v3.25.4
Note 7 (Tables)
 12 Months Ended
Dec. 31, 2025
Risk Management [Abstract]  
Positive scenario of GDP, unemployment rate and HPI for the main geographies [Table Text Block]
BBVA Research forecasts a maximum of five years for the macroeconomic variables. The following forecasts (positive base and negative scenarios) of the GDP growth, unemployment rate and House Price Index (HPI), for the most relevant countries where they represent a significant factor, provided by BBVA Research, were used for the calculation of the ECL as of December 31, 2025:
POSITIVE SCENARIO OF GDP, UNEMPLOYMENT RATE AND HPI FOR THE MAIN GEOGRAPHICAL AREAS
Spain
Mexico
Turkey
Date
GDP
Unemployment
HPI
GDP
Unemployment
HPI
GDP
Unemployment
2025
2.94 
 %
9.89 
 %
8.26 
 %
0.69 
 %
2.75 
 %
4.81 
 %
3.82 
 %
8.52 
 %
2026
3.58 
 %
7.08 
 %
7.91 
 %
2.74 
 %
2.99 
 %
4.37 
 %
7.47 
 %
8.65 
 %
2027
5.36 
 %
6.52 
 %
7.34 
 %
3.94 
 %
2.90 
 %
4.17 
 %
9.29 
 %
7.89 
 %
2028
6.75 
 %
6.09 
 %
7.34 
 %
3.65 
 %
2.78 
 %
4.47 
 %
5.77 
 %
7.98 
 %
2029
7.21 
 %
5.81 
 %
7.28 
 %
3.58 
 %
2.70 
 %
4.65 
 %
5.84 
 %
8.29 
 %
2030
6.90 
 %
5.61 
 %
6.44 
 %
3.55 
 %
2.80 
 %
4.63 
 %
5.53 
 %
8.45 
 %
Peru
Argentina
Colombia
Date
GDP
Unemployment
GDP
Unemployment
GDP
Unemployment
2025
3.35 
 %
5.98 
 %
4.58 
 %
8.17 
 %
2.89 
 %
8.64 
 %
2026
3.87 
 %
6.06 
 %
4.92 
 %
7.97 
 %
4.41 
 %
8.43 
 %
2027
4.03 
 %
5.94 
 %
7.41 
 %
6.91 
 %
4.24 
 %
8.24 
 %
2028
4.15 
 %
5.79 
 %
8.04 
 %
5.77 
 %
4.29 
 %
8.06 
 %
2029
3.91 
 %
5.69 
 %
8.10 
 %
4.80 
 %
4.38 
 %
8.15 
 %
2030
3.79 
 %
5.59 
 %
7.94 
 %
3.97 
 %
4.45 
 %
8.16 
 %
The estimate for the then-following five years of the following rates, used in the measurement of the expected loss as of December 31, 2024, consistent with the latest estimates made public at that date, was:
POSITIVE SCENARIO OF GDP, UNEMPLOYMENT RATE AND HPI FOR THE MAIN GEOGRAPHICAL AREAS
Spain
Mexico
Turkey
Date
GDP
Unemployment
HPI
GDP
Unemployment
HPI
GDP
Unemployment
2024
3.13 
 %
10.97 
 %
3.01 
 %
1.25 
 %
2.75 
 %
4.57 
 %
3.25 
 %
8.79 
 %
2025
3.48 
 %
8.78 
 %
5.55 
 %
2.48 
 %
3.04 
 %
4.85 
 %
5.97 
 %
9.89 
 %
2026
5.02 
 %
8.17 
 %
6.98 
 %
3.87 
 %
3.03 
 %
4.38 
 %
8.35 
 %
9.27 
 %
2027
6.65 
 %
7.64 
 %
7.96 
 %
3.54 
 %
2.89 
 %
4.82 
 %
6.76 
 %
8.80 
 %
2028
7.05 
 %
7.21 
 %
7.69 
 %
3.58 
 %
2.77 
 %
5.12 
 %
5.88 
 %
8.81 
 %
2029
6.70 
 %
6.96 
 %
6.81 
 %
3.52 
 %
2.73 
 %
5.46 
 %
5.51 
 %
8.96 
 %
Peru
Argentina
Colombia
Date
GDP
Unemployment
GDP
Unemployment
GDP
Unemployment
2024
3.12 
 %
6.59 
 %
(3.66)
 %
10.37 
 %
2.16 
 %
10.20 
 %
2025
3.45 
 %
6.55 
 %
7.37 
 %
8.67 
 %
4.09 
 %
10.07 
 %
2026
4.15 
 %
6.44 
 %
8.83 
 %
7.13 
 %
4.68 
 %
9.72 
 %
2027
4.12 
 %
6.31 
 %
8.54 
 %
5.92 
 %
4.23 
 %
9.11 
 %
2028
3.70 
 %
6.20 
 %
8.60 
 %
5.05 
 %
4.21 
 %
8.55 
 %
2029
3.57 
 %
6.12 
 %
8.44 
 %
4.50 
 %
4.22 
 %
7.95 
 %
Base scenario of GDP, unemployment rate and HPI for the main geographies [Table Text Block]
BASE SCENARIO OF GDP, UNEMPLOYMENT RATE AND HPI FOR THE MAIN GEOGRAPHICAL AREAS
Spain
Mexico
Turkey
Date
GDP
Unemployment
HPI
GDP
Unemployment
HPI
GDP
Unemployment
2025
2.90 
 %
10.58 
 %
8.24 
 %
0.67 
 %
2.75 
 %
4.81 
 %
3.75 
 %
8.53 
 %
2026
2.39 
 %
9.95 
 %
6.67 
 %
1.25 
 %
3.08 
 %
4.38 
 %
3.97 
 %
9.23 
 %
2027
2.03 
 %
9.60 
 %
3.35 
 %
1.71 
 %
3.13 
 %
4.00 
 %
5.46 
 %
9.35 
 %
2028
1.96 
 %
9.30 
 %
1.61 
 %
1.80 
 %
3.06 
 %
3.89 
 %
3.20 
 %
9.75 
 %
2029
1.96 
 %
9.05 
 %
1.20 
 %
1.86 
 %
3.01 
 %
3.88 
 %
4.06 
 %
10.00 
 %
2030
1.99 
 %
8.80 
 %
1.04 
 %
1.90 
 %
3.12 
 %
3.72 
 %
4.03 
 %
10.00 
 %
Peru
Argentina
Colombia
Date
GDP
Unemployment
GDP
Unemployment
GDP
Unemployment
2025
3.34 
 %
5.98 
 %
4.47 
 %
8.18 
 %
2.68 
 %
8.64 
 %
2026
3.09 
 %
6.10 
 %
3.02 
 %
8.10 
 %
2.81 
 %
8.70 
 %
2027
2.58 
 %
6.07 
 %
3.04 
 %
7.33 
 %
2.76 
 %
8.78 
 %
2028
2.78 
 %
6.00 
 %
2.99 
 %
6.43 
 %
2.98 
 %
8.76 
 %
2029
2.67 
 %
5.95 
 %
3.04 
 %
5.60 
 %
3.13 
 %
8.96 
 %
2030
2.63 
 %
5.90 
 %
2.99 
 %
4.83 
 %
3.22 
 %
9.06 
 %
BASE SCENARIO OF GDP, UNEMPLOYMENT RATE AND HPI FOR THE MAIN GEOGRAPHICAL AREAS
Spain
Mexico
Turkey
Date
GDP
Unemployment
HPI
GDP
Unemployment
HPI
GDP
Unemployment
2024
3.09 
 %
11.43 
 %
2.99 
 %
1.24 
 %
2.75 
 %
4.57 
 %
3.18 
 %
8.80 
 %
2025
2.29 
 %
10.75 
 %
4.32 
 %
0.99 
 %
3.13 
 %
4.85 
 %
2.48 
 %
10.46 
 %
2026
1.69 
 %
10.35 
 %
2.99 
 %
1.64 
 %
3.25 
 %
4.21 
 %
4.52 
 %
10.73 
 %
2027
1.86 
 %
9.95 
 %
2.24 
 %
1.70 
 %
3.17 
 %
4.23 
 %
4.18 
 %
10.58 
 %
2028
1.80 
 %
9.55 
 %
1.61 
 %
1.87 
 %
3.08 
 %
4.36 
 %
4.11 
 %
10.52 
 %
2029
1.80 
 %
9.25 
 %
1.41 
 %
1.87 
 %
3.04 
 %
4.55 
 %
4.01 
 %
10.51 
 %
Peru
Argentina
Colombia
Date
GDP
Unemployment
GDP
Unemployment
GDP
Unemployment
2024
3.10 
 %
6.59 
 %
(3.76)
 %
10.38 
 %
1.96 
 %
10.20 
 %
2025
2.67 
 %
6.59 
 %
5.48 
 %
8.80 
 %
2.49 
 %
10.34 
 %
2026
2.70 
 %
6.57 
 %
4.47 
 %
7.55 
 %
3.19 
 %
10.26 
 %
2027
2.75 
 %
6.52 
 %
3.48 
 %
6.58 
 %
2.92 
 %
9.81 
 %
2028
2.45 
 %
6.47 
 %
3.54 
 %
5.85 
 %
2.96 
 %
9.36 
 %
2029
2.41 
 %
6.42 
 %
3.48 
 %
5.35 
 %
2.99 
 %
8.86 
 %
Negative scenario of GDP, unemployment rate and HPI for the main geographies [Table Text Block]
NEGATIVE SCENARIO OF GDP, UNEMPLOYMENT RATE AND HPI FOR THE MAIN GEOGRAPHICAL AREAS
Spain
Mexico
Turkey
Date
GDP
Unemployment
HPI
GDP
Unemployment
HPI
GDP
Unemployment
2025
2.86 
 %
11.26 
 %
8.21 
 %
0.63 
 %
2.75 
 %
4.80 
 %
3.69 
 %
8.53 
 %
2026
