Capital and shareholders

Capital base

The BBVA Group's CET1 ratio⁶ stood at 12.83% as of March 31, 2026, which allows it to maintain a large management buffer over the Group's CET1 requirement as of that date (8.98%⁷), and is also above the Group's target management range of 11.5% - 12.0% of CET1.

Regarding the evolution during the first quarter, the Group’s CET1 increased by 13 basis points with respect to the December level (12.70%).

Regarding the recurring aspects that impact the ratio, it is worth noting the strong earnings generation during the first quarter, which contributed 75 basis points to the ratio. The provision for dividends and the coupon payments on AT1 instruments (CoCos) subtracted 40 basis points. Organic growth in risk-weighted assets (RWA) at constant exchange rates, which net of risk transfer initiatives, represents a consumption of 34 basis points, reflecting, once again, the Group's ability to continue reinvesting in new growth.

Meanwhile, among the other impacts whose aggregate has had a positive impact on the ratio (+12 basis point), it is worth highlighting the positive compensatory effect on "Other Comprehensive Income" offsetting the negative impact in the income statement from the loss on the net monetary position recorded in the financial statements of the subsidiaries operating in hyperinflationary economies and the negative effects of the exchange rate and other market variables.

QUARTERLY EVOLUTION OF THE CET1 RATIO

⁽¹⁾ Includes, among others, FX, mark to market of HTC&S portfolios, minority interests, and a positive impact in OCI equivalent to the loss on the net monetary position in hyperinflationary economies registered in results.

The AT1 ratio stood at 1.36%, a slight change of -2 basis points compared to December 31, 2025. This change is mainly due to organic growth in RWA and the foreign exchange effect.

Meanwhile, the Tier 2 ratio reached 3.11%, not experiencing a significant change (-2 basis points) during the quarter, primarily impacted by the organic growth of the RWA.

As a consequence of the foregoing, the consolidated total capital ratio stood at 17.30% as of March 31, 2026, above the total capital requirements.

Following the latest decision of the SREP (Supervisory Review and Evaluation Process), which came into force on January 1, 2026, BBVA Group must maintain at consolidated level a total capital ratio of 13.13%⁸ and a CET1 capital ratio of 8.98%⁸, including a Pillar 2 requirement at consolidated level of 1.62% (a minimum of 0.96% must be satisfied with CET1), of which 0.12% is determined on the basis of the European Central Bank (ECB) prudential provisioning expectations, and must be satisfied by CET1.

CAPITAL RATIOS (PERCENTAGE)

As of March 31, 2026, the leverage ratio stood at 6.18%, which represents an increase of 3 basis points compared to December 2026.

With respect to the MREL (Minimum Requirement for own funds and Eligible Liabilities) ratios⁹ achieved as of March 31, 2026, these were 29.63% and 10.30%, respectively for MREL in RWA and MREL in LR, reaching the subordinated ratios of both 25.92% and 9.01%, respectively. A summarizing table is shown below:

As of March 31, 2026, BBVA must maintain a MREL requirement in RWA of 23.13%¹⁰, without taking into account the current¹¹ combined buffer requirement (CBR) of 3.72%. In addition, BBVA must also maintain, as of March 31, 2026, a volume of own funds and eligible liabilities in terms of total exposure for calculation of the leverage ratio of 8.59% (the “MREL in LR”)¹².

Given the structure of the resolution group's own funds and eligible liabilities, as of March 31, 2026, the Group meets the aforementioned requirements.

On April 14, 2026, the Group announced that it had received a communication from the Bank of Spain regarding its MREL requirement, established by the Single Resolution Board (SRB). According to his communication, BBVA must maintain, as from April 14, 2025, a new MREL requirement in RWA of 23.94%¹³, without taking into account the current combined capital buffer requirement (CBR)¹⁴ of 3.72%. Additionally, BBVA must maintain, also as of April 14, 2026, a volume of own funds and eligible liabilities in terms of total exposure for the calculation of the leverage ratio of 8.96% (the "MREL in LR")¹⁵.

For more information on these issuances, see "Structural risks" section within the "Risk management" chapter.

