Company: BBVXF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001628280-25-047351
Chunk: 34

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-10-30
Form: 6-K
Chunk 34
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 PerformanceMeasures at this report. |          |      |         |          |

Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish -language version prevails.

| January - September 2025Report - p.40 |

Macro and industry trends Economic activity accelerated during the first half of 2025 supported by foreign demand. The resilience of the exports and the sharp decline of the imports, in an environment of weak domestic demand, explain the higher-than-expected GDP growth until June. Going forward, uncertainty over domestic reforms, the impact of the American trade policy and low real wage growth will continue to limit the increase of private expenditure and aggregated activity. All in all, BBVA Research has revised its growth forecast for 2025 upward from -0.4% to 0.7% and expects it to remain around 1.0% in 2026. This growth environment, along with the moderation of inflation, which reached 3.8% in September and could close 2025 at that level, which provides continuity to the path of interest rate cuts. After the rate cut to 7.5% in September, the official rate could end the year at 7% and reach 6.5% in the first months of 2026. Regarding the banking system, with data at the end of August 2025, the volume of credit to the non-financial private sector increased by 8.8% year-on-year, with growth in all the main portfolios: consumer loans (+13.2%), mortgage loans (+5.6%) and corporate loans (+8.1%). The growth of total deposits (demand and time deposits) remained slightly below than the credit growth (+7.6% year-on-year in August 2025), with similar evolution in time deposits (+8.8%) and in demand deposits (+6.9%). The system's NPL ratio worsened slightly to 2.36% in August 2025 and the capital indicators remained comfortable. Unless expressly stated otherwise , al l the comments below on rates of variation, for both activity and results, will be given at constant exchange rate. These rates, together with variations at current exchange rates, can be found in the attached tables of financial statements and relevant business indicators . Activity The most relevant aspects related to the area's activity during the first nine months of 2025 were: – Lending activity (performing loans under management) grew by 3.8 % during the first nine months of