/07
Shareholders and Investors
P. 568
Key Group figures
P. 585
Liquidity and financing structure
P. 569
Profits and earnings performance
P. 586
Capital management
P. 581
Business activity performance
P. 588
Shareholder remuneration
P. 584
Risk management
P. 589
Dialogue with shareholders and investors
-
Key Group figures
1 See section "Glossary - Financial Information - Reconciliation of activity indicators with management
criteria".
2 From 2025, in accordance with supervisory expectations, regulatory ratios must include a deduction in CET1
of any surplus above the threshold established for extraordinary capital distributions (12.25 % in the case of
CaixaBank). Therefore, the regulatory CET1 ratio stood at 12.25% at 31 December.
                               
€ million / %
2025
2024
Change
PROFIT AND
EARNINGS
Net interest income
10,671
11,108
(3.9) %
Revenue from services 1
5,266
4,995
5.4 %
Pre-impairment income
9,855
9,765
0.9 %
Profit/(loss) attributable to the Group
5,891
5,787
1.8 %
MAIN RATIOS
(last 12
months)
Cost-to-income ratio
39.4%
38.5%
0.9
Cost of risk (last 12 months)
0.22%
0.27%
(0.05)
ROE
14.9%
15.4%
(0.5)
ROTE
17.5%
18.1%
(0.6)
ROA
0.9%
0.9%
0.0
RORWA
2.3%
2.4%
0.0
BALANCE
SHEET and
BUSINESS
ACTIVITY
Total assets
664,040
631,003
5.2 %
Equity
38,526
36,865
4.5 %
Customer funds
731,936
685,365
6.8 %
Loans and advances to customers, gross
384,334
361,214
6.4 %
Business volume 1
1,108,118
1,036,876
6.9 %
RISK
MANAGEMENT
Non-performing loans ratio
2.1 %
2.6 %
(0.5)
NPL coverage ratio
77 %
69 %
8
LIQUIDITY
Total liquid assets
171,830
171,367
462
Liquidity Coverage Ratio (LCR)
202 %
207 %
(4)
Net Stable Funding Ratio (NSFR)
146 %
146 %
(1)
Loan to deposits
87 %
86 %
1
CAPITAL
ADEQUACY
Common Equity Tier 1 (CET1) 2
12.6 %
12.2 %
0.4
Tier 1
14.5 %
14.0 %
0.6
Total capital
17.5 %
16.6 %
0.9
Total MREL
27.7 %
28.1 %
(0.3)
Risk-Weighted Assets (RWAs)
244,455
237,969
6,486
Leverage ratio
5.7 %
5.7 %
0.1
Profits and earnings performance
The following shows the trend in results and income by type and service provided over the past three years.
€ million
2025
2024
2023
Change % 25/24
Change % 24/23
Net interest income
10,671
11,108
10,113
(3.9)
9.8
Dividend income
61
100
163
(39.1)
(39.0)
Share of profit/(loss) of entities accounted for using the equity method
288
261
281
10.2
(6.9)
Net fee and commission income
3,966
3,779
3,658
5.0
3.3
Trading income
246
223
235
10.4
(5.2)
Insurance service result
1,300
1,216
1,118
6.9
8.8
Other operating income and expenses
(262)
(814)
(1,337)
(67.8)
(39.1)
GROSS INCOME
16,270
15,873
14,231
2.5
11.5
Administrative expenses, depreciation and amortisation
(6,415)
(6,108)
(5,822)
5.0
4.9
PRE-IMPAIRMENT INCOME
9,855
9,765
8,410
0.9
16.1
Allowances for insolvency risk
(903)
(1,056)
(1,097)
(14.5)
(3.7)
Other charges to provisions
(221)
(353)
(248)
(37.4)
42.4
Gains/(losses) on disposal of assets and other
(58)
(37)
(141)
57.1
(73.9)
PROFIT/(LOSS) BEFORE TAX
8,674
8,319
6,924
4.3
20.1
Income tax
(2,775)
(2,525)
(2,108)
9.9
19.8
PROFIT/(LOSS) AFTER TAX
5,898
5,794
4,816
1.8
20.3
Profit/(loss) attributable to minority interests and other
7
7
–
11.4
–
Profit/(loss) attributable to the Group
5,891
5,787
4,816
1.8
20.2
Income by nature and service provided 1
2025
2024
2023
Var % 25/24
Var % 24/23
NET INTEREST INCOME
10,671
11,108
10,113
(3.9)
9.8
REVENUE FROM SERVICES
5,266
4,995
4,776
5.4
4.6
Wealth management
2,011
1,808
1,613
11.2
12.1
Protection insurance
1,194
1,139
1,092
4.8
4.2
Banking fees
2,062
2,048
2,070
0.6
(1.1)
OTHER INCOME
332
(230)
(658)
GROSS INCOME
16,270
15,873
14,231
2.5
11.5
1 See section “Glossary – Financial Information – Reconciliation of activity indicators with management criteria”.
SEGMENTATION BY BUSINESS
The following presents the statement of profit or loss and income by type and service provided, broken down by business segment, over the past three years:
Banking and Insurance
of which: Insurance activity
BPI
Corporate centre
€ million
2025
2024
2023
2025
2024
2023
2025
2024
2023
2025
2024
2023
Net interest income
9,681
10,064
9,141
159
252
165
846
961
928
144
83
45
Dividend income and share of profit/(loss) of entities
accounted for using the equity method
292
232
291
280
211
250
25
28
21
32
101
132
Net fee and commission income
3,659
3,452
3,366
149
148
152
307
327
291
Trading income
231
196
253
18
14
9
22
31
25
(6)
(4)
(42)
Insurance service result
1,300
1,216
1,118
1,283
1,195
1,107
Other operating income and expenses
(261)
(793)
(1,254)
5
5
2
4
(18)
(77)
(6)
(4)
(6)
GROSS INCOME
14,902
14,368
12,915
1,892
1,825
1,684
1,204
1,328
1,188
164
176
128
Administrative expenses, depreciation and
amortisation 1
(5,832)
(5,544)
(5,258)
(165)
(152)
(160)
(510)
(498)
(501)
(72)
(66)
(63)
PRE-IMPAIRMENT INCOME
9,069
8,824
7,657
1,728
1,673
1,524
694
830
687
91
110
66
Allowances for insolvency risk
(876)
(1,028)
(1,046)
(1)
(26)
(29)
(51)
Other charges to provisions
(219)
(285)
(214)
(3)
(2)
(67)
(34)
Gains/(losses) on disposal of assets and other
(45)
(28)
(82)
4
(3)
2
1
(11)
(12)
(10)
(48)
PROFIT/(LOSS) BEFORE TAX
7,929
7,484
6,315
1,731
1,669
1,523
666
735
592
79
101
18
Income tax
(2,566)
(2,295)
(1,950)
(419)
(430)
(375)
(193)
(231)
(173)
(16)
1
15
PROFIT/(LOSS) AFTER TAX
5,363
5,188
4,364
1,312
1,239
1,147
473
504
419
62
102
32
Profit/(loss) attributable to minority interests and other
7
7
Profit/(loss) attributable to the Group
5,355
5,181
4,364
1,312
1,239
1,147
473
504
419
62
102
32
1 The operating expenses of the business segments include both direct and indirect costs, which are assigned according to internal distribution methods. The corporate expenses at Group level are assigned to the corporate centre.
