First take 2Q26: Good enough. Buyback comes earlier than anticipated

Research evidence excerpt

First take 2Q26: Good enough. Buyback comes earlier than anticipated

J P M O R G A N Europe Equity Research

30 July 2026

BBVA Overweight

BBVA.MC, BBVA SM

First take 2Q26: Good enough. Buyback comes earlier Price (29 Jul 26):€22.82

than anticipated Price Target (Dec-27):€23.70

Our Take: Good enough, and the buyback does the talking. BBVA has reloaded European Banks

ACits buyback earlier than expected, a confident signal about where management Marta Sanchez Romero

thinks capital should sit. Net profit came in 4% above consensus, largely on lower (44-20) 3493-2517

impairments. Core results (NII + fees − costs) beat expectations by 2%. By marta.sanchezromero@jpmorgan.com

division, Spain and Turkey were broadly in line; Mexico had a strong quarter, better Mariana Andrade

than we looked for; and South America and Rest of Business both delivered, the (44-20) 3493-9303

latter running well ahead of forecasts and vindicating BBVA’s risk-on strategy. The mariana.andrade@jpmorgan.com

one blemish sat at the Corporate Centre, where losses ran wider than expected. Kian Abouhossein

Capital landed 3-4bps above consensus at 12.90% — or 12.41% once you fold in (44-20) 7134-4575

kian.abouhossein@jpmorgan.com

the new €2bn buyback BBVA plans to launch. That launch arrives much sooner J.P. Morgan Securities plc

than anticipated, a strong statement from management about the right level of

capital and distributions. The bar was high going in. The stock has returned 6% Specialist Sales contact details:

over the past month (2pp ahead of the SX7E) and 24% over three (6pp ahead). Even Gigi Sparling - Specialist Sales -

so, these numbers are good enough for today. European Financials

(44-20) 7134-0355