- CriteriaCaixa’s Board of Directors has appointed the company’s General Manager, José María Méndez, as Chief Executive Officer.
- In addition, the Board of Trustees of the “la Caixa” Foundation has approved the appointment of Nuria Chinchilla Albiol, Julia Salaverría Monfort and Xavier Brossa Galofré as new independent directors of CriteriaCaixa.
- Following these appointments, Criteria’s Board has now achieved parity, as 40% of the directors are female, thus meeting the standards of the Code of Good Governance.
- CriteriaCaixa’s Board has approved the company’s 2025 financial statements. Recurring profit came to 1,616 million euros, up 7% from year-end 2024.
- The year was marked by strong cash generation, boosted by the 1,883 million euros dividends received from its investee companies.
- In 2025, CriteriaCaixa updated its Strategic Plan to ensure alignment with the principles set out in the ”la Caixa” Foundation 2025–2030 Strategic Plan.
- In 2025, CriteriaCaixa distributed a social dividend of 570 million euros to the “la Caixa” Foundation.
Barcelona, 24 March 2026.- The Board of Directors of CriteriaCaixa, the holding company that manages the business assets of the “la Caixa” Foundation, has appointed the company’s Chief Executive Officer, José María Méndez, as an executive director.
In addition, the Board of Trustees of the ”la Caixa” Foundation, the sole shareholder of CriteriaCaixa, has approved the appointment of Nuria Chinchilla Albiol, Julia Salaverría Monfort and Xavier Brossa Galofré as new independent directors of CriteriaCaixa, replacing José Antonio Asiáin Ayala, Marcos Contreras Manrique and Jean Louis Chaussade, who have reached the 12-year limit in the role and therefore no longer qualify as independent directors.
Following these appointments, women now represent 40% of CriteriaCaixa’s 15-member Board, aligning with the Good Governance Code recommendations for listed companies, notwithstanding its unlisted status.
In line with the implementation of the Code of Good Governance, the Board Committees have also been reconstituted: Executive Committee, Appointments and Remuneration Committee, Audit and Control Committee and Sustainability Committee. The Appointments and Remuneration, Audit and Control and Sustainability Committees will be chaired by independent directors.
Likewise, gender parity or most female directors has been attained in the Appointments and Remuneration Committee, in the Audit and Control Committee and in the Sustainability Committee.
The Chairman of the “la Caixa” Foundation and CriteriaCaixa, Isidro Fainé, welcomed the appointment of José María Méndez as Chief Executive of CriteriaCaixa, noting that it will “continue promoting our holding company in the European investment ecosystem”. He also thanked José Antonio Asiáin, Marcos Contreras and Jean Louis Chaussade for “their significant contribution to the Board over the years” and welcomed the new directors – IESE professor Nuria Chinchilla, venture capital expert Julia Salaverría and auditor Xavier Brossa – who will join the Board of Directors of the investment holding company of the ”la Caixa” Foundation.
Commenting on CriteriaCaixa’s results Isidro Fainé highlighted that “thanks to the rigour, professionalism and independence with which Criteria manages the Foundation’s assets, we can continue to strengthen the Foundation’s social programmes, to which we will allocate a record budget of 710 million euros in 2026”.
José María Méndez, Chief Executive Officer of CriteriaCaixa, thanked Mr Fainé and the Board for their trust, and reaffirmed “his commitment, together with the entire Criteria team, to long-term value creation, ensuring the continued delivery of the social dividend that underpins the Foundation’s transformative work.”. He added: “The 2025 results provide clear evidence of our commitment to the updated 2030 Strategic Plan” and has expressed his appreciation for “the exceptional Criteria team, whose efforts have made these results possible”
2025 results
CriteriaCaixa’s Board of Directors has approved the results for the 2025 financial year. Recurring profit reached 1,616 million euros, representing a 7% increase compared with 2024.
Net profit came to 2,325 million euros, up 120% year-on-year due to extraordinary items, including the takeover bid of Naturgy (306 million euros), the sale of SABA and subsequent integration in Interparking (270 million euros) and the divestments in listed equities (559 million euros).
