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[6-K] BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Current Report (Foreign Issuer)

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BBVA said its takeover bid for Banco Sabadell will not proceed after shareholders representing 25.5 percent of voting rights accepted, below the minimum threshold. With the bid lapse, BBVA will accelerate shareholder distributions. On October 31, it will begin executing a pending share buyback of around €1 billion. On November 7, it will pay an interim dividend of €0.32 per share, totaling €1.8 billion. After authorization from the European Central Bank, it plans a significant additional share buyback.

Reaffirming its 2025–2028 Strategic Plan, BBVA targets ROTE around 22 percent and an efficiency ratio around 35 percent, and aims for growth in tangible book value per share plus dividends of about 15 percent CAGR. The bank also aims for approximately €48 billion in cumulative attributable profit over four years and expects to have €36 billion to distribute to shareholders through 2028, with about €13 billion available in the near term.

BBVA ha dichiarato che la sua offerta pubblica di acquisto su Banco Sabadell non proseguirà, dopo che gli azionisti che rappresentano il 25,5% dei diritti di voto hanno accettato, ben al di sotto della soglia minima. Con lo scadere dell'offerta, BBVA accelererà le distribuzioni agli azionisti. Il 31 ottobre inizierà ad eseguire un buyback azionario pendente di circa 1 miliardo di euro. Il 7 novembre pagherà un dividendo intermedio di 0,32 euro per azione, per un totale di 1,8 miliardi di euro. Dopo l'autorizzazione della Banca centrale europea, prevede un ulteriore significativo buyback azionario. Confermando il piano strategico 2025-2028, BBVA mira a un ROTE intorno al 22% e a un rapporto di efficienza intorno al 35%, e punta a una crescita nel valore contabile tangibile per azione, oltre ai dividendi, di circa il 15% di CAGR. La banca punta inoltre a circa 48 miliardi di euro di utile cumulativo attribuibile nel corso di quattro anni e si aspetta di avere 36 miliardi di euro da distribuire agli azionisti entro il 2028, con circa 13 miliardi di euro disponibili nel breve termine.
BBVA dijo que su oferta pública de adquisición de Banco Sabadell no proseguirá después de que los accionistas que representan el 25,5% de los derechos de voto aceptaran, por debajo del umbral mínimo. Con la caducidad de la oferta, BBVA acelerará las distribuciones a los accionistas. El 31 de octubre, empezará a ejecutar un buyback de acciones pendiente de alrededor de 1.000 millones de euros. El 7 de noviembre pagará un dividendo intermedio de 0,32 euros por acción, por un total de 1.800 millones de euros. Tras la autorización del Banco Central Europeo, planea un buyback adicional significativo. Reafirmando su Plan Estratégico 2025-2028, BBVA apunta a un ROTE alrededor del 22% y a un ratio de eficiencia de alrededor del 35%, y busca crecimiento en el valor contable tangible por acción más dividendos de aproximadamente el 15% de CAGR. El banco también apunta a unos 48.000 millones de euros en beneficio acumulado attributable en cuatro años y espera disponer de 36.000 millones de euros para distribuir entre los accionistas hasta 2028, con unos 13.000 millones disponibles a corto plazo.
BBVA는 Banco Sabadell에 대한 인수 제안이 25.5%의 의결권을 가진 주주들이 수락했으나 최소 임계치를 밑돌아 진행되지 않을 것이라고 밝혔다. 제안이 만료되면서 BBVA는 주주 배당을 가속할 것이다. 10월 31일, 약 10억 유로 규모의 대기 중인 자사주 매입을 시작한다. 11월 7일에는 주당 0.32유로의 중간 배당을 지급하여 총 18억 유로에 달한다. 유럽 중앙은행의 승인 후, 상당한 추가 자사주 매입을 계획하고 있다. 2025–2028 전략 계획을 재확인하며, BBVA는 ROTE 약 22%와 효율성 비율 약 35%를 목표로 하고, 실질적 더블링 주당 가치를 포함한 배당의 약 15% CAGR의 성장을 지향한다. 또한 4년간 약 480억 유로의 누적 기여 이익을 목표로 하고 2028년까지 주주에게 분배할 총액이 360억 유로에 이를 것으로 기대하며, 가까운 시일 내 약 130억 유로를 이용할 수 있을 것으로 본다.