| Banking and insurance: This includes the results of the Group's banking, insurance, asset management, real estate and ALCO activities, among other,
mainly in Spain. The insurance business includes the results of the activity carried out mainly by VidaCaixa, with a highly specialised range of pension
and insurance products, all of which are marketed to the Group’s customer base.
| BPI: shows the results of BPI’s domestic banking business, conducted mainly in Portugal.
| Corporate Centre: shows the results, net of funding expenses, of the investees BFA, BCI, Coral Homes and Gramina Homes. In 2023 and up to June
2024, it included Telefónica (sold in June 2024).
2025 VS 2024 PERFORMANCE
Profit attributable to the Group in 2025 amounts
to €5,891 million, up +1.8 % on 2024.
Net interest income stands at €10,671 million 
(-3.9 %). The lower returns on the loan portfolio
due to the fall in interest rates were partially
offset by the lower cost of retail funds, higher
volumes of loans and a larger fixed income
portfolio, lower volume and rate of wholesale
funding and increased liquidity due to the
increase in retail funds.
Revenue from services increase by +5.4 %, driven
by growth in revenues from asset management
(+11.2 %, due to the increse in assets managed), in
protection insurance (+4.8 %, owing to intense
commercial efforts) and banking fees (+0.6 %,
driven by wholesale activity).
Other income reflects, among other, the
recognition in 2024 of the banking levy         
(€-493 million) and the Telefónica dividend       
(€+43 million, prior to the disposal of the stake).
Gross income grows +2.5 % and administrative
expenses, depreciation and amortisation by
+5.0 %.
Allowances for insolvency risk fall by -14.5 %.
Reduction in other provisions due to lower
provisions for legal contingencies.
In 2025, income tax expense includes, among
other, the linear accrual associated with the
Spanish tax on net Interest and commission
income for €-611 million. It also includes income
from the activation of tax loss carryforwards and
capitalisation of deductions not previously
recognised in the balance sheet (€+420 million).
2024 VS 2023 PERFORMANCE
Profit attributable to the Group in 2024 amounted
to €5,787 million, compared with €4,816 million in
2023 (20.2 %).
Growth of net interest income (+9.8 %), mainly
driven by the better environment of market rates,
the improvement in customer spread and the
reinvestment of higher liquidity due to the
positive performance of the loan-deposit gap.
Revenues from services rose +4.6 %. By item,
revenues from asset management (+12.1 %)
improved due to sustained volume growth,
supported by market performance and intensive
commercial activity; revenues from protection
insurance increased (+4.2 %); and banking fees
decreased (-1.1 %).
Other income was affected by lower income
from investees in 2024 and one-off results
attributed to SegurCaixa Adeslas in 2023. In other
operating income and expenses, there was an
increase in the banking levy (-€493 million in
2024 compared with -€373 million in 2023), and
no new contributions were required to the
Deposit Guarantee Fund or the Single Resolution
Fund (SRF), whose impacts in 2023 were -€419
million and -€164 million, respectively.
Gross margin was up +11.5 %, while administrative
expenses, depreciation and amortisation grew
by +4.9 %.
Allowances for insolvency risk were down by 3.7 %,
and other provisions rose, owing to an increase
in litigation.
NET INTEREST INCOME
2025
2024
2023
€ million
Average
balance
I/E
Rate %
Average
balance
I/E
Rate %
Average
balance
I/E
Rate %
Financial Institutions
69,553
1,715
2.47
61,752
2,432
3.94
51,131
1,873
3.66
Loans and advances
(a)
347,620
12,854
3.70
331,719
14,880
4.49
335,368
13,102
3.91
Debt securities
91,529
1,388
1.52
83,433
1,331
1.60
88,895
1,169
1.31
Other assets with returns
64,785
1,902
2.94
64,000
1,925
3.01
59,189
1,755
2.96
Other assets
80,481
162
80,568
336
84,230
323
TOTAL AVERAGE ASSETS
(b)
653,967
18,021
2.76
621,472
20,904
3.36
618,813
18,222
2.94
Financial Institutions
32,327
(810)
2.51
29,563
(1,332)
4.51
50,532
(1,882)
3.73
Customer funds
(c)
423,582
(2,677)
0.63
394,763
(3,951)
1.00
380,254
(2,359)
0.62
Wholesale marketable debt securities and other
44,725
(1,698)
3.80
50,166
(2,414)
4.81
46,979
(1,927)
4.10
Subordinated liabilities
10,174
(294)
2.89
9,387
(328)
3.50
10,328
(295)
2.86
Other funds with cost
83,095
(1,757)
2.11
79,265
(1,700)
2.14
74,792
(1,594)
2.13
Other funds
60,063
(114)
58,328
(70)
55,928
(52)
TOTAL AVERAGE FUNDS
(d)
653,967
(7,350)
1.12
621,472
(9,796)
1.58
618,813
(8,109)
1.31
Net interest income
10,671
11,108
10,113
Customer spread (%)
(a-c)
3.07
3.49
3.29
Balance sheet spread (%)
(b-d)
1.64
1.78
1.63
To help readers interpret correctly the information contained in this report, the following aspects should be taken into account:
| “Other assets with returns” and “Other funds with cost” relate largely to
the Group’s life insurance activity. Net interest income mainly includes the
net return on assets under the insurance business maintained to pay
ordinary claims, as well as the Group's financial margin for short-term
savings insurance products. It also includes the income from financial
assets under the insurance business, and an expense for interest that
includes the capitalisation of the new insurance liabilities. This at a very
similar interest rate as the rate of return of asset acquisition. The
difference between this income and the expense is not significant.
| Financial institutions on the liabilities side includes repurchase
transactions with the Public Treasury.
| The balances of all headings except “Other assets” and “Other funds”
correspond to balances with returns/cost. “Other assets” and “Other
funds” incorporate balance items that do not have an impact on the net
interest income and on returns and costs that are not assigned to any
other item.
