BBVA : Investment Case 1T24

1Q24 BBVA

Investment Case

1Q24 Fixed Income 2

Disclaimer

This document is only provided for information purposes and is not intended to provide financial advice and, therefore, does not constitute, nor should it be interpreted as, an offer to sell, exchange or acquire, or an invitation for offers to acquire securities issued by any of the aforementioned companies, or to contract any financial product. Any decision to purchase or invest in securities or contract any financial product must be made solely and exclusively on the basis of the information made available to such effects by the company in relation to each specific matter.The information contained in this document is subject to and should be read in conjunction with all other publicly available information of the issuer.

This document contains forward-looking statements that constitute or may constitute "forward-looking statements" (within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995) with respect to intentions, objectives, expectations or estimates as of the date hereof, including those relating to future targets of both a financial and non-financial nature (such as environmental, social or governance ("ESG") performance targets).

Forward-looking statements may be identified by the fact that they do not refer to historical or current facts and include words such as "believe", "expect", "estimate", "project", "anticipate", "duty", "intend", "likelihood", "risk", "VaR", "purpose", "commitment", "goal", "target" and similar expressions or variations of those expressions. They include, for example, statements regarding future growth rates or the achievement of future targets, including those relating to ESG performance.

The information contained in this document reflects our current expectations and targets, which are based on various assumptions, judgments and projections, including non-financial considerations such as those related to sustainability, which may differ from and not be comparable to those used by other companies. Forward-looking statements are not guarantees of future results, and actual results may differ materially from those anticipated in the forward-looking statements as a result of certain risks, uncertainties and other factors. These factors include, but are not limited to, (1) market conditions, macroeconomic factors, domestic and international stock market movements, exchange rates, inflation and interest rates; (2) regulatory and oversight factors, political and governmental guidelines, social and demographic factors; (3) changes in the financial condition, creditworthiness or solvency of our clients, debtors or counterparties, such as changes in default rates, as well as changes in consumer spending, savings and investment behavior, and changes in our credit ratings; (4) competitive pressures and actions we take in response thereto; (5) performance of our IT, operations and control systems and our ability to adapt to technological changes; (6) climate change and the occurrence of natural or man-made disasters, such as an outbreak or escalation of hostilities; and (7) our ability to appropriately address any ESG expectations or obligations (related to our business, management, corporate governance, disclosure or otherwise), and the cost thereof. In the particular case of certain targets related to our ESG performance, such as, decarbonization targets or alignment of our portfolios, the achievement and progress towards such targets will depend to a large extent on the actions of third parties, such as clients, governments and other stakeholders, and may therefore be materially affected by such actions, or lack thereof, as well as by other exogenous factors that do not depend on BBVA (including, but not limited to, new technological developments, regulatory developments, military conflicts, the evolution of climate and energy crises, etc.). Therefore, these targets may be subject to future revisions.

The factors mentioned in the preceding paragraphs could cause actual future results to differ substantially from those set forth in the forecasts, intentions, objectives, targets or other forward-looking statements included in this document or in other past or future documents. Accordingly, results, including those related to ESG performance targets, among others, may differ materially from the statements contained in the forward-looking statements.

Recipients of this document are cautioned not to place undue reliance on such forward-looking statements.

Past performance or growth rates are not indicative of future performance, results or share price (including earnings per share). Nothing in this document should be construed as a forecast of results or future earnings. BBVA does not intend, and undertakes no obligation, to update or revise the contents of this or any other document if there are any changes in the information contained therein, or including the forward-looking statements contained in any such document, as a result of events or circumstances after the date of such document or otherwise except as required by applicable law.

This document may contain summarised information or information that has not been audited, and its recipients are invited to consult the documentation and public information filed by BBVA with stock market supervisory bodies, in particular, the prospectuses and periodical information filed with the Spanish Securities Exchange Commission (CNMV) and the Annual Report on Form 20-F and information on Form 6-K that are filed with the US Securities and Exchange Commission. Distribution of this document in other jurisdictions may be prohibited, and recipients into whose possession this document comes shall be solely responsible for informing themselves about, and observing any such restrictions. By accepting this document you agree to be bound by the foregoing restrictions.

