Core Insights - BBVA Argentina is experiencing a complex breakeven point, with Q2 2025 results indicating solid local operations, revenue growth surpassing inflation, and maintained efficiency [1] Financial Performance - The company reported revenue growth that exceeds inflation, suggesting a robust operational performance in the local market [1] Operational Efficiency - Efficiency levels have been defended, indicating that the company is managing its resources effectively despite challenging market conditions [1] Regulatory Environment - The regulatory framework appears to be stable, which may contribute positively to the company's operational stability [1]

Market Overview - Broader equity markets have reached record highs, driven by a favorable inflation report that increased the likelihood of an interest rate cut by the Federal Reserve as early as next month [1] - The July consumer price index (CPI) rose 2.7% year on year, slightly below the expected 2.8%, while the core CPI increased by 3.1%, exceeding the expected 3% [1] - The probability of a rate cut is now at 94%, supported by strong second-quarter earnings [1] Investment Opportunities - A 90-day extension on higher tariffs against China has led to a positive market sentiment, with investors adopting a wait-and-see approach [2] - Companies with high return on equity (ROE) are highlighted as potential investment opportunities, as high ROE indicates effective reinvestment of cash [2][3] - Notable companies with high ROE include Arista Networks Inc. (ANET), TE Connectivity plc (TEL), Motorola Solutions, Inc. (MSI), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), and AppLovin Corporation (APP) [2] Company Profiles - **Arista Networks Inc. (ANET)**: Engaged in cloud networking solutions, with a long-term earnings growth expectation of 16.6% and a trailing four-quarter earnings surprise of 12.8% [7][8][9] - **TE Connectivity plc (TEL)**: A global technology company focusing on connectivity and sensor solutions, with a long-term earnings growth expectation of 9.8% and a trailing four-quarter earnings surprise of 4.9% [10][11] - **Motorola Solutions, Inc. (MSI)**: A leading communications equipment manufacturer with a long-term earnings growth expectation of 9.1% and a trailing four-quarter earnings surprise of 6.8% [12][13] - **Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)**: Provides retail and wholesale banking services, with a long-term earnings growth expectation of 6.9% and a trailing four-quarter earnings surprise of 7.4% [13][14] - **AppLovin Corporation (APP)**: Offers a software platform for advertisers, with a long-term earnings growth expectation of 20% and a trailing four-quarter earnings surprise of 22.4% [14][15] Screening Parameters - Stocks are screened based on criteria including cash flow greater than $1 billion, ROE greater than the industry average, price/cash flow lower than the industry average, and return on assets (ROA) greater than the industry average [5][6] - Additional criteria include a 5-year EPS historical growth greater than the industry average and a Zacks Rank of 1 (Strong Buy) or 2 (Buy) [7]

Mergers and Acquisitions - BBVA maintains its takeover offer for Banco Sabadell [1] Market Strategy - BBVA's decision persists despite investor backing for Banco Sabadell's sale of its UK unit TSB [1]

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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 six months ended June 30, 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) ...

新华财经伊斯坦布尔7月31日电（记者许万虎）西班牙第二大银行BBVA本月31日公布的最新财报显 示，BBVA二季度归属净利润达27.49亿欧元，环比增长1.9%；2025年上半年归属净利润同比增长 9.1%，达54.47亿欧元。 当前，中国与土耳其的双边经贸关系日益紧密。今年上半年，中国连续多月蝉联土耳其最大进口来源 国。若土耳其金融市场持续深化开放，中资银行或将迎来更多在当地拓展业务的契机。 （文章来源：新华财经） BBVA管理层表示，这一趋势反映出全球金融资本正在从传统欧美市场向增长更快的新兴地区倾斜。此 外，在全球银行业趋于分化的背景下，BBVA将通过加码数字化转型与可持续金融，构建新的增长引 擎。 分析指出，BBVA对土耳其的持续投入折射出国际银行对新兴经济体信心的边际改善，特别是在通胀趋 稳与汇率波动缓解的背景下。 新兴市场贡献显著。墨西哥市场继续成为集团增长的主要动力，二季度归属净利润12.65亿欧元，同比 增长4.9%；尽管宏观经济环境面临挑战，但BBVA土耳其业务表现出较强韧性，二季度归属净利润同比 增长22.4%，达到2.54亿欧元。分析认为，土耳其通胀持续放缓支持其净利润增长。 ...