BBVA a déclaré que son offre publique d achat visant Banco Sabadell ne se poursuivra pas après que les actionnaires représentant 25,5 % des droits de vote aient accepté, en dessous du seuil minimum. Avec l’échec de l’offre, BBVA accélérera les distributions aux actionnaires. Le 31 octobre, il commencera à exécuter un rachat d’actions en suspens d’environ 1 milliard d’euros. Le 7 novembre, il versera un dividende intérimaire de 0,32 euro par action, soit un total de 1,8 milliard d’euros. Après l’autorisation de la Banque centrale européenne, il prévoit un rachat d’actions important supplémentaire. En réaffirmant son plan stratégique 2025–2028, BBVA vise un ROTE d’environ 22 % et un ratio d’efficacité d’environ 35 %, et vise une croissance de la valeur comptable tangible par action plus les dividendes d’environ 15 % de CAGR. La banque vise également environ 48 milliards d’euros de bénéfice cumulatif attribuable sur quatre ans et s’attend à disposer de 36 milliards d’euros à distribuer aux actionnaires d’ici 2028, avec environ 13 milliards d’euros disponibles à court terme.
BBVA sagte, dass sein Übernahmeangebot für Banco Sabadell nach der Annahme durch Anteilseigner, die 25,5 Prozent der Stimmrechte vertreten, nicht fortgesetzt wird, da dies unter der Mindestschwelle liegt. Mit dem Ablauf des Angebots wird BBVA die Ausschüttungen an die Aktionäre beschleunigen. Am 31. Oktober wird es mit der Umsetzung eines ausstehenden Aktienrückkaufprogramms von rund 1 Milliarde Euro beginnen. Am 7. November wird es eine Zwischendividende von 0,32 Euro je Aktie zahlen, was insgesamt 1,8 Milliarden Euro ergibt. Nach der Genehmigung durch die Europäische Zentralbank plant es einen signifikanten zusätzlichen Aktienrückkauf. In Bestätigung seines Strategieplans 2025–2028 strebt BBVA eine RO TE von rund 22 Prozent und eine Effizienzquote von rund 35 Prozent an und zielt auf ein Wachstum des Buchwerts je Aktie (tangible book value per share) plus Dividenden von etwa 15 Prozent CAGR. Die Bank strebt außerdem einen kumulierten, zugewiesenen Gewinn von etwa 48 Milliarden Euro über vier Jahre an und erwartet, bis 2028 rund 36 Milliarden Euro zur Ausschüttung an die Aktionäre bereitzustellen, wobei rund 13 Milliarden Euro in naher Zukunft verfügbar sein dürften.
قالت BBVA إن عرضها للاستحواذ على Banco Sabadell لن يستمر بعد أن وافق المساهمون الذين يمثلون 25.5% من حقوق التصويت، وهو أقل من العتبة الدنيا. مع انتهاء العرض، سيسرع BBVA توزيعاته للمساهمين. في 31 أكتوبر، سيبدأ تنفيذ إعادة شراء أسهم معلقة بنحو 1 مليار يورو. في 7 نوفمبر، سيدفع عائداً مؤقتاً قدره 0.32 يورو للسهم الواحد، بإجمالي 1.8 مليار يورو. وبعد موافقة البنك المركزي الأوروبي، يخطط لإعادة شراء أسهم إضافية كبيرة. أكيد إعادة تأكيد خطته الاستراتيجية 2025–2028، تستهدف BBVA عائداً على حقوق الملكية المعدّلة تقريبا 22% ونسبة كفاءة تقارب 35%، وتسعى لنمو في القيمة الدفترية الملموسة للسهم إضافة إلى الأرباح عند معدل نمو مركب تقريبا 15%. كما تسعى الشركة إلى نحو 48 مليار يورو من الربح القابل للاحتساب التراكمي على مدى أربع سنوات وتتوقع أن يكون لديها 36 مليار يورو لتوزيعها على المساهمين حتى 2028، مع حوالي 13 مليار يورو متاح في المدى القريب.
BBVA 表示其收购 Banco Sabadell 的要约将在代表 25.5% 投票权的股东接受后不再继续，低于最低门槛。随着要约失效，BBVA 将加速对股东的分红。在 10 月 31 日，它将开始执行约 10 亿欧元的待执行回购计划。11 月 7 日，它将支付每股 0.32 欧元的中期股息，总计 18 亿欧元。在获得欧洲央行授权后，它计划进行一次重大额外的回购。 重申其 2025-2028 战略计划，BBVA 的目标是实现约 22% 的 ROT E，以及约 35% 的效率比，并力求实现每股有形账面价值加股息的约 15% CAGR 的增长。该银行还力求在四年内实现约 480 亿欧元的累计可归属于利润，并预计到 2028 年前后可分配给股东的金额约为 360 亿欧元，近期可用金额约 130 亿欧元。
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Insights

Bid fails; BBVA pivots to sizable capital returns with stated targets.

