Group 1 - The company aims for a balanced mix between emerging and developed markets, viewing this balance as an output of its strategy rather than an input [1] - The strategy has focused on establishing high-quality franchises in selected countries with growth potential and low leverage ratios, which supports adequate asset quality profiles [1]

Summary of Banco Bilbao Vizcaya Argentaria (BBVA) Conference Call - November 20, 2025 Company Overview - **Company**: Banco Bilbao Vizcaya Argentaria (BBVA) - **Industry**: Banking and Financial Services Key Points Strategic Focus and Market Position - **Balance Between Markets**: The management emphasizes a strategy focused on high-quality franchises in selected countries, aiming for sustainable profitability rather than merely expanding into new markets [3][4] - **Exit from Non-Core Markets**: BBVA has exited several markets, including the U.S. and Chile, to concentrate on regions where it can achieve scale and competitive advantage [5] - **Digital Banking Strategy**: The bank has acquired approximately 11 million clients in recent years, with two-thirds of these acquisitions occurring digitally, highlighting a strong focus on digital transformation [5][6] Financial Performance - **Return on Tangible Equity (ROT)**: BBVA reported a ROT of 19.7% and a 16% growth in lending in constant terms, indicating strong financial health [6] - **Capital Return to Shareholders**: Over the next four years, BBVA expects to have around EUR 36 billion available for distribution to shareholders, reinforcing its commitment to capital returns [7] Market Dynamics in Spain - **Outperformance in Spain**: BBVA has outpaced the market in Spain, with a 6% growth in Q3 compared to the market's 3% [8] - **Consumer Loans Growth**: The bank has increased its market share in consumer loans to 16.6%, reflecting a strategic focus on profitable segments [10][11] - **Client Acquisition**: Since 2022, BBVA has gained 3 million clients in Spain, with a significant portion onboarded digitally, enhancing future profitability through cross-selling opportunities [12][13] Mexico Market Insights - **Positive Macro Outlook**: BBVA remains structurally positive on Mexico's growth, with GDP forecasts upgraded to 0.7% for the year, supported by a strong peso and growing foreign direct investment [20][21] - **Retail Portfolio Growth**: The retail portfolio in Mexico has grown by 12.5% year-on-year, with significant increases in credit cards and personal loans [23] - **Loan Growth and FX Impact**: The corporate loan book has grown around 6.7% year-on-year, with favorable FX dynamics contributing to overall growth [25][26] Turkey's Economic Environment - **Hyperinflation Accounting**: BBVA anticipates that Turkey will move past hyperinflation accounting by 2028, with expectations of inflation decreasing to around 23%-25% next year [29][31] - **Garanti's Performance**: Garanti, BBVA's Turkish franchise, has shown strong performance, with a net interest margin (NIM) of around 5%, significantly outperforming peers [32][33] Capital Management - **Surplus Capital**: BBVA has approximately EUR 8 billion in surplus capital, with plans to return capital to shareholders while maintaining a target Common Equity Tier 1 (CT1) ratio of 12% [34][38] - **Regulatory Requirements**: The bank's SREP requirement is expected to decrease, providing additional flexibility for capital returns [35][36] Corporate and Investment Banking (CIB) Strategy - **CIB Growth**: BBVA's CIB business has been a strategic priority, with a focus on expanding cross-border business and enhancing client relationships [41][43] - **Digital Banking Initiatives**: The bank is investing in digital banking platforms in various European markets, aiming to leverage its tech stack for profitable growth [45][46] Conclusion - BBVA is positioned for sustainable growth through strategic market focus, digital transformation, and strong financial performance, with a commitment to returning capital to shareholders while navigating macroeconomic challenges in its key markets.

Long recognized as one of the world’s most innovative financial institutions, BBVA is now applying AI at global scale: as a new way of working and a core capability across the organization. We sat down with Antonio Bravo, Global Head of Data & AI and Elena Alfaro, Head of Global AI Adoption, to hear how the bank is scaling AI adoption across teams and business units. Read more: https://openai.com/index/bbva-2025/ ...

