Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 1

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 1
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 we delivered what we said we would have delivered by a wide margin, more positively as compared to our original goals in 2021–2024. So why do we think that the new plan that we are putting forward is realisable, and that we will deliver that as well? First of all, our track record. We just again delivered a very good set of numbers in the last strategic cycle. But more importantly, looking forward, why do we think that those numbers are realisable, realistic figures? Maybe we discussed first a bit long term and structural advantages of BBVA. And then we also talked a little about the short term. On the long term, there are three things. And I mean, I’ve been in the job for seven years now, so I keep repeating them. And sorry for the repetition for some of you who might have been following us quite closely, but there are three things that I believe make us a bit different than others. Number one, we are diverse. We are a diversified bank being present in many countries. But one of the very important metrics of those countries that we are in is the low leverage in those countries, and that low leverage is important in our view because it allows you to grow healthily without creating too much cost or risk. So this being diversified, being in low leverage countries, we do think it’s differential. It’s important. Number two, I keep repeating this, but I do think it is the most important differentiator of the story. Our equity story is based on this, which is wherever we are, we take claim in the fact that we own one of the best banks in that country, and that typically comes with scale. I mean, in Mexico, we are by far the largest bank. In Peru, we are the second bank. In Turkey, we are the second bank. In Spain, we are the third bank, but in retail banking we are the second bank. So we do own these very unique franchises, large, sizable franchises that typically deliver better return on tangible equity versus the rest of the banking industry.

This positive gap versus the industry is a differentiator for us. And the best example again is Mexico. We have a return on equity of 27% when the rest of the industry, excluding BBVA, is 16%. Why? Because we are large and we have prioritized the right things in the past in terms of execution. And we created this franchise strength, which is unbeatable in my view. So that’s the second thing