1.27 
 %
12.81 
 %
5.49 
 %
0.11 
 %
3.15 
 %
4.38 
 %
1.90 
 %
9.55 
 %
2027
(0.95)
 %
12.65 
 %
(0.17)
 %
(0.13)
 %
3.31 
 %
3.86 
 %
2.53 
 %
10.33 
 %
2028
(2.39)
 %
12.49 
 %
(3.44)
 %
0.24 
 %
3.30 
 %
3.41 
 %
1.38 
 %
11.01 
 %
2029
(2.95)
 %
12.28 
 %
(4.28)
 %
0.40 
 %
3.28 
 %
3.25 
 %
3.16 
 %
11.14 
 %
2030
(2.66)
 %
11.98 
 %
(3.91)
 %
0.45 
 %
3.39 
 %
2.96 
 %
3.20 
 %
10.97 
 %
Peru
Argentina
Colombia
Date
GDP
Unemployment
GDP
Unemployment
GDP
Unemployment
2025
3.16 
 %
5.99 
 %
4.29 
 %
8.18 
 %
2.49 
 %
8.65 
 %
2026
0.98 
 %
6.24 
 %
0.00 
 %
8.32 
 %
0.61 
 %
9.04 
 %
2027
0.31 
 %
6.35 
 %
(2.05)
 %
7.88 
 %
0.50 
 %
9.56 
 %
2028
0.66 
 %
6.38 
 %
(2.27)
 %
7.20 
 %
1.22 
 %
9.76 
 %
2029
0.67 
 %
6.41 
 %
(2.03)
 %
6.48 
 %
1.53 
 %
10.09 
 %
2030
0.73 
 %
6.42 
 %
(1.91)
 %
5.72 
 %
1.67 
 %
10.29 
 %
NEGATIVE SCENARIO OF GDP, UNEMPLOYMENT RATE AND HPI FOR THE MAIN GEOGRAPHICAL AREAS
Spain
Mexico
Turkey
Date
GDP
Unemployment
HPI
GDP
Unemployment
HPI
GDP
Unemployment
2024
3.05 
 %
11.88 
 %
2.97 
 %
1.20 
 %
2.75 
 %
4.56 
 %
3.13 
 %
8.80 
 %
2025
1.18 
 %
12.71 
 %
3.15 
 %
(0.16)
 %
3.20 
 %
4.86 
 %
0.41 
 %
10.79 
 %
2026
(1.30)
 %
12.50 
 %
(0.53)
 %
(0.20)
 %
3.43 
 %
4.07 
 %
1.59 
 %
11.71 
 %
2027
(2.50)
 %
12.24 
 %
(2.81)
 %
0.14 
 %
3.41 
 %
3.76 
 %
2.37 
 %
11.83 
 %
2028
(3.11)
 %
11.88 
 %
(3.87)
 %
0.40 
 %
3.34 
 %
3.72 
 %
3.21 
 %
11.67 
 %
2029
(2.86)
 %
11.53 
 %
(3.55)
 %
0.42 
 %
3.32 
 %
3.79 
 %
3.18 
 %
11.47 
 %
Peru
Argentina
Colombia
Date
GDP
Unemployment
GDP
Unemployment
GDP
Unemployment
2024
2.92 
 %
6.60 
 %
(3.93)
 %
10.38 
 %
1.77 
 %
10.21 
 %
2025
0.56 
 %
6.73 
 %
2.46 
 %
9.02 
 %
0.30 
 %
10.68 
 %
2026
0.43 
 %
6.85 
 %
(0.60)
 %
8.10 
 %
0.93 
 %
11.04 
 %
2027
0.63 
 %
6.90 
 %
(1.79)
 %
7.35 
 %
1.16 
 %
10.81 
 %
2028
0.46 
 %
6.93 
 %
(1.53)
 %
6.73 
 %
1.36 
 %
10.49 
 %
2029
0.51 
 %
6.95 
 %
(1.41)
 %
6.25 
 %
1.44 
 %
10.09 
 %
Expected loss variation as of december [Table Text Block]
Variation in expected loss is determined both by re-staging (that is: in worse scenarios due to the recognition of lifetime credit losses for additional operations that are transferred to stage 2 from stage 1 where 12 months of losses are valued: or vice versa in improvement scenarios) as well as variations in the collective risk parameters (PD and LGD) of each financial instrument due to the changes defined in the macroeconomic forecasts of the scenario. The variation in the expected loss for the Group and the main portfolios and geographical areas is shown below:
EXPECTED LOSS VARIATION AS OF DECEMBER 31, 2025
BBVA Group
Spain
Mexico
Turkey
GDP
Total Portfolio
Retail
Companies
Debt securities
Total Portfolio
Companies
Retail
Total Portfolio
Companies
Retail
Total Portfolio
Companies
Retail
- 100 bps
161
136
24
1
32
12
20
76
6
70
34
5
28
+100 bps
(168)
(144)
(23)
(1)
(31)
(12)
(19)
(86)
(5)
(81)
(33)
(5)
(27)
Housing price
- 100 bps
29
+100 bps
(28)
EXPECTED LOSS VARIATION AS OF DECEMBER 31, 2024
BBVA Group
Spain
Mexico
Turkey
GDP
Total Portfolio
Retail
Companies
Debt securities
Total Portfolio
Companies
Retail
Total Portfolio
Companies
Retail
Total Portfolio
Companies
Retail
 - 100 bps
153
135
17
1
28
8
20
74
2
72
32
5
27
 +100 bps
(170)
(145)
(20)
(1)
(26)
(8)
(18)
(92)
(3)
(89)
(33)
(9)
(21)
Housing price
 - 100 bps
28
 +100 bps
(27)
Maximum credit risk exposure [Table Text Block]
BBVA Group’s credit risk exposure by headings in the consolidated balance sheets as of December 31, 2025, 2024 and 2023 is provided below. It does not consider the loss allowances and the availability of collateral or other credit enhancements to enable compliance with payment obligations. The details are broken down by category of financial instruments:
MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)
Notes
December 2025
Stage 1
Stage 2
Stage 3
Financial assets held for trading 90,634
Equity instruments
10
9,901
Debt securities
10
30,846
Loans and advances
10
49,887
Non-trading financial assets mandatorily at fair value through profit or loss11,272
Equity instruments
11
10,539
Debt securities
11
192
Loans and advances
11
541
Financial assets designated at fair value through profit or loss121,006
Derivatives (trading and hedging) 49,141
Financial assets at fair value through other comprehensive income58,919
Equity instruments
13
1,360
Debt securities
57,046
57,020
—
25
Loans and advances
513
24
488
—
Financial assets at amortized cost581,271536,12330,76514,383
Debt securities
73,429
73,387
5
37
Loans and advances to central banks
10,881
10,881
—
—
Loans and advances to credit institutions
24,263
24,230
34
—
Loans and advances to customers
472,697
427,625
30,727
14,346
Total financial assets risk792,242
Total loan commitments and financial guarantees312,578303,0638,839676
Loan commitments given
33
227,554
220,990
6,385
179
Financial guarantees given
33
24,865
23,988
739
138
Other commitments given
33
60,159
58,084
1,715
359
Total maximum credit exposure1,104,820
MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)
Notes
December
2024
Stage 1
Stage 2
Stage 3
Financial assets held for trading 72,945
Equity instruments
10
6,760
Debt securities
10
27,955
Loans and advances
10
38,230
Non-trading financial assets mandatorily at fair value through profit or loss10,546
Equity instruments
11
9,782
Debt securities
11
407
Loans and advances
11
358
Financial assets designated at fair value through profit or loss12836
Derivatives (trading and hedging) 53,229
