Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 7

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 7
---
, and it’s seven times cheaper to manufacture in Mexico than to manufacture in the US. And when you talk to US colleagues, obviously they don’t like trade deficits, but their key concern is China. And if they want an ally
against China, or if they want an ally in this world of Chinese growing dominance in manufacturing, we do think that they see Mexico as a partner, as an ally than otherwise.

Again, it’s in the best interest of US to keep Mexico at bay and in relatively decent growth rates and so on. To cut the long story short: macro
level, short term, quite positive. Medium to long term, the tariff discussion might play into it, but as we see it, it’s going to be actually much more positive because it’s going to be creating a relative advantage versus other
countries that Mexico competes with.

Then, regarding our bank, you mentioned that we do double what the rest of the industry does, or close to
double. Not precisely, but close to, because we have — again, I’ve been in this job for seven years. Every year I had some concerns about Mexico and every year they delivered positive surprises, our bank. And this year is another
example. We are on a path of a very good year for a few reasons.

Again, structurally, we have the best NPS, we have the best digital capabilities,
we have the best scale, all of that. Best customer satisfaction is very important, by far the best customer satisfaction because we are large and we do have the scale, and we invested properly in the right priorities in the country.

In that context, we sometimes call these very few figures, which we do think are very important in a few businesses where it’s very tough to
replicate the bank’s advantage: cash flow-based businesses, transactional businesses, periodic relationship with the customer businesses like payrolls. We have 44% market share in payrolls. 44% of the country — public and private
companies — they pay salaries. And in Mexico, they pay every two weeks with BBVA accounts. That’s a wonderful competitive advantage.

Or
in the acquiring business, where you tap into the SMEs, where you tap into the companies, we have 39% market share. So our position in those relatively tough to replicate businesses is ensuring, in our view, that we will continue to deliver really
well.

| [00:18:18 |     | - |     | 00:19:02