/02

Corporate strategy and environment
P. 21	Environment		P. 29	Strategy
P. 21	Economic environment		P. 30	2025–2027 Strategic Plan
P. 23	Business environment: sector, technology and sustainability

Environment

ECONOMIC ENVIRONMENT

PERFORMANCE OF THE GLOBAL ECONOMY AND THE EURO AREA

Global economic resilience in

a year marked by

geopolitical uncertainty and

tariff tensions.

The year 2025 was marked by high geopolitical

and economic uncertainty, accentuated by the

substantial global increase in tariffs applied by

the US Government. While the signing of several

trade agreements in the second half of the year

helped to clarify the outlook, the new scenario is

characterized by tariffs that are significantly

higher than pre-2025 levels and by the

persistence of some uncertainty regarding their

macroeconomic impact. In any event,

geopolitical risks, beyond tariffs, will continue to

shape the new year, particularly in relation to the

implications of US foreign policy. 

Despite this adverse context, the international

economy showed remarkable resilience. Global

GDP is estimated to have recorded growth of

around 3.3 % in 2025, supported by the

conclusion of tariff agreements that avoided

extreme scenarios, by monetary easing, and by

the boost provided by a weaker dollar for most

emerging economies.

Behind this resilience of the global economy, the

performance by region was mixed. In the United

States, activity slowed less than expected and,

thanks to the key support provided by

investment in artificial intelligence (AI), GDP

managed to grow by close to 2 %. China

managed to overcome the persistent difficulties

in the real estate sector and weak domestic

demand, maintaining growth close to the official

5 % target, supported by the reorientation of its

exports toward other economies such as ASEAN

countries and Europe.

In the USA, the cooling of the labour market, amid

inflationary pressures that proved more

contained than expected, prompted the Federal

Reserve to begin easing monetary policy by

cutting interest rates by a total of 75 bp over the

final three meetings of 2025, bringing the federal

funds target range to 3.50 %–3.75 %, after having

remained on hold for most of the year due to the

high level of prevailing uncertainty. The Fed has

suggested that the solid growth in activity

means there is no rush to reduce interest rates

again in the short term, while it awaits greater

signs of easing inflationary pressures. The

financial markets have priced in between two

and three rate cuts in 2026. In May 2026, the

mandate of Jerome Powell as chair of the Fed

expires, and President Trump has chosen Kevin

Warsh as his successor. Mr Warsh has positioned

himself as a defender of the independence of

the central bank who is in favour of lower rates

but critical of past policies of quantitative

expansion.

The euro area economy performed somewhat

better than expected in 2025, although with

marked volatility in the first half of the year as a

result of front-loaded purchases aimed at

mitigating the impact of U.S. tariffs. Overall, euro

area GDP is estimated to have grown by 1.5 % in

2025, compared with 0.8 % in 2024. However, the

region’s three largest economies continued to

display signs of underlying weakness, although

they ended 2025 with increased dynamism. Thus,

Germany, following two years of contraction,

managed modest growth of 0.3 %. France (+0.9%

vs. 1.1% in 2024) endured a political crisis which

delayed approval of a budget to reduce its high

fiscal deficit until the start of 2026. Italy grew at a

very sedate pace (+0.7%), constrained by the

fading impact of the Superbonus programme

(tax relief on construction costs). The euro area is

expected to grow at around 1.3% in 2026.

The consolidation of inflation around the 2 %

target allowed the ECB to maintain a path of

monetary easing throughout 2025, ultimately

setting interest rates at neutral levels, with the

deposit facility rate at 2.00 %. The ECB is expected

to keep interest rates unchanged throughout

2026, supported by inflation at target and a more

balanced risk landscape. In view of uncertainty in

the global environment, the ECB has reiterated its

preference for caution, reserving the option to

recalibrate its monetary policy only in the event

of substantial changes to the outlook.

