Firm commitment to shareholders
BBVA maintains a strong capital base that allows it to continue growing robustly and to sustain attractive shareholder returns, both through its ordinary policy and through its commitment to progressively distribute any excess capital above its 12% CET1 target¹.
BBVA’s shareholder ordinary remuneration policy foresees an annual payout of between 40 and 50 percent of consolidated profit and may combine cash dividends—in two payments, interim and final—with share buybacks.
In addition to the execution of this policy, BBVA has completed two extraordinary share buybacks in recent years: €3.16 billion between 2021 and 2022 and €1 billion in 2023. Furthermore, in December 2025, BBVA announced a new extraordinary buyback programme of close to €4 billion, the largest in its history, whose first tranche, of €1.5 billion, ended on March 6 and whose second tranche, of €1 billion, began on March 23².
Furthermore, including dividends and share price appreciation, since January 2019, the total value for BBVA shareholders has multiplied six-fold, well above the performance of European and Spanish banks, whose shareholders have seen their investment multiply approximately 3-fold.
¹ Subject to the approval and corresponding authorizations.
2 The remaining amount of the share buyback program (approximately €1.5 billion, which is the result of the nearly €4.0 billion minus the €1.5 billion tranche already finalized and the €1 billion of the second tranche under way) is subject to the approval of the corresponding governing bodies.