Business Context and Reporting Period
Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (BBVA)
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Date: March 20, 2026
Context: Notification of Inside Information regarding the Board of Directors' approval of a second tranche of a share buyback program aimed at reducing share capital.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the terms of a capital reduction program.
| Metric | Value |
|---|---|
| Maximum Cash Amount for Buyback | €1,000,000,000 |
| Maximum Number of Shares to Acquire | 482,353,131 shares |
| Program Manager | Citigroup Global Markets Europe AG |
Material Changes and Program Details
This filing announces the execution of a "Second Tranche" of a share buyback program, following a previous notice on December 19, 2025. Key operational details include:
- Purpose: Reduction of BBVA's share capital by cancelling acquired shares.
- Execution Period: Starts March 23, 2026; ends no later than December 8, 2026, or upon reaching the maximum cash/share limits.
- Trading Venues: Spanish Continuous Market, Cboe Europe, Turquoise Europe, and Aquis Exchange.
- Daily Targets: The program mandates specific daily purchase targets per venue (e.g., 2,100,000 shares on the Continuous Market), subject to market disruption definitions and regulatory volume limits.
Guidance, Outlook, and Risks
Management Commentary: The Board has authorized the buyback to reduce share capital. The execution is delegated to an external manager (Citigroup) who will independently decide purchase timing within regulatory constraints.
Risks and Contingencies:
- Suspension Rights: BBVA reserves the right to temporarily suspend or end the program early if circumstances advise or require it.
- Market Disruption: Purchases may be paused on "Disrupted Days," defined as sessions with significant market disruption, price falls below par value, or trading volume less than 2.5 times the daily target.
- Regulatory Compliance: Execution is subject to EU Market Abuse Regulation (Regulation 596/2014) and Commission Delegated Regulation 2016/1052.
Investor Verification Checklist
- Verify the total capital reduction impact once the €1 billion limit or 482 million share limit is reached.
- Monitor periodic communications for any temporary suspensions or early termination of the buyback program.
- Confirm the actual daily execution volumes against the stated targets (2.1M on Continuous Market, etc.) in subsequent regulatory filings.
- Review the December 19, 2025 "First Tranche" filing to understand the full scope of the overall Program Scheme.