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

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 10
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, whatever the conditions are, you will always deliver above the average of the industry. And if the industry has to survive, the average has to survive. And if you are above, you will always be delivering above your cost of equity. So our focus is to make sure that we maintain this competitive advantage— that we are the best bank in the country in terms of returns, in terms of franchise. If the situation turns out to be different than

what we were expecting— what we are expecting at the moment— I still think we will deliver decent returns because of this. Because we have the best bank— by far the best bank, based on numbers— and I’m quite objective, obviously, on these things— based on numbers. If you have the best bank, you will still deliver. Audio 3

| [00:00:00 |     | - |     | 00:00:17] |

Barclays:Profitability and devaluation. Of 22%. Um... um, for the midterm— obviously, this is an average in Europe that is around 14.5%. Um, that said, the bank trades at a discount to the sector. What do you think the market is still underestimating in your story?

| [00:00:20 |     | - |     | 00:03:36] |

Onur Genç:I should— I should ask the people here or to you. Yeah. We have, as you said, 22% goal of return on tangible equity. But more important than the goal— we have already delivered 20%, which is the number one in Europe in terms of return on tangible equity. And despite that— yeah— why are we trading at... the market is the market. You cannot fight with the market, because you don’t know what’s really happening in the pipes of the market. Rather than thinking about why the market doesn’t really understand us, as a team our focus has been and will continue to be: no, no, we deliver. It delivers. If we deliver, whatever the market might be thinking today will be corrected tomorrow. As long as you deliver— if you deliver what we said we would deliver. The €36 billion excess capital— I mean, we have a €90 billion market cap. If we deliver €36 billion excess capital in four years— more than 40% of the market cap delivered to the shareholder in four years— it’s quite a nice number. So our focus is to deliver