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Financial Statements /25

Translation of financial statements originally issued and prepared in Spanish. This English version is a translation of the original in Spanish for information purposes only. In the event of a discrepancy, the original Spanish-language version prevails.

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CaixaBank Financial Statements

/A		/C
Audit report	P. 3

/B Financial statements Balance sheets P. 14 Statements of profit or loss P. 17 Statements of changes in equity Statements of other comprehensive income P. 18 Statements of total changes in equity P. 19

Statements of cash flows P. 20

Report	P. 21
/D Proposed appropriation of CaixaBank profit	P. 179
/E Management Report	P. 182

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Audit report

on the financial statements

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This version of our report is a free translation of the original, which was prepared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.

Independent auditor's report on the annual accounts

To the shareholders of CaixaBank, S.A.

Report on the annual accounts

Opinion

We have audited the annual accounts of CaixaBank, S.A. (the Company), which comprise the balance sheet as at 31 December 2025, and the income statement, and the statement of profit or loss, statement of changes in equity, cash flow statement and related notes for the year then ended.

In our opinion, the accompanying annual accounts present fairly, in all material respects, the equity and financial position of the Company as at 31 December 2025, as well as its financial performance and cash flows for the year then ended, in accordance with the applicable financial reporting framework (as identified in note 1 of the notes to the annual accounts), and in particular, with the accounting principles and criteria included therein.

Basis for opinion

We conducted our audit in accordance with legislation governing the audit practice in Spain. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the annual accounts section of our report.

We are independent of the Company in accordance with the ethical requirements, including those relating to independence, that are relevant to our audit of the annual accounts in Spain, in accordance with legislation governing the audit practice. In this regard, we have not rendered services other than those relating to the audit of the accounts, and situations or circumstances have not arisen that, in accordance with the provisions of the aforementioned legislation, have affected our necessary independence such that it has been compromised.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts of the current period. These matters were addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

PricewaterhouseCoopers Auditores, S.L. P^o de la Alameda, 35 Bis, 46023 Valencia, España Tel.: +34 963 036 900 / +34 902 021 111

R. M. Madrid, hoja M-63.988, folio 75, tomo 9.267, libro 8.054, sección 3, Inscrita en el R.O.A.C. con el número S0242 - NIF: B-79031290

www.pwc.es

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Key audit matters

How our audit addressed the key audit matters

Estimation of the impairment due to credit risk of "Financial assets at amortised cost – Loans and advances (Customers)" – and "Foreclosed real estate assets"

The estimation of the impairment due to credit risk of the "Financial assets at amortized cost – Loans and advances (Customers)" and "Foreclosed real estate assets" is based on internal calculation models of expected loss that entail a high complexity. This estimate is one of the most significant and complex in the preparation of the accompanying annual accounts and requires a high component of judgment on the part of management, which is why it has been considered as a key audit matter

The internal models incorporate a high predictive component for the determination of impairment losses, for which the management has taken into account the following as main factors:

The segmentation of operations into different loan portfolios according to their risk profile and type of asset.
The criteria for identifying and classifying by phases ("staging") the assets in normal situation, under special surveillance or impaired.
The construction of parameters for internal models such as probability of default (PD) and loss given default (LGD).
The use of macroeconomic scenarios considered with their probability of occurrence.
The adjustments to the internal expected loss calculation internal models affecting the "Financial assets at amortized cost – Loans and advances (Customers)" (Post Model Adjustment - PMA).

We have obtained, with the collaboration of our internal credit risk experts, an understanding of the process of estimating the impairment due to credit risk of the "Financial assets at amortized cost – Loans and advances (Customers)", carried out by management, both on the estimates evaluated on a collective and individual basis, and on the estimation of the impairment of the "Foreclosed real estate assets", carrying out tests on the adequacy of the controls in the different phases of the process, highlighting the following:

Verification of the general IT controls of the relevant systems with an impact on the financial information of the area, as well as the main aspects related to the security environment of the information systems that include the calculation of impairment value adjustments.
Evaluation of the adequacy of the approved policies, procedures and internal models to the regulatory requirements of application.
Verification of manual and automatic controls on the evaluation of operations and follow-up alerts to determine their correct accounting classification.
Analysis of the calculation methodologies, both for the calculation of collectively determined provisions and for borrowers for which an individualised impairment calculation methodology is used.

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The main assumptions used in the determination of the expected loss and recoverable value in the "Financial assets at amortized cost – Loans and advances (Customers)" whose impairment is estimated individually.
The realisable value of the real estate collateral associated with the "Financial assets at amortized cost – Loans and advances (Customers)", based on the information and/or the appraisal value provided by different appraisal companies or through the use of statistical methodologies in those cases of reduced exposure and risk.

The estimation of the impairment of the "Foreclosed real estate assets" and which, through dation in payment, purchase, or through judicial proceedings are awarded by the Company, is also made based on internal calculation models and following the same criteria as those used for the real estate collateral associated with the "Financial assets at amortized cost – Loans and advances (Customers)".

See notes 2, 3.4.1, 10.3, 16, 32.2 and 32.3 of the accompanying annual accounts.

In addition, we have carried out tests of detail consisting of:

Analysis of the methodology and review of the main internal expected loss calculation models with respect to: i) segmentation methods; (ii) criteria for classifying credit assets by stages ("staging"); iii) methodology for constructing the expected loss parameters (probability of default, severity of loss and realisable value of both guarantees and foreclosed real estate assets); (iv) criteria for a significant increase in risk; (v) data used and main estimates used, especially those relating to macroeconomic scenarios and their assumptions; and (vi) recalibrations and backtesting of internal calculation models.
Analysis of the functioning of the "calculation engine" of the internal calculation models, reexecution of the calculation of the estimates of impairment due to credit risk for certain loan portfolios and comparison of the results with those obtained by the Company's management.
Verification of the reasonableness of the assumptions used and the calculations made in the estimation of the adjustments to the internal calculation models (Post Model Adjustment - PMA).
Obtaining a sample of files evaluated on an individual basis to verify their appropriate classification, the application of the credit risk loss estimation methodology and the recognition, if appropriate, of the impairment.
Analysis of the methodology used to estimate the costs of sale, sale period and reduction in value of the guarantee for the estimation of the impairment of real estate assets from credit regularizations.

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Verification of the proper functioning of the "calculation engine" of the internal calculation models for estimating the impairment of real estate assets from credit adjustments, reexecution of the calculation of said impairment estimate and comparison of the results with those obtained by the Company.
Checking a sample of appraisals to assess whether they comply with current regulations, their reasonableness and their degree of upto-dateness.
Selective tests to assess the quality of the data, by verifying with supporting documentation the information contained in the systems and which serves as the basis for the classification of operations and for the estimation of impairment value adjustments.

As a result of our tests, no differences have been identified, above a reasonable range, in relation to the amounts recognized in the accompanying annual accounts.

Recoverability of deferred tax assets

The Company's policy is to recognize deferred tax assets, other than monetizable ones, only when it is considered likely that sufficient tax gains will be obtained in the future to allow their recoverability.

In this process, there are specific and complex considerations that management takes into account to assess both the recognition and the subsequent recoverability of the deferred tax assets recorded, based on financial projections and business plans of the Tax Group to which the Company belongs supported by defined assumptions that are projected over a time horizon, considering the tax regulations existing at all times.

In addition, management submits the deferred tax asset recoverability model to the review of an independent tax expert and to periodic review exercises (back test) to assess its predictability.

With the collaboration of our tax experts, we have gained an understanding of the estimation process carried out by management and of the controls designed and implemented both in the preparation of the financial projections of the Tax Group to which the Company belongs for the estimation of the recoverability of deferred tax assets and in the calculation of deductible temporary differences, in accordance with applicable tax and accounting standards.

In relation to the control environment, the reports that the Risk Management Function carries out on a biannual basis on the judgments and estimates applied in the model of recoverability of deferred tax assets have been reviewed.

In addition, we have carried out the following tests of detail:

Analysis of the tax strategy employed by management in relation to the determination of the recoverability of deferred tax assets.

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In accordance with the foregoing, the assessment of the recoverability of deferred tax assets is a complex exercise that requires a high degree of judgment and estimation and, therefore, we consider this estimate made by the Company's management as a key audit matter.

See notes 2 and 20 of the accompanying annual • accounts.

Obtaining and verifying the budget for the 2026 financial year and the business plan prepared and approved by the management and the board of directors of the Company, which have been used to estimate the recovery plan for deferred tax assets.
Analysis of the coherence of the information used for the preparation of the budget and business plan and economic and financial assumptions considered, as well as the degree of compliance with the actual results obtained compared to those projected in the recoverability analysis provided by the Group, corresponding to the previous year.

As a result of our tests, no differences have been identified, above a reasonable range, in relation to the amounts recognized in the accompanying annual accounts.

Risks associated with information technologies

The operation and continuity of the Company's business and, in particular, the process of preparing financial and accounting information, are highly dependent on the information systems that make up its technological structure and ensure the correct processing of information.

In addition, as information systems become more complex, the risks associated with these technologies and, therefore, on the information that process increase. In this regard, the effectiveness of the general internal control framework of information systems is a fundamental aspect to support the Company's operations, as well as the accounting registration and closing process.

In this context, the knowledge, evaluation and validation of general controls related to financial information systems constitute a key area of our work, which is why it has been considered a key audit matter.

With the collaboration of our specialists in information technology systems, we have evaluated and tested the control environment associated with the information systems that support the Company's operations and, in particular, the accounting closing process.

In this context, both internal control procedures and substantive tests have been implemented to assess the following aspects:

The organization and governance of the information systems area,
ii. Change management, application development and maintenance, and
Access control, physical and logical security over the applications, operating systems and databases that support the relevant financial information.

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In particular, with respect to the accounting recording and closing process, we have carried out the following additional procedures:

Understanding and analysis of the process of generating accounting entries and financial information.
Extraction, verification of completeness and filtering of the entries entered in the accounts, as well as the analysis of the reasonableness of certain entries identified as non-standard, manual and automatic, with potential risk.

As a result of the work carried out, no relevant aspects have been identified that could significantly affect the financial information included in the accompanying annual accounts.

Other information: Management report

Other information comprises only the management report for the 2025 financial year, the formulation of which is the responsibility of the Company's directors and does not form an integral part of the annual accounts.

Our audit opinion on the annual accounts does not cover the management report. Our responsibility regarding the management report, in accordance with legislation governing the audit practice, is to:

a) Verify only that the statement of non-financial information, certain information included in the Annual Corporate Governance Report and the Annual Report on Directors' Remuneration, as referred to in the Auditing Act, have been provided in the manner required by applicable legislation and, if not, we are obliged to disclose that fact.
b) Evaluate and report on the consistency between the rest of the information included in the management report and the annual accounts as a result of our knowledge of the Company obtained during the audit of the aforementioned financial statements, as well as to evaluate and report on whether the content and presentation of this part of the management report is in accordance with applicable regulations. If, based on the work we have performed, we conclude that material misstatements exist, we are required to report that fact.

On the basis of the work performed, as described above, we have verified that the information mentioned in section a) above has been provided in the manner required by applicable legislation and that the rest of the information contained in the management report is consistent with that contained in the annual accounts for the 2025 financial year, and its content and presentation are in accordance with applicable regulations.

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Responsibility of the directors and the Audit and Control Committee for the annual accounts

The directors are responsible for the preparation of the accompanying annual accounts, such that they fairly present the equity, financial position and financial performance of the Company, in accordance with the financial reporting framework applicable to the entity in Spain, and for such internal control as the aforementioned directors determine is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

The Audit and Control Committee is responsible for overseeing the process of preparation and presentation of the annual accounts.

Auditor's responsibilities for the audit of the annual accounts

Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with legislation governing the audit practice in Spain will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.

As part of an audit in accordance with legislation governing the audit practice in Spain, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

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Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the annual accounts, including the
disclosures, and whether the annual accounts represent the underlying transactions and events in
a manner that achieves fair presentation.

We communicate with the entity's Audit and Control Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the entity's Audit and Control Committee with a statement that we have complied with ethical requirements relating to independence and we communicate with the aforementioned those matters that may reasonably be considered to threaten our independence and, where applicable, the safeguards adopted to eliminate or reduce such threat.

From the matters communicated with the entity's Comisión de Auditoría y Control, we determine those matters that were of most significance in the audit of the annual accounts of the current period and are therefore the key audit matters.

We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

Report on other legal and regulatory requirements

European single electronic format

We have examined the digital file of the European single electronic format (ESEF) of CaixaBank, S.A. for the 2025 financial year that comprises an XHTML file of the annual accounts for the financial year, which will form part of the annual financial report.

The directors of CaixaBank, S.A. are responsible for presenting the annual financial report for the 2025 financial year in accordance with the formatting requirements established in the Delegated Regulation (EU) 2019/815 of 17 December 2018 of the European Commission (hereinafter the ESEF Regulation). In this regard, the Annual Corporate Governance Report and the Annual Report on Directors' Remuneration have been incorporated by reference in the management report.

Our responsibility is to examine the digital file prepared by the Company's directors, in accordance with legislation governing the audit practice in Spain. This legislation requires that we plan and execute our audit procedures in order to verify whether the content of the annual accounts included in the aforementioned file completely agrees with that of the annual accounts that we have audited, and whether the format of these accounts has been effected, in all material respects, in accordance with the requirements established in the ESEF Regulation.

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In our opinion, the digital file examined completely agrees with the audited annual accounts, and these are presented, in all material respects, in accordance with the requirements established in the ESEF Regulation.

Report to the Audit and Control Committee

The opinion expressed in this report is consistent with the content of our additional report to the Audit and Control Committee of the Company dated 20 February 2026.

Appointment period

The General Ordinary Shareholders' Meeting held on 22 March 2024 appointed us as auditors for a period of one year, for the year ended 31 December 2025.

Previously, we were appointed by resolution of the General Ordinary Shareholders' Meeting for a period of three years and we have audited the accounts continuously since the year ended 31 December 2018.

Additionally, the General Ordinary Shareholders' Meeting held on 11 April 2025 appointed PricewaterhouseCoopers Auditores, S.L. as auditors of the Company for a period of one year, for the year ended December 31, 2026.

Services provided

Services provided to the audited entity for services other than the audit of the accounts are disclosed in note 30 to the annual accounts.

In relation to the services provided to the subsidiary companies of the Company for services other than the audit of the accounts, refer to the audit report dated 20 February 2026 on the consolidated annual accounts of CaixaBank, S.A. and its subsidiary companies, where these subsidiary companies have been consolidated.

PricewaterhouseCoopers Auditores, S.L. (S0242)

PRICEWATERHOUSECOOPERS AUDITORES, S.L.

Original in Spanish signed by Guillermo Cavia González (20552)

20 February 2026

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Financial statements

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BALANCE SHEETS – ASSETS

	NOTE	31-12-2025	31-12-2024 *
Cash and cash balances at central banks and other demand deposits	9	42,424	45,210
Financial assets held for trading	10	12,225	12,603
Derivatives	11.1	10,804	11,782
Equity instruments		641	415
Debt securities		780	406
Non-trading financial assets mandatorily at fair value through profit or loss	10	38	38
Equity instruments		38	38
Financial assets at fair value through other comprehensive income	10	9,185	8,202
Equity instruments		88	89
Debt securities		9,097	8,113
Financial assets at amortised cost	10	443,945	414,696
Debt securities		79,467	70,848
Loans and advances		364,478	343,848
Credit institutions		17,863	17,091
Customers		346,615	326,757
Derivatives - Hedge accounting	11	1,132	366
Fair value changes of the hedged items in portfolio hedge of interest rate risk	11	(113)	(32)
Investments in joint ventures and associates	12	8,591	8,947
Group Entities		8,573	8,931
Associates		18	16
Tangible assets	13	5,178	5,379
Property, plant and equipment		5,131	5,318
For own use		5,131	5,318
Investment property		47	61
Intangible assets	14	1,204	1,019
Other intangible assets		1,204	1,019
Tax assets		15,213	16,145
Current tax assets		2,626	2,645
Deferred tax assets	20	12,587	13,500
Other assets:	15	2,751	3,173
Insurance contracts linked to pensions		1,262	1,643
Inventories		6	9
Remaining other assets		1,483	1,521
Non-current assets and disposal groups classified as held for sale	16	658	712
TOTAL ASSETS		542,431	516,458
Off-balance-sheet exposures
Loan commitments given	21	95,324	91,110
Financial guarantees given	21	9,454	9,874
Other commitments given	21	36,253	33,698
Financial instruments lent or pledged as collateral with the right of sale or repledge
Financial assets held for trading		73	136
Financial assets at fair value through other comprehensive income		2,115	907
Financial assets at amortised cost		33,420	19,165
Tangible assets acquired under a lease	13	1,312	1,414
Investment property, leased out under operating leases		47	61

^(*) Presented for comparative purposes only (see Note 1).

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BALANCE SHEETS - LIABILITIES

	NOTE	31-12-2025	31-12-2024 *
Financial liabilities held for trading	11.1	7,187	8,084
Derivatives		6,880	7,873
Short positions in securities		307	211
Financial liabilities at amortised cost	17	494,704	469,198
Deposits		439,701	408,476
Central banks		85	96
Credit institutions		19,579	10,299
Customers		420,037	398,081
Debt securities issued		49,093	54,554
Other financial liabilities		5,910	6,168
Derivatives - Hedge accounting	11	974	1,374
Fair value changes of the hedged items in portfolio hedge of interest rate risk	11	(1,267)	(1,359)
Provisions	18	3,334	3,925
Pensions and other post-employment defined benefit obligations		496	562
Other long-term employee benefits		1,346	1,682
Procedural matters and pending tax litigation		933	1,069
Commitments and guarantees given		356	373
Other provisions		203	239
Tax liabilities		2,852	2,383
Current tax liabilities		2,268	1,721
Deferred tax liabilities	20	584	662
Other liabilities:	15	1,881	1,757
TOTAL LIABILITIES		509,665	485,362
Memorandum items
Subordinated liabilities
Financial liabilities at amortised cost	17	11,380	9,895

^(*) Presented for comparative purposes only (ä see Note 1).

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BALANCE SHEETS - EQUITY

	NOTE	31-12-2025	31-12-2024 *
SHAREHOLDERS' EQUITY	19	33,111	31,443
Capital		7,025	7,175
Share premium		11,463	12,309
Other equity items		45	42
Retained earnings		14,695	12,240
Other reserves		(4,783)	(4,501)
(-) Treasury shares		(142)	(297)
Profit/(loss) for the period		5,987	5,543
(-) Interim dividend		(1,179)	(1,068)
ACCUMULATED OTHER COMPREHENSIVE INCOME	19	(345)	(347)
Items that will not be reclassified to profit or loss		(19)	(21)
Actuarial gains or (-) losses on defined benefit pension plans		(47)	(49)
Fair value changes of equity instruments measured at fair value with changes in other comprehensive income		28	28
Items that may be reclassified to profit or loss		(326)	(326)
Foreign currency exchange		(1)
Hedging derivatives. Reserve of cash flow hedges [effective portion]		(219)	(168)
Fair value changes of debt securities measured at fair value with changes in other comprehensive income		(106)	(158)
TOTAL EQUITY		32,766	31,096
TOTAL LIABILITIES AND EQUITY		542,431	516,458

^(*) Presented for comparative purposes only (ä see Note 1).

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STATEMENTS OF PROFIT OR LOSS

	NOTE	2025	2024 *
Interest income	23	14,271	17,083
Financial assets at fair value through other comprehensive income		220	150
Financial assets at amortised cost		13,095	15,019
Other interest income		956	1,914
Interest expense	24	(5,417)	(7,840)
NET INTEREST INCOME		8,854	9,243
Dividend income	25	2,162	2,176
Fee and commissions income	26	3,775	3,486
Fee and commission expenses	26	(337)	(266)
Gains/(losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net	27	27	61
Financial assets at amortised cost		12	28
Other financial assets and liabilities		15	33
Gains/(losses) on financial assets and liabilities held for trading, net	27	260	(33)
Other gains or losses		260	(33)
Gains or losses on financial assets not designated for trading compulsorily measured at fair value through profit or loss, net	27	11	5
Other gains or losses		11	5
Gains/(losses) from hedge accounting, net	27	2	(33)
Exchange differences (gain/loss), net		(129)	128
Other operating income	28	199	162
Other operating expenses	28	(478)	(874)
GROSS INCOME		14,346	14,055
Administrative expenses		(5,105)	(4,851)
Staff expenses	30	(3,774)	(3,587)
Other administrative expenses	30	(1,331)	(1,264)
Depreciation and amortisation	13 and 14	(591)	(559)
Provisions or reversal of provisions	18	(88)	(247)
Impairment/(reversal) of impairment on financial assets not measured at fair value through profit or loss or net profit or loss due to a change	31	(461)	(812)
Financial assets at fair value through other comprehensive income		0	1
Financial assets at amortised cost		(461)	(813)
Impairment or reversal of impairment on investments in subsidiaries, joint ventures and associates	12	(19)	(256)
Impairment/(reversal) of impairment on non-financial assets	13 and 14	(50)	(43)
Tangible assets		(12)	(18)
Intangible assets		(36)	(24)
Others		(2)	(1)
Gains/(losses) on derecognition of non-financial assets, net		6	10
Profit/(loss) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations	16	29	(14)
PROFIT/(LOSS) BEFORE TAX FROM CONTINUING OPERATIONS		8,067	7,283
Tax expense or income related to profit or loss from continuing operations	22	(2,080)	(1,740)
PROFIT/(LOSS) AFTER TAX FROM CONTINUING OPERATIONS		5,987	5,543

^(*) Presented for comparative purposes only (ä see Note 1).

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STATEMENTS OF CHANGES IN EQUITY

STATEMENTS OF OTHER COMPREHENSIVE INCOME

	NOTE	2025	2024 *
PROFIT/(LOSS) FOR THE PERIOD		5,987	5,543
OTHER COMPREHENSIVE INCOME		1	1,381
Items that will not be reclassified to profit or loss		0	1,221
Actuarial gains or losses on defined benefit pension plans		1	0
Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income	10	(1)	1,221
Profit or loss from hedge accounting of equity instruments measured at fair value with changes in other comprehensive income		0	0
Fair value changes of equity instruments measured at fair value with changes in equity [hedged instrument]		0	50
Fair value changes of equity instruments measured at fair value with changes in equity [hedging instrument]		0	(50)
Items that may be reclassified to profit or loss		1	160
Foreign currency exchange		(1)	0
Translation gains/(losses) taken to equity		(1)	0
Cash flow hedges (effective portion)		(82)	69
Valuation gains/(losses) taken to equity		(108)	(250)
Transferred to profit or loss		26	319
Debt instruments classified as fair value financial assets with changes in other comprehensive income		75	33
Valuation gains/(losses) taken to equity		81	52
Transferred to profit or loss		(6)	(19)
Income tax relating to items that may be reclassified to profit or loss		9	58
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		5,988	6,924

^(*) Presented for comparative purposes only (ä see Note 1).

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STATEMENTS OF CHANGES IN EQUITY

STATEMENT OF TOTAL CHANGES IN EQUITY

					Own fur	nds				Accumulated
	NOTE	Capital	Share premium	Other equity	Retained earnings	Other reserves	Less: treasury shares	Profit/(loss) for the period	Less: interim dividends	other comprehensive income	Total
BALANCE AT 31-12-2023 *		7,502	13,470	46	11,998	(4,232)	(517)	4,304	0	(1,728)	30,843
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD								5,543		1,381	6,924
OTHER CHANGES IN EQUITY		(327)	(1,161)	(4)	242	(269)	220	(4,304)	(1,068)	0	(6,671)
Capital reduction		(327)	(1,161)								(1,488)
Dividends (or remuneration to shareholders)	6				(2,876)				(1,068)		(3,944)
Purchase of treasury shares	19						(1,290)				(1,290)
Sale or cancellation of treasury shares	19						1,510				1,510
Transfers among components of equity					4,304			(4,304)			0
Other increases/(decreases) in equity				(4)	(1,186)	(269)					(1,459)
Of which: Payment of ATI instruments						(267)					(267)
BALANCE AT 31-12-2024 *		7,175	12,309	42	12,240	(4,501)	(297)	5,543	(1,068)	(347)	31,096
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD								5,987		1	5,988
OTHER CHANGES IN EQUITY		(150)	(846)	3	2,455	(282)	155	(5,543)	(111)	1	(4,318)
Capital reduction	19	(150)	(846)								(996)
Dividends (or remuneration to shareholders)	6				(2,028)				(1,179)		(3,207)
Purchase of treasury shares							(870)				(870)
Sale or cancellation of treasury shares							1,025				1,025
Transfers among components of equity					4,475			(5,543)	1,068		0
Other increases/(decreases) in equity				3	8	(282)				1	(270)
Of which: Payment of ATI instruments						(278)					(278)
CLOSING BALANCE AT 31-12-2025		7,025	11,463	45	14,695	(4,783)	(142)	5,987	(1,179)	(345)	32,766

^(*) Presented for comparative purposes only (7 see Note 1).

{19}------------------------------------------------

STATEMENTS OF CASH FLOWS (INDIRECT METHOD)

	NOTE	2025	2024 *
A) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES		5,607	15,825
Profit/(loss) for the period		5,987	5,543
Adjustments to obtain cash flows from operating activities		1,322	2,392
Depreciation and amortisation		591	559
Other adjustments		731	1,833
Net increase/(decrease) in operating assets		(30,556)	(7,679)
Financial assets held for trading		377	1,127
Non-trading financial assets mandatorily at fair value through profit or loss			26
Financial assets at fair value through other comprehensive income		(921)	(86)
Financial assets at amortised cost		(29,480)	(9,080)
Other operating assets		(532)	334
Net increase/(decrease) in operating liabilities		29,156	16,287
Financial liabilities held for trading		(897)	(905)
Financial liabilities at amortised cost		30,206	15,794
Other operating liabilities		(153)	1,398
Income tax (paid)/received		(302)	(718)
B) CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES		52	(222)
Payments:		(611)	(531)
Tangible assets		(212)	(247)
Intangible assets		(386)	(272)
Investments in subsidiaries, joint ventures and associates		(7)
Non-current assets and liabilities classified as held for sale		(6)	(12)
Proceeds:		663	309
Tangible assets		35	53
Investments in subsidiaries, joint ventures and associates		315	15
Non-current assets and liabilities classified as held for sale		313	241
C) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES		(8,441)	(5,026)
Payments:		(18,995)	(12,412)
Dividends	6	(3,207)	(3,944)
Subordinated liabilities		(2,005)	(2,000)
Purchase of own equity instruments		(870)	(1,290)
Other payments related to financing activities		(12,913)	(5,178)
Proceeds:		10,554	7,386
Subordinated liabilities	17	3,500	1,750
Disposal of own equity instruments		29	22
Other proceeds related to financing activities		7,025	5,614
D) EFFECT OF EXCHANGE RATE CHANGES		(3)	1
E) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D)		(2,785)	10,578
F) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		45,210	34,632
G) CASH AND CASH EQUIVALENTS AT END OF YEAR (E+F)		42,425	45,210
COMPONENTS OF CASH AND CASH EQUIVALENTS AT END OF PERIOD
Cash	9	2,318	2,169
Cash equivalents at central banks		39,749	42,698
Other financial assets		358	343
TOTAL CASH AND CASH EQUIVALENTS AT YEAR-END		42,425	45,210

^(*) Presented for comparative purposes only (ä see Note 1).

{20}------------------------------------------------

Notes to the financial statements

As required by current legislation governing the content of financial statements, these notes to the financial statements complete, extend and discuss the balance sheet, statement of profit or loss, statement of changes in equity and the statement of cash flows, and form an integral part of them to give a true and fair view of the equity and financial position of CaixaBank at 31 December 2025, and the results of its operations, the changes in equity and the cash flows during the year then ended.

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Corporate information, basis of presentation and other information

P. 24

/01 /02 /03 /04

Accounting policies

P. 26

Risk management

P. 46

Capital adequacy management

P. 105

Appropriation of profit

P. 108

/05 /06 /07 /08

Shareholder remuneration and earnings per share

P. 109

Buying and selling of businesses

P. 110

Remuneration of "key management personnel"

P. 111

/09 /10 /11 /12

Cash and cash equivalents

P. 114

Financial assets

P. 115

Derivatives

P. 119

Investments in subsidiaries, associates and joint ventures

P. 124

Tangible assets

P. 125

/13 /14 /15 /16

Intangible assets

P.126

Other assets and other liabilities

P. 127

Non-current assets held for sale

P. 128

Financial Statements

P. 129

Provisions

P. 132

Equity

P. 140

/17 /18 /19 /20

Tax position

P. 142

{22}------------------------------------------------

Guarantees and contingent commitments

P. 146

/21 /22 /23 /24

Other significant disclosures

P. 147

Interest income

P. 148

Interest expense

P. 149

/25 /26 /27 /28

Dividend income

P. 149

Fee and commission income

P. 150

Gains/(losses) on financial assets and liabilities

P. 150

Other operating income and expense

P. 151

/29 /30 /31 /32

Personnel expenses

P. 151

Other administrative expenses

P. 152

Impairment of financial assets not measured at fair value

P. 154

Information on fair value

P. 154

Related-party transactions

P. 161

Other disclosure requirements

P. 165

/33 /34 /Appendices

P. 167 Appendix 1 – CaixaBank investments in subsidiaries of the CaixaBank Group

P. 170 Appendix 2 – CaixaBank stakes in agreements and joint ventures of the Group

P. 171 Appendix 3 - CaixaBank investments in associates of the Group

P. 174 Appendix 4 - Disclosures on changes in ownership interests in 2025

P. 174 Appendix 5 – List of agents

P. 175 Appendix 6 – Foreclosed assets in Spain

P. 176 Appendix 7 – Real estate financing

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1. Corporate information, basis of presentation and other information

1.1. CORPORATE INFORMATION

CaixaBank, S.A. (hereinafter, CaixaBank -by its trade name- or the Bank) is a Spanish public limited company registered in the Companies Register of Valencia, Volume 10370, Folio 1, Page V-178351 and in the Special Administrative Register of the Bank of Spain under number 2100. CaixaBank's Legal Bank Identifier (LEI) and Tax Identification Number (NIF) are 7CUNS5333WID6K7DGFI87 and A08663619, respectively.

As of 1 July 2011, CaixaBank's shares are listed on the securities exchanges of Madrid, Barcelona, Valencia and Bilbao, in their continuous markets. The registered office and tax address of CaixaBank is Calle Pintor Sorolla, 2-4 in Valencia (Spain). The contact numbers for the Shareholder Service line are 902 11 05 82 / +34 935 82 98 03, while the number for institutional investors and analysts is +34 934 11 75 03. The Bank's most relevant corporate milestones during its period of activity are as follows:

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CaixaBank's corporate purpose, as set out in Article 2 of the Articles of Association, consists primarily of: i) the performance of all kinds of activities, transactions, acts, contracts and services inherent to the banking business in general, including the provision of investment and ancillary services and the performance of insurance agency activities; ii) the receipt of funds from the public in the form of irregular deposits or other analogous forms, to be applied on its own account to active credit and microcredit transactions and other investments, providing customers with drawing, transfer, custody, mediation and other services; and iii) the acquisition, holding, enjoyment and disposal of all kinds of securities and the formulation of public offers for the acquisition and sale of securities, as well as all kinds of holdings in any company or enterprise.

CaixaBank, S.A. and its subsidiaries comprise CaixaBank Group (hereinafter "CaixaBank Group" or the "Group").

CaixaBank S.A. is the parent company of the financial conglomerate formed by the Group's entities that are considered to be regulated, recognising CaixaBank as a significant supervised entity, whereby CaixaBank comprises, together with the credit institutions of its Group, a significant supervised group of which CaixaBank is the entity at the highest level of prudential consolidation.

As a listed bank, it is subject to oversight by the European Central Bank and the National Securities Market Commission (CNMV); however, the Group companies are subject to oversight by supplementary and industry-based bodies.

Since CaixaBank is a Spanish commercial enterprise structured as a public limited company, it is therefore subject to the amended text of the Spanish Capital Companies Law, enacted by Royal Legislative Decree 1/2010 of 2 July and its implementing provisions. In addition, since it is a listed company, it is also governed by Law 6/2023 of 17 March on Securities Markets and Investment Services and implementing regulations.

CaixaBank's corporate website is www.caixabank.com.

1.2. BASIS OF PRESENTATION

The financial statements have been drawn up by the Directors in accordance with the regulatory financial reporting framework applicable to the Bank at 31 December 2025, as set out in Bank of Spain Circular 4/2017, of 27 November, and its successive amendments effective at year-end.

The financial statements, which were prepared from the accounting records of CaixaBank, are presented in accordance with the regulatory financial reporting framework applicable to them and, in particular, with the accounting principles and rules contained therein and, accordingly, present fairly the Bank's equity, financial position, results and cash flows for the corresponding financial year.

The figures are presented in millions of euros unless another monetary unit is stated. Certain financial information in these notes was rounded off and, consequently, the figures shown herein as totals may differ slightly from the arithmetic sum of the individual figures given before them. Similarly, in deciding what information to disclose in this report, its materiality was assessed in relation to the annual financial data.

ACCOUNTING STANDARDS ISSUED BY THE BANK OF SPAIN EN 2025

On 29 December 2025, Bank of Spain Circular 1/2025 of 19 December, was published, amending Circular 4/2017, on public and confidential financial reporting requirements and financial statement templates, and Circular 1/2013 of 24 May, on the Central Credit Register (CCR).

This new Circular updates Circular 4/2017 to align it with the latest amendments made to EU IFRSs, including limited changes to the classification and measurement of financial instruments, the accounting treatment of contracts referencing nature-dependent electricity, and exceptions relating to deferred tax. It also reviews the credit risk coverage criteria for country risk, incorporating geopolitical risk and allowing greater flexibility in internal methodologies, while simplifying and streamlining confidential financial statements by replacing some of them with granular information from the CCR and adapting reporting to European regulations, with phased implementation from 2026 onward.

1.3. RESPONSIBILITY FOR THE INFORMATION AND FOR THE ESTIMATES MADE

The Bank's financial statements for 2025 have been drawn up by the Board of Directors in the meeting held on 19 February 2026. They have yet to be approved by the Annual General Meeting, but are expected to be approved without any changes. The 2024 financial statements were approved by the Annual General Meeting of Shareholders held on 11 April 2025.

These financial statements have been prepared according to a going concern given the Bank's solvency (ä see Note 4) and liquidity (ä see Note 3.4.4).

The preparation of the financial statements required the Board of Directors to make certain judgements, estimates and assumptions in order quantify certain assets, liabilities, revenues, expenses and obligations shown in them. These judgments and estimates mainly refer to:

| The valuation of goodwill and intangible assets (Note 2.15 and 14).
| The term of the lease agreements used in the assessment of the lease liabilities (Note 2.16).

{25}------------------------------------------------

| The fair value of assets, liabilities and contingent liabilities in the context of the purchase price allocation in business combinations (Note 7).
| Impairment losses on financial assets, and of the fair value of guarantees associated thereto, according to their classification in accounts, which entail the need to make judgments regarding: (i) the consideration of "significant increase in credit risk" (SICR); (ii) the definition of default; and (iii) the incorporation of forwardlooking information and the macro-economic uncertainties – Post Model Adjustment (Notes 2.7 and 3.4.1).
| The valuation of investments in group entities, joint ventures and associates (Note 12).
| The classification, useful life and impairment losses of tangible assets and intangible assets (Notes 13 and 14).
| Impairment losses on non-current assets and disposal groups classified as held for sale (Note 16).
| The actuarial assumptions used in the calculation of post-employment liabilities and commitments (Note 18).
| The valuation of the provisions necessary to cover labour, legal and tax contingencies (Note 18).
| The corporate income tax expense determined at the expected tax rate at year-end and the capitalisation of tax credits and their recoverability, as well as the recognition of the new tax on net interest and commission income (IMIC) and the temporary tax in force previously (Note 0).
| The fair value of certain financial assets and liabilities (Note 32).

These estimates were made on the basis of the best information available at the date of authorisation for issue of the financial statements, considering the uncertainty at the time arising from the current economic environment. However, it is possible that events may occur that make it necessary for them to be changed in future periods. According to applicable legislation, the effects of these estimate changes would be recognised prospectively in the corresponding statement of profit or loss.

1.4. COMPARISON OF INFORMATION

The figures for the financial year 2024, included in the accompanying annual accounts for the financial year 2025, are presented for comparison purposes only. In some cases, in order to facilitate comparability, the comparative information is presented in a summarised way, and the full information is available in the 2024 financial statement.

1.5. SEASONALITY OF TRANSACTIONS

The most significant transactions carried out by the Bank do not exhibit any material seasonal changes or pattern within a given financial year.

1.6. OWNERSHIP INTERESTS IN CREDIT INSTITUTIONS

The Group does not hold at year-end any direct holdings of 5 % or more of the capital or voting rights in credit institutions other than the holdings in subsidiaries and associates detailed in Annexes 1 and 3.

1.7. MINIMUM RESERVE RATIO

In this year, the Bank complied with the minimum reserve ratio required by applicable regulations.

1.8. SIGNIFICANT TRANSACTIONS

No significant transactions occurred during the year beyond those described in the other notes to these financial statements.

1.9. SUBSEQUENT EVENTS

The transactions —in addition to those stated in the rest of the notes— that have taken place between the close and the formulation thereof are set out below.

Debt securities issued

Senior bonds

On 20 January 2026, CaixaBank issued 1,250 million euros of debt senior non preferred (SNP) with a yield of 3.921 %, equivalent to midswap + 108 bps and maturing in January 2037, with an early redemption option by the issuer in the tenth year.

At the same time, an early buyback offer was announced for an SNP issuance maturing in June 2026. The amount repurchased totalled 406 million euros, leaving 844 million euros in nominal amount outstanding.

{26}------------------------------------------------

2. Accounting policies

The Bank establishes the principles, accounting policies and measurement criteria applicable in 2025, in accordance with the relevant disclosure requirements on accounting policies, including only those considered material:

2.1. HOLDINGS IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES

As well as the information corresponding to the parent company, the financial statements include information on subsidiary entities, joint ventures and associates. The procedure for integrating the assets and liabilities of these companies depends on the type of control or influence exercised.

Appendices 1, 2 and 3 to these notes to the financial statements provide relevant information on subsidiaries, associates and joint ventures. The above information is based on the most recent actual or estimated data available at the time of preparation of these Notes.

2.2. FINANCIAL INSTRUMENTS

CLASSIFICATION OF THE FINANCIAL ASSETS

The criteria established by the regulatory framework for accounting for classifying financial instruments is set out below:

Contractual cash flows	Business model	Classification of financial assets (AF)
Payments, solely principal and interest on the amount	In order to receive contractual cash flows.	AF at amortised cost.
of principal pending at specified dates (SPPI test)	In order to receive contractual cash flows and sale.	income.	FA at fair value through other comprehensive
	Derivative instruments designated as accounting hedging instruments.		Derivatives - Hedge accounting.
	They originate from or are acquired with the aim of realising them in the short term.
	They are part of a group of financial instruments identified and managed together, for which there is evidence of a recent pattern of short-term profit-taking.		FA held for trading.
Other - No SPPI test	They are derivative instruments that do not meet the definition of a financial guarantee contract and have not been designated as accounting hedging instruments.	FA at fair value through profit or loss.
	Others.		Non-trading financial assets mandatorily at fair value through profit or loss.

{27}------------------------------------------------

Investments in equity instruments are an exception to the aforementioned general assessment criteria. In general, the Bank irrevocably exercises the option in the initial recognition by including, in the portfolio of financial assets at fair value with changes in other comprehensive income, investments in equity instruments that are not classified as held for trading and that, in the event of not exercising this option, would be classified as financial assets compulsorily measured at fair value through profit or loss.

With regard to the business model, holding a group of financial assets on the balance sheet in order to collect contractual cash flows does not imply that the Bank must hold all instruments in a given portfolio until maturity. A group of financial instruments may be deemed to be managed under this business model even if there have been or are expected to be future sales of the instruments in this portfolio, provided that during an observation period equivalent to the average life of the portfolio classified at amortised cost these are infrequent or insignificant.

In particular, the Bank considers sales to be insignificant if, during the stated observation period, the ratio calculated as the average of the book value of the instruments sold over the average of the book value of the total instruments in the portfolio is less than 5 %.

Where the above thresholds are exceeded, the average time on the balance sheet will be assessed. This ratio considers the proximity to maturity of sales by measuring the proportion of time—out of the total time to maturity—that a sold instrument or contract has remained on the balance sheet, weighting each sale by the net carrying amount of the sale relative to total sales for the period. The average time-onbalance-sheet ratio must exceed 95 % in cases where the frequency or significance ratio is greater than 5 %.

Aside from infrequent sales, insignificant sales or sales of assets close to maturity, sales that have occurred for, among others, any of the following reasons are also considered to be compatible with the business model of holding financial assets in order to collect their contractual cash flows:

| Sales arising from an increase in the credit risk of the assets or a deterioration in the issuer's credit quality, in order to comply with the Bank's investment policy; or, in particular, the Bank's expectation of carrying out frequent and significant sales of loans (or similar financial assets) that have experienced a deterioration in credit risk is not inconsistent with the classification of such loans under the business model of holding financial assets to collect their contractual cash flows.
| Sales for the purpose of managing credit concentration risk;
| Sales for liquidity purposes in stress scenarios;
| Sales imposed by third parties.

Accordingly, sales arising from these scenarios should not be taken into account in order to determine the frequency or materiality of sales, and will be excluded from the monitoring ratios.

As regards the assessment in relation to whether the cash flows of an instrument represent solely payments of principal and interest, the Bank carries out a series of judgements when assessing such compliance (SPPI test), the following being the most significant:

| Modified time value of money: in order to assess whether the interest rate of a particular transaction incorporates some consideration other than that linked to the passage of time, the Bank considers factors such as the currency in which the financial asset is denominated and the term for which the interest rate is established. In particular, the Bank performs a regular analysis for transactions that present a difference between the holding period and the review frequency, whereby they are compared with another instrument that does not present such differences within a tolerance threshold.
| Exposure to risks inconsistent with a basic lending arrangement: an assessment is conducted on whether the contractual features of financial assets introduce exposure to risks or volatility in the contractual cash flows unrelated to a basic lending arrangement, such as exposure to changes in equity or commodity prices, in which case they would not be considered to pass the SPPI test.
| Clauses that amend the schedule or amounts of cash flows: the Bank considers the existence of contractual conditions by virtue of which the schedule or amount of the contractual flows of the financial asset can be modified. This applies to: i) assets whose contractual terms allow for the full or partial early repayment of principal; ii) assets whose contractual terms allow their maturity to be extended; or iii) assets for which interest payments may vary as a function of a non-financial variable specified in the contract. In these instances, the Bank evaluates whether the contractual cash flows that the instrument may generate over its life due to this contractual condition are solely payments of principal and interest on the principal amount outstanding and may include a reasonable additional compensation in the event of an early termination of the contract.
| Leverage: financial assets with leverage, i.e. those in which the variability of the contractual flows increases such that they do not have the economic characteristics of interest, cannot be considered financial assets that pass the SPPI test (e.g. derivative instruments such as simple option contracts).
| Subordination and loss of the right to receive payment: the Bank evaluates any contractual clauses that may result in a loss of rights to

{28}------------------------------------------------

receive payment of principal and interest on the principal amount outstanding.

| Currency: in analysing whether the contractual cash flows are solely payments of principal and interest on the principal amount outstanding, the Bank takes into consideration the currency in which the financial asset is denominated in order to assess the characteristics of the contractual flows, for instance by assessing the component corresponding to the time value of money based on the benchmark used for setting the financial asset's interest rate.
| Contractually linked instruments: a look-through analysis is conducted, based on which the cash flows arising from this type of asset are considered to consist solely of payments of principal and interest on the outstanding principal if:
| the contractual terms of the tranche being assessed for classification (without looking through the underlying pool of financial instruments) give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding (e.g. the interest rate of the tranche not linked to a commodity index);
| the underlying pool of financial instruments comprises one or more instruments with contractual cash flows that are solely payments of principal and interest on the principal amount outstanding; and
| the exposure to the credit risk inherent in the tranche is equal to or lower than the exposure to the credit risk of the underlying pool of financial instruments (for example, the credit rating of the tranche being assessed for classification is equal to or higher than the credit rating that would apply to a single tranche comprising the underlying pool of financial instruments). Therefore, if the rating of the tranche is equal to or greater than that of the vehicle, this condition will be considered to have been met.

The underlying group of instruments referred to in the previous section could also include instruments that reduce the variability of the flows of that group of instruments such that, when they are combined with these instruments, they generate flows that are solely payments of principal and interest on the principal amount outstanding (e.g. an interest rate ceiling or floor option or a contract that reduces the credit risk associated with the instruments). It could also include instruments that allow the flows from the tranches to be aligned with the flows from the group of underlying instruments in order to settle exclusively the differences in the interest rate, the currency in which the flows are denominated (including inflation) and the timing of cash flows.

| Financial instruments issued in structured transactions that are structured into tranches with an order of priority that creates concentrations of credit risk, and that involve the provision of credit enhancements to a creditor (or group of creditors), are not necessarily required to meet the three requirements set out in this section in order to conclude that the contractual cash flows consist solely of payments of principal and interest (for example, securitisation bonds).
| Assets without personal liability (non-recourse): the fact that a particular financial asset does not have any personal liability associated with it does not necessarily mean it must be considered a Non-SPPI financial asset. In these situations, the Bank assesses the underlying assets or cash flows to determine whether they consist solely of payments of principal and interest on the principal amount outstanding, regardless of the nature of the underlying assets in question.

In particular, in the case of financing transactions for projects that are repaid exclusively with the incomes from the projects being financed, the Bank analyses whether the cash flows that are contractually determined to be principal and interest payments do indeed represent the payment of principal and interest on the principal amount outstanding.

When an entity's ultimate right to receive cash flows is contractually limited to the cash flows generated by specific assets, the entity is primarily exposed to the performance risk of those specific assets rather than to the credit risk of the debtor and, therefore, this type of financial asset would not pass the SPPI test (the cash flows are not consistent with the condition of being solely payments of principal and interest).

| Negative compensation (symmetrical clauses): certain instruments incorporate a contractual clause whereby, if the principal amount outstanding is either fully or partially repaid early, the party that chooses to end the contract early —whether it is the debtor or the creditor— is able to receive fair additional compensation despite being the party choosing to end the contract early. This is the case, for instance, of so-called symmetrical clauses found in certain fixed-rate financing instruments. These clauses stipulate that when the creditor executes the option to make a repayment in advance, there must be compensation for the early termination of the contract, and this compensation will be in either the debtor's or the creditor's favour depending on how interest rates have fluctuated between the initial grant date and the date on which the contract is terminated early.

{29}------------------------------------------------

The fact that a financial instrument incorporates this contract term, known as negative compensation, does not necessarily mean that the instrument in question must be considered Non-SPPI. A financial instrument that would otherwise qualify as SPPI compliant except for the fact that it incorporates additional reasonable compensation for early termination of the contract (to be received or paid by the party that decides to terminate the contract early) is eligible to be measured at amortised cost or at fair value through other comprehensive income, as determined by the business model.

| Contingent event occurrence: A contingent feature could give rise to contractual cash flows that are consistent with a basic borrowing arrangement both before and after the change in contractual cash flows, but the nature of the contingent event itself does not relate directly to changes in the risks and costs of borrowing (e.g. when the interest rate on a loan is adjusted by a specified amount for the achievement of ESG objectives).

In such a case, the financial asset has contractual cash flows that are solely payments of principal and interest on the principal outstanding if, and only if, under all possible scenarios, the contractual cash flows would not be significantly different from the contractual cash flows in a financial instrument with identical contractual terms but without such a contingent feature.

An entity may, in some circumstances, be able to make that determination by making a qualitative assessment; but, in other circumstances, a quantitative assessment may be necessary. When it is clear, from little or no analysis, that the contractual cash flows are not materially different, an entity does not need to perform a detailed assessment.

The Bank periodically performs an analysis which consists of determining how many basis points of bonus can be applied to the interest rate of a loan when a contingent event occurs (as a rule, meeting ESG objectives), so that the difference between the cash flows before and after the occurrence of the contingent event does not differ by more than 5 %.

The result of this analysis is sent, among others, to the parties involved in the formalisation and pricing of this type of transaction so that under no circumstances may bonuses exceeding the established limit be granted.

In cases where a characteristic of a financial asset is not congruous with a basic loan agreement, i.e. the asset has characteristics that give rise to contractual flows other than payments of principal and interest on the principal amount outstanding, the Bank will assess the materiality in order to determine whether this characteristic or element should be taken into consideration when evaluating the SPPI test.

