Capital and shareholders

Capital base

The BBVA Group's CET1 ratio⁶ stood at 12.21% as of September 30, 2026, which allows it to maintain a large management buffer over the Group's CET1 requirement as of that date (8.97%⁷), 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 decreased by -69 basis points with respect to the June level (12.90%), mainly due to the impact of the second framework share buyback program which has had an effect of -49 basis points.

In terms of the recurring evolution of the ratio (-20 basis points), earnings generation in the third quarter was the main positive driver, contributing +71 basis points. This was partially offset by the dividend accrual and coupon payments on AT1 instruments (CoCos), which reduced the ratio by -38 basis points, as well as by the organic growth in risk-weighted assets (RWA), which, at constant exchange rates and net of risk transfer initiatives -with lower transferred balances than in previous periods-, consumed -44 basis points. This performance highlights the Group’s capacity to continue allocating capital to profitable business growth maintaining a comfortable capital position.

The remaining impacts had, overall, a negative contribution of -9 basis points to the ratio. Within this item, the unfavorable effect due to the exchange rates and other market variables partially make up for the positive effect recorded in “Accumulated other comprehensive income”, which offsets the negative impact recognized in the income statement from the loss on the net monetary position of the financial statements of subsidiaries operating in hyperinflationary economies.

QUARTERLY EVOLUTION OF THE CET1 RATIO

⁽¹⁾ Includes, among others, FX, mark to market of Other financial assets designated at fair value through accumulated other comprehensive income, minority interests, and a positive impact in accumulated other comprehensive income equivalent to the loss on the net monetary position in hyperinflationary economies registered in results.

The AT1 ratio stood at 1.50%, showing a variation of -3 basis points compared to June 30, 2026. This variation is mainly due to the evolution RWA.

Meanwhile, the Tier 2 ratio reached 2.87%, experiencing a change of -12 basis points during the quarter, primarily impacted by the organic growth of the RWA, and, to a lesser extent, the foreign exchange, being slightly offset by the issuance of a subordinated debt by Garanti BBVA amounting to USD 125 million, and another by BBVA Perú amounting to PEN 350 million.

As a consequence of the foregoing, the consolidated total capital ratio stood at 16.57% as of September 30, 2026, above the total capital requirements.

Following the 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 8.97%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 ECB prudential provisioning expectations, and must be satisfied by CET1.

CAPITAL RATIOS (PERCENTAGE)

On October 26, 2026, BBVA received the result of the Supervisory Review and Evaluation Process (SREP), whereby the ECB communicated the minimum capital requirements for financial year 2027. Accordingly, BBVA shall maintain, at the consolidated level, from January 1, 2027 a Pillar 2 requirement (P2R) of 1.70%, of which a minimum of 0.96% shall be met with Common Equity Tier 1 (CET1), while the additional 0.12% requirement associated with the ECB’s prudential provisioning expectations, which had to be met entirely with CET1 capital, is no longer applicable.

As of September 30, 2026, the leverage ratio stood at 5.71%, which represents a decrease of -29 basis points compared to June 2026.

With respect to the MREL (Minimum Requirement for own funds and Eligible Liabilities) ratios⁹ achieved as of September 30, 2026, these were 29.40% and 9.89%, respectively for MREL in RWA and MREL in LR, reaching the subordinated ratios of both 26.37% and 8.87%, respectively. A summarizing table is shown below:

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 this communication, BBVA must maintain, as from April 14, 2026, a new MREL requirement in RWA of 23.94%¹⁰, without taking into account the current combined capital buffer requirement (CBR)¹¹ 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")¹².

Given the structure of the resolution group's own funds and eligible liabilities, as of September 30, 2026, the Group meets the aforementioned requirements.

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

Shareholder remuneration

Cash distributions

During the 2026 financial year, the Annual General Shareholders' Meeting and the Board of Directors, respectively, approved the payment of the following cash amounts:

First Framework Program in 2026

On December 19, 2025, and after receiving the required authorization from the 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 an extraordinary framework share buyback program, all in accordance with 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.

First Tranche

As part of the communication of December 19, 2025, it was 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 (Otra Información Relevante) 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 as of that date.