2025 VS 2024 PERFORMANCE
Net interest income amounts to €10,671 million, down -3.9 % compared to
2024. This performance is a result of the following factors:
| Lower income from loans mainly due to a decrease in the average rate,
as a result of the change in market interest rates on the portfolio indexed
to variable rates and on the rates of the new production, partially offset
by a higher average volume.
| Smaller contribution to net interest income by financial institutions,
mainly due to the unfavourable impact of change in interest rate, in spite
of the higher liquidity as a result of the favourable evolution in the     
loan-deposit gap.
These effects are partially offset by:
| Decrease in the cost of customer deposits, due to a decrease in the rate
despite the increase in the average volume. This cost includes the effect
of the conversion into floating interest by means of interest rate hedges.
| Higher revenues on the debt securities portfolio, as the decline in the rate
is offset by the increase in average volume.
| Lower cost of wholesale funding, positively impacted by a decrease in
the interest rate, as a result of the repricing of issues converted to
variable rate due to a decrease in the interest rate curve and a decrease
in the average volume.
2024 VS 2023 PERFORMANCE
Net interest income amounted to €11,108 million (+9.8 %). This increase is due
to:
| Higher income from loans mainly due to an increase in the average rate,
as a result of the positive impact of market interest rates on the portfolio
indexed to variable rates and on the rates of the new production.
| Higher contribution of the debt securities portfolio due to the rate rise.
| Higher contribution to net interest income by financial institutions mainly
due to the impact of higher liquidity as a result of the favourable
evolution of the loan-deposit gap.
These effects were partially offset by:
| Higher costs of customer deposits due to a rate increase and higher
average volume.
| Higher cost of wholesale funding, impacted by a increase in the interest
rate, as a result of the repricing of issues converted to variable rate due
to a increase in the interest rate curve and a increase in the average
volume.
REVENUE FROM SERVICES
The revenue from services (wealth management, protection insurance and
banking fees) amounts to €5,266 million (+5.4 %).
€ million
2025
2024
2023
Wealth management
2,011
1,808
1,613
Protection insurance
1,194
1,139
1,092
Banking fees
2,062
2,048
2,070
REVENUE FROM SERVICES 1
5,266
4,995
4,776
Memorandum items:
of which: Net fee and commission income (c)
3,966
3,779
3,658
of which: Insurance service result (s)
1,300
1,216
1,118
1 This section shows the income broken down by nature and service provided to the customer, corresponding to
the sum of the net fee and commission income and insurance service result of the income statement in
management criteria. In order toTo facilitate the traceability of each type of income within the management
heading, income recorded under net fee and commission income is marked with a (c), and income recorded
under insurance service results is marked with an (s).
REVENUES FROM WEALTH MANAGEMENT
€ million
2025
2024
2023
ASSETS UNDER MANAGEMENT
1,448
1,280
1,164
Mutual funds, managed accounts and SICAVs (c)
1,101
958
856
Pension plans (c)
347
322
308
LIFE-SAVINGS INSURANCE
563
528
449
Life-savings insurance result (s)
390
382
320
Unit Linked result (s)
138
115
100
Other income from Unit Linked (c)
35
31
29
REVENUES FROM WEALTH MANAGEMENT
2,011
1,808
1,613
2025 VS 2024 PERFORMANCE
Revenues from wealth management amounts to €2,011 million, representing
growth of +11.2 %, driven by the increase in assets managed.
| Fees and commissions from assets under management amounts to
€1,448 million (+13.1 %):
| Investment fund fees amounts to €1,101 million euros (+15.0 %), driven by
the increase in average assets under management, reflecting both
positive net subscriptions and rise in stock markets.
| Pension plan fees stands at €347 million (+7.6 %), mainly due to an
increase in assets.
| Revenues from life-saving insurance amounts to €563 million (+6.5 %):
| Life-savings insurance, excluding unit linked products, amounts to
€390 million, representing growth of +1.9 %.
| Unit Linked profit stands at €138 million (+19.6 %), following the
favourable performance of subscriptions and the rise in stock markets.
| Other income from Unit Linked mainly corresponds to Unit Linked of BPI
Vida e Pensões.
2024 VS 2023 PERFORMANCE
Revenues from wealth management totalized €1,808 million, up 12.1 % due to
sustained higher volumes supported by the commercial activity and the
strong market performance.
| Fees and commissions from assets under management amounted to
€1,280 million (+10.0 %):
| Investment fund fees stood at €958 million (+11.9 %), following an
increase of average assets under management, driven by the positive
net subscriptions and rise in stock markets.
| Pension plan fees totalled €322 million (+4.7 %), mainly due to the
increase in assets, following the positive market performance.
| Revenues from life-savings insurance totalled €528 million (+17.6 %):
| Life-savings insurance, excluding unit linked products, amounted to
€382 million, with solid growth over the previous year (+19.5 %) due to
higher volume.
| Unit Linked profit was €115 million (+14.9 %), due to the increase in assets
under management following the rise in stock markets and positive
net subscriptions.
| Other income from Unit Linked mainly corresponds to Unit Linked of BPI
Vida e Pensões.
REVENUES FROM PROTECTION INSURANCE
€ million
2025
2024
2023
Life-risk insurance (s)
772
719
698
Fees and commissions from insurance distribution (c)
422
420
394
REVENUES FROM PROTECTION INSURANCE
1,194
1,139
1,092
2025 VS 2024 PERFORMANCE
Revenues from protection insurance totalizes €1,194 million (+4.8 %).
| Life-risk business income amounts to €772 million, +7.4 %, driven by
sustained portfolio growth following strong commercial activity.
| Insurance distribution fees totalizes €422 million. The performance (+0.4
%) is impacted by the recognition of €16 million in extraordinary fees in
2024.
2024 VS 2023 PERFORMANCE
Revenues from protection insurance reached €1,139 million (+4.2 %).
| The life-risk business revenue stood at €719 million, after growing + 3.0 %,
supported by solid commercial activity.
| Insurance distribution fees amounted to €420 million (+6.5%), driven by
increased recurring commercial activity and the recognition of             
€16 million in extraordinary fees.
BANKING FEES
€ million
2025
2024
2023
Recurring banking fees (c)
1,700
1,777
1,830
Wholesale banking fees (c)
361
271
240
BANKING FEES 1
2,062
2,048
2,070
1 Banking fees includes, among other, income on securities transactions, transactions, risk activities, account
maintenance, payment methods and wholesale banking.
2025 VS 2024 PERFORMANCE
Banking fees amounts to €2,062 million (+0.6 %).
| Recurring banking fees stands at €1,700 million (-4.3 %), affected, among
other factors, by lower maintenance fees linked to loyalty programmes
and higher expenses of fees for structuring risk transfers.
| Fees and commissions from wholesale banking comes to €361 million,
showing a solid advance of +33.3 %.
