Banco Bilbao Vizcaya Argentaria, S.A.

Strong earnings + shareholder returns (core message: profitable growth): - Q3 net attributable profit: €3bn+, +19.1% YoY. - First 9 months 2026 net attributable profit: €9.07bn, +13.6% YoY. - EPS: +23.9% YoY (outperformance aided by share buybacks). - Capital returns: paid record interim dividend of €0.37/share (Oct 15); executing the 2nd €1bn tranche of an extraordinary €2bn buyback program (in addition to ongoing shareholder payouts).

Value creation metrics remain “best-in-class” (and improving organically): - Tangible book value per share + dividends: +14.3% YoY; ~20% YoY growth excluding buyback effects → management calls out very strong underlying organic TBV growth. - ROTE: 22% (first 9 months) → positioned as most profitable large bank in Europe; management also signals upside potential vs the ROTE guidance range (and confirms group goal confidence through 2025–2028).

Profit engine: NII and activity growth are driving results (with a temporary NTI/trading drag): - NII (net interest income): +16.5% YoY in Q3 and +5.7% QoQ (constant terms), described as the main driver of profit growth. - Spain + Mexico activity growth supports NII: - Spain loans: +7.3% YoY; Mexico loans: +12% YoY (accelerating). - Trading/NTI: moderated notably, with management attributing Spain’s main core negative to interest-rate-curve impacts tied to their primary dealer/market maker role—seen as potentially easing if curves don’t rise further. *(Good but somewhat surprising: NTI volatility didn’t stop overall profit momentum.)*