On March 31, 2026, BBVA notified through an Other Relevant Information notice (Otra Información Relevante) the first 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.

Second Tranche

On March 20, 2026, BBVA announced by means of an Inside Information notice (información privilegiada) that its Board of Directors, at its meeting held on such day, had agreed to execute a second tranche of the treasury share buyback program within the Framework 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 (Otra Información Relevante) 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 as of that date, were acquired.

On June 24, 2026, BBVA communicated, through an Other Relevant Information notice (Otra Información Relevante), the second 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 €25,872,435.12 and the consequent redemption, charged to unrestricted reserves, of the 52,800,888 BBVA shares of €0.49 par value each acquired derivatively by BBVA in execution of the Second Tranche of the BBVA Framework Program and which were held as treasury shares.

Third Tranche

On April 30, 2026, BBVA communicated by means of an Inside Information notice (información privilegiada), that its Board of Directors, at its meeting held on April 29, 2026, had agreed to execute a third tranche of treasury share buyback within 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 (the "Third Tranche"). The execution was carried out externally through Citigroup Global Markets Europe AG.

By means of an Other Relevant Information notice (Otra Información Relevante) dated August 3, 2026, BBVA announced the completion of the execution of the Third Tranche of the Framework Program, having reached the maximum monetary amount of €1,460 million. Between May 6 and August 3, 2026, a total of 70,339,213 own shares, representing approximately 1.26% of BBVA's share capital as of that date, were acquired.

On September 23, 2026, BBVA communicated, through an Other Relevant Information notice (Otra Información Relevante), the third 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 €34,466,214.37 and the consequent redemption, charged to unrestricted reserves, of the 70,339,213 BBVA shares of €0.49 par value each acquired derivatively by BBVA in execution of the Third Tranche of the BBVA Framework Program and which were held as treasury shares

Second Framework Program in 2026

On July 30, 2026, and after receiving the required authorization from the ECB, by means of an Inside Information notice (información privilegiada) BBVA announced that its Board of Directors had agreed to carry out the execution of a new extraordinary framework share buyback program, all in accordance with the Regulations, for a maximum monetary amount of €2,000 million, which will be executed in several tranches, with the purpose of reducing BBVA's share capital (the "Second Framework Program"), without prejudice to the possibility of suspending or terminating the Second Framework Program early if circumstances warrant.

First Tranche

As part of that communication, it was also announced that the Board of Directors agreed to execute a first tranche of the Second Framework Program in compliance with the Regulations, for the purpose of reducing BBVA's share capital for a maximum monetary amount of €1,000 million (the "First Tranche of the Second Framework Program"). The execution was carried out externally through HSBC Continental Europe.

By means of an Other Relevant Information notice (Otra Información Relevante) dated October 2, 2026, BBVA announced the completion of the execution of the First Tranche of the Second Framework Program, having reached the maximum monetary amount of €1,000 million. Between August 5, 2026 and October 1, 2026, a total of 40,204,840 own shares, representing approximately 0.73% of BBVA's share capital as of that date, were acquired.

Second Tranche

On October 13, 2026, BBVA announced by means of an Inside Information notice (información privilegiada) that it had agreed to carry out a second tranche of treasury share buyback, 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 of the Second Framework Program"). The execution started on October 14, 2026 and will be carried out externally through J.P. Morgan SE.

As of September 30, 2026, BBVA’s share capital amounted to € 2,700,323,995.53 divided into 5,510,865,297 shares.

Ratings

During the first nine months of 2026, BBVA's credit ratings continued to reflect the strength of its fundamentals and remained at high levels within the A category. Notably, in October 2026, DBRS upgraded BBVA’s long-term credit rating by one notch, from A (high) to AA (low), while revising its outlook from positive to stable, in recognition of the strength and resilience of the Group’s profitability. In May 2026, Fitch also upgraded BBVA's long-term issuer credit rating by one notch, from A- to A, as a result of a methodological change. Meanwhile, S&P and Moody's maintained their respective ratings and outlooks unchanged during the first nine months of the year, reaffirming 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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