With respect to the materiality of a characteristic of a financial asset, the assessment performed by the Bank involves estimating the impact it could have on the contractual flows. This is determined by considering the possible effect of the nature of the contractual undiscounted cash flows in each reporting period and the cumulative effect over the life of the financial instrument. The impact of an element is considered to be insignificant and, therefore, not accounted for in the assessment of the SPPI test when it results in a change in expected cash flows of less than 5 %.

If the characteristic of an instrument could have a significant impact on the contractual flows but that characteristic affects the contractual flows of the instrument solely if an event occurs that is considered to be extremely exceptional, highly anomalous and highly unlikely, the Bank will not take that characteristic or element into consideration when assessing whether the contractual cash flows from the instrument are solely payments of principal and interest on the principal amount outstanding.

CLASSIFICATION OF THE FINANCIAL LIABILITIES

Financial liabilities are classified under: "Financial liabilities held for trading", "Financial liabilities designated at fair value through profit or loss" and "Financial liabilities measured at amortised cost", unless they must be presented under "Liabilities included in disposal groups classified as held for sale" or relate to "Fair value changes of the hedged items in portfolio hedge of interest rate risk" or "Derivatives - Hedge accounting", which are presented separately.

Particularly, the portfolio "Financial liabilities at amortised cost": includes financial liabilities not classified as financial liabilities held for trading or as other financial liabilities at fair value through profit or loss. The balances recognised in this category, irrespective of the substances of the contractual arrangement and maturity of such liabilities, arise from the ordinary capture activities of credit institutions.

INITIAL RECOGNITION AND MEASUREMENT

Upon initial recognition, all financial instruments are recognised at fair value. For the financial instruments that are not registered at fair value through profit or loss, the fair value amount is adjusted, adding or deducting transaction costs directly attributable to the acquisition or issuance thereof. In the case of financial instruments at fair value through profit or loss, the directly attributable transaction costs are immediately recognised in the statement of profit or loss.

The transaction costs are defined as expenses directly attributable to the acquisition or drawdown of a financial asset, or to the issuance or assumption of a financial liability, which would not have been

{30}------------------------------------------------

incurred if the Bank had not made the transaction. These include fees paid to intermediaries (such as prescribers); mortgage arrangement expenses borne by the Bank; and part of the personnel expenses in the Risk Underwriting Centres. Under no circumstances are the internal administrative costs or those deriving from prior research and analysis considered transaction costs.

The Bank uses analytical accounting tools to identify direct and incremental transaction costs of asset transactions. These costs are included in determining the effective interest rate, which is reduced for financial assets, thus, the costs are accrued throughout the duration of the transaction.

SUBSEQUENT MEASUREMENT OF THE FINANCIAL ASSETS

After its initial recognition, the Bank measures a financial asset at amortised cost, at fair value with changes in other comprehensive income or at fair value through profit or loss.

Trade receivables that do not have a significant financing component and trade receivables and short-term debt instruments initially measured at transaction price or principal amount, respectively, continue to be measured at that amount less the estimated impairment loss, as described in Note 2.7.

With regard to the conventional purchases and sales of fixed income and equity instruments, these are generally recorded at the settlement date.

INCOME AND EXPENSES ON FINANCIAL ASSETS AND LIABILITIES

Income and expenses on financial instruments are recognised according to the following criteria:

Accrued interest: recorded in the statement of profit or loss using the effective interest rate of the transaction on the gross carrying amount of the transaction (except in the case of nonperforming assets, where it is applied to the net carrying amount). Other changes in value: income or expense when the financial instrument is derecognised from the balance sheet, reclassified or when losses occur due to impairment or gains are produced by its subsequent recovery. Portfolio Recognition of income and expense Interests or dividends accrued, in the statement of profit or loss. For interest, the same as assets at amortised cost. The differences in a change in the statement of profit or loss in the case of monetary financial assets, and in other comprehensive income, in the case of non-monetary financial assets. For the case of debt instruments, impairment losses or gains due to their subsequent recovery in the statement of profit or loss. The remaining changes in value are recognised in other comprehensive income. At amortised cost Measured at fair value through profit or loss At fair value with changes in other comprehensive income (*) Financial assets Changes in fair value: fair value changes are recorded directly in the statement of profit or loss, and a differentiation is made —for non-derivative instruments— between the part attributable to the returns earned by the instrument, which will be recorded as interest or as dividends according to its nature, and the rest, which will be recorded as profit/(loss) of financial transactions in the corresponding balance item. Accrued interest: on these debt instruments, calculated using the effective interest method. Accrued interest: recorded in the statement of profit or loss using the effective interest rate of the transaction on the gross carrying amount of the transaction, except in the case of Tier 1 issuances, in which the discretionary coupons are recognised in reserves. Other changes in value: income or expense when the financial instrument is derecognised from the balance sheet or reclassified. At amortised cost Changes in fair value: changes in the value of a financial liability designated at fair value through profit or loss, in the case of applying in the following manner: a. The amount of the change in the fair value of the financial liability attributable to changes in that liability's own credit risk is recognised in other comprehensive income, which would be transferred directly to an item in reserves if the financial liability were derecognised; and b. The remaining amount of the change in the fair value of the liability is recognised in profit or loss. Accrued interest: on these debt instruments, calculated using the effective interest method. Measured at fair value through profit or loss Financial liabilities

(*) Thus, when a debt instrument is measured at fair value with changes in other comprehensive income, the amounts that would be recognised in the profit or loss for the year will be the same as those that would be recognised if it were measured at amortised cost.

When a debt instrument at fair value with changes in other comprehensive income is derecognised from the balance sheet, the profit or loss accumulated in equity is reclassified, and recorded in the statement of profit or loss for the period. In turn, when an equity instrument at fair value with changes in other comprehensive income is derecognised from the balance sheet, the amount of the loss or gain recorded in other accumulated comprehensive income is not reclassified to the statement of profit or loss, but instead to a reserve balance item.

For each of the aforementioned portfolios, the recognition would change if said instruments form part of a hedging relationship (ä see Note 2.3).

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The effective interest rate is the rate that discounts future cash payments or charges estimated during the expected life of the financial asset or liability with respect to the gross carrying amount of a financial asset or the amortised cost of a financial liability. To calculate the effective interest rate, the Bank estimates the expected cash flows, taking into account all the contractual terms of the financial instrument, but without considering expected credit loss. The calculation includes all fee income and interest basis points, whether paid or received by the parties to the contract, which make up the effective interest rate, transaction costs and any other premium or discount. In those cases when the cash flows or remaining life of a financial instrument cannot be estimated reliably (for example, prepayments), the Bank uses the contractual cash flows of the financial instrument.

In the case of financial instruments with variable remuneration and contingent upon the fulfilment of certain future events, other than loans originated and deposits and issues made, the accounting criteria applied by the Bank if there is a subsequent change in the estimate of the remuneration arising from a change in the expectation as to the fulfilment of the future contingency involves recalculating the amortised cost of the transaction and recogising the effect of such restatement in the statement of profit or loss.

RECLASSIFICATIONS BETWEEN FINANCIAL INSTRUMENT PORTFOLIOS

Only in the event that the Bank decides to change its financial asset management business model would all the affected financial assets be reclassified according to the provisions set out in the applicable accounting standards. This reclassification would be carried out prospectively from the date of the reclassification. In accordance with the applicable accounting standards approach, in general, changes in the business model occur very infrequently. Financial liabilities cannot be reclassified between portfolios.

2.3. ACCOUNTING HEDGES

The Bank uses financial derivatives as a financial risk management tool, mainly the structural interest rate risk (ä see Note 3.4.3). When these transactions meet certain requirements, they qualify for hedge accounting.

When a transaction is designated as a hedge, this is done at inception of the transaction or of the instruments included in the hedge and a technical note of the transaction is documented in accordance with the regulations in force, which includes verification of effectiveness requirements. The hedge accounting documentation duly identifies the hedging instrument/s and hedged item/s, the nature of the risk to be hedged and the way in which the Bank assesses whether the hedging relationship meets the requirements of hedging effectiveness (together with the analysis of the causes of failed protection and the way in which the coverage ratio is determined).

FAIR VALUE HEDGES

Fair value hedges hedge the exposure to changes in fair value of financial assets and liabilities or unrecognised firm commitments, or an identified portion of such assets, liabilities or firm commitments, that is attributable to a particular risk and could affect the statement of profit or loss.

In fair value hedges, the gains or losses on the hedging instrument or on the hedged item for the portion attributable to the hedged risk are recognised in an asymmetrical way according to whether the hedged element is a debt instrument or an equity instrument:

| Debt instruments: In fair value hedges, the gains or losses on the hedging instrument or on the hedged item for the portion attributable to the hedged risk are recognised in the statement of profit or loss, in the "Gains/(losses) from hedge accounting, net" section. Particularly, in fair value macro-hedges, gains or losses arising on the hedged items are balanced in "Assets – Fair value changes of the hedged items in portfolio hedge of interest rate risk" or "Liabilities – Fair value changes of the hedged items in portfolio hedge of interest rate risk" depending on the substance of the hedged item, rather than in the items under which the hedged items are recognised.

| Equity instruments: the gains or losses on the hedging instrument or on the hedged item for the portion attributable to the hedged risk are recognised in the section "Accumulated other comprehensive income – Items that will not be reclassified to profit or loss – Failed fair value hedges of equity instruments measured at fair value with changes in other comprehensive income" of the balance sheet.

When hedging derivatives no longer meet the requirements for hedging accounting, they are reclassified as trading derivatives. The amount of the previously registered adjustments to the hedged item is attributed as follows:

| Debt instruments: they are recognised in the heading "Gains/(losses) from hedge accounting, net" of the statement of profit or loss using the effective interest rate method at the date hedge accounting is discontinued.
| Equity instruments: are reclassified to reserves under the heading "Accumulated other comprehensive income – Elements that will not be reclassified to profit or loss – Failed fair value hedges of equity instruments measured at fair value with changes in other comprehensive income" of the balance sheet.

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CASH FLOW HEDGES

Cash flow hedges hedge exposure to variability in cash flows that is attributable to a particular risk associated with a recognised financial asset or liability or with a highly probable forecast transaction and could affect the statement of profit or loss.

The amount adjusted on the hedging item is recognised in "Accumulated other comprehensive income – Items that may be reclassified to profit or loss – Hedging derivatives. Reserve of cash flow hedges [effective portion]" where they will remain until the forecast transaction occurs, at which point it will be recognised in "Gains/(losses) from hedge accounting, net" of the statement of profit or loss, in symmetry with the forecast cash flow. However, if it is expected that the transaction will not be carried out, in, it will be recognised immediately in the statement of profit or loss. Hedged items are recorded in accordance with the criteria explained in Note 2.2, without any modification due to the fact that they are considered hedged instruments.

2.4. OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES

The following is a breakdown of financial assets and liabilities that have been offset on the balance sheet at 31 December 2025 and 2024:

OFFSETTING OF ASSETS AND LIABILITIES

		31-12-2025			31-12-2024
	Gross amount recognised (A)	Offset amount (B)	Net amount in balance sheet (C=A-B)	Gross amount recognised (A)	Offset amount (B)	Net amount in balance sheet (C=A-B)
ASSETS
FA held for trading - derivatives	25,856	15,052	10,804	27,838	16,056	11,782
FA at amortised cost - Loans and advances	375,432	10,954	364,478	358,451	14,603	343,848
Of which: Collateral	4,015	4,015		4,695	4,695
Of which: Reverse repurchase agreement *	6,573	6,573		9,599	9,599
Of which: Tax lease transaction	366	366		309	309
Derivatives - Hedge accounting	2,871	1,739	1,132	2,537	2,171	366
LIABILITIES
FL held for trading	25,669	18,789	6,880	27,864	19,991	7,873
FL at amortised cost	501,943	7,239	494,704	479,506	10,308	469,198
Of which: Other financial liabilities	300	300		400	400
Of which: Repurchase agreement *	6,573	6,573		9,599	9,599
Of which: Tax lease transaction	366	366		309	309
Derivatives - Hedge accounting	2,691	1,717	974	3,904	2,530	1,374

FA: Financial assets; FL: Financial Statements

2.5. DERECOGNITION OF FINANCIAL INSTRUMENTS

All or part of a financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire or when the entity transfers the asset to an unrelated third party.

The accounting treatment of transfers of financial assets depends on the extent to which the risks and rewards associated with ownership of the transferred assets are transferred to third parties:

| If all the risks and rewards of ownership of the transferred asset are substantially transferred (such as in the case of, among others: unconditional sales, a sale with an option to repurchase the financial asset at its fair value at the time of repurchase, a sale of a financial asset together with a put or call option that is deep out of the money, or asset securitisations in which the transferor does not retain any subordinated loans and does not provide any type of credit enhancement to the new owners), it is derecognised, and any rights or obligations retained or arising as a result of the transfer are simultaneously recognised.

| If the risks and rewards of ownership of the transferred financial asset are substantially retained (such as in the case of, among others:

^(*) Collateral exchange transactions implemented through repos, whereby separate cancellation is not permitted. They are generally carried out at 12 months.

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sale and repurchase transactions where the repurchase price is a fixed price or the sale price plus a lender's return, a securities lending agreement under which the borrower has the obligation to return the securities or similar), it is not derecognised and continues to be measured by the same criteria used before the transfer and the following are recognised:

| A financial liability equal to the consideration received, which is subsequently measured at amortised cost, unless it meets the requirements to be classified under other liabilities at fair value through profit or loss; and
| The income generated on the transferred (but not derecognised) financial asset and the expenses of the new financial liability, without offsetting.
| If substantially all the risks and rewards of ownership of the transferred financial asset are neither transferred nor retained (such as in the case of, among others, a sale of a financial asset together with a put or call option that is neither deep-in-the-money nor deep-out-of-themoney, securitisations in which the transferor assumes a subordinated loan or other type of credit enhancement for part of the transferred asset), the following distinction is made:
| If the transferor does not retain control over the financial asset transferred, it is derecognised and any right or obligation retained or arising from the transfer is recognised; or
| If the transferor retains control over the financial asset transferred, it continues to recognise the asset for an amount equal to its exposure to changes in value of the asset, recognising a liability associated with the financial asset transferred. The net amount of the transferred asset and the associated liability shall be the amortised cost of the rights and obligations retained, if the asset is measured at amortised cost, or at fair value of the rights and obligations retained, if the transferred asset is measured at fair value.

In accordance with the terms of the transfer agreements in place, virtually the entire portfolio of loans and receivables securitised by the Bank does not meet the requirements to be derecognised from the balance sheet.

Financial liabilities shall equally be derecognised when the obligation specified in the contract is discharged or cancelled or expires.

2.6. FINANCIAL GUARANTEES

FINANCIAL GUARANTEES GIVEN

Financial guarantees are considered to be contracts that require the issuer to make specific payments to reimburse the creditor for the debt incurred when a specific debtor fails to meet its contractual payment obligations, regardless of the form in which the obligation is instrumented, whether it be a bond (including those for participation in auctions and tenders), financial and technical guarantees, irrevocable formalised guarantee promises, insurance contracts or credit derivatives.

Financial deposits comprise all manner of deposits that directly or indirectly guarantee debt securities such as loans, credit facilities, finance leases and deferred payment arrangements for all types of debt.

All these transactions are recognised under the memorandum item "Guarantees given" in the balance sheet.

Financial guarantee and guarantee contract portfolios, regardless of the guarantor, instrumentation or other circumstances, are reviewed periodically so as to determine the credit risk to which they are exposed and, if appropriate, estimate any provision required. In this process, criteria similar to those established for quantifying impairment losses on debt instruments measured at amortised cost are applied, as disclosed in Note 2.7 below, except in the case of technical guarantees, to which the criteria contained in Note 2.1.7 are applied.

Provisions set aside for this type of arrangement are recognised under "Provisions – Commitments and guarantees given" on the liability side of the balance sheet, and under "Provisions – Other provisions"; as regards the latter, if the financial guarantees given are classified as written-off transactions pending execution by third parties. Additions to and reversals of provisions are recognised in "Provisions or reversal of provisions" in the statement of profit or loss.

Should it become necessary to establish provisions for these financial guarantees, any fees that may accrue on these transactions in future which would be recognised in "Financial liabilities at amortised cost – Other financial liabilities" are reclassified to "Provisions – Commitments and guarantees given".

FINANCIAL GUARANTEES RECEIVED

The Bank has received no significant guarantees or collateral with regard to which there is authorisation to sell or pledge without default by the owner of the guarantee or collateral, except for those inherent to treasury activities (ä see Note 3.4.4).

The Bank recognises as financial guarantees received those credit insurance contracts whereby the issuer merely reimburses the amounts relating to the losses incurred when a specific debtor fails to honour its payment obligation at maturity, in accordance with the original or amended terms of a debt instrument.

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2.7. IMPAIRMENT OF FINANCIAL ASSETS

The Bank applies the requirements on impairment of debt instruments that are measured at amortised cost and at fair value with changes in other comprehensive income, as well as other exposures that involve credit risk, such as granted loan commitments, granted financial guarantees and other granted commitments.

The objective of the impairment requirements of the accounting framework is to recognise expected credit losses from transactions, assessed on a collective or individual basis, taking into account all available reasonable and supportable information, including forward-looking information. In certain cases, when certain circumstances have not been included in the latest recalibration of the credit risk models or these circumstances are very uncertain or volatile, the estimation of their impact is recognised as a Post Model Adjustment (PMA) in the provisioning funds, which will be revised in the future based on the new information available and its incorporation into the credit risk models, avoiding in any case a duplication in the quantification of these impacts.

Impairment losses on debt instruments in the period are recognised as an expense under the heading "Impairment or reversal of impairment losses on financial assets not measured at fair value through profit or loss or net profit or loss due to a change" in the statement of profit or loss. The impairment losses of debt instruments at amortised cost are recognised against a corrective account of provisions that reduces the carrying amount of the asset, whereas those of instruments at fair value with changes in other comprehensive income are recognised against accumulated other comprehensive income.

The provisions to cover impairment losses in exposures involving credit risk other than debt instruments are recorded as a provision under the heading "Provisions – Commitments and guarantees given" on the liabilities side of the balance sheet. Additions to and reversals of these provisions are recognised charged under the heading "Provisions or reversal of provisions" in the statement of profit or loss.

For the purpose of recording the hedging for impairment losses of debt instruments, the following definitions must be taken into account in advance:

| Credit losses: the difference between all contractual cash flows due to the Bank in accordance with the financial asset contract and all cash flows expected to be received (i.e. the entire deficit of cash flows), discounted at the original effective interest rate or, for financial assets purchased or originated with credit impairment, at the effective interest rate adjusted for credit quality, or the interest rate at the date, when variable, to which the financial statements refer.

In the case of the granted loan commitments, a comparison is made between the contractual cash flows that would be due to the Bank in the event of a drawdown of the loan commitment and the cash flows that the Bank expects to receive if the commitment is drawn down. In the case of granted financial guarantees, the payments that the Bank expects to make are taken into account, less the cash flows that are expected to be received from the guaranteed holder.

The Bank estimates the cash flows of the transaction during its expected life, taking into account all the contractual terms and conditions of the transaction (such as early repayment, extension, redemption and other similar options). In extreme cases when it is not possible to reliably estimate the expected life of the transaction, the Group uses the remaining contractual term of the transaction, including extension options.

The cash flows taken into account include those deriving from the sale of collateral, taking into account the cash flows that would be obtained from the sale thereof, less the amount of the costs required to obtain them, maintenance and their subsequent sale, or other credit improvements that form an integral part of the contractual conditions, such as financial guarantees received. In addition, the Bank also takes into account any eventual income from the sale of financial instruments when measuring the expected loss.

If the Bank's current non-performing asset reduction strategy expects loan sales and other accounts receivable whose credit risk has increased (exposure classified at Stage 3), then the Bank will retain any asset affected by this strategy under the model for retaining assets to receive their contractual cash flows, thus they are measured and classified in the portfolio of "Financial assets at amortised cost", provided that their flows only include payments of principal and interest. Similarly, until they no longer intend to make sales, the corresponding credit risk provision takes into account the price to be received from a third party.

| Expected credit losses: these are the weighted average of the credit losses, using as weighting the respective risks of default events. The following distinction will be taken into account:
| Expected credit losses during the life of the transaction: these are expected credit losses resulting from all the possible default events during the expected life of the transaction.
| Expected credit losses at twelve months: these are the part of the credit losses expected during the life of the transaction corresponding to the expected credit losses resulting from any default events during the twelve months following the reference date.

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The amount of the provisions to cover impairment loss is calculated according to whether there has been a significant increase in credit risk since the operation's initial recognition, and whether a default event has occurred:

Observed impairment of credit risk since its initial recognition

Credit risk

Normal risk Write-off risk Standard risk in special monitoring Non-performing risk

Stage 1 Stage 2 Stage 3

Non-performing due to borrower arrears: default event.

Transactions with no reasonable expectations of recovery.

Classification and transfer criteria

Transactions for which the credit risk has not significantly increased since their initial recognition.

the credit risk has significantly increased (SICR), but which do not present any default events.

Transactions where

reasons other than arrears: credit impairment.

Non-performing for

Recognition of losses in profit or loss for the carrying amount of the transaction and

Calculation of the impairment hedge

Expected credit losses in 12 months

Expected credit losses during the life of the transaction.

total derecognition of the asset.

Interest calculation and recognition

They are calculated by applying the effective interest rate to the gross carrying amount of the transaction.

It is calculated by applying the effective interest rate at amortised cost (adjusted to reflect any impairment value correction).

They are not recognised in the statement of profit or loss.

Transactions included in sustainability agreements that have not completed the trial period.

Refinanced or

Transactions with amounts past due of over 30 days.

Transactions for which market trigger indicators can

Non-performing due to

borrower arrears: Amounts overdue >90 days exceeding materiality thresholds*,

assessed at transaction level for individuals and at customer level for legal

entities.

Remote recovery transactions.

Transactions carried out by insolvent borrowers that should not be classified as non-performing or write-off.

For individuals (natural persons), the entire customer is impacted when amounts overdue >90 days exceed 20 % of the total exposure.

Partial write-offs of transactions without extinction of rights (partial write-offs).

Transactions included

Initial recognition of the financial instruments.

restructured transactions that should not be classified as non-performing and are still in a trial period (unless there is Non-performing for reasons other than arrears: Transactions with reasonable doubts

refutable proof to classify them in Stage regarding full repayment Transactions with

balances subject to judicial claim. Transactions

undergoing collateral enforcement

Transactions and guarantees of holders subject to insolvency proceedings with no filing for liquidation. Refinanced transactions with nonperforming classification Sale of portfolio with

financial loss >5 %.

Non-performing transactions due to arrears of more than four years, when the amount not hedged by effective guarantees has been maintained with 100 % credit risk provision for more than two years (unless they have effective collateral to hedge at least 10 % of the gross amount).

Transactions with all holders declared bankrupt in liquidation (unless they have effective collateral covering at least 10% of the gross amount).

1).

determine that there has been a significant increase in risk.

^(*) Absolute thresholds of 100 or 500 euros, depending on whether it is retail or non-retail respectively, and a relative threshold of 1 %.

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The Bank considers as POCIs (Purchased or Originated Credit Impaired) those assets acquired at a significant discount reflecting credit losses incurred at the time of the transaction. Given that the discount reflects the losses incurred, no separate provision for credit risk is recorded in the initial recognition of the POCIs. Subsequently, changes in the expected losses in the life of the transaction are recognised from their initial recording as a credit risk provision of the POCIs. The interest income of these assets is calculated by applying the effective interest rate adjusted to reflect credit quality at the amortised cost of the financial asset, when this effect is significant at the initial recognition date.

When the contractual cash flows of a financial asset are modified or the financial asset is replaced with another, and the modification or exchange does not cause it to be derecognised from the balance sheet, the Bank recalculates the gross carrying amount of the financial asset, taking into account the modified flows and the effective interest rate applicable before the modification, and recognises any difference that emerges as a loss or gain due to a change in the profit or loss of the period. The amount of the directly attributable transaction costs raises the carrying amount of the modified financial asset and it will be amortised during the remainder of its life, which will require the company to recalculate the effective interest rate.

2.8. REFINANCING OR RESTRUCTURING TRANSACTIONS

Refinanced or restructured transactions are as described in Note 3.4.1. Credit risk – Refinancing policy.

In general, refinanced or restructured transactions and new transactions carried out for refinancing are classified in the watch-list performing category. However, according to the particular characteristics of the transaction, they are classified as nonperforming when they meet the general criteria for classifying debt securities as such, and specifically: i) transactions backed by an unsuitable business plan; ii) transactions that include contractual clauses that delay repayments in the form of interest-only periods longer than 24 months; iii) transactions that include amounts that have been removed from the balance sheet having been classified as unrecoverable that exceed the hedging applicable according to the percentages established for standard risk under special monitoring; and iv) when pertinent restructuring or refinancing measures may result in a reduction of the financial obligation higher than 1 % of the net present value of the expected cash flows. In addition, the criteria for exiting default status have been adjusted so that refinanced exposures cannot migrate to stage 2 until repayments have been consistently ongoing for 12 months.

Refinanced or restructured transactions and new transactions carried out for refinancing are classified as watch-list performing for a trial period until all the following requirements are met:

| After reviewing the borrower's financial and economic position, it is concluded that they are unlikely to endure financial difficulties and therefore it is highly probable that they will honour their obligations vis-a-vis the entity in both time and form.
| A minimum period of two years has elapsed from the date of authorisation of the restructuring or refinancing transaction, or, if later, from the date of its reclassification from the non-performing category.
| The borrower has covered all the principal and interest payments from the date on which the

restructuring or refinancing transaction was arranged, or, if later, from the date of its reclassification from non-performing status. The following is also necessary: i) the borrower has made regular payments of an amount equivalent to the whole amount (principal and interest) falling due at the date of the restructuring or refinancing transaction, or that were derecognised as a result of it; or ii) when it is deemed more appropriate given the nature of the transactions, the borrower complies with other objective criteria that demonstrate their payment capacity.

If there are contractual clauses that may delay repayments, such as grace periods for the principal, the transaction will remain classified as watch-list performing until all criteria are met.

| The borrower must have no other transactions with past due amounts for more than 30 days at the end of the period.

When all the above requirements are met, the transactions are no longer classified as refinancing, refinanced or restructured transactions in the financial statements.

During the previous trial period, further refinancing or restructuring of the refinancing, refinanced or restructured transactions, or the existence of amounts that are more than 30 days overdue in these transactions, will mean that the transactions are reclassified as non-performing for reasons other than arrears, provided that they were classified in the non-performing category before the start of the trial period.

Refinanced and restructured transactions and new transactions carried out for refinancing remain classified as non-performing until they meet the general criteria for debt instruments; specifically the following requirements:

| A period of one year has elapsed from the refinancing or restructuring date.
| The borrower has covered all the principal and interest payments (i.e. they are up to date on payments) thereby reducing the renegotiated

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principal, from the date on which the restructuring or refinancing transaction was arranged, or, if later, from the date of its reclassification to non-performing status.
| The borrower has made regular payments of an amount equivalent to the whole amount (principal and interest) falling due at the date of the restructuring or refinancing transaction, or that were derecognised as a result of it, or, when it is deemed more appropriate given the nature of the transactions, the borrower complies with other objective criteria that demonstrate their payment capacity.
| The borrower has no other transactions with past due amounts for more than 90 days at the date the refinancing or restructured transaction is reclassified to the watch-list performing category.

Furthermore, in relation to the accounting treatment of the moratoria arising in support of the flash floods or the facilities provided for in the Codes of Good Practices (CGP), the Bank considers that they represent a qualitative change that gives rise to a contractual modification but not to the derecognition of the financial instrument concerned (ä see Note 3.4.1). Credit risk).

2.9. FOREIGN CURRENCY TRANSACTIONS

The Bank's functional and reporting currency is the euro. Consequently, all non-euro balances and transactions are foreign currency balances and transactions.

All foreign currency transactions are recorded, on initial recognition, by applying the spot exchange rate between the functional currency and the foreign currency.

At the end of each reporting period, foreign currency monetary items are translated to euros using the average exchange rate prevailing on the spot currency market at the end of each period. Nonmonetary items that are measured in terms of historical cost in a foreign currency are translated to euros using the exchange rate at the date of acquisition. Non-monetary items measured at fair value in a foreign currency are translated to euros using the exchange rates at the date when the fair value is determined.

The exchange differences arising on the translation of foreign currency balances and transactions to the reporting currency of the Bank are generally recognised under "Exchange differences (net)" in the statement of profit or loss. However, exchange differences arising on changes in the value of nonmonetary items are recognised under "Equity – Accumulated other comprehensive income – Items that may be reclassified to profit or loss – Exchange differences" in the balance sheet, and exchange differences arising on financial instruments classified as at fair value through profit or loss are recognised in the statement of profit or loss with no distinction made from other changes in fair value.

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2.10. RECOGNITION OF INCOME AND EXPENSE

The main policies applied to recognise income and expenses are as follows:

Characteristics

Recognition

Interest income, interest expense, dividends and similar items

Fees and commissions received/paid* Interest income, interest expense and similar items

Recognised on an accrual basis, using the effective interest method, regardless of when the resulting monetary or financial flow arises, as previously described.

Dividends received

As income at the moment when the right to receive them arises, which is the moment of the official announcement of the dividend payment by the appropriate body of the company.

They are deferred and recognised over the life of the transaction as an adjustment to

the effective yield or cost of the

transaction.

Lending fees

They are an integral part of the yield or effective cost of a financing transaction.

They are collected in advance.

Fees and commissions received for the arrangement or acquisition of financing transactions that are not measured at fair value through profit or loss (i.e.: remuneration for activities involving the evaluation of the borrower's financial position, the evaluation and registration of guarantees, the negotiation of transaction conditions, the preparation and processing of documentation and the closing of the transaction).

Fees agreed as compensation for the commitment to provide funding when such a commitment is not measured at fair value through profit or loss and it is probable that the Bank will enter into a specific loan agreement.

Fees paid on the issue of financial liabilities measured at amortised cost.

They are deferred, deposited over the life of the transaction as an adjustment to the return or effective cost of the transaction. If the commitment expires and the company has not extended the loan, the fee is recognised as income at the time of expiry.

They are included together with the

related direct costs incurred in the carrying amount of the financial liability as an adjustment to the effective cost of the transaction.

Non-credit fees

These derive from the provision of financial services other than financing transactions.

Related to the execution of a service provided over time (i.e.: fees and commissions for account management and those received in advance of the issue or renewal of credit cards).

Related to the provision of a service that is executed at a specific point in time (i.e.: Securities underwriting, currency exchange, advice or syndication of loans).

They are recorded over time, measuring progress towards complete fulfilment of the performance obligation.

They are recorded in the statement of profit or loss at the time of collection.

The accrued fees deriving from typical products or services of the financial activity are presented separate to those deriving from products and services that do not correspond to typical activity, which are presented under the heading "Other operating income" in the statement of profit or loss.

^(*) Exceptions: Fees for the financial instruments that are measured by their fair value through profit or loss and the non-availability fee (in transactions where drawing down funds is optional for the credit holder) are immediately registered in the statement of profit or loss.

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Characteristics Recognition

Other income from ordinary activities

As a general criterion, they are recognised inasmuch as the assets and services contractually agreed are provided. The amount of the payment to which the Group expects to have a right in exchange for these goods or services, is recognised as income, during the life of the contract.

If it receives or has a right to receive a payment and the goods or services have not been transferred, the Group recognises a liability, which remains on the balance sheet until it is allocated to the statement of profit or loss.

The Bank may transfer control over time or at a specific point in time.

As for the accounting of the costs related to the contracts, the costs of obtaining a contract are those which the Bank incurs to obtain a contract with a customer and which it would not have incurred if the Bank had not entered into said contract.

The Entity capitalises all incremental costs of obtaining and/or fulfilling a contract provided that the costs are directly related to a contract or an expected contract that can be specifically identified by the Bank. In this regard, it is assessed whether the costs generate or enhance the Bank's resources that will be used to meet (or continue to meet) performance obligations in the future and whether those costs are expected to be recovered.

The Bank allocates these capitalised costs to the statement of profit or loss on the basis of the duration of the framework contract or the transactions that give rise to the costs and, in addition, it carries out an impairment test at least every six months to assess the extent to which the future profits generated by these contracts support the capitalised costs. In the event that the costs exceeded the current value of the future profits, these assets would be impaired by the appropriate proportion.

In relation to fees, levies, and similar charges, the Bank determines the event that gives rise to the obligation to pay, taking into consideration the legislation in force. The event leading to tax liability can happen either throughout the current period or at a specific moment, and it is consistently documented in the financial records. Preparing financial statements assuming the business will continue does not mean the Bank currently owes taxes that would only become due in future periods due to ongoing transactions.

2.11. EMPLOYEE BENEFITS

Employee benefits include all forms of consideration given in exchange for services rendered by employees of the Bank or for benefits payable after completion of employment. They can be classified into the following categories:

SHORT-TERM EMPLOYEE BENEFITS

These are employee benefits (other than termination benefits) which fall due wholly within 12 months after the end of the period in which the employees render the related service. It includes wages, salaries and social security contributions; paid annual leave and paid sick leave; profit-sharing and bonuses; and non-monetary benefits payable to employees such as medical care, housing, cars and free or subsidised goods or services.

The cost of the services rendered is recognised under the heading "Administrative expenses – Personnel expenses" in the statement of profit or loss, except for part of the personnel expenses pertaining to the Risk Underwriting Centres, which are presented as a reduction of the financial margin of the transactions to which they relate, and certain incentives paid to branch network staff for the marketing and sale of products, which are also presented as a reduction of the financial margin.

In addition, certain personnel expenses are considered to be directly attributable to insurance contracts and are presented under the heading "Insurance service result".

Credit facilities made available to employees at below market rates are considered to be nonmonetary benefits and are calculated as the difference between market rates and the rates agreed with employees. The difference is recognised under "Administrative expenses – Personnel expenses" with a balancing entry under "Interest income" in the statement of profit or loss.

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REMUNERATION TO EMPLOYEES BASED ON EQUITY INSTRUMENTS

The delivery of shareholder equity instruments to employees as payment for their services —when such a delivery is made upon completion of a specific period of services— is recognised as a services expense, insomuch as it is provided by employees, with a balancing entry under the heading "Shareholders' Equity - Other equity items" elements.

On the date granting, these services (and the corresponding equity increase) will be measured at the fair value of the services received, unless it cannot be reliably estimated, in which case they will be measured indirectly with reference to the fair value of the granted equity instruments. The fair value of these equity instruments will be determined on the date they are granted.

When external market conditions are established among the requirements laid down in the remuneration agreement—, their performance will be taken into account when estimating the fair value of the granted equity instruments. In turn, variables that are not considered market variables are not taken into account when calculating the fair value of granted equity instruments, but they are considered when determining the number of instruments to be delivered. Both effects will be recognised in the statement of profit or loss and in the corresponding increase in equity.

In the case of share-based payment transactions that are cash-settled, an expense with a balancing entry will be recorded on the liabilities side of the balance sheet. Up to the date on which the liability is settled, this liability will be measured at its fair value, recognising value changes in the profit/(loss) for the period.

As an exception to the provision of the previous paragraph, share-based payment transactions that have a net-settlement feature to satisfy tax withholding obligations will be classified in their entirety as share-based payment transactions settled through equity instruments if, in the absence of the net-settlement feature, they have been classified as such.

POST-EMPLOYMENT BENEFITS

Post-employment benefits are all those undertaken with employees, to be paid after completion of their employment with the Bank. They include: retirement benefits, such as pensions and one-off retirement payments; and other post-employment benefits, such as post-employment life insurance and postemployment medical care, at the end of the employment relationship.

DEFINED CONTRIBUTION PLANS

The post-employment obligations with employees are deemed to be defined contribution obligations when the Group makes pre-determined contributions to a separate entity or pension fund and has no legal or constructive obligation to make further contributions if the separate entity or fund cannot pay the employee benefits relating to the service rendered in the current and prior periods. Defined contribution plans each year are recognised under "Administrative expenses – Personnel expenses" in the statement of profit or loss. Postemployment obligations that do not meet the aforementioned conditions are considered defined benefit obligations.

DEFINED BENEFIT PLANS

The present value of defined benefit postemployment obligations, net of the value of plan assets, is recorded under "Provisions – Pensions and other post-employment defined benefit obligations" in the balance sheet.

Plan assets are defined as follows:

| The assets held by a long-term employee benefit fund, and
| Qualifying insurance policies; those issued by an insurer that is not a related party of the Bank.

In the case of the assets held by a benefit fund, they must be assets:

| Held by a fund that is legally separate from the Bank and that exist solely to pay or finance employee benefits, or
| They are solely available to pay or finance postemployment remuneration, and are therefore not available to cover the debts of the Bank's creditors (not even in the event of insolvency), and they cannot be returned to the Group unless: i) the remaining assets of the plan are sufficient to meet all the related employee benefit obligations under the plan or of CaixaBank; or ii) are used to reimburse it for post-employment benefits that the Bank has already paid to employees.

In the case of insurance policies, the defined benefit commitments assured through policies taken out with the entities that are not considered related parties also meet the requirements to be considered plan assets.

The value both of the assets held by a pension fund, as well as qualifying insurance policies is recognised as a decrease in the value of the liabilities under "Provisions – Pensions and other post-employment defined benefit obligations". When the value of plan assets is greater than the value of the obligations, the net positive difference is recognised under "Other assets".

Post-employment benefits are recognised as follows:

| Service cost is recognised in the statement of profit or loss and includes the following:
| Current service cost, understood as the increase in the present value of obligations arising from employee service in the current period, recognised under "Administrative expenses – Personnel expenses".

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| Past service cost, resulting from amendments to existing post-employment benefits or the introduction of new benefits, and the cost of curtailments, recognised under "Provisions or reversal of provisions".
| Any gain or loss arising on settlement of a plan is recognised in "Provisions or reversal of provisions".
| The net interest on the net defined benefit postemployment benefit liability/(asset), understood to be the change during the period in the net defined benefit liability/(asset) that arises from the passage of time, is recognised in "Interest expense", or "Interest income" if it results in income, in the statement of profit or loss.
| Remeasurements of the net liability/(asset) for defined benefit post-employment benefits are recognised in "Accumulated other comprehensive income" in the balance sheet. Includes:
| Actuarial gains and losses arising in the period from differences between the previous actuarial assumptions and what has actually occurred and from changes in the actuarial assumptions used.
| The return on plan assets, excluding the amounts included in the net interest on the liability/(asset) for defined benefit postemployment benefits.
| Any change in the impact of the asset ceiling, excluding the amounts included in the net interest on the liability/(asset) for defined benefit post-employment benefits.

2.12. INCOME TAX

The expense for Spanish income tax is considered to be a current expense and is recognised in the statement of profit or loss, except when it results from a transaction recognised directly in equity, in which case the corresponding tax effect is recognised in equity.

Income tax expense is calculated as the sum of the current tax for the year resulting from applying the tax rate to the taxable profit for the year and any changes in deferred tax assets and liabilities recognised in the year in the statement of profit or loss, less any allowable tax deductions.

Temporary differences, tax loss carryforwards pending offset and unused tax deductions are recognised as deferred tax assets and/or deferred tax liabilities. The amounts are recognised at the tax rates that are expected to apply when the asset is realised or the liability is settled.

Tax assets are recognised under "Tax assets" in the balance sheet as current, for amounts to be recovered in the next 12 months, or deferred, for amounts to be recovered in future reporting periods.

Similarly, tax liabilities are recognised in "Tax liabilities" in the balance sheet, also by current and deferred. Current tax liabilities include the amount of tax payable within the next 12 months and deferred tax

OTHER LONG-TERM EMPLOYEE BENEFITS

Other long term employee benefits, understood as obligations with pre-retired employees (those who have ceased rendering services but who, without being legally retired, continue to enjoy economic rights vis-à-vis the Bank until they acquire the status of legally retired), long-service bonuses and similar items, are treated for accounting purposes, where applicable, as established for defined benefit postemployment plans, except that the actuarial gains and losses are recognised in "Provisions or reversal of provisions" in the statement of profit or loss.

TERMINATION BENEFITS

These benefits are payable as a result of an Bank's decision to terminate an employee's employment before the normal retirement date, a valid expectation raised in the employee or an employee's decision to accept voluntary redundancy in exchange for those benefits.

A liability and an expense for termination benefits are recognised when there is no realistic possibility of the Bank withdrawing the offer to pay the termination benefits or when the costs for restructuring –which involves the payment of termination benefits– are recognised. These amounts are recognised as a provision under "Provisions – Other long-term employee benefits" in the balance sheet until they are settled.

In the case of payments of over 12 months, the same treatment is applied as for the other long-term employee benefits.

liabilities as the amount expected to be paid in future periods.

Deferred tax liabilities arising from temporary differences related to investments in subsidiaries, associates and or joint ventures are not recognised when the Bank is able to control the timing of the reversal of the temporary difference and, in addition, it is probable that the temporary difference will not reverse.

Deferred tax assets are only recognised when it is probable that they will be reversed in the foreseeable future and it is estimated that there is sufficient taxable profit against which they can be used.

The expense for the tax on net interest income and fee and commission income applies to certain financial institutions operating in Spain and is calculated by applying a progressive scale from 1 % to 7 % to the positive balance resulting from the aggregation and netting of net interest income and fee and commission income and expenses arising from activities carried out in Spain as reported in the statement of profit or loss, reduced by 100 million euros, and by reducing the gross tax liability by 25 % of the net liability for Corporate Income Tax for the same tax period.

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2.13. TANGIBLE ASSETS

PROPERTY, PLANT AND EQUIPMENT FOR OWN USE

They include the amount of property, land, furniture, vehicles, IT equipment and other facilities owned or acquired under a lease, as well as assets leased out under an operating lease.

Property and equipment for own use includes assets held by the Bank for present or future use for administrative purposes or for the production or supply of goods that are expected to be used over more than one financial period.

INVESTMENT PROPERTY

It reflects the carrying amounts of land, buildings and other constructions —including those received by the Bank for the total or partial settlement of financial assets that represent collection rights vis-à-vis third parties— owned to obtain rental income or gains through sale.

Tangible assets are generally stated at acquisition cost less accumulated depreciation and any impairment losses determined by comparing the carrying amount of each item to its recoverable amount.

Depreciation is calculated using the straight-line method on the basis of the acquisition cost of the assets less their residual value. Land is not depreciated since it is considered to have an indefinite life.

The depreciation charge is recognised with a balancing entry under "Depreciation and amortisation" in the statement of profit or loss and is calculated essentially using the depreciation rates set out in the table below, which are based on the years of estimated useful life of the various assets.

2.14. INTANGIBLE ASSETS

Intangible assets are identifiable non-monetary assets without physical substance acquired from third parties or developed internally.

GOODWILL

Goodwill represents the payment made by the acquirer in anticipation of future economic benefits from assets that are not capable of being individually identified and separately recognised. Goodwill is recognised only when business combinations are carried out for valuable consideration.

USEFUL LIFE OF TANGIBLE ASSETS

(Years)

	Estimated useful life
Constructions
Building	16 - 50
Installations	8 - 25
Furniture and fixtures	4 - 50
Electronic equipment	3 - 8
Others	7 - 14

At the end of each reporting period, the Bank assesses tangible assets for any indications that their net value exceeds their recoverable amount, understood as the higher of the fair value less costs to sell and the value in use.

Any impairment loss determined is recognised with a charge to "Impairment/(reversal) of impairment on non-financial assets – Tangible assets" in the statement of profit or loss and a reduction to the carrying amount of the asset to its recoverable amount. After the recognition of an impairment loss, the depreciation charges for the asset in future periods are adjusted in proportion to its revised carrying amount and remaining useful life.

Similarly, when there are indications of a recovery in the value of the assets, a reversal of the impairment loss recorded in prior periods is recognised and the depreciation charge for the asset in future periods is adjusted. In no circumstances may the reversal of an impairment loss on an asset raise its carrying amount above that which it would have if no impairment losses had been recognised in prior years.

Likewise, the estimated useful lives of tangible assets are reviewed each year or whenever indications are noted which make it advisable to do so and, where appropriate, the depreciation charges are adjusted in the statement of profit or loss of future years.

Upkeep and maintenance expenses are recognised under "Administrative expenses – Other administrative expenses" in the statement of profit or loss, when they are incurred.

In business combinations, goodwill arises as the positive difference between:

| the consideration transferred plus, as appropriate, the fair value of any previously-held equity interest in the acquiree and the amount of minority interests; and
| the net fair value of the identifiable assets acquired less the liabilities assumed.

Goodwill is recognised in "Intangible assets – Goodwill" and is amortised over a useful life of 10 years, unless proven otherwise.

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At the end of each reporting period or whenever there are indications of impairment, an estimate is made of any impairment that reduces the recoverable amount to below its recorded net cost and, where there is impairment, the goodwill is written down with a balancing entry in "Impairment/ (reversal) of impairment on non-financial assets – Intangible assets" in the statement of profit or loss. Impairment losses recognised for goodwill are not reversed in a subsequent period.

OTHER INTANGIBLE ASSETS

This includes the amount of other identifiable intangible assets, such as assets arising in business combinations and software.

Intangible assets have a defined useful life, and will amortise in line with this, applying similar criteria to those adopted for amortising tangible assets. When the useful life of these assets cannot be reliably estimated, they will amortise over 10 years.

Any impairment losses on assets are recognised with a balancing entry in "Impairment or reversal of impairment on non-financial assets – Intangible assets" in the statement of profit or loss. The policies for recognising impairment losses on these assets and for reversing impairment losses recognised in prior years are similar to those for tangible assets.

Virtually all computer software (software) recorded under this heading on the balance sheet has been developed by third parties and is amortised over a useful life of between four and 15 years.

2.15. ASSETS AND LIABILITIES HELD FOR SALE

Real estate or other non-current assets received as total or partial settlement of debtors' payment obligations in credit transactions are recognised under "Non-current assets and disposal groups classified as held for sale" unless it has been decided to make continuing use of the assets.

The Bank has centralised the ownership of the majority of its real estate assets acquired or foreclosed in payment of debts in its subsidiaries BuildingCenter, SAU, and Livingcenter Activos Inmobiliarios, SAU, with a view to optimising management.

Non-current assets classified as held for sale are generally measured initially at the lower of the carrying amount of the financial assets and their fair value less costs to sell the asset to be foreclosed (based on the market value given in complete individual ECO appraisals at the time of award or acceptance).

Internal valuation models are used to calculate the adjustment to be applied to this market value in order to estimate the discount on the reference price and the costs to sell. These in-house models factor in prior sales experience for similar assets in terms of price and volume.

In line with the procedure followed in the initial recognition process, the Bank also applies, subsequently, an adjustment, based on the internal models, to the main valuation.

Loan portfolios transferred to a third party that, at the time of contract signing, do not meet the derecognition criteria set by the standard because of certain clauses expected to be resolved soon, will be reclassified as non-current assets held for sale. These portfolios will be reclassified as non-current assets held for sale at their transaction value and will be removed from the balance sheet once the contract is completed.

2.16. LEASES

Lease transactions in which the Bank acts as lessee involve the recognition of a lease liability (at the present value of future payments) and a right-of-use asset for the same amount at the commencement date, which may also include payments made on or before the commencement date, direct start-up, decommissioning or rehabilitation costs.

As an exception to the above, the Bank recognises as expenses lease payments for short-term leases (defined as leases with a term of 12 months or less at the commencement date) and leases where the leased asset is of low value (<6,000 euros).

The discount rate used is the interest rate that the lessee would have to pay to borrow, with a similar term and collateral, the funds required to obtain an asset of similar value to the right-of-use asset in a similar economic environment, referred to as the "additional financing rate".

This additional financing rate has been calculated by taking as a reference the debt instruments issued (covered bonds and senior debt) weighted according to their respective issuance capacity. The Bank uses a specific rate according to the term of the transaction and the business where the agreements are formalised.

The term of these leases is determined according to the type of property (Store branch, rural branch, etc.), the existing contractual clauses, which may include renewal options, early termination, and the commitments made by the Bank (e.g. offices subject to agreements with competitors).

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2.17. PROVISIONS AND CONTINGENT LIABILITIES

The financial statements include all material provisions for which it is considered more likely than not that the obligation will have to be settled at the reporting date. Provisions are recognised on the liability side of the balance sheet in accordance with the obligations covered.

Provisions, which are quantified based on the best information available on the consequences of the event giving rise to them and are re-estimated at the end of each reporting period, are used for specific expenditures for which the provision was originally recognised. Provisions are fully or partially reversed when the obligations cease to exist or are reduced.

The policy with respect to tax contingencies is to provision for tax assessments initiated by the tax authorities in relation to the main taxes applicable to it as well as for legal proceedings in progress provided that they have an estimated probability of loss of more than 50 %.

When there are present obligations but they are not likely to give rise to an outflow of resources, they are recorded as contingent liabilities. Contingent liabilities may develop in a way not initially expected. Therefore, they are assessed continually to determine whether an outflow of resources embodying economic benefits has become probable. If it becomes more probable than not that an outflow of future economic benefits will be required, a provision is recognised in the balance sheet.

