BBVA Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	143.66B EUR	138.93B EUR	122.03B EUR	132.67B EUR
Enterprise Value	171.4B EUR	136.57B EUR	129.48B EUR	152.08B EUR
Valuation Multiples
Trailing P/E	11.93x	12.5x	11.3x	16.98x
Forward P/E	9.59x	--	--	--
Price to Sales	4.21x	3.41x	3.13x	4.69x
Price to Book	2.28x	2.36x	2.17x	2.31x
EV/Revenue	5.02x	3.35x	3.33x	5.38x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	6.93x	6.08x	6.66x
EV/FCF	--	6.81x	6.46x	7.64x
FCF Yield	--	14.44%	16.43%	15%