Financial assets at fair value through other comprehensive income59,115
Equity instruments
13
1,451
Debt securities
57,639
55,315
2,309
16
Loans and advances
13
25
25
—
—
Financial assets at amortized cost514,086467,91031,93014,246
Debt securities
59,070
58,887
149
34
Loans and advances to central banks
8,261
8,261
—
—
Loans and advances to credit institutions
22,668
22,658
8
2
Loans and advances to customers
424,087
378,104
31,772
14,211
Total financial assets risk710,757
Total loan commitments and financial guarantees262,233253,2918,150791
Loan commitments given
33
188,515
182,830
5,524
160
Financial guarantees given
33
22,503
21,513
798
192
Other commitments given
33
51,215
48,948
1,828
439
Total maximum credit exposure972,990
MAXIMUM CREDIT RISK EXPOSURE (MILLIONS OF EUROS)
Notes
December
2023
Stage 1
Stage 2
Stage 3
Financial assets held for trading 106,749
Equity instruments
10
4,589
Debt securities
10
28,569
Loans and advances
10
73,590
Non-trading financial assets mandatorily at fair value through profit or loss8,737
Equity instruments
11
7,963
Debt securities
11
484
Loans and advances
11
290
Financial assets designated at fair value through profit or loss12955
Derivatives (trading and hedging) 48,747
Financial assets at fair value through other comprehensive income62,289
Equity instruments
13
1,217
Debt securities
61,047
60,255
771
21
Loans and advances
13
26
26
—
—
Financial assets at amortized cost463,130410,59038,06114,478
Debt securities
49,544
49,403
108
32
Loans and advances to central banks
7,176
7,176
—
—
Loans and advances to credit institutions
17,498
17,478
18
2
Loans and advances to customers
388,912
336,533
37,935
14,444
Total financial assets risk690,606
Total loan commitments and financial guarantees214,283204,8428,4111,030
Loan commitments given
33
152,868
147,376
5,326
165
Financial guarantees given
33
18,839
17,612
998
229
Other commitments given
33
42,577
39,854
2,087
636
Total maximum credit exposure904,889
Maximum Credit Risk Exposure, accumulated allowances and carrying amount by geographical location [Table Text Block]
The breakdown by geographical area and stage of the maximum credit risk exposure, the accumulated allowances recorded and the carrying amount of the loans and advances to customers recorded at amortized cost as of December 31, 2025, 2024 and 2023 is shown below:
DECEMBER 2025 (MILLIONS OF EUROS)
Gross exposure
Accumulated allowances
Carrying amount
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Spain (1)
261,536
239,762
15,141
6,633
(4,699)
(528)
(602)
(3,569)
256,838
239,235
14,539
3,064
Mexico
100,699
91,333
6,549
2,817
(3,482)
(1,346)
(629)
(1,507)
97,217
89,987
5,919
1,310
Turkey (2)
55,756
48,214
4,866
2,676
(2,011)
(176)
(356)
(1,478)
53,745
48,038
4,510
1,198
South America (3)
53,331
46,988
4,140
2,203
(2,095)
(373)
(299)
(1,423)
51,235
46,614
3,841
780
Others
1,375
1,327
31
16
(9)
(1)
(1)
(7)
1,366
1,326
30
9
Total (4)
472,697427,62530,72714,346(12,297)(2,424)(1,887)(7,985)460,401425,20028,8406,361
Of which: individual
(1,304)
(15)
(266)
(1,023)
Of which: collective
(10,992)
(2,409)
(1,622)
(6,962)
(1) Spain includes all countries where BBVA, S.A. operates.
(2) Turkey includes all countries in which Garanti BBVA operates.
(3) In South America, BBVA Group operates mainly in Argentina, Colombia, Peru and Uruguay.
(4) The amount of the accumulated allowances includes the provisions recorded for credit risk over the remaining expected lifetime of purchased financial instruments. Those provisions were determined at the moment of the Purchase Price Allocation and were originated mainly in the acquisition of Catalunya Banc S.A. (as of December 31, 2025, the remaining balance was €76 million). These valuation adjustments are recognized in the consolidated income statement during the residual life of the relevant instruments or value corrections are made when the losses materialize.

DECEMBER 2024 (MILLIONS OF EUROS)
Gross exposure
Accumulated allowances
Carrying amount
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Spain (1)
232,185
208,969
15,637
7,579
(4,684)
(543)
(631)
(3,510)
227,501
208,426
15,006
4,069
Mexico
91,717
83,053
6,147
2,517
(3,055)
(1,210)
(542)
(1,303)
88,662
81,843
5,605
1,214
Turkey (2)
50,083
42,708
5,534
1,841
(1,784)
(243)
(390)
(1,151)
48,299
42,465
5,144
690
South America (3)
48,897
42,204
4,431
2,262
(2,079)
(393)
(283)
(1,403)
46,818
41,811
4,148
860
Others
1,205
1,170
23
12
(9)
—
(1)
(7)
1,197
1,170
22
4
Total (4)
424,087378,10431,77214,211(11,611)(2,389)(1,847)(7,374)412,477375,71529,9256,837
Of which: individual
(1,532)
(13)
(321)
(1,197)
Of which: collective
(10,079)
(2,376)
(1,526)
(6,177)
(1) Spain includes all countries where BBVA, S.A. operates.
(2) Turkey includes all countries in which Garanti BBVA operates.
(3) In South America, BBVA Group operates mainly in Argentina, Colombia, Peru and Uruguay.
(4) The amount of the accumulated allowances includes the provisions recorded for credit risk over the remaining expected lifetime of purchased financial instruments. Those provisions were determined at the moment of the Purchase Price Allocation and were originated mainly in the acquisition of Catalunya Banc S.A. (as of December 31, 2024 the remaining balance was €107 million). These valuation adjustments are recognized in the consolidated income statement during the residual life of the relevant instruments or value corrections are made when the losses materialize.