Provisions are recognised under "Provisions" on the liability side of the balance sheet in accordance with the obligations covered. Contingent liabilities are recognised under memorandum items in the balance sheet.

2.18. TREASURY SHARES

Own equity instruments are recorded at acquisition cost as a reduction of equity under "Shareholders' equity - Treasury shares" in the balance sheet. Gains or losses that may arise as a result of subsequent disposal or redemption are recognised directly in equity, without any gain or loss being recognised.

2.19. STATEMENTS OF CASH FLOWS

The following terms are used in the presentation of the statement of cash flows:

| Cash and equivalents: cash balances at central banks and other demand deposits: this includes coins and notes held by the Bank and balances on demand deposited with central banks and credit institutions.
| Cash flows: inflows and outflows of cash and cash equivalents, which are short-term, highly liquid investments that are subject to an insignificant risk of changes in value.
| Operating activities: the indirect method is used to present cash flows from operating activities, which are the principal revenue-producing activities of credit institutions and other activities that are not investing or financing activities.
| Investing activities: the acquisition, sale or other disposal of long-term assets, such as equity investments, strategic investments, and other investments not included in cash and cash equivalents.
| Financing activities: activities that result in changes in the size and composition of equity and liabilities that do not form part of operating activities, such as subordinated financial liabilities. The issues placed on the institutional market are classified as financing activities, whereas the issues placed on the retail market among our customers are classified as operating activities.

2.20. STATEMENTS OF CHANGES IN EQUITY

STATEMENTS OF OTHER COMPREHENSIVE INCOME

This statement presents the income and expense recognised as a result of the Bank's activity in the period, with a distinction between those taken to profit or loss in the statement of profit or loss and other income and expense recognised directly in equity.

STATEMENTS OF TOTAL CHANGES IN EQUITY

This statement presents all changes in the Group's consolidated equity, including those due to accounting policy changes and error corrections. This statement presents a reconciliation between the carrying amount of each component of equity at the start and end of the period:

| Adjustments due to accounting policy changes and error corrections: this includes changes in equity as a result of the retrospective

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restatement of financial statement balances on account of changes in accounting criteria for the correction of errors.
| Total comprehensive income: reflects the total of the items recognised in the statement of recognised income and expense.
| Other changes in equity: includes the remaining items recognised in equity, such as capital increases or decreases, distribution of dividends, treasury share transactions, equity-based payments, transfers between equity items, and any other increase or decrease in equity.

Particularly, the headings 'Accumulated gains' and 'Other reserves' contain:

| The equity line item "Retained earnings" includes undistributed gains arising from the distribution of profit and gains arising from the sale of investments classified as "Financial assets at fair value through other comprehensive income – Equity instruments", among others.
| The shareholder equity heading, "Other reserves", includes the implications of the first application of accounting regulations, the remuneration of issuances with certain characteristics, and gains/losses derived from transactions with own shares, among others.

3. Risk management

3.1. ENVIRONMENT AND RISK FACTORS

From the Bank's perspective, the following factors from 2025 stand out for having had a significant impact on risk management, both due to their occurrence throughout the year and their long-term implications:

ECONOMIC CONTEXT

INTERNATIONAL ECONOMY

The year 2025 was marked by high geopolitical and economic uncertainty, accentuated by the substantial global increase in tariffs implemented by the US administration. Reserve While the signing of various trade agreements helped to clarify the picture, the new scenario is characterised by tariffs significantly higher than pre-2025 levels and by the persistence of some uncertainty as to their macroeconomic impact. In any event, geopolitical risks, beyond tariffs, will continue to shape the new year, particularly in relation to the implications of US foreign policy.

Despite this adverse context and episodes of strong volatility in financial markets during the first part of the year, the international economy was more resilient than might have been expected. In 2025, global GDP is estimated to have recorded growth very close to the 2024 figure of 3.3 %, supported by several factors: the adaptability of private sector agents, the conclusion of tariff agreements that avoided extreme scenarios, the gradual passthrough of tariffs without generating abrupt inflationary impacts, China's reorientation of trade towards other markets, monetary easing in the euro area, and the boost provided by a weaker dollar for most emerging economies. In addition, energy prices remained relatively contained.

However, behind this resilience of the global economy, performance by region was mixed. In the United States, activity slowed less than expected and, thanks to the key support provided by investment in artificial intelligence, GDP managed to grow by close to 2 %. China managed to overcome persistent troubles in the real estate sector and weak domestic demand, maintaining growth close to the official 5 % target, supported by the reorientation of its exports towards other economies such as the Association of Southeast Asian Nations (ASEAN) and Europe.

The euro area economy fared somewhat better than expected, albeit with heavy volatility in the first half of the year, owing to front-loaded purchases aimed at cushioning the impact of the tariffs imposed by the US administration. Overall, GDP in the eurozone grew by 1.5 % in 2025, compared with 0.8 % in 2024. Germany, after two years of contraction, moved back into positive growth (0.3 %). Meanwhile, France (+0.9 %) endured a political crisis hindering the approval of a budget to reduce its high fiscal deficit. Elsewhere, Italy grew at a very sedate pace (+0.7 %), constrained by the fading impact of the Superbonus programme (tax relief on construction costs). Looking ahead to 2026, growth in the euro area is projected to be broadly in line with last year's levels, partly reflecting the impact of higher tariffs.

The continuation of the disinflationary process in the euro area allowed the ECB to continue gradually easing monetary policy throughout 2025, bringing interest rates towards neutral levels (deposit facility rate at 2.00 %). Against this backdrop, the ECB is expected to keep interest rates unchanged throughout 2026, supported by inflation at target and a more balanced risk landscape. In view of the uncertain global environment, the ECB has reiterated its preference for prudence, reserving the possibility of readjusting its monetary policy only in the event of substantial changes in the macroeconomic scenario.

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Meanwhile, the US Federal Reserve (Fed) remained in wait-and-see mode for much of 2025 amid the uncertainty introduced by the policies of the new US administration. However, the cooling of the labour market in the second half of 2025 prompted the Fed to cut interest rates by 75 basis points in the final months of the year, bringing the federal funds rate to a range of 3.50 %–3.75 %. Looking ahead to 2026, financial markets anticipate two additional 25 basis point cuts, although the outlook remains uncertain in the face of competing risks: inflationary pressures stemming from higher tariffs, set against signs of weakness in employment.

Lastly, both the ECB and the Fed continued the process of reducing their balance sheets through a passive strategy of not reinvesting maturing assets, gradually withdrawing excess liquidity which, particularly in the euro area, remained abundant at year-end. The Fed ended its balance sheet reduction programme in November, having reduced it from 35 % to 21 % of GDP and announced that it will reinvest all maturities in Treasury bills starting in December.

SPAIN

In 2025, the Spanish economy delivered a positive surprise amid a complex international environment, marked by geopolitical tensions and the protectionist shift in US trade policy. GDP grew by 2.8 %, exceeding initial forecasts and well above the euro area average. This outcome confirms the strength of the recovery that began after the pandemic and positions Spain as one of the most dynamic economies in the wider region.

Growth was mainly supported by domestic demand, driven by private consumption and investment. The strength of the labour market played a key role: Social Security affiliation reached a record high of 21.84 million people in employment, up by more than half a million compared with the previous year, while the unemployment rate continued to decline. Population growth, fuelled by migratory flows, helped to boost employment and consumption, which was reinforced by real wage growth. This was coupled with a context of contained interest rates that stimulated business investment, also supported by the deployment of Next Generation EU (NGEU) funds. By contrast, net external demand slightly dented growth. Although exports, especially of non-tourism services, rose strongly, this was offset by an increase in imports, in line with buoyant domestic demand.

The gradual correction of inflation was cut short in the second half of the year, so that after a low of 2.0 % in May, it ended the year at 2.9 %, one tenth of a percentage point higher than in December 2024 (2.8 %), influenced especially by the energy component. Still, on an annual average basis, inflation fell to 2.7 % from 2.8 % a year earlier and core inflation declined to 2.3 % from 2.9 %.

Looking ahead to 2026, CaixaBank Research expects the Spanish economy to maintain robust, albeit somewhat more moderate, growth, with GDP increasing by 2.1 %, constrained by weak external demand, affected by tariff increases and the sluggishness of the main European economies. Private consumption will continue to be the main driver, supported by improvements in employment and wages, while investment will continue to benefit from European funds and favourable financial conditions.

REGULATORY AND SUPERVISORY CONTEXT

The regulatory outline on which the Bank's business model lies is crucial to its development, whether in terms of methodological or management processes. Thus, regulatory analysis and its roll-out represents a key point in the Bank's agenda.

Proposals for legislative and regulatory changes, as well as new legislation and regulation passed in 2025, include:

PILLAR 3 REGULATION

At European level, a package of measures has been published to simplify the EU securitisation framework, revitalise the market and protect financial stability. This package is the first legislative initiative in the framework of the Savings and Investment Union (SIU) strategy to channel European savings into the capital markets.

In addition, the Delegated Regulation on the Fundamental Review of the Trading Book (FRTB) has been published in the Official Journal of the EU, postponing its application until 1 January 2027, with no legal option for further delay.

Of particular note is the agreement between the European Parliament and the Council of the European Union on the Crisis Management Framework (CMDI). This agreement includes a mandate to the European Commission to prepare a report analysing how to address temporary liquidity shortfalls during resolution processes and to propose policy options to the European Parliament and the Council of the EU.

As part of the simplification initiatives, a number of proposals have been taken forward at the level of the Economic and Financial Affairs Council, the European Banking Authority and the European Central Bank.

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SUSTAINABLE FINANCING AND ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) FACTORS

After the publication by the European Commission of the new package of proposals to simplify the sustainability reporting framework in the EU, known as the "Omnibus Sustainability Act I", which includes technical adjustments to the Corporate Sustainability Reporting Directive (CSRD) and the Sustainability Due Diligence Directive (CSDDD). In this regard, it has been agreed to extend the deadlines for implementation of the CSRD and CSDDD ('stop the clock') by one and two years respectively. At present, negotiations are continuing with the aim of securing approval in late December. In parallel with Omnibus I, a consultation has been launched to amend the Delegated Taxonomy Regulation and reduce administrative burdens without undermining the objectives of the Green Deal. The Commission published a comprehensive revision of the Sustainable Finance Disclosure Regulation (SFDR) with the aim of simplifying the current rules and reducing the administrative burden for financial market participants.

ANTI-MONEY LAUNDERING AND TERRORISM FINANCING (AML/TF)

2025 is marked by the launch of the new EU Anti-Money Laundering and Combating the Financing of Terrorism Authority (AMLA). During 2027, AMLA plans to select 40 entities for direct supervision, and by 2028 it is expected to be fully operational.

RETAIL AND MARKETS

The retail and markets area has been marked by the promotion of the Savings and Investment Union (SIU), with the aim of channelling savings into productive investments, improving citizens' access to financial products and removing regulatory and supervisory barriers in EU capital markets. In this respect, the financial education strategy being promoted in the EU stands out. These policies should be aligned with: The protection of retail investors, the promotion of long-term investments and the regulation of financial markets. Among recent actions: the collection of data on market integration and supervision, a proposal for Regime 28 (an optional legal framework to facilitate the creation and expansion of companies in the single market), a recommendation on savings and investment accounts, and consultations aimed at simplifying the reporting process. Moreover, as regards housingrelated proposals, it is relevant in the European context to mention the Housing Construction Strategy, alongside the European Affordable Housing Plan. At the same time, various delegated acts of the MiCA crypto-asset Regulation have been published, as well as technical standards derived from EMIR 3.0 trade repositories, the MiFID/MiFIR Directive regulating markets in financial instruments, and the Listing Package (Prospectus), in line with the objectives of simplification and supervisory convergence. At the national level, in the area of consumer protection, key pieces of legislation are still in the pipeline, such as the Customer Care Act, the establishment of the Financial Customer Protection Authority, the Class Actions Act and the Act on Credit Purchasers and Credit Managers. Last but not least, the announcement of the Consumer Agenda 2025–2030 is noteworthy. It will strengthen consumer confidence, improve legal certainty, enhance regulatory enforcement and simplify administrative procedures for businesses, while serving as a roadmap to guide EU consumer policy over the next five years.

DIGITAL AND PAYMENTS

The digital regulatory environment has been marked by intense legislative activity, both at national and European level.

In Spain, the Draft Bill for the good use and governance of artificial intelligence has been approved, which adapts the national framework to the European Artificial Intelligence Regulation (AI Act). At European level, the European Commission has published a Digital Omnibus that simplifies rules on artificial intelligence, security and data. This is accompanied by the Data Union Strategy, aimed at unlocking high-quality data for AI, and by the European Business Wallets, which will provide companies with a single digital identity to simplify procedures and facilitate the development of economic activities across the Member States.

In addition, in the area of payments, significant progress has been made at the industry level to provide interoperability of existing private solutions through the signing of the agreement between the European Payments Alliance (EuroPA) and the European Payments Initiative (EPI). At European level, negotiations on the Digital Euro Regulation are ongoing. In addition, a political agreement has been reached on the payments package, which includes a new Payment Services Regulation and amendments to the existing Directive. These rules establish a general framework for combating fraud, with the aim of preventing payment fraud and improving the exchange of fraud-related information.

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3.2. RISK CONTROL, MANAGEMENT AND GOVERNANCE

CaixaBank aims to maintain a low average risk profile, with a comfortable level of capital, to strengthen the confidence of customers and the rest of stakeholders through financial soundness.

As part of the internal control framework and in accordance with the Corporate Global Risk Management Policy, CaixaBank has a risk management framework that enables it to make informed risk-taking decisions, consistent to the objective risk profile and the level of appetite approved by the Board of Directors. This framework comprises the elements described below:

GOVERNANCE AND ORGANISATION

It is implemented through internal policies, standards and procedures that ensure proper oversight by the governing bodies and committees, as well as by specialised staff.

Internal Control Framework based on the three lines of defence model, providing a reasonable degree of assurance that the Group will achieve its objectives

RISK CULTURE

The risk culture is based, among other things, on general risk management principles, employee training and evaluation of variable remuneration for employee performance.

STRATEGIC RISK PROCESSES

Top risk

Critical adverse scenarios that could significantly affect the Group beyond its business model in the medium term, potentially impacting its financial health, reputation, strategy, or other aspects.

Corporate Risk Catalogue The Group's risk taxonomy, corresponding to the material risks identified during a sensitivity analysis.

Risk Appetite Framework (RAF)

It determines the types of risk and the thresholds the Group is willing to accept in pursuing its strategic objectives, in relation to all the risks included in the Catalogue.

Risk Assessment (RAS)

Half-yearly and annual self-assessment exercise of the Group's risk profile.

3.2.1. INTERNAL CONTROL FRAMEWORK

The internal control framework means the set of strategies, policies, systems and procedures that exist across the Bank to ensure prudent business management and the effective and efficient running of the business. It is implemented through:

The suitable identification, measurement and mitigation of risks that the Bank is or could be exposed to.
The existence of comprehensive, pertinent, reliable and relevant financial and non-financial information.
The adoption of solid administrative and accounting procedures.

The compliance with regulations and requirements in terms of supervision, codes of ethics and internal policies, processes and standards.

This is integrated into the Bank's internal governance system, is aligned with the business model and is in accordance with: i) the regulations applicable to financial institutions, ii) the EBA Internal Governance Guidelines of 2 July 2021, which develop the internal governance requirements set out in Directive 2013/36/EU of the European Parliament, iii) the recommendations of the CNMV on this matter and iv) other guidelines on control functions applicable to financial institutions.

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The guidelines of the Bank's internal control framework are set out in the Corporate Governance and Internal Control Policy and are based on the "three lines of defence model".

FIRST LINE OF DEFENCE

The first line of defence comprises the business lines and units, together with the areas providing support, that give rise to the exposure to risks in the performance of the Group's activities. It assumes risks based on the Bank's risk appetite and authorised risk limits and policies and procedures in force and is responsible for managing and controlling these risks. Therefore, they are responsible for designing and implementing processes and establishing control mechanisms to ensure that the main risks arising from their activities are identified, measured, assessed, managed, mitigated, controlled and reported.

The business lines and support areas integrate control into their daily activities as a basic element reflecting the Bank's risk culture .

When required due to the level of complexity or intensity of activities, specific specialist control and analysis units are set up to ensure that the risks are handled in an effective manner. These functions may be integrated into the business and business support units themselves, as long as they do not belong to the second or third line of defence functions.

SECOND LINE OF DEFENCE

Formed by the Risk Management Function and Compliance. They are in charge, inter alia, of:

| Preparing risk management and control policies aligned with the Risk Appetite Framework (RAF) in coordination with the first line of defence, assessing their subsequent fulfilment.
| Identifying, measuring and monitoring risks (including emerging risks), contributing to the definition and implementation of risk, process risk and control indicators.
| Regular monitoring of the effectiveness of first line of defence indicators and controls, as well as second line of defence indicators and controls.
| Following up control weaknesses that are identified, as well as establishing and implementing Action Plans.
| Issuing an opinion on the suitability of the risk control environment.

The activities of the second line of defence, as well as the weaknesses identified, the follow-up of action plans and the opinion on the adequacy of the control environment in the Group, are regularly reported to the bodies responsible for the control environment, following the established hierarchy, as well as to supervisory bodies.

Risk Management Function

For risks within its remit, which are all risks except those reserved for Compliance (legal and regulatory, and conduct and compliance): i) ensures that all risks to which the Group is or may be exposed are properly identified, assessed, monitored and controlled; ii) provides the governance bodies with an aggregated view of all risks to which the Group is or may be exposed, including an aggregated version of the operational control environment of risk processes; iii) monitors risk-generating activities, assessing their alignment with the approved risk tolerance and ensuring forward-looking planning of the related capital and liquidity needs under both normal and adverse conditions; iv) monitors compliance with the risk appetite limits approved by the Board of Directors; v) validates and oversees the proper functioning and governance of risk models, verifying their suitability in line with regulatory uses; and vi) ensures the existence of a risk culture embedded in management, based on the identification and mitigation of risks and on balancing risk and return, through training and awareness-raising initiatives that position risk culture as a differentiating element in decision-making.

At CaixaBank, the Risk Management Function (RMF) is carried out by the Risk Management and Compliance Department. The Risk Management Function reports functionally to the Chair of the Risks Committee and its corporate scope extends to the entire CaixaBank Group, notwithstanding the functionally dependent units that exist at certain Group companies.

Among other responsibilities, CaixaBank's RMF is directly entrusted with second line of defence functions for all risks, whether financial, non-financial or transversal in nature, except for those reserved for the regulatory compliance function. It is also responsible for setting the general risk management framework and other aspects common to all

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financial and non-financial risks, for the transversal function of promoting, coordinating and governing the Bank's operational internal control activities across all risks, for ensuring the reliability of information, and for model validation.

The person heading up the Risk Management and Compliance function is regarded as the head of the CaixaBank Group's Risk Management Function and is therefore responsible for meeting the requirements of regulators and supervisors in this regard, as well as for performing the functions assigned to this position under prevailing law and regulations.

Compliance

The mission of Compliance is to identify, assess, supervise and report on the risks of sanctions or financial loss to which the Bank is exposed, as a result of non-compliance or defective compliance with laws, regulations, judicial or administrative requirements, codes of conduct or ethical and good practice standards, relating to its scope of action and with reference to legal and regulatory, and conduct and compliance risks (both risks jointly fall under Compliance Risk); its mission is also to advise, inform and assist Senior Management and the governance bodies on regulatory compliance matters, promoting, through training, information and awareness actions, a culture of compliance throughout the organisation.

To this end, the mission of Compliance is articulated through the following objectives:

| The supervision of the compliance risk derived from the processes and activities carried out by the company.
| Fostering, championing and promoting the corporate values and principles enshrined in the Code of Ethics that guide the Bank's actions.
| Promoting a culture of control and compliance with the law and with all rules and regulations in force (both external and internal) so as to help ensure that they are known and respected across the entire organisation.

The Compliance Department reports hierarchically to the Risk Management and Compliance Department, which has a holistic view of all risks, and functionally to the Chair of the Risks Committee. It is an autonomous function, and thus has sufficient initiative to undertake its duties without the need to receive specific instructions from other departments or act at their behest. Likewise, Compliance has a corporate remit and, accordingly, from CaixaBank the compliance model of subsidiaries with their own compliance function is coordinated and overseen, while management is centralised for those that do not have a dedicated team.

Compliance regularly reports to the governance bodies and supervisory authorities (Bank of Spain, Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences (SEPBLAC), the Spanish Treasury and the CNMV, among others).

The management model of Compliance is built on two fundamental pillars: the compliance risk taxonomy and the three lines of defence model. Compliance uses the following key elements to ensure adequate coverage of compliance risk: i) compliance programme, ii) annual compliance plan and monitoring of identified control deficiencies or regulatory breaches, and iii) action plans for their mitigation. Likewise, Compliance carries out advisory activities on matters within its remit and carries out actions to promote the culture throughout the organisation (training, awareness-raising and corporate challenges).

In accordance with CaixaBank's corporate governance and internal control policy, Compliance is responsible for overseeing conduct and compliance risks and regulatory legal risk from among those included in the Corporate Risk Catalogue.

The subcategories that make up this Compliance Risk Taxonomy are subject to annual review by the Global Risks Committee.

Integrity of conduct and compliance with internal regulations by all members of the organisation are the essential pillars of the activity provided by CaixaBank. It is therefore essential to provide staff with mechanisms to help detect possible conduct that should be prevented/corrected.

CaixaBank has an Internal Information System (IIS) for reporting actions or omissions that may constitute breaches of European Union Law and those that may constitute a serious or very serious criminal or administrative offence.

As a result of CaixaBank's commitment to promoting best practices, a follow-up audit was carried out in 2025 of the Bank's existing certifications under ISO 37301 on compliance management systems, ISO 37001 on anti-bribery management systems, and UNE 19601 specifically on criminal compliance management systems.

Furthermore, certification processes linked to the abovementioned standards were undertaken at various companies of the Bank.

THIRD LINE OF DEFENCE

Internal Audit, as an independent and objective assurance and consulting function, serves as a third line of defence, supervising the actions of the first and second lines of defence with the aim of providing reasonable assurance to Senior Management and the governing bodies. It contributes to the Bank achieving its strategic objectives, bringing a systematic and disciplined approach in the assessment and improvement of the risk management and control processes, and corporate governance.

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In order to establish and preserve the function's independence, Internal Audit Management functionally reports to the Chair of the Audit and Control Committee, without prejudice to the fact that it must report to the Chair of the Board of Directors for the due compliance of duties.

Internal Audit has a rule book governing how it operates, approved by the Board of Directors. It establishes that Internal Audit is an independent and objective assurance and consultation function. It is designed to add value and improve activities. Its objective is to provide reasonable assurance to Senior Management and the governance bodies with regard to:

| The effectiveness and efficiency of internal control systems in mitigating the risks associated with the activities of the Bank.
| Compliance with the legislation in force, with special attention to the requirements of supervisors and the suitable application of the global management and risk appetite frameworks defined.
| Compliance with internal policies and regulations, and alignment with best practices and uses in the sector, for appropriate internal governance of the Bank.
| The reliability and integrity of information, including the effectiveness of system of Internal Control over Financial and Sustainability Reporting (ICFR and ICSR).

Its main supervisory functions include:

| The adequacy, effectiveness and implementation of policies, regulations and procedures.
| The effectiveness of controls.
| Adequate measurement and monitoring of first line of defence and second line of defence indicators.
| The existence and correct implementation of action plans to remedy shortcomings in controls.
| The validation, monitoring and assessment of the control environment by the second line of defence.

Its duties also include:

| Preparing a multi-year Strategic Internal Audit Plan aligned with that of the Bank, and preparing the multi-year Annual Audit Plan based on risk assessments, which includes regulatory requirements and tasks and projects requested by Senior Management and the Audit and Control Committee. The annual plan is submitted to the Audit and Control Committee for review and then to the Board of Directors for approval. In this respect, the highlights of the 2025 annual audit plan were: cybersecurity, the technology transformation plan, sustainability, marketing and quality, corporate governance and regulation, supervisory expectations, financial risks, and key projects.
| The periodical report on the conclusions of works carried out and weaknesses detected, passed on to Governing Bodies, Senior Management, external auditors, supervisors and all other relevant control and management environments.
| Adding value by proposing recommendations to address weaknesses detected in reviews and monitoring their implementation by the appropriate centres.

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3.2.2. GOVERNANCE AND ORGANISATION

The organisational set-up in relation to governance in risk management is presented below:

Annual General Meeting

Board of Directors (BoD)

Directors

Senior Management*

Determines and monitors the business model and is responsible for introducing a risk governance framework in keeping with the Group's risk appetite. This includes the promotion of a solid and diligent risk culture, establishing the risk appetite within a Risk Appetite Framework (RAF). Monitors the result of the risk assessment process, establishes the taxonomy of the material risks through the Corporate Risk Catalogue, approves the internal governance policies and the management and control of risks.

Executive Committee

A body vested with powers from the Board of Directors to adopt operational and strategic decisions within regulatory limits. It approves certain credit and guarantee transactions and submits others to the Board in accordance with its powers.

Executive Committee

Advises the Board on the overall risk strategy and risk appetite, reports on the RAF and proposes risk policies to the Board.

Audit and Control Committee (ACC)

Supervises the effectiveness of the internal control systems, of internal audit and of financial and nonfinancial risk management systems. Supervises the process of preparing and presenting the financial and nonfinancial information.

Appointments and Sustainability Committee

It submits proposals to the Board of Directors and assesses the skills, knowledge and experience of the members of the Board and key personnel. Supervises and controls the correct operation of the corporate governance system, as well as the fulfilment of the policies and rules regarding environmental and

social matters.

Remuneration Committee

Establishes the general principles and the framework of governance of the retributive policy of the Board and the compensation package of Senior Management and key positions, and informs of the general remuneration policy.

Innovation, Technology and Digital Transformation Committee

Assists the Board in all matters related to technological innovation and digital transformation, as well as the monitoring and analysis of trends and innovations when they may affect the strategy and business model.

Tasked with developing the Strategic Plan and Budget approved by the Board of Directors. Adopts decisions that affect, or could affect, risk management. Approves structural changes, appointments, spending lines and business strategies.

Information and Data Quality Governance Committee

Information Technology and Security Committee

Operational Resilience Committee

Technical Committee on the Interest Rate Benchmark Contribution Process

Efficiency Committee

Capital Committee

Recovery and Resolution Plan Committee

Privacy Committee

Product Strategy Committee

ALCO – Assets and Liabilities

Committee

Regulation Committee

Internal Control Body - ICB Group

Internal Control Body - ICB

Incidents Committee

Diversity Committee

Sustainability Committee

Management Committee Standing Loan Committee Global Risks Committee

Collectively endorses loan, credit, guarantee and investment transactions in general that form part of the bank's corporate purpose, that it is responsible for approving as set out in the internal regulations.

Major Auctions Committee

Committee for the Valuation and Acquisition of Real Estate Assets (CVAAI)

Responsible for the overall management, control and monitoring of risk management, as well as assessing the implications for liquidity management, solvency and the consumption of economic and regulatory capital.

Credit Risk Policy Committee

Impairment Committee

Models Committee

Operational Risks Committee

Reputational Risks Committee

Corporate Crime Prevention Committee

Internal Rules of Conduct (IRC) Monitoring Body

^* Acting within the framework of the assigned duties it comprises several committees for risk governance, management and control.

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3.2.3. STRATEGIC RISK PROCESSES

The objective of the strategic risk processes is the identification, measurement, monitoring, control and reporting of risks. To this end, the processes include four key elements, which are developed below: The Top risk events (identification and assessment), the Corporate Risk Catalogue (identification, taxonomy and definition), the risk appetite framework (monitoring) and the Risk Assessment (evaluation).

The result of strategic processes is reported at least annually, first to the Global Risks Committee and then to the Risks Committee, before finally being submitted to the Board of Directors for approval.

TOP RISK EVENTS

The competitive and social context is decisive in the Group's strategy and development. In this regard, the Group identifies as 'top risk events' the most relevant adverse events to which the Group is exposed beyond its own business model in the short to medium term and which could have a significant impact on its financial position, reputation, strategy or any other area. Consequently, should any of these significant risk events occur, they would manifest through one or more risks outlined in the Catalogue. In this regard, the severity of the impact of these events can be mitigated through risk management. In 2025, the top risk events were grouped into five main families of risk events:

Shocks stemming from the geopolitical and macroeconomic environment

This family includes a pronounced and persistent downturn in the macroeconomic outlook, coupled with episodes of heightened volatility in financial markets, which could result from global events such as the escalation of armed conflicts, persistent diplomatic tensions, trade wars, supply chain disruptions, international sanctions or cyberattacks affecting global stability, the weakening of multilateral institutions and the loss of international coordination in response to global crises, among others. All of these may be driven by, or exacerbated by, ESG factors such as migratory pressures or energy crises. They could also stem from domestic events such as asset bubbles, persistent macroeconomic imbalances, or an intensification of political and territorial tensions in Spain.

These events may result in financial market disruptions, operational or regulatory restrictions, deterioration of investor confidence, increased political and economic uncertainty, inflationary pressures, materialisation of systemic economic crises or prolonged recessions that significantly affect economic activity and the stability of the financial system in Spain. The potential consequences include a widespread deterioration in credit quality, a reduction in business volumes, an increase in non-performing loans, deposit outflows, losses on investment portfolios, an increase in the country risk premium (funding costs), and pressure on costs (due to inflation).

Mitigating: the Group understands that such risks are sufficiently managed by its levels of provisions, solvency and liquidity, validated by compliance with both external and internal stress exercises, and reported in the annual internal capital and liquidity adequacy assessment processes (ICAAP and ILAAP, respectively).

Arrival of new competitors and application of new technologies

There is an expectation that the competition of newcomers will increase, such as fintech companies (such as digital banks), big techs and neobanks with disruptive proposals or technologies. Depending on the degree of intensity of this event, a new entrant could gain a significant market share at the expense of incumbent institutions. This could also lead to intense disaggregation and the disintermediation of part of the value chain, which in turn could affect margins and cross-selling, given that banks would be competing with more agile, flexible companies with generally low-cost proposals for the consumer. All of this could be exacerbated if the regulatory requirements applicable to these new competitors and services were not the same as those in place at present for credit institutions.

However, the shift towards standard interest rates and the reduction of liquidity by central banks has led to decreased investments in fintechs, emphasising profitability over their ability to pursue aggressive growth strategies. However, the normalisation of interest rates into positive territory also facilitates the emergence of commercial deposit-taking offers by digital banks with a banking licence, which could help them to expand their customer base. As for big techs, they continue to expand their positioning along parts of the value chain of financial institutions in other jurisdictions.

Alongside the developments of new entrants, there are also initiatives driven by regulatory authorities that could facilitate the entry of other players into the financial business. One such initiative is the launch of a digital euro, which, pending a specific design, could allow non-bank players to intermediate the management of digital euro portfolios. Further examples include the legislative proposals for a European digital ID, PSD3 and Open Finance, which will allow for the sharing of financial data with third parties and reduce the costs of switching financial service providers.

With regard to new technologies, it is worth highlighting recent advances in generative artificial intelligence, a technology that can drive competitor growth, cost reduction and new ways of engaging with customers. Its degree of application can lead to competitive advantages or disadvantages.

Mitigating: The Group considers new entrants to be a low risk, as they are not only a potential threat, but also an opportunity as a source of collaboration, learning and stimulus for the achievement of the digitalisation and business transformation objectives

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set out in the Strategic Plan. For this reason, the Group regularly monitors the performance of the main newcomers and big tech movements within the industry. Furthermore, an internal sandbox space has been in place since 2020 to technically analyse —in a streamlined and secure way— the solutions of certain fintech companies with which there are partnership opportunities.

Furthermore, the Bank possesses Imagin, which serves as an outstanding value proposition, and it will continue to capitalise on this to counter competition from neobanks. Regarding competition from big techs, the Group is committed to improving the customer experience with the added value of the Group's social sensitivity ('bits and trust'), as well as exploring possible collaborative approaches (open banking) and entering into agreements in certain cases (such as Apple or PayPal).

Regarding the application of generative artificial intelligence, CaixaBank is actively implementing various use cases and intends to enhance its technological infrastructure to integrate this technology extensively into its operations.

Cybercrime and information security

Year after year, cybercrime evolves criminal schemes to try to profit from different types of attacks. In this regard, the rollout of new technologies and services made available by the Bank to its customers creates new avenues of opportunity that cybercrime seeks to exploit and, consequently, leads to increasingly sophisticated criminal operations.

This constant evolution of criminal vectors and techniques puts pressure on the Bank to constantly reassess the model for preventing, managing and responding to cyberattacks and fraud in order to be able to respond effectively to current and emerging risks. An example of this is the adoption of generative artificial intelligence by cybercriminals in order to be more efficient and effective when constructing and executing their attacks and fraud attempts, to which the Bank is responding with new security capabilities and strategies.

The constant campaigns to impersonate different companies and official bodies have made it possible for cybercriminals to materialise certain cybersecurity events in many organisations. In parallel, regulators and supervisors in the financial field have escalated the priority of this field. The DORA Directive (Digital Operational Resilience Act) took effect in January 2025 and is aimed precisely at strengthening the digital resilience of the financial sector.

Taking into account the global context, existing cybersecurity threats and recent attacks received by other entities, the exploitation of such events in the Group's digital environment could have serious impacts of various kinds, including massive data corruption, unavailability of critical services (e.g. ransomware), attacks on the supply chain, leakage of confidential information or fraud in digital channels. Should these impacts directly related to banking transactions occur, they could entail significant sanctions by the competent organisations and potential reputational damage for the Group.

Mitigating: The Group is also very aware of the importance and level of threat that exists at this time and therefore constantly reviews the technological environment and applications in terms of the integrity and confidentiality of information, as well as the availability of systems and business continuity, both with planned reviews and through continuous auditing by monitoring the defined risk indicators.

In addition, the Group keeps its security protocols and mechanisms up to date to adapt them to current and emerging threats (e.g. generative artificial intelligence), continuously monitoring the risks to which the Bank is exposed in the course of its business. The evolution of security protocols and measures are included in the strategic information security plan, in line with the Group's strategic targets to remain at the forefront of information security and in accordance with the best market standards. The Group also has an International Security Advisory Board (ISAB), whose functions include reviewing information security strategy and providing external expertise to strengthen operational resilience.

Unfavourable changes to the legal, regulatory or supervisory framework

The risk of increased pressure from the legal, fiscal, regulatory or supervisory environment is one of the risks identified in the risk self-assessment exercise that may have the greatest impact in the short to medium term. Specifically, we have observed a need to continue to uphold constant monitoring of new regulatory proposals and their implementation, given the high activity of legislators and regulators in the financial sector. Various stakeholder groups (supervisors, regulators, governance bodies, etc.) are becoming increasingly concerned over geopolitical and cybersecurity risks, as well as with regard to ESG aspects, despite a consensus on the need to temper such expectations. More precisely, particular importance is being attached to the risks arising associated with the increase in taxies levied on the banking sector, especially where this leads to a loss of competitiveness vis-à-vis other European players.

Among the legislative initiatives at the European level, the level 2 developments of the final Basel III reforms, the reform of the bank crisis management framework (CMDI - Crisis Management and Deposit Insurance) and the revision of the securitisation framework stand out. In relation to ESG aspects, highlights in the period include the law-making process of the Sustainability Omnibus package, which seeks to streamline reporting requirements (CSRD – Corporate Sustainability Reporting Directive) and due diligence obligations (CSDDD – Corporate Sustainability Due Diligence Directive). In addition, the ESG regulatory environment continues to evolve, with new guidelines such as the EBA's ESG Risk Guide reinforcing expectations on how institutions should integrate ESG factors into their risk management and decision-making. In the digital area, the development of the digital euro, the progress of the

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payments package (PSD3/PSR - Payment Services Directive and Regulation), aimed at modernising digital payments in the EU and introducing anti-fraud measures, as well as the regulation on data sharing in the financial sector (FIDA - Financial Data Access) are closely monitored. In addition, the creation of the European Digital Identity Wallet will be disruptive, enabling the identification and authentication of individuals across the EU. Moreover, with the recent launch of the Savings and Investments Union initiative (SIU), special attention is given to the finalisation of the Retail Investor Strategy (RIS - Retail Investment Strategy). In Spain, the transposition of the Consumer Credit Directive is still pending, along with the approval of the draft bill to establish the Independent Administrative Authority for the Protection of Financial Consumers, the draft Organic Law on the protection of consumers' rights and interests, and the draft bill on credit servicers and credit purchasers. In the supervisory realm, the period saw heightened pressure on risk management (for example, the ECB's review of institutions' practices in relation to environmental risks, or the ECB Guide on governance and risk culture). The configuration of the new tax framework, which incorporates a structural levy on net interest income and a supplementary tax for large groups, has significantly increased the tax burden on credit institutions, affecting their tax efficiency and strategic capital planning.

Further highlights included the implementation of Law 11/2023 of 8 May, transposing EU Directives on the accessibility of certain products and services; DORA (Digital Operational Resilience Act); and, in the field of artificial intelligence, Regulation (EU) 2024/1689, known as the AI Act; and on the subject of sustainability, the EBA Guidelines on the management of ESG risks. In the markets area, the implementation of EMIR 3.0, which reinforces control and transparency in derivatives, as well as the modification of MiFID/MiFIR. At Spanish level, this includes the introduction of the digital ID for inperson identification, which has a significant internal impact, and, lastly, Organic Law 1/2025 on procedural efficiency, which ushers in new requirements relating to judicial efficiency and mandatory mediation.

Mitigating: Regulatory proposals impacting the Group are managed and tracked by various divisions, coordinated by the Regulatory Committee. Furthermore, given the increase in legislative activity, relations with the authorities has been intensified in order to anticipate possible new legislative initiatives and, in turn, to be able to represent and convey CaixaBank's interests to the authorities in an efficient manner.

Concerning the regulations that have been approved, the Regulatory Implementation Management team is responsible for the centralized oversight and monitoring of those impacting the Group before they become effective. The goal is to ensure timely and effective implementation by adjusting policies, processes, contracts, and internal regulations to comply with the new rules. This process is supported by an external provider to carry out a double control of these regulations. Regulatory implementation processes are submitted to each of the relevant internal committees (such as the Transparency Committee for the adaptation of the new regulation on contracts, rules, policies and internal procedures). In addition, the status and evolution of the implementation is reported to the Global Risks Committee and the Risks Committee on a regular basis.

Extreme events

Given their nature, they are events with a low probability of occurrence, but with a high potential to cause significant consequences, such as pandemics, events of an environmental nature or with an impact on the supply chain (e.g. power, water, gas outages, service shutdowns, etc.). The rarity of such events historically complicates predicting their impact on each risk listed in the Catalogue, as well as determining the specific measures that would need to be implemented to manage or mitigate the event's effects on the economies of the impacted countries. Taking COVID-19 as a reference, there may be high volatility in the financial markets. Furthermore, macroeconomic perspectives may get significantly worse and with notable uncertainty in the prospective scenarios.

Mitigating: capacity for effective implementation of management initiatives to mitigate the effect on the risk profile caused by the deterioration of the economic environment in case of an extreme operational event. Moreover, business continuity plans continue to be strengthened with a view to effectively mitigating the scenarios identified in the risk analysis across the various areas (corporate centres, branch network and international network). Procedures to ensure an accurate estimation of losses are also being enhanced, and efforts are under way to make the Group more resilient to extreme events.

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CORPORATE RISK CATALOGUE

The Corporate Risk Catalogue is the Bank's taxonomy of material risks. It ensures a consistent Group-wide approach to the monitoring and internal and external reporting of risks, and undergoes regular reviews (at least once a year). Following an analysis, the material risks for CaixaBank are included in the

Risk Catalogue. Non-material risks are inventoried and reviewed periodically in successive identification and materiality exercises, in order to detect any potential changes in their nature, magnitude, recurrence or trend that might warrant their inclusion in the catalogue.

Risks affected by the transversal sustainability factor (ESG)

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The definition of each risk is set out below:

	Business return	Obtaining results below market expectations or Group targets that, ultimately, prevent the company from reaching a level of sustainable returns greater than the cost of capital.
Transversal	Own funds and solvency	Risk caused by a restriction of the CaixaBank Group's ability to adapt its level of capital to regulatory requirements or to a change in its risk profile.
risks	Model	Potential adverse consequences for the Group that could arise from decisions based primarily on the results of models with errors or biases in their design, conception, application or use.
	Reputational	Potential financial loss or lower income for the Group as a result of events that negatively affect the perception that interest groups have of the CaixaBank Group.
	Credit	Loss of value of the assets of Caixa Bank Group through a customer due to the impairment of the capacity of this customer to honour their commitments to the Group. Includes the risk generated by transactions in the financial markets (counterparty risk).
	Actuarial	Risk of a loss or adverse change to the value of the commitments assumed through insurance or pension contracts with customers or employees due to the differences between the estimate for the actuarial variables used in the tariffmodel and reserves and the actual performance of these.
Financial risks	Structural rate	Negative impact on the economic value of balance sheet items or on the net interest margin due to changes in the structure of interest rates over time and the impact thereof on asset and liability instruments and off-balance sheet items not held in the trading book.
	Liquidity and funding	Risk of insufficient liquid assets or limited access to market financing to meet the contractual maturities of liabilities, regulatory requirements, or the investment needs of the Group.
	Market	Loss of value, with impact on results and solvency, of a portfolio (set of assets and liabilities), due to adverse movements in prices or market rates.
	Conduct and Compliance	The application of criteria that run contrary to the interests of its customers and stakeholders, or acts or omissions by the Group that are not compliant with the legal or regulatory framework, or with internal policies, regulations or procedures, or with codes of conduct, ethical standards and good practice.
Operational risk	Legal and regulatory	Potential losses or decreases in the CaixaBank Group's profitability as a result of legislative changes, the incorrect implementation of said legislation in the CaixaBank Group's processes, the misinterpretation of legislation applied to transactions, incorrect handling of court or administrative rulings or of claims or complaints received.
	Technology	Risks of losses due to hardware or software inadequacies or failures in technical infrastructure, due to cyberattacks or other circumstances that could compromise the availability, integrity, accessibility and security of the infrastructures and data.
	Other operational risks	Risk of loss or damage caused by errors or shortcomings in processes, due to external events or due to the accidental or intentional actions of third parties outside the Group. This includes risk factors related to outsourcing, business continuity and external fraud.

Risks affected by the transversal sustainability factor (ESG)

There was no change during the period in the 13 level 1 risks that make up the Corporate Risk Catalogue. The only change is that the definition of model risk is adjusted to accommodate the possibility that models may include biases in their design or conception. Moreover, in the 2025 review exercise, conduct and compliance risk was identified as being materially affected by the transversal sustainability (ESG) risk factor. Previously, business profitability risk, reputational risk, credit risk, legal and regulatory risk, and certain other operational risks had been identified.

RISK APPETITE FRAMEWORK

The Risk Appetite Framework (RAF) is a comprehensive and forward-looking tool used by the Board of Directors to determine the types and thresholds of risk (risk appetite) it is willing to assume in order to achieve the Bank's strategic targets¹ . These objectives are encapsulated in the Risk Appetite Statement, which includes qualitative statements (risk philosophy) that articulate the Board's stance and goals regarding risk appetite, as well as risk preferences, which indicate the Bank's specific inclination towards each type of risk listed in the Corporate Catalogue.

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Maintain a moderate-to-low risk profile, with a comfortable level of capital, with the aim of building trust among customers and other stakeholders through financial strength.

Balanced and diversified generation of income and capital, supported by a sound balance sheet structure, preserving economic value and the quality of the credit portfolio and insurance business.

Be permanently in a position to meet its obligations and funding needs in a timely manner, even under adverse market conditions.

Have a stable and diversified funding base to preserve and protect the interests of its depositors.

Operate in the financial markets, primarily focused on serving clients.

Ensure that the business strategy and relationships with stakeholders satisfy responsible conduct criteria, applying the highest ethical and sustainability standards and taking into account impacts and their transmission through transversal ESG risk factors.

To place integrity at the core of our relationship with stakeholders, complying with the highest standards of conduct and regulatory compliance, with special attention to the prevention of money laundering, the financing of terrorism and other legal and regulatory obligations.

Pursue excellence, quality and operational resilience to continue to provide financial services to customers in line with their expectations, even under adverse conditions.

Manage the use of models under a robust control and governance framework to ensure informed and consistent decision-making, taking into account data ethics and avoiding bias.

Promote sound internal governance, based on the three lines of defence model in risk management, and a strong risk culture embedded in management through policies, communication, training and staff remuneration.

Level 3 Level 1 Other metrics Statements and Relevant to the core metrics Risk management Transversal risks Cost-to-income ratios Business return Regulatory solvency ratios Own funds and solvency Quantitative metrics on non-financial Model risks: model and reputational Equivalence in the Risk Catalogue Reputational Management and Financial risks follow-up metrics Calculations based on advanced models Detailed metrics and approaches that help to Limits in risk-taking Credit complement the Accounting figures (cost of risk and NPL monitoring of the full Recovery indicators not included in level ratio) Actuarial range of risks in the Indicators that encourage diversification Catalogue, ensuring comprehensive Structural rate (e.g. by borrower, sector) Regulatory and internal liquidity metrics Liquidity and funding Other relevant coverage and that oversee the upholding of providing foresight. metrics Market comfortable liquidity levels Quantitative metrics on non-financial Conduct and Compliance risks: (i.e. operational) Legal and regulatory Metrics of number of compliant Technology incidents Other operational risks Reference threshold Reporting and alert system Thresholds or full traffic-light Appetite Tolerance Non-compliance Recovery classification Plan Monthly in Global Monthly by the Global Risks Committee Risks Committee Trend in metrics and Risks Committee and forecast Quarterly by the Risks Global Risks Quarterly to the Board of Directors Committee Committee and Report specialised committees Non-compliances Laid before the Risks Committee and Board of Directors

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Risk preferences outline the Bank's stance on various risk types in an understandable manner. They are established for all primary risks within the Catalogue and are meant to encapsulate the current understanding, perspectives, and capabilities concerning these risks, thereby directing the company's management strategies.

To determine the appetite thresholds, as applicable, the references taken into account are current applicable regulatory requirements, historical developments and standardised and structural approaches, and strategic objectives with a sufficient additional margin to allow for early management to prevent non-compliance.

RISK IDENTIFICATION AND ASSESSMENT

The Bank carries out a risk profile self-assessment process every six months in order to:

| Assess the inherent risks assumed by the Group according to the environment and business model.
| Make a self-assessment of its risk management and control capacity, as a tool to help detect best practices and weaknesses in relation to risks.

This process makes it possible to determine the status of each of the risks identified in the Corporate Risk Catalogue and, also taking into account the internal governance assessment, to determine the Bank's risk profile.

3.2.4. RISK CULTURE

The Bank's risk culture is embodied in the Risk Culture Framework, which serves as the reference document for entrenching a robust, consistent and transversal culture across the entire organisation. This framework develops in depth the principles, roles, responsibilities and mechanisms that guide prudent risk management, aligning corporate values, risk appetite and supervisory expectations.

Risk culture guides management and employee decision-making towards behaviours that support prudent management and are consistent with the organisation's risk appetite. It also promotes a proactive and comprehensive approach to risk management and control in all businesses and typologies, with a forward-looking vision that facilitates the analysis of trends in different horizons and scenarios, favouring the identification and management of emerging risks.

This culture is underpinned by a high level of risk awareness, risk management, a strong governance structure, open and critical dialogue within the organisation and the absence of incentives for unwarranted risk taking.

Thus, actions and decisions involving an assumption of risk are:

| Aligned with the Bank's corporate values and basic principles of action.

| Aligned with the Bank's risk appetite and risk strategy
| Based on exhaustive knowledge of the risks involved and how to manage them, including environmental, social and governance factors.

The Framework enshrines the strategic pillars on which the risk culture is built:

LIABILITIES

CaixaBank's Board of Directors fosters a strong risk culture, acting as a role model and practising and conveying the expected values and behaviours in relation to risk across the entire organisation. It encourages this culture to be present in the entity's decision-making processes and management, periodically reviewing its adequacy and promoting improvements when deemed necessary.

All employees must be fully aware of their responsibility towards risk management. This risk management that is not the sole responsibility of risk experts or internal control functions. The business units are primarily responsible for the day-to-day management of risks in compliance with the bank's policies, procedures and controls and will promptly report, within or outside the bank, any cases of noncompliance identified.

COMMUNICATION

Effective, proactive, accessible and transversal communication on risk is actively encouraged, promoting transparency, diversity of views, and the escalation of alerts within a constructive environment. CaixaBank's management assists the governing bodies in establishing and communicating the risk culture to the rest of the organisation, ensuring that all members of the organisation are aware of the fundamental values and associated expectations in risk management, an essential element for maintaining a robust and coherent framework aligned with the Bank's risk profile .

