The adoption of a radical client perspective is the cornerstone of the current Strategic Plan, and has enabled BBVA to secure leading positions among clients in terms of recommendations (measured through NPS) in all its markets.

Innovation plays a crucial role in BBVA’s ambition to improve people’s lives. By using artificial intelligence (AI), BBVA aims to offer a more personalized experience for its clients, while providing a better service. With this goal in mind, the bank has launched eight initiatives, including Digital Advisor (Blue), AI Assistant for Bankers, and efficiency improvements in different areas and processes, such as software development. Furthermore, the bank has stepped up the deployment of this technology through a strategic partnership with OpenAI. 

Finally it’s worth mentioning BBVA’s unique growth in strategic areas such as enterprise cross-border business (with a 20 percent increase in 2025, in constant euros, +12 percent in current), or sustainability (with €134 billion in sustainable business channeled in 2025, up 44 percent from a year earlier, in current euros).

Except where otherwise stated, the evolution of each of the main headings and changes in the income statement described below refer to constant exchange rates. In other words, they do not take currency fluctuations into account.

At the top of the P&L account, net interest income (NII) rose 13.9 percent in the year, to €26.28 billion, mostly in its main markets. Moreover, NII over average total assets showed a very favorable evolution over the past few quarters (3.27 percent in 4Q25 vs 3.17 percent a year earlier), reflecting greater efficiency to make its assets profitable, thanks to stronger growth in the segments with higher customer spreads. Net fees and commissions increased by 14.6 percent, to €8.22 billion, with growth in all business areas, especially payment methods and asset management. Core revenues topped €34.50 billion, 14.1 percent more than a year earlier.

NTI stood at €2.66 billion in 2025, down 23.7 percent yoy, mainly due to lower results in Türkiye and the Corporate Center.

The line of other income and expenses showed a significant improvement in 2025 compared to last year, thanks to the good performance of the insurance business and a lower impact from hyperinflation in Argentina and Türkiye. The comparison is also favorably impacted by the reporting in this line in 1Q24, of the full annual amount of the extraordinary tax on credit institutions in Spain, totalling €285 million.⁴

Gross income, which represents total revenues, rose to €36.93 billion in 2025, up 16.3 percent yoy.

Operating expenses increased 10.5 percent, to €14.33 billion. The resilience of gross income offset said increase, enabling the Group to maintain positive jaws, and an improvement of 206 bps in the efficiency ratio, to 38.8 percent.

As a result of all the above, operating income reached a record €22.60 billion, up 20.4 percent from a year earlier.

In 2025 impairments on financial assets (€6.07 billion) were 15.5 percent higher vs 2024. This increase is mainly due to greater lending activity (16.2 percent), especially in retail portfolios. The accumulated cost of risk (1.39 percent) and the NPL and coverage ratios (2.7 percent and 85 percent, respectively), improved compared to last year.

The BBVA Group reported a record net attributable profit: €10.5 billion, up 19.2 percent yoy (+4.5 percent in current euros). This figure further reinforces the upward trend of earnings in recent years, including earnings per share (EPS), which increased at an even faster pace (+5.8 percent yoy in current euros), driven by the share buyback during the year. ⁵