Company: BBVXF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001193125-25-199850
Chunk: 8

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-10
Form: 425
Chunk 8
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 so on to the US and so on. You would want a stable, okay environment, and you would want the benefit of Mexico. If I was the US, that’s what I would have done. And more importantly, there are some structural advantages of Mexico that cannot be ignored. The labor cost of Mexico, on average, versus the labor cost in a low-coststate in the US— Indiana, I think they did the comparison with Indiana— it’s one seventh. Seven Indiana, one Mexico. One seven. It’s not like a percentage— no— it’s seven times. So, if— as a US company— if you want to compete with other competitors, if you want to compete with China, I do think the US needs— in one form or another— Mexico. A stable Mexico right next to its border, and a structural cost advantage that cannot be ignored. To cut a long story short, you never know what’s going to happen out of these discussions. We have seen back and forth on the trade discussions many times in the recent past. We’ll see what happens, but we expect normality and positivity out of this. And if Mexico does okay— not so good, okay— the average GDP growth rate of Mexico in the last 15 years is only 2%. If you expect an okay Mexican economy, you would expect very good BBVA Mexico.

| [00:07:32 |     | - |     | 00:07:39] |

Barclays:Thank you. And now moving on to Turkey. You’ve guided to a contribution of Turkey of 10 to 12% of group net profit.

| [00:07:39 |     | - |     | 00:07:40] |

Onur Genç:In the medium-term plan.

| [00:07:40 |     | - |     | 00:07:53] |

Barclays:Through 2020 to 2028. Yes, 2028. But this depends a bit on macro stabilization. Um, how do you de-riskthat guidance if inflation and rates don’t fall as planned?

| [00:07:54 |     | - |     | 00:11:12] |

Onur Genç:How do we de-riskit? You cannot de-riskit. Um, if the country doesn’t do well, it will obviously have an impact on you. The only thing I can tell you is that I’m— as you might know