DEVELOPMENTS IN SPAIN AND

PORTUGAL

SPAIN

The Spanish economy delivered

unexpectedly robust growth.

In 2025, the Spanish economy continued to

outperform. GDP grew by 2.8 %, exceeding initial

forecasts and well above the euro area average.

The expansion was largely mainly by domestic

demand, supported by both private

consumption and investment. The strength of the

labour market played a key role: Social Security

affiliation reached a record high of 21.84 million,

with more than half a million new jobs, while the

unemployment rate continued to drop.

Population growth, supported by migration flows,

boosted employment and consumption. This

was compounded by the decline in interest

rates, which stimulated the real estate market

and business investment, also supported by the

rollout of Next Generation EU (NGEU) funds. By

contrast, net external demand slightly dented

growth: although exports - particularly non-

tourism services - expanded, the increase in

imports, in line with the strength of domestic

demand, offset that effect.

The disinflation path was interrupted in the

second half of the year, such that after reaching

a low of 2.0 % in May, inflation ended the year at

2.9 %, one tenth of a percentage point above the

December 2024 level, driven mainly by the

energy component. Even so, on an annual

average basis, inflation eased to 2.7 % from 2.8 %

the previous year, while core inflation declined to

2.3 % from 2.9 %.

The housing market consolidated a clearly

expansionary phase in 2025 in terms of both

activity and prices, particularly in the first half of

the year. Over the 12 months to November, home

sales were up 13.3 % year-on-year, reaching

around 710,000 transactions, the highest level

since 2008. However, a more subdued trend in

sales began to emerge in the second half of the

year. On the supply side, momentum remains

insufficient to absorb the strength of demand.

New-build permits over the 12 months to

November amounted to 136,000 homes, a figure

below annual net household formation,

estimated at around 226,000. This imbalance

between supply and demand continued to put

upward pressure on prices. The transaction price

index published by the INE picked up to 12.8 % year

on year in the third quarter of 2025, compared

with 8.4 % in 2024. Looking ahead to 2026,

demand is expected to remain consistently high,

while supply will continue to be insufficient to

absorb strong demand and reduce the

accumulated shortfall, which has exceeded

600,000 homes since 2021.

Looking ahead to 2026, CaixaBank Research

expects robust, albeit somewhat more

moderate, growth, with GDP expanding by

slightly more than 2.0 %, constrained by weak

external demand, affected by higher tariffs and

the sluggishness of the main European

economies. Private consumption will remain the

main driver, supported by demographic

dynamism and a strong labour market, while

investment will continue to benefit from

European funds and favourable financing

conditions.

PORTUGAL

Slight slowdown of the Portuguese

economy.

The Portuguese economy recorded a slight

slowdown, with GDP growth of 1.9 %, compared

with 2.1 % in 2024 and 3.1 % in 2023. Even so,

Portugal outperformed the euro area, and its

GDP stands more than 10 % above pre-pandemic

levels, compared with around 6.8% in the euro

area. Growth was underpinned by domestic

demand, driven by private consumption as a

result of higher disposable income and robust

job creation. Investment also picked up over the

year. By contrast, net external demand detracted

from growth: Exports were affected by trade

uncertainty, while imports rallied. For 2026, GDP

growth of close to 2 % is projected, supported by

investment, strong consumer spending, and a

supportive fiscal policy underpinned by public

finances close to balance.

BUSINESS ENVIRONMENT: SECTOR, TECHNOLOGY AND SUSTAINABILITY

BUSINESS PROFITABILITY AND CAPITAL ADEQUACY

The profitability of the Spanish banking sector remained robust in 2025, despite net interest income tightening. The

return on equity (ROE) was 14.2 % in the third quarter of 2025¹, 11 bps higher than a year earlier and above the European

average.

The decline in unit margins resulting from cuts in benchmark interest

rates was partially offset by the recovery in lending and higher volumes.

The results published for the third quarter of 2025 featured aggregate net

interest income that was already very slightly down on the previous quarter ¹.

