CaixaBank (CABK) AGM 2025 summary

Opening remarks and agenda

• The meeting was held in Valencia with both in-person and remote participation, enabling shareholders to exercise their rights and vote remotely in real time.

• The event was audited as a sustainable event, aligning with sustainable development goals, and convened to approve 2024 accounts and other agenda items.

• Attendance reached a record high, nearly triple the previous year, with over 17,000 shareholders present or represented, accounting for over 82% of capital.

• New chairman Tomás Muniesa Arantegui opened the meeting, expressing gratitude to shareholders and acknowledging the contributions of the former chairman and outgoing directors.

• Outlined the agenda: review of 2024 financials, closure of the 2022-24 Strategic Plan, and introduction of the 2025-27 Strategic Plan.

Financial performance review

• Net profit for 2024 reached EUR 5,787 million, a 20.2% increase over 2023, driven by strong risk management and customer focus.

• Share price rose 40.5% over the year, outperforming the IBEX 35 index, and total shareholder return over the plan period exceeded 170%.

• Customer funds grew 8.7% to €685 billion, with wealth management up 11.7% and deposits up 6.4%.

• Credit portfolio grew 2.2%, with notable increases in company and consumer lending, and insurance market share reached 26.9%.

• NPL ratio dropped to a historic low of 2.6%, and capital position remained strong with a CET1 ratio of 12.2%.

Board and executive committee updates

• Tomás Muñoz assumed the presidency on January 1, 2025, following the resignation of José Ignacio Goirigolzarri.

• Amparo Moraleda Martínez appointed Vice President; three board members proposed for re-election and five new members nominated.

• Board composition maintains 60% independent directors and 40% female representation.

• New board composition proposed, aiming for the highest standards in corporate governance.

• Outgoing directors recognized for their role in the successful Bankia integration.