Financial Data and Key Metrics Changes - Tangible book value per share plus dividends increased by 17% year over year and 4.5% quarter over quarter [2] - Net attributable profit exceeded €2.5 billion, although it decreased compared to the previous quarter due to higher inflation in Turkey and one-off positive impacts in the second quarter [3] - CET1 capital ratio improved by 8 basis points to 13.42%, providing capacity for increased shareholder remuneration [4] - Cumulative profits for the first nine months reached almost €8 billion, a 4.7% increase year over year [4] Business Line Data and Key Metrics Changes - Core revenues showed strong growth with net interest income and fees increasing by 18% and 15% year over year, respectively [5] - Net interest income grew by 3.2% quarter on quarter in Spain, driven by strong loan growth in profitable segments [19] - In Mexico, net interest income grew by 3.3% quarter on quarter, supported by robust lending activity [21] - Turkey's net attributable profit increased by nearly 50% year over year, driven by higher core revenues [24] Market Data and Key Metrics Changes - Loan growth in Spain accelerated to 7.8% year over year, while Mexico's loan growth was 9.8% year over year [9] - The Mexican peso's appreciation negatively impacted FX hedges this quarter but is expected to benefit in the coming quarters [3] - The cost of risk in Mexico improved, with guidance now expecting it to remain below 340 basis points [24] Company Strategy and Development Direction - The company aims to focus on organic growth and has closed the chapter on the Sabadell transaction, emphasizing future operational focus [45] - A significant share buyback program of nearly €1 billion will commence, alongside a record interim dividend [16] - The company is committed to achieving a cost-to-income ratio of 35% by 2028, with a focus on maintaining operational leverage [68] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about future revenue and profit growth, citing stability in customer spreads and strong loan growth [12] - The company expects interest rates to stabilize, with limited room for further cuts, which will support core revenue growth [11] - The competitive landscape in Mexico is acknowledged, with a focus on leveraging existing strengths to maintain market position [76] Other Important Information - The company acquired a record 8.7 million new customers in the first nine months of 2025, with 66% through digital channels [17] - A record €97 billion was channeled into sustainable business, reflecting the company's commitment to sustainability [17] Q&A Session Summary Question: Loan book growth in Spain and cost of risk in Mexico - Management noted that corporate loan growth in Spain is strong, driven by various sectors, while mortgage growth is limited due to pricing concerns [34][37] - The cost of risk in Mexico is expected to improve, with positive macro adjustments influencing guidance [38][39] Question: Insights on the Sabadell transaction and capital distribution outlook - Management considers the Sabadell transaction a missed opportunity but emphasizes a focus on future growth and shareholder value [45][46] - The company plans to distribute excess capital back to shareholders, targeting a capital level of 11.5% to 12% [46][50] Question: Margins in Spain and Mexico - Management indicated that customer spreads in Spain are stabilizing, with expectations of limited further declines [55][58] - In Mexico, margins are resilient despite falling interest rates, with expectations of stabilization in customer spreads [61][62] Question: Group costs and ambitions for Corporate & Investment Banking (CIB) - Management highlighted a focus on containing costs and achieving a cost-to-income ratio of 35% by 2028 [68] - The CIB business aims for 20% revenue growth, with aspirations to double the business over four years [70][72]