Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 16

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 16
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 encourage everyone to look into: CRD6, which needs to be transposed. This is an EU directive, for the benefit of everyone, CRD6, which needs to be transposed to the national legislation, to the Spanish legislation, in 2026 or maybe later. But there has to be a transposition that has to happen, and the latest EU infringement process around this topic basically implies that when the three-year period comes, that merger ban will no longer hold.

Given that June 24th — the date was June 24th — was the decision of the government, the clock started on June 24th. So June 24th, three years more, June 24th 2028. We put eight months on top, December 24th 2028. And we said we will start getting the synergies in 2029, which we do think is a very fair assumption and a very fair planning. That’s why whatever happened — you also refer to 16 months and so on — it’s past, we don’t need to comment on this. It happens in life. We need to look forward. And the synergy potential is clearly there, and the shareholders should benefit from this opportunity.

| [00:37:48 |     | - |     | 00:37:59] |

BofA:Super clear. We’ve got time for one question, but it needs a very quick answer. Anybody that wants to ask a question to Onur, please. There’s one there, please.

| [00:38:03 |     | - |     | 00:38:23] |

Pregunta:Thank you. And I looked through the details of your business plan assumptions. The Mexico growth outlook looks to be — to paraphrase — more of the same. Could you help me understand what a plausible blue-skyscenario in Mexico could look like if the US trade deal is mildly satisfactory?

| [00:38:23 |     | - |     | 00:39:27] |

OG:Very good. I mean, you have all the details in the backup of that presentation. What we are assuming in Mexico this year — again, in the second quarter, we were expecting a recession — and for next year’s years, we were expecting 1.4% growth, 1.7% growth, and so on. As you say, this is lower than the clear potential of Mexico. The blue-skyscenario would