Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 5

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 5
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 first grow. Second, we prefer payout to shareholders directly like share buybacks because it’s no execution risk. You immediately do it. And then, all else being equal, then if there are any — strategically it has to make sense — we might also consider M&A. But there are not opportunities out there. So it’s going to be growth and then shareholder payout.

| [00:11:39 |     | - |     | 00:12:26] |

BofA:Now, we’ll definitely come to M&A as well. But talking about those numbers, which are big, because we’ve talked about some organic capital generation numbers. Now, Mexico accounts for a large part of that, because almost 60% of your profits come from Mexico. And BBVA there is the largest financial institution in the country, I would say by far, and one of the biggest beneficiaries of the nearshoring trade that we’ve seen in the region over the years. Now, the world took a big turn, of course, and we’ve seen at least a third of global trade that was exposed in some shape or form to some degree of volatility. Now, USMCA, so the trade agreement between US, Mexico and Canada, seems to be up for renewal. Now, what are you seeing on the ground in Mexico? And also, you make nearly double the ROI of your Mexican banking peers. How sustainable is this gap going forward?

| [00:12:26 |     | - |     | 00:18:18] |

OG:Let me start with the last one. It’s very sustainable, but I’ll go with the order. So maybe we start with the macro and then we go to the bank. On the macro, what do we see on the ground? It’s quite positive what we’ve seen this year, despite the fact that we had many uncertainties. And this year we were not sure at the beginning of the year, but as it’s coming out now, it’s going to be a really good year for Mexico. Maybe a few numbers. We are very numbers oriented. So in the second quarter call, you might remember that we basically said we were also putting EBIT overlays in because of IFRS 9 provisioning into coastal risk, because of the fact that we were expecting now in Mexico -0.4%growth, a recession or a decline in GDP. That -0.4%recession or decline

in GDP, we are now thinking to upgrade