Core Points - Banco BBVA Argentina S.A. will report its Third Quarter 2025 results on November 25, 2025, after market close [1] - A conference call is scheduled for November 26, 2025, at 12:00 p.m. Buenos Aires time (10:00 a.m. EST) [1] - The quiet period for the company will be from November 11 to November 25, 2025 [1] - Key executives involved in the earnings release include Ms. Carmen Morillo Arroyo, Chief Financial Officer, and Mr. Diego Cesarini [1]

Core Insights - Addi has secured a $71 million credit upsize from Goldman Sachs, Fasanara Capital, and BBVA Spark, which strengthens its capital position and supports its growth strategy [1] Group 1 - The renewed commitment from top financial institutions reinforces Addi's capital position as it aims to close 2025 with a stronger financial foundation [1] - The funding will accelerate Addi's mission to build modern and inclusive credit infrastructure [1]

Market Overview - The equity markets experienced significant volatility due to strong quarterly performances from some blue-chip tech firms being overshadowed by concerns over the rising valuations of AI companies [1] - Experts predict that the growth of AI firms may not justify the substantial investments, potentially leading to a market correction [1] - The U.S. government shutdown has reached a record 38 days, contributing to investor uncertainty and increased market volatility [1] Economic Conditions - The U.S. economy showed signs of weakness with 153,000 job cuts in October, the highest for that month in 22 years, raising concerns about labor market conditions [2] - Investors are adopting a cautious "wait-and-see" approach, focusing on "cash cow" stocks that provide higher returns [2] Investment Metrics - Return on Equity (ROE) is highlighted as a crucial metric for assessing a company's financial health and efficiency in generating profits [3][4] - A high ROE indicates effective reinvestment of cash at a high rate of return, distinguishing profitable companies from less efficient ones [3][4] Stock Screening Criteria - Stocks are screened based on parameters such as Cash Flow greater than $1 billion and ROE exceeding the industry average [5] - Additional criteria include Price/Cash Flow lower than the industry average and Return on Assets (ROA) greater than the industry average [6] - A 5-Year EPS Historical Growth greater than the industry average is also considered to ensure continued earnings momentum [6] High-ROE Stocks - TE Connectivity, ZTO Express, Corning, Banco Bilbao, and VICI Properties are identified as high-ROE stocks that offer resilient investment options [7] - TE Connectivity has a long-term earnings growth expectation of 10.7% and a trailing four-quarter earnings surprise of 6.5% on average, with a Zacks Rank of 2 [9] - ZTO Express has a long-term earnings growth expectation of 1.7% and also carries a Zacks Rank of 2 [11] - Corning has a long-term earnings growth expectation of 18.2% and a trailing four-quarter earnings surprise of 4.1% on average, with a Zacks Rank of 1 [12] - Banco Bilbao has a long-term earnings growth expectation of 12% and a trailing four-quarter earnings surprise of 5.7% on average, with a Zacks Rank of 2 [13] - VICI Properties has a long-term earnings growth expectation of 4.2% and a trailing four-quarter earnings surprise of 0.4% on average, with a Zacks Rank of 2 [15]

Core Viewpoint - The article compares Banco Bilbao (BBVA) and Royal Bank (RY) to determine which stock is a better option for value investors, highlighting BBVA's stronger performance in key metrics and rankings [1]. Group 1: Zacks Rank and Earnings Outlook - BBVA has a Zacks Rank of 2 (Buy), while RY has a Zacks Rank of 4 (Sell), indicating a stronger earnings outlook for BBVA [3]. - The Zacks Rank emphasizes stocks with positive earnings estimate revisions, which is a critical factor for value investors [2]. Group 2: Valuation Metrics - BBVA's forward P/E ratio is 10.88, compared to RY's 13.53, suggesting BBVA is undervalued relative to RY [5]. - BBVA has a PEG ratio of 1.06, while RY's PEG ratio is 1.38, indicating BBVA's expected earnings growth is more favorable [5]. - BBVA's P/B ratio is 1.62, significantly lower than RY's P/B of 2.27, further supporting BBVA's valuation as more attractive [6]. Group 3: Value Grades - BBVA has received a Value grade of B, while RY has a Value grade of C, reinforcing the notion that BBVA is the better option for value investors [6].

