Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 10

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 10
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. Combining them all, we will continue to gain market share in Spain.

| [00:22:44 |     | - |     | 00:23:19] |

BofA:Right, now conscious of time, I want to also cover the tender offer and maybe leave some time for questions from the audience. Well, let’s cover Turkey maybe quickly, because the direction of travel seems to be quite clear. Monetary policy has turned more orthodox and inflation started to come down. Now, you’ve guided to somewhere below €1 billion net profit this year, which is a steep increase year on year. But more importantly, on your current forecast, you could come off hyperinflation accounting, which is a big deal for you. Now talk us through a little bit more about your expectations going forward and the moving parts.

| [00:23:19 |     | - |     | 00:26:43] |

OG:I mean, in the past year and a half, in the past two years, our expectations have improved. Actually, my personal expectations have improved dramatically, because Turkey is on a path of normalization. And the new economic team — there’s a new minister, there is a new team, there’s a new central bank management that has come into works — has been, in my view, doing the right things. And you see it in the results. I mean, Turkey peaked at 72% inflation a year and a half ago or so. Now we are at 33% at the end of August. The expectation just announced last week was that, I think in the medium-term plan for this year, they are expecting 28.5 at the end of the year. We expect a bit more. But next year they expect 16%. We expect a bit more, but still the curve or the path is the right path. So we are getting positive as long as the current team stays in place and as long as they deliver the plan that they said they would deliver. So we are positive on that side. But regarding the profits, I mean, Turkey is a relatively large country. It’s a $1.3 trillion economy. We are the best bank in the country. Again, best bank — it’s not a subjective view. We are always numbers-based and oriented. Our return on tangible equity is 30% when the return on tangible equity of the private banking sector is 20. So we have, like in Mexico, a very large positive difference versus the