Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 183

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 183
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 February 6, 2025, the board of directors of Banco Sabadell proposed for approval by its general
shareholders’ meeting, to be held on March 20, 2025, a new shareholder remuneration policy that introduces the possibility of making capital distributions against Banco Sabadell’s reserves and/or share premium, not necessarily directly
related to the results obtained by Banco Sabadell (for example, in the case of being above Banco Sabadell’s CET1 ratio target). Additionally, the proposed new policy contemplates the possibility of making extraordinary distributions above the
annual pay-out ratio of between 40% and 60% of the net profit attributable to Banco Sabadell or distributions against freely available reserves. Lastly, the proposed new policy contemplates that the board of directors of Banco Sabadell may declare
more than one interim dividend per financial year payable on each of August 29 and December 29 of the relevant financial year. BBVA intends to review Banco Sabadell’s shareholder remuneration policy following completion of the exchange offer.

BBVA’s dividend policy involves distributing between 40% and 50% of its consolidated net attributable profit annually, combining
cash dividends and buy-backs, and BBVA will remain committed to distributing any capital in excess of what is required to maintain a 12% CET1 ratio (subject to any restrictions imposed by, and the approval of, relevant supervisory bodies and
BBVA’s corporate bodies, as applicable). This policy is typically implemented through the distribution of an interim dividend for the year (typically paid in October of each year) and a complementary dividend (payable after the end of each
fiscal year in April of the following year after the approval by BBVA’s general shareholders’ meeting), that may combine cash distributions and share buy-backs, all subject to the authorizations and approvals applicable at any given time.

On January 30, 2025, BBVA announced that its board of directors had proposed for approval by its general shareholders’ meeting, as
shareholder remuneration for 2024, a cash dividend of €0.41 per BBVA share payable on April 10, 2025 and a share buy-back program for an aggregate amount of €993 million, subject to obtaining the corresponding regulatory authorizations and
to the communication of the specific terms and conditions of the share buy-back program before its execution.

BBVA intends to maintain
its dividend policy following completion of the exchange offer and, if consummated,