- First half has been characterised by strong cash generation, driven by €1.17 billion dividends received from investee companies (+9.3%).
- CriteriaCaixa invested over €2 billion in the first half, mainly to increase stakes in Naturgy and ACS, as well as new alternative investments.
- As of June, CriteriaCaixa distributed a €300 million dividend to its sole shareholder, ”la Caixa” Foundation, which disposes a €710 million record budget for 2026 to fund social programmes, research, scholarships and cultural initiatives.
Barcelona, 30 July 2026 – CriteriaCaixa, the holding company that manages the business assets of ”la Caixa” Banking Foundation, reported a recurring profit of €1.14 billion in the first six months of 2026, versus €926 million in the same period of 2025 (+23%).
Net profit reached €1.24 billion (-8%), mainly as a result of the absence of one-off items, such as income derived from Naturgy’s self-tender offer, compared to the first six months of 2025.
The first half of 2026 was characterised by a solid generation of operating cash driven by the dividends that CriteriaCaixa received from investee companies (€1.17 billion), as well as the monetisation of the accretion in its stake in CaixaBank resulting from the bank’s share buyback programmes (€365 million).
The most significant dividends received by CriteriaCaixa in the period came from CaixaBank (€723 million), Naturgy (€157 million), Telefónica (€85 million), ACS (€67 million) and Veolia (€60 million), additional to €82 million coming from the remaining companies in the portfolio.
Value creation
In addition to the strong cash generation, this half-year CriteriaCaixa also benefited from the value increase of its portfolio companies, now standing at €5.87 billion. Of particular note is the value increase of the founding stake in CaixaBank, which rose by 18.6%. Key investments in the portfolio also include ACS (+51.7%) and Naturgy (+5.9%), which have seen significant value creation. The positive trend in share price enhanced CriteriaCaixa’s net asset value (NAV) to €46.64 billion (+17.7%). Gross Asset Value (GAV) increased by 15.6% to €51.80 billion, up from €44.79 billion at the end of 2025.
Investments
In the first half of 2026, CriteriaCaixa’s investments totalled €2 billion. The most significant were the acquisition of an additional 2.5% stake in Naturgy for €612 million, increasing the holding’s stake up to 28.5%, and the purchase of an additional 1.3% stake in ACS for €510 million, increasing the stake up to 10.6%.
Regarding the alternative investment portfolio, CriteriaCaixa, through InmoCaixa, invested €427 million in real estate assets, such as the Estel building in Barcelona. Also noteworthy was an allocation of €346 million in third-party funds that invest in non-listed growth companies, via Criteria’s new management company, Criteria PE Management.
Financial strength
As of 30 June 2026, CriteriaCaixa’s gross debt has been reduced to €5.16 billion (32% in senior bonds and 68% in bank debt). The net debt ratio stood at 6.5% (€5.18 billion), compared to 7.3% at the end of 2025. The average debt cost fell to 3%, with an average maturity period of 3.5 years. This was the result of proactive debt management, which gave the company greater financial flexibility.
By the end of the first half of the year, the value of the liquidity portfolio stood at €4.93 billion: €1.93 billion in cash and cash equivalents, and another €3 billion in fixed income instruments as well as listed equity positions.
In June, Fitch upgraded CriteriaCaixa’s credit rating to A- (stable outlook), following Moody’s upgrade in December 2025, which raised the company’s rating to A3 (stable outlook). Both upgrades recognise the company’s long-term vision, the soundness of its financial figures and the strengthening of the business profile, underpinned by a more transparent portfolio with greater credit quality.
APPENDIX I – Profit & loss statement for first half 2026
APPENDIX II – Group structure as at 30 June 2026
