transformation, with 11.5 million new customers acquired in 2025 and 3.7x revenue per customer growth over 5 years.
- Share buyback program of EUR 4 billion completed, with final dividend of EUR 0.92 per share, the highest in company history.

**CFO Financial Commentary**
- Spain: Net profit EUR 4.1 billion, 8% loan growth, 33.1% cost-to-income ratio, and 34 basis points cost of risk.
- Mexico: Net profit EUR 1.4 billion, 7.5% loan growth, 30% cost-to-income ratio, and 250 basis points cost of risk.
- South America: Net profit EUR 726 million, 14.3% year-over-year growth, and 43.9% cost-to-income ratio.
- Rest of Business: EUR 16 billion loan growth, 21% cross-border corporate banking expansion, and 16 basis points operational risk consumption in Q4.

**Q&A Highlights**
- **Mexico Deposit Competition**: BBVA maintains 25.6% market share, driven by digital experience and transactional banking. Deposit costs stable at 2.5%, with 1/3 of deposits in low-risk payroll accounts.
- **Spain Cost Management**: 33% cost-to-income ratio, 8% loan growth, and 41 basis points customer spread decline, offset by repricing 2/3 of mortgage book annually.
- **Capital Allocation**: EUR 4 billion share buyback program completed, with 2026 dividend policy flexible to include buybacks. CET1 target 11.5%-12%, with 30-40 basis points annual organic capital generation.
- **AI and Digital Euro**: AI investments expected to drive efficiency savings, with 127,000 employees accessing OpenAI and Gemini. Digital euro preparation focuses on private solutions and regulatory dialogue.
- **Turkey and Argentina**: Sensitivity to macro conditions, with EUR 40 million impact per 1% inflation or interest rate change. Hyperinflation exit in 2028 could unlock EUR 2 billion+ profits in Turkey.
- **Mexico Growth**: 2026 NII guidance mid- to high single-digit, supported by 35 basis points ALCO portfolio yield and 1 million new customers.
- **Spain Mortgage Strategy**: Deliberate shift to corporate lending, with 87% loan-to-deposit ratio and 1 million new digital customers in 2025.
- **CIB Expansion**: 2025 loan growth EUR 16 billion, 21% cross-border corporate banking expansion, and 40% of business in U.S. with 8%+ margins.
- **Digital Banks**: Italy and Germany digital banks with EUR 12.2 billion deposits, integrated into rest of business P&L.
- **SREP and Capital**: No countercyclical buffer in Mexico, but ECB simplification proposals could impact future capital requirements.
- **Buyback Return**: Share buybacks continue as intrinsic value exceeds tangible book value, with 2026 guidance for EUR 5.2 billion distributions.

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Q4 2025 Earnings Call Transcript

- **Revenue Surge**: 15% YoY growth, industry-leading ROTE of 19.7%.
- **Shareholder Returns**: €1 billion buyback and €0.32 dividend resuming.
- **Mexico Margin Strength**: 10%+ spreads despite rate cuts.
- **Capital Discipline**: 11.5%-12% CET1 target with Q4 tailwinds.

**【CEO Summary Section】**
- **Revenue Growth**: 15% year-over-year (YoY) driven by North American market recovery.
- **Profitability**: Return on tangible equity (ROTE) at 19.7%, highest in the industry.
- **Strategic Initiatives**: Resuming shareholder distributions with a €1 billion share buyback starting October 31 and a €0.32 interim dividend.

**【CFO Financial Commentary】**
- **Net Attributable Profit**: €8 billion for the first 9 months, up 4.7% YoY.
- **Core Revenues**: Net interest income (NII) and fees grew 18% and 15% YoY, respectively.
- **Cost Control**: Operating expenses increased 11% YoY, below inflation, with efficiency ratio improving to 38.2%.

**【Q&A Highlights】**
- **Spain Loan Growth**: 16% YoY, driven by corporate and consumer lending; mortgages constrained by low profitability.
- **Mexico Resilience**: Customer spreads remain above 10% despite rate cuts, supported by disciplined pricing.
- **Capital Management**: Targeting 11.5%-12% CET1 ratio, with Q4 regulatory tailwinds of 40-50 basis points.
- **CIB Expansion**: Global transaction banking and institutional clients expected to double in 4 years, targeting 20% revenue growth.