Group 1 - The article promotes a subscription service called "The Dividend Dogcatcher" which offers insights into dividend stocks [1] - It highlights a daily live video show on Facebook called "Underdog Daily Dividend Show" where a portfolio candidate is discussed [1] - The article encourages audience engagement by inviting comments on favorite or curious stock tickers for future reports [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of October, 2025 Commission file number: 1-10110 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (Exact name of Registrant as specified in its charter) BANK BILBAO VIZCAYA ARGENTARIA, S.A. (Translation of Registrant's name into English) Calle Azul, 4 28050 Madrid Spain (Address of principal executive offices) Indicat ...

Financial Data and Key Metrics Changes - The tangible book value per share plus dividends increased by 17% year over year and 4.5% quarter over quarter [3] - The net attributable profit exceeded €2.5 billion, although it decreased compared to the previous quarter due to higher inflation in Turkey and one-off positive impacts in the second quarter [4] - The CET1 capital ratio improved by 8 basis points to 13.42%, providing capacity for increased shareholder remuneration [5] - Cumulative profits for the first nine months reached almost €8 billion, a 4.7% increase year over year [5] Business Line Data and Key Metrics Changes - Core revenues showed strong growth, with net interest income and fees growing 18% and 15% year over year, respectively [6] - In Spain, net interest income grew by 3.2% quarter on quarter, driven by strong loan growth in profitable segments [18] - In Mexico, net interest income grew by 3.3% quarter on quarter, supported by robust lending activity [21] - Turkey's net attributable profit increased by nearly 50% year over year, driven by higher core revenues [23] Market Data and Key Metrics Changes - Loan growth in Spain accelerated to 7.8% year over year, while Mexico's loan growth was 9.8% year over year [9] - The cost of risk in Mexico improved, with expectations to remain below 340 basis points [23] - The cumulative cost of risk in South America stood at 243 basis points, in line with full-year guidance [26] Company Strategy and Development Direction - The company aims to resume shareholder remuneration programs, including a nearly €1 billion share buyback program and a record interim dividend of €0.32 per share [15] - The strategic focus includes acquiring new customers, with 8.7 million new customers acquired in the first nine months of 2025, 66% through digital channels [16] - The company plans to double its Corporate & Investment Banking (CIB) business over the next four years, targeting a revenue growth of around 20% [70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future revenue and profit growth, citing stability in customer spreads and strong loan growth [12] - The company expects interest rates to stabilize, with limited room for further cuts, which will support core revenue growth [11] - The management highlighted the resilience of the Mexican economy, with an upward revision of GDP growth forecast to 0.7% for 2025 [21] Other Important Information - The company reported a solid efficiency ratio of 38.2%, improving from the previous year [12] - The asset quality metrics showed improvement, with the cost of risk standing at 135 basis points, better than guidance [13] Q&A Session Summary Question: Loan book growth in Spain and cost of risk in Mexico - Management noted that corporate loan growth in Spain is strong, particularly in mid-sized companies, while mortgage growth is below average due to pricing concerns [34] - The cost of risk in Mexico is expected to improve, with positive macro adjustments influencing guidance [37] Question: Sabadell transaction and capital distribution outlook - Management closed the chapter on the Sabadell transaction, viewing it as a missed opportunity but focusing on future growth [44] - The capital target is set at 11.5% to 12%, with plans to distribute excess capital back to shareholders [46] Question: Margins in Spain and Mexico - Management indicated that customer spreads in Spain are stabilizing, with expectations for continued resilience in Mexico despite falling interest rates [53][56] Question: Group costs and CIB ambitions - Management emphasized a focus on cost-to-income ratios and aims to double the CIB business over the next four years [66][70] Question: Competitive landscape in Mexico - Management acknowledged increased competition but highlighted BBVA's strengths, including strong customer relationships and market positioning [74]