Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
Chunk: 11

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 11
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 that number. Because if you deliver that— which means share buyback and so on— you would be buying our shares at cheap. Fine. No problems whatsoever. So our focus is— rather than complaining about why, why does the market not see us and so on— no. Continue to deliver. Deliver the numbers. Because the market will catch up if you do. If you do that delivery, at the end of the day what differentiates BBVA? What is our equity story different than any other bank out there? Number one: we are diversified. We are in many countries. And every market helps you diversify. For some reason there is less value attached to it, but I do think it’s an important notion. And the shareholder can diversify itself, but having this portfolio also helps on multiple dimensions. That’s number one. We are diversified— different than others. Number two— I mentioned it partially, but it is very important— very important: in the core countries that we operate, we are either number one or number two. In Spain we are number three, but in retail banking in Spain we are number two also. And again, Mexico we are number one. Turkey, number two. Peru, number two. All the large markets we are number one and number two. Having these leading banks with very large scale is an amazing advantage. And many others— basically no one actually— has this kind of 1 or 2 in many markets kind of a play. That’s the second reason that we think we are going to be differential. Number three: we are very good in digital. And now we added sustainability to our strategy. In digitalization, we claim— and it is proven by numbers— that we acquire more clients, relatively speaking, digitally than any other bank. We make our client franchise larger through digital capabilities. We put so much money, so much thinking into this. Creating this advantage, in our view, was worth it. And it is now delivering— delivering results. If you combine them all— yeah— I think we should be trading at a higher price. But fine. We’ll deliver. We’ll get the numbers. And then we do the numbers— the market will see it as well. Q&A

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Barclays:We still have some time. Maybe we can open the floor for a question or two.

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