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Q3 2025 Earnings Call Transcript

- **Record Profit Growth**: EUR 2.749B Q2 net profit (+9.1% YoY), 2025-2028 cumulative target of EUR 48B.
- **Capital Strength**: CET1 13.34% (up 25bps QoQ), 40-50bps boost from model simplification.
- **Strategic Ambitions**: 22% avg ROTE, mid-teens TBV growth, EUR 13B reinvested in growth.
- **Regional Highlights**: Spain loan +6.3% YoY, Mexico +11.7% YoY, Turkey exiting hyperinflation by 2028.
- **Shareholder Returns**: EUR 36B excess capital available, EUR 1B buyback pending post-Sabadell.

**【CEO Summary Section】**
- Q2 2025 net attributable profit reached EUR 2.749 billion, up 9.1% year-over-year, driven by strong core revenue growth (NII +11%, fees +18% YoY). 
- CET1 capital ratio improved by 25bps to 13.34%, with 40-50bps expected from model simplification by end-2025.
- Midterm goals: 22% average ROTE (2025-2028), mid-teens TBV growth, and EUR 48 billion cumulative net profit.
- Share buyback of EUR 1 billion pending post-Sabadell deal, with EUR 36 billion excess capital available for distribution.

**【CFO Financial Commentary】**
- Spain: Loan growth 6.3% YoY, NII up 1%, cost-to-income 31.3%, DTA activation of EUR 150M.
- Mexico: Loan growth 11.7% YoY, NII +2% QoQ, cost-to-income 30.6%, revised 2025 loan guidance to ~10%.
- Turkey: NII +150bps spread expansion, 2028 exit from hyperinflation, 2025 net profit guidance ~EUR 1B.
- South America: 33% YoY profit growth, cost of risk below 250bps, Argentina hyperinflation impact easing.

**【Q&A Highlights】**
- **Capital Allocation**: EUR 13B reinvested in growth, EUR 36B available for distribution (EUR 24B regular payout, EUR 12B excess).
- **FX Impact**: Using forward rates (except Turkey/Argentina), 2025-2028 profit target assumes EUR 48B vs. EUR 39B after FX headwinds.
- **Sabadell Deal**: Synergies to be disclosed post-prospectus (Sep 2025), transaction not critical to stand-alone plan.
- **Turkey Progress**: 2028 exit from hyperinflation, 2025 net profit ~EUR 1B, 2028 RoRWA >3.5% vs. 1.6% H1 2025.
- **Mexico Lending**: 10%+ 2025 loan growth driven by SMEs (+33% market share), corporate loans (+1% QoQ ex-FX).

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Q2 2025 Earnings Call Transcript

- **Topline Growth**: €2.7B net profit (23% YoY), ROTE 20.2% vs peers.
- **Geographic Strength**: Spain loan +6.6%, Mexico +17.2% YoY; Mexico NII +7.6% YoY.
- **Capital Resilience**: CET1 13.09%, 21 bps Q1 gain; Sabadell deal near completion.
- **Risk Management**: Cost of risk 130 bps (Spain 30 bps, Mexico 305 bps).
- **Customer Expansion**: 2.9M new digital customers, +30% YoY sustainable finance.

**【CEO Opening Remarks】**
- Q1 2025 revenue growth driven by 15.1% loan activity, with Spain and Mexico leading at 6.6% and 17.2% YoY respectively.
- Return on Tangible Equity (ROTE) of 20.2%, highest among top 15 European banks.
- CET1 capital ratio improved by 21 bps to 13.09%, well above regulatory requirements.
- Record 2.9M new customers acquired, 66% via digital channels.
- Sustainable finance volume reached €29B, exceeding previous targets.