2024 VS 2023 PERFORMANCE
Banking fees amounted to €2,048 million (-1.1 %).
| Recurring banking fees amounted to €1,777 million (-2.9 %), due, among
other factors, to lower maintenance fees affected by the implementation
of loyalty programmes.
| The change in wholesale banking fees (€271 million, +12.9 %) is due to one-
off transactions and shows solid growth due to higher activity.
OTHER INCOME
INCOME FROM EQUITY INVESTMENTS
€ million
2025
2024
2023
Dividend income
61
100
163
Share of profit/(loss) of entities accounted for using the equity
method
288
261
281
INCOME FROM EQUITY INVESTMENTS
349
361
444
2025 VS 2024 PERFORMANCE
| Dividend income is impacted by the sale in 2024 of the stake in
Telefónica 1, after the accrual of the dividend of €43 million. Positive
performance of BFA’s dividend (€50 million in 2025 compared with     
€45 million in 2024).
| Share of profit/(loss) of entities accounted for using the equity method
totalizes €288 million (+10.2 %), mainly reflecting the larger contribution of
SegurCaixa Adeslas.
2024 VS 2023 PERFORMANCE
| Dividend income was affected by lower dividends received from
Telefónica 1 (€43 million in 2024 compared with €61 million in 2023), from
BFA (€45 million in 2024 compared with €73 million in 2023), and by €18
million in one-off dividends from minority shareholdings in financial
corporations in 2023.
| Share of profit/(loss) of entities accounted for using the equity method
amounted to €261 million. Its trend (18.4 %) was chiefly marked by the
extraordinary result of SegurCaixa Adeslas in 2023, arising from the
revaluation of the stake held in IMQ after the participation increase.
1 During 2024 CaixaBank sold its entire share capital, according to public information provided in the disclosure of
relevant information filed on 10 June 2024.
TRADING INCOME
€ million
2025
2024
2023
TRADING INCOME
246
223
235
2025 VS 2024 PERFORMANCE
Trading income comes to €246 million in 2025 versus €223 million in 2024
(+10.4 %).
2024 VS 2023 PERFORMANCE
Trading income stood at €223 million in 2024, versus €235 million in 2023
(-5.2 %).
OTHER OPERATING INCOME AND EXPENSES
€ million
2025
2024
2023
Contributions and taxes
(40)
(549)
(1,048)
Other
(222)
(265)
(289)
OTHER OPERATING INCOME AND EXPENSES 1
(262)
(814)
(1,337)
1 This heading includes, among other items, rental income and expenses related to the management of foreclosed
properties, banking contributions, levies and taxes, as well as other revenues and charges on non-financial
subsidiaries.
2025 VS 2024 PERFORMANCE
Other operating income and expenses amounts to €-262 million (-67.8 %).
The change was influenced by certain effects recorded in 2024 that did not
recur in 2025, primarily the banking levy (-€493 million in 2024). The following
records also stand out:
| Estimated Spanish property tax amounts to €-18 million (€-21 million in
2024).
| Contribution from the Portuguese banking sector, including the solidarity
levy, of -€23 million (the same as in 2024). Similarly, following a
favourable ruling from the Constitutional Court in Portugal, extraordinary
income of €22 million 2 has been recognised, associated with BPI's right to
recover the solidarity levy on the Portuguese banking sector registered in
recent years.
| Contribution to the Portuguese Resolution Fund at BPI of -€7 million         
(-€5 million in 2024).
2024 VS 2023 PERFORMANCE
Other operating income and expenses fell by €522 million, notably due to
the recording of the banking levy at -€493 million (-€373 million in 2023)
and the estimated Spanish property Tax of -€21 million (-€22 million in 2023).
In 2024, no contribution was required to the Single Resolution Fund (SRF)
(-€164 million in 2023).
In 2024, only the contribution to the Deposit Guarantee Fund for securities
protection was recorded, amounting to €-8 million, as no contribution was
required for deposit guarantees (€-419 million recorded in 2023).
2 €4 million recorded prior to the ruling in the current year and €18 million in previous years.
ADMINISTRATIVE EXPENSES, DEPRECIATION
AND AMORTISATION
€ million
2025
2024
2023
Personnel expenses
(3,972)
(3,777)
(3,516)
General expenses
(1,652)
(1,554)
(1,531)
Depreciation and amortisation
(791)
(778)
(774)
Administrative expenses, depreciation and amortisation (a)
(6,415)
(6,108)
(5,822)
Gross income (b)
16,270
15,873
14,231
COST-TO-INCOME RATIO (12 MONTH) (a/b)
39.4%
38.5%
40.9%
COST-TO-INCOME RATIO (12 MONTHS) WITHOUT BANK LEVY 1
39.4%
37.3%
39.9%
1 Ratio used to facilitate comparability of 2025 performance with previous years, in which the full banking levy was
deducted from gross income.
2025 VS 2024 PERFORMANCE
Administrative expense, depreciation and amortisation amounts to
€-6,415 million (+5.0 %).
| Personnel expenses increases by +5.2 %, due to, among other, the
Collective Bargaining Application Agreement reached in 2024 and the
increase in the personnel, mainly technical profiles, as envisaged in the
2025 -2027 Strategic Plan.
| General expenses rases by +6.3 %, impacted by strategic initiatives.
| Depreciation and amortisation increases (+1.7 %), in a setting of higher
investments, as envisaged in the Strategic Plan.
All of this bring the cost-to-income ratio (12 months) to 39.4 %.
2024 VS 2023 PERFORMANCE
Administrative expenses, depreciation and amortisation stood at -€6,108
million, marking an increase of 4.9 %.
| Personnel expenses were up 7.4  % due, among other factors, to the
implementation of the Collective Agreement mentioned previously.
| General expenses increased by 1.5 % in an inflationary context.
| Depreciation and amortisation remained stable in comparison with the
previous year (+0.4 %).
ALLOWANCES FOR INSOLVENCY RISK AND
OTHER CHARGES TO PROVISIONS
€ million
2025
2024
2023
Allowances for insolvency risk
(903)
(1,056)
(1,097)
Other charges to provisions 1
(221)
(353)
(248)
ALLOWANCES FOR INSOLVENCY RISK AND OTHER CHARGES TO
PROVISIONS
(1,123)
(1,409)
(1,345)
COST OF RISK (LAST 12 MONTHS)
0.22%
0.27%
0.28%
1 Other provisions mainly reflects the coverage of future contingencies and impairment of other assets.
2025 VS 2024 PERFORMANCE
| Allowances for insolvency risk amounts to €-903 million (-14.5 %).
The cost of risk (last 12 months) stands at 0.22% (0.27% in 2024).
