- The significant investment activity in 2024 and the positive performance of the strategic and diversification portfolios, together with the solid operating cash flow, have increased the value of assets, reaching an all-time high.
- Gross asset value (GAV) came to approximately €30,400 million (+14.5%) and Net asset value (NAV) rose to €25,100 million (+13.5%).
- The holding company receives around €1,900 million in dividends from its investees, up 69% on 2023, exceeding expectations.
- In 2024, CriteriaCaixa presented its 2025-2030 Strategic Plan, with the aim of achieving a gross asset value of €40,000 million. In line with this Plan, it made investments totalling €4,000 million this year, with divestments close to €2,200 million.
- The private equity portfolio, boosted by Plan 100 companies, is expected to reach €4,000 million by 2030 and will thus have an impact on the Spanish business and industrial fabric, driving the growth of SMEs.
- The holding company has paid out a total dividend of €430 million to “la Caixa” Foundation.
Barcelona, 28 March 2025.- CriteriaCaixa, the investment holding company that manages “la Caixa” Foundation’s business assets, posted a net profit of €1,061 million in 2024, 30% higher than in 2023.
Today, CriteriaCaixa’s Board of Directors approved the 2024 annual accounts, which reported record dividends and an all-time high in the value of assets. Gross asset value (GAV) amounted to €30,363 million at 31 December 2024, 14.5% up on the previous year, driven by net investments (€1,780 million) and revaluations (€1,051 million). Net asset value increased €25,075 million, up 13.5%, due to the solid operating cash flow.
The strong performance of the dividends received by CriteriaCaixa from its investees came to €1,878 million, up 69% on 2023, surpassing the forecast reported in the first half of 2024.
This is the result of sound financial management and the boost of investments made in the previous year, in which the 2025-2030 Strategic Plan was presented. This new roadmap for the holding company, which was publicly reported in June 2024, aims to generate a positive impact on companies and people, while fulfilling its mission of preserving and increasing “la Caixa” Foundation’s assets and driving the Spanish business and industrial fabric.
Some of the operations relating to the Strategic Plan have already been initiated in 2024, making net investments worth €1,780 million geared towards growth and diversifying portfolios. The investment activity has been significant in 2024, with €3,959 million in investments and €2,179 million in divestments.
The positive performance of the strategic and diversification portfolios, as well as the solid operating cash flow and the considerable rate of investment, have increased the value of assets. In addition, the 2030 Strategic Plan’s measures and its financial strength have generated confidence in the sector, which has been reflected in the upgrade of Moody’s rating and the high subscriptions to bond issues.
CriteriaCaixa’s Chairman, Isidro Fainé, highlighted the considerable increase in dividends, which will provide “la Caixa” Foundation with the largest budget in its history, €655 million, bolstering its social work. “These results reflect Criteria’s financial strength to continue the Group’s industrial trajectory and carry on contributing to social progress,” he said.
CEO Ángel Simón underlined the boost of Criteria’s investment activity in 2024, which has significantly increased the value of assets and set the company on the path towards fulfilling the 2030 Strategic Plan. “We are the main investment group in Spain, generating economic growth and impacting people,” he pointed out.
Portfolio performance
CriteriaCaixa’s strategic portfolio comprises significant stakes in strategic companies in which the holding company pursues active management as a key shareholder. This portfolio currently accounts for 72% of the GAV and mainly consists of CaixaBank (in which CriteriCaixa holds a 31.22% stake), Naturgy (26.71%) and Telefónica (9.99%).
The value of Criteria’s strategic portfolio rose to €21,859 million, following a portfolio revaluation of €1,663 million. The increase is mainly due to the good performance of CaixaBank’s share price, up 40%.
The portfolio includes investments totalling €1,681 million to increase the stake in Telefónica. The monetisation of part of the accretion in the stake in CaixaBank, following the retirement of treasury shares obtained through its buyback programmes, has strengthened Criteria’s solid operating cash flow.
