Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
Chunk: 4

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 4
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 look into the €100 that you put into BBVA stock at the beginning of 2019— which is the date that the new management team has started— since then, the €100 today is €397. €397 appreciation. European banking is €220, around €200 for the Spanish banks. So we are doing better than others because we execute well and we have these clear ideas about the capital discipline. So, €36 billion: grow as much as you can as long as it’s profitable. Go back to share buybacks and deliver— give it back to the shareholders if you cannot grow. That’s kind of the motto.

| [00:10:11 |     | - |     | 00:10:34] |

Barclays:No, thank you. That clarifies, yeah. If you look regionally and we focus now on Spain— in Spain, volumes and deposits are still growing very strongly. They’ve been growing around 5 to 6% per year. So that’s very impressive. As rates stabilize, do you expect NII to continue to grow, like, in a mid-single-digitpace?

| [00:10:34 |     | - |     | 00:13:17] |

Onur Genç:In the medium-term plan, we have given guidance for every single geography. In Spain, we weren’t specifying it at the NII level, but we specified at the revenue level— which is mostly NII. But revenue growth— we said it: low to mid-singledigits. So, along the lines that you mentioned. And we think it’s a very fair assumption that this happens, for a few reasons. Number one, Spain is doing really well as a country. So, GDP growth is quite robust for three or four reasons. Number one: immigration. It’s a very pro-immigrationcountry, and it helps the growth in GDP. Number two: it’s a service-based economy. What we have seen after COVID is that if you are a service-based economy, you typically grew better than a product or manufacturing-based economy. And Spain— tourism, and again people moving to Spain because we have a lot of sun in the country— it’s a wonderful place to live, to work from there, and so on. So the service-based economies have grown, in general, better. And Spain is clearly a service-based economy, relatively speaking. And then the third one is: we have received a lot of funding from Europe.