DECEMBER 2023 (MILLIONS OF EUROS)
Gross exposure
Accumulated allowances
Carrying amount
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Spain (1)
214,522
183,503
22,953
8,066
(4,593)
(503)
(714)
(3,375)
209,929
183,000
22,239
4,690
Mexico
91,086
81,619
6,995
2,472
(3,049)
(1,097)
(620)
(1,332)
88,037
80,522
6,375
1,140
Turkey (2)
39,058
34,105
3,234
1,719
(1,641)
(167)
(314)
(1,160)
37,416
33,938
2,920
559
South America (3)
43,151
36,237
4,738
2,176
(1,976)
(319)
(377)
(1,280)
41,175
35,918
4,362
896
Others
1,094
1,069
15
11
(10)
—
(1)
(8)
1,085
1,068
14
2
Total ⁽⁴⁾
388,912336,53337,93514,444(11,269)(2,087)(2,026)(7,156)377,643334,44635,9097,287
Of which: individual
(1,665)
(15)
(471)
(1,179)
Of which: collective
(9,604)
(2,072)
(1,555)
(5,977)
(1) Spain includes all countries where BBVA, S.A. operates.
(2) Turkey includes all countries in which Garanti BBVA operates.
(3) In South America, BBVA Group operates mainly in Argentina, Colombia, Peru and Uruguay.
(4) The amount of the accumulated allowances includes the provisions recorded for credit risk over the remaining expected lifetime of purchased financial instruments. Those provisions were determined at the moment of the Purchase Price Allocation and were originated mainly in the acquisition of Catalunya Banc S.A. (as of December 31, 2023 the remaining balance was €142 million). These valuation adjustments are recognized in the consolidated income statement during the residual life of the operations or are applied to the value corrections when the losses materialize.
Maximum credit risk exposure, accumulated allowances and carrying amount by counterparty [Table Text Block]
The breakdown by counterparty of the maximum credit risk exposure, the accumulated allowances recorded, as well as the carrying amount by stages of loans and advances to customers as of December 31, 2025, 2024 and 2023 is shown below:
DECEMBER 2025 (MILLIONS OF EUROS)
Gross exposure
Accumulated allowances
Net amount
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
General governments
25,924
25,829
77
18
(18)
(9)
(2)
(8)
25,905
25,820
75
10
Other financial corporations
23,547
23,435
101
11
(25)
(16)
(1)
(7)
23,522
23,419
100
3
Non-financial corporations
221,504
204,454
11,932
5,118
(4,113)
(591)
(561)
(2,961)
217,390
203,862
11,371
2,157
Households
201,723
173,907
18,617
9,199
(8,140)
(1,808)
(1,324)
(5,008)
193,583
172,100
17,293
4,190
Loans and advances to customers472,697427,62530,72714,346
(12,297)(2,424)(1,887)(7,985)460,401425,20028,8406,361
DECEMBER 2024 (MILLIONS OF EUROS)
Gross exposure
Accumulated allowances
Net amount
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
General governments
22,133
21,982
125
26
(23)
(8)
(7)
(8)
22,111
21,974
118
18
Other financial corporations
17,524
17,040
471
12
(26)
(13)
(5)
(9)
17,497
17,027
467
4
Non-financial corporations
197,521
179,727
12,780
5,014
(4,134)
(639)
(636)
(2,859)
193,386
179,087
12,143
2,156
Households
186,910
159,355
18,396
9,158
(7,427)
(1,729)
(1,199)
(4,499)
179,483
157,627
17,197
4,659
Loans and advances to customers424,087378,10431,77214,211(11,611)(2,389)(1,847)(7,374)412,477375,71529,9256,837
DECEMBER 2023 (MILLIONS OF EUROS)
Gross exposure
Accumulated allowances
Net amount
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
General governments
23,294
23,105
164
25
(29)
(9)
(12)
(7)
23,265
23,096
152
18
Other financial corporations
13,271
13,072
187
12
(20)
(9)
(4)
(7)
13,251
13,062
183
6
Non-financial corporations
175,337
154,519
15,299
5,520
(4,274)
(517)
(795)
(2,962)
171,063
154,002
14,503
2,558
Households
177,009
145,837
22,286
8,886
(6,946)
(1,552)
(1,214)
(4,180)
170,063
144,285
21,071
4,706
Loans and advances to customers388,912336,53337,93514,444(11,269)(2,087)(2,026)(7,156)377,643334,44635,9097,287
Loans and advances breakdown by counterparty and product [Table Text Block]
The breakdown by type of counterparty and product, net of loss allowances, and the gross carrying amount by type of counterparty as of December 31, 2025, 2024 and 2023 is shown below:
DECEMBER 2025 (MILLIONS OF EUROS)
Central banks
General governments
Credit institutions
Other financial corporations
Non-financial corporations
Households
Total
Gross carrying amount
On demand and short notice
—
9
—
24
3,424
2,735
6,192
6,479
Credit card debt
—
1
—
4
2,585
28,061
30,651
33,113
Commercial debtors
1,019
135
1,600
31,541
131
34,426
34,723
Finance leases
—
162
—
18
10,166
263
10,610
10,862
Reverse repurchase loans
—
181
8,120
563
—
—
8,864
8,865
Other term loans
10,141
23,871
10,418
17,027
168,758
162,253
392,469
401,489
Advances that are not loans
727
665
5,704
4,286
1,530
380
13,292
13,342
LOANS AND ADVANCES10,86925,90724,37723,522218,004193,824496,503508,872
By secured loans
Of which: mortgage loans collateralized by immovable property
213
—
889
31,091
102,431
134,624
137,107
Of which: other collateralized loans
—
6,530
8,628
624
11,963
2,970
30,715
30,955
By purpose of the loan
Of which: credit for consumption
74,965
74,965
80,560
Of which: lending for house purchase
103,397
103,397
104,890
By subordination
Of which: project finance loans
5,579
5,579
5,663
DECEMBER 2024 (MILLIONS OF EUROS)
Central banks
General governments
Credit institutions
Other financial corporations
Non-financial corporations
Households
Total
Gross carrying amount
On demand and short notice
—
8
—
59
3,140
2,099
5,307
5,521
Credit card debt
—
1
—
3
2,268
25,449
27,721
29,669
Commercial debtors
1,077
71
1,244
29,247
125
31,764
32,023
Finance leases
—
171
—
11
9,672
270
10,125
10,364
Reverse repurchase loans
—
219
9,157
44
—
—
9,420
9,422
Other term loans
7,803
20,519
7,529
11,771
148,167
151,313
347,102
356,002
Advances that are not loans
452
117
5,960
4,365
1,084
353
12,330
12,397
LOANS AND ADVANCES8,25522,11122,71917,497193,579179,610443,769455,399
By secured loans
Of which: mortgage loans collateralized by immovable property
245
—
680
29,307
97,627
127,860
130,633
Of which: other collateralized loans
—
6,059
9,628
530
10,996
2,648
29,861
30,129
By purpose of the loan
Of which: credit for consumption
67,446
67,446
72,447
Of which: lending for house purchase
98,570
98,570
100,218
By subordination
Of which: project finance loans
