BBVA finalizes the first €1.5 billion tranche of its extraordinary share buyback program

BBVA has executed the first €1.5 billion tranche of its extraordinary share buyback program. This buyback is part of the framework program of up to €3.96 billion announced in December 2025, its largest ever.

The bank maintains its intention of distributing any excess capital above the upper end of its target range (12 percent). This solid capital base allows the bank to continue growing strongly and deliver attractive shareholder returns.

Furthermore, BBVA will distribute €0.92 per share against 2025 earnings, completely in cash, its highest dividend in history. Of this figure, the bank paid €0.32 (gross) per share on November 7, 2025. The final dividend, a gross €0.60 per share, will be submitted to the governing bodies for approval at the Annual General Meeting, and is expected to be paid in April 2026. In total, BBVA will allocate more than €5.2 billion in shareholder returns in 2025.

BBVA’s historic share buyback

In addition to the €3.96 billion extraordinary program currently underway, a total of five share buyback programs have been implemented to date, two of them extraordinary (€3.16 billion between 2021 and 2022 and €1 billion in 2023) and three as part of ordinary shareholder remuneration (€422 million against 2022 earnings, €781 million against 2023 earnings and €993 million against 2024 earnings).

These programs have significantly reduced the number of outstanding shares, with a positive effect on BBVA’s shareholder returns over time, as well as on earnings per share (EPS). Specifically, in 2025, while attributable profit grew by 4.5 percent, EPS increased by 5.8 percent.

(1) The remaining amount of the share buyback program (€2.5 billion, which is the result of the €4 billion minus the €1.5 billion currently underway) is subject to the approval of the corresponding governing bodies.

(2) Subject to the approval and corresponding authorizations.