Disposals of listed equities were executed in line with the updated 2030 Strategic Plan, aligning the portfolio with the company’s long-term investment strategy while ensuring the liquidity portfolio represents at least 10% of total assets. This portfolio is intended to provide liquidity while delivering market-aligned returns.
Strong cash generation and portfolio revaluation
The 2025 financial year was characterised by strong operating cash generation, driven by the dividends received from investee companies (1,883 million euros), as well as proceeds from the monetisation of CaixaBank’s share buyback programmes (296 million) and Naturgy’s partial tender offer (705 million).
Dividend income was primarily derived from CaixaBank (1,006 million), Naturgy (434 million), Telefónica (170 million), ACS (51 million), The Bank of East Asia (46 million), Colonial (33 million) and Grupo Financiero Inbursa (27 million), with a further 116 million contributed by the remainder of the portfolio.
This strong cash generation, together with a positive revaluation of the portfolio (+12,313 million euros), driven mainly by the revaluation of the stakes in CaixaBank (+99.5%) and ACS (+75.2%), drove the Net Asset Value (NAV) to 39,611 million euros (+58%).
Gross Asset Value reached 44,799 million (+47.5%) compared to the 30,363 million recorded at the end of 2024, reflecting both the revaluation of the core CaixaBank stake and new investments made during the period.
During the year, the most significant investment was the 1,077-million-euro acquisition of a stake in Veolia, resulting in a 5.10% shareholding. CriteriaCaixa also acquired a 2.02% stake in Naturgy in December 2025, which was further increased by an additional 2.5% in March 2026, bringing total investment to 1,097 million euros, following the accelerated bookbuild by GIP BlackRock.
Greater financial flexibility
CriteriaCaixa’s gross debt stood at 5,188 million euros as of 31 December 2025, with the net debt ratio reduced to 7.3% (compared with 5,288 million euros and 12.9%, respectively, at year-end 2024).
The average cost of debt decreased to 3.1% (from 3.9% in 2024), while the average maturity extended to four years (from three years), reflecting proactive balance sheet management aimed at enhancing financial flexibility.
At year-end 2025 the value of the Liquidity Portfolio totalled 5,423 million euros: comprising 2,090 million in cash and cash equivalents and 3,333 million euros in fixed income instruments as well as listed equity positions.
Moody’s upgraded CriteriaCaixa’s credit rating to A3 (stable), reflecting the strength of its financial metrics and improved portfolio transparency in the context of the updated 2030 Strategic Plan. Fitch maintained its BBB+ (stable) rating.
Focus on recurring, responsible and sustainable returns
In November, CriteriaCaixa updated its Strategic Plan 2030 to align it with the principles set out in the Strategic Plan 2025-2030 of the “la Caixa” Foundation, published in June. The Foundation’s Plan is built around two core pillars: focusing on social programmes, research and scholarships, and culture; and reaching an annual social investment budget of 800 million euros by 2030.
In line with these objectives, CriteriaCaixa expects to contribute more than 4,000 million euros to the “la Caixa” Foundation between 2025 and 2030 to support its social programmes. After meeting this commitment, CriteriaCaixa expects its investment capacity could reach 8,000 million euros, supported by portfolio performance and cash generation.
To preserve and grow the Foundation’s assets, Criteria will prioritise investments that deliver recurring, sustainable and responsible returns, while promoting long-term value creation across its portfolio companies.