6,669
6,669
6,901
DECEMBER 2023 (MILLIONS OF EUROS)
Central banks
General governments
Credit institutions
Other financial corporations
Non-financial corporations
Households
Total
Gross carrying amount
On demand and short notice
—
6
—
73
1,933
1,028
3,040
3,175
Credit card debt
—
1
—
2
1,927
20,959
22,890
24,454
Commercial debtors
960
76
586
23,462
88
25,171
25,346
Finance leases
—
225
—
12
8,940
285
9,463
9,714
Reverse repurchase loans
1,345
—
5,786
92
—
—
7,223
7,234
Other term loans
4,878
21,662
5,329
9,300
134,024
147,491
322,683
331,813
Advances that are not loans
927
412
6,312
3,186
956
324
12,116
12,164
LOANS AND ADVANCES7,15123,26517,50213,251171,241170,175402,586413,901
By secured loans
Of which: mortgage loans collateralized by immovable property
271
—
526
24,829
96,772
122,397
125,328
Of which: other collateralized loans
1,347
6,933
4,558
465
10,938
2,430
26,671
26,963
By purpose of the loan
Of which: credit for consumption
59,892
59,892
64,303
Of which: lending for house purchase
97,555
97,555
99,224
By subordination
Of which: project finance loans
7,181
7,181
7,743
Impaired loans and advances at amortized cost covered by collateral [Table Text Block]
The disclosure of impaired loans and advances at amortized cost covered by collateral (see Note 7.2.5), shown by type of collateral, as of December 31, 2025, 2024 and 2023, is the following:
IMPAIRED LOANS AND ADVANCES AT AMORTIZED COST COVERED BY COLLATERAL (MILLIONS OF EUROS)
Maximum exposure to credit risk
Of which secured by collateral
Residential properties
Commercial properties
Cash
Others
Financial
December 2025
14,346
2,496
495
7
83
907
December 2024
14,213
2,889
573
8
91
1,153
December 2023
14,446
3,167
771
5
91
1,226
Guarantees Received [Table Text Block]
The value of guarantees received as of December 31, 2025, 2024 and 2023, is the following:
GUARANTEES RECEIVED (MILLIONS OF EUROS)
2025
2024
2023
Value of collateral151,746144,844136,141
Of which: guarantees normal risks under special monitoring
11,626
11,318
14,274
Of which: guarantees non-performing risks
3,081
3,562
4,035
Value of other guarantees65,94456,58953,462
Of which: guarantees normal risks under special monitoring
3,999
4,273
4,864
Of which: guarantees non-performing risks
907
1,153
1,226
Total value of guarantees received217,690201,433189,602
Probability of default of loans and advances to customers and contingent risk and commitments [Table Text Block]
PROBABILITY OF DEFAULT (BASIS POINTS) AND INTERNAL RATING
2025
2024
2023
Subject to 12 month ECL (stage 1)
Subject to lifetime ECL (stage 2)
Subject to 12 month ECL (stage 1)
Subject to lifetime ECL (stage 2)
Subject to 12 month ECL (stage 1)
Subject to lifetime ECL (stage 2)
Internal rating
PDs
%
%
%
%
%
%
AAA
0 to 2
5.2
—
3.2
—
3.8
—
AA+ to AA-
2 to 5
13.8
—
9.0
—
10.7
0.2
A+ to A-
5 to 11
19.1
0.1
17.1
—
25.4
0.5
BBB+ to BBB-
11 to 39
24.6
0.5
29.7
0.6
21.7
1.3
BB+ to BB-
39 to 194
21.2
1.4
23.5
1.7
20.6
2.1
B+ to B-
194 to 1,061
9.5
1.7
10.2
1.6
8.7
2.2
CCC+ to CCC-
1,061 to 2,121
1.1
0.7
1.2
0.5
1.0
0.6
CC+ to C
> 2,121
0.5
0.6
0.7
0.9
0.5
0.8
Total95.14.994.55.592.47.6
Impaired secured loans risks [Table Text Block]
The breakdown of loans and advances within financial assets at amortized cost by type of counterparty, including their respective gross carrying amount, impaired amount and accumulated impairment as of December 31, 2025, 2024 and 2023 is as follows:
DECEMBER 2025 (MILLIONS OF EUROS)
Gross carrying amount
Impaired loans and advances
Accumulated impairment
Central banks
10,881
—
(12)
General governments
25,924
18
(18)
Credit institutions
24,263
—
(20)
Other financial corporations
23,547
11
(25)
Non-financial corporations
221,504
5,118
(4,113)
Households
201,723
9,199
(8,140)
LOANS AND ADVANCES507,84214,346(12,329)
DECEMBER 2024 (MILLIONS OF EUROS)
Gross carrying amount
Impaired loans and advances
Accumulated impairment
Central banks
8,261
—
(6)
General governments
22,133
26
(23)
Credit institutions
22,668
2
(13)
Other financial corporations
17,524
12
(26)
Non-financial corporations
197,521
5,014
(4,134)
Households
186,910
9,158
(7,427)
LOANS AND ADVANCES455,01614,213(11,630)
DECEMBER 2023 (MILLIONS OF EUROS)
Gross carrying amount
Impaired loans and advances
Accumulated impairment
Central banks
7,176
—
(25)
General governments
23,294
25
(29)
Credit institutions
17,498
2
(21)
Other financial corporations
13,271
12
(20)
Non-financial corporations
175,337
5,520
(4,274)
Households
177,009
8,886
(6,946)
LOANS AND ADVANCES413,58514,446(11,316)
Changes in impaired financial assets and guarantees given [Table Text Block]
The changes during the years 2025, 2024 and 2023 of impaired financial assets and guarantees given are as follows:
CHANGES IN IMPAIRED FINANCIAL ASSETS AND GUARANTEES GIVEN (MILLIONS OF EUROS)
2025
2024
2023
Balance at the beginning 14,89115,36214,521
Additions
13,143
12,255
11,066
Decreases (1)
(6,893)
(7,346)
(5,795)
Net additions6,2504,9095,272
Amounts written-off
(4,534)
(4,559)
(3,770)
Exchange differences and other
(1,708)
(820)
(660)
Balance at the end 14,90014,89115,362
(1) Reflects the total amount of impaired loans and advances derecognized from the consolidated balance sheet throughout the period as a result of monetary recoveries as well as mortgage foreclosures and real estate assets received in lieu of payment.
Changes in impaired financial assets written off from the balance sheet [Table Text Block]
The changes during the years 2025, 2024 and 2023 in financial assets derecognized from the consolidated balance sheet as their recovery is considered unlikely ("write-offs"), is shown below:
CHANGES IN IMPAIRED FINANCIAL ASSETS WRITTEN-OFF FROM THE BALANCE SHEET (MILLIONS OF EUROS)
Notes
2025
2024
2023
Balance at the beginning 25,34324,78722,595
Companies held for sale
—
—
—
Increase
3,973
3,547
3,841
Decrease:
(4,199)
(2,801)
(2,035)
Re-financing or restructuring
(1)
(1)
(1)
Cash recovery
47
(396)
(403)
(369)
Foreclosed assets
(2)
(1)
(3)
Sales (1)
(2,831)
(1,719)
(1,201)
Debt forgiveness
(717)
(669)
(410)
Time-barred debt and other causes
(251)
(8)
(51)
Net exchange differences
(138)
(189)
385
Balance at the end24,97825,34324,787
(1) Includes principal and interest.
