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 [3] - Net attributable profit exceeded EUR 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 [4] - CET1 capital ratio improved by 8 basis points to 13.42%, providing capacity for increased shareholder remuneration [5] Business Line Data and Key Metrics Changes - Core revenues showed strong growth, with net interest income and fees growing 18% and 15% year over year, respectively [6] - Net interest income grew by 3.2% quarter on quarter in Spain, driven by strong loan growth in profitable segments [18] - In Mexico, net interest income grew by 3.3% quarter on quarter, supported by robust lending activity [21] 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 cumulative cost of risk in Mexico improved to 327 basis points, better than expected [23] - Asset quality metrics showed improvement, with MPL and coverage ratios continuing to enhance [13] Company Strategy and Development Direction - The company aims to resume shareholder remuneration programs, including a nearly EUR 1 billion share buyback program [15] - Focus on sustainability, with EUR 97 billion channeled into sustainable business in the first nine months of 2025 [16] - Strategic growth in Corporate & Investment Banking (CIB) with a goal to double the business in four years [70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future revenue and profit growth, expecting stability in customer spreads and continued loan growth [12] - The company anticipates that interest rates are near terminal levels in both Europe and Mexico, which will stabilize customer spreads [11] - Positive macroeconomic adjustments in Mexico have led to improved GDP growth forecasts, indicating resilience in the economy [22] Other Important Information - The company reported a record net profit of almost EUR 8 billion for the first nine months of 2025, a 4.7% increase year over year [5] - The efficiency ratio improved to 38.2%, reflecting effective cost management [12] Q&A Session Summary Question: Loan book growth in Spain and cost of risk in Mexico - Management noted strong corporate loan growth in Spain, particularly in mid-sized companies, and explained that mortgage growth is below sector average due to pricing concerns [34][36] - Cost of risk in Mexico was slightly up due to annual recalibration of IFRS 9 modeling, but overall dynamics remain positive [37][38] Question: Insights on the Sabadell transaction and capital distribution outlook - Management closed the chapter on the Sabadell transaction, viewing it as a missed opportunity but focusing on future business operations [44][45] - The company expects to reach a capital target of 11.5%-12% and plans to distribute excess capital back to shareholders [46][48] Question: Margins in Spain and Mexico - Management indicated that customer spreads in Spain are stabilizing and close to the bottom, while Mexico's margins are resilient despite falling interest rates [53][56] - The repricing of assets and liabilities is a key factor in the margin dynamics in both countries [59][61]