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    Ignacio Cerezo • UBS Group

    Ignacio Cerezo's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership

    Ignacio Cerezo's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership • Q2 2025

    Question

    Ignacio Cerezo from UBS asked if the strategic plan's ROTE calculation assumes the full €36 billion capital distribution. He also inquired about the potential competitive impact on BBVA's Mexican business, specifically on deposit costs, from Nubank receiving a banking license.

    Answer

    CEO Onur Genç confirmed the ROTE calculation assumes excess capital is distributed annually to maintain the 12% CET1 target, starting in 2026. Regarding Nubank in Mexico, he acknowledged them as a strong competitor but expressed confidence in BBVA's ability to compete, citing its dominant 44% market share in payrolls and a large, stable retail deposit base that is less sensitive to pure price competition.

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    Ignacio Cerezo's questions to Banco Santander SA (SAN) leadership

    Ignacio Cerezo's questions to Banco Santander SA (SAN) leadership • Q2 2025

    Question

    Ignacio Cerezo asked for a geographical breakdown of the profit growth required in H2 to meet full-year guidance, and sought clarity on the regulatory outlook for 2026 beyond the 20 basis points of impact postponed from 2025.

    Answer

    CEO Héctor Grisi Checa detailed the growth drivers, expecting improving consumer revenue, strong performance in Payments and Wealth, and a CIB recovery. He projected high single-digit revenue growth in Mexico and low single-digit in the UK to offset declines elsewhere. CFO José García Cantera added that the postponed regulatory impact relates to an SME model recalibration in Spain and advised that, for now, the 2026 regulatory impact should be modeled similarly to 2025, pending further ECB guidance.

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