At 31 December 2025, the Group has a collective fund of provisions that
came to €311 million (€339 million as at 31 December 2024), which
covered risks associated with expected credit risk losses.
| Other charges to provisions (-37.4 %) is driven by a reduction in provisions
for legal contingencies. Additionally, provisions related to early
retirements at BPI were registered in 2024 (-€59 million).
2024 VS 2023 PERFORMANCE
| Allowances for insolvency risk amounted to -€1,056 million, compared
with -€1,097 million in 2023 (-3.7 %).
The cost of risk (last 12 months) stood at 0.27 %.
| Other charges to provisions increased due to higher allocations for legal
contingencies. To a lesser extent, the increase in provisions related to
early retirement scheme in BPI (-€59 million in 2024 compared with -€30
million in 2023).
GAINS/(LOSSES) ON DISPOSAL OF ASSETS
AND OTHERS
€ million
2025
2024
2023
Real estate results
28
(15)
8
Other
(86)
(22)
(149)
GAINS/(LOSSES) ON DISPOSAL OF ASSETS AND OTHER 1
(58)
(37)
(141)
1 This heading mainly shows results from real estate sales, as well as sales and asset write-downs.
2025 VS 2024 PERFORMANCE
Its performance is affected by the recognition in 2024 of the gains arising
from the sale of the stake held in a company engaged in the acquiring
business in Eastern European countries, previously owned together with
Global Payments and Erste Group Bank (+€67 million).
2024 VS 2023 PERFORMANCE
This performance was marked by the recording in 2024 of the gains arising
from the sale of the aforementioned stake, compared to the asset write-
downs in the framework of the restructuring of the commercial network in
2023.
INCOME TAX
€ million
2025
2024
2023
INCOME TAX 2
(2,775)
(2,525)
(2,108)
2 This heading primarily includes income tax expense and other applicable tax adjustments.
2025 VS 2024 PERFORMANCE
In 2025, the following items stand out, which were not recognised in 2024:
| Linear accrual of the Spanish tax on net interest and commission income,
amounting to €-611 million.
| Capitalisation of tax loss carryforwards and deductions previously not
recognised in the balance sheet, amounting to €420 million, after their
recoverability was deemed likely.
2024 VS 2023 PERFORMANCE
Its performance is marked by an increase in the tax base following a higher
accounting profit.
Business activity performance
Group
Banking and Insurance
BPI 4
Corporate centre
€ million
31.12.25
31.12.24
31.12.23
31.12.25
31.12.24
31.12.23
31.12.25
31.12.24
31.12.23
31.12.25
31.12.24
31.12.23
Total assets
664,040
631,003
607,167
615,618
585,094
562,423
42,709
40,977
38,524
5,713
4,932
6,220
Total liabilities
625,514
594,138
570,828
584,859
555,121
533,566
40,237
38,515
36,105
417
503
1,157
Equity 1, 2
38,526
36,865
36,339
30,759
29,973
28,857
2,471
2,463
2,419
5,296
4,429
5,063
Equity assigned 1, 2
80%
81%
79%
6%
7%
7%
14%
12%
14%
Loans and advances to customers, gross
384,334
361,214
354,098
351,126
330,230
324,135
33,208
30,984
29,963
–
–
–
On-balance sheet customer funds
524,626
495,885
463,323
492,274
465,494
434,199
32,353
30,391
29,124
–
–
–
Business volume 3
1,108,118
1,036,876
974,382
1,037,389
971,091
911,259
70,729
65,785
63,122
–
–
–
1 The Group’s excess capital, measured as the difference between the Group’s total equity and the capital allocated to the rest of the businesses, is assigned to the Corporate Centre.
2 Minority interests are allocated to the Banking and Insurance Business.
3 See section "Glossary - Financial Information - Reconciliation of activity indicators with management criteria".
4 The allocation of capital to BPI is at sub-consolidated level, i.e. taking into account the subsidiary’s own funds. The capital consumed at BPI by the investees allocated to the investment business is allocated consistently to the business.
LOANS AND ADVANCES TO CUSTOMERS
2025 VS 2024 PERFORMANCE
Loans and advances to customers, gross amounts to €384,334 million
(+6.4%).
Changes by segment include:
| Loans for home purchase continues to experience growth +5.7 %),
reflecting the vibrant mortgage activity.
| Loans for other purposes is up +5.0 % in the year. Meanwhile, consumer
lending continues on its upward change (+12.0 %), supported by robust
production levels.
| Loans to business performes positively and remains one of the main
drivers of growth in the loan portfolio (+7.1 %).
| The performance in loans to the public sector continues to be driven by
one-off transactions (+8.5 %).
2024 VS 2023 PERFORMANCE
Loans and advances to customers, gross amounted to €361,214 million   
(+2.0 %).
Changes by segment include:
| Loans for home purchases were up by 0.5 %, reflecting the recovery of the
mortgage activity in 2024.
| Loans for other purposes grew by 0.7 %, boosted by consumer lending,
which rose 6.9 %, supported by an increase in production levels with
respect to 2023.
| Loans to business remained as the main driver of in the loan portfolio,
rising 4.7 % in the year.
| The performance of loans to the public sector was marked by certain
one-off transactions (-7.1 %).
Group
Banking and Insurance
BPI
€ million
31.12.25
31.12.24
31.12.23
31.12.25
31.12.24
31.12.23
31.12.25
31.12.24
31.12.23
LOANS TO INDIVIDUALS
186,505
176,726
175,807
167,923
159,951
159,567
18,582
16,775
16,240
Home purchases
141,566
133,912
133,270
124,404
118,680
118,712
17,162
15,232
14,557
Other
44,940
42,814
42,538
43,519
41,271
40,855
1,421
1,543
1,683
of which: Consumer lending
23,858
21,295
19,911
22,619
19,960
18,466
1,239
1,335
1,445
LOANS TO BUSINESS
179,417
167,513
160,018
166,668
155,162
148,171
12,750
12,351
11,847
PUBLIC SECTOR
18,411
16,975
18,273
16,535
15,117
16,397
1,876
1,857
1,876
LOANS AND ADVANCES TO CUSTOMERS, GROSS 1
384,334
361,214
354,098
351,126
330,230
324,135
33,208
30,984
29,963
of which Performing Loans
376,182
351,511
344,052
343,481
321,083
314,629
32,701
30,429
29,423
Provisions for insolvency risk
(6,336)
(6,692)
(7,339)
(5,904)
(6,188)
(6,806)
(431)
(504)
(533)
LOANS AND ADVANCES TO CUSTOMERS, NET
377,998
354,522
346,759
345,221
324,042
317,329
32,777
30,480
29,430
Contingent liabilities
33,168
31,524
29,910
30,878
29,070
27,739
2,290
2,454
2,171
1 See section “Reconciliation of business indicators with management criteria” in “Glossary and Group structure – Financial information”.