As the reduction in monetary policy interest rates is fully passed through to

bank lending rates, net interest income is expected to stabilise.

The private sector loan book in Spain recorded a 3.1 % increase through to

November 2025, compared with November 2024, reversing the downward

trend seen in recent years. The reduction in benchmark interest rates in

recent months, as well as the reactivation of credit demand, have

contributed to slowing down this contraction. 

In parallel, credit quality continued to improve in 2025. The NPL ratio stood

at 2.84 % in October 2025, a cumulative decline of 57 basis points from a

year earlier.

Early signs of deterioration in credit quality have been relatively modest.

Consequently, credit under special surveillance fell sharply in June 2025,

showing a 16.5 % drop compared with the previous year². The weight of loans

under special surveillance (or Stage 2) stood at 5.7%² (1.3 percentage points

less than in June 2024).

¹ Supervisory Statistics of Credit Institutions, Banco de España, Q3 2025.

² Bank of Spain Financial Stability Report. Autumn 2025.

On the other hand, the outstanding amount of ICO-guaranteed loans

continued to decline, falling by 35.8 % in July 2025 compared to the previous

year². Among these assets, non-performing loans declined by 2.3 % and

loans under special surveillance by 43.7 %. Despite this positive trend, the

ratio of loans under special monitoring declined by only 2.9 percentage

points, while the NPL ratio increased by 9.5 percentage points, reaching 20.5

% and 27.8 %, respectively, as this is a closed portfolio with no new lending

and ongoing amortisation.

Capital ratios are at robust levels and continue to maintain a comfortable

margin over regulatory requirements. In Spain, the CET1 ratio stood at 13.83 %

in September 2025,¹ up 49 basis points year on year, as capital growth more

than offset the increase in risk-weighted assets (RWAs). The results of various

stress tests show a broad aggregate resilience to scenarios in which

systemic risks materialise¹. These analyses confirm that the banking sector is

starting from a solid position and that the solvency of Spanish banks shows

lower sensitivity to the materialization of the various risk scenarios.

However, it should be noted that the tax on banking has had a significant

¹ Supervisory Statistics of Credit Institutions, Banco de España, 3Q 2025.

²Bank of Spain Financial Stability Report. Autumn 2025

³ Source: Bloomberg.

impact on the statement of profit and loss of the Spanish banking sector

and, consequently, on the ability to generate capital organically. It should be

noted that the bank tax, which has been extended for three years with a

progressive rate structure, disproportionately penalizes larger institutions.

Liquidity levels in the Spanish financial sector remain comfortably above

the required threshold. The liquidity coverage ratio (LCR) of Spanish banks

as a whole reached 174.4 % in September 2025² and remains above the

average in Europe. All of this keeps the Spanish financial system in a solid

position and significantly limits the likelihood that financial shocks will

translate into liquidity and funding strains.

Finally, the share prices of Spanish banks are clearly trading above book

value. This has led to an improvement in various valuation and risk metrics. It

is worth noting that, despite the stock market turbulence of April 2025, the

price-to-book value (PBV) ratio of Spanish banks³ has continued to rise and

remains above 1, exceeding both the average ratio of European banks and

its own average level in 2024.

DIGITAL TRANSFORMATION 

In recent years, increasingly digital

consumer habits have accelerated the

digitalization of the banking sector.

For the banking sector, digital transformation means focusing more on the

customer and calls for higher levels of satisfaction (in terms of

convenience, immediacy, personalisation or cost) amid greater competition

and lower friction when operating simultaneously with multiple institutions

or switching provider. Digitalisation has also facilitated the entry of non-

traditional competitors (Fintech and Bigtech), with business models that

leverage new technologies and a relatively light cost base, thereby putting

pressure on industry margins.

For the time being, the size of this non-traditional sector relative to the

financial system as a whole remains limited, although its growth is strong

and its presence can be observed across the financial sector’s value chain.

