Reported Earnings • May 05
First quarter 2026 earnings released: EPS: €0.23 (vs €0.21 in 1Q 2025) First quarter 2026 results: EPS: €0.23 (up from €0.21 in 1Q 2025). Revenue: €3.93b (up 2.7% from 1Q 2025). Net income: €1.57b (up 6.9% from 1Q 2025). Profit margin: 40% (up from 38% in 1Q 2025). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 31
Upcoming dividend of €0.27 per share Eligible shareholders must have bought the stock before 07 April 2026. Payment date: 09 April 2026. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Within top quartile of Italian dividend payers (4.8%). Lower than average of industry peers (6.8%). Aankondiging • Feb 20
CaixaBank, S.A., Annual General Meeting, Mar 26, 2026 CaixaBank, S.A., Annual General Meeting, Mar 26, 2026. Location: palacio de congresos de valencia, avenida de las cortes valencianas 60., valencia Spain Buy Or Sell Opportunity • Feb 12
Now 21% undervalued Over the last 90 days, the stock has risen 13% to €10.51. The fair value is estimated to be €13.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings are also forecast to grow by 7.7% per annum over the same time period. Reported Earnings • Feb 01
Full year 2025 earnings released: EPS: €0.83 (vs €0.76 in FY 2024) Full year 2025 results: EPS: €0.83 (up from €0.76 in FY 2024). Revenue: €15.3b (up 3.3% from FY 2024). Net income: €5.89b (up 6.7% from FY 2024). Profit margin: 39% (up from 37% in FY 2024). The increase in margin was driven by higher revenue. Cost-to-income ratio: 39.4% (up from 38.5% in FY 2024). Non-performing loans: 2.04% (down from 2.68% in FY 2024). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Dec 24
CaixaBank, S.A. to Report Q4, 2025 Results on Jan 30, 2026 CaixaBank, S.A. announced that they will report Q4, 2025 results on Jan 30, 2026 Reported Earnings • Nov 02
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €3.80b (down 12% from 3Q 2024). Net income: €1.45b (down 8.1% from 3Q 2024). Profit margin: 38% (up from 36% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Italy. Aankondiging • Sep 16
CaixaBank, S.A. to Report Q3, 2025 Results on Oct 31, 2025 CaixaBank, S.A. announced that they will report Q3, 2025 results at 9:00 AM, Central European Standard Time on Oct 31, 2025 Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: €0.21 (vs €0.23 in 2Q 2024) Second quarter 2025 results: EPS: €0.21 (down from €0.23 in 2Q 2024). Revenue: €3.83b (up 31% from 2Q 2024). Net income: €1.48b (down 11% from 2Q 2024). Profit margin: 39% (down from 57% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Aankondiging • Jun 10
Portuguese Bank Novo Banco Reportedly Attracts Multiple Bids Novo Banco, S.A., the Portuguese bank lead by former AIB chief financial officer Mark Bourke, has attracted two bids from French banking group BPCE S.A. and CaixaBank, S.A. (BME:CABK) of Spain, according to people familiar with the matter. Lone Star, the US private equity giant which owns Novo Banco, could sell the lender outright but is also evaluating whether to offload shares through an initial public offering, said the people, who asked not to be identified as the discussions are private. A preliminary decision on a winning bidder or the IPO route could be made as early as this week, the people said. Representatives for BPCE, CaixaBank and Lone Star declined to comment. US private equity firm Lone Star owns a 75% stake in Novo Banco, while Portugal's government holds 25% through entities including the country's Resolution Fund. An acquisition of Novo Banco by BPCE, whose units include Banque Populaire and Natixis, or CaixaBank would be an important mark for cross-border banking deals in Europe. Governments in the region have recently hampered potential deals Spain has been opposing the planned takeover of Banco Sabadell by BBVA, Italy is seeking to obstruct the purchase of Banco BPM by UniCredit, and Germany has said it s against a potential acquisition of Commerzbank by UniCredit. Portuguese finance minister Joaquim Miranda Sarmento said in May that Spanish banks shouldn't further increase their presence in the country. Spanish lenders now already represent about a third of Portugal's banking market, he said in a television interview. I think that value shouldn't increase, due to a matter of concentration and of dependency, he said. The Portuguese bank has repeatedly said it s preparing for an IPO. If Lone Star picks that option, Novo Banco may be Portugal s first major flotation in four years and the biggest since the listing of EDP Renovaveis in 2008. Finance minister Sarmento said in January that Lone Star planned to sell a stake of about 25% to 30% of Novo Banco in a flotation. Novo Banco's flotation could raise EUR 1 billion or more depending on investor demand. The lender picked Bank of America, Deutsche Bank and JPMorgan Chase as global coordinators for the first-time share sale. Lone Star also lined up Deutsche Bank to guide discussions with potential buyers of Novo Banco. Buy Or Sell Opportunity • Jun 04
Now 21% undervalued Over the last 90 days, the stock has risen 4.2% to €7.39. The fair value is estimated to be €9.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to decline by 7.1% in the next 2 years. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: €0.21 (vs €0.14 in 1Q 2024) First quarter 2025 results: EPS: €0.21 (up from €0.14 in 1Q 2024). Revenue: €3.83b (up 2.4% from 1Q 2024). Net income: €1.47b (up 46% from 1Q 2024). Profit margin: 38% (up from 27% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. New Risk • Apr 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.02% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.02% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Apr 15
Upcoming dividend of €0.23 per share Eligible shareholders must have bought the stock before 22 April 2025. Payment date: 24 April 2025. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 8.6%. Within top quartile of Italian dividend payers (6.1%). In line with average of industry peers (8.0%). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €5.98, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Banks industry in Italy. Total returns to shareholders of 124% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.91 per share. Buy Or Sell Opportunity • Mar 31
Now 20% undervalued Over the last 90 days, the stock has risen 38% to €7.20. The fair value is estimated to be €9.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings are forecast to decline by 0.06% per annum over the same time period. Aankondiging • Oct 17
Interparking SA agreed to acquire 81.5% stake in Saba Aparcamientos S.A. Interparking SA agreed to acquire 81.5% stake in Saba Aparcamientos S.A on October 16, 2024. The agreement reached provides that Criteria Caixa has the right to propose the appointment of two members of the board of directors of Interparking. Criteria, with 18% of the capital, will no longer be the group's main shareholder, but the two main investors will remain the current ones: AG Insurance (through its subsidiary AG Real Estate) and APG. The process has been delayed on several occasions for various reasons. It started in June 2022 when Criteria, which holds 99.5% of the shares, began talks to find a buyer. Post completion of the acquisition, the newly formed Interparking Group will be headquartered in Brussels and operate across 16 countries, AG will maintain majority control of it. Saba closed the 2023 financial year with a turnover of €308 million, 13% more than the previous year, and an EBITDA of €144 million. The closing of this transaction is subject to the usual conditions, including the approval of the European competition authorities among other customary conditions. BNP Paribas España S.A., Jefferies LLC act as financial advisor Linklaters LLP (France) and Freshfields Bruckhaus Deringer LLP act as legal advisor for Interparking SA . Uría Menéndez Abogados, S.L.P. act as legal advisor and Bank of America (Espana) SA act as financial advisor for CaixaBank, S.A. 
