[Form 4] POPULAR, INC. Insider Trading Activity

Rhea-AI Filing Summary

Alejandro M. Ballester, a director of POPULAR, INC. (BPOP), filed a Form 4 reporting changes in ownership tied to transactions dated 10/01/2025. The filing discloses a disposition of 59,662.837 shares of common stock and an indirect holding of 361.902 shares attributed to his son. It also reports the acquisition of 96 restricted stock units (RSUs) that convert one‑for‑one into common shares; following reported transactions the reporting person beneficially owns 15,728 shares (direct). The filing notes that 143.110 and 1.897 shares included in the counts were acquired through dividend reinvestment under Rule 16a‑11, and that the 96 RSUs represent accrued dividend equivalents and vest in equal annual installments on each August 15 over five years after termination of service.

Insights

Corporate Governance Specialist

Director reported a large sale and continued equity holdings including RSUs.

The Form 4 shows a disposition of 59,662.837 shares on 10/01/2025, a transaction that reduces the director's direct stake. The filing separately records 361.902 shares held indirectly by the reporting person's son and 15,728 beneficially owned shares post‑transaction, indicating retained exposure to the issuer.

The report also documents 96 RSUs received as dividend equivalents that convert one‑for‑one into common stock and vest in equal annual installments on August 15 over five years after service termination. This clarifies compensation structure and timing for future issuance.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BALLESTER ALEJANDRO M

(Last) (First) (Middle)

P.O. BOX 364548

(Street)

SAN JUAN PR 00936-4548

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
POPULAR, INC. [ BPOP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock Par Value $0.01 per share								59,662.837(1)	D
Common Stock Par Value $0.01 per share								361.902(2)	I	By son

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(3)	10/01/2025		A(4)		96		(5)	(5)	Common Stock Par Value $0.01 per share	96	$0	15,728	D

Explanation of Responses:

1. Includes 143.110 shares acquired pursuant to reinvestment of dividends paid by the Corporation. The shares were acquired in transactions exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11 thereunder.

2. Includes 1.897 shares acquired pursuant to reinvestment of dividends paid by the Corporation. The shares were acquired in transactions exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11 thereunder.

3. Restricted stock units convert into common stock on a one-for-one basis.

4. Reflects Restricted Stock Units ("RSUs") received by the reporting person as a result of dividend equivalents accrued with respect to outstanding RSUs granted to the reporting person. Dividend equivalents are accrued at the same rate and at the same time as dividends are paid to ordinary shareholders. Dividend equivalents on RSUs are subject to the same terms and conditions as the underlying RSUs.

5. Restricted stock units are converted into an equivalent number of shares of common stock and issued to the reporting person in equal annual installments on each 15th of August of the first five years following the date of termination of service as a director.

	Marie Reyes-Rodriguez, Attorney-in-fact	10/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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