In addition, these new players are expanding their range of products and

services in a bid to move closer to those offered by traditional banks.

On the other hand, access to data and the ability to generate value from it

have become important sources of competitive advantage. Data storage

and processing make it possible to create products better tailored to

customers and their risk profiles. There has also been an increase in the use

and development of new technologies (such as cloud, blockchain or

generative AI) within the sector, albeit with different levels of maturity. In any

case, the use of new technologies in the sector generates the need to

adapt business processes and strategies to the new environment.

The digitalisation of the sector also brings with it numerous opportunities

to generate more revenue. In particular, through the use of digital

technology, institutions can expand their customer base and provide

services more efficiently and at a lower cost. In this regard, digitalisation

makes it possible to reach a larger number of potential customers without

the need to expand the physical branch network. Digitalisation also makes it

possible to create new business opportunities, for example by offering

digital platforms that allow third parties to market their products, or through

new financial products that are better tailored to the needs and profiles of

individual customers.

Moreover, payment patterns are changing. The trend of a gradual

reduction in the use of cash in favour of electronic payments has gained

speed with COVID-19, becoming established thereafter. The digital payments

landscape is also evolving, from a model almost exclusively dominated by

card-based systems (linked to bank deposits) towards a more mixed model

in which Fintech and Bigtech players also involved, offering alternative

payment solutions based on new technologies such as digital wallets, which

are becoming increasingly popular among users. In parallel, new types of

money and private payment methods are emerging, such as stablecoins.

The expansion of the cryptoasset market and stablecoins in recent years

has driven private investment in distributed ledger technologies

(Distributed Ledger Technology or DLT), enabling value-added

functionalities in payments (such as programmability in payments via

Smart Contracts). This trend is being accelerated by the entry into force of

the MiCA regulation in the European Union and by political momentum and

the approval of the GENIUS Act in the United States, which provide regulatory

clarity and encourage major players to explore the issuance and use of

stablecoins, thereby supporting their adoption at scale. 

In response to these developments, central banks, particularly in advanced

economies, are pressing ahead with initiatives to create market

infrastructures that operate with tokenised central bank money, as a way of

ensuring that citizens and businesses alike continue to have access to

central bank money in the digital era and that the money they issue

continues to act as a monetary anchor (supporting the stability, integration

and efficiency of the financial and payment systems).

The European Commission also presented other legislative proposals

geared towards aligning payment services and the financial sector in

general with the digital transformation of the European economy, and

which have a high potential for disruption. It specifically highlights the

proposal for a financial data access regulation (FiDAR), which is currently

being negotiated by the institutions of Europe and will establish rights and

obligations in relation to the exchange of customers’ financial data beyond

payment accounts. A further highlight is the review of the European

payment services framework (PSD3 and PSR), which, among other things,

will introduce changes in the management of access permissions to

customer payment data and measures to combat and mitigate fraud. In

November 2025, the European Council and the European Parliament

reached a provisional political agreement on this revision (which must still

complete the formal procedures prior to its entry into force). 

CaixaBank faces the challenge of digitalisation with a strategy focused on

customer experience. In this regard, the digital transformation offers the

Institution new opportunities to understand its customers and offer them a

higher-value proposal, using a multi-channel assistance model. In

particular, CaixaBank has a distribution platform that combines great

physical capillarity with high digital capabilities, as evidenced by the fact

that the Bank has more than 12 million digital customers in Spain.

Likewise, in response to changes in customer habits, the Bank is placing

particular emphasis on initiatives aimed at enhancing customer

interaction through non-face-to-face channels and on the provision of

digital-native services. In this regard, imagin features a digital ecosystem

and lifestyle platform focused on the younger segment, offering financial

and non-financial products and services, it own and of third parties. In

parallel, digital transformation is also leading to further development of

capabilities such as advanced analytics, generative Artificial Intelligence

and tokenisation. With regard to this latter point, CaixaBank is participating in

various tokenised money initiatives together with central banks and other

financial institutions, and forms part of a consortium of European banks to

issue a euro-denominated stablecoin in accordance with the MiCA

Regulation.

