Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks. The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks. Finally, our m ...

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。 ...

Financial Data and Key Metrics Changes - Tangible book value per share increased by 14.6% year over year and 2.9% quarter over quarter, despite currency depreciation [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][17] 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% [13][14] - Efficiency ratio improved to 37.6%, with costs growing at 10% below inflation [15] Market Data and Key Metrics Changes - In Spain, net profit reached EUR 1,100 million, supported by strong loan growth and improved deposit mix [23] - BBVA Mexico reported net profit of nearly EUR 1,300 million, driven by solid lending activity [27] - Turkey's net profit increased by more than 17% year over year, with significant NII growth [29] Company Strategy and Development Direction - The company aims to embed a radical client perspective and enhance customer service standards [38] - Focus on sustainability and enterprise growth, with a target of channeling EUR 700 billion in sustainable finance by 2029 [22] - Plans to improve profitability in core countries while managing costs and risk effectively [44] 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 [43] - Anticipated gradual decline in inflation and interest rates in Turkey and Argentina, with a focus on improving profitability [42] Other Important Information - The company plans to distribute EUR 36 billion of capital, with a maximum of EUR 24 billion allocated for regular payouts [56][80] - The strategic plan includes a target of EUR 48 billion in cumulative net attributable profit over the 2025-2028 period [46] Q&A Session Summary Question: What would your RoTE and CET1 available for distribution look like using current forward FX rates? - Management confirmed that forward rates are used in all countries except Turkey, where a range of depreciations is applied due to uncertainty [63][64] Question: Can you clarify the 40 to 50 basis points benefit from capital simplification? - Management stated that this benefit has formal approval from the ECB and is based on simplifying models in Mexico and Spain [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 the intention to distribute all of the EUR 36 billion available for distribution? - Management indicated that the intention is to distribute this amount, with EUR 24 billion earmarked for regular payouts [80]

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]

Market Overview - The broader equity markets have shown a steady uptrend as investors remain optimistic despite tariff threats from President Trump on 14 countries, including Japan and South Korea [1] - Investors are hopeful for a mutually beneficial solution to avoid market turmoil as they look forward to a busy earnings season [1][2] Trade Relations - Positive discussions between U.S.-China diplomats regarding trade tariffs and potential peace talks between U.S. officials and Iran have contributed to market stability [2] - Investors are awaiting clarity on interest rate cuts with inflation data expected to be released soon [2] Investment Strategy - Investors are advised to focus on "cash cow" stocks that provide higher returns, emphasizing the importance of attractive efficiency ratios like return on equity (ROE) [3] - High ROE indicates effective reinvestment of cash at a high rate of return, distinguishing profitable companies from less efficient ones [4][5] Stock Screening Parameters - Stocks are screened based on criteria including cash flow greater than $1 billion and ROE exceeding industry averages [6] - Additional metrics include Price/Cash Flow lower than industry average and Return on Assets (ROA) greater than industry average [7] Featured Stocks - **Walt Disney**: Long-term earnings growth expectation of 11.8% with a trailing four-quarter earnings surprise of 16.4% on average, Zacks Rank 2 [8][9] - **TE Connectivity**: Long-term earnings growth expectation of 9.8% with a trailing four-quarter earnings surprise of 3.3% on average, Zacks Rank 2 [10][11] - **Fortinet**: Long-term earnings growth expectation of 13.4% with a trailing four-quarter earnings surprise of 23.8% on average, Zacks Rank 2 [12][13] - **Banco Bilbao**: Long-term earnings growth expectation of 5.5% with a trailing four-quarter earnings surprise of 6.3% on average, Zacks Rank 1 [13][14] - **Colgate-Palmolive**: Long-term earnings growth expectation of 5.2% with a trailing four-quarter earnings surprise of 4% on average, Zacks Rank 2 [14][15]

Company Performance - Banco Bilbao (BBVA) has returned approximately 60.1% year-to-date, significantly outperforming the Finance sector's average return of 9.1% [4] - Over the past 90 days, the Zacks Consensus Estimate for BBVA's full-year earnings has increased by 5.7%, indicating improved analyst sentiment and a stronger earnings outlook [4] - BBVA currently holds a Zacks Rank of 1 (Strong Buy), suggesting it is poised to outperform the broader market in the near term [3] Industry Context - Banco Bilbao is part of the Banks - Foreign industry, which consists of 67 individual stocks and is currently ranked 26 in the Zacks Industry Rank [6] - The Banks - Foreign industry has gained about 27.1% year-to-date, indicating that BBVA is performing better than its industry peers [6] - In comparison, another Finance stock, Peakstone Realty Trust (PKST), has returned 26.7% year-to-date and also holds a Zacks Rank of 1 (Strong Buy) [5]

Group 1 - BBVA is pursuing a takeover of Banco Sabadell, despite Sabadell's decision to sell its U.K. unit, TSB [1][2] - Sabadell plans to sell TSB to Banco Santander for £2.9 billion (approximately $4 billion) and will use the proceeds to fund a €2.5 billion (about $2.9 billion) extraordinary cash dividend for shareholders [3][4] - The sale of TSB is seen as a strategy by Sabadell to enhance shareholder value and defend against BBVA's takeover bid [2][5] Group 2 - BBVA may make a tender offer to Sabadell's shareholders within weeks, although it has not made a final decision and could potentially withdraw from the deal [2] - Banco Sabadell's Chairman stated that the transaction is beneficial for the bank and its shareholders, allowing for an extraordinary dividend while maintaining a capital ratio above 13% [4] - Santander's acquisition of TSB is expected to strengthen its position in the U.K. market, creating the third largest bank in the country by personal current account balances [5] Group 3 - The Spanish government has indicated that BBVA's offer can proceed, provided that BBVA and Sabadell maintain separate operations for a period of three to five years [6]