Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
Chunk: 13

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 13
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 last year— it’s going to be a good year this year. But starting from next year, in these core markets of Mexico and Spain, you would continue to see a growth in the bottom line, which is then leading this average €12 billion. In short: it’s not a hockey stick. It’s not for a very different fourth year and so on. It’s an increasing curve because of the dynamic that I just explained.

| [00:06:21 |     | - |     | 00:06:56] |

Question:Okay. Thank you. Very clear. And the second question relates to Mexico. So, based on what you’ve been saying for the last few months— when I’ve listened to your presentations— you seem reasonably relaxed about the macro environment in Mexico. You’ve obviously got a fantastic franchise which continues to deliver. And very specifically, therefore, from an asset quality perspective— you’ve got some reasonably significant overlays. So, I mean, could we possibly expect to see some of those being released?

| [00:06:56 |     | - |     | 00:08:24] |

Onur Genç:Some. But it’s less the overlays that has been the story of cost of risk. I mean, the cost of risk— we guided less than 350 basis points, you might have seen in the second-quarter call. For the cost of risk, the overlays or the beyond-business-as-usualcomponents in that is relatively small. In the second quarter— we mentioned it in the call— in the second quarter you might have seen that because every quarter we do it: when there is a decline in GDP growth expectations, you take a hit— forward-looking hit— as an overlay. So we did take that negative hit from the macro assumptions that Mexico is going to be in recession this year. Now we do think it’s not going to be in recession. So in the third quarter, most likely there will be some positive coming from this macro IFRS 9 provisioning. But it’s a small amount. The core thing is business-as-usualregular provisioning. And on that one, what we are seeing is that it’s quite robust, quite positive— better than our guidance, better than our expectations. For one single reason, which is, again: the economy is not doing that bad— better than what we would have expected in this uncertain environment. I gave you the numbers. FDI is up 8%. Exports volume is up 4