In this regard, the Risk Culture project, aiming to raise awareness of the importance of all employees in risk management (credit, environmental, etc.) in order to be a solid and sustainable bank, has marked a turning point in the dissemination of the risk culture throughout the entity. Various actions intended to raise awareness of the risk culture among all CaixaBank employees within the framework of this project, by publication on the intranet, as well as other places, of news related to risk projects.

As in previous years, during 2025, content on the most relevant projects was published on the intranet's risk news channel, providing general information on risk management concepts and activities organised for the teams, as well as participation in various events. Approximately 80 to 90 news items have been disseminated over the course of the year, generating reactions and comments. Among other notable projects, updates were provided on the assisted sale initiative—aimed at supporting customers looking to sell their

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mortgaged property—and on progress towards the project to transform credit risk analysis functions and tools. In addition, regular updates were provided on the progress being made towards the Strategic Plan. The 'virtual café' initiative continued take shape during the period, offering thematic discussions on various facets of risk management or other significant organisational topics. Last but not least, interviews with senior executives and other key individuals were published to highlight their functions and roles within the Bank. In particular, this year, visibility has been given to those responsible for underwriting and recovery in the territory.

Furthermore, the corporate risk intranets (business and retail) comprise a dynamic environment for directly communicating key updates in the risk environment. They are notable for their content on news, institutional information, sector information, training and FAQs.

TRAINING

Skills development is driven by continuous and quality training, tailored to the role and competencies of each employee. Training is the fundamental mechanism for embedding the risk culture and ensuring that all employees have the necessary knowledge to identify, manage and report the risks associated with their activities. CaixaBank fosters transversal and up-to-date training, aligned with regulatory and business developments.

In the area of Risks, the Bank defines different training pathways for Board/Senior Management support functions, with specific content geared towards help high-level decision-making, as well as the rest of the organisation's functions, especially as regards branch network personnel. This is carried out to ensure: communication of the RAF throughout the whole organisation; the decentralisation of decisionmaking; the updating of risk analysis competencies; and optimisation of risk quality.

The Bank structures its training offering through its Risks School. In this way, training is conceived as a strategic tool designed to support business areas while also serving as the channel for conveying the Bank's risk culture and policies. It offers a specialist pathway linked to professional development, covering profiles ranging from Retail Banking to specialists in complex risks. The training includes modules on financial and non-financial risks, ESG factors and is updated in line with regulatory and business developments.

During 2025, the Risk team continued its ongoing training, this year focusing on credit risk policies, from their creation, presentation to committees and finally their implementation. To this end, a specialised course has been developed for all risk analysts, both for those in Central Services and those deployed in the rest of the territories.

Likewise, analysts from the regional departments have conducted internships at Central Services to gain in-depth knowledge on site of the risk policies and procedures the Bank implements for all territories.

The weekly newsletter covering risk and business news continued to be distributed, and new sessions of the Risk School were arranged for the entire network.

The figures for the Bank's main training initiatives in the field of promoting risk culture are as follows:

_RISK TRAINING AND CULTURE

Course	Title	Group trained	Number of people (cumulative)
Postgraduate diploma in Banking Risk Analysis	University diploma	Business network branch deputy managers and managers and other stakeholders who, given their role, may be involved in approving loans or may require in-depth knowledge of risk	Certified employees: 2,538 retail and 1,275 companies. 420 in progress (companies)
Specialist training in risks for AgroBank branches	Speciality	Employees that make up the AgroBank branch network	2.165
Specialist training in risks for Private Banking branches	Speciality	Employees that make up the Private Banking network	1.032
Training in Property Credit Contract Act 5/2019	Certificate of specialisation from Pompeu Fabra University — BSM	A refresher course on the new act 5/2019 intended for employees that comprise the retail, business and risk network	30.653
Training in document compliance and data quality	Internal training	Aimed at all employees to improve awareness of risk aspects such as document integrity and the quality of data entered into the systems	27.147
Basic course on economic–financial analysis	Internal training	Intended for the retail and company centre network collective, including Welcome Business Bank (Welcome Banca Empresas)	600
Risk Management and Company Banking Circuits training	Internal training	A specific training course on risk policies and circuits continues to be developed for the group of professionals in the risk department arising from the merger with Bankia	842
Risk-Adjusted Return (RAR)	Internal training	This training has been completed by virtually the entire business segment and has been implemented continuously since 2024.	3.621

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_RISK TRAINING AND CULTURE

Course	Title	Group trained	Number of people (cumulative)
New management platform for Economic Groups	Internal training	Training during 2024 for directors, analysts and coordinators of the risk underwriting area	357
Higher course in recovery management	Higher course in recovery management - Universidad Camilo José Cela	Default team managers	668
Financial projection training	Internal training	Training on financial projections and sensitivity analysis for risk analysts in the regional branches, analysts at headquarters and managers in the sales area	916

Similarly, from a compliance risk standpoint, the training outlined in the Consolidated Management Report falls under section "06. Sustainability Information – G – Governance – Corporate Culture and policies relating to corporate culture and business conduct".

PERFORMANCE ASSESSMENT AND REMUNERATION

The Bank seeks to keep the motivation of its employees in line with the risk culture, and with compliance of the risk levels that the Board is prepared to take on. Thus, responsibility for risk management will be embedded, as appropriate, in the duties performed by employees, including their personal goals, performance appraisal and remuneration structures. To this end, the Risk Management and Compliance functions respectively ensure that the frameworks applicable to each of the Bank's employees include aspects that promote risk management and control in their particular area of activity.

Without prejudice to the foregoing, for senior management and those groups whose activities have a significant impact on the risk profile (the socalled "Identified Staff"), an additional ex post adjustment applies to their remuneration schemes in order to strengthen the linkage to risk, following observation of performance during the year against the main risk metrics over which they have influence, as detailed in the Annual Remuneration Report.

3.2.5. ESG RISK FACTORS²

Sustainability risks (ESGs) are classified into three categories: Environmental, Social and Governance.

ESG risks encompass financial or reputational effects stemming from traditionally non-financial factors. There are channels of transmission from ESG risks to credit risk and other risks in the Corporate Risk Catalogue (business profitability, reputational, conduct and compliance, legal and regulatory and other operational risks) that support their treatment as risk factors rather than as stand-alone or independent risks. To better understand how ESG factors affect the risks in the Catalogue, CaixaBank has conducted a materiality analysis that emphasises the qualitative evaluation of significant impacts across different portfolios. Furthermore, the qualitative analyses have been complemented by quantitative analyses that have confirmed the qualitative conclusions. Nevertheless, in light of the current state of advancement of quantification methodologies and existing data, these exercises are expected to continue to evolve in order to provide increasingly refined results.

The climate risk materiality assessment is based on climate change scenarios and takes into account various time horizons. In line with supervisory expectations and prevailing regulations, CaixaBank has taken into account in its assessment the impact of the physical and transition risks of the following climate scenarios established by the Network for Greening the Financial System (NGFS). i) orderly transition; ii) disorderly transition; and iii) hot house world. Out of the three scenarios identified, the orderly transition scenario has been selected as the base scenario for the materiality assessment, given that it is consistent with the commitments assumed by CaixaBank. Furthermore, this scenario is still considered the most likely in the European Union.

In a scenario of an orderly transition, the main impacts of climate risk relate to the long term in legal persons' credit portfolios, whereas the impact on the other risks from the Catalogue is lower or circumstantial.

Following the most recent ESG risk materiality exercise carried out in 2025, climate risk was flagged as material in its intersection with credit risk and is therefore included as a Level 2 risk within credit risk. Furthermore, climate risks have an impact on business profitability risk, reputational risk, conduct and compliance risk, legal and regulatory risk, and other operational risks. Nature-related risks also happen to have an impact on business profitability risk, reputational risk, credit risk, and conduct and compliance risk, although they are not identified as material in any of these intersections. However, the relevance of these risks in the overall context of sustainability justifies detailed analyses and comprehensive monitoring, even though they are not considered material to the Bank at this time.

The financial materiality assessment in respect of social and governance risks found that these risks carry a low or moderate-low level of risk for credit risk across various portfolios, as well as for legal and

² See "06. Sustainability information – E – Environment – E1 – Climate change – Risk management and monitoring" of the consolidated Management Report for more information on the risks arising from climate change for the Group's financial position.

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regulatory risk, reputational risk and business profitability risk, across all time horizons and for all risks.

Considering the proportionality principle set out in the EBA Guidelines on ESG risks and the outcome of the analysis of the materiality of ESG risks, priority is given to climate risk management. In addition, although the impact of environmental risk on the risks included in the catalogue is not considered material for the Bank, non-climate environmental risks are also addressed, given the increasing attention they receive from the Bank's stakeholders.

The Bank's management of risks associated with climate change is part of the risk planning, corporate strategic processes, risk catalogue, risk appetite framework and risk assessment, and it is established in the risk management policies, frameworks and risks processes.

The Corporate ESG/Sustainability Risk Management Policy sets out the guidelines for integrating ESG analysis into customer onboarding, credit financing approvals for legal entities, proprietary investments in fixed-income and equity securities, and the management of the equity investment portfolio.

This policy specifies general and sector-specific exclusions for activities that could significantly affect the environment, including issues related to climate change and biodiversity, as well as social concerns like human rights, where CaixaBank opts not to take on credit risk. The general exclusions apply to all customers, while sector-specific exclusions affect certain activities in the energy, mining, infrastructure, transportation, agriculture, fisheries, livestock, forestry, defence and security sectors. This policy undergoes annual revision to keep it aligned with evolving regulations and expectations of stakeholders.

For effective execution of the policy, CaixaBank has established a centralized team of specialist analysts who conduct customer evaluations according to established procedures and operational guidelines. CaixaBank also has specific controls in systems and dashboards with key risk indicators (KRIs) to monitor the effectiveness of the assessment processes.

3.3. TRANSVERSAL RISKS

3.3.1. BUSINESS PROFITABILITY RISK

Business profitability risk refers to the risk of underperformance relative to market expectations or the Bank's objectives, which ultimately prevents the achievement of a sustainable level of return higher than the cost of capital.

The profitability objectives, backed by a financial planning and monitoring process, are set out in the Bank's Strategic Plan, over three years, and are specified annually in the Bank's budget and in the commercial network challenges.

The Bank has a corporate Policy for business profitability risk management. Management of this risk is founded on four visions of management:

| Group vision: the overall aggregated return at the level of CaixaBank Group.
| Businesses/Territories vision: the return from businesses/territories.
| Financial-accounting vision: the return from different corporate businesses.
| Commercial-management vision: the return from the business network's management.
| Pricing vision: the return from setting prices for CaixaBank products and services.
| Project vision: the return from the Bank's relevant projects.

The risk management strategy for business profitability is closely integrated with the capital adequacy and liquidity management strategy of the Bank and is supported by the strategic risk processes (in particular, Risk Assessment and RAF).

3.3.2. OWN FUNDS AND SOLVENCY RISK

The risk of own funds and capital adequacy responds to the potential restriction of CaixaBank to adapt its volume of own funds to regulatory requirements or a change to its risk profile.

The Bank has set an objective of maintaining a medium-low risk profile and a comfortable level of capital to strengthen its position. Capital adequacy to cover eventual unexpected losses is measured from two different perspectives and using different methodologies: regulatory capital and economic capital.

Regulatory capital is the metric required by regulators and used by analysts and investors to compare financial institutions. It is governed by the European framework that incorporates Basel III, initially through Regulation 575/2013 (CRR) and Directive 2013/36/EU (CRD IV), adapted to Spain by Law 10/2014 and complementary regulations. Subsequently, reforms were introduced with CRR II and CRD V (2019), completed in Spain in 2022. Since then, the Basel Committee and other competent bodies have issued additional rules on the calculation of own funds. In 2024, further amendments were approved (CRR III and CRD VI), published in June and largely applicable from January 2025, affecting credit, market and operational risks, as well as ESG requirements.

The relentless regulatory changes call for permanent development, and therefore the Bank continuously adapts its processes and systems to ensure the calculation of capital consumption and direct deductions from capital are fully aligned with the new established requirements.

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Meanwhile, the economic capital measures the internal criteria for own funds and capital requirements for all risks derived from its activity. This measure complements the regulatory view of capital adequacy and enables better alignment with the Bank's risk profile, since it incorporates risks that are not considered, or are only partially considered, in the regulatory requirements. In this context, beyond the risks addressed in Pillar 1 (credit, market, and operational risks), we incorporate additional risks listed in the Corporate Risk Catalogue. These additional risks encompass actuarial and structural interest rate risks, along with transversal risks like business profitability risk, reputational risk, and model risk. Moreover, climate risk is integrated into various risk categories, notably credit risk. This vision is used for i) the self-assessment of capital, subject to presentation and periodical review in the Bank's corresponding bodies; ii) as a control and monitoring tool; iii) risk planning; and iv) to calculate the Risk-Adjusted Return (RAR) and the pricing. In contrast with regulatory capital, economic capital is an internal estimate which is adjusted according to the level of tolerance to risk, volume, and type of business activity.

The Bank has a Corporate Policy for Own Funds and Capital Adequacy Risk that covers a broad concept of own funds, including both eligible own funds under prudential regulations and eligible instruments for hedging MREL minimum requirements, the purpose of which is to lay down the principles on which capital objectives are determined at the Bank, as well as to lay down a common set of guidelines in relation to the monitoring, control and management of own funds that allow this risk to be mitigated, among other aspects. Similarly, the main processes comprising the management and control of capital adequacy and own funds risk are as follows: i) continuous measurement and internal and external reporting of regulatory capital and economic capital using relevant metrics; and ii) capital planning under different scenarios (normal and stressed, including ICAAP, EBA Stress Test, and Recovery Plan), included in the corporate financial planning process, which includes the projected balance sheet, statement of profit or loss, capital requirements, and the Bank's own funds and solvency. All of this is accompanied by monitoring of the capital regulations applicable at present and over the coming years.

For further information on the risk management of own funds and capital adequacy (ä see Note 4 – Capital adequacy management).

3.3.3. MODEL RISK

Model risk is defined in the Corporate Risk Catalogue as the potential adverse consequences for the Bank that could arise from decisions based primarily on the results of models with errors or biases in their design, conception, application or use.

In particular, the sub-risks identified under model risk that are subject to management and control are as follows:

| Methodological risk: shortcomings in model building due to the methodology used (methodological choice, accuracy of assumptions made, stability or sensitivity and performance results) or model obsolescence.
| Risk of integration into management: inadequate use of the model and of the reporting of its results.
| Technology implementation risk: insufficient or defective quality and robustness of information and defects in the implementation of the model in systems.
| Replicability risk: Defects or deficiencies in the documentation associated with the model that make its replicability or traceability impossible.

The general model risk strategy is based on the following pillars:

| Identification of the model risk, using the Corporate Inventory of Models as a key element to set the scope of the models. In order to manage the model risk, first the existing models must be identified, along with their qualities and how the Bank uses them. This is why the CaixaBank Group has such an Inventory, which identifies the models and uses a homogeneous taxonomy that includes, in addition to other attributes, their relevance and the assessment of their quality and the risk assumed by using them.
| Governance and model control framework, addressing key issues such as:
| The identification and definition of the most relevant phases of the model lifecycle and the definition of roles and responsibilities in the model risk management framework.
| The concept of model risk management, i.e. the way in which the control framework of the models can be modulated according to the importance of the models within the company's or group's operational processes.
| The definition of standards for the governance of the models, so that changes or evolutions of these are traceable and are governed under homogeneous standards (approval by competent bodies, roles and responsibilities) that offer the different owners the necessary flexibility and agility to change the affected models in compliance with current regulations.

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| The definition of monitoring standards for model owners so that they give their opinion in a recurrent, homogeneous and comparable way.
| The definition of internal validation standards to ensure the issuance of consistent and comparable opinions for monitoring purposes, together with the proper application of controls for model validation by an independent unit.
| To ensure compliance with the guidelines associated with the model life cycle, carry out the necessary controls for the proper management of model risk, and report to the relevant bodies in the event of material breaches.
| Monitoring, which addresses key issues such as:
| Follow-up: with a forward-looking approach to model risk that enables it to be kept within the parameters defined in the Bank's risk appetite framework, through the periodic calculation of RAF metrics and other model risk–specific indicators (KPIs).
| Ongoing review of the currency of the level 2 risks in the Corporate Risk Catalogue into which model risk is broken down and use of metrics at a granular level to enable measurement and monitoring of these level 2 risks with a forward-looking approach.
| Proposal and monitoring of mitigating actions and action plans for model risk management.
| Periodic exercise to assess the model risk (Risk Assessment) assumed by the Bank.

In 2025, the governance of models has been expanded, preparing for the inclusion in 2026 of those with artificial intelligence (AI) components. This change has required adapting the model risk tool, both in terms of inventory and functionality, to capture key elements of AI. In addition, the Corporate Model Risk Management Policy and its reference framework have been updated, notably including the improvements made to the model risk rating. This will allow for greater sensitivity to the relevance and inherent risk of models and will facilitate the adaptation of management as the number and range of models in the corporate inventory increase.

With regard to the Validation function, highlights included the move towards greater automation in generating reports, covering an increasingly broad range of models. This progress has made it possible to generate additional value added and enhance the depth of review, contributing to the completion of 2025 with the issuance of 100 % of the opinions planned for the year.

3.3.4. REPUTATIONAL RISK

Reputational risk is defined as any economic loss or lower revenue for the Bank as a result of events that negatively affect the perception that stakeholders have of CaixaBank.

Some of the risk areas identified by the Bank in which this perception could worsen include, among others, inadequate product design and marketing, poor customer service, inappropriate communication, operational or technological failures, noncompliance with new regulations or regulatory standards, or a lack of integration of ESG factors into the business, including climate change, talent development, work–life balance, diversity and occupational health.

The Bank has a Corporate Reputational Risk Management Policy, based on the three lines of defence model, which defines the principles governing the prevention, management and control of this risk. It covers the regulatory framework, action principles and strategy governing reputational risk management, governance framework, control framework and functions, as well as the reporting and disclosure framework for this risk.

More precisely, the Bank's reputational risk control and management strategy envisages:

| The regular identification and assessment of reputational risks, for which there is a specific taxonomy and regular assessment and analysis processes (half-yearly risk assessment, review of the Corporate Risks Catalogue, regular analysis of perceptions and social sensitivity, identification of crisis milestones, studies and market benchmarks).
| Prevention and management policies and procedures including, besides the creation of the abovementioned policy, the development of the reputational risk culture in all companies of the Bank, ongoing assessments of the control environment, conducted with input from all cross-departmental teams and internal procedures for reputational crisis management with detection protocols, severity scales, and actions to mitigate or eliminate potential negative effects.
| Reputation management and enhancement through the use of communication channels and dialogue with stakeholders, analysing business transactions from this perspective, and developing communication initiatives that strengthen the visibility and recognition of corporate values among stakeholders.
| The monitoring and control of risk through both internal and external indicators that measure stakeholders' perceptions and expectations, RAF reputation metrics, reviews of the control framework, compliance with standards, and the development of periodic systems for risk control and mitigation. In addition, the second and third lines of risk defence conduct regular reviews of the risk management and control environment.

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| Lastly, regular reporting to the governing bodies, to the Bank's Senior Management, as well as to the supervisors, for informed decision-making in this area.

3.4. FINANCIAL RISKS

3.4.1. CREDIT RISK

OVERVIEW

Credit risk corresponds to the loss of value of the Bank's assets with a customer, due to a deterioration in the capacity of said customer to meet its commitments to the Bank. Includes the risk generated by transactions in the financial markets (counterparty risk). It is the most significant risk relating to the Bank's financial activity, based on banking and insurance activities, treasury transactions and long-term equity instruments (shareholding portfolio).

The maximum exposure to credit risk is the gross carrying amount, except in the case of derivatives, which is the exposure value according to the markto-market method, which is calculated as the sum of:

| Current exposure: the highest value between zero and the market value of a transaction or of a portfolio of transactions in a set of transactions that can be offset with a counterparty that would be lost in the event of non-payment of the counterparty, assuming that none of the value of the transactions will be recovered in the event of insolvency or settlement beyond the collateral received.
| Potential risk: variation of the credit exposure as a consequence of the future changes of the valuations of transactions that can be offset with a counterparty during the residual term until maturity.

The maximum credit risk exposure of the financial instruments included under the financial instruments headings on the asset side of the balance sheet, including counterparty risk, are set out below:

_ MAXIMUM EXPOSURE TO CREDIT RISK

		31-12-2025		31-12-2024
	Note	Maximum exposure	Impairment allowances	Maximum exposure	Impairment allowances
Cash and cash balances at central banks and other demand deposits	9	40,106		43,041
Cash balances at central banks		39,748		42,698
Other demand deposits		358		343
Financial assets held for trading	10	1,421		821
Equity instruments		641		415
Debt securities		780		406
Non-trading financial assets mandatorily at fair value through profit or loss Financial assets at fair value through other comprehensive income	10	38 9,185		38 8,202
Equity instruments		88		89
Debt securities		9,097		8,113
Financial assets at amortised cost	10	449,081	(5,136)	420,222	(5,526)
Debt securities		79,469	(2)	70,851	(3)
Loans and advances		369,612	(5,134)	349,371	(5,523)
Credit institutions		17,869	(6)	17,097	(6)
Customers		351,743	(5,128)	332,274	(5,517)
Trading derivatives and hedge accounting (1)		3,462		3,309
TOTAL ACTIVE EXPOSURE		503,293	(5,136)	475,633	(5,526)
GUARANTEES GRANTED AND CONTINGENT LIABILITIES (2)		141,031	(356)	134,682	(373)
TOTAL		644,324	(5,492)	610,315	(5,899)

⁽¹⁾ For the purposes of comparison with the different credit risk exposure breakdowns based on the accounting procedures used in the preparation of the Financial Statements, the credit risk exposure of derivative positions in this table has been determined, in accordance with Article 274 of the Capital Requirements Regulation (CRR), on a netting set basis.

⁽²⁾ CCFs (Credit Conversion Factors) for guarantees given and credit commitments amount to 150,103 million euros and 76,104 million euros at 31 December 2025 and 2024, respectively.

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CREDIT RISK CYCLE LINKED TO BANKING AND OTHER ACTIVITIES

The Bank focuses its lending activity on meeting the financing needs of households and companies and providing value-added services, within the mediumlow risk profile set as a target in the RAF.

The Corporate Credit Risk Management Policy, approved by the Board of Directors, establishes the general framework and basic principles consistent with the Group's overall risk appetite and strategy and effective risk management at each stage of the credit risk management cycle.

The full credit risk management cycle covers the entire life of the transaction, from feasibility studies and the underwriting of risks as per established criteria, to monitoring solvency and returns and, ultimately, to processing and recovering nonperforming assets. Thus, the principles set out in the Corporate Credit Risk Management Policy serve as a reference and minimum standard in the identification, assessment, approval, monitoring and mitigation of credit risk, as well as the criteria for quantifying the coverage of expected credit risk losses, both for accounting and capital adequacy purposes.

The main principles and policies governing credit risk management at the Bank are as follows:

| The credit risk management policy and strategy, as well as the frameworks and limits for controlling and mitigating this risk, are integrated and consistent with the overall risk strategy and appetite.
| Clear definition and allocation of responsibilities to the different areas participating in the cycle of granting, managing, monitoring and controlling credit risk, in order to guarantee effective management of this risk.
| The business lines and units that generate credit risk are primarily responsible for managing the credit risk generated by their activities throughout the credit life cycle. Such business lines and units have adequate internal controls to ensure compliance with internal policies and applicable external requirements. The risk management function is responsible for assessing the adequacy of these controls.
| Strict independence is maintained between the areas comprising the Credit Risk Underwriting and Monitoring Department and the business units (commercial areas). Likewise, the Risk Management and Compliance Division maintains the same principle of independence from the business units, as well as from the Risk Approval and Monitoring Division.
| As a general rule, lending is based on the borrower's repayment capacity, offering customers financing solutions that best meet their needs. The securities, be they personal or collateral, never replace a lack of repayment ability or an uncertain purpose to the transaction, solely with the exception of those
cases in which, due to the special nature of certain lending products, the transaction's structure is based precisely on the collateral.
| An adequate assessment is conducted both on guarantees and assets received in payment of debt.
| The pricing system is adjusted to the risk assumed in the transactions, in such a way as to ensure the appropriate relationship of the risk/ profitability duality and in which the guarantees act as a mitigation element, especially in longterm transactions.
| The development of internal models for rating exposures and borrowers, as well as to measure risk parameters for the purposes of consumption of regulatory capital or provisions, ensures the establishment and standardisation of key aspects of these models according to a methodology adapted to suit the characteristics of each portfolio.
| There is an independent system of internal validation and regular review of credit risk models used for both management and regulatory purposes, for which materiality criteria is applied.
| There is a monitoring framework that ensures that information on credit risk exposures, borrowers and collateral are relevant and kept up-to-date throughout the life cycle of credit exposures, and external reports are reliable, complete, up-to-date, and drawn up within the established time limits.
| Accounting classification criteria of transactions and for the quantitative assessment of expected losses and capital requirements for credit risk that accurately reflect the credit quality of the assets.
| The recovery process is governed by the principles of anticipation, objectivity, effectiveness, and customer orientation. The recovery circuit has been designed in such a way as to be articulated based on early detection of the possibility of default and appropriate measures have been provided for effectively claiming debts.

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The policies, frameworks, procedures or methodologies that are developed from this policy:

| They take into account the principles of responsible lending and therefore the lending criteria consider each borrower's specific situation, needs, interests and specific financial capacity, in order to avoid causing undue hardship or over-indebtedness.
| They take into account environmental, social and corporate governance factors, reputational risk and related risks, adopting a holistic approach.
| They are designed to minimise the risk of internal or external fraud.
| They cover all lending activities, asset classes, customer segments, products and specific credit instruments, as well as credit risk management practices, associated responsibilities and controls, with a level of detail commensurate with the size, degree of complexity and risk profile of the different market segments related to lending activities.
| They set out the criteria for the approval of credit transactions and decision-making, establishing authorisation levels consistent with the defined risk appetite and limits; the requirements for creditworthiness assessment, exposure aggregation, the acceptance and use of collateral or risk mitigating, the proper documentation of decisions taken, and the treatment of overruns or exceptions.
| They specify the monitoring requirements for lending activities, including the classification of transactions and the estimation of coverage, as well as the actions to be taken in the event of non-payment.
| They feature control mechanisms with measures to avoid incurring unacceptable risks.

Underwriting and granting

The underwriting function is the first step in the credit risk management process, and the application of rigorous methodologies in the application, analysis and granting processes will largely determine the successful repayment of exposures. The process is based on an analysis of the creditworthiness of the parties involved and the characteristics of the transaction. The empowerment system assigns approval levels to specific employees, corresponding to the standard level of responsibility defined for each position.

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According to the risk of the transactions

Analysis according to the following characteristics:

1. Borrower: analysis based on internal knowledge of the customer, information requested from the customer and its profitability.
2. Guarantee: group of assets and/or funds pledged to secure fulfilment of a repayment obligation.
3. Deadline: transaction duration, which must relate to its purpose.
4. Amount: calculation of the accumulated risk for each of the title holders of the transaction and their economic group. Depending on the segment, the following is defined:

Product-weighted loss: based on the expected loss calculation formula, taking into account the risk appetite of each product. This is used when the principal borrower is a legal person.

Nominal: This includes the nominal amount and collateral. It applies to individuals.

Other characteristics taken into consideration: aspects such as the rate of effort, monitoring alerts and ratings, and belonging to certain sectors (i.e.: ESG risks, for which the Environmental Risk Report is needed to determine compliance with the Corporate Policy on sustainability/ESG risk management) or concentration limits.

Transaction approval levels: subject to the following signatures: businessbusiness or business-risks

Board of Directors

Executive Committee

Standing Loan Committee

Specialised Corporate Service centres

Property developer risk Commercial real estate risk Tourism and agri-food risk Project Finance Institutional banking

Specialised centres: Risk Underwriting Centre

Personal Loan Approval Centre (CARP): For individuals and the selfemployed, centralised in Corporate Services.

Risk Approval Centres (CAR): for legal entities, distributed throughout the territory

If the level of risk required exceeds the applicant centre's remit, the request will be passed on to a higher level.

Commercial network: it will resolve requests that require approval levels within its powers; in general, with business-to-business signature concurrence.

Approval by a business manager and a risk manager.

According to the pricing of the transactions

Analysis in terms of the costs associated with the transaction, which are essentially the following: Structure costs, financing costs and risk costs.

The transactions must provide a minimum contribution to capital requirements, which will be calculated net of tax. It is analysed using pricing tools and RAR (Risk-Adjusted Return).

Transaction approval levels:

In the business divisions, subject to a system of powers aimed at obtaining a minimum remuneration and, additionally, at establishing margins according to the different businesses.

In order to ensure an adequate level of protection of the banking service customer, there are policies, methods and procedures for studying and granting loans, or responsible lending, as required in Act 2/2011 on Sustainable Economy and Order EHA/2899/2011 on transparency and protection of customers of banking services, or the more recent Property Credit Contract Regulatory Act 5/2019, of 15 March.

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Mitigation of the risk

The Bank's credit risk management profile is characterised by a prudent granting policy, at a price in keeping with the conditions of the borrower and suitable hedges/guarantees. In any case, longterm transactions must have more robust guarantees due to the uncertainty deriving from the passing of time. These guarantees should never be used to substitute a lack of repayment capacity or an uncertain outcome for the transaction.

For accounting purposes, effective guarantees or collateral are collateral and personal guarantees that can be demonstrated as valid as risk mitigators, according to: i) the amount of time required for their enforcement; ii) the ability to realise the guarantees; and iii) the experience in realising the same. The different types of guarantees and collateral are as follows:

| Personal guarantees or those constituted due to the solvency of holders and guarantors: most of these relate to risk transactions with companies in which the collateral provided by the shareholders, irrespective of whether they are individuals or legal entities, is considered relevant. For individuals, collateral is estimated on the basis of asset declarations. Where the backer is a legal entity, it is analysed as the borrower for the purposes of the approval process.
| Collateral, main types:
| Pledged collateral: they notably include the pledge of borrowing transactions or intermediate balances. To be admitted as collateral, financial instruments must, among other requirements: i) should be unencumbered, ii) its contractual definition should not prevent it from being pledged and iii) its credit quality should not be related to the holder of the loan. The pledge remains in place until the loan matures, it is repaid early, or it is derecognised.
| Mortgage guarantees on properties. A real right on immovable property given as security for an obligation, on which, according to internal policy, the following is established:
| The procedure for approval of guarantees and the requirements for arranging transactions, such as the documentation that must be supplied by the holders and the mandatory legal certainty of this documentation.
| The review processes for the appraisals registered, in order to ensure proper monitoring and control of the guarantees. Periodical processes are carried out to contrast and validate appraisal values, in order to detect potential anomalies in the actions of the appraisal companies used by the Bank.
| The outlay policy, mainly concerning real estate development and selfdevelopment arrangements.
| The loan-to-value (LTV) of the transaction. The capital to be granted in mortgage transactions is limited to percentages of the value of the guarantee, which is defined as the lowest of the appraisal value and the value shown on the official deed or the accredited value of the property. IT systems calculate the level of approval required for each type of transaction.
| Credit derivatives: guarantors and counterparty. The Bank makes occasional use of credit derivatives arranged with high credit rating institutions and covered by collateral contracts to hedge credit risk.

A breakdown of the guarantees received in the approval of the Bank's lending transactions corresponding to its banking activity and other is provided below, specifying the maximum amount of the collateral that can be considered for the purposes of calculating impairment: the estimated fair value of property according to the latest appraisal available or an update on the basis of the provisions of applicable regulations in force. In addition, the remaining collateral is included as the current value of the collateral that has been pledged to date, not including personal guarantees:

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_CATEGORISATION BY STAGE OF THE CREDIT INVESTMENT AND AFFECTED GUARANTEES *

		31-12-2025			31-12-2024
	Gross amount	Allowances for impairment	Value of the collateral **	Gross amount	Allowances for impairment	Value of the collateral **
Stage 1:	320,986	(448)	385,902	301,244	(421)	377,442
No collateral associated	177,916	(367)		163,775	(314)
Real estate collateral	140,336	(79)	378,644	134,744	(105)	370,715
Other collateral	2,734	(2)	7,258	2,725	(2)	6,727
Stage 2 + POCI w/o impairment:	21,299	(550)	37,249	20,231	(739)	31,729
No collateral associated	7,454	(315)		7,976	(331)
Real estate collateral	13,566	(234)	36,518	12,030	(406)	31,223
Other collateral	279	(1)	731	225	(2)	506
Stage 3 + POCI with impairment	7,121	(4,125)	8,864	8,649	(4,347)	10,578
No collateral associated	3,233	(2,279)		3,407	(2,057)
Real estate collateral	3,861	(1,833)	8,831	5,194	(2,263)	10,533
Other collateral	27	(13)	33	48	(27)	45
TOTAL	349,406	(5,123)	432,015	330,124	(5,507)	419,749

^(*) Includes loans and advances to customers under "Financial assets at amortised cost" (Note 10) and "Non-trading financial assets mandatorily measured at fair value through profit or loss".

On the other hand, counterparty risk mitigation measures are specified at the end of this section.

^(**) It reflects the maximum amount of the effective collateral that can be considered for the purposes of the impairment calculation, i.e. the estimated fair value of real estate properties based on their latest available valuation or an update of that valuation based on the applicable standard in force. In addition, the remaining collateral is included as the current value of the collateral that has been pledged to date, not including personal guarantees:

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Monitoring and measurement of credit risk

The Bank has a monitoring and measurement system that guarantees the coverage of any borrower or transaction by means of methodological procedures adapted to the nature of each borrower and risk:

^* SN High Risk: Borrowers with total exposure of more than €10 million for two consecutive months or exceeding €12 million per month, with certain weaknesses: i) >>arrears of more than 45 days; ii) refinancing; iii) balance sheet deterioration; iv) high PD; v) adverse rating; vi) arrears with other institutions; vii) a current monitoring classification of medium risk or worse; and viii) project finance exposures with a DSCR below 1.05x or deviations of more than 15 % between actual and projected revenues.

Borrower monitoring process 1

The aim is to determine the quality of the risk assumed with the borrower ("Monitoring Rating") and actions that need to be taken according to the result, including the estimation of impairment. The targets of risk monitoring are the borrowers that hold the debt instruments and off-balance sheet exposures that bear credit risk, and the profit or loss is a reference for the future granting policy.

The Credit Risk Monitoring Policy is prepared based on the type and specific nature of the exposure, segregated into differentiated areas, in accordance with the various credit risk measurement methods.

The Monitoring Rating is an assessment of each customer's situation and risks. Each borrower has an associated monitoring rating that classifies them into five categories,³which are, from best to worst: insignificant risk, low risk, moderate risk, medium-high risk or doubtful; and they can be generated manually

^** Borrowers with total exposure > 5 million euros, of which more than 5 % of the total is classified as non-performing.

The different categories of monitoring rating are:

^| Insignificant risk: all customer transactions are performing correctly and there are no indications that call the repayment capacity into question.

^| Low risk: the payment capacity is adequate, although the customer or one or more of their transactions shows some minor indication of weakness.

^| Medium risk: there are indications of customer impairment, nonetheless, these weaknesses do not currently put at risk the debt repayment capacity.

^| Medium-high risk: the customer's credit quality has been seriously weakened, although there is no objective evidence of impairment. Further impairment could result in default.

^| Doubtful: there is objective evidence of sustained impairment or non-performance as regards the customer capacity to meet their obligations.

^| No rating: there is insufficient information to assign a monitoring rating.

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(in the case of the scope of borrowers under individualised monitoring) or automatically (for the rest).

According to the scope of monitoring and rating relating to the borrowers, monitoring can be:

| Individualised: applied to exposures of a significant amount or that have specific characteristics. The monitoring of major risks leads to the issuance of group monitoring reports, concluding in a monitoring rating for the borrowers in the group.

The Bank defines individually significant borrowers (Single Names) as those that meet the following thresholds or characteristics⁴ :

| Borrowers with an exposure greater than 10 million euros for two consecutive months or greater than 12 million euros for one month, meeting at least one of the following criteria:
| having been refinanced (refinanced risk greater than 5 % of total risk),
| early non-performing loans (defaults in excess of 45 days),
| with a restrictive approval preventive plan,
| with rating unfavourable,
| with a high PD (or Slotting equal to or worse than Weak if they belong to Specialised Financing segment),
| with a current monitoring rating of medium risk or lower,
| with balance sheet impairment,
| with defaults in other entities,
| belonging to the Specialised Financing segment and maintaining a debt service coverage ratio of under 1.05 or with deviations of more than 15 % of actual revenues compared to projected revenues or if the project is in the process of being restructured.
| Exposure of greater than 5 million euros with doubtful transactions (objective or subjective) representing more than 5 % of the total risk of the borrower.
| Borrowers not segmented as Specialised Lending with an exposure greater than 30 million euros for two consecutive months or greater than 36 million euros for one month that belong to a group with a risk greater than 300 million euros or a group with a risk lower than 300 million euros with a component identified as Single Name in one of the two points previously mentioned.
| Borrowers segmented as a Specialised Lending with a total exposure greater than 50 million euros.
| Collective: ratings are obtained using a combination of a specific statistical model known as the Early Warning Model (EWM), the probability of default (PD) , rated with a forwardlooking vision (in line with that used in the calculation of credit risk coverage) and various significant alerts. Both the EAM and the PD are obtained at least on a monthly basis, and daily in the case of the alerts

In addition, MAT and PD models are subject to the Corporate Policy on Regulatory Approaches and Credit Risk Models.

Quantifying and assessing credit risk 2

Credit risk quantifies losses that might derive from failure by borrowers to comply with their financial obligations, based on two concepts: expected loss and unexpected loss.

| Expected Loss (EL): This is the average or mathematical expectation of potential anticipated losses calculated by multiplying the three following factors: probability of default (PD), exposure (EAD for exposure at default) and severity (LGD for loss given default).
| Unexpected loss: potential unforeseen loss caused by variability in losses with respect to the estimated expected loss. It can occur due to sudden changes in cycles or alterations in risk factors, and the dependence between the credit risk for the various debtors. Unexpected losses have a low probability and large amount, and should be absorbed by the Bank's own funds. The calculation of unexpected loss is also mainly based on the transaction's PD, EAD and LGD.

Credit risk parameters are estimated based on the historical default experience. To do so, the Bank has a set of tools and techniques for the specific needs of each type of risk, described below according to how they affect the three factors for calculating the expected loss:

| EAD: an estimate of the outstanding debt in the event of default by the customer. This measurement is significant for financial instruments with a repayment structure that varies according to customer drawdowns (in general, any revolving credit product).
The estimate is based on observing internal default experience, relating the drawdown levels upon default to drawdown levels over the 12 preceding months. To build the model, several variables are considered, such as product type, term to maturity and customer characteristics.
| PD: The Bank has management support tools for predicting the probability of default of each

Aside from those borrowers, exposures classified as low credit risk will also require an individual estimation of credit risk losses where they are deemed to be nonperforming, despite being considered to involve no appreciable risk. Applying materiality criteria, the individual estimate of expected losses will be performed whenever a borrower represents an exposure of more than > 1 million euros and more than > 20 % of that exposure is considered non-performing.

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borrower that cover practically all lending activity.

These tools, implemented in the branch network and the risk monitoring and granting channels, were developed on the basis of NPL experience and include the measurements required to finetune the results both to the business cycle, with a view to securing relatively stable measures in the long term and to recent experience and future projections. The models can be classified according to their orientation toward the product or customer:

| Product-oriented tools are used mainly within the scope of authorisation of new retail banking transactions (approval scorings) and take into account the debtor's characteristics, information deriving from the customer relationship, internal and external alerts, as well as the specific characteristics of the transaction to determine the probability of default. An advanced machine learning methodology is used for its estimation.
| Customer-oriented tools assess the debtor's probability of default. They are integrated by performance scorings to monitor the risk of individuals and by company ratings. Rating tools for companies vary considerably according to the customer segment.
| In particular, for micro-enterprises, SMEs and SME property developers, an advanced machine learning methodology is also used.
| As regards large corporates, the Bank has models that require the expert judgement of analysts and seek to replicate and be coherent with the ratings of rating agencies.

The update of the customer scorings and ratings performed monthly to keep the credit rating up-to-date, with the exception of the large company rating, which is updated with a minimum annual frequency or faced with significant events that may affect the credit ratings. In the area of legal entities, regular actions are carried out to update financial statements and qualitative information in order to achieve the maximum level of coverage of the internal rating .

| LGD: quantifies the unrecoverable debt in the event of customer default.

The historic loss given default is calculated using internal information, taking into account the cash flows associated with contracts from the moment of default. These models also throw up severity based on the collateral, the relationship of the amount of the loan with the value of the collateral (LTV or Loan to Value), product type, the borrower's creditworthiness and, where required by legislation, the recessionary phases of the economic cycle. An estimate is also made of the indirect expenses (office staff, infrastructure costs and similar) associated with the recovery process.

It should be noted that the Bank considers through the LGD the income generated on the sale of defaulted contracts as one of the possible future cash flows generated to measure expected credit impairment losses. This income is calculated on the basis of the internal information of the sales carried out at the Bank⁵ . The sale of these assets is considered to be reasonably predictable as a method of recovery, thus, as part of its strategy for reducing doubtful balances, the Bank considers portfolio sales as one of the recurring tools. In this sense, there is an active impaired debt market that ensures with high probability the possibility of generating future debt sale transactions⁶ .

In addition to regulatory use to determine the Bank's minimum capital requirements and the calculation of hedges, the credit risk parameters (PD, LGD and EAD) are used in a number of management tools, such as in the risk-adjusted return calculation tool, the pricing tool, the customer pre-qualification tool, monitoring tools and alert systems.

⁵ ^ä See Note 2.7, in reference to the fact that sales of exposures with a significant increase in credit risk do not compromise the business model of holding assets to receive contractual cash flows.

⁶ ^ä See Note 22.3, detailing the sales of the non-performing and written-off loan book.

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Determination of accounting classification 3

The accounting classification among the different stages of IFRS 9⁷ of transactions with credit risk is determined by the occurrence of events of default, impairment of the customer's ability to pay and, in short, by the set of criteria described in Circular 4/2017 and in the EBA GL/2016/07 guide on the application of the definition of default.

Generally, loan origination transactions will initially be categorized as Stage 1. Their classification will shift to Stage 2 or 3 if there are events of default or Significant Increases in Credit Risk (SICR) since the transaction was first recognised.

A SICR shall be deemed to have occurred since initial recognition and such transactions shall be classified as stage 2, when weaknesses are present that could lead to losses significantly in excess of those expected at the time of origination. To identify it, the Bank relies on the monitoring and rating processes described in . 2

Transactions in stage 1 or 2 can also be classified as stage 3 when additional default criteria are met or if, under an individual or collective analysis, there is reasonable doubt as to the ability to pay or there is credit impairment of the transaction or borrower.

The set of classification criteria is described below:

Stage 2 Stage 3

Amounts overdue by more than 30 days

If at least 25 % of the insolvency claims have been paid, or two years have elapsed since the insolvency proceedings were filed with the Companies Registry.

Refinanced or restructured transactions that should not be reclassified as non-performing and that are still in the trial period

Amounts past due by >90 days exceeding materiality thresholds, evaluated at transaction level for individuals and at customer level for legal entities. For individuals, the entire customer is impacted when amounts overdue >90 days exceed 20 % of the total exposure

Stage 3 Does not meet the conditions of stage 2

Refinancing, refinanced or restructured transactions classifiable as non-performing according to fixed criteria set forth in Note 2.8 – Refinancing transactions

Single individual

Transactions of the holders in insolvency proceedings with no liquidation petition

Transactions with past due amounts

Refinanced/ restructured transactions

Rest of portfolio – individual

Overall alerts: Financial difficulties of the client, breach of contractual clauses, etc.

Market alerts (external ratings)

Specific alerts (sector)

Deterioration of the rating: the borrower has decreased their rating to a moderate risk or worse since the transaction's initial recognition. Or its current rating is mediumhigh risk or worse.

Its current lifetime PD exceeds 20 % or shows a relative increase in PD:

The annualized lifetime PD is greater than 0.3 %.

The current lifetime PD is three times higher than the estimated lifetime PD at the start of the contract.

In the case of borrowers with large exposures that are monitored but do not meet the criteria to be classified as Single Names, if after an individual review there are doubts about their repayment

Similarly, for other transactions, if collective reviews reveal difficulties and uncertainties regarding repayment capacity

Transactions in the probationary period: which in the last three months have been classified in stage 3 and are past due by less than 30 days

Other transactions

⁷ ^ä See Note 2.7.

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4 Determination of accounting provision

The aim of the IFRS 9 requirements as regards impairment is to ensure recognition of the expected credit losses of transactions, assessed collectively or individually, considering all the reasonable and substantiated information available, including forward-looking information.

Principles for measuring expected credit losses for the purpose of defining the credit risk loss provisions

The calculated accounting hedging or provision is defined as the difference between the gross carrying amount of the transaction and the estimated value of future expected cash flows, discounted at the original effective interest rate of the transaction, considering the effective guarantees received.

The Bank estimates the expected credit losses on a transaction so that these losses reflect:

| a weighted and non-biased amount, determined through the assessment of a series of possible results;
| the time value of the money; and
| the reasonable and substantiated information available at the reference date, without incurring disproportionate cost or effort, about past events, current conditions and predictions of future conditions.

In line with applicable rules, the hedging calculation method is set according to whether the borrower is individually significant and its accounting category⁸ .

| If, in addition to being individually significant, the customer has transactions that are nonperforming (whether for reasons of delinquency or for other reasons) or in stage 2⁹ , the specific allowances for the non-performing transactions will be estimated through a detailed analysis of the borrower's status and their capacity to generate future flows.
| In all other cases, coverage is estimated on a collective basis using internal methodologies, in accordance with the applicable Corporate Policy on Regulatory Approaches and Credit Risk Models, based on the Bank's own historical experience of portfolio defaults and recoveries and taking into account the updated and adjusted value of effective collateral. Additionally, future economic condition predictions will be considered under various scenarios.

To establish coverage for credit losses on portfolios using group analysis, models to estimate PD are used; in addition to models to assess the probability of rectification of default (specifically the supplementary metric, the probability of no cure or PNC); LGD (loss given default); models of the recoverable amount of mortgage loans (haircuts); in addition to adjustments to obtain lifetime or forwardlooking estimates according to the accounting classification of the contract. It should be noted that the set of models of haircuts and PNC are LGD models.

The models used are re-estimated or re-trained every six months (or at least annually), and they are executed monthly in order to properly reflect the current economic environment at any given time. This makes it possible to reduce the differences between estimated loss and recent observations. The models include an unbiased forward-looking view to determine the expected loss, taking into account the most relevant macroeconomic factors: i) GDP growth; ii) unemployment rate; iii) 12-month Euribor; and iv) growth in housing prices. Following on from this, the Bank generates a baseline scenario, as well as a range of potential scenarios that allow it to adjust the expected loss estimates, weighted by probability.

The calculation process is structured in two steps:

| Determining the basis for the calculation of allowances, is carried out in two steps:
| Calculation of the exposure amount, which is the sum of the gross carrying amount at the time of calculation and off-balance sheet amounts (available or exposure) expected to be disbursed when the borrower fulfils the conditions to be considered non-performing.
| Calculation of the recoverable value of the effective guarantees linked to the exposure. In order to establish the recoverable value of these guarantees, for real estate collateral the models estimate the amount of the future sale of the collateral, which is discounted from the total expenses incurred until the moment of the sale.
| Determining the hedging to be applied on the basis for the calculation of allowances:

This calculation considers the probability of default of the transaction holder, the likelihood of regularisation or recovery for the secured

The existence of collateral, particularly for individualised analysis, is not used for the assessment of the credit quality of borrowers, although, for activities closely related to collateral such as real estate development, the decrease in the value of such collateral is analysed to assess the increase or deterioration of the borrower's risk.

The collective analysis of the automatic rating is generated from the combination of a rating by (i) risk models and (ii) rating by alerts. Considering that the Bank's policy in relation to lending arrangements follows the criterion of customer repayment, and not recovery via the allocation of guarantees, the collective analysis is focused on assessing the credit quality of borrowers and not the collateral provided. In this regard, the main guarantees (or collateral) of the Group are mortgagerelated, with no significant value fluctuations that could be considered evidence of a significant risk of credit risk in mortgages.

⁹ As indicated, the analysis of the Single Names portfolio is carried out on an individual basis for all exposures, with the stage determined using expert judgement for each of the instruments analysed, based on knowledge of the borrowers and experience. When required, the coverage calculation also uses this individualised approach.