BBVA’s tender for Banco Sabadell lapsed with 25.5 percent acceptances, below its minimum condition. Management shifts focus to capital return: a pending buyback of around €1 billion starts on October 31, and an interim dividend of €0.32 per share (total €1.8 billion) will be paid on November 7. A further buyback is planned, subject to European Central Bank authorization.

The 2025–2028 plan lists financial objectives: ROTE around 22%, efficiency ratio around 35%, and growth in tangible book value per share plus dividends of about 15% CAGR. The bank cites approximately €48 billion cumulative attributable profit over four years and expects €36 billion available for distributions through 2028.

Execution depends on regulatory approvals for additional buybacks and ongoing earnings delivery. Concrete near-term dates are October 31 for buyback commencement and November 7 for the interim dividend.

BBVA ha dichiarato che la sua offerta pubblica di acquisto su Banco Sabadell non proseguirà, dopo che gli azionisti che rappresentano il 25,5% dei diritti di voto hanno accettato, ben al di sotto della soglia minima. Con lo scadere dell'offerta, BBVA accelererà le distribuzioni agli azionisti. Il 31 ottobre inizierà ad eseguire un buyback azionario pendente di circa 1 miliardo di euro. Il 7 novembre pagherà un dividendo intermedio di 0,32 euro per azione, per un totale di 1,8 miliardi di euro. Dopo l'autorizzazione della Banca centrale europea, prevede un ulteriore significativo buyback azionario. Confermando il piano strategico 2025-2028, BBVA mira a un ROTE intorno al 22% e a un rapporto di efficienza intorno al 35%, e punta a una crescita nel valore contabile tangibile per azione, oltre ai dividendi, di circa il 15% di CAGR. La banca punta inoltre a circa 48 miliardi di euro di utile cumulativo attribuibile nel corso di quattro anni e si aspetta di avere 36 miliardi di euro da distribuire agli azionisti entro il 2028, con circa 13 miliardi di euro disponibili nel breve termine.
BBVA dijo que su oferta pública de adquisición de Banco Sabadell no proseguirá después de que los accionistas que representan el 25,5% de los derechos de voto aceptaran, por debajo del umbral mínimo. Con la caducidad de la oferta, BBVA acelerará las distribuciones a los accionistas. El 31 de octubre, empezará a ejecutar un buyback de acciones pendiente de alrededor de 1.000 millones de euros. El 7 de noviembre pagará un dividendo intermedio de 0,32 euros por acción, por un total de 1.800 millones de euros. Tras la autorización del Banco Central Europeo, planea un buyback adicional significativo. Reafirmando su Plan Estratégico 2025-2028, BBVA apunta a un ROTE alrededor del 22% y a un ratio de eficiencia de alrededor del 35%, y busca crecimiento en el valor contable tangible por acción más dividendos de aproximadamente el 15% de CAGR. El banco también apunta a unos 48.000 millones de euros en beneficio acumulado attributable en cuatro años y espera disponer de 36.000 millones de euros para distribuir entre los accionistas hasta 2028, con unos 13.000 millones disponibles a corto plazo.
BBVA는 Banco Sabadell에 대한 인수 제안이 25.5%의 의결권을 가진 주주들이 수락했으나 최소 임계치를 밑돌아 진행되지 않을 것이라고 밝혔다. 제안이 만료되면서 BBVA는 주주 배당을 가속할 것이다. 10월 31일, 약 10억 유로 규모의 대기 중인 자사주 매입을 시작한다. 11월 7일에는 주당 0.32유로의 중간 배당을 지급하여 총 18억 유로에 달한다. 유럽 중앙은행의 승인 후, 상당한 추가 자사주 매입을 계획하고 있다. 2025–2028 전략 계획을 재확인하며, BBVA는 ROTE 약 22%와 효율성 비율 약 35%를 목표로 하고, 실질적 더블링 주당 가치를 포함한 배당의 약 15% CAGR의 성장을 지향한다. 또한 4년간 약 480억 유로의 누적 기여 이익을 목표로 하고 2028년까지 주주에게 분배할 총액이 360억 유로에 이를 것으로 기대하며, 가까운 시일 내 약 130억 유로를 이용할 수 있을 것으로 본다.
BBVA a déclaré que son offre publique d achat visant Banco Sabadell ne se poursuivra pas après que les actionnaires représentant 25,5 % des droits de vote aient accepté, en dessous du seuil minimum. Avec l’échec de l’offre, BBVA accélérera les distributions aux actionnaires. Le 31 octobre, il commencera à exécuter un rachat d’actions en suspens d’environ 1 milliard d’euros. Le 7 novembre, il versera un dividende intérimaire de 0,32 euro par action, soit un total de 1,8 milliard d’euros. Après l’autorisation de la Banque centrale européenne, il prévoit un rachat d’actions important supplémentaire. En réaffirmant son plan stratégique 2025–2028, BBVA vise un ROTE d’environ 22 % et un ratio d’efficacité d’environ 35 %, et vise une croissance de la valeur comptable tangible par action plus les dividendes d’environ 15 % de CAGR. La banque vise également environ 48 milliards d’euros de bénéfice cumulatif attribuable sur quatre ans et s’attend à disposer de 36 milliards d’euros à distribuer aux actionnaires d’ici 2028, avec environ 13 milliards d’euros disponibles à court terme.
BBVA sagte, dass sein Übernahmeangebot für Banco Sabadell nach der Annahme durch Anteilseigner, die 25,5 Prozent der Stimmrechte vertreten, nicht fortgesetzt wird, da dies unter der Mindestschwelle liegt. Mit dem Ablauf des Angebots wird BBVA die Ausschüttungen an die Aktionäre beschleunigen. Am 31. Oktober wird es mit der Umsetzung eines ausstehenden Aktienrückkaufprogramms von rund 1 Milliarde Euro beginnen. Am 7. November wird es eine Zwischendividende von 0,32 Euro je Aktie zahlen, was insgesamt 1,8 Milliarden Euro ergibt. Nach der Genehmigung durch die Europäische Zentralbank plant es einen signifikanten zusätzlichen Aktienrückkauf. In Bestätigung seines Strategieplans 2025–2028 strebt BBVA eine RO TE von rund 22 Prozent und eine Effizienzquote von rund 35 Prozent an und zielt auf ein Wachstum des Buchwerts je Aktie (tangible book value per share) plus Dividenden von etwa 15 Prozent CAGR. Die Bank strebt außerdem einen kumulierten, zugewiesenen Gewinn von etwa 48 Milliarden Euro über vier Jahre an und erwartet, bis 2028 rund 36 Milliarden Euro zur Ausschüttung an die Aktionäre bereitzustellen, wobei rund 13 Milliarden Euro in naher Zukunft verfügbar sein dürften.
 

