Banco Bilbao Vizcaya Argentaria, S.A.

Strong earnings momentum + exceptional profitability (good) - Q3 net attributable profit: ~EUR 3.0bn (+19.1% YoY). - 1–9M net attributable profit: EUR ~9.07bn (+13.6% YoY), supported by core revenue growth. - ROTE / profitability: 22% ROTE and 20.8% ROE (1–9M), described as #1 most profitable large bank in Europe. - Bottom line driver: Net interest income (NII) +16.5% YoY in the quarter (and +5.7% QoQ in constant terms).

Shareholder returns: dividends + extraordinary buybacks (good/positive) - Interim dividend: EUR 0.37/share paid Oct 15. - Extraordinary buyback: continuing second EUR 1bn tranche of the EUR 2bn program. - Tangible book value per share + dividends: +14.3% YoY; ~20% YoY growth excluding buyback impact, implying strong underlying organic growth.

Growth-led revenue story across markets (good) - Loan growth / activity acceleration: growth has accelerated since Dec 2023; >20% YoY in current euros (end of last quarter). - Spain: loans +7.3% YoY; consumer & credit cards ~+10%; enterprise ~+10%; deposits +5.8% YoY. - Mexico: loans accelerated to +12% YoY, with NII still growing (NII +8.5% YoY, +2.6% QoQ); fees +7% YoY. - Expectation: Management sees interest-rate headwinds fading (Mexico/Spain), so volume growth should translate more into earnings growth.