The value of the diversification portfolio amounted to €5,383 million, representing 18% of the GAV, and includes listed equities, non-listed equities, cash and cash equivalents. In 2024, it underwent a major transformation due to significant investments amounting to €1,659 million. These were made to acquire a stake in ACS (9.36%, with an investment of €985 million) and Puig (3.05%, with an investment of €425 million). As a result, the listed equity portfolio has increased by €218 million, where ACS’s good performance stands out.
The diversification portfolio’s divestments amounted to €1,890 million (the divestment of Cellnex stands out, in exchange for €911 million). These operations are part of the new strategy to reduce the number of invested companies from 80 at the end of 2023 to around 40 companies at the end of 2025. The aim is to contribute to its growth and generate value in the long term, within the framework of the 2030 Strategic Plan.
Meanwhile, particularly relevant is the boost of the private equity portfolio, which currently accounts for 3% of the GAV, with a value of €1,035 million. In 2024, new investment commitments were acquired for €520 million, of which €111 million have already been disbursed. It is the beginning of Plan 100 companies, an investment project in a hundred small and medium-sized companies to which CriteriaCaixa will provide capital that will allow them to grow, develop their technology and create jobs. These investments combine direct and indirect investment and the creation of partnerships with leading managers.
With regard to the real estate portfolio, a restructuring of the real estate holdings has been initiated, in line with one of the Strategic Plan’s initiatives, with the aim of combining direct and indirect asset management by investing in specialised companies. The portfolio currently represents 7% of the GAV, with a value of €2,086 million. The acceleration in the divestment of geographical dispersed assets commanding below-market returns has led to sales amounting to €287 million. Meanwhile, the proceeds have been reinvested in assets that generate recurring income with higher returns and upside potential, such as Colonial (with a 17.32% stake, following a monetary and non-monetary capital increase). This operation is part of the investments in the indirectly managed real estate portfolio provided for in the Plan.
Financial strength
CriteriaCaixa manages its assets with a sound financial discipline. Gross debt at 31 December 2024 stood at €5,288 million, while the net debt ratio dropped to 13.2%, improving the level by 1.7 percentage points. The holding company has actively managed its debt in a bid to obtain greater flexibility in financing new investment opportunities, and thus contribute to the stake diversification and growth strategy within the framework of the 2030 Strategic Plan. The Plan has established a target debt ratio of 10% (with a limit of 20%).
The available cash balance amounted to €1,484 million, with a total amount of committed and undrawn credit lines of €1,300 million.
In September 2024, Criteria closed a 5-year bond issue for an amount of €500 million, with a 3.50% coupon and a significant oversubscription. With this issue and a new senior bond issue in February 2025, also for an amount of €500 million and with a significant oversubscription of over six times, a €1,150 million bridge loan that Criteria syndicated in July 2024, within a financing process of €1,650 million in total, has been fully cancelled.
In September 2024, Criteria signed an €80 million loan with the European Investment Bank to finance the construction and launch of the CaixaResearch Institute, “la Caixa” Foundation’s new research centre.
The diversification of financing sources and sustainable growth reflect the market’s confidence in Criteria’s financial strength. The holding company is rated Baa1 with a positive outlook by Moody’s (upgraded in June 2024) and BBB+ with a stable outlook by Fitch.
2030 Strategic Plan
As one of the main investment holding companies in Europe, CriteriaCaixa is driving a business and investment model that contributes to generating a positive impact on people and companies. The 2030 Strategic Plan aims to achieve a gross asset value of €40,000 million.
As a result, Criteria will stimulate the business and industrial fabric to foster economic growth, innovation and internationalisation, as well as generate employment. It also promotes best business practices in the environmental, social and good governance areas of its own activity and that of its investees and in the investment criteria.
Social dividend for “la Caixa” Foundation
CriteriaCaixa has paid out a social dividend of €430 million to its sole shareholder, “la Caixa” Foundation. This represents an 8% increase with respect to the previous year and guarantees its social work. The Foundation has announced a budget of €655 million for 2025. This is the largest budget in its history, and it will be allocated to social programmes, culture, research and grants. Criteria’s Strategic Plan will enable it to provide the Foundation €700 million in dividends by 2030.
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