CYBERSECURITY

Digital transformation boosts the sector's competitiveness and efficiency, but also exposes banks to new risks. Greater

digital activity among customers and employees, increased reliance on third parties, and the uptake of new

technologies such as AI call for tougher cybersecurity, fraud prevention and information protection, together with

operational resilience.

The cyber risk poses a major threat to financial stability. Specifically, cyber

incidents can have an impact on a range of financial activities (such as the

provision of credit, payment and settlement services) by disrupting the

information and communication technologies (ICT) that support them.

Cyber incidents can also result in the misuse of the data that these

technologies process or store. Inside the financial sector, banks have many

points of contact with third parties, which increases their exposure to cyber-

attacks and can be used as entry points for attacks in the financial sector.

In addition, the cyber threat landscape is constantly evolving and

becoming increasingly complex, with a greater number of attacks and an

increase in their sophistication and potential impact, resulting from the

digitisation of the economy, increased dependence on third parties,

geopolitical tensions and the advance of offensive capabilities based on

CaixaBank has a Strategic Plan for

Information Security that continuously

measures the Group's cybersecurity

capabilities.

See  “Cybersecurity ” section

new technologies such as Artificial Intelligence (AI) or quantum computing.

In response, the European Central Bank has prioritised cyber resilience for

the 2024–26 period, stepping up oversight and audits to ensure that

institutions have robust control environments in place and can withstand

cyber attacks.

In tandem, the European Union (EU) is responding to cyber risk with several

initiatives, including the Digital Operational Resilience Act (DORA), in force

since January 2023 with the aim of making financial institutions more

resilient to digital risks, by creating a framework to ensure that they can

prevent, detect, respond to, and recover from any form of disruption and

threat related to ICTs.

CaixaBank is aware of the existing threat level and maintains

cybersecurity as a priority. To that end, it has a Strategic Plan for

Information Security that constantly measures the Group’s cybersecurity

capabilities and it seeks to keep the Bank at the forefront of data protection,

in accordance with the best market standards.

SUSTAINABILITY 

The goal of decarbonisation of the European

economy has been accompanied by

increasingly demanding regulation on how to

address sustainability and growing pressure

(both from investors and from authorities and

supervisors) for companies to adjust their

strategies accordingly.

However, some of these regulatory requirements

have been relaxed in 2025 in the interests of

competitiveness. Specifically, the European

Commission presented the Omnibus

Simplification Package, with the aim of

simplifying the EU sustainability regulatory

framework without compromising the objectives

of the European Green Deal. This initiative

proposes key amendments to the main

sustainability regulations, such as the Corporate

Sustainability Reporting Directive (CSRD), the

Taxonomy and the Sustainable Due Diligence

Directive (CSDDD), reducing or postponing

reporting obligations (depending on the size of

the company), in order to facilitate their

application and ease burdens, especially for

small and medium-sized companies. However,

for financial institutions, this simplification could

result in more limited availability of ESG

information for certain companies, which could

affect the quality of information and the analysis

of sustainability-related risks. In December 2025,

a provisional political agreement was reached

between the Council and the European

Parliament on this package. Formal adoption is

expected in 2026.

In the area of banking supervision, the ECB has

made the risk of climate and biodiversity loss a

priority for 2024-26. Further highlights include its

action plan to explicitly incorporate climate

change and the energy transition into its

operational framework. The plan, which aims to

reduce climate-related risk on the ECB’s balance

sheet, promote greater transparency and

disclosure of climate risks by companies and

financial institutions, improve climate risk

management, and support an orderly transition

of the economy, has been progressively

consolidated through concrete measures, such

as enhancing risk models to incorporate climate

scenarios and introducing a climate factor into

the collateral framework from 2026. In addition,

the setting of supervisory expectations in this

area and the assessment of the banks' practices

related to climate and environmental risk

strategy, governance and management, stand

out.