Changes in gross accounting balances of loans and advances at amortized cost [Table Text Block]
Movements, measured over a 12-month period, in gross accounting balances and accumulated loss allowances during 2025, 2024 and 2023 are recorded on the consolidated balance sheet as of December 31, 2025, 2024 and 2023 in order to cover the estimated impairment or reversal of impairment on loans and advances at fair value with changes through other comprehensive income and in loans and advances at amortized cost:
CHANGES IN GROSS CARRYING AMOUNT OF LOANS AND ADVANCES AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME AND AT AMORTIZED COST. YEAR 2025 (MILLIONS OF EUROS)
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning409,02331,78014,213455,016
Transfers of financial assets:
(6,114)
4,337
1,777
—
from stage 1 to stage 2
(11,473)
11,473
—
—
from stage 2 to stage 1
6,746
(6,746)
—
—
to stage 3
(2,784)
(1,704)
4,488
—
from stage 3
1,397
1,314
(2,711)
—
Net annual origination of financial assets
71,144
(2,835)
2,025
70,335
Becoming write-offs
(428)
(104)
(3,634)
(4,165)
Changes in model / methodology
—
—
—
—
Foreign exchange
(11,291)
(1,310)
(394)
(12,996)
Modifications that do not result in derecognition
(23)
133
180
290
Other
450
(754)
180
(124)
Balance at the end462,76131,24814,346508,355
CHANGES IN GROSS CARRYING AMOUNT OF LOANS AND ADVANCES AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME AND AT AMORTIZED COST. YEAR 2024 (MILLIONS OF EUROS)
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning361,18637,95314,446413,585
Transfers of financial assets:
(4,032)
1,625
2,407
—
from stage 1 to stage 2
(11,840)
11,840
—
—
from stage 2 to stage 1
9,830
(9,830)
—
—
to stage 3
(3,260)
(1,949)
5,208
—
from stage 3
1,238
1,564
(2,801)
—
Net annual origination of financial assets
64,222
(6,378)
1,108
58,952
Becoming write-offs
(333)
(112)
(3,149)
(3,594)
Foreign exchange
(13,508)
(1,137)
(557)
(15,203)
Modifications that do not result in derecognition
29
78
36
144
Other
1,460
(250)
(78)
1,131
Balance at the end409,02331,78014,213455,016
CHANGES IN GROSS CARRYING AMOUNT OF LOANS AND ADVANCES AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME AND AT AMORTIZED COST. YEAR 2023 (MILLIONS OF EUROS)
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning341,94433,63613,493389,073
Transfers of financial assets:
(11,647)
10,463
1,184
—
from stage 1 to stage 2
(18,172)
18,172
—
—
from stage 2 to stage 1
7,639
(7,639)
—
—
to stage 3
(3,203)
(2,297)
5,500
—
from stage 3
2,089
2,226
(4,316)
—
Net annual origination of financial assets
34,334
(5,233)
2,663
31,764
Becoming write-offs
(186)
(76)
(2,889)
(3,150)
Foreign exchange
(2,833)
(635)
(369)
(3,838)
Modifications that do not result in derecognition
(60)
(16)
476
401
Other
(365)
(187)
(112)
(665)
Balance at the end361,18637,95314,446413,585
Sensitivity to interest rate and credit spread analysis [Table Text Block]
The tables below shows the profile of average structural interest rate risk and credit spread risk of the fixed income portfolio in the banking book classified as "Financial assets at fair value through other comprehensive income" in terms of sensitivities of the main currencies for the BBVA Group in 2025 and 2024:
SENSITIVITY TO INTEREST RATE AND CREDIT SPREAD ANALYSIS. YEAR 2025
Interest rate risk
 Credit spread
Impact on net interest income (1)
Impact on economic value (2)
Impact on economic value (2)
100 basis point increase
100 basis point decrease
100 basis point increase
100 basis point decrease
100 basis point increase
Euro
[0.5% , 1.5%]
[-1.5% , -0.5%]
[-2.5% , -1.5%]
[1.5% , 2.5%]
[-1.5% , -0.5%]
Mexican peso
[0.5% , 1.5%]
[-1.5% , -0.5%]
[-1.5% , -0.5%]
[0.5% , 1.5%]
[-0.5% , 0.5%]
U.S. dollar
[0.5% , 1.5%]
[-1.5% , -0.5%]
[0.5% , 1.5%]
[-1.5% , -0.5%]
[-0.5% , 0.5%]
Turkish lira
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
Other
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
BBVA Group[1.5% , 2.5%][-2.5% , -1.5%][-4.5% , -3.5%][2.5% , 3.5%][-1.5% , -0.5%]
(1) Percentage of "12 months" net interest income for the BBVA Group.
(2) Percentage of CET1 December 2025 (Fully Loaded) for BBVA Group.
SENSITIVITY TO INTEREST RATE AND CREDIT SPREAD ANALYSIS. YEAR 2024
Interest rate risk
 Credit spread
Impact on net interest income (1)
Impact on economic value (2)
Impact on economic value (2)
100 basis point increase
100 basis point decrease
100 basis point increase
100 basis point decrease
100 basis point increase
Euro
[0.5% , 1.5%]
[-1.5% , -0.5%]
[-2.5% , -1.5%]
[0.5% , 1.5%]
[-1.5% , -0.5%]
Mexican peso
[0.5% , 1.5%]
[-1.5% , -0.5%]
[-1.5% , -0.5%]
[0.5% , 1.5%]
[-0.5% , 0.5%]
U.S. dollar
[0.5% , 1.5%]
[-1.5% , -0.5%]
[0.5% , 1.5%]
[-1.5% , -0.5%]
[-0.5% , 0.5%]
Turkish lira
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
Other
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
[-0.5% , 0.5%]
BBVA Group
[1.5% , 2.5%]
[-3.5% , -2.5%][-3.5% , -2.5%][2.5% , 3.5%][-1.5% , -0.5%]
(1) Percentage of "12 months" net interest income for the BBVA Group.
(2) Percentage of CET1 December 2024 (Fully Loaded) for BBVA Group.
Changes in allowances of loans and advances at amortized cost [Table Text Block]
CHANGES IN ALLOWANCES OF LOANS AND ADVANCES AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME AND AT AMORTIZED COST. YEAR 2025 (MILLIONS OF EUROS)
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning(2,406)(1,848)(7,375)(11,630)
Transfers of financial assets:
157
(349)
(3,498)
(3,690)
from stage 1 to stage 2
117
(870)
—
(753)
from stage 2 to stage 1
(60)
320
—
260
to stage 3
109
282
(4,030)
(3,639)
from stage 3
(9)
(81)
532
442
Net annual origination of allowances
(864)
(254)
(455)
(1,573)
Becoming write-offs
413
100
3,283
3,796
Changes in model / methodology
—
—
—
—
Foreign exchange
86
204
446
737
Modifications that do not result in derecognition
2
(13)
(515)
(525)
Other
158
207
128
493
Balance at the end(2,455)(1,953)(7,985)(12,394)
CHANGES IN ALLOWANCES OF LOANS AND ADVANCES AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME AND AT AMORTIZED COST. YEAR 2024 (MILLIONS OF EUROS)
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning(2,131)(2,026)(7,158)(11,316)
Transfers of financial assets:
105
(370)
(2,766)
(3,031)
from stage 1 to stage 2
103
(697)
—
(594)
from stage 2 to stage 1
(53)
327
—
275
to stage 3
93
146
(3,498)
(3,259)
from stage 3
(38)
(146)
732
548
Net annual origination of allowances
(1,059)
10
(1,125)
(2,174)
Becoming write-offs
321
107
2,909
3,337
Foreign exchange
325
213
1,075
1,613
Modifications that do not result in derecognition
3
35
(342)
(304)
Other
30
183
33
246
Balance at the end(2,406)(1,848)(7,375)(11,630)
CHANGES IN ALLOWANCES OF LOANS AND ADVANCES AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME AND AT AMORTIZED COST. YEAR 2023 (MILLIONS OF EUROS)
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning(2,065)(1,942)(7,284)(11,291)
Transfers of financial assets:
73
(336)
(2,527)
(2,790)
from stage 1 to stage 2
118
(681)
—
(563)
from stage 2 to stage 1
(113)
323
—
210
to stage 3
81
120
(2,935)
(2,734)
from stage 3
(13)
(97)
408
297
Net annual origination of allowances
(466)
(148)
(232)
(846)
Becoming write-offs
147
71
2,853
3,071
Foreign exchange
(52)
44
169
160
Modifications that do not result in derecognition
3
49
(304)
(252)
Other
229
235
167
631
Balance at the end(2,131)(2,026)(7,158)(11,316)
Sensitivity to one percent of the average rate in the main currencies [Table Text Block]
For the years 2025, 2024 and 2023, the estimated sensitivities (in absolute terms) of the result attributable to the parent company are shown below, taking into account the coverage, against depreciations and appreciations of 1% of the average rate in the main currencies. To the extent that hedging positions are periodically modulated, the sensitivity estimate attempts to reflect an average (or effective) sensitivity in the year:
SENSITIVITY TO 1% CHANGE (MILLIONS OF EUROS)
Currency
2025
2024
2023
Mexican peso
11.4
27.8
25.8
Turkish lira
4.3
3.3
4.4
Peruvian sol
1.7
1.4
0.9
Chilean peso
0.4
0.2
0.2
Colombian peso
0.7
0.4
1.0
Argentine peso
1.3
1.8
1.3
U.S. dollar
3.3
0.3
0.2
VaR by Risk factor [Table Text Block]
As of December 31, 2025, 2024 and 2023 the VaR was €29 million, €34 million and €36 million, respectively, with the following breakdown:
VaR BY RISK FACTOR (MILLIONS OF EUROS) ⁽¹⁾
Interest/Spread risk
Currency risk
Stock-market risk
Vega/Correlation risk
Diversification effect ⁽²⁾
Total
2025
VaR average in the year
39
8
1
5
(20)
33
VaR max in the year
45
12
1
4
(19)
44
VaR min in the year
33
6
1
5
(21)
24
End of period VaR34915(20)29
2024
VaR average in the year
41
7
2
6
(20)
37
VaR max in the year
55
10
2
7
(23)
50
VaR min in the year
33
7
2
6
(19)
28
End of period VaR37524(14)34
2023
VaR average in the year
36
8
2
7
(22)
31
VaR max in the year
43
6
17
8
(33)
42
VaR min in the year
23
9
—
9
(23)
19
End of period VaR41648(23)36
(1) The maximum and minimum VaR figures show the VaR figures for the day on which said maximum and minimum VaRs occurred in the relevant year, by type of risk.