CUSTOMER FUNDS
2025 VS 2024 PERFORMANCE
Customer funds amounts to €731,936 million (+6.8 %).
| On-balance sheet funds resources stands at €524,626 million (+5.8 %),
driven by growth in demand deposits of +6.3 % and an improvement in
insurance contract liabilities, with the positive performance of Unit Linked
products standing out (+15.3 %), supported by the rise in stock markets
and the higher level of subscriptions.
| Assets under management stands at €202,860 million (+10.9 %), with
growth in mutual funds, managed accounts and SICAVs (+13.4 %), driven
by the good pace of subscriptions, and in pension plans (+4.2 %), due to
favourable performance of the markets.
| The change in other accounts is explained by the volatility of temporary
funds related to transfers and collections.
2024 VS 2023 PERFORMANCE
Customer funds amounted to €685,365 million (+8.7 %).
| On-balance sheet funds amounted to €495,885 million (+7.0 %),
supported by growth in demand deposits (+4.1 %) and term deposits
(+20.0  %), together with insurance contract liabilities (+7.4  %), in an
favourable environment of interest rates for these products. Unit Linked
products rose by 17.1 %, boosted by the positive markets and higher
volume of subscription.
| Assets under management stood at €182,946 million (+13.8 %), driven by
positive net subscriptions and the good performance of the markets in
mutual funds, managed accounts and SICAVs. Positive impact of pension
plans (+8.3 %), thanks to performance of the markets.
| The change in other accounts was due to the evolution of transitory
resources associated with transfers and collections.
Group
Banking and Insurance
BPI
€ million
31.12.25
31.12.24
31.12.23
31.12.25
31.12.24
31.12.23
31.12.25
31.12.24
31.12.23
Customer deposits
431,983
410,049
385,507
399,731
379,779
356,465
32,252
30,270
29,042
of which: Demand deposits
365,999
344,419
330,799
349,085
328,483
315,098
16,914
15,936
15,701
of which: Term deposits 1
65,984
65,630
54,708
50,646
51,296
41,366
15,338
14,334
13,341
Insurance contract liabilities 2
85,765
80,018
74,538
85,765
80,018
74,538
of which: Unit Linked and other 3
26,990
23,403
19,980
26,990
23,403
19,980
Repurchase agreements and other
6,879
5,817
3,278
6,778
5,697
3,196
101
120
82
ON-BALANCE SHEET FUNDS
524,626
495,885
463,323
492,274
465,494
434,199
32,353
30,391
29,124
Mutual funds, managed accounts and SICAVs
150,947
133,102
114,821
145,325
128,212
110,326
5,622
4,890
4,496
Pension plans
51,913
49,844
46,006
51,913
49,844
46,006
ASSETS UNDER MANAGEMENT
202,860
182,946
160,827
197,238
178,057
156,332
5,622
4,890
4,496
OTHER ACCOUNTS
4,450
6,534
6,179
4,397
6,458
6,100
53
76
79
CUSTOMER FUNDS 4
731,936
685,365
630,330
693,908
650,009
596,631
38,028
35,356
33,699
1 Includes debt securities amounting to €445 million at 31 December 2025 (€770 million at 31 December 2024 and €1,433 million at 31 December 2023).
2 Does not include the correction of the financial component for the restatement of liabilities under IFRS 17, except for Unit Linked and Investment Life Annuity products (part managed).
3 Incorporates the correction of the financial component due to the restatement of liabilities under IFRS 17 corresponding to Unit Linked and Investment Life Annuity products (part managed).
4 See section "Reconciliation of business indicators with management criteria" in "Glossary and Group structure – Financial information".
Risk management
2025 VS 2024 PERFORMANCE
Non-performing loans 1 decreases to €8,624 million (€-1,611 million,
compared to 31 December 2024) following the strong organic performance
of asset quality and the active management of non-performing loans,
including portfolio sales.
The non-performing loan (NPL) stands at 2.1% (2.6% as at 31 December 2024).
Provisions on insolvency risk 1 (€6,635 million) brings the coverage ratio to
77% (+8 p.p. compared with 31 December 2024).
2024 VS 2023 PERFORMANCE
Non-performing loans 1 stood at €10,235 million (-€280 million compared
with 31 December 2023), following the active management of non-
performing loans, including portfolio sales.
The non-performing loan (NPL) ratio stood at 2.6 % (2.7 % as at 31 December
2023).
Provisions on insolvency risk 1 amounted to €7,016 million at the end of 2024,
with a coverage ratio of 69 % (€7,665 million and 73 % as of 31 December
2023, respectively).
NON-PERFORMING LOANS
AND NPL RATIO 1
(€ MILLION / %)
Group
Banking and Insurance
BPI
31.12.25
31.12.24
31.12.23
31.12.25
31.12.24
31.12.23
31.12.25
31.12.24
31.12.23
LOANS TO INDIVIDUALS
2.2%
2.9%
3.1%
2.3%
3.0%
3.2%
1.4%
1.9%
1.6%
Home purchases
1.9%
2.6%
2.6%
2.0%
2.7%
2.8%
1.0%
1.4%
1.1%
Other
3.3%
4.0%
4.5%
3.2%
3.9%
4.5%
5.9%
7.0%
5.6%
LOANS TO BUSINESS
2.2%
2.7%
2.9%
2.3%
2.7%
2.9%
2.0%
1.9%
2.4%
PUBLIC SECTOR
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0%
NON-PERFORMING LOANS RATIO (LOANS +
GUARANTEES) 1
2.1%
2.6%
2.7%
2.1%
2.7%
2.8%
1.5%
1.7%
1.7%
NPL COVERAGE RATIO 1
77%
69%
73%
76%
67%
71%
85%
90%
98%
1 Calculations factor in contingent liabilities and loans.
_PROVISIONS
AND COVERAGE RATIO 1
(€ MILLION / %)
Liquidity and financing structure
€ million / %
31.12.25
31.12.24
31.12.23
Total liquid assets
171,830
171,367
160,147
Liquidity Coverage Ratio (LCR)
202%
207%
215%
Liquidity Coverage Ratio (last 12 months)
200%
204%
203%
Net Stable Funding Ratio (NSFR)
146%
146%
144%
Loan to deposits
86.9%
85.5%
89.1%
Wholesale funding 1,2
51,016
57,246
56,227
Information on the collateralisation of CaixaBank’s mortgage covered
bonds and the Group’s issuances is disclosed in Note 3.4.4 and Note 19.3.3 to
the Consolidated Financial Statements for the year, respectively.