Shareholder remuneration

Cash distributions

The Annual General Shareholders´ Meeting of BBVA held on March 20, 2026, approved, under item 1.3 of the Agenda, a cash distribution against the 2025 results as a final dividend for the 2025 financial year, for an amount equal to €0.60 gross per outstanding BBVA share entitled to participate in this distribution, which was paid on April 10, 2026. Thus, the total amount of cash distributions for the 2025 financial year, taking into account that in November 2025 €0.32 gross per share was distributed, stood at €0.92 gross per share.

Share buyback programs

On December 19, 2025, and after receiving the required authorization from the European Central Bank (hereinafter "ECB"), by means of an Inside Information notice (información privilegiada) BBVA announced that its Board of Directors, at its meeting held on December 18, 2025, had agreed to carry out the execution of a framework share buyback program, all in accordance with the provisions of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse and Commission Delegated Regulation (EU) No. 2016/1052 of March 8, 2016 (the "Regulations"), which will be executed in several tranches for a maximum monetary amount of €3,960 million with the purpose of reducing BBVA's share capital (the "Framework Program"), without prejudice to the possibility of suspending or terminating the Framework Program early if circumstances warrant. It also announced that the Board of Directors agreed to execute a first tranche of the Framework Program in compliance with the Regulations, for the purpose of reducing BBVA's share capital for a maximum monetary amount of €1,500 million (the "First Tranche"). The execution was carried out externally by J.P. Morgan SE.

By means of an Other Relevant Information notice dated March 6, 2026, BBVA announced the completion of the execution of the First Tranche of the Framework Program, having reached the maximum monetary amount of €1,500 million having acquired, between December 22, 2025 and March 6, 2026, 74,963,302 own shares representing approximately 1.31% of BBVA's share capital on that date.

On March 31, 2026, BBVA notified through an Other Relevant Information notice the partial execution of the share capital reduction resolution adopted by the Annual General Shareholders’ Meeting of BBVA held on March 20, 2026, under item 5 of the Agenda, through the reduction of BBVA’s share capital in a nominal amount of €36,732,017.98 and the consequent redemption, charged to unrestricted reserves, of the 74,963,302 BBVA shares of €0.49 par value each acquired derivatively by BBVA in execution of the First Tranche of the BBVA Framework Program and which were held as treasury shares.

Following the communication dated December 19, 2025, on March 20, 2026, BBVA announced by means of an Inside Information that its Board of Directors, at its meeting held on such day, within the scope of the Framework Program, had agreed to execute a second treasury share buyback program in accordance with the Regulations for the purpose of reducing BBVA's share capital, for a maximum monetary amount of €1,000 million (the "Second Tranche"). The execution was carried out externally through Citigroup Global Markets Europe AG.

By means of an Other Relevant Information notice dated April 17, 2026, BBVA announced the completion of the execution of the Second Tranche of the Framework Program, having reached the maximum monetary amount of €1,000 million. Between March 23 and April 17, 2026, a total of 52,800,888 own shares, representing approximately 0.94% of BBVA's share capital on that date were acquired. The amortization of such shares is pending execution as of the date of publication of this document.

Additionally, the Board of Directors, at its meeting held on April 29, 2026, agreed to execute a third tranche of the Framework Program in accordance with the Regulations for the purpose of reducing BBVA's share capital, for a maximum monetary amount of €1,460 million.

As of March 31, 2026, BBVA’s share capital amounted to €2,760,662,645.02 divided into 5,634,005,398 shares.

Ratings

During the first quarter of 2026, BBVA's rating continued to show its strength, supported by the solidity of its fundamentals. Following the upgrades recorded in the final stretch of 2025 by the three major agencies, BBVA's ratings remain at high levels with the A category. In this context, it is worth noting that the rating agency DBRS revised its outlook to positive from stable on February 24, 2026, affirming the rating at A (high), in recognition of the solidity and resilience of the Group's results. For their part, S&P, Moody's, and Fitch have maintained their respective ratings and outlooks unchanged during the quarter, thus consolidating the perception of BBVA's stability and financial strength, supported by its high profitability and the resilience of its asset quality. The following table shows the credit ratings and outlooks assigned by the agencies:

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