For its part, the European Banking Authority

(EBA) has completed important initiatives to

incorporate ESG aspects into the regulatory and

supervisory framework. Among the initiatives is

the publication of the final ESG risk management

guidelines, which set out clear expectations on

how institutions should incorporate ESG factors

into their governance, risk management,

strategy and business model. A key aspect of

these guidelines is the introduction of a

prudential transition plan, which requires

institutions to align their strategy with the EU’s

climate objectives, including carbon neutrality by

2050. This plan must be supported by a climate

scenario analysis, covering both physical and

transition risks, and must be integrated into the

institutions’ financial and capital planning.

Moreover, the EU maintains its long-term

climate commitments. In 2021, it approved the

European Climate Law (which sets the bloc’s

emission reduction targets for 2030 and carbon

neutrality by 2050 as a legal commitment) and

has begun to roll out measures and reforms in

various economic sectors (from housing to

energy and transport) to reduce GHG emissions

in line with the targets set and move towards a

decarbonised economy. This transformation

necessitates profound structural and social

changes and a substantial mobilization of both

public and private resources.

Strategy

2025–2027 STRATEGIC PLAN

The year 2025 marked the start of the 2025–2027 Strategic Plan. A Plan that focuses on business growth and

transformation, while maintaining CaixaBank’s commitment to society.

During this new Strategic Plan, CaixaBank intends to move towards two

In 2024, CaixaBank unveiled its 2025–

2027 Strategic Plan, with the aim of

accelerating growth, driving

transformation and consolidating

sustainability.

major objectives to ensure sustained profitability in the long term: On the

one hand, to consolidate the market leadership position and, on the other

hand, to accelerate the transformation to prepare for an increasingly

digital and competitive environment. All of this is underpinned by a

commitment to always remain close to people for a more sustainable

society, with a differential ESG positioning.

The Strategic Plan 2025–2027 is based on three strategic lines:

_PILLARS OF THE 2025–2027 STRATEGIC PLAN TO ENSURE

SUSTAINED PROFITABILITY AT HIGH LEVELS

/01		/02		/03
Growth acceleration		Transformation and business investment		Differential positioning in ESG

/01 ACCELERATION OF GROWTH

CaixaBank aims to ramp up business growth in both Spain and Portugal.

Following the successful integration with Bankia, the Group aims to solidify

its market leadership by capitalizing on its key strengths to expand across all

business segments through the following strategies:

Client loyalty and engagement, with a particular

emphasis on acquiring new clients.

Developing products and services with a focus on

sustainability.

Sustaining international growth.

Promotion of our proprietary digital ecosystems and

solutions.

Enhancing the value proposition for both individuals

and companies.

Since the launch of the

Strategic Plan, CaixaBank

has made progress in the

deployment of the

following strategic

initiatives framed in the

Plan in line with the

objectives set by the

Group. Particularly

noteworthy is the boost to

ecosystems and

proprietary digital

solutions, with the launch

of Facilitea Coches and

Facilitea Casas, both of

which were very well

received. Progress was

also made in the

development of various

initiatives aimed at

customer loyalty and

linkage and in improving

the value proposition, while

maintaining a clear

commercial focus on

customer acquisition.

	FaciliteaCoches
	~ 24 THOUSAND
	Financed vehicles
	Digital portal for financing used vehicles. Links credit to the product and digitalises the purchasing and financing experience

	FaciliteaCasa
	~ 67 THOUSAND
	Properties on the platform
	Real estate portal for buying and renting. It offers financing and mortgage advice without directly marketing the properties

	Pay Later
	1 st
	Bank in Spain to offer the service
	Instalment plan for online purchases

	Stablecoin consortium
	1 st
	Spanish bank to back the initiative
	Initiative to launch a stablecoin with European banks

May 25

Aug 25

Sep 25

Dec 24

Apr 25

Jun 25

Sep 25

Oct 25

	Generación+
	~ 45 %
	Penetration among ≥65 years old
	Proposal for the senior segment with financial products, retirement planning and leisure and care services.