SIGNIFICANT ASPECTS 2025
Total liquid assets amounts to €171,830 million at 31 december 2025 (up +462
million in the year).
The Group's Liquidity Coverage Ratio (LCR) at 31 december 2025 is 202%,
showing an ample liquidity position (200% LCR average last 12 months), well
above the regulatory minimum of 100 %.
The Net Stable Funding Ratio (NSFR) stood at 146%, above the regulatory
minimum of 100 %.
Robust retail financing structure, with a loan to deposits (LTD) ratio of 86.9%.
High stability of the deposit base as at 31 december 2025, with retail deposits
representing 77.6 % 3. Furthermore, 61.6 % of deposits are guaranteed 4.
Wholesale funding 1,2 amounted to €51,016 million, diversified by instruments,
investors, currency and maturities.
Available capacity in relation to CaixaBank, S.A.’s issuing mortgage and
public sector covered bonds amounts to €54,518 million as at 31 december
2025.
SIGNIFICANT ASPECTS 2024
Total liquid assets amounted to €170,723 million at 31 December 2024, up
€10,520 million in the year, mainly due to the favourable performance of the
loan-deposit gap and the provision of collateral in the facility with the ECB.
The Group’s Liquidity Coverage Ratio (LCR) as at 31 December 2024 was   
207 %, showing a comfortable liquidity position (204 % average LCR last 12
months), above the regulatory minimum requirement of 100 %.
The Net Stable Funding Ratio (NSFR) stood at 146 % at 31 December 2024,
above the regulatory minimum of 100 %.
Solid retail funding structure with a loan to deposits ratio of 85,5 %.
High stability of the deposit base at 31 December 2024, due to the weighting of
retail deposits reaching 77.6 % 3. Furthermore, 62.0 % of deposits are guaranteed 4.
Wholesale funding 1,2 amounted to €57,246 million, diversified by instruments,
investors, currency and maturities.
Available capacity in relation to CaixaBank, S.A.’s issuing mortgage and
public sector covered bonds amounted to €48,767 million as at 31
December 2024.
1 Wholesale funding for ALCO bank liquidity managing purposes.
2 See section “Reconciliation of business indicators with management criteria” in “Glossary and Group structure
– Financial information”.
3 Based on the latest Pillar 3 data (end of period balances).
4 Covered by the Deposit Guarantee Fund (deposits ≤ €100,000), in % of total balance of deposits.
Capital management
31.12.25
31.12.24
31.12.23
% / € million
Amount
Ratio
Regulatory
ratio
Amount
Ratio
Regulatory
ratio
Amount
Ratio
Regulatory
ratio
Common Equity Tier 1 (CET1)
30,773
12.6%
12.3%
29,012
12.2%
12.2%
28,313
12.4%
12.4%
Tier 1
35,541
14.5%
14.2%
33,278
14.0%
14.0%
32,800
14.4%
14.4%
Tier 2
7,336
3.0%
3.0%
6,321
2.7%
2.7%
6,309
2.8%
2.8%
Total capital
42,877
17.5%
17.2%
39,599
16.6%
16.6%
39,109
17.1%
17.1%
Subordinated MREL
60,558
24.8%
24.4%
58,301
24.5%
24.5%
53,110
23.3%
23.3%
Total MREL
67,803
27.7%
27.4%
66,793
28.1%
28.1%
61,300
26.8%
26.8%
Leverage ratio
5.7%
5.6%
5.7%
5.7%
5.8%
5.8%
Risk-Weighted Assets (RWAs)
244,455
237,969
228,428
The Common Equity Tier 1 (CET1) ratio at 31 December 2025 is 12.6%. Includes
the extraordinary impact of +20 basis points (bps) from the entry into force
in January 2025 of the CRR3 (Basel IV) and the extraordinary impact of -21
bps from the seventh share buyback (SBB) programme announced for
€500 million. Excluding both effects, the ratio increased by +41 bps in 2025,
driven by capital generation (+270 bps), offset by the organic performance
of RWAs (-68 bps), the forecast dividend charged to this year (payout of 
59.4 %) and the payment of the AT1 coupon (-154 bps), as well as
performance of the market and other (-6 bps).
The CET1 ratio at 31 December 2024 was 12.2 %. Excluding the extraordinary
impacts of the share buyback programmes (SBBs) carried out during the
year (-66 bps) and the SBB announced in January 2025 (-22 bps), the
change in the ratio in 2024 amounted to +68 bps. This was driven by organic
growth (+219 bps), offset by the forecast dividend charged to the year
(payout of 53.5 %) and the payment of the AT1 coupon (-144 bps), as well as
performance of the market and other (-7 bps).
CET1 PERFORMANCE IN 2025 AND 2024
The Tier 1 ratio stands at 14.5 %.
The Total Capital ratio stands at 17.5 %.
The leverage ratio is 5.7 %.
The subordinated MREL ratio is 24.8 %, while the total MREL ratio stands at 
27.7 %.
During the year, these ratios have varied as a result of new issuances and
redemptions of eligible debt instruments, details of which are set out in Note
19.3.3 to the Consolidated Financial Statements for the year.
The 2025–2027 Strategic Plan sets an internal CET1 target ratio between 11.5 %
and 12.5 %, with a transitory target of 11.5 % to 12.25 % for 2025. The upper limit
of the target sets the threshold for possible extraordinary capital
distributions (subject to authorisation by the European Central Bank and the
Board of Directors).
As of 31 December 2025, the regulatory CET1 ratio stood at 12.25% 1, after
deducting the excess capital that exceed the objective’s upper limit
established for 2025.
For the purposes of the regulatory requirements applicable in 2025:
| The Group's domestic systemic risk buffer remains at 0.50 %.
| The countercyclical buffer stands at 0.50 %, considering the update of the
buffer in certain countries where CaixaBank has credit exposure
(including the 0.50 % countercyclical buffer for credit exposures in Spain,
activated in October 2025). In January 2026, the 75 % countercyclical
buffer for credit exposures in Portugal was activated, which implies an
estimated increase of 7 bps in the minimum requirements for the Group
(total buffer estimated at 3.63 %2).
| The sectoral systemic buffer (SyRB) for retail exposures secured by
residential real state in Portugal is set at 0.06 %.
Accordingly, the minimum capital requirements are as follows:
Total
of which Pillar 1
of which Pillar 2R
of which buffers
CET1
9.05%
4.50%
0.98%
3.56%
Tier 1
10.87%
6.00%
1.31%
3.56%
Total capital
13.31%
8.00%
1.75%
3.56%
Based on these requirements, as at 31 December 2025 CaixaBank has a
margin of 354 basis points (equivalent to €8,662 million) up to the Group
MDA trigger.
