Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 3

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 3
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 what the market is missing, our job is to deliver. As we discuss with the team, if we deliver the numbers, the market will always catch up.

| [00:06:59 |     | - |     | 00:07:19] |

BofA:When you leave, the markets have to us. Okay. Now, you’ve been a growth story, and you mentioned that. And I think I would say one of the few in Europe. In addition, with your new plan, you’re expected to generate something like 49 billion over the plan period. Now tell us how you get to that number and how can you combine growth and shareholders’ recommendation together.

| [00:07:19 |     | - |     | 00:11:38] |

OG:Growth and shareholder remuneration together. Yeah. Okay. But on the 49 billion in the plan that we mentioned, as you mentioned, we are growing much better than others. We are number one among the 15 largest European banks in terms of growth. Our lending book last year, it was 14% growth in constant euros, 9% growth in current euros. This year, in the first half, as of the second quarter and the second quarter, the year-over-year growth is 16% in constant euros in lending book, 9% again in current euros after all the impacts of depreciation. Still, 9% is by far the number one highest growth among the European banks because of the footprint that we have. There is nothing magical there. And because again, Spain is also doing well, but also all the countries that we are in, emerging economies, we are seeing very nice growth. But coming back to your 49 billion, we called it the sources of capital in our presentation. The core lever in that is profits. We are estimating, we put forward an objective, a clear objective of €48 billion of profits in the next four years. That 48 billion after the impact of currency and the securities book and everything else in terms of tangible book value creation is 39 billion. So the core profits would lead to €39 billion of tangible value creation.

Plus, we already have an excess capital at the beginning of this period of 4.5 billion. Plus, we would be using securitizations and stress as a capital creation, value creation tool more actively in the coming period. We are already doing it. I mean, in the first half of this year