Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
Chunk: 7

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 7
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 have POS machines, merchant traffic in the country— 39% goes through BBVA. And it’s very tough to replicate this market advantage. You only do this over time, and you only do this by accumulating knowledge and IT systems and so on behind that. It’s not that easy. So we have this unique bank. If leverage is going to continue to go up, the growth is going to be there. And if you have this really amazing bank— we have the best NPS, customer satisfaction, we have the best app— we measure it— by far the best app— you would benefit from this. That’s why— you are asking about the resiliency of the earnings— I would encourage all of you, um, on this, to go back to the history of Mexico. You would see that you do have this great bank. Then, regarding the country and USMCA. Uh, first of all, again, resiliency of the country in the short term. What we have seen was Mexico this year— we were expecting a lot of uncertainty because of the tariff discussion, the uncertainty from the tariffs, and also the discussions with the Trump administration and everything else. But even this year, which is a very tough year for Mexico, in the first six months of the year exports have increased by 4% in dollars. And FDI— foreign direct investment— into Mexico, it has grown 8%, six months this year versus six months last year. It’s still growing. So in the short term— and we were expecting in the second quarter call, we said that we are expecting a negative growth rate in Mexico this year— the latest numbers that we see are again very exceptional, and we are most likely going to revise our forecast to growth. Not so much, but still growth in Mexico versus an expectation of a recession. So in the short term, it’s going well— even better than what we would have expected in this very uncertain environment. But the thing that I would say regarding the medium to long term is— and you asked about USMCA— I don’t think it’s... or let me say it this way: it’s in the best interest of the USA to keep Mexico fine, to have Mexico in an okay situation.

You wouldn’t want a neighbor— 130 million country— an unstable, not-growingcountry right next to you, when you complain about immigration. Because if things don’t go well, the immediate outlay, the result of this would be immigration and