The Group's level of capital adequacy confirms that the applicable
requirements would not lead to any automatic restrictions according to the
capital adequacy regulations, regarding the distributions of dividends,
variable remuneration and the interests of holders of AT1 capital securities.
As at 31 December, the minimum MREL requirements applicable are as
follows:
% requirement for (including
current CBR)
Requirement in % LRE
Subordinated MREL
17.06%
6.04%
Total MREL
24.83%
6.04%
As at 31 December 2025, CaixaBank has a margin of 291 basis points
(equivalent to €7,103 million) up to the MREL MDA trigger (M-MDA).
1 From 2025 onward, in accordance with supervisory expectations, the regulatory ratios must include a deduction
in CET1 of any excess above the threshold established for extraordinary payouts (12.25 % in 2025 and 12.50 % in 2026).
2 In addition, from 1 October 2026, the buffer for credit exposures in Spain will be increased to 1.0 % (will entail an
estimated increase of 37 additional basis points).
Shareholder remuneration
On 24 April 2025, as approved by CaixaBank’s Ordinary General Meeting of 11
April, the bank paid its shareholders a final cash dividend of €2,028 million,
equivalent to €28.64 cents gross per share, charge to 2024 profits . With this
distribution, the total amount of shareholder remuneration in 2024 was
€3,096 million (€43.52 cents gross per share), equivalent to 53.5 % of the
consolidated net profit of 2024, in line with the 2024 dividend plan.
On 29 January 2025, the Board of Directors approved the dividend plan for
the financial year 2025, consisting of a cash distribution of between 50 %
and 60 % of consolidated net profit. Under this dividend plan:
| On 7 November 2025, an interim dividend was paid, equivalent to 40 % of
consolidated net profit for the first half of 2025, amounting to €1,179
million euros 1 (€16.79 cents gross per share).
| On 29 January 2026, the Board of Directors resolved to propose to the
General Meeting of Shareholders the distribution of a final cash dividend
of €2,320 million, equivalent to €33.21 cents gross per share, charged to
2025 earnings and to be paid in April 2026. With this second payment,
total shareholder remuneration for 2025 will amount to €3,499 million
(€50 cents gross per share), equivalent to 59.4 % of consolidated net
profit, in line with the 2025 dividend plan.
In relation to the share buyback programmes:
| In March and November 2025, the fifth 2 and sixth 3 SBBs were completed for
€500 million each. In line with the purpose of these programmes, the shares
acquired were cancelled, and following the most recent capital reduction on
5 December 2025, the resulting share capital was set at 7,024,520,689 shares,
each with a par value of €1. With this, the distribution target set out in the
2022–2024 Strategic Plan was completed, for a total amount of €12,000
million.
| The seventh SBB was launched on 25 November 2025, also for an
maximum amount of €500 million. At 31 December 2025, a total of
10,822,959 shares had been acquired for €108,445,794, equivalent to 21.69
% of the maximum monetary amount 4.
Furthermore, on 29 January 2026 the Board of Directors approved to
maintain the same dividend plan for the financial year 2026, which consists
of a cash distribution of between 50 % and 60 % of consolidated net profit, to
be paid in two payments: an interim dividend of between 30 % and 40 % of
the consolidated net profit for the first half of 2026 profit (to be paid out in
November 2026) and a final dividend, subject to final approval by the
General Shareholders’ Meeting (to be paid out in April 2027). The threshold to
pay out the excess capital for 2026 is established at 12.50 % of CET1.
1 An amount of €1,181 million was announced.
2 On 10 March 2025, CaixaBank reached the maximum planned investment following the acquisition of 89,372,390
treasury shares, representing 1.25 % of the share capital.
3 On 21 November 2025, CaixaBank reached the maximum planned investment following the acquisition of
61,044,767 treasury shares, representing 0.86 % of the share capital.
4 On 13 February 2026 (last available Other Relevant Information), CaixaBank acquired a total of 21,893,928 shares
for €228 million, equivalent to 45.58 % of the maximum monetary amount.
Dialogue with shareholders and investors
CaixaBank works to live up to the trust that shareholders and investors have
placed in the Bank and, to the extent possible, meet their needs and
expectations. To achieve this, it seeks to offer tools and channels to facilitate
their involvement and communication with the Group and to exercise their
rights as owners.
It is essential to provide clear, complete and truthful information to markets
and shareholders, including financial and non-financial aspects of the
business, and to promote informed participation in the General Meetings of
Shareholders.
Personalised support is provided by the Shareholder, Institutional Investor
and Analyst Support Service, in accordance with the Information,
Communication and Contact with Shareholders, Institutional Investors and
Proxy Advisors Policy.
In 2025, the Investor Relations team received the following
awards at the Iberian Equity Awards presented by AERI
(Spanish Association for Investor Relations):
Best Global Investor Relations Company in Spain in
the “large cap” category
Best Investor Relations Programme in the financial
sector in Iberia
Best Investor Relations Team in Spain in the “large
cap” category
Best IR professional in the 'large cap' category in
Spain
CaixaBank carries out various training and information initiatives for
shareholders and also captures their views through annual opinion surveys
(the Global Reputation Index and the double materiality study, among
others). Shareholder information is structured through the monthly
Newsletter, corporate events emails (reaching over 215,000 shareholders),
SMS alerts or other subscription materials available on the corporate
website.
SHAREHOLDERS
2025 ANNUAL GENERAL MEETING
(AGM)
On 11 April 202 5, the 2025 AGM was held on
second call, at which all items on the agenda
were approved.
82.81%
94.07%
Quorum of share capital
Average approval at the
General Shareholders'
Meeting
See section “Corporate Governance -
Management and Administration of the
company” for further information.
SHAREHOLDER ADVISORY COMMITTEE
Non-binding advisory body created to learn first-
hand about the assessment of initiatives aimed
at the shareholder base, and contribute to the
continuous improvement of communication and
transparency.
4
Meetings
CORPORATE MEETINGS
At these sessions, senior management of
CaixaBank explain the results directly to
shareholders, together with other relevant
corporate information.
10
2,236
Meetings and events
Attendees
SHAREHOLDER SERVICE (TELEPHONE,
EMAIL AND VIDEO CALL)
1,866
Contacts
In addition, specific courses are conducted, and
financial literacy material is prepared for
shareholders.
See section “Culture and financial health”.
INVESTORS AND ANALYSTS
ROADSHOWS, CONFERENCES AND
OTHER MEETINGS WITH INSTITUTIONAL
INVESTORS
486
1,188
Meetings with national and
foreign institutional equity
and fixed-income investors
Attendees
34
62
Meetings with specific
investors on ESG topics
Attendees
ANALYST COVERAGE
192
Analysts' reports published on CaixaBank, including sector
reports with analysis of CaixaBank