The credit loss of the instruments of the portfolio that are monitored individually, and which are classified individually in stage 1, is calculated collectively on the basis of the knowledge of the borrowers and experience. This way of estimating expected losses would not have led to material differences in their totality, compared with an estimate using individual estimates. This is due to the fact that, in general, the information to be considered in performing the collective calculation would have been equivalent to that used for individual estimates.

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portfolio, and the Loss Given Default (LGD) for the unsecured portfolio.

For insignificant portfolios where it is considered that the internal model approach is not suitable due to the processes involved or a lack of past experience, the Bank may use the default coverage rates established in the current national regulations.

Transactions classified as not bearing appreciable risk and those that due to the type of guarantor are classified as not bearing appreciable risk, could have 0 % accounting provision. In the case of the latter, this percentage will only be applied to the guaranteed part of the risk.

The provisions estimated individually or collectively must be consistent with the way in which the categories into which the transactions can be classified are processed. That is, the coverage level for a transaction must be higher than it would be if it were classified in another lower credit risk category.

During the reviews, the necessary improvements detected in the retrospective comparison exercises (backtesting and benchmarking) are also included. Similarly, the models developed are documented so they can be replicated by a third party. The documentation contains key definitions, information regarding the process of acquiring samples and data processing, methodological principles and results obtained, as well as the comparison of said results with those of previous years.

CaixaBank has a total of 66 models with the aim of obtaining the parameters necessary to calculate the provisions using a collective analysis. For each of the risk parameters, different models can be used to adapt to each type of exposure. Specifically, the models include those indicated below:

| 18 scoring and rating parameter models
| 20 PD parameter models
| 10 EAD parameter models
| 7 PNC parameter models
| 8 LGD parameter models
| 2 parameter models of haircut
| 1 LT/FL (lifetime/forward-looking) transformation parameter model

Inclusion of forward-looking information into the expected loss models

The Bank has taken into account macroeconomic scenarios of various levels of severity, consistent with internal management and monitoring processes. These stages have been contrasted and they are aligned with those issued by public bodies.

The projected variables considered are as follows:

_FORWARD LOOKING MACROECONOMIC INDICATORS

(% Percentages)

		31-12-2025			31-12-2024
	2026	2027	2028	2025	2026	2027
GDP growth
Baseline scenario	2.0	1.9	1.7	2.3	2.1	2.0
Upside scenario	3.4	2.7	1.6	3.8	3.1	1.8
Downside scenario	(0.4)	0.1	1.7	(0.7)	0.6	2.6
Unemployment rate
Baseline scenario	10.2	9.7	9.3	11.1	10.8	10.5
Upside scenario	9.6	8.5	8.4	10.2	9.4	9.2
Downside scenario	13.4	14.5	13.8	14.0	14.9	13.8
Interest rates
Baseline scenario	2.07	2.32	2.53	2.90	2.71	2.68
Upside scenario	2.62	2.89	2.91	3.10	2.91	2.84
Downside scenario	1.48	1.60	1.90	2.10	1.86	1.98
Evolution of property prices
Baseline scenario	5.7	3.3	2.4	2.8	2.6	2.4
Upside scenario	6.9	6.0	3.7	4.2	5.7	3.8
Downside scenario	0.5	(5.3)	0.1	(0.9)	(4.4)	0.5

^(*) Source: CaixaBank Research. At the date of authorisation for issue of these financial statements, there are updates to the macro data for employees in the calculation of the provisions after the year-end (as presented in Note 3.1) that have no material impact on the provisions posted by the Group (see Sensitivity Analysis).

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The range downside of the variables used in the calculation of provisions incorporates deficiencies in structural reforms that lead, together with other macroeconomic dynamics, to falls in productivity and, therefore, in GDP. Thus, the estimated drop reflects the potential impact of an exacerbated climate risk which, through various mechanisms (e.g. increased production costs, increased commodity prices, etc.), would eventually affect long-term economic growth. The consolidated management report details the Bank's sustainability strategy, including its environmental and climate strategy.

The weighting of the scenarios considered in each of the financial years for each sector is as follows:

_WEIGHTING OF OCCURRENCE OF THE SCENARIOS ENVISAGED

(% percentages)

	31-12-2025	31-12-2024
Baseline scenario	60	60
Upside scenario	20	20
Downside scenario	20	20

Assumptions and adjustments to models

The macroeconomic table and scenario weighting presented above are used in the latest November 2025 half-yearly model recalibration. Additionally, the Bank retains collective provisions, primarily for Post Model Adjustment (PMA), totalling 185 million euros as of 31 December 2025 (44 million euros less than at 31 December 2024).

The collective fund is temporary in nature, underpinned by guidelines issued by supervisors and regulators, supported by well-documented processes and subject to strict governance.

Under the applicable accounting regulations, the hedging level factors in a forward-looking vision (12 months) or a lifetime vision, based on the accounting classification of exposure (12 months for stage 1 and lifetime for stages 2 and 3).

Sensitivity analysis

There is dependence between the various variables that measure or quantify the economic situation, such as gross domestic product growth and the unemployment rate. These interrelationships make it difficult to establish clear causality relationships between a specific variable and an effect (e.g. expected credit losses), as well as making it difficult to interpret the sensitivities to calculations performed using expected credit loss models when these sensitivities are applied to various variables simultaneously.

Interest rates, which also form part of the group of forward-looking indicators, have only a minor impact on the calculation of expected credit losses and apply only to the portfolio of consumer loans, among the significant portfolios.

The estimated sensitivity to a 1 % fall in gross domestic product and, additionally, to a 10 % fall in real estate asset prices in the expected credit risk losses at the end of 2025, broken down by type of portfolio for the businesses in Spain, is shown below.

_SENSITIVITY ANALYSIS 31-12-2025

		Increase in the provision
	1 % drop in GDP	10 % drop in real estate asset prices
Financial institutions	1
Non-financial corporations and individual entrepreneurs	55	20
Project finance	14	5
Financing for real estate construction and development	6	4
Financing civil engineering work	4	1
Other project finance	4
Purposes other than project finance	41	15
Large corporates	14	1
SMEs	24	11
Individual entrepreneurs	3	3
Households (excluding individual entrepreneurs)	85	182
Home purchases	69	159
Home purchase (main residence)	64	151
Purchase of a secondary residence	5	8
Consumer credit	9	5
Other purposes	7	18
TOTAL	141	202

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The models and the estimates on macroeconomic variations are periodically reviewed to detect possible impairment in the quality of the measurements. This continual risk assessment provides information on the distribution of risk exposure in the various portfolios with respect to creditworthiness, expressed as a probability of default.

NPL management

The default and recovery management function is aligned with the Group's risk management guidelines. The mission of CaixaBank's Arrears and Recoveries Division is to minimise losses arising from customers' failure to honour their payment obligations. To this end, the management priority is based on four basic principles:

| Prevention: involves detecting customers at risk of non-payment before an actual default occurs. The aim is to take early action and return the situation to normal before a default takes place.
| Customer management: debt recovery management is carried out with a customercentric approach; a holistic view that considers all of the customer's positions and applies a recovery management model tailored to the segment and the stage of default.
| Search for a solution: the aim is to maximise debt recovery as quickly as possible and at the lowest cost to the Bank, prioritising a recovery agreement through ongoing negotiation with the customer.
| Risk powers: decisions on recovery solutions require an appropriate level of authority aligned with the risk policies.

These principles are there to prevent a default event from occurring or from exposures becoming classified as Stage 3, with the ensuing impact on the statement of profit or loss.

Furthermore, proactive monitoring is conducted on the portfolio classified as Stage 3 for reasons other than default in order to reorganise it, designing specific management plans geared towards the reasons that caused its switch to that accounting classification

To carry out recovery activities, CaixaBank operates a unified NPL management structure, with an end-toend view of the recovery management process and of the stages the customer goes through. This structure features a high degree of expertise and capillarity, thus allowing the best possible solution to be offered according to the customer's profile and situation, through a territorial model with teams supporting the branch network depending on the stage of delinquency. Management is divided into:

| Preventive/anticipatory delinquency management for customers who are current on their payments, handled directly from branch offices to foresee various non-payment scenarios.

| Early non-performing loan management with past-due payments between 1 and 90 days old. In this regard, specialised teams exist to coordinate and support the branch network and collection agencies on a centralised basis in recovery management prior to the entry into accounting default. In the current economic outlook, the capillarity of the branch network and its proximity to customers continues to be key to identifying the situation and needs of customers, especially situations of social vulnerability.
| Lastly, when a customer acquires NPL status for accounting purposes (arrears exceeding 90 days), management is transferred to specialised teams through a network of Recovery Centres located across the territory, with differentiated management for retail clients and corporate clients. The team of specialists is geared towards seeking final solutions in more advanced situations of non-payment.

All this management has been subject to the application of the policies and procedures in force which, in accordance with accounting and regulatory standards, lay down the guidelines for the suitable classification of borrowings and estimation of provisions.

In periods of cyclical stress, such as the pandemic, the energy crisis or the current geopolitical situation, CaixaBank has adapted its NPL and recoveries management to mitigate the impact, adopting an approach focused on providing sustainable solutions to customers with viable debt, while ensuring their continued access to financing in the face of temporary income declines. Notably, the Bank has continued to pursue existing measures and policies aimed at protecting vulnerable borrowers by stepping up its adherence to state initiatives such as the Codes of Good Practice, moratoria schemes and the ICO-COVID and Ukraine credit facilities, as a further illustration of CaixaBank's commitment to financial stability and to protecting its most vulnerable customers.

Foreclosed assets

BuildingCenter is the Group company tasked with managing its real estate assets in Spain, which largely originate from the Bank's credit restructuring activity through any of the following channels or avenues: i) acquisition at auctions held after assets have been foreclosed, mainly in relation to mortgage loans; ii) Acquisition of mortgaged real estate assets of individuals, with the subsequent subrogation and cancellation of the debts; iii) acquisition of real estate assets granted to companies, including real estate developers, with the subsequent subrogation to cancel their debts; and iv) foreclosure through insolvency proceedings.

The acquisition process includes conducting full legal and technical reviews of the properties using the committees appointed for such purpose. In all cases, purchase prices are based on appraisals performed by appraisal firms approved by the Bank

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of Spain and in accordance with the parameters set forth in the approved internal rules.

The strategies undertaken for the sale of these assets are as follows:

| Individual sale: through a servicing contract for multi-channel marketing activities through its own branches, the external collaboration of the network of real estate agents and an active online presence. This marketing activity comes in addition to a key factor: support in prescribing properties generated by the branch network.
| Institutional sales: the Bank takes into account institutional transactions of sales of asset portfolios to other specialised companies.
| Completion of housing developments: a number of minor measures to improve some of these developments are made to ensure they can be sold. These measures are performed using the synergies within the Bank.
| Rent: allows for the generation of recurring income while creating added value for the property in the event of a future sale.

A breakdown of foreclosed assets in Spain is shown in Appendix 6.

Refinancing policies

The Corporate Credit Risk Management Policy and the Refinancing and Recoveries Policy set out the general principles issued by the European Banking Authority in its Guidelines on non-performing and forborne exposures, as well as the definitions set out in Annex IX to Bank of Spain Circular 4/2017 and its subsequent amendments.

Under prevailing legislation, these exposures relate to transactions in which the customer has, or will foreseeably have, financial difficulty in meeting its payment obligations under the contractually agreed terms and, therefore, has amended the agreement and/or arranged a new transaction.

These transactions may derive from:

| The granting of a new transaction (refinancing transaction) that fully or partially cancels other transactions (refinanced transactions) that were previously granted by any of the Bank's companies to the same borrower or other companies forming part of its economic group bringing the previously past-due risks up to date with payments.
| The amendment of the contract terms of an existing transaction (restructured transaction) that changes its repayment schedule, reducing the payment amounts (interest-only periods, extension of loan maturities, reduction in interest rates, change in the repayment schedule, extension of all or part of the capital on maturity, etc.).
| The activation of contract clauses agreed at origin that extend the debt repayment terms.

| The partial cancellation of the debt without any contribution of customer funds, primarily through the forgiveness of principal or ordinary interest (on the credit granted to the customer).

Restructuring or refinancing shall be deemed to take place in the following circumstances:

| The transaction was classified as nonperforming before the amendment or was classified as non-performing without the amendment.
| The amendment involves the partial cancellation of the debt's balance, for reasons such as the recognition of waivers or written-off amounts.
| At the same time as the additional financing is granted by the Bank, or at a time close to this additional financing being granted, the holder has made payments of the principal and interest of another transaction with the Bank classified as non-performing or that would be classified as non-performing had the additional financing not been granted.
| The Bank approves the use of implicit amendment clauses in relation to transactions classified as non-performing, or that would be classified as such if these clauses were not enforced.

Restructuring or refinancing shall also be presumed, in the absence of evidence to the contrary, in the following circumstances:

| Even where the modified transaction is not classified as non-performing, all or part of the payments under the transaction have been overdue for more than 30 days at least once in the three months prior to its modification, or would have been overdue for more than 30 days in the absence of such modification.
| At the same time as additional financing is granted by the Bank, or at a time close to such granting, the borrower has made payments of principal or interest on another transaction with the Bank that is not classified as nonperforming, the payments of which have been past due, in whole or in part, for more than 30 days at least once in the three months prior to the refinancing.
| The Bank approves the use of implicit amendment clauses in relation to transactions that are not classified as non-performing with pending amounts past due for 30 days, of that would be past due for 30 days if such clauses were not exercised.

The existence of previous defaults is an indication of financial difficulty. However, previous defaults are not a requirement for a transaction to be classified as refinanced or restructured.

The cancellation of a transaction, changes in the contractual terms or the activation of clauses that delay payments when the customer is unable to meet future repayment obligations can also be classified as refinancing/restructuring.

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The cornerstone of management, which sustains all actions undertaken by the Bank, shall be the global analysis of the debtor's positions. To this end, the repayment capacity thereof shall be identified and the best solution shall be reached based on the results of the checks performed.

When the financial circumstances of a customer change, which may be alleviated by adjusting the payment flows of their lending positions with their current repayment capacity, the proposed solution shall be either refinancing or restructuring the debt.

In contrast, debt renewals and renegotiations may be granted when the borrower does not have, or is not expected to have, financial difficulties; i.e. for business reasons, not to facilitate repayments. For a transaction to be classified as such, the borrowers must have the capacity to obtain credit from the market, at the date in question, for a similar amount and on similar terms to those offered by the Bank. In turn, these terms must be adjusted to reflect the terms offered to borrowers with a similar risk profile.

The breakdown of refinancing by economic sector is as follows:

_ REFINANCING - 31-12-2025 *

(Millions of euros)

		Unsecured loans Secured loans
					collateral	Maximum amount of the
	No. of trans.	Gross amount	No. of trans.	Gross amount	Real estate mortgage secured	Other guarantees	Impairment due to credit risk
General governments	109	26	85	1	1
Financial corporations and individual entrepreneurs	37	32	16	110	104		(37)
Non-financial corporations and individual entrepreneurs	12,306	1,551	3,966	878	587	3	(959)
Of which: financing for real estate construction and development	26	2	488	133	77		(55)
Other households	13,764	171	40,835	1,941	1,309	6	(790)
TOTAL	26,216	1,779	44,902	2,930	2,001	8	(1,786)
Of which: in stage 3
General governments	59	10	62
Financial corporations and individual entrepreneurs	31	32	7	26	21		(37)
Non-financial corporations and individual entrepreneurs	9,179	1,060	2,696	536	260	2	(926)
Of which: financing for real estate construction and development	18	1	359	97	42		(54)
Other households	7,986	97	28,204	1,403	813	1	(755)
TOTAL STAGE 3	17,255	1,200	30,969	1,965	1,093	3	(1,717)

^(*) There is no financing classified as "Non-current assets and disposal groups classified as held for sale".

_REFINANCINGS – 31-12-2024 *

		Unsecured loans			Secured loans
					collateral	Maximum amount of the
	No. of trans.	Gross amount	No. of trans.	Gross amount	Real estate mortgage secured	Other guarantees	Impairment due to credit risk
General governments	163	31	632	4	2		(3)
Financial corporations and individual entrepreneurs	31	20	19	80	80		(17)
Non-financial corporations and individual entrepreneurs	15,409	2,387	5,923	1,424	1,019	16	(1,087)
Of which: financing for real estate construction and development	99	2	649	177	111		(65)
Other households	16,828	171	57,715	2,504	1,642	6	(1,012)
TOTAL	32,431	2,609	64,289	4,012	2,743	22	(2,119)
OF WHICH: IN STAGE 3	19,666	1,492	42,570	2,631	1,465	9	(2,026)

^(*) There is no financing classified as "Non-current assets and disposal groups classified as held for sale".

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CONCENTRATION RISK

In the Corporate Risk Catalogue, concentration risk is included under credit risk, as it is the main source of risk, although it covers all types of assets, as recommended by sectoral supervisors.

The Bank has developed policies setting out concentration risk guidelines and frameworks developing calculation methodologies that establish specific limits within management. Additionally, mechanisms have been developed to systematically identify the aggregated exposure and, wherever it is considered necessary, limits on relative exposures have been defined, under the RAF.

Concentration in customers or in "major risks"

The Bank monitors compliance with the regulatory limits (25 % of Tier 1 capital) and the internal thresholds defined in the RAF. At year-end, no breach of the defined thresholds had been observed.

The Bank also monitors more stringent internal limits than regulatory and RAF limits on a name-by-name basis for corporate clients based on their credit quality, among other drivers.

Concentration in countries

The Bank has an internal model for assigning limits to exposures to residents in different countries. This internal model takes into consideration not only the solvency of the group itself, but also the credit quality and economic relations with the various countries. A similar methodology is used to assign limits to exposures to central, regional and local governments.

Concentration by geographical area and counterparty type

The Bank also monitors exposures, segregated by geographical area, issuer/counterparty type and product, classified into loans and advances, debt securities, equity instruments, derivatives and guarantees granted.

The segmentation of financial exposures by geographical area and counterparty type is set out below:

_ CONCENTRATION BY GEOGRAPHICAL AREA AND COUNTERPARTY TYPE

	Total	Spain	Rest of EU	America	Rest of the world
Central banks and credit institutions	73,147	46,178	15,207	4,240	7,522
General governments	98,855	70,890	23,582	2,716	1,667
Central government	83,855	56,368	23,276	2,563	1,648
Other public administrations	15,000	14,522	306	153	19
Financial corporations and individual entrepreneurs	43,503	28,952	10,937	1,097	2,517
Non-financial corporations and individual entrepreneurs	182,335	136,614	24,684	8,297	12,740
Real estate construction and development	4,082	3,752		323	7
Civil engineering	6,623	5,228	271	1,097	27
Other	171,630	127,634	24,413	6,877	12,706
Large corporates	123,419	83,472	22,648	6,035	11,264
SMEs and individual entrepreneurs	48,211	44,162	1,765	842	1,442
Other households	148,581	145,840	1,185	461	1,095
Homes	128,388	125,737	1,150	447	1,054
Consumer lending	10,106	10,080	13	5	8
Other purposes	10,087	10,023	22	9	33
TOTAL 31-12-2025	546,421	428,474	75,595	16,811	25,541
TOTAL 31-12-2024	517,198	415,709	62,194	15,595	23,700

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The following is a breakdown of the segmentation of Spain's financial exposures by Autonomous Community:

_CONCENTRATION BY AUTONOMOUS COMMUNITY

	Total	Andalusia	Balearic Islands	Canary Islands	Castile and León	Catalonia	Galicia	Madrid	Murcia	Valencia	Basque Country	Other *
Central banks and credit institutions	46,178	125			1	27	50	45,642		13	108	212
General governments	70,890	1,311	263	757	1,217	2,219	588	3,459	214	3,314	502	678
Central government	56,368
Other public administrations	14,522	1,311	263	757	1,217	2,219	588	3,459	214	3,314	502	678
Financial corporations and individual entrepreneurs	28,952	105	16	35	7	2,011	9	25,637	113	70	753	196
Non-financial corporations and individual entrepreneurs	136,614	9,880	4,847	3,928	3,307	21,266	2,974	64,851	2,485	9,704	3,873	9,499
Real estate construction and development	3,752	401	247	141	98	861	9	1,287	58	230	214	206
Civil engineering	5,228	428	185	106	152	649	152	2,601	99	301	137	418
Other	127,634	9,051	4,415	3,681	3,057	19,756	2,813	60,963	2,328	9,173	3,522	8,875
Large corporates	83,472	2,963	2,404	2,055	956	8,764	1,545	53,628	817	4,567	1,896	3,877
SMEs and individual entrepreneurs	44,162	6,088	2,011	1,626	2,101	10,992	1,268	7,335	1,511	4,606	1,626	4,998
Other households	145,840	20,907	6,741	6,740	5,092	36,742	3,056	29,131	5,025	15,204	4,181	13,021
Homes	125,737	17,699	5,947	5,732	4,425	31,011	2,615	25,741	4,406	13,119	3,767	11,275
Consumer lending	10,080	1,460	440	604	336	2,853	251	1,604	330	1,078	223	901
Other purposes	10,023	1,748	354	404	331	2,878	190	1,786	289	1,007	191	845
TOTAL 31-12-2025	428,474	32,328	11,867	11,460	9,624	62,265	6,677	168,720	7,837	28,305	9,417	23,606
TOTAL 31-12-2024	415,709	30,260	11,348	11,000	9,367	56,999	6,279	170,508	7,801	26,056	8,944	22,706

^(*) Includes autonomous communities that combined represent no more than 10 % of the total

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Concentration in economic sectors

Risk concentration by economic sector is subject to RAF limits, differentiating between private business economic activities and public sector financing, in addition to internal reporting channels. Particularly, for the private business sector, a maximum concentration limit in any economic sector is established by aggregating the accounting positions recognised, excluding treasury repo/depo transactions and those of the trading book.

The Bank also has a model that assigns maximum exposures to the different sectors according to the economic outlook for each one and their contribution to the portfolio's profitability and credit quality targets.

Total gross loans to customers by activity were as follows (excluding advances):

_ CONCENTRATION BY ACTIVITY OF LOANS TO CUSTOMERS – 31-12-2025

(Millions of euros)

						Secured loans. Carrying amount based on latest available appraisal (loan to value)
	Total	Of which real estate collateral	Of which other collateral	≤ 40%	> 40% ≤ 60%	> 60% ≤ 80%	> 80% ≤100%	>100%
General governments	16,483	257	5	123	95	15	2	27
Financial corporations and individual entrepreneurs	28,813	1,195	528	477	872	287	2	85
Non-financial corporations and individual entrepreneurs	150,980	23,473	1,641	9,344	8,120	4,031	1,277	2,342
Real estate construction and development	3,924	3,260	39	1,105	1,096	663	218	217
Civil engineering	5,899	491	104	188	228	62	19	98
Other	141,157	19,722	1,498	8,051	6,796	3,306	1,040	2,027
Large corporates	98,132	8,216	731	3,027	2,680	1,442	630	1,168
SMEs and individual entrepreneurs	43,025	11,506	767	5,024	4,116	1,864	410	859
Other households	148,007	130,691	850	39,963	38,758	36,820	12,003	3,997
Homes	128,388	125,788	290	37,038	37,365	36,219	11,722	3,734
Consumer lending	10,106	1,565	305	1,095	436	193	86	60
Other purposes	9,513	3,338	255	1,830	957	408	195	203
TOTAL	344,283	155,616	3,024	49,907	47,845	41,153	13,284	6,451
Memorandum items: Refinancing, refinanced and restructured transactions	2,923	2,024	10	708	570	429	221	106

_ CONCENTRATION BY SECTOR OF LOANS TO CUSTOMERS – 31-12-2024

						Collateralised loans carrying amount based on latest available appraisal (loan to value)
	Total	Of which real estate collateral	Of which other collateral	≤ 40%	> 40% ≤ 60%	> 60% ≤ 80%	> 80% ≤100%	>100%
General governments	15,048	311	7	112	149	25	1	31
Financial corporations and individual entrepreneurs	23,782	813	19	103	472	178	29	50
Non-financial corporations and individual entrepreneurs	145,006	22,656	2,282	9,433	7,752	4,426	1,048	2,279
Other households	140,781	125,413	660	39,887	38,280	33,826	9,397	4,683
TOTAL	324,617	149,193	2,968	49,535	46,653	38,455	10,475	7,043
Memorandum items: Refinancing, refinanced and restructured transactions	4,502	2,785	26	890	975	493	238	215

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Total gross loans to customers by type were as follows (excluding advances):

_BREAKDOWN OF LOANS AND ADVANCES TO CUSTOMERS BY TYPE

(Millions of euros)

		31-12-2025			31-12-2024
	Stage 1	Stage 2 + POCI without impairment	Stage 3 + POCI with impairment	Stage 1	Stage 2 + POCI without impairment	Stage 3 + POCI with impairment
General governments	16,299	164	21	14,919	113	20
Financial corporations and individual entrepreneurs	28,332	466	62	23,487	214	106
Non-financial corporations and individual entrepreneurs	141,806	8,385	3,729	133,735	9,967	4,174
Real estate construction and development	8,937	724	577	9,153	930	696
Other	132,869	7,661	3,152	124,583	9,037	3,478
Other households	134,549	12,284	3,309	129,103	9,937	4,349
Homes	116,979	10,267	2,579	112,621	8,232	3,470
Other	17,570	2,017	730	16,482	1,705	879
TOTAL	320,986	21,299	7,121	301,244	20,231	8,649

_ BREAKDOWN OF PROVISIONS OF LOANS AND ADVANCES TO CUSTOMERS BY TYPE

(Millions of euros)

		31-12-2025			31-12-2024
	Stage 1	Stage 2 + POCI without impairment	Stage 3 + POCI with impairment	Stage 1	Stage 2 + POCI without impairment	Stage 3 + POCI with impairment
General governments			(1)			(4)
Financial corporations and individual entrepreneurs	(7)	(2)	(38)	(6)	(1)	(18)
Non-financial corporations and individual entrepreneurs	(289)	(250)	(2,401)	(261)	(312)	(2,297)
Real estate construction and development	(30)	(38)	(347)	(27)	(41)	(355)
Other	(259)	(212)	(2,054)	(235)	(271)	(1,942)
Other households	(152)	(298)	(1,685)	(154)	(426)	(2,028)
Homes	(61)	(175)	(1,201)	(84)	(303)	(1,506)
Other	(91)	(123)	(484)	(70)	(123)	(522)
TOTAL	(448)	(550)	(4,125)	(421)	(739)	(4,347)
Determined individually		(44)	(1,014)		(56)	(1,071)
Determined collectively	(448)	(506)	(3,111)	(421)	(683)	(3,276)

_ BREAKDOWN OF LOANS AND ADVANCES TO CUSTOMERS ACCORDING TO ARREARS STATUS AND RATES

By arrears status With non-payment of less than 30 days or current with payments With non-payment of 30 to 60 days With non-payment of 60 to 90 days With non-payment of 90 days to 6 months With non-payment of 6 months to 1 year With non-payment of more than 1 year	31-12-2025	31-12-2024

	344,047	324,057
	618	864
	350	504
	607	805
	980	1,164
	2,804	2,730
By interest rate type
Fixed	140,191	123,211
Floating	209,215	206,913

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Concentration by economic activity

The breakdown of loans and advances by economic activity is set out below:

_CONCENTRATION BY ECONOMIC ACTIVITY OF NON-FINANCIAL COMPANIES (ANALYTICAL CNAE)

(Millions of euros)

	31-12-2025				31-12-2024
	Gross carrying amount	Of which: Stage 3	Provision	Gross carrying amount	Of which: Stage 3	Provision
Agriculture, forestry and fishing	2,698	121	(76)	2,429	144	(77)
Mining and quarrying	534	5	(3)	547	8	(5)
Manufacturing industry	28,929	777	(479)	28,136	827	(489)
Supply of electricity, gas, steam and air conditioning	17,038	175	(153)	16,712	227	(140)
Water supply	1,607	7	(7)	1,900	17	(12)
Building	10,441	420	(339)	9,481	600	(355)
Wholesale and Retail	19,492	779	(589)	19,504	874	(558)
Transport and storage	16,143	263	(177)	15,229	297	(185)
Hospitality	9,668	261	(158)	8,727	333	(166)
Information and communications	5,848	66	(57)	5,028	64	(70)
Financial and insurance activities	2,323	6	(12)	3,153	11	(12)
Real estate activities	18,331	210	(109)	18,314	236	(133)
Professional, scientific and technical activities	3,022	232	(145)	3,203	146	(127)
Administrative activities and auxiliary services	7,808	78	(67)	7,195	60	(62)
Public administration and defence; compulsory social security	122			127
Education	501	58	(37)	530	44	(43)
Health and social services activities	1,799	22	(20)	1,702	18	(24)
Artistic, recreational and entertainment activities	947	33	(23)	922	29	(31)
Other services	2,411	36	(336)	1,418	21	(253)
TOTAL	149,662	3,549	(2,787)	144,257	3,956	(2,742)

Concentration according to credit quality

The methodology applied to assign credit ratings to fixed income issuances is based on:

| Fixed-income instruments: the regulatory banking criteria defined in the CRD IV regulation and the CRR on capital requirements, and therefore, the second best rating of all those available is used, if more than two ratings are available. In this context, for example, as of 31 December 2025 the rating of Spanish sovereign debt stands at A.
| Loan portfolio: alignment of internal ratings with the &Standard & Poor's methodology.

The risk concentration according to credit quality of credit risk exposures associated with debt instruments for the Bank is stated as follows:

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_CONCENTRATION BY CREDIT QUALITY - 31-12-2025

(Millions of euros)

		FA at amortised cost				_		Financial guarantees, loan commitments and other
	Loans	Loans and advances to customers		Debt	FA held for training –	FA at FV w/	commitments and other commitments
	Stage 1	Stage 2	Stage 3	POCI	sec.		changes in OCI	Stage 1	Stage 2	Stage 3
AAA/AA+/AA/AA-					14,090	45	4,731
A+/A/A-	67,424	152			61,516	556	3,791	22,045	25
BBB+/BBB/BBB-	63,677	682			3,714	179	574	28,840	241
INVESTMENT GRADE	131,101	834			79,320	780	9,096	50,885	266
Allowances for impairment	(117)	(6)			(2)	)		(9)
BB+/BB/BB-	77,937	8,080	6		12			34,195	2,386	1
B+/B/B-	20,258	6,991	42					8,004	1,536	3
ccc+/ccc/ccc-	688	3,350	96		54			95	302	9
No rating	93,339	2,038	6,851	132	83		1	42,447	189	713
NON-INVESTMENT GRADE	192,222	20,459	6,995	132	149		1	84,741	4,413	726
Allowances for impairment	(336)	(544)	(4,005)	(120)				(52)	(64)	(231)
TOTAL	322,870	20,743	2,990	12	79,467	780	9,097	135,626	4,679	726

DEBT SEC.: Debt securities; FA: Financial assets

_CONCENTRATION BY CREDIT QUALITY - 31-12-2024

(Millions of euros)

		FA at amortised cost				_		Financial guarantees, loan commitments and other
	Loans	and advanc	es to custom	ners	Debt	FA held for training -	FA at FV w/	co	mmitment	S
	Stage 1	Stage 2	Stage 3	POCI	sec.	Debt sec.	changes in OCI	Stage 1	Stage 2	Stage 3
AAA/AA+/AA/AA-					11,539		4,455	319
A+/A/A-	60,194	30	1		51,722	270	2,819	19,392	15
BBB+/BBB/BBB-	51,340	233	1		6,850	97	832	14,575	91
INVESTMENT GRADE	111,534	263	2		70,111	367	8,106	34,286	106
Allowances for impairment	(132)	(3)			(2)			(8)
BB+/BB/BB-	95,836	6,240	3				2	47,062	2,370	3
B+/B/B-	17,072	7,348	44					7,301	1,640	7
ccc+/ccc/ccc-	881	3,825	118		128			248	375	11
No rating	78,070	2,549	8,290	198	510	39	5	40,456	3	814
NON-INVESTMENT GRADE	191,859	19,962	8,455	198	740	39	7	95,067	4,388	835
Allowances for impairment	(298)	(736)	(4,169)	(178)	(1)			(42)	(49)	(274)
TOTAL	302,963	19,486	4,288	20	70,848	406	8,113	129,353	4,494	835

DEBT SEC.: Debt securities; FA: Financial assets

^(*) Compulsorily measured at fair value through profit or loss

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Concentration in sovereign risk

The Bank's position in sovereign debt is subject to the general risk-taking policy, which ensures that all positions taken are aligned with the target risk profile, and are monitored and controlled through the RAF:

| The position in public, regional and local debt is subject to the general concentration and country risk limits established. Regular control procedures are in place for preventing new positions in countries in which there is a high risk concentration, unless express approval is given by the pertinent authority.
| For fixed-income securities, a framework is in place regulating the solvency, liquidity and geographic location of all of the fixed-income issues and any similar transaction implying payment in cash for the buyer and the assumption of the issuer's credit risk or related
collateral. This control is exercised during the risk underwriting phase and throughout the life of the position in the portfolio.
| Public debt positions held on the Treasury Desk are subject to the framework for market risk control and limits.

The risk associated with exposures to sovereign risk, whether direct exposure or assets with sovereign backing, is continuously monitored in view of publicly available information, which includes the ratings of public agencies.

Furthermore, as specified in the table "Maximum exposure to credit risk" in Note 3.4.1, there are no material impairments of debt securities.

The carrying amounts of the main items related to sovereign risk exposure for the Bank are detailed below:

_ EXPOSURE TO SOVEREIGN RISK – 31-12-2025

Country/ Agency	Remaining maturity	FA at amortised cost	FA held for trading	FA at FV w/ changes in OCI	FL held for trading - Short positions
	Less than 3 months	2,584	70
	Between 3 months and 1 year	11,490	32		(94)
	Between 1 and 2 years	17,647		793	(35)
Spain	Between 2 and 3 years	6,715	33	1,221
	Between 3 and 5 years	13,667	27	20	(16)
	Between 5 and 10 years	14,137	92	233	(37)
	Over 10 years	2,088	27		(75)
	TOTAL	68,328	281	2,267	(257)
	Less than 3 months	182
	Between 3 months and 1 year	142
	Between 2 and 3 years	1,037
Italy	Between 3 and 5 years	1,423		380
	Between 5 and 10 years	1,101		65
	Over 10 years	52
	TOTAL	3,937		445
	Between 3 months and 1 year	153
USA	Between 3 and 5 years			2,188
	TOTAL	153		2,188
	Between 2 and 3 years	605		1,184
	Between 3 and 5 years	1,386	5
France	Between 5 and 10 years	1,883		269
	TOTAL	3,874	5	1,453
	Between 3 months and 1 year	852
	Between 1 and 2 years	1,116
	Between 2 and 3 years	589
European Union	Between 3 and 5 years	847		615
	Between 5 and 10 years	1,056		638
	Over 10 years			897
	TOTAL	4,460		2,150
	Between 3 and 5 years	830
Austria	Between 5 and 10 years	1,440
	TOTAL	2,270

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_ EXPOSURE TO SOVEREIGN RISK – 31-12-2025

Country/ Agency	Remaining maturity	FA at amortised cost	FA held for trading	FA at FV w/ changes in OCI	FL held for trading - Short positions
	Between 3 and 5 years	175
Belgium	Between 5 and 10 years	799
	TOTAL	974
	Between 2 and 3 years	136
	Between 3 and 5 years	211
Netherlands	Between 5 and 10 years	1,416
	TOTAL	1,763
	Between 3 months and 1 year	3
	Between 3 and 5 years	433
Germany	Between 5 and 10 years	1,023		211
	Over 10 years			171
	TOTAL	1,459		382
	Less than 3 months	67	122
	Between 3 months and 1 year	13	16	1
	Between 1 and 2 years	486
	Between 2 and 3 years	250
Other *	Between 3 and 5 years	51
	Between 5 and 10 years	939
	Over 10 years	211
	TOTAL	2,017	138	1
TOTAL		89,235	424	8,886	(257)
Of which: Debt securities		71,608	424	8,886	(257)

FA: Financial assets; FL: Financial liabilities; FV: Fair values

_ EXPOSURE TO SOVEREIGN RISK – 31-12-2024

Country/Agency	FA at amortised cost	FA held for trading	FA at FV w/ changes in OCI	FL held for trading - Short positions
Spain	65,154	196	2,616	(154)
Italy	3,669	31	434
Portugal		32
USA			2,360
France	2,852		343
Japan	524
European Union	3,366		1,571
Other *	2,773		183	(6)
TOTAL	78,338	259	7,507	(160)

FA: Financial assets; FL: Financial liabilities; FV: Fair values

^(*) Mainly includes positions in Saudi Arabia, Japan and Portugal.

^(*) Includes positions in Austria, Germany, the Netherlands and Luxembourg.

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COUNTERPARTY RISK GENERATED BY TRANSACTIONS WITH DERIVATIVES AND SECURITY FINANCING TRANSACTIONS

Monitoring and measurement of counterparty risk

Counterparty risk is credit risk generated by derivatives and security financing transactions. It quantifies the losses derived from the counterparty's potential default before the cash flows are settled.

The approval of new transactions involving assuming counterparty risk at the Bank is subject to an internal framework that has been approved by the Global Risks Committee and that enables rapid decisionmaking, for both financial and other counterparties.

In the case of transactions with financial institutions, the Bank has a specific internal framework setting out the methodology used to grant credit lines. The maximum credit risk exposure authorised with an entity is determined mainly based on their external rating and the analysis of their financial statements. The abovementioned framework also includes the model for determining limits and calculating consumer risk for central counterparties (CCPs).

In transactions with other counterparties, including retail customers, derivative transactions relating to asset applications (loan interest rate risk hedging) are approved jointly with the asset transaction. All other transactions subject to counterparty risk do not require explicit approval, provided that the consumption does not exceed the allocated risk limit of said counterparty. Otherwise, an individual study will be requested. Approval of transactions corresponds to the risk areas responsible for credit risk analysis and underwriting.

The definition of limits for counterparty risk is complemented by internal concentration limits, mainly for country and large exposure risks.

For derivatives transactions, the exposure to counterparty risk is calculated on the basis of the market value of the transactions (loss incurred if the counterparty defaults at the current time) and their potential future value (potential loss in an extreme market price scenario, based on historical series). Derivative equivalent credit exposure is defined as the maximum potential loss over the life of the transactions that the bank could incur if the counterparty were to default at any time in the future. This is calculated using a Monte Carlo simulation with portfolio effect and offsetting of positions, as applicable, at a 95 % confidence interval, based on stochastic models incorporating the volatility of the underlying and all of the characteristics of the transactions.

In securities financing transactions, exposure to counterparty risk is calculated in the Bank as the difference between the market value of the securities/cash granted to the counterparty and the market value of the securities/cash received from the counterparty as collateral, considering the volatility adjustments in each case.

When calculating the exposure of derivatives and securities lending, the mitigating effect of collateral received under Framework Collateral Agreements is considered.

In general, the counterparty risk exposure calculation methodology described above is applied at the time of admission of new transactions, as well as in the recurring calculations in subsequent days.

Counterparty risk at the Bank for financial counterparties is monitored through an integrated system that provides real-time data on the available exposure limit for any counterparty, product and maturity. For the remaining counterparties, counterparty risk is monitored through corporate applications, which contain both the limits of the lines of derivatives risk (if any) and credit exposure of transactions.

Measures to mitigate counterparty risk

The main risk mitigation measures employed for counterparty risk with financial institutions involve:

| ISDA/CMOF contracts: standardised contracts for global derivative transactions with a counterparty, which explicitly provide for the possibility of offsetting the flows of outstanding collections and payments between the parties for all derivatives trading hedged by the contracts. Therefore, in the event of default of the counterparty, a single payment or collection obligation is established in relation to all derivatives closed out with the counterparty.
| CSA Appendix (ISDA) / Appendix III (CMOF): agreements whereby each of the parties undertake to provide collateral (usually a cash deposit) as security for the net counterparty risk position arising from the derivatives traded between them. The calculation of the collateral to be exchanged takes into account the compensation clauses included in the ISDA or CMOF contracts.
| GMRA/CME/GMSLA contracts: agreements whereby the parties undertake to deliver collateral for the net counterparty risk position arising from repo or securities lending transactions, calculated as the deviation that may occur between the value of the amount accrued for the simultaneous purchase and sale of securities and the current market value of these securities.
| CTA contracts: Agreements whereby the parties undertake to deliver collateral to mitigate the potential future exposure (initial margin) of derivatives entered into after the entry into force of the exchange obligation of initial margin.
| Break-up clauses: provisions in derivative contracts that enable, at a certain point in the contract, the early termination by free decision of one of the parties. This mitigates counterparty risk by reducing the effective duration of the transactions subject to the clause.

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| Delivery-versus-payment in securities settlement systems: systems that eliminate settlement risk with a counterparty, since clearing and settlement occur simultaneously and in an inseparable fashion. At CaixaBank, when viable, the Continuous Linked Settlement (CLS) is used, for delivery against payment in the case of simultaneous collection and payment flows in different currencies.
| Central counterparties (CCPs): the use of CCPs in derivatives and securities lending transactions can mitigate the associated counterparty risk, as these entities perform interposition functions on their own account between the two bilateral counterparties involved in the transaction, assuming the role of counterparty to each of them and, consequently, the corresponding counterparty risk.

EMIR Regulation 3 sets out a number of obligations for all investors trading in derivatives contracts. It is worth highlighting the mandatory use of an authorised central counterparty when trading certain derivative contracts, the requirement to hold active accounts with EU CCPs, the centralised validation by the EBA of pro forma models (initial margin), and the reporting of all derivative contracts traded to trade repositories authorised or recognised by ESMA.

For non-financial counterparties, the mitigation techniques for counterparty risk involve: ISDA/CMOF contracts, CSA contracts/CMOF Appendix III and specifically break-up clauses , pledges of financial guarantees and guarantees issued by counterparties with a higher credit quality than the original counterparty in the transaction.

The Bank has signed collateral agreements, mainly with financial institutions. Risk is quantified daily, in most cases, by marking to market all outstanding transactions, subject to the collateral framework agreement, and comparing this amount to the current guarantee received/delivered. This entails modification, where applicable, of the collateral delivered by the debtor. In the hypothetical case of a downgrade of the Bank's rating, the impact on collateral would be significant because most of the collateral agreements do not provide for franchises related to the Bank's external credit rating.

More precisely, the management of financial derivatives in the insurance business involves using counterparties. For the insurance business, the subsidiaries are financial institutions subject to supervision by the supervisory authorities of the EU Member States and are sufficiently solvent. Most of these subsidiaries contract derivatives with CaixaBank, so their counterparty risk is not significant. However, there are specific contractual guarantees providing for the possibility of terminating the transaction at any time, either through settlement or transfer to third parties. This settlement is guaranteed by a commitment by CaixaBank (or other minority counterparties) to publish daily strike prices together with a clear explanation of the valuation method used.

Since these derivatives are intragroup positions, they are not included in the consolidated financial statements. The overall management of the associated risk that the business transfers to CaixaBank through these derivatives is integrated into CaixaBank's overall risk management. In particular, the risk positions accepted in the insurance business are entirely closed to the market, with CaixaBank using the third-party counterparties external to the Group mentioned in the preceding paragraphs, managed in the same way as all other derivative positions.

RISK ASSOCIATED WITH THE INVESTEE PORTFOLIO

The risk associated with equity investments (or "investees") is included under credit risk for investments that are not classified in the held-fortrading book. More specifically, the Corporate Risk Catalogue contemplates it as a specific credit risk item that reflects the potential loss over a medium and long-term time horizon, generated by unfavourable movements in market prices or impairment of the value of the positions that make up the portfolio of the CaixaBank Group companies' equity investments.

Following the entry into force of CRR III in 2025, capital consumption is calculated under standardised approach, differentiating between two types of equity holdings: i) equity exposures in Collective Investment Schemes (CISs), whose risk weighting is determined using a look-through (transparency) approach (where detailed information on the underlying investments is available, with risk assigned according to the underlying portfolio), a mandate-based approach (where the fund's investment policy and limits are known), or an alternative fall-back approach (where capital consumption is subject to deductions from own funds or a fixed risk weight of 1,250 % when sufficient information is not available); and ii) other equity exposures, where risk weights are assigned depending on whether they are short-term speculative investments (400 %), exposures to central banks (0 %), exposures incurred under legislative programmes aimed at stimulating specific sectors of the economy (100 %), or other cases (250 %).

As regards management, a financial analysis and control is conducted on the main investees by specialists exclusively responsible for monitoring changes in economic and financial data and for understanding and issuing alerts in the event of changes in regulations and fluctuations in competition in the countries and sectors in which the investees operate. These analysts also interact with the Investor Relations departments of the listed investees and compile the information needed, including third-party reports (such as investment banks and rating agencies) needed for an overview of possible risks to the value of the shareholdings.

In general, with the most significant shareholdings, both the estimates of and actual data on investees' contributions to income and equity (where applicable) are updated regularly by these analysts. In these processes, the outlook for listed companies

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and analysts' views (e.g. recommendations, target prices, ratings) are shared with Senior Management for regular comparison with the market.

3.4.2. ACTUARIAL RISK

The Bank is only exposed to actuarial risk as a result of pension commitments that are not insured by any insurance firm. Given that the majority are insured, this risk is not significant in CaixaBank. Furthermore, insurance activity, which is what has and manages actuarial risk resulting from customers' insurance contracts, takes place via VidaCaixa, and therefore has no impact on CaixaBank's financial statements (non-consolidated).

3.4.3. STRUCTURAL INTEREST RATE RISK

INTEREST RATE RISK IN THE BANKING BOOK

Risk defined as the negative impact on the economic value of balance sheet items or on financial income due to changes in the temporary structure of interest rates and their impact on asset and liability instruments and those off the Group's balance sheet not recognised in the trading book.

The analysis of this risk is carried out by considering a broad set of market rate scenarios, including regulatory shocks and internal scenarios, and takes into account all relevant sources of risk: Gap risk (with its components of repricing risk and curve risk), basis risk and optionality risk. The latter includes both automatic optionality, linked to movements in interest rates up to certain levels, and optionality arising from customer behaviour, which is not solely dependent on interest rates.

Credit risk spread in the banking book (CSRBB), arising from changes in the market price of credit risk, liquidity risk and potentially other characteristics of instruments with interest credit risk, is taken into account. This risk is explicitly and comprehensively assessed and monitored in the structural risk management processes.

The Bank applies best market practices and the recommendations of regulators when measuring interest rate risk. It sets risk thresholds based on these metrics related to net interest income and the economic value of its balance sheet and considering the complexity of the balance sheet.

It uses both static and dynamic measurements:

Static measurements: static measurements are those that are not designed based on assumptions of new business and refer to a specific point in time.

| Static gap: it shows the contractual distribution of maturities and interest rate reviews for applicable balance sheet or off-balance aggregates at a particular date. GAP analysis is based on comparing the values of the assets and liabilities reviewed or that mature in a particular period.
| Balance sheet economic value: this is calculated as the sum of: i) the fair values of net interestrate sensitive assets and liabilities on the balance sheet; ii) the fair value of off-balance
sheet products (derivatives); and iii) the net carrying amounts of non-interest-rate sensitive asset and liability items.
| Economic value sensitivity: the economic value of sensitive balances on and off the balance sheet is reassessed under the various stress scenarios considered by the Group. The difference between this value and the economic value calculated at current market rates gives us a numeric representation of the sensitivity of economic value to the various scenarios employed. The Bank then uses this sensitivity measurement to define operating risk thresholds for economic value for particular interest rate scenarios.
| Value at Risk (VaR): The potential impact on economic value is estimated by applying historical variations in credit spreads at a given confidence level, providing a prudent and consistent measure of spread risk.

Dynamic measurements: these are based on the balance sheet position at a given date and also take into account the new business. Therefore, in addition to considering the current on- and off-balancesheet positions, growth forecasts from the Bank's budget are included.

| Net interest income projections: simulations are carried out over 1-, 2- and 3-year horizons under various interest rate scenarios to assess the expected evolution of net interest income, taking into account current market yield curves, the projected development of the business, wholesale funding issuance and expected customer behaviour, including the possibility of early repayment of loans and term deposits, and potential migration of balances from sight deposits to term deposits, among other factors.
| Sensitivity of net interest income: The difference between projected margins in alternative scenarios and the baseline scenario determines the sensitivity. The Group then uses this sensitivity measurement to define operating risk thresholds for net interest income for particular interest rate scenarios.
| Earnings at risk (EaR): the potential impact on net interest income over a one-year horizon is estimated by applying historical variations in

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credit spreads at a given confidence level, providing a prudent and consistent measure of spread risk:

These calculations are complemented by a periodic forward-looking analysis of the trend in balance sheet sensitivity over a horizon of up to three years. This projection factors in the successful achievement of the planned new business and makes it possible to analyse how sensitivity—both in economic value and in margin—evolves as the balance sheet structure changes, whether due to maturities, renewal of positions or changes in the commercial mix. This forward-looking approach provides an early view of structural risk.