UNITED STATES SECURITIES AND EXCHANGE

COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2025

Commission file number: 1-10110

 

 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

(Exact name of Registrant as specified in its charter)

BANK BILBAO VIZCAYA ARGENTARIA, S.A.

(Translation of Registrant’s name into English)

 

 

Calle Azul 4,

28050 Madrid

Spain

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F    X        Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes          No     X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes          No     X

 

 
 

LOGO  

PRESS RELEASE

10.16.2025

BBVA to Accelerate Shareholder

Remuneration Following the Lapse

of its Offer for Banco Sabadell

BBVA announces that the takeover bid for Banco Sabadell will not proceed as the minimum acceptance level set by the bank has not been met. Looking ahead, BBVA’s Strategic Plan and its corresponding ambitious financial goals will consolidate the Group at the forefront of European banking in terms of both growth and profitability. As part of the Strategic Plan, BBVA is to immediately resume shareholder remuneration: On October 31, it will start executing the pending share buyback of around €1 billion; on November 7, it will pay the highest interim dividend ever (€0.32 per share) for a total of €1.8 billion; and, as soon as it receives the authorization from the European Central Bank, (ECB) it will launch a significant additional1 share buyback program.

The Spanish National Securities and Market Commission (CNMV) has published the outcome of BBVA’s takeover bid for Banco Sabadell. The offer has been accepted by Banco Sabadell shareholders representing 25.5 percent of the voting rights, so the offer is no longer in effect as the minimum acceptance condition has not been met.