APPENDIX 1 – Composition of the Board of Directors of CriteriaCaixa
Chairman: Mr Isidro Fainé Casas (Proprietary)
First Deputy Chairman: Mr Francisco Reynés Massanet (Proprietary)
Second Deputy Chairman: Mr Javier Godó Muntañola (Proprietary)
Chief Executive Officer: Mr José María Méndez Álvarez-Cedrón (Executive)
Members:
Mr Enrique Alcántara-García Irazoqui (Independent)
Mr Xavier Brossa Galofré (Independent)
Ms Nuria Chinchilla Albiol (Independent)
Ms Isabel Estapé Tous (Proprietary)
Ms Mª Isabel Gabarró Miquel (Proprietary)
Mr Eugenio Gay Montalvo (Proprietary)
Mr Francesc Homs Ferret (Proprietary)
Mr Juan Manuel Negro Balbás (Independent)
Ms Mª Asunción Ortega Enciso (Proprietary)
Ms Julia Salaverría Monfort (Independent)
Ms Montserrat Trapé Viladomat (Independent)
Secretary (non-Director): Mr Josep Maria Coronas Guinart
Deputy Secretary (non-director): Mr Adolfo Feijóo Rey
APPENDIX 2 – Composition of Committees of the Board of Directors
Executive Committee
- Mr Isidro Fainé Casas (Chairman)
- Mr Enrique Alcántara-García Irazoqui
- Mr José María Méndez Álvarez-Cedrón
- Mr Francisco Reynés Massanet
- Ms Montserrat Trapé Viladomat
Appointments and Remuneration Committee
- Mr Enrique Alcántara-García Irazoqui (Chairman)
- Mr Xavier Brossa Galofré
- Ms Isabel Estapé Tous
- Ms Julia Salaverría Monfort
Audit and Control Committee
- Mr Juan Manuel Negro Balbás (Chairman)
- Mr Xavier Brossa Galofré
- Ms Maria Asunción Ortega Enciso
- Ms Montserrat Trapé Viladomat
Sustainability Committee
- Ms Montserrat Trapé Viladomat (Chair)
- Ms Nuria Chinchilla Albiol
- Mr Francesc Homs Ferret
- Mr Juan Manuel Negro Balbás
- Ms Asunción Ortega Enciso
APPENDIX 3 – Curriculum Vitae of new CriteriaCaixa Directors
José María Méndez Álvarez-Cedrón
José María Méndez holds a degree in Law and Political Science and Administration and is a civil servant on leave of absence from the Cuerpo Superior de Administradores Civiles del Estado. He was general manager of the Spanish Confederation of Savings Banks and CEO of Cecabank until April 2025. Previously, he held positions in the Directorate General of the Treasury and Financial Policy of the Ministry of Economy and Finance (1993-2003). He has been a member of the Funcas Board of Trustees since 2011. He is also currently a proprietary director of CaixaBank, representing the “la Caixa” Banking Foundation.
Nuria Chinchilla Albiol
Nuria Chinchilla has a degree in Law, a PhD in Economics and Business Studies, a PhD in Philosophy and an MBA (from IESE). She is Professor of People Management at IESE and holder of the Carmina Roca and Rafael-Pich-Aguilera Chair in Women and Leadership, as well as Founder and Director of IESE Women in Leadership. She founded and chairs NCH & Partners and is a member of the World Economic Forum’s network of experts, as well as a member of the Royal Academy of Economic and Financial Sciences (RACEF). She has extensive experience as a consultant and advisor to governments, institutions and foundations at both the national and international levels.
Julia Salaverría Monfort
Julia Salaverría holds a degree in Economics and an MBA (from the University of Deusto). She is currently Managing Director and Secretary of the Board of Directors of the venture capital firm YSIOS CAPITAL PARTNERS, of which she is co-founder and managing partner, as well as a member of its investment committee. Previously, she held the position of fund manager at the private equity firm Talde Gestión SGECR and was Chief Economist in the research department and coordinator of the international economic analysis group at the Bank of Spain. She is an independent director, Chair of the Committee of the Appointments Committee and member of Cecabank’s Audit and Remuneration Committees.
Xavier Brossa Galofré
Xavier Brossa holds a degree in Economics and Business Administration. Chartered Accountant and member of the Official Register of Statutory Auditors. He was a partner, auditor and director of PwC until 2018. He subsequently joined the Advisory Board of Sorigué and has been a member of the Board and Chairman of the Committee of the Audit Committee of Abertis, a partner and trustee of SEBAP, as well as a member of the Advisory Board of Idilia Foods, an independent director of SABA and a trustee of the “la Caixa” Foundation. He currently chairs the Spanish Association of Executives, is a member of the Euroleague and a trustee of the Món Clínic Foundation at the Hospital Clínic in Barcelona.