In addition, within the framework of the economic capital self-assessment exercise, the sensitivity of net interest income and the economic value of the balance sheet is analysed under other simulated scenarios based on adverse historical episodes, selected at a given confidence level and designed to capture significant movements in the yield curve both directional and non-parallel—as well as observed changes in interbank market spreads, providing a coherent and prudent basis for risk assessment.

The following table shows, using a static gap, the distribution of interest rate revaluations and maturities of sensitive items on the Bank's balance sheet, without taking into account, where applicable, the value adjustments or value corrections at yearend:

_ MATRIX OF MATURITIES AND REVALUATIONS OF THE BALANCE SHEET SENSITIVE TO INTEREST RATES

(Millions of euros)

	< 1 Year	1-2 Years	2-3 Years	3-4 Years	4-5 Years	> 5 Years	Total
Interbank and Central Banks	53,576			250			53,826
Loans and advances to customers	231,196	27,237	17,460	13,938	10,006	53,739	353,576
Fixed income portfolio	25,626	5,734	11,910	10,964	10,021	24,194	88,449
TOTAL ASSETS	310,398	32,971	29,369	25,151	20,028	77,933	495,850
Interbank and Central Banks	38,164	174	15	8	7	20	38,389
Customer deposits	201,781	32,690	26,974	26,541	23,657	93,156	404,798
Issuances	11,570	7,253	7,323	4,001	3,424	18,315	51,886
TOTAL LIABILITIES	251,515	40,117	34,313	30,550	27,088	111,490	495,073
DIFFERENCE: ASSETS – LIABILITIES	58,883	(7,147)	(4,943)	(5,398)	(7,060)	(33,557)	777
Hedges	(114,971)	37,818	44,014	20,856	1,477	11,905	1,100
TOTAL DIFFERENCE	(56,088)	30,672	39,071	15,458	(5,582)	(21,652)	1,877

Below is the sensitivity of the net interest income and economic value to sensitive balance sheet assets and liabilities for a scenario of rising and falling interest rates of 100 basis points:

_INTEREST RATE SENSITIVITY

(incremental % with respect to the market baseline scenario / implicit rates)

	+100 BP	-100 BP
Net interest income (1)	2.37 %	(2.30 %)
Economic value of equity for sensitive balance sheet aggregates (2)	(4.75 %)	4.11 %

(1) Sensitivity of the 1-year NII of sensitive balance sheet aggregates.
(2) Sensitivity of economic value for sensitive balance sheet aggregates on Tier 1.

As regards measurement tools and systems, the Bank obtains detailed transaction-level information on interest rate-sensitive balance sheet positions from the applications that manage the various products. This information is consolidated in databases with an appropriate degree of aggregation, allowing for optimised calculations without compromising quality and reliability.

The asset and liability projection application is parameterised to reflect the specific financial characteristics of balance sheet products, incorporating behavioural models based on historical information, such as prepayment models and sight deposit models. The tool is also fed with the growth forecasts included in financial planning (volumes, maturities and margins for the different balance sheet products), as well as with market scenarios (interest rate and exchange rate curves), enabling accurate risk estimates to be produced. On this platform, static gaps, net interest income projections and the economic value of equity are calculated.

As measures to mitigate structural interest rate risk, the Bank carries out active management through the use of hedging instruments in the financial markets, complementing the natural hedges arising from the balance sheet structure. These hedges aim to protect net interest income while preserving the economic value of the balance sheet. As at 31 December 2025, CaixaBank uses hedging arrangements on sight deposits, loans and issuances.

The balance sheet interest rate risk assumed by the Bank remains below the levels considered significant under the applicable regulations.

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EXCHANGE RATE RISK IN THE BANKING BOOK

Exchange rate risk in the banking book refers to the potential loss of value of a financial instrument or balance sheet item in the event of adverse movements in exchange rates.

The Bank has foreign currency assets and liabilities in its balance sheet primarily as a result of its commercial activity and its shares in foreign currencies, in addition to the foreign currency assets and liabilities deriving from the Bank's measures to mitigate exchange rate risk.

The equivalent euro value of foreign currency assets and liabilities in the Bank's balance sheet is as follows:

_FOREIGN CURRENCY POSITIONS

(Millions of euros)

	31-12-2025	31-12-2024
Cash and cash balances at central banks and other demand deposits	400	386
Financial assets held for trading	1,464	1,951
Financial assets with changes in other comprehensive income	2,194	2,371
Financial assets at amortised cost	35,261	30,564
Other assets	549	585
TOTAL FOREIGN CURRENCY ASSETS	39,868	35,857
Financial liabilities at amortised cost	18,680	16,597
Other liabilities	1,289	1,735
TOTAL FOREIGN CURRENCY LIABILITIES	19,969	18,332

The Bank maintains the hedging of foreign currency risk, which may be carried out via transactions in cash or financial derivatives that mitigate asset and liability positions in the balance sheet. However, the nominal amount of these instruments is not reflected directly in the balance sheet, but rather as memorandum items for financial derivatives. This risk is managed by seeking to minimise the level of currency risk assumed in its commercial activity, which explains why the Bank's exposure to this risk is low.

The remaining foreign currency positions in the banking book and of the treasury activity are chiefly held with credit institutions in major currencies. The methods for quantifying these positions, which are the same, are applied alongside the risk measurements used for the treasury activity as a whole.

The breakdown by currency of the main headings of the balance sheet are set out below:

_ MAIN BALANCE SHEET ITEMS BY CURRENCY –31-12-2025

(Millions of euros)

	USD	JPY	GBP	PLN	CHF	CAD	Others
Cash *	104	7	49	86	6	7	141
FA held for trading	864		516	3		72	9
FA with changes in OCI	2,190		3				1
FA at amortised cost	25,788	102	5,490	780	614	1,276	1,211
FL at amortised cost	14,312	147	2,510	665	609	17	420
Other liabilities	777	1	386	15	23	63	24

FA: Financial assets; FL: Financial Statements

Given the reduced exposure to exchange rate risk and considering the existing hedges, the sensitivity of the balance sheet's economic value is not significant.

^(*) Cash and cash balances at central banks and other demand deposits

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3.4.4. LIQUIDITY AND FUNDING RISK

OVERVIEW

Liquidity and funding risk refers to insufficient liquid assets or limited access to market financing to meet contractual maturities of liabilities, regulatory requirements, or the Bank's investment needs.

The Bank manages this risk to maintain sufficient liquidity levels so that it can comfortably meet all its payment obligations and to prevent its investment activities from being affected by a lack of lendable funds, at all times within the RAF. The strategic principles to achieve the management objectives are as follows:

| A decentralised liquidity management system across three units (CaixaBank subgroup, BPI, and CaixaBank Wealth Management Luxembourg, S.A.), which includes a segregation of duties to ensure optimal management, control and monitoring of risks.
| Maintaining an efficient level of liquid funds in order to meet obligations assumed, fund business plans and comply with regulatory requirements.
| Active management of liquidity through ongoing monitoring of liquid assets and the balance sheet structure.
| Sustainability and stability as principles of the funding source strategy, which is based on: i) the customer deposit-based funding structure; and ii) capital market funding, complementing the funding structure.

The liquidity risk strategy and appetite for liquidity and financing risk involves:

| Identifying the significant liquidity risks for the Bank and its liquidity management units;
| Formulating the strategic principles the Bank must observe in managing each of these risks;
| Establishing the relevant metrics for each of these risks;
| The establishment of appetite, tolerance, breach and, as the case may be, recovery thresholds within the RAF;
| Setting up management and control procedures for each of the risks, including mechanisms for internal and external systematic monitoring;
| Definition of a framework of stress testing and a Liquidity Contingency Plan to ensure liquidity risk management in moderate and severe crisis situations; and
| a recovery planning framework, in which scenarios and measures are devised for stress conditions.

In particular, the Bank maintains specific strategies in relation to: i) intraday liquidity management; ii) short-term liquidity management; iii) management of funding sources/concentrations; iv) management of liquid assets; and v) management of collateralised assets. Similarly, the Bank has procedures to minimise liquidity risks in stress conditions through i) the early detection of the circumstances through which it can be generated; ii) minimising negative impacts; and iii) sound management to overcome a potential crisis situation.

MITIGATION TECHNIQUES FOR LIQUIDITY RISK

Based on the principles mentioned in the previous section, the Contingency Plan is drawn up, defining an action plan for each of the crisis scenarios established and detailing commercial, institutional and communication measures to deal with this type of situation, as well as the possibility of using the liquidity reserve or extraordinary sources of financing. In the event of a situation of stress, the liquid asset buffer will be managed in order to minimise liquidity risk.

The measures in place for liquidity risk management and anticipatory measures feature:

| Delegation of the Annual General Meeting or, where applicable, of the Board of Directors for issuance, depending on nature of the type of instrument.
| Availability of several facilities open with i) the ICO, under credit facilities – mediation; ii) the European Investment Bank (EIB); and iii) the Council of Europe Development Bank (CEB). In addition, there are financing instruments with the ECB for which guarantees have been posted to ensure that liquidity can be obtained immediately:

_ AVAILABLE UNDER ECB FACILITY

TOTAL AVAILABLE BALANCE IN ECB FACILITY	70,804	69,318
Interest on drawn guarantees
Drawn down
Value of guarantees delivered as collateral	70,804	69,318
	31-12-2025	31-12-2024

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| Maintenance of issuance programmes with a view to reducing the time required to formalise the issuance of securities to the market:

_DEBT ISSUANCE CAPACITY 31-12-2025

(Million euros / Million dollars)

	Curre ncy	Total issuance capacity	Total issued
Fixed income programme	EUR	30,000	4,250
EMTN programme (Ireland)	EUR	40,000	26,557
U.S. Programme MTN (Ireland)	USD	12,500	8,250
ECP programme (Ireland)	EUR	3,000	1,142

EMTN: Euro Medium Term Note

U.S. MTN: U.S. Medium Term Note

ECP: Euro Commercial Paper

| Guaranteed securities issuance capacity:

_ COVERED BOND ISSUANCE CAPACITY – 31-12-2025

(Millions of euros)

	Issuance capacity *	Total issued
Mortgage covered bonds	49,748	56,300
Public sector covered bonds	4,770	2,000

^(*) The liquid assets segregated in the liquidity buffer, if any, are not included in the calculation of the issuance capacity. Issuance capacity taking into account the liquidity buffer amounted to 49,748 million euros for mortgage covered bonds and 4,770 million euros for public sector covered bonds at the end of December 2025.

The degree of collateralisation and overcollateralisation of mortgage covered bonds issued by CaixaBank can be found at :

_ COLLATERALISATION OF MORTGAGE COVERED BONDS

(Millions of euros)

		31-12-2025	31-12-2024
Mortgage-covered bonds issued	(A)	56,300	60,362
Portfolio of loan and credit collateral for mortgage covered bonds	(B)	111,350	109,296
COLLATERALISATION (B/A)	(B)/(A)	198 %	181 %
OVERCOLLATERALISATION ([B/A]-1)	[(B)/(A)]-1	98 %	81 %

(*) The liquidity buffer is included in the coverage set. At year-end, no liquid assets were segregated for this portfolio, whereas in 2024 a buffer of 3,864 million euros had been set aside.

| To facilitate access to short-term markets, CaixaBank currently maintains the following:
| Interbank facilities with a significant number of (domestic and foreign) banks, as well as central banks.
| Repo facilities with a number of domestic and foreign counterparties.
| Access to Central Counterparty Clearing Houses for repo trading (LCH SA - Paris, BME CLEARING and EUREX - Frankfurt).
| The Contingency Plan and the Recovery Plan provide for a wide range of measures to generate liquidity in crisis situations of various kinds. These include potential issuances of secured and unsecured debt, use of the repo market, and so on. For all these, viability is assessed under different crisis scenarios and descriptions are provided of the steps necessary for their execution and the expected period of execution.

LIQUIDITY SITUATION

The following table presents a breakdown of the Bank's liquid assets based on the criteria established for determining high quality liquid assets to calculate the LCR:

_LIQUID ASSETS

	31-12-2025		31-12-2024
	Market value	Applicable weighted amount	Market value	Applicable weighted amount
Level 1 assets	102,070	101,798	102,171	102,008
Level 2A assets	119	101	191	163
Level 2B assets	1,032	555	964	526
TOTAL HIGH-QUALITY LIQUID ASSETS (HQLA) *	103,221	102,454	103,327	102,697
Eligible available non-HQLA		56,984		55,611
TOTAL LIQUID ASSETS		159,439		158,308

^(*) Assets under the calculation of the LCR (Liquidity Coverage Ratio). It corresponds to high-quality liquid assets available to meet liquidity needs for a 30 calendar day stress scenario.

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The liquidity and financing ratios for the Bank are presented below:

_LCR AND NSFR RATIOS

(Millions of euros)

	31-12-2025	31-12-2024
High-quality liquid assets - HQLAs (A)	102,454	102,697
Total net cash outflows (B)	50,232	49,946
Cash outflows	65,100	61,821
Cash inflows	14,868	11,876
LCR (LIQUIDITY COVERAGE RATIO) (%) - (A/B) *	204 %	206 %
NSFR (NET STABLE FUNDING RATIO) (%) **	145 %	146 %

^(*) LCR: regulatory ratio whose objective is to maintain an adequate level of high-quality assets available to cover liquidity needs with a 30-day horizon, under a stress scenario. The liquidity coverage requirement for credit institutions, the regulatory minimum LCR ratio is 100 %.

Key credit ratings are displayed below:

_ CAIXABANK CREDIT RATINGS

		Issuer rating				Rating of
	Non-current payables	Current payables	Outlook	Preferred senior debt	mortgage Assessment covered date bonds	Last review date of mortgage covered bonds
S&P Global	A+	A-1	Stable	A	16-09-2025 AAA		18-09-2025
Fitch Ratings	A–	F1	Positive	A	07-10-2025
Moody's	A2	P-1	Stable	A2	03-10-2025 Aaa		03-10-2025
DBRS	A (high)	R-1(middle)	Stable	A (high)	18-12-2025 AAA		09-01-2026

In the case of downgrade of the current credit rating, additional collateral is required for certain counterparties or there are early repayment clauses. The breakdown of the impact on liquidity deriving from 1, 2 and 3-notch downgrading is shown below:

SENSITIVITY OF LIQUIDITY TO CHANGES IN THE CREDIT RATING

	1-notch downgrad e	2-notch downgrade	3-notch downgrade
Trading in derivatives / repos (CSA / GMRA / GMSLA agreements) *	0	2.78	2.78
Deposits taken with credit institutions *			0

^(*) The balances presented are accumulated for each rating reduction.

^(**) NSFR – regulatory balance sheet structure ratio that measures the ratio between the quantity of available stable funding (ASF) and the quantity of required stable funding (RSF). Available stable funding is defined as the proportion of own funds and customer funds that are expected to be stable in the time horizon of one year. The amount of stable funding required by an institution is defined in accordance with its liquidity and the residual maturities of its assets and its balance sheet positions. The regulatory minimum for the NSFR ratio at 100 %.

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ASSET ENCUMBRANCE – ASSETS RECEIVED AND DELIVERED UNDER GUARANTEE

The following table presents the assets delivered and received under guarantee:

_ ASSETS PLEDGED AND RECEIVED AS COLLATERAL FOR TRANSACTIONS

(Millions of euros)

	31-12-2025		31-12-2024
	Encumbered assets (A)	Unencumbered assets (B)	Encumbered assets (A)	Unencumbered assets (B)
Carrying amount of encumbered assets	72,541	469,890	77,829	438,629
Equity instruments		767		542
Debt securities *	35,177	54,168	29,065	50,302
Other assets **	37,364	414,955	48,764	387,785
Credit portfolio	37,364	367,220	48,764	338,125
Others		47,735		49,660
Fair value of assets received ***	4,139	20,194	5,343	21,830
Debt securities	4,139	18,523	5,343	20,386
Other guarantees		1,671		1,444
ASSET ENCUMBRANCE RATIO [(A/(A+B)]		13.53 %		15.30 %
Memorandum items: Own debt securities issued
Other than own covered bonds or own asset backed securities ****		71		47
Unpledged own and secured bonds *		57,272		58,474

^(*) Mainly corresponds to assets provided in repurchase agreements and ECB financing transactions.

In 2025, the ratio of collateralised assets was 1.77 percentage points lower than the 2024 ratio, falling 1.77 percentage points, largely driven by lower outstanding balances of guaranteed issuances placed in the market and a reduction in collateral posted as other forms of security. These effects were partially offset by higher encumbrance arising from repo transactions entered into.

Secured liabilities and the assets securing them are as follows:

_SECURED LIABILITIES

	31-12-2025		31-12-2024
	Liabilities hedged, contingent liabilities or securities ceded	Assets, guarantees received and treasury securities issued *	Liabilities hedged, contingent liabilities or securities ceded	Assets, guarantees received and treasury securities issued *
Financial Statements	47,553	57,274	48,960	62,589
Derivatives **	7,855	7,819	9,246	9,714
Deposits ***	32,608	36,843	25,326	29,479
Issuances ****	7,090	12,612	14,388	23,396
Other sources of charges	12,924	19,406	11,600	20,583
TOTAL	60,477	76,680	60,560	83,172

^(*) Excluding encumbered covered bonds and asset-backed securities

^(**) Mainly corresponds to assets pledged for securitisation bonds, mortgage covered bonds and public sector covered bonds. These issuances are chiefly used in transactions of issuances to market and as a guarantee in ECB funding arrangements.

^(***) Mainly corresponds to assets provided in reverse repurchase agreements, securities lending transactions and derivatives.

^(****) Senior debt treasury shares.

^(*****) Corresponds to treasury shares issued in the form of securitisations and covered bonds (mortgage/public sector).

^(**) Includes collateral provided to counterparties for the value of derivatives collateralised by fixed-income bonds or cash.

^(***) Mainly includes the repo transaction in which fixed-income bonds are pledged as collateral and, to a lesser extent, issues of covered bonds recognised as deposits.

^(****) Mainly includes issues of covered bonds secured by mortgage-covered bonds and, to a lesser extent, securitisations.

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RESIDUAL MATURITY PERIODS

The following is a breakdown by maturity of balances, including interest flows based on the market curves of the reference date (implicit rates):

_ RESIDUAL MATURITY OF THE TRANSACTIONS –31-12-2025

	On demand	< = 3 months	3 - 12 months	1 - 5 years	>5 years	Total
Interbank assets		51,186	2,436	364		53,986
Loans and advances - Customers	1,589	35,952	56,785	160,163	165,792	420,281
Debt securities		2,044	21,750	44,602	25,227	93,623
TOTAL ASSETS	1,589	89,182	80,971	205,129	191,019	567,890
Interbank liabilities		36,294	1,746	367	136	38,543
Customer deposits	126,457	21,459	54,760	110,103	93,231	406,011
Debt securities issued		3,618	7,152	29,738	21,041	61,549
TOTAL LIABILITIES	126,457	61,371	63,658	140,208	114,408	506,103
Of which are wholesale issues net of treasury shares and multi-issuers		2,245	4,863	23,325	18,533	48,966
Of which are other financial liabilities for lease			5	126	1,217	1,348
Drawable by third parties		5,778	15,920	33,032	40,594	95,324

The transaction maturities are projected according to their contractual and residual maturity, irrespective of any assumption that the assets or liabilities will be renewed. Issuances and fixedincome instruments are excluded from contractual maturity and will instead be reported by reference to their first call date, where applicable. In the case of demand accounts, with no defined contractual maturity, the Bank's internal behaviour models are applied. In order to assess the negative gap in the short term, the following aspects must be considered:

| The Bank has high and stable retail financing with probable renewal.
| Additional guarantees are available at the European Central Bank, and there is the capacity to generate new deposits through asset securitisation and the issuance of mortgage- or public sector-covered bonds.

The calculation does not consider growth assumptions, and consequently disregards internal strategies for raising net liquidity, which are especially important in the retail market. The monetisation of available liquid assets is also not included.

With respect to issuances, the Bank's policies take into account a balanced distribution of maturities, preventing concentrations and diversifying financing instruments.

In addition, the Bank's reliance on wholesale markets is limited.

3.4.5. MARKET RISK

OVERVIEW

The Bank identifies market risk as the loss of value, impacting on performance or solvency, of a portfolio (set of assets and liabilities), due to unfavourable movements in prices or market rates. The market risk of CaixaBank Group's trading book quantifies possible losses that could arise due to fluctuations in interest rates, exchange rates, credit spreads, external factors or prices in the markets where it operates.

The market risk includes almost all the Bank's trading book, as well as the deposits and repos arranged by trading desks for management.

Risk factors are managed according to the returnrisk ratio determined by market conditions and expectations, the limits structure and the authorised operating framework.

MARKET RISK CYCLE

Monitoring and measurement of market risk

On a daily basis, the Group monitors all transactions arranged, calculating how market changes will affect the profit and loss of positions held, quantifying the market risk undertaken, and monitoring compliance with limits. With the results obtained from these activities, a daily report is produced on positions, risk quantification and the utilisation of risk thresholds, which is distributed to Senior Management, the officers in charge of managing them, to Model Validation and Risk and to the Internal Audit division.

As a general rule, there are two types of measurements which constitute a common denominator and market standard for the measurement of market risk:

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Sensitivity

Sensitivity represents risk as the impact a slight change in risk factors has on the value of positions, without providing any assumptions about the probability of such a change.

Value-at-risk (VaR)

The reference market risk measure is a one-day 99 % VaR, for which the RAF sets a limit for the Bank's trading activities.

Daily VaR uses the historical simulation methodology which is based on the calculation of the impact on the value of the current portfolio of historical variations in risk factors: Daily changes observed over the last year are taken into account, with a confidence interval of 99 %. VaR by historical simulation is suitable, given that it does not include any assumptions on the statistical behaviour of the risk factors, incorporating the consideration of nonlinear relationships between them.

Moreover, since a downgrade in the credit rating of asset issuers can also give rise to adverse changes in market prices, quantification of risk is completed with an estimate of the losses arising from changes in the volatility of the credit spread on private fixedincome and credit derivative positions (spread VaR), which constitutes an estimate of the specific risk attributable to the security issuers. This calculation is also based on a historical methodology with a 99 % confidence interval and assuming daily changes in the credit spreads .

The total VaR results from the aggregation of both VaRs: the VaR calculated for fluctuations in interest rates, exchange rates (and the volatility of both), inflation, commodities (without current position), and equities plus the Spread VaR.

Additional measures to VaR

As a measure of analysis, the Bank complements the VaR measures with the following risk metrics, updated weekly:

| Stressed VaR indicates the maximum loss on adverse movements in market prices based on a stressed historical period of one year, with a 99 % confidence level and a daily time horizon (subsequently extrapolated to the regulatory horizon of 10 market days, multiplying by the root of 10). The stressed VaR calculation is leveraged by the same methodology and infrastructure as the historical VaR, with the only significant difference being the historical window selected.
| The incremental default and migration risk reflects the risk related to changes in credit ratings or breach of positions in fixed-income instruments and credit derivatives in the trading book, with a confidence level of 99.9 %, a oneyear time horizon, and a quarterly liquidity horizon, which is justified by the high liquidity of portfolio issuances. The estimate is made using Montecarlo simulation of possible future states of external rating of the issuer and the issue, based on transition matrices published by the

main rating agencies, where dependence between credit quality variations between the different issuers is modelled using Student's tdistribution.

The maximum, minimum and average values of these measurements in this year, as well as their value at the close of the period of reference, are shown in the following table.

_SUMMARY OF RISK MEASURES 2025

	Maximum	Minimum	Average	Latest
1-day VaR	2.2	0.6	1.1	1.5
1-day Stressed VaR	7.5	1.4	3.4	4.7
Incremental risk	37.2	11.3	20.4	20.5

Backtesting

To confirm the suitability of the estimates of the internal model, daily results are compared against the losses estimated under the VaR technique, which is what is referred to as backtesting. The risk estimate model is checked in two ways:

| Though net or hypothetical backtesting, which relates the portion of the daily marked-tomarket result of open positions at the close of the previous session to estimated VaR over a one-day time horizon, calculated on the basis of the open positions at the close of the previous session. This backtesting is the most appropriate means of performing a self-assessment of the methodology.
| Gross (or actual) backtesting that compares the total result obtained during the day (including intraday transactions) to VaR for a one-day time horizon, calculated on the basis of the open positions at the close of the previous session. This provides an assessment of the importance of intraday transactions in generating profit and estimating the risk.

The daily result used in both exercises of backtesting does not incorporate margins, reserves, fees or commissions.

No significant incidents were detected during 2025.

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Stress test

Two stress testing techniques are used on the value of the trading positions to calculate the possible losses on the portfolio in situations of extreme stress:

| Systematic stress: this technique calculates the change in value of the portfolio in the event of a specific series of extreme changes in the main risk factors. It considers parallel interest rate shifts (rising and falling); changes at various points of the slope of the interest rate curve (steepening and flattening); variation of the spread between the instruments subject to credit risk and public debt securities (bond-swap spread); shifts in the EUR/USD curve differential; higher and lower volatility of interest rates; variation of the euro with respect to the USD, JPY and GBP; and variation in exchange rate volatility, share prices; and higher and lower volatility of shares and commodities.
| Historical scenarios: this technique addresses the potential impact of actual past situations on the value of the positions held.
| Reverse Stress Test: a technique that assumes a high-vulnerability scenario given the portfolio's composition and determines what variations in the risk factors lead to this situation.

Based on the set of measures described above, the management of market risk on trading positions in markets is in accordance with the methodological and monitoring guidelines.

MITIGATION OF MARKET RISK

As part of the required monitoring and control of the market risks taken, there is a structure of overall VaR limits complemented by the definition sub-limits, stressed VaR and incremental default and migration risk, Stress Test and Stop Loss results and sensitivities for the various management units that could assume market risk.

The risk factors are managed using economic hedges on the basis of the return/risk ratio determined by market conditions and expectations, always within the assigned limits.

Beyond the trading book, fair-value hedge accounting is used, which eliminates potential accounting mismatches between the balance sheet and statement of profit or loss caused by the different treatment of hedged instruments and their hedges at market values. In the area of market risk, limits for each hedge are established and monitored, in this case expressed as ratios between total risk and the risk of the hedged items.

3.5. OPERATIONAL RISK

OVERVIEW

Operational risk is defined as the possibility of incurring losses due to the failure or unsuitability of processes, people, internal systems and external events. Given the heterogeneity of the nature of operational events, CaixaBank does not record operational risk as a single element in the Corporate Risk Catalogue, but rather it has included the following risks of an operational nature: conduct and compliance, legal and regulatory, technology and other operational risks. For each of these risks in the Catalogue, the Group upholds the corresponding specific management frameworks, without prejudice to the additional existence of an operational corporate risk management policy.

CaixaBank integrates operational risk into its management processes in order to deal with the financial sector's complex regulatory and legal environment. The overall objective of managing this risk is to improve the quality of business management, supplying relevant information to allow decisions to be made that ensure the organisation's long-term continuity, optimisation of its processes and the quality of both internal and external customer service. This objective comprises a number of specific objectives that form the basis for the organisation and working methodology for managing operational risk. These objectives are:

| To identify and anticipate existing or emerging operational risks.
| To adopt measures to sustainably mitigate and reduce operational losses.
| To promote the establishment of systems for the ongoing improvement of the operating process and of the control structure.
| To exploit operational risk management synergies.
| To promote an operational risk management culture.
| To comply with the current regulatory framework and requirements for the applicability of the management and calculation models chosen.

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OPERATIONAL RISK MANAGEMENT CYCLE

Identification and measurement of operational risk

The internal operational risk database is the information structure holding data on the Bank's operational losses. Operational risks are classified into four categories or hierarchical levels, from more generic to more specific or detailed:

| Tiers 1 and 2 of the regulations: Tier 1 comprises 7 subcategories (Internal Fraud; External fraud; Employment practices and security in workplace; Customers, products and business practices; Damage to physical assets; Business interruptions and system faults; and Execution, delivery and process management), while Tier 2 comprises 20 subcategories.
| Tier 3 Group internal: represents the combined individual risk of all the business areas and Group companies.
| Tier 4 individual risks: represents the materialisation of particular Tier 3 risks in a process or activity.

The technological environment of the operational risk system provides all the functionality required and is fully integrated into the bank's transactional and information systems.

Operational risk is measured with the following aspects:

Quantitative measurement

The database of internal operational loss events serves as a fundamental element in managing operational risk and is the primary source of data for calculating economic capital.

An operational event is the implementation of an identified operational risk, an event that causes an operational loss. It is the concept around which the entire data model revolves in the Internal Database. Loss events are defined as each individual economic impact related to an operational loss or recovery.

The Bank uses the standardised approach for calculating regulatory capital requirements for operational risk (SMA, Standardised Measurement Approach for operational risk) (ä see Note 4). However, the measurement and management of the Bank's operational risk are supported by risk-sensitive policies, processes, tools and methodologies, in line with market practices.

Accordingly, the measurement of minimum capital requirements provided by the regulatory SMA methodology (calculated as the average of the last three financial years based on a services component, an interest component and a financial component, derived from relevant items in the statement of profit or loss and the balance sheet) is used for supervisory reporting purposes and to ensure compliance with minimum solvency levels. In addition, the Bank has aligned itself with international practices and has developed a model for calculating economic capital requirements, which covers all the risks in the Corporate Catalogue included in the range of operational risks.

Qualitative measurement

Operational risks are subjected to self-assessments on an annual basis, which make it possible to: i) obtain knowledge of the operational risk profile and new critical risks; and ii) maintain a standardised process for updating the operational risk taxonomy, which is the basis for operational risk management.

Annually, workshops and expert meetings are held to create and revise extreme operational loss scenarios. The purpose is for these scenarios to be used to detect areas of improvement in the management and to supplement the available external and internal historical data on operational losses.

There are also Key Risk Indicators (KRI) enabling the Bank to: i) anticipate the expected trend in operational risks and foster a forward-looking approach to operational risk management; and ii) provide information on changes in the operational risk profile and their underlying drivers. A KRI is a metric that detects and anticipates changes in said risk, and its monitoring and management is integrated in the operational risk corporate management tool. KRIs are not by nature a direct result of risk exposure. They are metrics that can be used to identify and actively manage operational risk.

Monitoring and mitigation of operational risk

With the aim of contributing to the sustainable and recurring reduction of operational risks, an annual forecast of operational losses is carried out, covering the entire scope of management and enabling monthly monitoring to analyse and, where applicable, correct any possible deviations. The degree of compliance with the forecast is monitored periodically by the Operational Risks Committee, where the main deviations are analysed taking account of the nature of the operational losses and the most and least effective mitigating actions.

The generation of action and mitigation plans is one of the links in the Bank's operational risk management chain. The action and mitigation plans may originate from any of the operational risk management tools or other sources: selfassessments, extreme scenarios, external sources (ORX, specialised press), KRIs, losses due to operational events, internal audits and internal validation reports.

Therefore, with the aim of monitoring and mitigating the operational risk, the following have been defined: action plans that entail appointing a centre to be in charge, setting out the actions to be undertaken to mitigate the risk covered by the plan, the percentage or degree of progress, which is updated regularly, and the final commitment date. This allows mitigation by i) decreasing the frequency at which the events occur, as well as their impact; ii) holding a solid structure of sustained control in policies,

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methodologies, processes and systems; and iii) integrating —into the everyday management of the Bank— the information provided by operational risk management levers.

In addition, the corporate insurance programme for dealing with operational risk is designed to cover certain risks, and it is updated annually. Risk transfer depends on risk exposure, tolerance and appetite at any given time.

OPERATIONAL RISK

The Corporate Risk Catalogue risks that are identified in the regulatory framework as operational risk, are described below.

3.5.1. COMPLIANCE AND CONDUCT RISK

Insofar as operational risk is concerned, according to the regulatory definition, conduct and compliance risk is defined as the Bank's risk arising from the application of conduct criteria that run contrary to the interests of its customers and stakeholders, or acts or omissions by the Bank that are not compliant with the legal or regulatory framework, or with internal codes, rules or procedures, or with codes of conduct and ethical and good practice standards. The Bank's objective is: i) to minimise the probability of occurrence of this risk; and ii) if it occurs, to detect, report and address the weaknesses promptly.

The management of compliance and conduct risk is not limited to any specific area, but rather the entire Group. All employees must ensure compliance with prevailing regulations, applying procedures that capture regulations in their activity.

In order to manage conduct and compliance risk, the Bank promotes awareness-raising and the promotion of the values and principles set out in the code of business conduct and ethics, and its employees and other members of its governance bodies must ensure that they are compliant as a core criterion guiding their day-to-day activities. Therefore, as the first line of defence, the areas whose business is subject to conduct and compliance risk implement and manage first-level indicators or controls to detect potential sources of risk and act effectively to mitigate them. In turn, the compliance function, as a second line of defence, identifies, evaluates, supervises and reports on the risks of sanctions or financial losses to which the entity is exposed as a result of non-compliance or defective/inadequate compliance with laws, regulations, judicial or administrative requirements, codes of conduct or ethical standards and good practices relating to its sphere of activity. Finally, the third line of defence, represented by Internal Audit, independently reviews and evaluates the effectiveness of the control and management system for these risks.

3.5.2. LEGAL AND REGULATORY RISK

Legal and regulatory risk is defined as the potential loss or decrease in the profitability of the Bank as a result of changes in the legislation, of the incorrect implementation of this legislation in the Bank's processes, of the its inappropriate interpretation in various transactions, of the incorrect management of court or administrative injunctions, or of the claims or complaints received.

It is managed according to certain operational principles, with a view to ensure that the appetite and risk tolerance limits defined in the Group's RAF are respected.

In this regard, the Bank constantly monitors and tracks regulatory changes, in pursuit of greater legal certainty and defence of legitimate interests, chiefly those described in Note 3.1 in relation to the regulatory environment. As regards the latter, the activities are coordinated in the Regulation Committee, the body responsible for defining the Bank's strategic stance in financial regulation matters, driving the representation of the Bank's interests and coordinating the regular assessment of the regulatory initiatives and proposals that may affect the Bank.

The Group also undertakes regulatory implementation, which involves creating or modifying contracts, processes, and systems to comply with new regulations. The Transparency Committee is tasked with ensuring transparency in the marketing of financial products and services. It approves new products or services by adhering to transparency and customer protection regulations. Additionally, it refers significant products to the Product Strategy Committee, which outlines strategies for new products and services. Both committees oversee adherence to consumer protection and privacy laws for all initiatives. The Privacy Committee specifically ensures compliance with privacy regulations and the safeguarding of customers' personal data.

To ensure the correct interpretation of the regulations, in addition to studying case law and decisions of the competent authorities in order to adjust their actions to those criteria, consultations are also made with the relevant administrative authorities when necessary.

In relation to the claims filed with the Customer Service Office, as well as the sustained flow of existing litigiousness, the Group has policies, criteria, analysis and monitoring procedures for these judicial claims and processes. These allow for better selfknowledge of the activities carried out by the Bank, the identification and establishment of constant improvements in contracts and processes, the implementation of regulatory disclosure measures and the early restoration of customers' rights, in the event of possible incidents, through agreements and the establishment of the appropriate accounting hedges, in the form of provisions, to cover hypothetical financial losses that are considered likely to occur.

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3.5.3. TECHNOLOGICAL RISK

Also within the framework of operational risk, technology risk in the Corporate Risk Catalogue is defined as the risk of losses due to the inadequacy or failures of the hardware or software of technological infrastructure, due to cyber attacks or other circumstances that may compromise the availability, integrity, accessibility and security of infrastructure and data. The risk is broken down into 5 categories affecting ICT (Information and Communication Technologies): i) availability; ii) information security; iii) change management and operation; iv) data integrity; and v) governance and strategy.

The current measurement is integrated into an ongoing monitoring RAF indicator, which is calculated through a thorough analysis of individual indicators connected to various aspects of technology risk. Regular reviews are carried out by sampling, which make it possible to check the quality of the information and the methodology used in creating the indicators reviewed.

The internal governance frameworks associated with different fields of technology risk have been designed according to renowned international standards and/or they are aligned with the guidelines published by different supervisors:

| IT Governance: designed and developed according to the ISO 38500 standard.
| IT contingency: designed and developed according to the ISO 27031 standard.
| Governance of information and data quality: designed and developed in accordance with BCBS 239 (Basel Committee on Banking Supervision).
| Information security: develops its reference framework on the basis of the requirements defined by international best-practice information security standards, such as the ISO/ IEC 27001 family of standards. These standards, together with the obligations established by prevailing laws and regulations and the requirements of local and sectoral supervisors, make up the CaixaBank Group's Information Security Regulatory Framework. Compliance with this framework is continuously monitored and regularly reported to key stakeholders, both internal and external to the organisation. CaixaBank has recognised certifications, including ISO/IEC 27001 for the group's cybersecurity services and the National Security Scheme (ENS) for certain services provided to the public administration, which endorse its

With the different frameworks of governance and management systems, CaixaBank seeks to guarantee:

commitment to information protection.

| Compliance with recommendations issued by regulators: Bank of Spain, European Central Bank, etc.

| Maximum security in its transactions, both in regular processes and in one-off situations.

And it also demonstrates to its customers, investors, and other stakeholders:

| Its commitment to the governance of information technologies, and business security and continuity.
| The implementation of management systems according to most renowned international standards.
| The existence of different cyclical processes based on ongoing improvement.

Similarly, CaixaBank has been designated a critical infrastructure operator by virtue of the provisions of Act 8/2011 and is under the supervision of the National Centre for the Protection of Critical Infrastructures dependent on the State Secretary of Home Office Security.

Furthermore, CaixaBank holds a general emergency plan and various internal regulations on security measures, which include priority aspects such as: i) cybersecurity strategy; ii) combating customer and internal fraud; iii) information protection; iv) security disclosure and governance; and v) supplier security.

CaixaBank's second line of defence has a reference framework for this risk, based on international standards, which is used to assess the effectiveness of the control environment and measure the level of residual risk, establishing mitigation plans where necessary.

3.5.4. OTHER OPERATIONAL RISKS

In the Corporate Risk Catalogue, these are defined as loss or damage caused by errors or failures in processes, by external events or by the accidental or malicious actions of third parties outside the Bank. This includes risk factors related to outsourcing, business continuity and external fraud.

All of the Group's areas and companies are responsible for the set of other operational risks that arise within their respective remits. This means identifying, assessing, managing, controlling and reporting the operational risks of their activity and helping CaixaBank's Non-Financial Risk Division to implement the management model throughout the Bank.

CaixaBank's second line of defence has control frameworks for these risks, which enable the effectiveness of the control environment to be assessed and the level of residual risk to be measured, establishing mitigation plans where necessary. The reports are submitted to management and governing bodies, in accordance with the established arrangements.

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4. Capital adequacy management

The composition of the Group's eligible own funds is as follows:

_ELIGIBLE OWN FUNDS

		31-12-2025			31-12-2024
	Amount	Ratio	Regulatory ratio	Amount	Ratio	Regulatory ratio
Net equity	38,526			36,865
Shareholders' equity	38,962			37,425
Capital (Note 19)	7,025			7,175
Result	5,891			5,787
Reserves and others	26,046			24,463
Minority interests and OCI	(436)			(560)
Other CET1 instruments	(2,554)			(2,599)
Adjustments applied to the eligibility of minority interests/OCI	223			227
Other adjustments (2)	(2,777)			(2,826)
CET1 Instruments	35,972			34,266
Deductions from CET1	(5,199)			(5,254)
Intangible assets	(3,623)			(3,534)
Deferred tax assets	(1,046)			(1,436)
Other CET1 deductions	(530)			(284)
CET1	30,773	12.6 %	12.3 %	29,012	12.2 %	12.2 %
AT1 instruments (3)	4,768			4,266
AT1 deductions
TIER 1	35,541	14.5 %	14.2 %	33,278	14.0 %	14.0 %
T2 instruments (4)	7,336			6,321
T2 Deductions
TIER 2	7,336	3.0 %	3.0 %	6,321	2.7 %	2.7 %
TOTAL CAPITAL	42,877	17.5 %	17.2 %	39,599	16.6 %	16.6 %
Other computable subordinate MREL items	17,681			18,702
MREL, SUBORDINATED (5)	60,558	24.8 %	24.4 %	58,301	24.5 %	24.5 %
Other computable MREL items	7,245			8,492
MREL (5)	67,803	27.7 %	27.4 %	66,793	28.1 %	28.1 %
RISK WEIGHTED ASSETS (RWA)	244,455			237,969
LEVERAGE RATIO (TIER 1/EXPOSURE)		5.7 %	5.6 %		5.7 %	5.7 %
Exposure	619,213			588,103

INDIVIDUAL CAIXABANK RATIOS

	Amount	Ratio	Regulatory ratio	Amount	Ratio	Regulatory ratio
CET1	28,234	12.3 %	11.9 %	26,449	11.7 %	11.7 %
TIER 1	33,002	14.3 %	14.0 %	30,715	13.6 %	13.6 %
Total capital	40,283	17.5 %	17.1 %	36,944	16.4 %	16.4 %
RWAs	230,223			225,879

^(*) From 2025, in line with supervisory expectations, regulatory ratios should include a deduction in CET1 of any surplus above the threshold for extraordinary capital distributions.

⁽¹⁾ Includes mainly the dividend forecast, the non-utilised amount of the share buyback programme (SBB VII, ä see Note 19) and the AVAs.

⁽²⁾ In 2025, two new issuances of AT1 instruments were carried out for a total amount of 1,500 million euros and, at the same time, 1,006 million euros of a previous AT1 issuance was repurchased through a buyback transaction (ä see Note 17).

⁽³⁾ In 2025, two issuances of subordinated debt instruments were carried out for a total amount of 2,000 million euros, and the early redemption of an issuance of 1,000 million euros (ä see Note 17).

⁽⁴⁾ ä See Note 17 for the senior preferred and senior non-preferred issuances during the year.

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The following chart sets out a summary of the minimum requirements of eligible own funds:

_MINIMUM REQUIREMENTS

	31-12-2025		31-12-2024
	Amount	In %	Amount	In %
BIS III MINIMUM REQUIREMENTS
CET1 *	22,111	9.05 %	20,649	8.68 %
Tier 1	26,582	10.87 %	25,001	10.51 %
Total capital	32,539	13.31 %	30,800	12.94 %
MINIMUM MREL REQUIREMENTS
In % of APRs (including current CBR) **
Subordinated MREL		17.06 %		16.69 %
Total MREL		24.83 %		24.42 %
In % Leverage ratio exposure (LRE) ***
Subordinated MREL		6.04 %		6.15 %
Total MREL		6.04 %		6.15 %

^(*) Includes the Pillar 1 minimum requirement of 4.5 %; Pillar 2 (supervisory review process) requirement of 0.98 %; the capital conservation buffer of 2.5 %, the estimated countercyclical buffer of 0.50 % (updated quarterly), the OEIS (Other Systemically Important Bank) buffer of 0.50 % and the sectoral systemic buffer for retail exposures secured by residential properties in Portugal of 0.07 %.

The changes in eligible own funds are as follows:

_CHANGES IN ELIGIBLE OWN FUNDS

	31-12-2025		31-12-2024
	Amount	In %	Amount	In %
CET1 AT THE START OF THE YEAR	29,012	12.2 %	28,313	11.9 %
Changes in CET1 instruments	1,707		591
Capital	(150)		(327)
Profit	5,891		5,787
Expected dividends	(3,499)		(3,096)
Reserves	(1,000)		(2,279)
Valuation adjustments and other	465		506
Changes in deductions from CET1	54		108
Intangible assets	(89)		(45)
Deferred tax assets	389		108
Other deductions from CET1	(246)		45
AT1 deductions covered by CET1
CET1 AT THE END OF THE YEAR	30,773	12.6 %	29,012	12.2 %
ADDITIONAL TIER 1 AT THE START OF THE YEAR	4,266	1.8 %	4,487	1.9 %
Changes in AT1 instruments (1)	502		(221)
Preference issues	1,500		750
Redemption of issuances	(1,005)		(1,000)
Rest (2)	7		29
ADDITIONAL TIER 1 AT THE END OF THE YEAR	4,768	2.0 %	4,266	1.8 %
TIER 2 AT THE START OF THE YEAR	6,321	2.7 %	6,309	2.8 %
Changes in Tier 2 instruments (1)	1,015		12
Subordinated issuances	2,000		1,000
Redemption of issuances	(1,000)		(1,000)
Other (3)	15		12
TIER 2 AT THE END OF THE YEAR	7,336	3.0 %	6,321	2.7 %

⁽¹⁾ ä See Note 17 for Tier 1 and Tier 2 instruments issued and redeemed in the year.

^(**) CBR: Combined buffer requirement (3.57 % in December 2025; 3.64 % estimated as from 1 January 2026).

^(***) LRE: Leverage ratio exposure

⁽²⁾ Accounts for the earned interest and the value of the hedging related to the AT1 issues, following EBA recommendations, including the portion that is not computable.

⁽³⁾ Accounts for the earned interest and the value of the hedging related to the Tier 2 issues, following EBA recommendations, including the portion that is not computable. It also includes the change in the surplus of IRB provisions.

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Information on capital requirements by risk calculation method is presented below:

_BREAKDOWN OF RISK WEIGHTED ASSETS BY METHOD

		31-12-2025		31-12-2024
	Amount	%	Amount	%
Credit risk *	199,973	81.8 %	196,645	82.6 %
STD approach	72,209	29.5 %	65,517	27.5 %
IRB Approach	127,764	52.3 %	131,128	55.1 %
Equity portfolio risk	12,956	5.3 %	17,975	7.6 %
Market risk	1,742	0.7 %	1,035	0.4 %
Operational risk	29,784	12.2 %	22,314	9.4 %
TOTAL	244,455	100.0 %	237,969	100.0 %

^(*) Includes credit valuation adjustments (CVA), deferred tax assets (DTAs) and securitisations.

EUROPEAN BANKING SECTOR STRESS TEST

The Group participated in the 2025 EU-wide stress test on the European banking sector, conducted by the European Banking Authority (EBA) in collaboration with the ECB and the European Systemic Risk Board (ESRB). The exercise has a reference date of 31 December 2024 and covers a three-year period (2025-2027) in two scenarios, base and adverse. The test allows it to assess CaixaBank's strength under adverse economic scenarios and compare it to the rest of participating European banks.

This financial year adds the application of the new Capital Requirements Regulation (CRR3), which is why the information as at 31 December 2024 has been restated taking into account this Regulation. Although the test does not establish a failure or approval threshold, the results constitute a major source of information within the Supervisory Review and Evaluation Process (SREP) in 2025.

The following results were obtained:

| In the baseline scenario, the fully loaded CET 1 ratio as at 31 December 2027 would increase by 205 bp to 14.47 % from the restated 12.42 % baseline under CRR3.
| In the adverse scenario, the fully loaded CET 1 ratio as at 31 December 2027 would fall by 162 bp to 10.80 % from the restated 12.42 % at the starting point under CRR3.

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5. Appropriation of profit

The distribution of CaixaBank, S.A.'s profit for 2025, which the Board of Directors, based on the information available at the date of preparation of these financial statements, has agreed to submit to the Annual General Meeting for approval, is presented below:

_APPROPRIATION OF PROFIT OF CAIXABANK, S.A.

(Millions of euros)

	Amount	Euros per share
Basis of appropriation
Profit/(loss) for the year	5,987
Distribution
To dividends (1)	3,499	0.5000
To interim dividend	1,179
To final dividend (2)	2,320
To reserves (3)	2,488
To legal reserve (4)
To voluntary reserve (5) (6)	2,488
NET PROFIT FOR THE YEAR	5,987

⁽¹⁾ Total estimated amount (see Note 2 below).

Should the Company hold more treasury shares than estimated at the dividend payment date, the amount of the dividend corresponding to these additional treasury shares shall be applied to voluntary reserves.

(3) Estimated amount (see note (5) later).

(4) It is not necessary to transfer part of the profit for the year 2025 to the legal reserve as this already amounts to 20 % of the share capital (Article 274 of the Capital Companies Act).

⁽²⁾ Amount corresponding to the payment of the final dividend of 0.3321 euros per share, to be paid in cash on 9 April 2026. It is hereby stated that the total amount of the final dividend has been determined on the assumption that, as a result of the execution process of the share buyback programme whose approval was announced by means of a communication of Inside Information dated 31 October 2025, and the commencement of which on 25 November 2025 was announced by means of an Other Relevant Information notice dated 24 November 2025, currently under way, the number of shares outstanding of the Bank entitled to receive the dividend as at the payment date will be 6,984,518,326. The aim of this share buy-back programme is to reduce CaixaBank's share capital by redeeming acquired treasury shares. Therefore, the total amount of the supplementary dividend may be higher if fewer shares than expected are acquired in the buyback programme, or lower if the opposite occurs.