About BBVA

BBVA's GLOBAL PRESENCE

MARCH 2024

FINANCIAL HIGHLIGHTS

MARCH 2024

Net attributable profit 3M24

2,200 M€

1Q24 Fixed Income 3

CET 1 FL

12.82%

Countries	Branches	Employees	Active Customers
>25	5,912	121,563	74.1M

DIGITAL CAPABILITIES

Total assets	Deposits from customers Loans and advances to
801,690 M€	436,763 M€	customers (gross)
400,457 M€

SUSTAINABLE DEVELOPMENT AND

DIRECT CONTRIBUTION TO SOCIETY

MARCH 2024

CUSTOMERS

Mobile C.

54.3 M

DIGITAL SALES

UnitsPRV1

78% 61%

Sustainable Business 2025 Target Channeled 2018-Mar'24

300 BN€		226 MN€
Between 2018 and 2025
To bring the age of opportunity
OUR PURPOSE
		to everyone

(1) Product Relative Value as a proxy of lifetime economic representation of units sold.

1Q24 Fixed Income 4

1. Leading franchises in attractive markets

STRONG POSITION

BBVA

					Pre-Provision Profit
		Loan Market Share (%)1	Ranking 1	Market Share (%) 2
	Spain	13.8%	#3		20.5%
	Mexico	24.7%	#1		43.3%
	Turkey	19.3%	#2		27.8%
	Peru	21.5%	#2		24.5%
	Colombia	11.5%	#4		7.9%

1. Latest available information. Ranking among peer group. Turkey among private banks, bank only.
2. As of 12M23.

1Q24 Fixed Income 5

2) Well diversified business model

DIVERSIFICATION UNDER A

DECENTRALIZED MODEL

TOTAL ASSETS1

(MAR-24)

7% Rest of Business

9% South America

8% Turkey

54% Spain

22% Mexico

GROSS INCOME2

(3M24)

	4% Rest of Business
14% South America	25% Spain
11% Turkey

PROFITABLE BUSINESS MIX

LOANS AND ADVANCES TO CUSTOMERS

(PERFORMING LOANS UNDER MANAGEMENT EX-REPOS)MAR-24

21% CIB1	25% Mortgages
45%
49% Retail
Commercial
Public sector	17% Consumer & Credit Cards
6%
28% Other commercial	3% Others (mainly self-employed)
(1) Excluding Venezuela.

DEPOSITS FROM CUSTOMERS

(CUSTOMER DEPOSITS UNDER MANAGEMENT EX-REPOS)MAR-24

25% Time Deposits

75% Demand Deposits

46% Mexico

(2) Figures exclude the Corporate Center.

MPE: Self-sufficient subsidiaries in terms of	Stable, diversified and transactional deposit base
liquidity and funding

1Q24 Fixed Income 6

1. Proving track record of solid financial returns

STRONG PRE-PROVISION PROFIT AND	OUTPERFORMING ON
BEST-IN-CLASS EFFICIENCY					PROFITABILITY
PRE-PROVISION PROFIT/RWA			EFFICIENCY RATIO	ROTE
BBVA: 2020-3M24 ANNUALIZED, %			BBVA: 2020-3M24, %	BBVA: 2020-3M24, %
PEERS: 2020-2023, %			PEERS: 2020-2023, %	PEERS: 2020-2023, %
BBVA			BBVA	BBVA
5.1%	1		41.2%1		17.7%	1

2020

2021

2022

2023

2020

2021

2022

2023

2020

2021

2022

2023

BBVA

NOTE: Profitability metrics excluding discontinued operations and non-recurring results.

(1) As of 3M24.

PEER GROUP AVR 2

(2)European Peer Group: SAN, BNPP, CASA, SG, UCI, ISP, CABK,DB, ING, HSBC, NDA, BARC, LBG.