(2) The diversification effect is the difference between the sum of the average individual risk factors and the total VaR figure that includes the implied correlation between all the variables and scenarios used in the measurement.
Impact of the stress test [Table Text Block]
The impact of the stress test under multivariable simulation of the risk factors of the portfolio based on the expected shortfall (expected shortfall calculated at a 97.5% confidence level, 20 days) as of December 31, 2025 is as follows:
IMPACT OF THE STRESS TEST (MILLIONS OF EUROS)
Europe
Mexico
Peru
Venezuela
Argentina
Colombia
Turkey
Expected shortfall
(129)
(66)
(17)
—
(39)
(4)
(17)
Effect offsetting for derivatives and securities operation [Table Text Block]
A summary of the effect of offsetting (via netting and collateral) for derivatives and securities operations is presented below as of December 31, 2025, 2024 and 2023:
EFFECT OF OFFSETTING FOR DERIVATIVES AND SECURITIES OPERATION (MILLIONS OF EUROS)
Gross amounts not offset in the consolidated balance sheets
Notes
Gross amounts recognized (A)
Gross amounts offset in the consolidated balance sheets (B)
Net amount presented in the consolidated balance sheets
(C=A-B)
Financial instruments
Cash collateral received/ pledged
Net amount ⁽¹⁾
December 2025
Trading and hedging derivatives
10 / 15
40,930
7,809
33,122
21,478
11,075
569
Reverse repurchase, securities borrowing and similar agreements
80,537
24,459
56,078
55,949
—
129
Total assets121,46832,26889,19977,42711,075698
Trading and hedging derivatives
10 / 15
40,087
7,809
32,278
21,478
8,739
2,061
Repurchase, securities lending and similar agreements
103,538
24,459
79,079
78,887
192
—
Total liabilities143,62632,268111,357100,3658,9312,061
December 2024
Trading and hedging derivatives
10 / 15
45,523
8,362
37,161
27,446
9,566
148
Reverse repurchase, securities borrowing and similar agreements
65,401
19,397
46,005
45,959
—
46
Total assets110,92427,75983,16573,4059,566194
Trading and hedging derivatives
10 / 15
43,924
8,362
35,562
27,446
7,658
458
Repurchase, securities lending and similar agreements
87,893
19,397
68,497
68,497
—
—
Total liabilities131,81827,759104,05995,9437,658458
December 2023
Trading and hedging derivatives
10 / 15
44,641
8,866
35,775
25,171
9,532
1,072
Reverse repurchase, securities borrowing and similar agreements
80,227
—
80,227
79,980
—
248
Total assets124,8698,866116,003105,1519,5321,320
Trading and hedging derivatives
10 / 15
44,536
8,866
35,670
27,354
7,013
1,303
Repurchase, securities lending and similar agreements
104,920
—
104,920
104,920
—
—
Total liabilities149,4568,866140,590132,2747,0131,303
(1) It corresponds to the aggregation of the net amounts presented in the balance sheet, less the gross amount which is not offset in the balance sheet, corresponding to each Group entity that records a deficit in this regard.
LtSCD by LMU [Table Text Block]
The performance of the indicators show that the funding structure remained steady during 2025, 2024 and 2023, in the sense that all LMU held self-funding levels with stable customer resources above the requirements.
LtSCD BY LMU
2025
2024
2023
Group (average)105  %102  %99  %
BBVA, S.A.
105 
 %
101 
 %
100 
 %
BBVA Mexico
115 
 %
115 
 %
102 
 %
Garanti BBVA
92 
 %
90 
 %
78 
 %
Other LMU
103 
 %
99 
 %
104 
 %
LCR main LMU [Table Text Block]
LCR MAIN LMU
2025
2024
2023
Group 143  %134  %149  %
BBVA, S.A.
162 
 %
156 
 %
178 
 %
BBVA Mexico
161 
 %
146 
 %
192 
 %
Garanti BBVA
159 
 %
141 
 %
212 
 %
Liquidity available by instrument [Table Text Block]
The table below shows the liquidity available by instrument as of December 31, 2025, 2024 and 2023 for the most significant entities based on prudential supervisor’s information (Commission Implementing Regulations (EU) 2021/451 of December 17, 2020):
LIQUIDITY AVAILABLE BY INSTRUMENT (MILLIONS OF EUROS)
BBVA, S.A.
BBVA Mexico
Garanti BBVA
Other
2025
2024
2023
2025
2024
2023
2025
2024
2023
2025
2024
2023
Cash and withdrawable central bank reserves
25,248
16,004
43,931
9,821
12,001
9,712
12,960
10,344
9,899
6,988
8,101
5,921
Level 1 tradable assets
57,595
50,199
31,606
18,785
8,783
20,345
5,553
6,402
6,117
11,343
8,749
8,429
Level 2A tradable assets
623
194
919
182
327
246
—
—
—
32
—
—
Level 2B tradable assets
4,424
3,762
2,916
171
159
132
—
—
—
13
31
—
Other tradable assets
42,405
46,537
44,324
748
598
469
943
816
398
586
926
753
Non-tradable assets eligible for central banks
651
11
—
—
—
—
—
—
—
—
—
—
Cumulated counterbalancing capacity130,946116,706123,69629,70721,86930,90319,45617,56216,41418,96217,80615,102
NSFR main LMU [Table Text Block]
The NSFR of BBVA Group and its main LMU as of December 31, 2025, 2024 and 2023, was the following:
NSFR MAIN LMU
2025
2024
2023
Group 126  %127  %131  %
BBVA, S.A.