⁽⁵⁾ Estimated amount to be allocated to the voluntary reserve. This amount shall be increased or reduced by the same amount by which the total amount of the supplementary dividend is lower or higher, respectively, than the estimated supplementary dividend. (See Notes 1 and 2 above).

⁽⁶⁾ Remuneration on AT1 capital instruments corresponding to 2025, totalling 278 million euros, will be deemed to have been paid, with this amount charged to voluntary reserves.

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6. Shareholder remuneration and earnings per share

6.1. SHAREHOLDER REMUNERATION

On 24 April 2025, the Bank paid its shareholders a gross dividend of 0.2864 euros per share as a complementary dividend charged against profits for the 2024 financial year, as approved by CaixaBank's Annual General Meeting (AGM) on 11 April 2025.

On 29 January 2025, the Board of Directors approved the 2025 Dividend Plan consisting of a cash distribution of 50-60 % of consolidated net profit, including an interim dividend. In accordance with the aforementioned dividend plan,

| On November 7, the interim dividend payment was made, representing 40% of the consolidated net profit for the first half of 2025, for a total of 1,179 million euros (16.79 euro cents gross per share).

The liquidity statement prepared by CaixaBank to evidence the existence of sufficient income and liquidity for the distribution of the aforementioned interim dividend is as follows.

_CAIXABANK'S LIQUIDITY ADEQUACY AND RESULTS

(Millions of euros)

	30-09-2025
Actual liquidity *	95,443
Potential liquidity **	158,757
High-quality liquid assets	106,645
High-quality liquid assets + available eligible assets that are not high-quality liquid assets ***	162,032
Balance in current accounts	50,383
MAXIMUM AMOUNT PAYABLE	1,181
PROFIT/(LOSS) AFTER TAX	4,666

^(*) Basically cash on hand, the interbank balance and unencumbered sovereign debt, less the balance to be withheld as a cash ratio.

| On 29 January 2026, the Board of Directors agreed to propose to the General Meeting of Shareholders the distribution of a final cash dividend of 2,320 million euros, equivalent to 33.21 gross euro cents per share, charged to 2025 profits and payable in April 2026. With this second dividend payment, the total amount of shareholder remuneration for 2025 will be equivalent to 59.4 % of consolidated net profit (50.00 gross euro cents per share).

The following dividends were distributed in recent years:

_DIVIDENDS PAID IN CASH

(Millions of euros)

	Euros/ share	Amount paid	Date of announce ment	Payment date
2025
Supplementary dividend 2024 *	0.2864	2,028	29-01-2025	24-04-2025
Interim dividend - 2025	0.1679	1,179	30-10-2025	07-11-2025
2024
Final dividend for 2023 **	0.3919		2,876 02-02-2024	03-04-2024
Interim dividend - 2024	0.1488	1,068	30-10-2024	07-11-2024

^(*) This dividend, corresponding to the financial year 2024, is in addition to the interim dividend announced on 30 October 2024 amounting to 1,068 million euros and paid on 7 November 2024.

With regard to the 2026 dividend plan, the Board of Directors, at its meeting held on 29 January 2026, approved maintaining the same dividend policy for 2026, namely a cash distribution of between 50 % and 60 % of consolidated net profit, payable in two instalments: an interim dividend, amounting to between 30 % and 40 % of the consolidated net profit for the first half of 2026 profit (to be paid in November 2026) and a final dividend, subject to final approval by the AGM (to be paid in April 2027). The threshold to pay out the excess capital in 2026 is set at 12.50 % of CET1.

Further details of the share buyback (SBB) programmes included in the framework of the current Strategic Plan are available in Note 19).

^(**) Includes, in addition to actual liquidity, the amount available in policy and available eligible assets.

^(***) Includes the amount available under credit facilities and other eligible assets available that are not included in high-quality liquid assets.

^(**) Net amount of the dividend corresponding to treasury shares (13 million euros).

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6.2. EARNINGS PER SHARE

Basic and diluted earnings per share of the Group are as follows:

_CALCULATION OF BASIC AND DILUTED EARNINGS PER SHARE

(Millions of euros)

	31-12-2025	31-12-2024
Numerator	5,613	5,520
Profit attributable to the Parent	5,891	5,787
Less: Preference share coupon amount (AT1)	(278)	(267)
Denominator (thousands of shares)	7,060	7,262
Average number of shares outstanding (1)	7,060	7,262
Adjusted number of shares (basic earnings per share)	7,060	7,262
BASIC EARNINGS PER SHARE (IN EUROS) (2)	0.79	0.76
DILUTED EARNINGS PER SHARE (EURO) (3)	0.79	0.76

⁽¹⁾ Number of shares outstanding at the beginning of the year, excluding average number of treasury shares held during the period. Includes the retrospective adjustments set out in IAS 33.

7. Buying and selling of businesses

BUSINESS COMBINATIONS, ACQUISITION AND DISPOSAL OF OWNERSHIP INTERESTS IN SUBSIDIARIES – 2025

MERGER WITH CAIXABANK ADVANCED BUSINESS ANALYTICS AND HIPOTECAIXA 2 2

In January 2025, the mergers of CaixaBank Advanced Business Analytics, S.A.U and HipoteCaixa 2, S.L.U. were approved. (absorbed entities, wholly owned by CaixaBank) by CaixaBank (absorbing entity), with no impact on the statement of profit or loss.

These mergers form part of a process to streamline the CaixaBank Group's structure (see Appendix 8 – Merger balance sheets).

BUSINESS COMBINATIONS, ACQUISITION AND DISPOSAL OF OWNERSHIP INTERESTS IN SUBSIDIARIES – 2024

No business combinations have taken place

⁽²⁾ If the profit/loss of CaixaBank (non-consolidated basis) in 2025 and 2024 had been considered, the basic profit would be 0.81 and 0.73 euros per share, respectively.

⁽³⁾ Preference shares did not have any impact on the calculation of diluted earnings per share, since their capacity to be convertible was unlikely. Additionally, equity instruments associated with remuneration components were not significant.

{110}------------------------------------------------

8. Remuneration of "key management personnel"

8.1. REMUNERATION OF THE BOARD OF DIRECTORS

At the Annual General Meeting (AGM) of CaixaBank held on 11 April 2025, a new remuneration policy for the Board of Directors was approved, applicable from the date of its approval and until 2028, inclusive, in accordance with the remuneration scheme set out in the Articles of Association and which is also included in the Regulation of the Board of Directors, according to the provisions of the Spanish Capital Companies Law and Act 10/2014, of 26 June, on the organisation, supervision and capital adequacy of credit institutions.

Article 34 of CaixaBank's By-laws stipulates that the position of director shall be remunerated and that this remuneration shall consist of a fixed annual sum with a maximum amount determined by the AGM and which shall remain in force until the AGM agrees to modify it. This maximum amount shall be used to remunerate all the Directors in their condition as such and shall be distributed as deemed appropriate by the Board, upon the proposal of the Remuneration Committee, both in terms of remuneration to members, and according to the duties and position of each member and to the positions they hold in the various Committees, and other objective circumstances that it deems relevant, which may give rise to different remuneration for each of them. In addition, subject to the resolution and within the maximum amount approved at the aforementioned AGM, the directors may be remunerated through the delivery of shares in the Company or in another listed company of the Group to which it belongs, options thereon or remuneration indexed to the value of the shares.

The remuneration of directors in their capacity as such —who maintain an organic relationship with CaixaBank, and consequently do not have contracts entered into with the Company for exercising their functions or receive any kind of payment for termination of their position as director— consists solely of fixed components.

Notwithstanding the foregoing, executive directors will be entitled to receive remuneration for the performance of their executive duties, consisting of a fixed amount, a supplementary variable amount and incentive schemes, as well as a portion of remuneration that may include the appropriate pension and insurance schemes and, where applicable, Social Security, to be determined by the Board upon the proposal of the Remuneration Committee. The performance of execution functions may be remunerated by granting shares in the Company or in other publicly traded Group companies, options or other share-based instruments or by other remuneration pegged to the value of the shares. In the event of departure not caused by a breach of their functions, directors may be entitled to compensation.

In addition, given the enormous practical difficulty of an independent policy, the directors are insured under the civil liability policy for directors and executives of the entity, to cover the liabilities they may incur as a result of the performance of their duties. In 2025, the gross premium on the corporate civil liability insurance policy amounted to 2,064 thousand euros.

Details of remuneration and other benefits received by the members of the Board of Directors of CaixaBank for their membership in that body in those years are as follows:

{111}------------------------------------------------

_REMUNERATION OF THE BOARD OF DIRECTORS

(Thousands of euros)

				Fixed compon	ents		Variable co	mponents
	Position	Salary	Remunera- tion for being on the Board	Remuneration for being on Board committees	Remunera- tion for positions held in Group companies	Remuneration for being on Boards outside the Group (4)	Variable remunera- tion in cash	Share- based remunera- tion schemes	Long- term savings system	Other items (3)	Total 2025	Total 2024
Goirigolzarri, Jose Ignacio (1) *												2,299
Muniesa, Tomás (1)	Chairman		1,551.0	90.0		16.6					1,657.6	652
Moraleda, María Amparo (1)	Deputy Chairwoman		110.0	159.0							269.0	233
Gortazar, Gonzalo	Chief Executive Officer *	2,103.8	110.0	60.0	308.7		729.4	1,190.1	562.9	128.7	5,193.6	4,505
Álvarez, Luis (1)	Director		71.9	47.0							118.9
Ayuso, Joaquín (1)			30.9	27.0							57.9	184
Campo, Francisco Javier (1)			30.9	38.7							69.6	216
Castillo, Eva			30.9	42.1							72.9	233
Fisas, M. Verónica	Director		110.0	60.0							170.0	151
Forero, Pablo Arturo (1)	Director		63.6	55.5	45.3						164.3
García, Rosa María (1)	Director		79.4	73.7							153.1
Garmendia, Cristina	Director		110.0	188.3							298.3	216
Löscher, Peter	Director		110.0	78.0							188.0	162
Méndez, José María (1)	Director		56.5	49.3							105.9
Sánchez, Bernardo (1)	Director		65.6	57.3							122.9
Sanchiz, Eduardo Javier	Lead Director		153.0	192.0							345.0	305
Santero, Teresa	Director		110.0	60.0							170.0	151
Serna, José (1)			30.9	26.9							57.8	184
Ulrich, Fernando Maria (2)	Director		110.0	102.0	750.0						962.0	934
Usarraga, Koro	Director		110.0	186.0							296.0	266
TOTAL **	·	2,103.8	3,044.5	1,592.8	1,104.0	16.6	729.4	1,190.1	562.9	128.7	10,472.8	10,693

^(*) In 2024, he performed executive functions alongside José Ignacio Goirigolzarri.

^(**) The figures shown have been determined on an accrual basis. In contrast to the Annual Directors' Remuneration Report, the annual financial statements include; (i) contributions to the long-term savings scheme (although these contributions are not consolidated); (ii) remuneration received for membership of non-group boards; and (iii) variable remuneration accrued during the year, regardless of whether it is deferred.

⁽¹⁾ In 2025, Tomás Muniesa was appointed Chairman, María Amparo Moraleda Deputy Chairwoman, and Rosa María García, Luis Álvarez, Bernardo Sánchez, Pablo Arturo Forero and José María Méndez as non-executive directors. Jose Ignacio Goirigolzarri, Joaquín Ayuso, Francisco Javier Campo, Eva Castillo and José Serna stepped down in 2025.

⁽²⁾ The positions held at BPI are not on behalf of CaixaBank Group.

⁽³⁾ Includes remuneration in kind (health and life insurance premiums paid in favour of executive directors), interest accrued on deferred variable remuneration in cash, other insurance premiums paid and other benefits.

⁽⁴⁾ Remuneration received for representation of the Bank on the Boards of Directors of listed companies outside the consolidate group, which is recognised on the statements of profit or loss of the companies concerned.

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CaixaBank does not have any pension obligations with former or current members of the Board of Directors in their capacity as such.

8.2. REMUNERATION OF SENIOR MANAGEMENT

The breakdown and details of remuneration received by Senior Management of the Bank are as follows:

_REMUNERATION OF SENIOR MANAGEMENT

(Thousands of euros)

	31-12-2025	31-12-2024
Salary (1)	15,408	13,335
Post-employment benefits (2)	1,583	1,484
Other long-term provisions (3)	106	107
Other positions in Group companies	1,550	1,480
TOTAL	18,647	16,406
Remuneration received for representing the Bank on Boards of Directors of listed companies and others in which the Company has a presence, outside of the consolidated group (4)	83	55
TOTAL REMUNERATION	18,730	16,461
NUMBER OF MEMBERS OF THE SENIOR MANAGEMENT:	15	15

⁽¹⁾ This amount includes fixed remuneration, remuneration in kind and total variable remuneration received by members of the Senior Management. Variable remuneration corresponds to the variable remuneration scheme with multi-year metrics accruing in cash and shares for the year, which includes the deferred portion subject to the multi-year adjustment.

All the contracts of Senior Management members and the CEO have post-contractual noncompetition commitments of one annual payment of their fixed components (payable in 12 monthly payments) and indemnity clauses equivalent to one annual payment of the fixed components, or the amount payable by law, whichever is higher.

The Chief Executive Officer has an indemnity clause of 1 annual payment of the fixed remuneration components. There are currently 2 committee members for whom the indemnity to which they are legally entitled remain less than 1 year of their salary.

The value of obligations accrued as defined contribution post-employment commitments with Executive Directors and Senior Management are as follows:

_POST-EMPLOYMENT COMMITMENTS WITH EXECUTIVE DIRECTORS AND SENIOR MANAGEMENT

(Thousands of euros)

	31-12-2025	31-12-2024
Post-employment commitments (1)	23,477	20,626

⁽¹⁾ The change in the value of post-employment commitments is a result of both the contributions made throughout the year and the returns from the various policies.

8.3. OTHER DISCLOSURES CONCERNING THE BOARD OF DIRECTORS

Article 37 of the Regulation of the Board of Directors of CaixaBank governs the situations of conflict applicable to all directors, establishing that the director must avoid situations that could entail a conflict of interest between the Company and the Director or its related persons, adopting the measures necessary in this regard.

Directors must notify the CaixaBank Board of Directors of any direct or indirect conflicts of interest that they or persons related to them may have with the Group's interests, which will be disclosed in the financial statements, as provided for in Article 229(3) of the Spanish Companies Act (Ley de Sociedades de Capital, or LSC).

During 2025, no director reported any situation that placed them in a conflict of interest with the Bank; however, on the following occasions, directors abstained from participating in and voting on the deliberation of matters at meetings of the Board of Directors:

⁽²⁾ Includes insurance premiums and discretionary pension benefits.

⁽³⁾ This item corresponds to the amount of the risk policy whose increase or decrease does not correspond to the remuneration management, but rather to the performance of the technical variables that determine the premiums.

⁽⁴⁾ Recognised on the statement of profit or loss of the respective companies.

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_MITIGATING CONFLICTS OF INTEREST

Director	Abstention from deliberation and voting
Tomás Muniesa	– Proposals for the appointment and re-election of independent directors. – Resolutions on their remuneration for financial year 2025. – Motion relating to the signing of an agreement with "la Caixa" Banking Foundation (Fundación Bancaria Caixa d'Estalvis i Pensions de Barcelona) for the staging of the Cap Roig Festival. – Proposed transaction with Infinitum Resort, S.A. and InmoCriteria Caixa, S.A. (subsidiaries of Criteria Caixa). – Proposals for the provision of investment and ancillary services by CaixaBank and two subsidiaries of the CaixaBank Group to Criteria Caixa.
María Amparo Moraleda	– Resolutions relating to financing arrangements with related parties. – Resolution relating to the engagement of Spencer Stuart for the provision of services.
Gonzalo Gortazar	– Resolutions on their variable remuneration for the 2024 financial year. – Resolutions on their remuneration for financial year 2025. – Resolution relating to a financing arrangement with a related person.
Cristina Garmendia	– Resolutions relating to a financing arrangement with a related person.
José María Méndez	– Motion relating to the signing of an agreement with "la Caixa" Banking Foundation (Fundación Bancaria Caixa d'Estalvis i Pensions de Barcelona) for the staging of the Cap Roig Festival. – Proposed transaction with Infinitum Resort, S.A. and InmoCriteria Caixa, S.A. (subsidiaries of Criteria Caixa). – Proposals for the provision of investment and ancillary services by CaixaBank and two subsidiaries of the CaixaBank Group to Criteria Caixa.
Teresa Santero	– Proposal for the transaction with Arqura Homes, Fondo de Activos Bancarios (FAB), a company linked to SAREB. – Motion regarding the renewal of guarantees in favour of SAREB.
Koro Usarraga	– Resolutions relating to a financing arrangement with a related person.
José Serna (director until 11/04/2025)	– Proposals for the appointment and re-election of independent directors.

The remaining directors, who held office during 2025, have declared that during their term of office in 2025 they did not have any situation of conflict with the interests of the Company, whether direct or indirect, their own or those of persons related to them.

There is no family relationship between the members of the Board of Directors and the group of key personnel comprising the Senior Management team.

PROHIBITION ON COMPETITION

More precisely, Article 229(1)(f) of the LSC establishes that Board members may not carry out, for their own account or the account of others, activities that actually or potentially constitute effective competition with those carried out by the Bank or which, in any other way, permanently conflict with the Company's interests. Article 230 of the LSC stipulates that this prohibition can be lifted if the Company is not expected to incur damages or it is expected that it will be indemnified for an amount equal to the benefits expected to be obtained from the exemption. Express and separate approval of the exemption must be obtained from shareholders at the AGM. The provisions contained in the mentioned articles also apply to cases where the beneficiary of any such actions or activities is a person related to the director.

The Bank has not been informed of any activity or circumstance that might represent effective, current or potential competition of the directors or persons associated with them, with the Group or that, in any other way, places them in permanent conflict with the interests of the Bank.

VOTING RIGHTS OF "KEY PERSONNEL"

At year-end, the voting rights (direct and indirect) of "Key personnel – Directors and Senior Management" are disclosed in the section "03 Corporate governance – Management and administration of the Company – The Board of Directors" of the consolidated Management Report.

9. Cash and cash equivalents

The breakdown of this heading is as follows:

_BREAKDOWN OF CASH AND CASH EQUIVALENTS

(Millions of euros)

		31-12-2025 31-12-2024
Cash	2,318	2,169
Cash balances at central banks	39,748	42,698
Other demand deposits	358	343
TOTAL	42,424	45,210

Cash balances at central banks includes balances held to comply with the mandatory minimum reserves requirement in the central bank based on eligible liabilities.

{114}------------------------------------------------

10. Financial assets

The breakdown of the balances of these headings is as follows:

_BREAKDOWN OF FINANCIAL ASSETS

(Millions of euros)

	31-12-2025	31-12-2024
Financial assets held for trading	12,225	12,603
Derivatives (Note 12.1)	10,804	11,782
Equity instruments	641	415
Shares in Spanish companies	554	332
Shares in foreign companies	87	83
Debt securities *	780	406
Spanish government debt **	281	196
Foreign government debt *	143	63
Other issuers	356	147
Non-trading financial assets mandatorily at fair value through profit or loss	38	38
Financial assets at fair value through other comprehensive income	9,185	8,202
Equity instruments (Note 10.1)	88	89
Shares in unlisted companies	88	89
Of which: gross unrealised gains	8	8
Of which: gross unrealised losses	(19)	(19)
Debt securities (Note 10.2) * / **	9,097	8,113
Spanish government debt securities	2,267	2,616
Foreign government debt securities	6,619	4,891
Other issuers	211	606
Of which: gross unrealised gains	7	21
Of which: gross unrealised losses	(159)	(244)
Financial assets at amortised cost	443,945	414,696
Debt securities (Note 10.2) * / **	79,467	70,848
Public debt	71,606	62,859
Of which: Senior debt - SAREB	15,725	16,065
Other Spanish issuers	58	194
Other foreign issuers	7,803	7,795
Loans and advances (Note 10.3)	364,478	343,848
Credit institutions	17,863	17,091
Customers	346,615	326,757

^(*) ä See Note 3.4.1., section "Concentration according to sovereign risk".

10.1. EQUITY INSTRUMENTS

At year-end, the Group has no financial support agreement or other significant commitment of the equity instruments recognised in the financial statements.

Furthermore, at year-end there are no significant contingent liabilities relating to these holdings.

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

On 10 June 2024, CaixaBank's stake in Telefónica S.A. was fully derecognised through the settlement of shares in swap contracts representing a 0.970 % stake in the company and the sale to the market of the remaining 1.576 %. This transaction had no impact on the statement of profit or loss and resulted in an increase of 5 basis points in the CET1 ratio.

^(**) See ratings classification in Note 3.4.1, section "Concentration according to credit quality".

{115}------------------------------------------------

INFORMATION RELATING TO SIGNIFICANT JOINT VENTURES

The relevant financial information of the most relevant equity instruments classified in this section is as follows:

_FINANCIAL INFORMATION ON THE MOST SIGNIFICANT SHAREHOLDINGS

(Millions of euros)

Corporate name	Registered address	% shareholding	% voting rights	Equity	Latest published profit/(loss)
Sociedad de gestión de Activos Procedentes de la Reestructuración Bancaria (Sareb) (1)	Madrid - Spain	12.24 %	12.24 %	(16,464)	(1,266)

⁽¹⁾ Unlisted company. The information on equity and the last published profit/(loss) is at 30-06-2025. The value of the shareholding is fully impaired based on a discounted valuation of estimated shareholder cash flows, as well as on the company's negative equity.

10.2. DEBT SECURITIES

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

The breakdown of the changes under this heading is as follows:

_MOVEMENTS IN DEBT SECURITIES

	2025			2024
	Stage 1	Stage 2	Stage 3	Stage 1	Stage 2	Stage 3
OPENING BALANCE	8,113			7,244	11
Plus:
Acquisitions	4,474			3,563
Changes in interest accrual	55			(71)
Capital gains/(losses) against equity	71			21	5
Less:
Sales	(2,801)			(123)	(5)
Depreciation and amortisation	(528)			(2,690)
Amounts transferred to statement of profit or loss (Note 27)*	(9)			(1)	(11)
Exchange differences and other	(278)			170
CLOSING BALANCE	9,097			8,113

^(*) The result of fixed income portfolio sales is included under "Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net" (^ä see Note 27).

FINANCIAL ASSETS AT AMORTISED COST

The breakdown of changes in the gross carrying amount of debt securities at amortised cost is as follows:

{116}------------------------------------------------

_MOVEMENTS IN DEBT SECURITIES

	2025				2024
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
OPENING BALANCE	70,820	31		70,851	71,980	28		72,008
Acquisitions	25,354			25,354	17,695			17,695
Sales (1)	(1,852)			(1,852)	(1,903)			(1,903)
Depreciation and amortisation	(15,381)	(1)		(15,382)	(16,705)			(16,705)
Changes in interest accrual	552			552	(237)			(237)
Exchange differences and other	(54)			(54)	(10)	3		(7)
CLOSING BALANCE	79,439	30		79,469	70,820	31		70,851
Impairment allowances (2)	(2)			(2)	(2)	(1)		(3)

⁽¹⁾ The profit/(loss) of fixed-income portfolio sales is recorded under the heading "Gains/(losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net" (ä see Note 27), without any impact on the business model.

10.3 LOANS AND ADVANCES

FINANCIAL ASSETS MEASURED AT AMORTISED COST

CREDIT INSTITUTIONS

The breakdown of this heading is as follows:

_BREAKDOWN OF LOANS AND ADVANCES TO CREDIT INSTITUTIONS BY NATURE

(Millions of euros)

	31-12-2025	31-12-2024
On demand	3,801	5,368
Term	13,917	11,540
Stages 1 and 2	13,913	11,536
Stage 3	4	4
Value adjustments	145	183
Impairment allowances	(6)	(6)
Others	151	189
TOTAL	17,863	17,091

LOANS AND ADVANCES TO CUSTOMERS

The breakdown by impairment status of the loans and advances to customers is as follows:

_BREAKDOWN OF LOANS AND ADVANCES TO CUSTOMERS

		31-12-2025
	Gross amount	Provisions for impairment	Gross amount	Provisions for impairment
Stage 1	323,323	(453)	303,393	(430)
Stage 2	21,293	(550)	20,225	(739)
Stage 3	6,995	(4,005)	8,457	(4,169)
POCI *	132	(120)	198	(178)
Not impaired	6		6
Impaired	126	(120)	192	(178)
TOTAL	351,743	(5,128)	332,273	(5,516)

^(*) POCIs arising from the business combination with Bankia (initially 770 million euros).

⁽²⁾ There were no significant changes in the period.

{117}------------------------------------------------

The breakdown of changes in the gross carrying amount of loans and advances to customers is as follows:

_CHANGES IN LOANS AND ADVANCES TO CUSTOMERS

(Millions of euros)

		2025				2024
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
OPENING BALANCE	303,393	20,225	8,457	332,075	293,730	25,160	8,752	327,642
Transfers	(4,902)	4,055	847		(1,507)	(1,019)	2,526
From Stage 1:	(10,002)	9,341	661		(8,628)	7,483	1,145
From Stage 2:	5,039	(6,030)	991		7,059	(9,065)	2,006
From Stage 3:	61	744	(805)		62	563	(625)
New assets	91,618	2,329	619	94,566	67,476	1,751	551	69,778
Asset disposals *	(66,786)	(5,316)	(1,819)	(73,921)	(56,306)	(5,667)	(1,618)	(63,591)
Write-offs			(1,109)	(1,109)			(1,754)	(1,754)
CLOSING BALANCE	323,323	21,293	6,995	351,611	303,393	20,225	8,457	332,075

^(*) Includes the transfer to the heading "Non-current assets and disposal groups of items that have been classified as held for sale" of the contracts included in pending portfolio sales.

Changes in the hedging of loans and advances to customers is as follows:

_CHANGES IN IMPAIRMENT ALLOWANCES DUE TO RISK OF LOANS AND ADVANCES TO CUSTOMERS

		2025				2024
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
OPENING BALANCE	430	739	4,169	5,338	438	904	4,496	5,838
Net charges (Note 31)	23	(189)	518	352	(8)	(165)	862	689
From Stage 1:	(210)	39	211	40	(157)	93	343	279
From Stage 2:	(25)	(269)	108	(186)		(109)	479	370
From Stage 3:	(10)	(37)	(130)	(177)	(13)	(231)	445	201
New assets	240	143	369	752	191	94	281	566
Asset disposals **	28	(65)	(40)	(77)	(29)	(12)	(686)	(727)
Amounts used			(643)	(643)			(912)	(912)
Transfers and other *			(39)	(39)			(277)	(277)
CLOSING BALANCE	453	550	4,005	5,008	430	739	4,169	5,338

^(*) In 2024 the transfer of the 255 million euros hedge to cover the expected loss associated with future changes in flows other than credit risk (ä see Note 18) was included.

^(**) Includes the transfer to the heading "Non-current assets and disposal groups of items that have been classified as held for sale" of the contracts included in pending portfolio sales.

{118}------------------------------------------------

11. Derivatives

11.1. TRADING DERIVATIVES

The Bank hedges the market risk related to derivatives arranged with customers individually by arranging symmetric derivatives on the market, recognising both in the trading book.

The breakdown of this heading is as follows:

_BREAKDOWN OF TRADING DERIVATIVES (PRODUCT AND COUNTERPARTY)

	31-12-2025		31-12-2024
	Assets	Liabilities	Assets	Liabilities
Unmatured foreign currency purchases and sales	719	664	970	997
Purchases of foreign currencies against euros	141	488	760	118
Purchases of foreign currencies against foreign currencies	100	111	192	176
Sales of foreign currencies against euros	478	65	18	703
Share options	76	75	85	94
Bought	76		85
Issued		75		94
Interest rate options	108	48	115	65
Bought	108		115
Issued		48		65
Foreign currency options	132	105	96	148
Bought	132		96
Issued		105		148
Other share, interest rate and inflation transactions	9,415	5,739	10,089	6,155
Share swaps	14	356	17	148
Future rate agreements (FRAs)	75	75	175	175
Interest-rate and inflation-linked swaps	9,326	5,308	9,897	5,832
Commodity derivatives and other risks	354	249	427	414
Swaps	352	247	417	403
Purchased options	2		10
Sold options		2		11
TOTAL	10,804	6,880	11,782	7,873
Of which: arranged in organised markets	13	7	23	19
Of which: arranged in non-organised markets	10,791	6,873	11,759	7,854
NOTIONAL	1,208,549		1,031,629

{119}------------------------------------------------

11.2. HEDGE ACCOUNTING

The Bank has recognised hedging derivatives to hedge interest rate, foreign exchange, inflation and market risks in respect of the following balance sheet positions:

Fair value hedges: They mainly cover:

Interest rate risk (transformation from fixed to floating rate): in loans, the fixed-income portfolio, temporary asset transfers, issued debt securities, current accounts and time deposits.
Exchange rate risk: in fixed-rate foreign currency loans converted into variable-rate euro loans.
Inflation risk: Of the fixed income portfolio
Financial assets under insurance commitments: To cover the change in the interest rate of the net position of insurance business

Cash flow hedges: They mainly cover:

Interest rate risk: in mortgage loans pegged to Euribor, the fixed-income portfolio and time deposits.
Exchange rate risk: in fixed-rate foreign currency loans converted into fixed-rate euro loans
Inflation risk: fixed income portfolio measured at amortised cost.

All hedging derivatives are OTC and are arranged with financial institutions and central counterparties.

The maturity schedule of the interest rate hedged items and their average interest rate is set out below:

_MATURITY SCHEDULE OF HEDGED ITEMS AND AVERAGE INTEREST RATE - 2025

(Millions of euros)

		Hedged item value
	<1 Month	1-3 Months	3 - 12 Months	1-5 Years	> 5 Years	Total	Average interest rate
Asset interest-rate hedges		3	419	3,730	9,537	13,689	0.96 %
Liability interest-rate hedges	140	2,323	6,012	87,311	20,930	116,716	(0.69)%
TOTAL FAIR VALUE HEDGES	140	2,326	6,431	91,041	30,467	130,405
Asset interest rate-hedges	3,536	1,246	24,797	63,527	4,367	97,473	(1.24)%
TOTAL CASH FLOW HEDGES	3,536	1,246	24,797	63,527	4,367	97,473

Set out below is a breakdown of fair value hedges and cash flow hedges.

{120}------------------------------------------------

FAIR VALUE HEDGES - HEDGING ELEMENTS

			31-12-2025		2025	31-12-	-2024
				hedging iment	Change in fair value of hedge ineffectiveness	Value of hedging instrument
Hedged item	Risk covered	Hedging instrument	Assets Liabilities		(Note 27)	Assets	Liabilities
MACRO-HEDGES
Financial assets at amortised cost	Interest rate risk	Interest-rate swaps and options	2	9	35	4	4
Financial liabilities at amortised cost	Interest rate risk	Interest-rate swaps and options	89	3	(21)	204	8
TOTAL			91	12	14	208	12
MICRO-HEDGES
	Interest rate risk	Interest-rate swaps			(1)
Financial assets at fair value with changes in OCI	Inflation risk	Inflation-linked swaps and options		112	(12)		104
	Interest rate risk	Interest-rate swaps			(1)
Financial assets at amortised cost	Foreign currency risk	Currency swaps		2			1
	Inflation risk	Inflation-linked swaps		8	(1)		7
Debt securities issued	Interest rate risk	Interest-rate swaps	8	7	(7)	9
TOTAL			8	129	(22)	9	112

{121}------------------------------------------------

_FAIR VALUE HEDGES - HEDGED ITEMS

			31-12-	2025		2	025	31-12-	2024
	Risk covered	Hedged instrument		adjustme	llated FV ents on the ed item	Accumulated amount of FV hedging	ineffectiveness of	Hedged instrument
Hedged item		Assets	Liabilities	Assets	Liabilities	adjustments	(Note 27)	Assets	Liabilities
MACRO-HEDGES
Financial assets at amortised cost	Interest rate risk	11,737		(872)		759	(33)	14,254
Financial liabilities at amortised cost	Interest rate risk		113,252		(1,274)	7	21		101,304
TOTAL		11,737	113,252	(872)	(1,274)	766	(12)	14,254	101,304
MICRO-HEDGES
Financial goods at fair value with abandon in OCL	Interest rate risk	60					1	60
Financial assets at fair value with changes in OCI	Inflation risk	505					12	504
	Interest rate risk	1,273		(4)		6	1	1,731
Financial assets at amortised cost	Foreign currency risk	76		1				94
	Inflation risk	38		(2)			1	40
Debt securities issued	Interest rate risk		3,464		2		7		2,278
TOTAL		1,952	3,464	(5)	2	6	22	2,429	2,278

{122}------------------------------------------------

CASH FLOW HEDGES

			31-12-20		*	2025	5		31-12-2024	*
			Value of hedging Reserve of instrument cash flow		Amount reclassified	Ineffective ness taken to profit/	instrument		Reserve of
Hedged item		from equity to profit or loss	(loss)	Assets	Liabilities
MACRO-HEDGES
Figure sign process set	Interest rate risk	Interest-rate swaps	10	43	(328)	(38)		7		(218)
Financial assets at amortised cost	Interest rate and foreign exchange risk	Currency swaps	847	22	(28)			40	497	(41)
Financial liabilities at amortised cost	Interest rate risk	Interest-rate swaps				1
TOTAL			857	65	(356)	(37)		47	497	(259)
MICRO-HEDGES
Financial assets at fair value with changes in OCI	Interest rate and inflation risk	Inflation-linked swaps and inflation-linked options		15	(3)				15	(4)
Financial assets at	Interest rate and inflation risk	Inflation-linked swaps and inflation-linked options		753	42				738	30
amortised cost	Interest rate and foreign exchange risk	Currency swaps	176		(13)			102		(27)
TOTAL			176	768	26			102	753	(1)

^(*) At 31 December 2025 and 2024, the outstanding amount recognised in cash flow hedge reserves for hedging relationships to which hedge accounting no longer applies amounts to 18 million euros and 20 million euros, respectively.

{123}------------------------------------------------

12. Investments in subsidiaries, associates and joint ventures

The breakdown of the changes of the balance under this heading is as follows:

_CHANGES IN INVESTMENTS – 2025

	31-12-2024						31-12-2025
	Carrying amount	% Stake	Acquisitions and capital increases	Disposals and capital decreases	Impair ment losses	Transfers and other *	Carrying amount	% Stake
Cost	17,500		4			(342)	17,161
BuildingCenter	9,182	100.00 %					9,182	100.00 %
VidaCaixa	2,535	100.00 %					2,535	100.00 %
Banco BPI	2,060	100.00 %					2,060	100.00 %
CaixaBank Payments & Consumer	1,602	100.00 %					1,602	100.00 %
Hiscan Patrimonio	714	100.00 %				(250)	464	100.00 %
Puerto Triana	261	100.00 %					261	100.00 %
Credifimo	240	100.00 %				(65)	175	100.00 %
CaixaBank Tech	176	100.00 %					176	100.00 %
Arquitrabe Activos	149	100.00 %					149	100.00 %
CaixaBank Asset Management	119	100.00 %					119	100.00 %
Others	462		4			(28)	438
Impairment allowances	(8,569)				(19)		(8,588)
BuildingCenter	(7,828)				(71)		(7,899)
Hiscan Patrimonio	(364)				49		(315)
Others	(377)				3		(374)
TOTAL GROUP ENTITIES	8,931		4		(19)		8,573
TOTAL ASSOCIATES	16		2				18

^(*) Transfers and other mainly includes the distribution of reserves and dividends deducted from cost of investment.

At year-end, the Bank had no financial support arrangements or any other significant commitments to its associates and joint ventures that are not recognised in the financial statements. Furthermore, at year-end there are no significant contingent liabilities related to these shareholdings.

IMPAIRMENT OF THE PORTFOLIO OF INVESTMENTS

For the purpose of assessing the recoverable amount of investments in associates and joint ventures, the Bank periodically monitors impairment indicators of its investees. Particularly, the following items are considered, among others: i) business performance; ii) share prices throughout the period; and iii) the target prices published by renowned independent analysts.

{124}------------------------------------------------

13. Tangible assets

The breakdown of the changes of the balance under this heading is as follows:

MOVEMENTS OF TANGIBLE ASSETS

		2025			2024
	Land and buildings	Instal. furniture and others	Rights of use *	Land and buildings	Instal. furniture and others	Rights of use *
Cost
Opening balance	2,889	5,702	2,145	2,970	5,530	2,083
Additions	5	207	72	3	248	126
Disposals	(1)	(282)	(29)	(7)	(84)	(64)
Transfers **	(39)		4	(77)	8
CLOSING BALANCE	2,854	5,627	2,192	2,889	5,702	2,145
Accumulated depreciation
Opening balance	(733)	(3,937)	(731)	(725)	(3,770)	(609)
Additions	(30)	(228)	(167)	(31)	(226)	(154)
Disposals		269	18	2	58	32
Transfers **	13			21	1
CLOSING BALANCE	(750)	(3,896)	(880)	(733)	(3,937)	(731)
Impairment allowances
Opening balance		(17)			(21)
Cash and cash equivalents					12
Transfers **		1			(8)
CLOSING BALANCE		(16)			(17)
OWN USE, NET	2,104	1,715	1,312	2,156	1,748	1,414
Cost
Opening balance	88			126
Additions				1
Disposals	(32)			(24)
Transfers **	18			(15)
CLOSING BALANCE	74			88
Accumulated depreciation
Opening balance	(17)			(26)
Additions	(1)			(1)
Disposals	7			4
Transfers **	(2)			6
CLOSING BALANCE	(13)			(17)
Impairment allowances
Opening balance	(10)			(23)
Provisions	(4)			(2)
Cash and cash equivalents	2			3
Transfers **	(9)			4
Amounts used	7			8
CLOSING BALANCE	(14)			(10)
INVESTMENT PROPERTY	47			61

^(*) Corresponds to the rights of use of land and buildings. With regard to right-of-use assets, the heading "Other financial liabilities – Liabilities associated with rightof-use assets" (ä see Note 17.4) includes the current value of future lease payments during the mandatory period of the contract.

^(**) They mainly include the value of property from other balance sheet headings: from "Own use" when an office is closed or from "Non-current assets and disposal groups classified as held for sale" when the asset is put up for rent (ä see Note 16).

{125}------------------------------------------------

13.1. PROPERTY, PLANT AND EQUIPMENT FOR OWN USE

At year-end, the available valuations do not indicate the existence of any material impairment. Selected information about property, plant and equipment of own use is presented below:

_OTHER INFORMATION ON PROPERTY, PLANT AND EQUIPMENT FOR OWN USE

(Millions of euros)

	31-12-2025
Fully amortised assets still in use	2,689
Commitments to acquire tangible assets *	Insignificant
Assets with ownership restrictions	Insignificant
Assets covered by an insurance policy **	100 %

^(*) Sales made in previous years with sale and leaseback agreements include buy options that may be exercised by the Group on termination of the lease agreement at the market value of the offices at that date, to be determined where appropriate by independent experts.

14. Intangible assets

The breakdown of this heading is as follows:

_BREAKDOWN OF INTANGIBLE ASSETS

(Millions of euros)

	Useful life	31-12-2025	31-12-2024
Other intangible assets		1,204	1,019
Software	1 to 15 years	1,084	876
Other intangible assets (generated by mergers/acquisitions)		120	143
Bankia asset management	8 years	74	83
Bankia insurance brokerage	1 to 9 years	46	60
TOTAL		1,204	1,019

^(*) Beyond the provisions of Note 33 on the "la Caixa" brand, the Group's activities are not dependent on or significantly influenced by patents or licences, industrial contracts, new manufacturing processes or special commercial or financial contracts.

The breakdown of the changes of the balance under this heading is as follows:

_MOVEMENTS IN OTHER INTANGIBLE ASSETS

		2025		2024
	Software	Other assets	Software	Other assets
Gross cost
Opening balance	1,398	229	1,203	229
Additions	386		271
Write-downs	(54)		(76)
CLOSING BALANCE	1,730	229	1,398	229
Accumulated depreciation
Opening balance	(522)	(86)	(450)	(63)
Additions	(142)	(23)	(124)	(23)
Write-downs	18		52
CLOSING BALANCE	(646)	(109)	(522)	(86)
TOTAL	1,084	120	876	143

^(**) Some of the insurance policies have an excess. CaixaBank is the holder of a corporate policy subscribed with a third party that covers material damage to the Group's material asset.

{126}------------------------------------------------

Selected information related to other intangible assets is set out below:

_OTHER INFORMATION ON OTHER INTANGIBLE ASSETS

(Millions of euros)

	31-12-2025
Fully amortised assets still in use	502
Commitments to acquire intangible assets	Insignificant
Assets with ownership restrictions	Insignificant

15. Other assets and other liabilities

The breakdown of these items in the balance sheet is as follows:

_BREAKDOWN OF OTHER ASSETS

(Millions of euros)

	31-12-2025	31-12-2024
Insurance contracts linked to pensions	1,262	1,643
Pensions and similar obligations (Note 18.1)	495	561
Long-term liabilities (Note 18.2)	767	1,082
Inventories (1)	6	9
Other assets (2)	1,483	1,521
Prepayments and accrued income (3)	967	915
Net assets in pension plans (Note 18.1) (4)	2	13
Ongoing transactions	430	495
Others	84	98
TOTAL	2,751	3,173

(1) This includes non-financial assets held for sale in the ordinary course of business, that are in the process of production, construction or development for such sale, or that are to be consumed in the production process or in the rendering of services.
(2) With the exception of those indicated in the other notes, this includes the amount of all the liability accrual accounts, except those corresponding to interest, transactions in transit between different units of the entity when it is not possible to allocate them, and the amount of the remaining liabilities not included in other categories.
(3) This includes a prepaid expense arising from the termination of the distribution agreements with Mapfre for non-life insurance, which accrues in the same period as the current distribution agreement with Mutua Madrileña. The amount remaining at 31 December 2025 was 118 million euros.
(4) This includes the fair value of insurance policies to cover pension commitments that must be recorded as a separate asset because they do not meet the requirements to be considered assets related to defined benefit post-employment plans.

_BREAKDOWN OF OTHER LIABILITIES

	31-12-2025	31-12-2024
Prepayments and accrued income (1)	1,199	1,289
Ongoing transactions	354	377
Others (2)	328	91
TOTAL (3)	1,881	1,757

(1) Includes an anticipated income derived from the agreement that CaixaBank reached with Mutua Madrileña and SegurCaixa Adeslas for the increase of the Bankia network in the distribution agreement. The income is accrued over a period of 10 years, consistent with the accrual of the expense for part of the compensation for the breaking of the non-life agreements with Mapfre. The amount remaining at 31 December 2025 was 390 million euros.
(2) At 31 December 2025, this includes the rebate received from the Tax Agency in the amount of 266 million euros (ä see Note 18.3.2).
(3) This includes the amount of all the liability accrual accounts, except those corresponding to interest, and the amount of the remaining liabilities not included in other categories.

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16. Non-current assets held for sale

The breakdown of the changes of the balance under this heading is as follows:

_MOVEMENT IN NON-CURRENT ASSETS HELD FOR SALE

	2025		2024
	Foreclosed assets			Foreclosed assets
	Foreclosure rights (1)	Others	Other assets (2)	Foreclosure rights (1)	Others	Other assets (2)
Gross cost
Opening balance	127	278	506	143	328	220
Additions	54	9	6	84	25	12
Transfers and other (3) (4)	(9)	6	416	(18)	16	384
Derecognitions (4)	(102)	(102)	(421)	(82)	(91)	(110)
CLOSING BALANCE	70	191	507	127	278	506
Impairment allowances
Opening balance	(26)	(64)	(109)	(28)	(80)	(58)
Provisions	(2)	(25)	(25)	(1)	(27)	(32)
Recoveries	3	11	6		23	12
Transfers and other	4			3		(64)
Amounts used	5	28	84		20	33
CLOSING BALANCE	(16)	(50)	(44)	(26)	(64)	(109)
TOTAL	54	141	463	101	214	397

⁽¹⁾ Rights arising from foreclosure proceedings are measured initially at the carrying amount at which the asset will be recognised when the definitive foreclosure occurs.

The breakdown, by age, of assets arising from credit restructurings, excluding impairment allowances, determined on the basis of the foreclosure date, is as follows:

_FORECLOSED ASSETS AGE

		31-12-2025
	No. of assets	Gross amount	No. of assets	Gross amount
Up to 1 year	30	2	26	2
Between 1 and 2 years	47	3	146	10
Between 2 and 5 years	523	44	743	58
More than 5 years	3,195	212	4,862	335
TOTAL	3,795	261	5,777	405

⁽²⁾ Mainly includes: investments and financial assets reclassified as non-current assets classified as held for sale, assets deriving from the termination of operating lease agreements and closed branches.

⁽³⁾ These mainly correspond to the reclassification of rights arising from foreclosure proceedings to "Other assets arising from credit restructurings" or to "Investment property" when a property is put up for rent for assets arising from credit restructurings (ä see Note 16).

⁽⁴⁾ In 2025 and 2024, this includes, under transfers and others, financial assets from portfolio sales pending completion. The financial assets transferred in 2024 were derecognised in 2025.

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17. Financial Statements

17.1. FINANCIAL LIABILITIES AT AMORTISED COST

DEPOSITS FROM CREDIT INSTITUTIONS

The breakdown of this heading is as follows:

_BREAKDOWN OF DEPOSITS FROM CREDIT INSTITUTIONS

(Millions of euros)

	31-12-2025	31-12-2024
On demand	1,862	1,283
Term or at notice	17,700	8,907
Deposits with agreed maturity	2,235	2,671
Repurchase agreement	15,464	6,236
Value adjustments	17	109
TOTAL	19,579	10,299

CUSTOMER DEPOSITS

The breakdown of this heading is as follows:

_BREAKDOWN OF CUSTOMER DEPOSITS

(Millions of euros)

	31-12-2025	31-12-2024
By type	420,037	398,081
Current accounts and other demand deposits	259,565	243,736
Savings accounts	93,704	89,148
Deposits with agreed maturity	53,818	54,774
Hybrid financial liabilities	517	533
Repurchase agreements	11,841	9,015
Value adjustments	592	875
By sector	420,037	398,081
General governments	31,035	26,729
Private sector	388,410	370,477
Value adjustments	592	875

DEBT SECURITIES ISSUED

The breakdown of the gross balances of this heading is as follows:

_BREAKDOWN OF DEBT SECURITIES ISSUED

	31-12-2025	31-12-2024
Mortgage covered bonds	6,377	13,395
Senior bonds *	28,733	28,256
Structured notes	445	770
Promissory notes	1,141	1,036
Preference shares	4,745	4,250
Subordinated debt	6,473	5,503
Value adjustments	1,179	1,344
TOTAL	49,093	54,554

^(*) Includes senior bonds or ordinary bonds and non-preferred senior bonds or ordinary bonds.

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The changes in the balances of each type of securities issued is as follows:

_MOVEMENTS IN DEBT SECURITIES ISSUED

(Millions of euros)

	Mortgage covered bonds	Public sector covered bonds	Senior bonds	Structured notes	Subordinate d debt	Preference shares
Gross balance
Balance at the beginning of the year 2024	52,832	4,500	26,296	526	5,475	4,500
Issuances	6,000		5,684	717	1,000	750
Depreciation and amortisation	(2,534)	(2,500)	(4,000)	(461)	(1,000)	(1,000)
Exchange differences and other	56		316		28
YEAR-END BALANCE 2024	56,354	2,000	28,296	782	5,503	4,250
Repo securities
Balance at the beginning of the year 2024	(38,378)	(4,500)	(41)	(43)
Buybacks	(6,069)			(6)
Repayments and other	1,488	2,500	1	37
YEAR-END BALANCE 2024	(42,959)	(2,000)	(40)	(12)
NET BALANCE AT YEAR-END 2024	13,395		28,256	770	5,503	4,250
Gross balance
Balance at the beginning of the year 2025	56,354	2,000	28,296	782	5,503	4,250
Issuances	8,750		5,844	414	2,000	1,500
Depreciation and amortisation	(11,300)		(4,636)	(719)	(1,000)	(1,005)
Exchange differences and other	(109)		(731)		(30)
CLOSING BALANCE2025	53,695	2,000	28,773	477	6,473	4,745
Repo securities
Balance at the beginning of the year 2025	(42,959)	(2,000)	(40)	(12)
Buybacks	(8,810)			(41)
Repayments and other	4,451			21
CLOSING BALANCE2025	(47,318)	(2,000)	(40)	(32)
CLOSING NET BALANCE2025	6,377		28,733	445	6,473	4,745

The breakdown of preference share issues are as follows:

_BREAKDOWN OF PREFERENCE SHARE ISSUES *

Issue date		Nominal		Outstanding balance
	Maturity	amount	Annual - remuneration	31-12-2025	31-12-2024
March 2018	Perpetual	1,250	5.250 %	245	1,250
October 2020	Perpetual	750	5.875 %	750	750
September 2021	Perpetual	750	3.625 %	750	750
March 2023	Perpetual	750	8.250 %	750	750
January 2024	Perpetual	750	7.500 %	750	750
January 2025	Perpetual	1,000	6.250 %	1,000
September 2025	Perpetual	500	5.875 %	500
TOTAL				4,745	4,250

^(*) These are perpetual Additional Tier 1 capital instruments, although they may be redeemed (in whole or in part) in certain circumstances at CaixaBank's discretion (once at least five years have elapsed from their issue date, in accordance with the specific terms of each instrument, and subject to the prior consent of the competent authority) and, in any event, they will be converted into newly issued ordinary shares of the Bank if CaixaBank or the Group were to report a CETI ratio, calculated in accordance with the CRR, below 5.125 %. The conversion price of the preference shares shall be the highest of i) the volume-weighted daily average price of CaixaBank's shares in the five trading days prior to the day the corresponding conversion is announced, ii) the conversion floor price and iii) the nominal value of CaixaBank's shares at the time of conversion.

