Banco Bilbao Vizcaya Argentaria SA (BBVA.MC): Thoughts post conference call

Research evidence excerpt

Banco Bilbao Vizcaya Argentaria SA (BBVA.MC): Thoughts post conference call

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30 Jul 2026 06:08:31 ET │ 11 pages

Banco Bilbao Vizcaya Argentaria SA (BBVA.MC)

Thoughts post conference call

CITI'S TAKE

Buy During the 2Q26 results conference call, management highlighted strong

activity growth with market share gains across key markets. The main Price (29 Jul 26 17:30) €22.82

incremental messages from Q&A were the continued commitment to Target price €23.50

distribution of excess capital, constructive comments on Mexico's Expected share price return 3.0%

outlook, improving customer spread dynamics in Spain, and reassurance Expected dividend yield 4.1%

that management changes do not signal any shift in group strategy. Expected total return 7.1%

Market Cap €127,363M

# Strategy and capital allocation US$146,054M

• Management emphasized that the change in CFO does not imply any

change in strategy or capital allocation priorities. BBVA described the

change as a natural succession within a broader organizational renewal. Borja Ramirez SeguraAC

BBVA reiterated its preference for organic growth over M&A. +44-20-7508-0206

borja.ramirez@citi.com

• BBVA reiterated its intention to distribute excess capital above the 12%

Anand Demble

CET1. BBVA expects the c.€2bn SBB announced today to run until year-

+44-20-7986-4056

end. The bank also completed its first Mexican SME SRT transaction in July, anand.gopal.demble@citi.com

and reiterated its guidance of c.30-40bps of annual capital generation

linked to SRTs (of which c.18bps in 1H26), and indicated it expects to finish Andre Nemec

2026 towards the upper end of that range. +44-20-7986-2889

andre.nemec@citi.com

# Key businesses

• In Spain, management highlighted strong customer acquisition trends and

transactionality.