1) Strategy & Leadership - CaixaBank reported a strong performance in 2025, marking it as the best year since the financial crisis, with balanced growth across customer funds and lending. - The bank's CEO, Gonzalo Gortázar, emphasized the importance of maintaining a conservative approach while gaining market share, particularly in the mortgage and consumer lending sectors. - The bank aims for a return on tangible equity (RoTE) of 20% by 2027, up from the previous target of above 16%, reflecting improved operational efficiency and market conditions.

2) Financial & Segment Results - Net income for 2025 reached EUR 5.9 billion, a 1.8% increase YoY, with net interest income (NII) showing a recovery with a 1.5% growth in Q4. - Customer funds and lending volumes grew approximately 7%, exceeding initial expectations, with specific segments showing strong performance: - Residential mortgages: 6.5% growth - Consumer lending: 12.4% growth - Business loans: 7.6% growth - Revenue from services increased by 5.4%, driven by strong contributions from wealth management and protection insurance.

3) Operational Plans & Investments - CaixaBank is investing significantly in digital transformation, with a total investment of EUR 5 billion planned over 2025-2027, focusing on enhancing customer experience and operational efficiency. - The bank is also adopting AI across its operations, aiming for productivity improvements, particularly in client interactions and back-office functions. - The new app has been well-received, being rated #1 in Spain, and is part of the bank's strategy to enhance customer engagement.

4) Guidance & Outlook - For 2026, CaixaBank expects NII to exceed EUR 11 billion, with a continued focus on mid-single-digit growth in revenue from services and controlled cost growth around 4.5%. - The bank anticipates maintaining a cost of risk below 25 basis points, with a target for nonperforming loans (NPL) to be below 1.75% by 2027. - The macroeconomic outlook remains positive, with GDP growth in Spain projected at 2.9% for 2025, supporting the bank's growth targets.

5) Problems / Headwinds - While the bank is optimistic about its growth trajectory, it remains cautious about external economic factors that could impact asset quality and overall performance. - The competitive landscape in the mortgage market is intense, with some peers facing challenges, but CaixaBank's strong market position and cross-selling capabilities provide a buffer against these pressures.

Bottom line: CaixaBank's robust performance in 2025, driven by strong growth in lending and customer funds, positions it well for continued success. With a clear strategy focused on digital transformation and operational efficiency, the bank is set to achieve its ambitious targets for 2027, making it an attractive prospect for shareholders.