1Q24 Fixed Income 7

1. Capturing value from digitization

NEW CUSTOMERS1

(BBVA GROUP, MILLION; % ACQUISITION THROUGH DIGITAL CHANNELS)

DIGITAL

67%

TOTAL

DIGITAL 21%

1Q19

1Q20

1Q21

1Q22

1Q23

1Q24

(1) Gross customer acquisition through own channels for retail segment. Excludes the US business sold to PNC for comparison purposes.

1. Solid fundamentals

1Q24 Fixed Income 8

SOUND ASSET QUALITY METRICS

NPL Ratio

(%)

Coverage Ratio

(%)

Cost of Risk

YtD(%)

STRONG CAPITAL

CET 1 FULLY-LOADED

(%)

12.82%

Target range 11.5-12.0%

CET1 Requirement

9.10%1

COMFORTABLE LIQUIDITY

NSFR Group

132%

LCR Group

186%2

Mar-23Jun-23Sep-23Dec-23Mar-24

Prudent and proactive risk

management

1. Includes the CCyB calculated on the basis of exposures as of December 2023.

1. Using a more restrictive criterion on this ratio (limiting the LCRs of all of BBVA, S.A.'s subsidiaries to 100%), the resulting consolidated ratio is 151%.

1Q24 Fixed Income 9

1. Strong ESG Credentials

SUSTAINABLE BUSINESS

SOCIAL

GOVERNANCE

Sustainable Business Channeling

Sustainable

Business 300 €Bn 2018-2025goal

2018-MAR'24:

226 €Bn channeled

ESG Debt Outstanding

BBVA Group*

7.7€Bn 1€Bn

GreenSocial

Founding member

Net Zero Banking Alliance

Defined Portfolio Alignment Strategy

Disclosure of clients progress towards decarbonization and transition plan.

(*) Includes the Green KPI Syndicate in Turkey.

Positive impact on society

Loan growth1	+9.5 %
(MAR-24, YOY, CONSTANT €)
35,000	155,000	70,000
Families Bought their	SMEs and	Larger corporates
home2	Self-employed boosted invested in growth3
	their business2
Inclusive growth:	4.9€Bn	Mobilized in 1Q24
	Community Commitment
550 €mn4 investment	2021-2025
	2021-2023:
411 €mn5 investment	90 mn
			beneficiaries
Diversity
2026 Target: 36.8%	Women in
management

positions

1. Performing loans under management excluding repos. (2) New loans in 1Q24 (3) Corporates with BBVA lending as of March 2024 (4) This total figure shows the investment and beneficiary targets by 2025 under the Community Commitment framework and its 3 focus areas. (5) This figure includes investment in the community not aligned with the focuses of BBVA's Community Commitment to 2025 and its beneficiaries.

Directors

% Female	47% Goal: 40%
Directors	at least
% Independent 67% Goal: 50%
Directors	at least

Remuneration KPIs

• Channeling of sustainable business (Short-Term Incentive)
• Decarbonization of the portfolio (Long- Term Incentive)
• % of Women in management positions (Long-Term Incentive)

Strong Sustainability

Governance

1Q24 Fixed Income 10

Advancing in sustainable business

SUSTAINABLE BUSINESS

(€ BN, ACCUMULATED DATA 2018-1Q24)

BY SEGMENT

(€ BN)

		New target
	€20 Bn	(2022)
	300 €Bn
	channeled in
	1Q24
€226 Bn		Revised target
Channeled since 2018		(2021)

200 €Bn

Initial target

(2018)

100 €Bn

2018

2019

2020

2021

2022

2023

2024

2025

14.2

3.2

3.9

7.2

1Q23

YoY growth

20.0 +41%

2.6

Retail

-19%

7.0 Enterprises +81%

10.4

CIB

+45%

1Q24

Note: Sustainable business channeling is considered to be any mobilization of financial flows, cumulatively, in relation with activities, clients or products considered to be sustainable or promoting sustainability in accordance with internal standards and market standards, existing regulations and best practices. The foregoing is understood without prejudice to the fact that said mobilization, both at an initial stage or at a later time, may not be registered on the balance sheet. To determine the financial flows channeled to sustainable business, internal criteria is used based on both internal and external information. It includes FMBBVA within retail segments.