	Tap to pay
	~ 1.6 M
	Transactions
	Turn your smartphone or tablet into a contactless point-of- sale (POS) terminal

	MyBox VidaCare 10
	28.1 %
	Market share in life-risk insurance
	More comprehensive coverage

	Cashback <<
	>100
	Partner brands
	Personalised reimbursement programme

KPI	Starting point (Dec 2024)	2025	2027 target
Share of credit to households and businesses	23.3%	23.4%	Increase share
Share of deposits to households and businesses	24.6%	24.7%	Increase share
Asset management fee1	29.5%	29.0%	Increase share

¹ Combined share of mutual funds (factory view), pension plans and savings insurance. Based on data from INVERCO and ICEA.

/02 TRANSFORMATION AND INVESTING IN THE BUSINESS

CaixaBank intends to spearhead business transformation by ramping up

technology investments to fuel growth in every segment, gearing up for a

more competitive landscape. The Group boasts the largest physical network

in Spain, tailored by segment, with top-tier digital and remote channels, and

it aspires to continue developing unique capabilities for the future.

This line’s core ambitions include:

As part of this line of the Strategic Plan, which envisages a global investment

in technology and digitalisation for the 2025–2027 period of €5,000 million,

CaixaBank has launched the “Cosmos” plan, its roadmap for processes and

technology (see section “Cosmos Plan”).

Cosmos articulates the technological strategy of the Group in the coming

years around four major objectives:

| Making its Business areas more agile and with greater commercial

capacity;

Optimise and improve the distribution platform.

Delivering specialised and personalised service through our

distinctive distribution platform. Revamping digital channels

to enhance customer experience and increase commercial

and operational efficiency.

| Developing new services through cutting-edge capabilities and

process simplification;

| Enhancing operational excellence by becoming more efficient; and

| Strengthening and evolving the current technology platform,

applying the highest standards of resilience and security.

The plan is built around three main levers:

Scale up investment in digital and technology.

Boosting technology investments to back strategic initiatives,

develop state-of-the-art capabilities, and elevate service

quality.

New technologies

to support

employees and

customers.

AI and cloud as

transversal

levers.

Operational

excellence and

greater

efficiency.

Drive the transformation of talent.

Promoting organisational excellence by encouraging

agility, simplification, and fully harnessing the potential

of current talent.

KPI	Starting point (Dec 2024)	2025	2027 target
Cloud absorption (%)	33%	39%	50%
Workforce <35 years old (%)	9.1%	10.2%	11.4%

/03 DIFFERENTIAL POSITIONING IN ESG

CaixaBank wants to maintain its founding

essence, being close to people for a more

sustainable and inclusive society, with two clear

objectives in sight:

| Moving towards a more sustainable

economy, increasing the mobilisation of

sustainable funds and implementing the

portfolio decarbonisation targets in line

with the commitments made.

| Enhance economic and social

prosperity, focusing on three primary

areas: social and financial inclusion,

employability and employment, as well

as being a key player in financial and

personal well-being in a society where

life expectancy is progressively longer.

Levers to achieve these objectives:

During 2025, the Group continued to promote

sustainable finance across its various business

segments through the launch of new sustainable

Development of products and

services to support the transition

of our customers

(mobility, home, business

consulting, etc.).

products. Likewise, sustainable intermediation

maintained a strong growth pace, with a

significant role in the placement of sustainable

bonds issued by corporate clients.

