Remuneration of Shareholders

Ordinary distribution1

Within the framework of the 2025-2027 Strategic Plan, a cash payout objective of between 50% and 60% via ordinary dividend is established.

1. Subject to the approvals of the Board of Directors or the General Shareholders' Meeting. It considers the achievement of the capital and profitability objectives established in the 2025-2027 Strategic Plan.

For more information, refer to the section Dividends and the section Corporate policies and other corporate documents.


Extraordinary distribution1

The 2025-2027 Strategic Plan contemplates the additional distribution via dividend or share repurchase of the CET1 capital in excess of the management target level.

For 2025, the CET1 threshold stands at 12.25% and for 2026 and 2027 stands at 12.50%.

1. Subject to the authorisations of the European Central Bank and the Board of Directors. It considers the achievement of the capital and profitability objectives established in the 2025-2027 Strategic Plan.


Share Repurchases since 2022

Programme Amount (in millions of euros) Period of execution
1 1,800 May '22 to Dec. '22
2 500 Sep. '23 to Jan. '24
3 500 Mar. '24 to May '24
4 500 Jul. '24 to Nov. '24
5 500 Nov. '24 to Mar. '25
6 500 Jun. '25 to Nov. '25
7 500 Nov. '25 (in execution)


For more information about the shareholder remuneration policy of the 2025-2027 Strategic Plan, please refer to the “Investor Day”  documents.


For more information about the ordinary and extraordinary distribution of the 2022-2024 Strategic Plan, check the Inside Information and Other Relevant Information sections. The 2024 earnings presentation  document is also available for reference (page. 32).

Last update: November 2025