**【CFO Financial Breakdown】**
- Net attributable profit €2.7B (23% YoY growth), EPS €0.45 (24% YoY).
- Spain: NII up 1% QoQ despite rate cuts, efficiency ratio 32%.
- Mexico: NII growth 7.6% YoY, fees up 19% YoY, efficiency ratio 30%.
- Turkey: €158M net profit (10% YoY), cost of risk 189 bps.
- South America: €200M net profit, lower impairments in Peru/Colombia.

**【Q&A Key Highlights】**
- **Turkey Outlook**: 2025 net profit expected below €1B due to macro uncertainties; sensitivity analysis shows 1% inflation impact of €15-20M profit.
- **Spain Strategy**: Maintaining 23% YoY profit guidance despite rate cuts; ALCO portfolio expanded by €5B to mitigate NII decline.
- **Mexico Dynamics**: 17% Q1 loan growth driven by short-term lending; cost of risk guidance unchanged at 350 bps despite strong Q1 performance.
- **Capital Management**: CET1 generation of 21 bps Q1; Sabadell deal expected to close soon with no change to 12% capital target.
- **FX Hedging**: 56% of excess capital hedged in Mexico, 24% in Turkey; 62% of next 12M P&L hedged in MXN.

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Q1 2025 Earnings Call Transcript

- **Record 2024 Performance**: €10.1B net profit (+25%), 17.2% TBV growth, 19.7% ROTTE.
- **Mexico Growth Engine**: 16% loan growth in 2024 → 8%+ 2025e, 30% efficiency ratio.
- **Turkey Turnaround**: 2025e €1B net profit, 180bps cost of risk.
- **Capital Discipline**: 12.88% CET1, €993M buyback, 2025e ROTTE >15%.
- **Sustainability Leader**: €99B sustainable finance, 75% digital customer interaction.


**【CEO Opening Remarks】**
- BBVA achieved record 2024 results with €10.1 billion net attributable profit (+25% YoY), 17.2% growth in tangible book value per share, and 19.7% ROTTE.
- Key metrics: 14.3% loan growth, 11.4M new customers, €99B sustainable finance, and €5B shareholder distributions.
- CET1 ratio at 12.88%, comfortably above 12% target, with €993M share buyback program launched post-CNMV restriction lift.

**【CFO Business Area Updates】**
**Spain:**
- €3.8B net profit, 4.1% loan growth, 35.3% efficiency ratio.
- 2025 guidance: low-mid single-digit loan growth, stable 38bps cost of risk.

**Mexico:**
- €5.4B net profit, 16% loan growth, 30% efficiency ratio.
- 2025 outlook: high single-digit loan growth, 300bps cost of risk.

**Turkey:**
- €611M net profit, 16% YoY growth, 127bps cost of risk.
- 2025 target: €1B net profit with 180bps cost of risk.

**South America:**
- €600M net profit, improving asset quality in Peru/Colombia.
- 2025 loan growth above 2024, <270bps cost of risk.

**【Capital Management】**
- 2024 RWA consumption: 156bps (vs 132bps in 2023), driven by 14.3% loan growth.
- Management actions (SRTs, securitizations) contributed 20bps in Q4, with plans to accelerate in 2025.
- CET1 guidance: return to 12% target post-Sabadell transaction.

**【Q&A Highlights】**
- **Mexico Loan Growth:** 16% YoY in 2024 → 8%+ 2025e, driven by 1% GDP growth but underleveraged economy (33% banking debt/GDP vs 72% Brazil).
- **Turkey Recovery:** 26.5% inflation → 30% rate by end-2025, 1.2x LTV ratio.
- **Spain NII Hedging:** 15B€ mortgage hedges covering 1/3 of floating rate loans, ALCO portfolio sensitivity 2.4%.
- **Capital Generation:** 21bps YoY CET1 growth, targeting mid-teens TBV growth.
- **Sabadell Impact:** No material impact on CET1 target, focus on 12%+ ROTTE and 40% efficiency ratio.


Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Q4 2024 Earnings Call Transcript

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Q2 2024 Earnings Call Transcript

- **Record Profit and Growth**: EUR8.02 billion net profit (22% YoY), 7.6% loan growth, 11 million new digital customers.
- **Digital Dominance**: 74% mobile penetration, 79% digital sales, top NPS in key markets.
- **Sustainability Leader**: EUR70 billion sustainable business, 19% emissions reduction in top sectors.
- **Shareholder Returns**: EUR4 billion distributions, 20.2% TBV growth, 17% ROE.
- **Mexico Momentum**: Double-digit loan growth, 20% fee income growth from cards and asset management.
- **Capital Strength**: CET1 12.67%, 60bps organic capital generation, EUR781M buyback program.

**【CEO Summary Section】**
- **Record Profit and Growth**: Achieved a record net attributable profit of EUR8.02 billion (22% YoY), with EPS up 27% to EUR1.32. Loan portfolio grew 7.6% YoY, acquiring 11 million new digital customers (65% via digital channels). 
- **Digital Leadership**: Mobile banking penetration reached 74%, with 79% of unit sales and 63% of value sold digitally. Net Promoter Score (NPS) improved across key markets.
- **Sustainability Excellence**: Channeled EUR70 billion into sustainable business, maintaining top European bank position in Dow Jones Sustainability Index. Reduced emissions in top six sectors by 19% YoY.
- **Shareholder Value**: Distributed EUR4 billion (EUR0.68/share), including EUR1 billion share buyback. Tangible book value per share grew 20.2% YoY.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income EUR8.02 billion (22% YoY), ROE 17%, efficiency ratio 41.7%. CET1 ratio 12.67%, comfortably above 11.5%-12% target range.
- **Revenue Growth**: Gross income up 19%, operating income 20% YoY. Spain NII grew 48.9% (128bps spread expansion), Mexico NII up 20% (loan growth 11% YoY).
- **Cost Management**: Operating expenses grew 19.7% YoY, but positive jaws (30.7% cost-to-income ratio in Mexico). Dividend payout 50% of profits (EUR0.55/share vs. EUR0.43 prior).
- **Asset Quality**: Group cost of risk 115bps YoY, stable NPL ratio 3.4%. Spain cost of risk 40bps, Mexico 325bps (mix effect from retail growth).

**【Q&A Highlights】**
- **Spain NII Guidance**: Mid-single-digit growth (300bps sensitivity to rates), deposit beta 25%-30%. Loan growth flattish but mix shift to higher-margin segments.
- **Mexico Outlook**: Double-digit loan growth (nearshoring, FDI up 30%), NII high single-digit. Fee income strong (20% YoY from cards, asset management).
- **Capital Distribution**: 60bps organic capital generation (excluding Basel IV). Share buyback program EUR781 million (1.6% of market cap). CET1 target 12% to avoid Basel IV cliff effect.
- **Turkey Recovery**: Cost of risk 110bps vs. 25bps 2023, but customer spreads bottoming. Expect normalization in 2-3 years with inflation targeting 15% by 2025.
- **Argentina Challenges**: 54% peso devaluation Q4, 20%-30% profit decline YoY. Hyperinflation accounting impacts P&L, but structural hedging limits sensitivity.

Actual							0.0329	0.0944	0.1994	0.1701	0.171	0.2134	0.2315	0.2169	0.2532	0.2855	0.2885	0.273	0.3193	0.3642	0.3488	0.3684	0.3964	0.5086	0.4777	0.4531	0.5123	0.5265	0.4857	0.5072
Forecast							0.1344	0.1153	0.133	0.1402	0.2066	0.1181	0.2114	0.2044	0.1885	0.1514	0.233	0.2551	0.3079	0.3392	0.3552	0.3454	0.3654	0.4961	0.454	0.388	0.4873	0.4784	0.5203	0.5054	0.5715
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-75.52%	-18.13%	+49.92%	+21.33%	-17.23%	+80.69%	+9.51%	+6.12%	+34.32%	+88.57%	+23.82%	+7.02%	+3.70%	+7.37%	-1.80%	+6.66%	+8.48%	+2.52%	+5.22%	+16.78%	+5.13%	+10.05%	-6.65%	+0.36%	0.00%

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