“I would like to thank Banco Sabadell shareholders who backed the project. I also want to thank BBVA shareholders for their continued support, and the bank’s team for their outstanding work throughout the entire process,” BBVA Chair Carlos Torres Vila said. “At BBVA we look to the future with confidence and enthusiasm. We have a bank at its best, with a committed team, and a clear roadmap to continue growing and creating value for our shareholders, customers and society,” he added.

BBVA’s Board of Directors has unanimously reasserted its commitment to the new Strategic Plan and the financial goals for the 2025-2028 period (https://www.bbva.com/en/economy-and-finance/earnings-2q25/), which will enable the Group to remain at the forefront of European banking in terms of growth and profitability.

During this period, the bank expects ROTE to stand around 22 percent, with the efficiency ratio improving to levels around 35 percent. Likewise, BBVA plans to continue creating value for shareholders, with an increase in the tangible book value per share plus dividends of around 15 percent (CAGR). Finally, the bank aims to reach a cumulative attributable profit of approximately €48 billion over four years.

 

1 Subject to the corresponding approvals and authorizations.

LOGO  

PRESS RELEASE

10.16.2025

 

LOGO

BBVA expects to have €36 billion to distribute among its shareholders through 2028¹. In the short term, BBVA will have some €13 billion available for its shareholders¹. “Now that the restrictions related to the transaction have been lifted, we are accelerating our shareholder distribution plan, in line with our financial goals,” said BBVA CEO Onur Genç. Specifically:

 

  ●  

On Oct. 31, BBVA will start executing the pending share buyback program for nearly €1 billion.

 

  ●  

On Nov. 7, it will pay the highest interim dividend in history (€0.32 per share), for a total amount of about €1.8 billion.

 

  ●  

Additionally, given the relevant accumulated excess capital above 12 percent, BBVA’s Board of Directors has agreed to launch a significant additional extraordinary share buyback program¹ as soon as it receives the authorization from the ECB.

CONTACT DETAILS:

BBVA Corporate Communications

Tel. +34 699 337 924

comunicacion.corporativa@bbva.com

For additional financial information about BBVA visit:

https://accionistaseinversores.bbva.com/

For more BBVA news visit: https://www.bbva.com

LOGO   

PRESS RELEASE

10.16.2025

About  BBVA

 

LOGO

BBVA is a global financial services group founded in 1857. The bank is present in more than 25 countries, has a strong leadership position in the Spanish market, is the largest financial institution in Mexico and it has leading franchises in South America and Turkey. In the United States, BBVA also has a significant investment, transactional, and capital markets banking business.

BBVA contributes with its activity to the progress and welfare of all its stakeholders: shareholders, clients, employees, providers and society in general. In this regard, BBVA supports families, entrepreneurs and companies in their plans, and helps them to take advantage of the opportunities provided by innovation and technology. Likewise, BBVA offers its customers a unique value proposition, leveraged on technology and data, helping them improve their financial health with personalized information on financial decision-making.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

      Banco Bilbao Vizcaya Argentaria, S.A.  

 

Date: October 16, 2025

 

        
      By: /s/ Victoria del Castillo Marchese  
     
 

Name: Victoria del Castillo Marchese

  
     

 

Title: Global Head of Strategy & M&A

  

Source: View Original Filing on SEC EDGAR

FAQ

What did BBVA (BBVA) announce about its Banco Sabadell bid?

The bid will not proceed; only 25.5 percent of Sabadell voting rights accepted, below BBVA’s minimum acceptance condition.

What capital returns did BBVA (BBVA) schedule after the bid lapsed?

A share buyback of around €1 billion starts on October 31, and an interim dividend of €0.32 per share (total €1.8 billion) will be paid on November 7.

Will BBVA (BBVA) conduct additional buybacks?

Yes. It plans a significant additional share buyback, subject to authorization from the European Central Bank.

What are BBVA’s (BBVA) 2025–2028 financial targets?

Targets include ROTE around 22 percent, an efficiency ratio around 35 percent, and tangible book value per share plus dividends growth of about 15 percent CAGR.

How much profit and distributions does BBVA (BBVA) aim for?

It aims for approximately €48 billion in cumulative attributable profit over four years and expects €36 billion to distribute to shareholders through 2028, with about €13 billion near term.

When will BBVA (BBVA) pay the interim dividend and how much?

On November 7, paying €0.32 per share, totaling €1.8 billion.
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