Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 2

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 2
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. We have very good franchises. We have one of the best, if not the best, franchises in the countries that we are in. And then the third thing I will put on that table in terms of the structural reasons why we think we will continue to be successful in those metrics that we outlined: we prioritized, and we invested much more in this topic of digitalization much earlier than others, much more than others. And we do think it did create some sort of a competitive advantage for us. So beyond servicing our clients through digital channels, beyond sales to our clients through digital channels, one of the things that we believe we do really well is we acquire new customers through digital channels. I mean, the best number is the percentage of new customer acquisition coming from digital channels: two-thirdsof our new customers that we acquire every year are coming from digital channels, which is something that we have mastered, that we have put a lot of effort in the past, and it is yielding results. To cut the long story short, we have already delivered very good figures in the previous cycle given these structural strengths. And also maybe on the short term — I didn’t mention the short term, that’s also important — in the last two years, we are seeing very healthy levels of activity growth in all the markets that we are in. But that activity growth is being used to absorb the customer spread decline that is happening because the rates are coming down. We are typically rate-sensitive in Spain, in Mexico, in Peru. So when rates come down, the activity growth that you have, the healthy growth that you have, is being used to absorb that rate decline impact on the customer spreads. In the short to medium term, what we see is that the activity growth will still be robust because rates are coming down. It helps on activity. And that activity growth in the absence of less rate cuts, or we expect the stability of the curves in Spain, in Mexico and Peru, all that has happened this year or next yeatsbr marks, we will reach stability. There will be no more rate declines in our assumptions. In that context, activity growth will be flowing directly to the bottom line, to the profits. Based on all of this, we believe we will deliver those numbers that you mentioned. And you said, what might the market be missing or dismissing? We don’t worry about that. I mean, I have learned my lesson on this. Again, I’ve been in the job for seven years now. Rather than complaining about