In parallel, within the framework of initiatives

Active Management of

Decarbonization Levers (NZBA

perimeter) – Transition Plan.

aimed at promoting economic and social

development, the Group has continued to foster

employability and entrepreneurship through

specific products. These include loans targeted

at students, self-employed individuals and

Continue to train sales and risk

teams.

entrepreneurs, as well as microcredits for groups

with difficulties in accessing finance. Thanks to

these solutions, more than 48,200 people have

been able to improve their job prospects and

develop business projects, consolidating

Engagement plan for corporate

customers (Business Banking, CIB

and BPI).

CaixaBank's role as an active agent in

generating a positive impact on society.

KPI	Starting point (Dec 2024) 1	2025	2027 target
Mobilising sustainable finance (cumul. 2025-27) (€ million)2	86,770	46,167	>100,000
People who have improved their employability or gained access to employment thanks to specific solutions (cum. 2025-27)	101,319	48,216	150,000

¹ The starting point of 2024 corresponds to the attainment in the period 2022-2024.

² For the 2025-2027 period, the definition of "sustainable finance mobilisation" has been updated, incorporating the sustainable financing of BPI as well as

others (see section "Sustainable Finance - Sustainable Business" ) . The starting point corresponds to the accumulated amount for the period 2022-2024,

while the value for 2025 refers to one year.

FINANCIAL OBJECTIVES

As a result of the deployment and

execution of this new Strategic Plan,

CaixaBank aims to achieve the financial

targets set for 2027.

The 2025–2027 Strategic Plan aims to achieve three key objectives³:

1. Maintain sustainable profitability while investing in the business.

The Group has set targets under the Strategic Plan of achieving a

Return on Tangible Equity (ROTE) of above 16 % by 2027, and a cost-

to-income ratio at levels close to 40 % (low 40s). Simultaneously,

CaixaBank anticipates a stable net interest income growth around 0

%, service income growth in the mid-single digits, and controlled

cost growth at approximately 4 %, all calculated in terms of

Compound Annual Growth Rate (CAGR) throughout this Strategic

Plan.

2. Growth in profitability on a prudent basis. CaixaBank aims for a

turnover increase of over 4 % in CAGR terms, keeping the Non-

Performing Loan (NPL) ratio at around 2 % by 2027, and maintaining

the Cost of Risk below 30 basis points on average annually from

2025 to 2027.

3. High distribution capacity. Last but not least, the Strategic Plan

includes a commitment to pay cash dividends with a pay-out ratio

of between 50 % and 60 % of consolidated net profit, including an

interim dividend each year and an additional¹ distribution of CET1

capital above 12.5 %².

As communicated to the market in the presentation of results  of 2025, is

planned exceed the defined objectives in the Strategic Plan.  For on the one

hand, is expected be able to reach in 2027 a ROTE around 20% and a  ratio of

efficiency around the high 30s, as well as a growth of the  net interest

income of around 4% (CAGR).  On the other hand, is expected achieve  a

growth of the turnover nearly 6% (CAGR) and a ratio of  NPLs below 1.75% in

2027.

In the first year of the 2025–2027 Strategic Plan, the Group recorded a

positive performance across its main financial metrics, in line with the

targets set for 2025. In particular, growth in business activity, with a ROTE of

17.5 %, while maintaining a low cost-to-income ratio. The Group has also

continued to maintain solid solvency and liquidity levels, together with low

levels of non-performing loans.

KPI	Starting point  (Dec 2024)	2025	2027 target	Guidance 2027 updated 3
ROTE	18.1%	17.5%	>16 %	c.20 %
Cost-to-income ratio	38.5%	39.4%	Low 40s	High 30s
Non-performing loans ratio	2.6%	2.1%	~2 %	< 1.75 %

     

¹ Subject to authorisation by the ECB and the Board of Directors. Considers the capital and profitability

objectives established in the 2025–2027 Strategic Plan.

² The threshold for additional distribution of excess CET1 capital by 2025 is 12.25 %.

³ Guidance 2027 updated in the presentation of results of the 2025 (January 2026).