Patricia Bueno, Director of Shareholder and Investor Relations at BBVA, analyzes the bank's strong performance in a challenging macroeconomic environment. Despite global uncertainties at the beginning of 2025, BBVA has exceeded expectations in most of its markets, establishing itself as a leader in European banking with a 16% year-on-year credit growth and a return on tangible equity (ROTE) of 19.7% in the first nine months of the year. Looking ahead to the new strategic cycle, BBVA has set ambitious goals for 2025-2028: to achieve €48 billion in accumulated attributable profit, improve efficiency to 35%, achieve an average ROTE of 22%, and increase book value per share plus dividends by around 15% annually. To achieve this, the bank relies on three pillars: geographical diversification, leading franchises in its markets, and a strong commitment to digitalization. Regarding its dividend and share buyback policy, BBVA expects to generate about €49 billion in capital between 2025 and 2028. The priority will be to reinvest €13 billion in organic growth, while the remaining €36 billion will be allocated to shareholder remuneration, maintaining an attractive dividend policy and share buybacks, all within a robust solvency framework (CET1 between 11.5% and 12%). Strategic priorities for the medium term include a radical customer orientation, promoting sustainability, growth across all business segments, and rigorous capital management. Additionally, BBVA is intensifying balance sheet mobilization through significant risk transfer operations (SRT), thus optimizing capital use and enhancing efficiency. Regarding the failed operation with Sabadell, Bueno emphasizes that BBVA's strategic focus remains on organic growth, with notable results in Spain, where the bank has increased its customer base and leads in attracting SMEs and credit growth. Geographical diversification, rather than being a weakness, is seen as a strength that provides resilience and stability to the group's results. The strategic plan for 2025-2029 is based on growing activity across all business units, with special attention to low capital consumption segments such as insurance, asset management, and private banking, which generate higher fee income. The stabilization of interest rates in key markets like Spain and Mexico will allow activity growth to translate into higher profits. In Italy and Germany, BBVA has exceeded expectations with its 100% digital banking model, reaching over 800,000 customers in Italy and receiving a strong reception in Germany. The digital proposal, based on customer experience, trust, and competitiveness, is enabling more profitable and comprehensive relationships. Digitalization is a key driver for customer acquisition and profitability: in the first nine months of 2025, 66% of new accounts were digital, and these customers show higher engagement and profitability. Technology has also transformed the distribution model, allowing for more specialized and productive sales teams. BBVA continues to lead digital transformation and is now betting on artificial intelligence as a lever for change. The recent strategic alliance with OpenAI will enable the development of innovative solutions, such as intelligent assistants for customers and employees, and the deployment of ChatGPT Enterprise to the entire workforce in 2026, enhancing service efficiency and personalization. For shareholders, BBVA represents a solid investment opportunity, with a diversified model, strong value generation, and a clear focus on innovation and sustainable growth. The bank maintains its commitment to value creation and attractive remuneration, backed by consistent results and a future vision centered on digital transformation and artificial intelligence.