1) Strategic Performance and Leadership Insights - BBVA achieved a record net attributable profit of EUR 10.5 billion in 2025, up 4.5% YoY, despite falling interest rates in core markets. - The bank's loan portfolio grew by 16.2% at constant euros, showcasing strong growth and profitability, with a return on tangible equity of 19.3%. - BBVA's strategic execution focuses on customer-centric transformation, leveraging AI and innovation, and prioritizing profitable growth areas. - Shareholder remuneration included a EUR 5.2 billion cash dividend and a EUR 4 billion extraordinary share buyback program.

2) Financial and Segment Results - Gross income grew by 16.3% YoY, driven by a 13.9% increase in net interest income and 14.6% in fee income. - In Spain, net profit reached EUR 4.1 billion, with loan growth of 8% YoY, while Mexico's net profit was EUR 1.4 billion, up 5% QoQ. - The cost-to-income ratio improved to 38.8%, with gross income growth outpacing cost growth, which was contained at 10.5% YoY.

3) Challenges and Headwinds - The bank faced challenges from falling interest rates impacting customer spreads, particularly in Spain and Mexico. - A tax code change in Turkey negatively affected earnings in Q4, contributing to a lower-than-expected net income. - The cost of risk in Mexico is projected at 340 basis points, reflecting a cautious outlook amid a mix of retail and wholesale loan growth.

4) Operational and Product Plans - BBVA's strategic plan for 2025-2028 emphasizes continued growth in enterprise, sustainability, and capital-light businesses, with strong performance in these areas in 2025. - The bank is focused on enhancing its digital capabilities and customer acquisition, achieving 11.5 million new customers in 2025. - AI initiatives are being integrated across the organization to improve efficiency and customer service, with ongoing investments in technology.

5) Guidance and Outlook - For 2026, BBVA expects strong business momentum with solid loan growth supporting net interest income, while maintaining cost discipline. - The bank aims for a return on tangible equity of around 20% and a cost-to-income ratio below 40%. - The transcript lacks specific figures on the expected impact of macroeconomic conditions on future earnings, particularly in Turkey and Argentina.

Bottom line: BBVA's robust performance in 2025, characterized by strong profit growth and strategic execution, positions it well for continued success. The bank's focus on shareholder returns and digital transformation, alongside a cautious outlook on macroeconomic challenges, reinforces its commitment to sustainable growth and profitability for shareholders.