117 
 %
119 
 %
120 
 %
BBVA Mexico
132 
 %
131 
 %
140 
 %
Garanti BBVA
144 
 %
149 
 %
178 
 %
Residual maturities by contractual periods [Table Text Block]
Below is a matrix of residual maturities by contractual periods based on supervisory prudential reporting as of December 31, 2025, 2024 and 2023:
DECEMBER 2025. CONTRACTUAL MATURITIES (MILLIONS OF EUROS)
Demand
Up to 1 month
1 to 3 months
3 to 6 months
6 to 9 months
9 to 12 months
1 to 2 years
2 to 3 years
3 to 5 years
Over 5 years
Total
ASSETS
Cash, cash balances at central banks and other demand deposits
14,413
43,789
—
—
—
—
—
—
—
—
58,202
Deposits in credit entities
—
5,953
868
1,056
962
1,430
670
1,186
112
66
12,303
Deposits in other financial institutions
—
4,505
1,626
1,315
846
726
2,941
2,654
2,059
2,060
18,732
Reverse repo, securities borrowing and margin lending
2,061
51,418
9,957
4,566
1,707
2,320
7,223
1,933
669
113
81,967
Loans and advances
—
40,574
40,625
30,638
19,096
22,144
49,496
41,730
58,930
114,633
417,866
Securities' portfolio settlement
—
4,598
3,947
9,016
4,451
8,405
18,718
8,361
29,414
47,407
134,317
DECEMBER 2025. CONTRACTUAL MATURITIES (MILLIONS OF EUROS)
Demand
Up to 1 month
1 to 3 months
3 to 6 months
6 to 9 months
9 to 12 months
1 to 2 years
2 to 3 years
3 to 5 years
Over 5 years
Total
LIABILITIES
Wholesale funding
—
5,139
4,481
7,210
4,872
7,653
13,261
4,252
9,584
32,528
88,980
Deposits from financial institutions
3,151
4,504
1,394
775
622
765
936
321
601
550
13,619
Deposits from other financial institutions and international agencies
8,003
12,649
4,606
1,684
823
1,065
1,798
302
361
550
31,841
Customer deposits
345,742
67,090
25,358
13,345
5,668
6,638
2,056
1,176
1,062
465
468,600
Security pledge funding
1,299
89,726
14,794
5,108
1,407
2,047
3,656
507
288
564
119,396
Derivatives, net
—
58
103
167
465
(87)
145
104
(79)
(807)
69
DECEMBER 2024. CONTRACTUAL MATURITIES (MILLIONS OF EUROS)
Demand
Up to 1 month
1 to 3 months
3 to 6 months
6 to 9 months
9 to 12 months
1 to 2 years
2 to 3 years
3 to 5 years
Over 5 years
Total
ASSETS
Cash, cash balances at central banks and other demand deposits
11,125
38,087
—
—
—
—
—
—
—
—
49,212
Deposits in credit entities
—
5,246
541
1,165
647
918
861
351
33
41
9,805
Deposits in other financial institutions
—
2,677
1,642
970
929
1,130
1,577
1,526
1,369
681
12,502
Reverse repo, securities borrowing and margin lending
—
34,310
10,594
5,025
1,911
3,138
5,782
3,675
3,008
122
67,565
Loans and advances
—
34,605
38,547
29,770
16,928
19,715
44,537
34,618
51,469
105,649
375,837
Securities' portfolio settlement
—
2,861
2,741
6,084
2,531
5,922
20,625
20,053
21,972
44,850
127,640
DECEMBER 2024. CONTRACTUAL MATURITIES (MILLIONS OF EUROS)
Demand
Up to 1 month
1 to 3 months
3 to 6 months
6 to 9 months
9 to 12 months
1 to 2 years
2 to 3 years
3 to 5 years
Over 5 years
Total
LIABILITIES
Wholesale funding
—
2,484
4,816
5,536
3,347
3,685
8,517
11,386
7,530
28,306
75,608
Deposits from financial institutions
2,600
6,070
476
644
130
732
558
242
570
743
12,765
Deposits from other financial institutions and international agencies
6,950
9,247
2,466
1,584
922
503
1,256
477
433
742
24,581
Customer deposits
318,252
50,789
23,758
11,580
3,888
4,329
2,055
569
834
787
416,841
Security pledge funding
—
74,614
14,093
5,452
2,355
4,157
2,223
366
1,454
445
105,159
Derivatives, net
—
(388)
(73)
(142)
70
142
549
(122)
5
(87)
(46)
DECEMBER 2023. CONTRACTUAL MATURITIES (MILLIONS OF EUROS)
Demand
Up to 1 month
1 to 3 months
3 to 6 months
6 to 9 months
9 to 12 months
1 to 2 years
2 to 3 years
3 to 5 years
Over 5 years
Total
ASSETS
Cash, cash balances at central banks and other demand deposits
10,353
61,678
—
—
—
—
—
—
—
—
72,031
Deposits in credit entities
—
4,676
393
543
594
602
602
136
24
102
7,672
Deposits in other financial institutions
—
1,288
1,261
1,049
385
649
2,019
965
974
1,291
9,882
Reverse repo, securities borrowing and margin lending
—
42,407
21,683
6,890
3,398
2,596
3,319
3,817
2,133
139
86,382
Loans and advances
—
28,644
30,850
28,239
16,434
19,029
41,267
32,769
45,116
104,086
346,433
Securities' portfolio settlement
—
2,167
6,011
2,633
2,578
11,950
15,266
14,016
29,245
34,558
118,424
DECEMBER 2023. CONTRACTUAL MATURITIES (MILLIONS OF EUROS)
Demand
Up to 1 month
1 to 3 months
3 to 6 months
6 to 9 months
9 to 12 months
1 to 2 years
2 to 3 years
3 to 5 years
Over 5 years
Total
LIABILITIES
Wholesale funding
—
1,187
3,889
8,518
4,935
4,225
10,296
7,990
11,175
22,424
74,639
Deposits from financial institutions
2,092
3,669
1,076
715
119
605
795
46
198
695
10,011
Deposits from other financial institutions and international agencies
8,507
5,526
2,806
1,036
834
841
1,033
618
695
638
22,535
Customer deposits
304,096
44,745
16,225
11,855
3,905
5,500
1,753
1,029
758
1,092
390,959
Security pledge funding
—
86,908
30,028
6,107
2,274
1,821
2,630
1,111
2,060
677
133,615
Derivatives, net
—
(21)
(30)
6
(62)
(267)
69
45
(135)
(2,616)
(3,009)
Wholesale financing transactions carried out by group entities [Table Text Block]
Issuer
Type of issue
Date of issue
Nominal (millions)
Currency
Coupon
Early redemption
Maturity date
BBVA, S.A.
AT1
Jan-25
1,000
USD
7.750%
Jan-32
Perpetual
Tier 2
Feb-25
1,000
EUR
4.000%
Feb-32
Feb-37
Senior non-preferred
Jul-25
1,000
EUR
3.125%
_
Jul-30
Senior non-preferred
Aug-25
1,000
EUR
3.750%
_
Aug-35
AT1
Nov-25
1,000
EUR
5.625%
Nov-32
Perpetual
Encumbered and unencumbered asstes [Table Text Block]
As of December 31, 2025, 2024 and 2023, the encumbered (those provided as collateral for certain liabilities) and unencumbered assets are broken down as follows:
ENCUMBERED AND UNENCUMBERED ASSETS (MILLIONS OF EUROS)
Encumbered assets
Unencumbered assets
Book value
Fair value
Book value
Fair value
2025
2024
2023
2025
2024
2023
2025
2024
2023
2025
2024
2023
Assets69,27268,26878,586790,304704,134696,972
Equity instruments
1,964
834
592
1,968
834
592
19,836
17,159
13,176
19,836
17,159
13,176
Debt securities
42,016
43,404
51,458
43,910
45,639
50,818
120,408
102,333
88,976
120,408
102,333
88,976
Loans and advances and other assets
25,291
24,030
26,535
650,060
584,641
594,821
Collateral pledges received [Table Text Block]
As of December 31, 2025, 2024 and 2023, collateral pledges received mainly due to repurchase agreements and securities lending, and those which could be committed in order to obtain funding are provided below:
COLLATERAL RECEIVED (MILLIONS OF EUROS)
Fair value of encumbered collateral received or own debt certificates issued
Fair value of collateral received or own debt certificates issued available for encumbrance
Fair value of collateral received or own debt certificates issued not available for encumbrance
2025
2024
2023
2025
2024
2023
2025
2024
2023
Collateral received49,72640,87773,83617,78314,91714,8251,6341,151996
Equity instruments
190
215
1,019
675
162
51
—
—
—
Debt securities
49,536
40,663
72,817
17,107
14,754
14,774
1,634
1,151
996
Loans and advances and other assets
—
—
—
—
—
—
—
—
—
Own debt certificates issued other than own covered bonds or ABSs
———636674———
Sources of encumbrance [Table Text Block]
As of December 31, 2025, 2024 and 2023, financial liabilities issued related to encumbered assets in financial transactions as well as their book value were as follows:
SOURCES OF ENCUMBRANCE (MILLIONS OF EUROS)
Matching liabilities, contingent liabilities or securities lent
Assets, collateral received and own
debt certificates issued other than covered bonds and ABSs encumbered
2025
2024
2023
2025
2024
2023
Book value of financial liabilities116,511109,833151,766117,052107,067149,853
Derivatives
17,092
17,047
15,895
15,377
14,698
13,756
Deposits
92,586
84,604
126,777
94,577
81,938
126,543
Outstanding subordinated debt
6,833
8,182
9,094
7,097
10,431
9,554
Other sources8201,1411,0661,9462,0792,568