Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
Chunk: 12

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 12
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Question:Thank you very much. So, two questions, if I may. The first one relates to the medium-term targets that you gave with your second-quarter results. So I’m interested in the profile. It looks like quite a significant pickup from where you were at the end of ’24— net profit, €10 billion— to possibly growing to €14 billion. Um, so how should I think about

the pickup? Is it going to be back-endloaded— ’27, ’28? How should I think about ’26 in the context of getting from the starting point to the endpoint? That was the first question, please.

| [00:04:23 |     | - |     | 00:06:20] |

Onur Genç:So that’s the first one. There is not a hockey stick in these numbers. As you said, €10 billion is what we delivered last year. But in the first half of this year— six months— we did €5.44, so close to €5.5 billion already in the first six months. So if you take the average of the four years in the medium-term plan, the average is €12 billion— €10 to €14 billion, average €12. It’s not going to be a hockey stick. You would see that— especially starting next year— there is a very positive dynamic that we think we are going to be benefiting from. Which is: we have been growing very nicely market share-wise, but also the countries that we are in are also growing in terms of banking sector. But all that activity growth that was happening is being used to consume the decline in the rates. Because we are asset-sensitive— rate-sensitive— when rates come down, we are being hurt. So, in the case of Spain and Mexico, we have been growing very nicely in activity, but that activity growth was being used to absorb the decline in the customer spread because of the rate declines. Starting next year, we assume— maybe it’s wrong— but based on the assumptions that we put into our presentation, the rate situation would normalize S.o if you continue to grow, as we are expecting to grow in activity, rather than being used to absorb the customer spread decline, it’s going to flow directly to the bottom line. And as a result, starting from next year— and this year again, in the first six months, we did €5.44 billion already, above