Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
Chunk: 5

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 5
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 That’s the third reason why Spain— we have received €165 billion in what we call Next Generation EU funding. The EU basically, after COVID, decided to give a lot of money to southern countries. Spain was one of the benefactors, and we have received €165 billion. Half of this was in grants— roughly half— which also helped the investment cycle in the country and so on. To cut a long story short, Spain has grown really well. Last year was 3%, and this year we are expecting 2.5 to 3%. Again, in a context where Europe grows less than 1%. Because of these structural factors, if Spain grows as such, the banking sector, we think, is going to grow also quite healthily. Because Spain has deleveraged, as you know very well, for many years. Lending growth was negative for 15 years— deleveraging in a consistent manner. And since last year, we are turning back the curve in terms of growth in this under-leveraged economy. If GDP growth is there, the banking sector is going to grow healthily. And then within that, BBVA has been growing better than others. We have been gaining 30 basis points market share on average in the last three years. We expect that to continue. All combined, it will lead to mid-single-digitvolume growth in Spain. And if you take some margin potential decline because of competition, the revenue growth— as you said— would be low to mid-singledigit, in that range: 3 to 5% range going forward. But quite positive. Quite positive.

Audio 2

| [00:00:00 |     | - |     | 00:00:32] |

Barclays:About México. No doubt about that, but faces FX volatility, lower rates and rising competition. Um, can you walk us through how resilient earnings are against these headwinds? Uh, what underpins your confidence in sustaining high single-digit loan and revenue growth with declining cost of risk? And could you give us your assessment of the risk and potential catalysts around the USMCA renegotiation, as the renegotiation approaches USMCA?

| [00:00:32 |     | - |     | 00:07:31] |

Onur Genç:Okay, so maybe let’s divide it into two— the bank and then maybe the economy. And let’s start with the bank. We were discussing it— Lisa,