Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 6

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 6
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 that number to something positive. The final numbers are not out, but it’s going to be a decent number because the last numbers coming out of Mexico
are quite positive.

A few things, again also related to this trade topic: export volume, which is something that we watch very closely. Six months
this year versus six months 2024 is up 4.1%. And when you look into it monthly, every month it is growing very nicely. So it’s not like upfront loaded because of tariffs. No. Every month — April, May, June — coming out very strong.
That’s why we have this 4% growth.

FDI, foreign direct investment, which is again very important for Mexico: six months this year, six months
last year, is up 10%. Typically the names that are already in Mexico. So not too many new names, which we would have appreciated more, but the ones who are already in Mexico, they keep investing. And as a result, we will shortly increase, upgrade
our growth expectation for Mexico.

So on the ground, our pipelines are very strong. Our loan volumes are very strong. That’s why we also
upgraded in the second quarter call the lending growth in Mexico 2 to 10%. So overall, in the short term, quite positive.

But you also asked about
the trade topic, USMCA. And so maybe a very few words on that one. Short term is very good. Again, despite the uncertainty, it’s very good. But in the medium long term we are even more positive.

I mean, on the trade topic, we obviously have a lot of dialogue with Mexican authorities and also partially with the US authorities. And obviously the
US authorities count more here in terms of what they want to do. But we are seeing quite positive dialogue. I mean, the Mexican side is, as you might have seen, quite constructive on this whole topic. And the American side, as we see it, it’s
in the best interest of America to keep Mexico as a stable, relatively decent growth country than otherwise.

It’s a 130 million country
right at the border. A stable Mexico, a growing Mexico, is always beneficial to US. That’s how we view that, and we see that they see this. And then Mexico has a structural advantage, which is the cost. Labor cost.

Manufacturing, in the manufacturing industry, we compared the labor costs of Mexico versus any other low-cost
state in the US