Banco Bilbao Vizcaya Argentaria (BBVA) Q2 2025 Earnings Call July 31, 2025 03:30 AM ET Company ParticipantsPatricia Bueno Olalla - Global Head - Shareholder & Investor RelationsOnur Genç - CEO & Executive DirectorLuisa Gómez Bravo - Global Head of FinanceBenjamin Toms - Director - EquitiesMaksym Mishyn - Managing Director & Co-head of Equity ResearchFrancisco Riquel - Partner & Head - Equity ResearchHugo Cruz - DirectorConference Call ParticipantsCarlos Peixoto - Equity Research AnalystCecilia Romero - Dire ...

Financial Data and Key Metrics Changes - The tangible book value per share plus dividends increased by 14.6% year over year and 2.9% quarter over quarter [4] - Return on tangible equity reached 20.4% and return on equity was 19.5% for the first half of 2025 [4] - Net attributable profit for the quarter was EUR 2,749 million, maintaining record profit levels despite falling rates and currency headwinds [5][7] - CET1 capital ratio improved by 25 basis points to 13.34% [8] Business Line Data and Key Metrics Changes - Core revenues showed robust growth with net interest income and fees increasing by 11% and 18% year over year, respectively [10] - Loan growth at the group level was 16% year over year, with Spain at 6.3% and Mexico at 11.7% [14][15] - Efficiency ratio improved to 37.6%, with costs growing at 10% below the average inflation rate [16] Market Data and Key Metrics Changes - In Spain, net profit reached EUR 1,100 million, supported by positive dynamics in net interest income and lower operating expenses [24] - BBVA Mexico reported a net profit of nearly EUR 1,300 million, driven by strong lending activity [28] - Turkey's net profit increased by over 17% year over year, driven by higher core revenues [30] - South America achieved a net profit of EUR 421 million, representing a 33% year-on-year increase [33] Company Strategy and Development Direction - The company aims to strengthen its leadership position through customer service excellence and sustainable growth [38] - Focus on increasing contributions from sustainability and enterprise segments, with a target of channeling EUR 700 billion in sustainable finance by 2029 [23] - Plans to improve profitability and efficiency, targeting a cost-to-income ratio of around 35% by 2028 [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong profitability despite macroeconomic challenges [36] - Expectations for stable interest rates in the coming years, which will help improve margins and profitability [44] - Anticipated gradual decline in inflation and interest rates in Turkey and Argentina, with a focus on improving asset quality [42] Other Important Information - The company plans to distribute approximately EUR 36 billion of capital, with a maximum of EUR 24 billion allocated for regular payouts [56][80] - The integration of Banco Sabadell is expected to enhance earnings generation, with further details to be provided in September [86] Q&A Session Summary Question: What would your RoTE and CET1 available for distribution look like using current forward FX rates? - The company uses forward rates in every country except Turkey, where a range of depreciations is applied due to uncertainty [63][65] Question: Can you clarify the 40 to 50 basis points benefit from capital simplification? - The ECB has formally approved the simplification, which will reduce RWA density and positively impact capital ratios [66][68] Question: How much were the VAT gross impacts and the recognition of DTAs? - The total impact from VAT and tax rate adjustments was around EUR 250 million, with half attributed to VAT and half to tax rate impacts [75] Question: Is there a chance to start the buyback before launching the offer for Sabadell? - The buyback will likely occur after the completion of the Sabadell integration process [91] Question: What are the prospects for lending growth in Mexico? - Lending growth is expected to remain strong, supported by investments and improved banking penetration [92]

Financial Performance Highlights - BBVA Group's Net Attributable Profit for 6M25 reached €5447 million, a 31% increase compared to 6M24[17, 21] - The group's CET1 ratio stands at 1334%, exceeding the target range of 115%-120%[15, 19] - The efficiency ratio for 6M25 is 376%, reflecting positive jaws[19, 33] - Sustainable business channeling reached €63 billion in 6M25[19] Key Growth Drivers - Net Interest Income (NII) increased by 112% compared to 2Q24 on a constant basis[19, 24] - Net Fees and Commissions increased by 177% compared to 2Q24 on a constant basis[19, 26] - Total loan growth increased by 160% compared to June 2024 on a constant basis[19, 32] - The group acquired 57 million new customers in 6M25, driven by digital channels[19, 47] Strategic Outlook - The company expects a ROTE of around 20% and an efficiency ratio below 40%[82] - The company anticipates approximately €36 billion available for distribution from 2025-2028[97]

Mergers and Acquisitions - EU watchdogs issued a legal warning to the Spanish government for obstructing BBVA's €13 billion bid for Banco Sabadell [1]