Capital and shareholders

Capital base

The BBVA Group's CET1 ratio⁸ stood at 13.42% as of September 30, 2025, which allows it to maintain a large management buffer over the Group's CET1 requirement as of that date (9.13%⁹), and is also above the Group's target management range of 11.5% - 12.0% of CET1.

Regarding the evolution during the third quarter, the Group’s CET1 increased by 8 basis points with respect to the June level (13.34%).

Noteworthy in this evolution is the strong earnings generation during the third quarter, which contributed +65 basis points to the ratio. The provision for dividends and the coupon payments on AT1 instruments (CoCos) subtracted -35 basis points. Organic growth in risk-weighted assets (RWA) at constant exchange rates, net of risk transfer initiatives, represents a consumption of -37 basis points, reflecting, once again, the Group's ability to continue reinvesting in new growth.

Among the remaining impacts that increase the ratio by 15 basis points, the positive compensation effect recognized in "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.

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 showed a variation of -3 basis points compared to June 30, 2025. This variation was due mainly by the growth in RWA. No issuances were made or redeemed during the quarter.

For its part, the Tier 2 ratio has not experienced a significant variation (-3 basis points in the quarter), mainly impacted by the growth in RWA, partially offset by the issuance of USD 500m of subordinated debt by Garanti BBVA.

As a consequence of the foregoing, the consolidated total capital ratio stood at 17.75% as of September 30, 2025, above the total capital requirements.

Following the latest decision of the SREP (Supervisory Review and Evaluation Process), which came into force on January 1, 2025, BBVA Group must maintain at consolidated level a total capital ratio of 13.29%⁹ and a CET1 capital ratio of 9.13%⁹, including a Pillar 2 requirement at consolidated level of 1.68% (a minimum of 1.02% must be satisfied with CET1), of which 0.18% is determined on the basis of the European Central Bank (hereinafter ECB) prudential provisioning expectations, and must be satisfied by CET1.

CAPITAL RATIOS (PERCENTAGE)

As of September 30, 2025, the fully loaded leverage ratio stood at 6.72%, which represents a reduction of -21 basis points compared to June 2025.

With respect to the MREL (Minimum Requirement for own funds and Eligible Liabilities) ratios¹⁰ achieved as of September 30, 2025, these were 31.31% and 11.76%, respectively for MREL in RWA and MREL in LR, reaching the subordinated ratios of both 26.61% and 9.99%, respectively. A summarizing table is shown below:

On June 12, 2025, the Group made public that it had received a communication from the Bank of Spain regarding its MREL requirement, established by the Single Resolution Board (“SRB”). According to this communication, BBVA must maintain, as from June 12, 2025, an MREL in RWA of at least 23.13%¹¹. In addition, BBVA must reach, also as from June 12, 2025, a volume of own funds and eligible liabilities in terms of total exposure considered for purposes of calculating the leverage ratio of at least 8.59% (the “MREL in LR”)¹². These requirements do not include the current combined capital requirement, which, according to applicable regulations and supervisory criteria, is 3.66%¹³. Given the structure of the resolution group's own funds and eligible liabilities, as of September 30, 2025, the Group meets the aforementioned requirements.

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

Shareholder remuneration

Regarding shareholder remuneration, as approved by the Annual General Shareholders´ Meeting of BBVA held on March 21, 2025, approved, under item 1.3 of the Agenda, a cash distribution against the 2024 results as a final dividend for the 2024 fiscal year, for an amount equal to €0.41 (€0.3321 net of withholding tax) per outstanding BBVA share entitled to participate in this distribution, which was paid on April 10, 2025.

By means of an inside information notice (información privilegiada) dated September 29, 2025, BBVA announced that its Board of Directors had approved the payment of a cash interim dividend of €0.32 gross (€0.2592 net of withholding tax) per share on account of the 2025 dividend entitled to participate in this distribution, to be paid on November 7, 2025.

Additionally, on January 30, 2025, BBVA announced a share buyback program for an amount of €993 million, which is expected to be carried out starting on October 31, 2025.

As of September 30, 2025, BBVA’s share capital amounted to €2,824,009,877.85 divided into 5,763,285,465 shares

Ratings

Several rating agencies have recognized the favorable evolution of BBVA’s fundamentals so far in 2025. Recently, the three main international rating agencies (S&P, Moody’s, and Fitch) have upgraded BBVA’s rating, reflecting their positive view of the Group’s sound financial profile supported by strong profitability and resilient asset quality. In September, S&P raised BBVA’s rating from A to A+, maintaining a stable outlook and highlighting the robustness of returns and BBVA’s financial strength. In October, Moody’s upgraded the rating from A3 to A2, shifting the outlook from “Rating Watch Positive” to stable, and noted the improvement in the bank’s credit profile, particularly in terms of profitability. Fitch also upgraded BBVA’s rating in October, including senior preferred debt, from A- to A. The outlook was changed to stable, following an earlier revision from stable to positive in February and the placement on “Rating Watch Positive” in May. DBRS confirmed its rating of A (high) with a stable outlook in February. The following table shows the credit ratings and outlooks assigned by the agencies:

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