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A breakdown of subordinated debt issues (Tier 2 capital instruments) is presented below:

_BREAKDOWN OF SUBORDINATED DEBT ISSUES

(Millions of euros / pounds sterling)

		Nominal		Annual -	Outstanding balance
Issue date	Maturity	amount			31-12-2025	31-12-2024
July 2017	July 2042	150	EUR	4.000 %	150	150
April 2018		1,000	EUR	2.250 %		1,000
March 2021	June 2031	1,000	EUR	1.250 %	1,000	1,000
November 2022	February 2033	750	EUR	6.250 %	750	750
January 2023	October 2033	500	GBP	6.875 %	573	603
May 2023	Mayo 2034	1,000	EUR	6.125 %	1,000	1,000
August 2024	Agosto 2036	1,000	EUR	4.375 %	1,000	1,000
March 2025	Marzo 2037	1,000	EUR	4.000 %	1,000
November 2025	Mayo 2038	1,000	EUR	3.875 %	1,000
TOTAL*					6,473	5,503

^(*) This does not include two issues from integrations, dated December 1990 and June 1994, with an outstanding balance of 18 million euros and 1 million euros, respectively, which are classified under "Customer deposits".

OTHER FINANCIAL LIABILITIES

The detail of the balance of this heading in the balance sheet is as follows:

_BREAKDOWN OF OTHER FINANCIAL LIABILITIES

(Millions of euros)

	31-12-2025	31-12-2024
Payment obligations	869	612
Guarantees received	37	20
Clearing houses	811	1,373
Tax collection accounts	2,120	1,924
Special accounts	320	443
Liabilities associated with rights-of- use assets (Note 15)	1,352	1,453
Other items	401	343
TOTAL	5,910	6,168

The heading "Other financial liabilities – Liabilities associated with right-of-use assets" (¬ see Note 13) presents the current value of future lease payments during the mandatory period of the contract. The changes during the year were as follows:

_BREAKDOWN OF FUTURE OPERATING LEASE PAYMENTS

2025	2024
1,453	1,523
65	92
14	16
(180)	(178)
1,352	1,453
[0,00%-4,02%]	[0,00%-4,02%]
	1,453 65 14 (180) 1,352

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18. Provisions

The breakdown of the changes of the balance under this heading is as follows:

_MOVEMENT OF PROVISIONS

	Pensions and other post		Procedural matters and pending tax litigation			Commitments and guarantees given
	employment defined benefit obligations	Other long term employee benefits	Legal contin gencies *	Provisions for taxes	Contin gent risks	Contingent commitments	Other provisions
BALANCE AT 31-12-2023	598	2,078	530	266	316	70	256
With a charge to the statement of profit or loss	17	38	170	(2)	(1)	(13)	92
Provision		26	266		88	108	206
Reversal		(6)	(96)	(2)	(89)	(121)	(114)
Interest cost/(income)	17	30
Personnel expenses		(12)
Actuarial (gains)/losses charged to equity	(2)
Amounts used	(51)	(434)	(161)				(164)
Transfers and other *			257	9	1		55
BALANCE AT 31-12-2024	562	1,682	796	273	316	57	239
With a charge to the statement of profit or loss	17	23	54	38	(34)	9	18
Provision		7	237	183	265	255	150
Reversal			(183)	(145)	(299)	(246)	(132)
Interest cost/(income)	17	20
Actuarial (gains)/losses		(4)
Actuarial (gains)/losses charged to equity	(37)
Amounts used	(46)	(366)	(142)	(44)			(88)
Transfers and other		7	(43)	1	9	(1)	34
BALANCE AT 31-12-2025	496	1,346	665	268	291	65	203

^(*) In 2024 it included the transfer of coverage for 255 million euros intended to cover the expected loss associated with future changes in flows other than credit risk (ä see Note 10.3 – Financial assets measured at amortised cost – Loans and advances).

18.1. PENSIONS AND OTHER POST EMPLOYMENT DEFINED BENEFIT OBLIGATIONS

PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS – DEFINED BENEFIT POST-EMPLOYMENT PLANS

The Bank's defined benefit post-employment obligations are as follows:

| Part of the commitments with employees and former employees of CaixaBank are covered using insurance policies with Group or non-Group insurance companies, mainly from merger processes. In this case, CaixaBank is the insurance policyholder, and the contracts are managed by each insurance company, which also assumes the risks.

| The remaining commitments attributable to the businesses in Spain are implemented through the CaixaBank Employment Pension Plan. The commitments assumed by the Pension Plan are integrated into the Pensiones Caixa 30 Pension Fund. The Pension Fund has its defined benefit obligations insured through various insurance contracts, under which the policyholder is the Pension Plan Control Committee itself, most of them with VidaCaixa. CaixaBank does not control the Pension Fund in which the commitments are integrated, although it has minority representation on the Control Committees established in each of them.

Since most of the defined benefit commitments are covered through the pension fund or through

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insurance policies taken out directly by CaixaBank the purpose of which is to ensure the provisions payable by the beneficiaries are equivalent to the provisions insured under the policies taken out— the Bank is not exposed to market volatility or unusual market movements. At different closures, the fair value of the policies taken out directly with VidaCaixa or other companies, and that of pension fund assets (mainly covered through insurance policies), is calculated with a uniform assessment methodology, as laid down in the accounting standard.

If an insurance policy is a CaixaBank Employment Pension Plan asset and its flows exactly match the amount and timing of the benefits payable under the plan, the fair value of these insurance policies is deemed to be the present value of the related obligations. A net defined benefit liability will only exist when CaixaBank or the pension fund maintains certain uninsured commitments.

Whilst the insurance policies taken out with insurers external to the Group and the value of the assets held through the Pension Funds are presented in net form on the balance sheet, given that they are eligible assets of the pan and are used to settle the obligations assumed, the fair value of the other policies taken out directly by CaixaBank with VidaCaixa are recorded under 'Other assets - all other assets'.

The breakdown of the changes of the balance under this heading is as follows:

_CHANGES IN PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS

Defined benefit obligations 2025 (562) (17) (17)	2024 (598) (17)	Fair value of redemption rights 2025 561 17	2024 597	Defined benefit obligations (A) 2025	2024	Fair value of plan assets (B) 2025	2024	Net assets/ (liabilities) (A+B) 2025

									2024
				(908)	(994)	921	1,028	13	34
			17	(28)	(28)	28	29		1
	(17)	17	17	(28)	(28)	28	29		1
14	(5)			12	18			12	18
23	7	(37)	(3)	44	13	(54)	(31)	(10)	(18)
37	2	(37)	(3)	56	31	(54)	(31)	2
			1
46	51	(46)	(51)	79	83	(79)	(83)
						(13)	(22)	(13)	(22)
46	51	(46)	(50)	79	83	(92)	(105)	(13)	(22)
(496)	(562)	495	561	(801)	(908)	803	921	2	13

								2	13
		495	561
(496)	(562)

(496)	(562)			(801)	(908)

		495	561			803	921

^(*) The obligations are insured with a related company, the Group being the policyholder.

^(**) The obligations are insured with a third party or the Group is not the policyholder.

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The present value of defined benefit obligations was calculated using the following criteria:

| The "projected unit credit" accrual method has been used, which considers each year of service as giving rise to one additional unit of benefit entitlement and measures each unit separately.
| The estimated retirement age of each employee is the first age at which the employee has the
right to retire or the age determined in the agreements, as applicable.
| The actuarial and financial assumptions used in the measurement are unbiased and mutually compatible.

The assumption used in actuarial valuations of the Bank's commitments are as follows:

_ACTUARIAL AND FINANCIAL ASSUMPTIONS IN SPAIN

	31-12-2025	31-12-2024
Discount rate of post-employment benefits (1)	3.73 %	3.26 %
Long-term benefit discount rate (1)	2.46 %	2.62 %
Mortality tables (2)	PERM-F/2000 - P	PERM-F/2000 - P
Annual pension review rate (3)	0.35 %	0.35 %
Annual cumulative CPI (4)	2.25 %	2.66 %
Annual salary increase rate (5)	CPI +0.5 %	CPI +0.5 %

(1) Rate resulting from using a rate curve based on high-rated corporate bonds, with the same currency and terms as the commitments assumed. Rate informed on the basis of the weighted average term of these commitments.
(2) It has been decided to use the PERM-F/2000-P tables as they best fit the survival pattern of the collective, based on historical experience.
(2) Depending on each obligation. Based on the Agreement to Amend Employment Conditions signed on 7 July 2021, a fixed rate of 0.35 % has been considered as a future revaluation for pension commitments arising from collective systems, covenants and/or agreements.
(3) Using the Spanish zero coupon inflation curve. Rate informed on the basis of the weighted average term of the commitments.
(4) The wage growth assumption incorporates future changes in the employment category of employees. However, the entire defined benefit group is currently a beneficiary group. Thus, this assumption has no impact on the accounting valuation.

Actuarial valuation of pension commitments is carried out by qualified actuaries independent of the Bank.

Additionally, in order to preserve the governance of the valuation and the management of the risks inherent to the acceptance in these commitments, CaixaBank has established an activity framework where the ALCO manages hedging proposals for these risks and the Global Risks Committee approves any changes to the criteria to measure the liabilities reflected in these commitments for businesses in Spain.

Below follows a sensitivity analysis of the value of obligations based on the main assumptions used in the actuarial valuation. To determine this sensitivity, the calculation of the value of the obligations is replicated, changing the specific variable and maintaining the remaining actuarial and financial assumptions unchanged. One drawback of this method is that it is unlikely that a change will occur in one variable alone as some of the variables may be correlated:

_ANALYSIS OF SENSITIVITY OF THE OBLIGATIONS - FINANCIAL ASSUMPTIONS

(Millions of euros)

	+50 bp	-50 pb
Discount rate	(20)	21
Annual pension review rate (1)	0	0

(1) According to Labour Agreement signed on 7 July 202, fixed annual growth for Spain is 0.35 %, which corresponds to the annual pension review rate. However, sensitivity is presented only for certain obligations whose revaluation is estimated based on the CPI.

Note: Currently, regarding the annual salary increase rate, the entire defined benefit group in Spain comprises beneficiaries. Therefore, it has no impact on the sensitivity analysis.

_ANALYSIS OF SENSITIVITY OF THE OBLIGATIONS – ACTUARIAL ASSUMPTIONS

(Millions of euros)

	+1 year	-1 year
Mortality tables	(15)	15

The estimate of the fair value of insurance contracts linked to pensions taken out directly by CaixaBank with VidaCaixa or other companies and of the value of the pension fund assets (also mainly insurance policies) takes into account the value of future guaranteed payments discounted from the same rate curve used for the obligations. Therefore, since the expected flows of payments are matched with those deriving from the policies, the possible fair changes — at the close of the financial year — in the discount rate would have a similar effect on the

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value of the Bank's gross obligations and on the fair value of insurance contracts linked to pensions and the fair value of assets held through pension funds.

As disclosed in Note 2.11, the sensitivity of the obligations has only been calculated when certain commitments are not insured by CaixaBank or the pension fund, for example, certain aforementioned longevity queues for business in Spain.

The estimated payment of the provisions planned is stated below:

_ESTIMATED SCHEDULE FOR PAYMENT OF OBLIGATIONS

	2026	2027	2028	2029	2030	2031- 2035
Spain *	46	45	43	42	40	174

^(*) Excluding insured provisions to be paid directly by VidaCaixa to the Pension Funds.

18.2. PROVISIONS FOR OTHER EMPLOYEE BENEFITS

The Bank has funds to cover the commitments of its discontinuation programmes, both in terms of salaries and other social costs, from the moment of termination until reaching the age established in the agreements. Funds are also in place covering length of service bonuses and other obligations with existing personnel.

The main programmes with outstanding funds are listed below:

_SEVERANCE PROGRAMMES

(Millions of euros)

	Year recognised	Number of people	Initial provision
Labour agreement for Barclays Bank personnel restructuring	2015	968	187
Labour agreement	2019	2,023	978
Early retirement scheme	2021	6,452	1,884

The breakdown of the changes of the balance under this heading is as follows:

_RECONCILIATION OF OTHER LONG-TERM EMPLOYEE BENEFITS BALANCES

	2025		2024
	Obligations	Assets	Obligations	Assets
OPENING BALANCE SHEET	(1,682)	1,082	(2,078)	1,393
Service cost for the current year	(7)		(6)
Past service cost			12
Interest net cost (income)	(20)	20	(30)	29
Revaluations (Gains)/Losses	(3)	7	(13)	19
CHARGED TO PROFIT OR LOSS	(30)	27	(37)	48
Company contributions and surrenders		(3)		(1)
Claims paid	366	(339)	433	(358)
OTHER	366	(342)	433	(359)
CLOSING BALANCE SHEET	(1,346)	767	(1,682)	1,082
Of which: With pre-retired personnel	(6)		(7)
Of which: Termination benefits	(1,271)		(1,606)
Of which: Length of service bonuses and other	(67)		(66)
Of which: Other commitments	(2)		(3)
Of which: Other assets – Insurance contracts linked to pensions (ä see Note 15)		767		1,082

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18.3. PROVISIONS FOR PROCEDURAL MATTERS AND PENDING TAX LITIGATION

18.3.1. LEGAL CONTINGENCIES

Litigiousness in the field of banking and financial products is subject to comprehensive monitoring and control to identify risks that may lead to the outflow of funds from the Bank, making the necessary allocations and taking the appropriate measures in terms of adaptation and improving procedures, products and services.

The ever-evolving landscape of legal disputes, coupled with wide variations in judicial interpretations and ongoing legislative changes affecting the industry, often lead to shifting scenarios. However, the Bank has implemented monitoring systems to track the development of claims, lawsuits, and varying judicial approaches. This enables the identification, assessment, and estimation of risks based on the most current and comprehensive information available.

One of the main developments in 2025 was the entry into force, on 3 April 2025, of Organic Law 1/2025 of 2 January, on measures to improve the efficiency of the Public Justice Service. This law transforms singlejudge courts into courts of first instance and prescribes the use of Alternative Dispute Resolution (ADR) in civil and commercial matters as a procedural requirement for the admission of a lawsuit.

In the case of disputes under general conditions, generally linked to the granting of mortgage loans to consumers (e.g. floor clauses, multicurrency clauses, mortgage expenses, early repayment, etc.), the necessary provisions are held and the Bank maintains ongoing dialogue with customers in order to explore agreements on a case-by-case basis. Similarly, CaixaBank leads the adherence to extrajudicial dispute resolution systems promoted by certain judicial bodies that resolve these matters, in order to promote amicable solutions that avoid litigating with customers and help alleviate the judicial burden.

In the same way, CaixaBank has adapted its provisions to the risk of ongoing actions arising from claims for the amounts of payments on account for the purchase of off-plan housing, banking, financial and investment products, excessive and abnormal price of interest rates, right to reputation or statements of subsidiary civil liability arising from the potential conduct of persons with employment links.

Lastly, a criterion of prudence is adopted for constituting provisions for possible punishable administrative procedures, for which hedging is allocated in accordance with the economic criteria that may be laid down by the specific administration regarding the procedure, without prejudice to the full exercise of the right of defence in instances, where applicable, in order to reduce or annul the potential sanction.

The content of the main sections of this heading is set out below.

IRPH (MORTGAGE LOAN REFERENCE INDEX)

The six judgments handed down to date by the Court of Justice of the European Union (CJEU) have provided clarity in the adjudication of claims challenging the lack of transparency in loans referencing the IRPH index — judgment of 3 March 2020, two orders of 17 November 2021, order of 28 February 2023, judgment of 13 July 2023, and judgment of 12 December 2024. Likewise, the judgments handed down by the First Chamber of the Supreme Court (TS) have implemented the doctrine of the CJEU, which has been further reinforced by the recent judgments (1,590/2025 and 1,591/2025) delivered by the Plenary of the Supreme Court on 11 November 2025, in which the validity of the clause is upheld provided that certain requirements are met. Additionally, the TS has issued a new ruling dated 23 December 2025 - in a matter related to CaixaBank, originating from BMN - whose ruling is favourable. It states that the absence of historical data on market APRs in the Bank of Spain/INE databases prior to 2003 does not prevent the APR applied in 2000 from being considered balanced. The TS bases this conclusion on the small difference that existed on the contracting date between the IRPH Cajas quote and the Euribor, and on the fact that the agreed differential was 0 points.

The chief legal conclusion of the current judicial framework and without prejudice to its eventual change, is the validity of mortgage loans that include such an index.

The pre-contractual and contractual information provided to consumers in relation to mortgage loans incorporating that index must be examined on a case-by-case basis in order to determine whether or not they are affected by a lack of transparency. In any event, for the Supreme Court, in line with the settled case law of the CJEU, a potential finding of lack of transparency requires a subsequent assessment of abusiveness, and such abusiveness due to the existence of bad faith and a significant imbalance — does not arise in these cases. The CJEU has identified key factors stating that the calculation method of the IRPH index is akin to other market indices, which holds true, and that the Annual Percentage Rate of Charge (APR) of the contract in question matches the market rates at the time of signing, a result of market supply and demand dynamics.

The Bank, in accordance with the current status and legal reasonableness of what has been expressed, as well as the best information available to date, does not maintain provisions for this concept without prejudice to the availability of a fund to cover possible isolated disbursements in specific cases

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where the Court applies a doctrine that is dissonant with that established by the Supreme Court.

LITIGATION LINKED TO THE FORMALISATION COSTS CLAUSE IN MORTGAGE LOANS

The ruling of the First Chamber of the Spanish High Court of 23 December 2015 led to an increase in claims and lawsuits relating to the general conditions regulating the application of origination fees in mortgage loans.

The Bank has adapted its conduct to the decisions handed down by the SC and the CJEU in this area and analyses customer complaints on a case-bycase basis.

Similarly, it maintains a consolidated approach to agreements and has signed several protocols of express agreements in Courts and Provincial Courts specialising in this matter, in order to reach agreements with its customers and de-judicialise this matter. The agreements are reached in accordance with the distribution of expenses doctrine established by the Spanish High Court.

The average amount linked to claims and lawsuits has gradually fallen with the gradual consolidation of the doctrine recognising the attribution of the expense of the Stamp Duty Tax to the borrower (until the entry into force of Royal Decree Law 17/2018, of 8 November, which amended the restated text of the Law on Property Transfer and Stamp Duty Tax).

The existence of an open debate on the scope of limitation periods sparked, from the third quarter of 2023 and for several months in 2024, a temporary wave of new claims and lawsuits.

In this specific area, the CJEU handed down three judgments, one on 25 January 2024 and two on 25 April 2024, which resolved the questions referred for a preliminary ruling by the Barcelona Provincial Court, the SC and Barcelona Court of First Instance 20 (joined cases C-810/21, C-811/21, C-812/21, C-813/21, C-481/21 and C-561/21). The Spanish High Court interpreted these decisions in accordance with national law, ruling on 14 June 2024, establishing that the starting date of the limitation period for the action for restitution of mortgage expenses unduly paid by a consumer will be the date on which the judgment declaring the nullity of the clause obliging such payments becomes final, except in those cases where the lender proves that, within the framework of its contractual relations, that specific consumer could have known at an earlier date that this stipulation (expenses clause) was abusive.

At 31 December 2025, the Bank had set aside a provision of 271 million euros for this issue, as recognised under "Provisions for procedural matters and pending tax litigation". Based on our best estimate based on the information available to date, we consider the provisions currently made by the Bank to be sufficient.

CORAL HOMES

On 28 June 2018, CaixaBank, S.A., BuildingCenter and Coral Homes Holdco, S.L.U., a company belonging to the Lone Star Group, entered into an investment agreement to establish the terms under which BuildingCenter and Coral Homes Holdco, S.L.U. would be, through a newly created company called Coral Homes, S.L., the owners and managers of the business comprising a specific set of real estate assets owned by the Company and 100 % of the share capital of Servihabitat Servicios Inmobiliarios, S.L., a company engaged in the provision of real estate management services. In addition, as part of the transaction, Servihabitat Servicios Inmobiliarios, S.L. would continue to service the Group's real estate assets for a period of 5 years under a new contract signed on market terms.

The sale entered into with Lone Star contemplated a representations and warranties clause in relation to, among other matters, the ownership of the real estate assets transferred to Coral Homes, S.L. which, under specific circumstances, could give rise to claims against the Company until June 2020.

In July 2020, Coral Homes Holdco, S.L.U. brought arbitration proceedings before the International Court of Arbitration of the International Chamber of Commerce in order to unwind the contribution of a small group of real estate assets included in the business transferred to Coral Homes, S.L. and to claim alleged damages.

The deadline for issuing the arbitral award has been extended to 31 March 2026. No significant equity impact not already reflected in the financial statements as at 31 December 2025 is expected.

MAPFRE, PROCEEDINGS AFTER TERMINATION OF INSURANCE BANKING ALLIANCE WITH BANKIA

There are two proceedings related to the termination of Mapfre's insurance banking alliance with Bankia.

The first involves an arbitration in which Mapfre and CaixaBank agreed to submit the issue of whether CaixaBank was required, under the bancassurance agreements between Bankia and Mapfre, to pay Mapfre an additional amount equivalent to 10 % of the valuations of the life and non-life business as calculated by the independent expert chosen by both parties (Oliver Wyman). The arbitration was concluded in July 2023, with an award that found that the merger of Bankia and CaixaBank should be interpreted —according to the contractual provisions — as a change of control of Bankia and that, consequently, the price to be paid for the life and non-life insurance business should be increased by 120 % (and not 110 %) over the valuation given to these businesses. This amount (10 %) over and above the amount that had been paid at the time, with interest and costs (a total of 52.9 million euros) was paid to Mapfre after notification of the Award.

The second process comprises a lawsuit filed by Mapfre against Oliver Wyman and CaixaBank because the former disagrees with Oliver Wyman's valuation of the Bankia Vida (BV) shares (life

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business). Mapfre requests the Court to declare the Oliver Wyman's breach of the order received to conduct the valuation of the BV shares and that this valuation be replaced by a higher valuation to be fixed in court, condemning CaixaBank to pay the difference between the price already paid for 51 % of the BV shares and the price arising from the new valuation fixed in court. The claim has been answered by the co-defendants and, following the preliminary hearing, the trial has been scheduled to take place over three sessions: 26 and 29 January 2027 and 1 February 2027. The Bank considers that Oliver Wyman complied with the assignment and has a strong case against this claim and therefore no provision has been made.

JUDICIAL PROCEEDINGS RELATING TO THE BANKIA RIGHTS OFFERING

Claims are currently still being processed, although in a very small number, requesting both the cancellation of share purchases in the rights offering made in 2011 on the occasion of the listing of Bankia and those relating to subsequent purchases, in relation to the latter scenario, however, they are residual claims.

On 19 July 2016, Bankia was notified of a collective claim filed by ADICAE; the processing of the proceedings is currently suspended.

In a judgment of 3 June 2021, the Court of Justice of the European Union resolved a preliminary question raised by the Spanish High Court, clarifying that in cases of issuances intended both for retail investors and to qualified investors, the latter may bring an action for damages based on inaccuracies of the prospectus, although the national court will have to take into account whether such investor had or should have knowledge of the economic situation of the issuer of the public offer of subscription of shares and besides the prospectus. After applying this criterion in the proceedings that gave rise to this question, the Spanish High Court considered that, in the specific case in question, it was not proven whether the plaintiff had access to information other than the prospectus, which is why it upheld the claim. In other judgments handed down later, however, the Spanish High Court understood that the decision to subscribe the shares was not based on the information in the prospectus, and therefore considered the dismissal of the claims to be justified.

As at 31 December 2025, only residual litigation remains in connection with civil proceedings relating to actions arising from the Bankia IPO and subsequent purchases, covering claims from the institutional, retail and secondary market tranches. Based on our best estimate based on the information available to date, we consider the provisions currently made by the Bank to be sufficient.

DISMISSAL OF THE INVESTIGATION BY CENTRAL INVESTIGATING COURT NO. 2 (PRELIMINARY PROCEEDINGS 16/18) AGAINST CAIXABANK

In January 2026, at the request of the Public Prosecutor's Office, the Judge ordered the dismissal of the proceedings against CaixaBank and the Bank's former Head of Regulatory Compliance. The dismissal decision goes to show the effectiveness of CaixaBank's compliance model and the Bank's compliance culture as the grounds for closing the case.

Likewise, during the course of the proceedings, the cases against five employees were also dismissed.

The proceedings began in April 2018, when the Anti-Corruption Prosecutor's Office initiated action against CaixaBank, the former Head of Compliance of the Bank and 11 employees in relation to alleged conduct constituting a money laundering offence, linked to activity carried out at 10 CaixaBank branches in Madrid by alleged members of certain organisations made up of individuals of Chinese nationality who, according to the authorities, had defrauded the Public Treasury in the period from 2011 to 2015. With the dismissal of the case, the absence of criminal liability of the legal entity in respect of the investigated facts has been clarified.

INVESTIGATION DISMISSED BEFORE THE CENTRAL INVESTIGATING COURT NUMBER 6 (DDPP 96/17) SEPARATE PART 21. POTENTIAL SUBSIDIARY CIVIL LIABILITY.

Investigation for alleged bribery and disclosure of secrets relating to the Cenyt merger. The potential criminal liability of the legal person was dismissed, and the Public Prosecutor's Office sought subsidiary civil liability from CaixaBank amounting to 3,000 euros. This was strictly a financial and subsidiary liability, for a non-material amount.

The National Court has recently agreed to exclude CaixaBank from the trial, following the decision by the Public Prosecutor's Office to withdraw the civil liability claim against the Bank, with proceedings continuing against other defendants. Consequently, the case has concluded without any repercussions for CaixaBank.

On 12 May 2025, the Criminal Chamber of the National High Court handed down a ruling which, among other matters, acquitted the person responsible for CaixaBank's Security Department at the time of the events. That judgment was appealed and, in December 2025, the Appeals Chamber of the National Court issued a ruling confirming the acquittal of CaixaBank's former Head of Security. That judgment has been appealed in cassation before the Supreme Court by the prosecution.

ENVIRONMENTAL LITIGATION

CaixaBank continuously monitors judicial trends in this regard, as well as any potential litigation or claims within the Bank related to the matter in question.

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As at 31 December 2025, no material litigation risks had been identified for the Bank, and the relevant teams continue to analyse and monitor litigation in this area.

OTHER LEGAL CONTINGENCIES

Moreover, in 2025 the following proceedings, which had previously been disclosed in this Note, were concluded definitively and favourably for the CaixaBank Group:

| the criminal proceedings relating to the former shareholders of Banco de Valencia; and

| the civil proceedings brought by Sareb in connection with the Senior Bonds issued from the 2017-3 and 2018-1 issuances onwards.

The final and favourable resolution of these two matters results in the elimination of any material risk associated with them; accordingly, they will no longer be reported on from this financial year onwards.

18.3.2. PROVISIONS FOR TAXES

The breakdown of the balance of this heading in the balance sheet is as follows:

_BREAKDOWN OF PROVISIONS FOR TAXES

	31-12-2025	31-12-2024
Income tax assessments		1
Tax on deposits		22
Provision for bank levy litigation	163
Others	105	250
TOTAL	268	273

AUDIT PROCEDURES FOR THE FINANCIAL YEARS 2016-2020

The general tax inspection proceedings for the 2016– 2020 periods affecting the Bank were concluded this year (2025). The Bank has signed the inspection reports relating to corporate income tax, value added tax, withholdings on employment income, income from movable and immovable capital and non-residents, the levy on monetisable DTAs, and the tax on customer deposits.

Assessments agreed with the tax authorities were signed, resulting in a tax liability payable in respect of value added tax and withholdings on employment income on account of personal income tax amounting to 44 million euros. This amount was already largely covered by the Bank's provisions and has already been settled. No tax liability arose from the other tax items agreed.

Moreover, assessments relating to value added tax, corporate income tax and the levy on monetisable DTAs were issued on a contested basis.

The Value Added Tax settlement agreement was issued in the current year with a partially favourable resolution and a tax payable of 0.7 million euros, an amount that was already covered by the Bank's provisions. A tax appeal has been lodged and the corresponding submissions have been filed.

The settlement agreements in respect of corporate income tax and the levy on monetisable DTAs confirm the inspection assessments. The Bank has lodged tax appeals and presented the corresponding submissions, maintaining the arguments put forward before the Chief Inspector, which have also been reaffirmed on the basis of the legal advice received.

In response to this situation, the Bank has recognised the rebate received from the Tax Office amounting to 266 million euros as an amount repayable to it under "Other liabilities", of which 183 million euros relates to CaixaBank.

INSPECTION PROCEEDINGS RELATING TO THE BANKING SECTOR LEVY

The Bank has recognised a provision in the amount of 163 million euros in respect of the tax liability arising from the initiation of the settlement agreement in respect of the temporary levy on credit institutions for 2023 and the resulting adjustment to the self-assessment for 2024.

OTHER ASSURANCE ACTIVITIES

CaixaBank has received a notification of the commencement of a limited tax audit in relation to Value Added Tax for the periods from January 2020 to March 2021 of Bankia, which is currently ongoing.

18.4. PROVISIONS FOR COMMITMENTS AND GUARANTEES GIVEN

Provisions for credit risk on guarantees and contingent commitments granted are recorded under this heading (Note 21).

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18.5. OTHER PROVISIONS

The content of the main sections of this heading is set out below.

The expected timing of outflows of funds embodying economic benefits, should they arise, is uncertain.

ADICAE filed a collective action for cessation in relation to the application of floor clauses in certain mortgages marketed by the bank. The procedure is currently in the phase of compliance with the Supreme Court ruling.

By order dated 29 June 2022, the Supreme Court decided to refer several preliminary questions to the Court of Justice of the European Union (CJEU), asking whether, in the context of a collective action of this complexity, it is possible to assess the transparency of the marketing of floor clauses in the abstract. In particular, it was questioned whether such analysis could be carried out without individually assessing the circumstances prevailing at the time of contracting, also taking into account factors such as the evolution of the concept of the average consumer.

The CJEU resolved these questions in a judgment dated 4 July 2024, in which it declared that it is possible to judge in the abstract the transparency of the price of a contract in the context of a collective action. The Supreme Court, in accordance with the criteria established by the CJEU, handed down its judgment on 16 June 2025, ruling on the appeals. In that ruling, the Supreme Court confirmed that it is legally possible to analyse the transparency of the price in the contracts concerned collectively and in the abstract.

The Bank does not foresee any changes in the estimation of the risk associated with these proceedings, nor does it foresee any material adverse impact arising from the CJEU ruling.

Subsequently, CaixaBank informed Commercial Court No. 11 of Madrid of its intention to comply voluntarily with the judgment, certifying the definitive cessation of the clauses and expressing its willingness to reimburse those claimants who are parties to the proceedings, once ADICAE submits an updated list of such claimants and insofar as their entitlement to the payments can be verified.

Based on the information currently available, an additional 9.3 million euros has been provisioned to meet such payments and, therefore, the risk arising from any disbursements that may result from this litigation is considered to be reasonably covered by the corresponding provisions.

19. Equity

19.1. SHAREHOLDERS' EQUITY

SHARE CAPITAL

Selected information on the figures and type of share capital figures is presented below:

_INFORMATION ABOUT SHARE CAPITAL

	31-12-2025	31-12-2024
Number of fully subscribed and paid up shares (units) (1)	7,024,520,689	7,174,937,846
Nominal value per share (euros)	1	1
Closing price at year-end (euros)	10.445	5.236
Market cap at year-end, excluding treasury shares (millions of euros) (2)	73,200	37,269

⁽¹⁾ All shares have been recognised by book entries and provide the same rights.

⁽²⁾ CaixaBank's shares are traded on the continuous electronic trading system, forming part of the Ibex-35.

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The breakdown of the changes of the balance under this heading is as follows:

_CAPITAL MOVEMENTS

(Millions of euros)

	Number of shares	Nominal amount
BALANCE AT 31-12-2023	7,502,131,619	7,502
Capital reduction - share buy-back programmes SBB II, SBB III and SBB IV	(327,193,773)	(327)
BALANCE AT 31-12-2024	7,174,937,846	7,175
Capital reduction - SBB V and SBB VI share buy-back programmes	(150,417,157)	(150)
BALANCE AT 31-12-2025	7,024,520,689	7,025

The Board of Directors, having obtained the relevant regulatory clearance, approved a series of share buyback programmes to reduce CaixaBank's share capital by redeeming the shares acquired under the programme. The characteristics of the various programmes are as follows:

_SHARE BUYBACK PROGRAMMES

(Euros / No. of shares)

Programme	Start date	Maxi mum amount (million	euros) Status	No. of shares purchased	% of the capital bond	No. of shares after Programme	Share capital after Programme (euros)	Date of entry in the Commercial Register
SBB II	September 2023		500 Completed	129,404,256	1.72 %	7,372,727,363	7,372,727,363	03-05-2024
SBB III	March 2024		500 Completed	104,639,681	1.42 %	7,268,087,682	7,268,087,682	13-06-2024
SBB IV	SBB IV		500 Completed	93,149,836	1.28 %	7,174,937,846	7,174,937,846	04-12-2024
SBB V	November 2024		500 Completed	89,372,390	1.25 %	7,085.565456	7,085.565456	13-05-2025
SBB VI	June 2025		500 Completed	61,044,767	0.86 %	7,024,520,689	7,024,520,689	05-12-2025
SBB VII	November 2025	500	In progress (1)

⁽¹⁾ As at 31 December 2025, transactions were carried out for a total of 108 million euros, buying back a total of 10,822,959 treasury shares, equivalent to 21.69 % of the maximum monetary amount (21,893,928 shares for 228 million euros, representing 45.58 % of the maximum amount, based on the most recent public information before the preparation of this annual report, as at 19 February 2026).

For the purposes of calculating regulatory capital and in accordance with applicable prudential regulations, CaixaBank has deducted the maximum monetary amount of the share buyback programmes (ä see Note 4).

CAPITAL AUTHORISATIONS

Section "03 – Corporate governance – Corporate governance – Ownership" of the consolidated Management Report includes information regarding the authorisations granted at the Annual General Meeting for the Board of Directors to increase the share capital.

Details of instruments issued under this agreement are presented at Note 17.3.

SHARE PREMIUM

The breakdown of the changes of the balance under this heading is as follows:

_MOVEMENT OF SHARE PREMIUM

	Amount
BALANCE AT 31-12-2023	13,470
Capital reduction - share buy-back programmes SBB II, SBB III and SBB IV	(1,161)
BALANCE AT 31-12-2024	12,309
Capital reduction - SBB V and SBB VI share buy back programmes	(846)
BALANCE AT 31-12-2025	11,463

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RETAINED EARNINGS, REVALUATION RESERVES AND OTHER RESERVES

The breakdown of the balances of these headings is as follows:

_BREAKDOWN OF RESERVES

	31-12-2025	31-12-2024
Legal reserve (1)	1,405	1,435
Restricted reserves (2)	1,037	887
Unrestricted reserves	7,470	5,417
TOTAL	9,912	7,739

⁽¹⁾ At the end of the financial year 2025, the legal reserve reached the minimum required by the Capital Companies Act.

TREASURY SHARES

The breakdown of the changes of the balance under this heading is as follows:

_MOVEMENT OF TREASURY SHARES

(Millions of euros / Number of shares)

		2025			2024
	No. of treasury shares	% Share capital (1)	Cost/Sales	No. of treasury shares	% Share capital (1)	Cost/Sales
OPENING BALANCE	56,445,656	0.752 %	297	134,499,655	1.793 %	517
Acquisitions and other	115,534,779		870	255,255,098		1,290
Disposals and other (2)	(156,224,476)		(1,025)	(333,309,097)		(1,510)
CLOSING BALANCE	15,755,959	0.224 %	142	56,445,656	0.752 %	297

⁽¹⁾ Percentage calculated on the basis of the total number of CaixaBank shares at the end of the respective years.

Additionally, the number of treasury shares accepted as financial guarantees granted by the Bank and treasury shares owned by third parties and managed by a Group company were not significant.

20. Tax position

20.1. TAX CONSOLIDATION

The consolidated tax group for corporate income Tax includes CaixaBank, as the parent, and subsidiaries include Spanish companies in the commercial group that comply with the requirements for inclusion under regulations, including "la Caixa" Banking Foundation and Criteria Caixa. The other companies in the commercial group file taxes in accordance with applicable tax legislation.

Similarly, CaixaBank and some of its subsidiaries have belonged to a consolidated tax group for value added tax (VAT) since 2008, the parent company of which is CaixaBank.

20.2. YEARS OPEN FOR REVIEW

CaixaBank has 2021 and subsequent years open for review for Corporation Tax and the last four years for

other taxes applicable to it. The audit and verification

⁽²⁾ Mainly through the redemption of own shares (see "Share capital" section)

⁽²⁾ The results obtained from transactions with treasury shares in the years 2025 and 2024 are not significant and have been recorded in "Other Reserves".

Note: as regards the evolution of treasury shares, please refer to the section on Share capital in this Note and Note 6.1.

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proceedings for the years 2016 to 2020 were concluded during 2025 (ä see Note 18.3.2).

The various interpretations that can be drawn from the tax regulations governing transactions carried out by financial institutions may give rise to certain contingent tax liabilities that cannot be objectively quantified. The Bank's management considers that the provision under "Provisions – Pending procedural matters and pending tax litigation" in the balance sheet is sufficient to cover these contingent liabilities.

20.3. RECONCILIATION OF THE ACCOUNTING PROFIT TO THE TAXABLE PROFIT

The Bank's reconciliation of accounting profit to taxable profit is presented below:

_RECONCILIATION OF ACCOUNTING PROFIT TO TAXABLE PROFIT

2025	2024
8,067	7,283
(2,311)	(1,771)
(2,143)	(2,055)
16	233
(278)	(267)
	448
159
341	182
(406)	(312)
5,756	5,512
(1,727)	(1,654)
13	19
(1,714)	(1,635)
381
(131)	(94)
(1)
(5)	(11)
(1,469)	(1,740)
(611)
(2,080)	(1,740)
	5,543
	5,987

^(*) CaixaBank's income and expenses are taxed almost entirely at the general corporate income tax rate of 30 %.

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20.4. DEFERRED TAX ASSETS AND LIABILITIES

The changes in the balance of these headings are as follows:

_MOVEMENT OF DEFERRED TAX ASSETS

(Millions of euros)

	31-12-2023	Regularisations **	Additions	Disposals	31-12-2024	Regularisations **	Additions	Disposals	31-12-2025
Contributions to pension plans and employee funds for pre-retirement liabilities	860	(12)			848	(78)			770
Credit loss provisions	9,271	(1,075)			8,196	(309)			7,887
Provision for foreclosed property	1,489	(16)			1,473	5			1,478
Other temporary differences *	1,624	94	132	(313)	1,537	(62)	162	(226)	1,411
Unused tax credits	578	(103)	18	(1)	492	(251)	164		405
Tax loss carryforwards	1,221	(266)		(1)	954	(331)	217	(204)	636
TOTAL	15,043	(1,378)	150	(315)	13,500	(1,026)	543	(430)	12,587
Of which: monetisable	11,620				10,517				10,135

^(*) Includes, inter alia, eliminations from intra-group transactions and those corresponding to different provisions, and other adjustments due to differences between accounting and tax rules.

_MOVEMENT OF DEFERRED TAX LIABILITIES

	31-12-2023	Regularisations **	Additions	Disposals	31-12-2024	Regularisations **	Additions	Disposals	31-12-2025
Revaluation of property on 1st application of Bank of Spain Circular 4/2004	260			(12)	248			(13)	235
Intangible assets from business combinations	50			(7)	43			(7)	36
Others from business combinations	168	(1)		(47)	120			(42)	78
Other *	293	(1)	4	(45)	251	(1)	5	(20)	235
TOTAL	771	(2)	4	(111)	662	(1)	5	(82)	584

^(*) Includes, inter alia, eliminations from intra-group transactions and those corresponding to different provisions, and other adjustments due to differences between accounting and tax rules.

^(**) Includes the change in deferred tax assets corresponding to the annual corporate tax settlement.

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Twice per year, in collaboration with an independent expert, the Bank assesses the recoverable amount of its recognised deferred tax assets in the balance sheet, on the basis of a budget consisting in a sixyear horizon with the forecasted results used to estimate the recoverable value of the banking CGU and forecast, subsequently, applying a sustainable net interest income (NII) to the average total assets and a normalised cost of risk (CoR) of 1.51 % and 0.40 %, respectively.

At 31 December 2025, the Bank has a total of 2,754 million euros in deferred tax assets relating to unrecognised tax credits, of which 2,636 million euros relates to tax loss carryforwards and 118 million euros to tax credits.

These amounts include the recognition, during 2025, of tax loss carryforwards and deductions amounting to 381 million euros, of which 26 million euros arose from the final adjustment of income tax for the previous year and 355 million euros from their being considered recoverable, following an improved set of projections and results obtained from the assessment exercise carried out.

The maximum recovery period for the deferred tax assets recognised on the balance sheet as a whole is less than 10 years.

The Bank conducts sensitivity analyses on the key assumptions used to project the cash flows of the recoverability model, with no significant variations arising over the aforementioned period.

The exercises to assess the recoverability of tax assets, which have been carried out since 2014, are reinforced by the backtesting exercises, which show a stable performance.

In light of the existing risk factors (ä see Note 3) and the reduced deviation with respect to the estimates used to draw up the budgets, the directors consider that, despite the limitations on applying different monetisable timing differences, tax loss carryforwards and unused tax credits, the recovery of all activated tax credits is still probable with future tax benefits.

20.5. OTHERS

TAX ON NET INTEREST INCOME AND FEES AND COMMISSIONS

The Bank paid a total of 580 million euros in respect of the Interest and Fee Margin Tax (IMIC) for the 2024 tax period.

The IMIC for the 2024 tax period was scheduled to accrue on 31 January 2025 in accordance with Royal Decree-Law 9/2024. However, this accrual ceased to have legal effect on 23 January 2025 when the aforementioned Royal Decree-Law was repealed on that date and therefore, in accordance with the legal advice received, it must be considered that such accrual has not taken place.

In view of this situation, the Bank has made the aforementioned payment for the 2024 tax period and has recorded it on the assets side of the balance sheet under the heading "Financial assets at amortised cost", as it is expected to be recovered once the accrual issue has been definitively determined by legislation or the courts.

Additionally, and in accordance with prevailing law and regulations, the Bank recognised the IMIC for the 2025 tax period under "Income tax expense or income from continuing operations" in the consolidated statement of profit or loss, for a total amount of 611 million euros.

PILLAR 2

Law 7/2024 transposes the Pillar 2 Directive, establishing a supplementary tax aimed at ensuring a minimum global level of taxation for multinational and large national groups.

With the approval of this Directive, the Bank commenced a specific project to assess the impact and implementation of this reform, which is not expected to have a significant impact on Bank.

The Bank has applied the temporary and mandatory exception to the requirements to recognise and disclose deferred tax assets and liabilities related to income taxes.

BANKING SECTOR LEVY

In accordance with Law 38/2022 of 28 December to establish, inter alia, temporary levies on the banking sector of 4.8 % on net interest income and net fee income, the Bank, as at 1 January 2024, recorded 448 million euros under "Other operating expenses" in the statement of profit or loss.

TRANSACTIONS COVERED BY THE TAX NEUTRALITY REGIME

In accordance with Article 86 of Law 27/2014 of 27 November, on corporate income tax, the transactions in which CaixaBank participated during 2025 under the special tax regime set out in Chapter VII of Title VII of the Corporate Income Tax Law are listed below.

| In April 2025, the deed of merger by absorption under which CaixaBank absorbed CaixaBank Advanced Business Analytics, S.A.U. and Hipotecaixa 2, S.L.U. was registered. As a result, those companies were dissolved without liquidation, with the transfer in full and by universal succession of their assets and liabilities to CaixaBank (ä see Note 7 and Appendix 8).
| In August 2025, the merger by absorption of Web Gestión 2, S.A.U., Web Gestión 3, S.A.U., Web Gestión 7, S.A.U., Inmogestión y Patrimonios, S.A., Valoración y Control, S.L., Participaciones y Cartera de Inversión, S.L., Gestión y Representación Global, S.L.U., Cestainmob, S.L.U., Tot Caixa, S.A., Sercapgu, S.L.U., and Cartera de Participaciones SVN, S.L.U. by GDS Grupo de Servicios I, S.A. was filed with the registry.

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21. Guarantees and contingent commitments

The breakdown of "Guarantees and contingent commitments given" included as memorandum items is set out below:

_BREAKDOWN OF GUARANTEES AND CONTINGENT LIABILITIES

(Millions of euros)

		31-12-2025		31-12-2024
	Exposure	Provision	Exposure	Provision
Financial guarantees given	9,454	(124)	9,874	(111)
Stage 1	8,856	(2)	9,182	(5)
Stage 2	439	(18)	501	(5)
Stage 3	159	(104)	191	(101)
Loan commitments given	95,324	(67)	91,110	(59)
Stage 1	92,294	(36)	88,355	(34)
Stage 2	2,764	(12)	2,435	(8)
Stage 3	266	(19)	320	(17)
Other commitments given	36,253	(165)	33,698	(203)
Stage 1	34,476	(23)	31,816	(11)
Stage 2	1,476	(34)	1,558	(36)
Stage 3	301	(108)	324	(156)

The Bank needs to pay the amount of contingent liabilities only if the guaranteed counterparty breaches its obligations. It believes that most of these risks will reach maturity without being settled.

With respect to contingent liabilities, it is estimated that a significant portion will expire before being utilised and therefore cannot be considered as a future funding requirement for the Bank.

The provisions relating to contingent liabilities and commitments are recognised under "Provisions" in the accompanying consolidated balance sheet (ä see Note 18).

CONTINGENT LIABILITIES LINKED TO DEPOSIT FOR IRREVOCABLE PAYMENT COMMITMENTS (IPCS) OF THE SRF

Since 2016, the Bank has opted to materialise a percentage of the payment of the annual contribution to the Single Resolution Fund through irrevocable payment commitments (IPCs), for which cash collateral has been delivered. As at 31 December 2025, the cumulative amount of IPCs totalled 221 million euros (recognised under "Other commitments given"), with no provision recorded.

Since the first quarter of 2018, the IPCs of the Single Resolution Fund have been deducted from CET1.

LOAN COMMITMENTS GIVEN

The heading "Loan commitments given" breaks down as follows:

_BREAKDOWN OF LOAN COMMITMENTS GIVEN

	31-12-2025	31-12-2024
Credit institutions	1,027	1,395
General governments	5,946	5,268
Other sectors	88,351	84,447
TOTAL	95,324	91,110
Of which: conditionally drawable	6,434	5,588

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22. Other significant disclosures

22.1. TRANSACTIONS FOR THE ACCOUNT OF THIRD PARTIES

The breakdown of off-balance sheet funds managed on behalf of third parties is as follows:

_BREAKDOWN OF TRANSACTIONS ON BEHALF OF THIRD PARTIES

(Millions of euros)

	31-12-2025	31-12-2024
Off-balance sheet customer funds	559,092	522,607
Assets under management	277,348	258,074
Mutual funds, portfolios and SICAVs	145,325	128,212
Pension funds	51,913	49,844
Insurance	80,110	80,018
Other *	4,397	6,458
Financial instruments held in trusteeship for third parties	161,352	126,019

^(*) Includes, among others, transitional funds associated with transfers and collection activity, as well as other funds distributed by CaixaBank.

22.2. TRANSFERRED FINANCIAL ASSETS

The Bank converted a portion of their homogeneous loan and credits into fixed-income securities by transferring the assets to various securitisation special purpose vehicles set up for this purpose.

The balances relating to the transfer of assets are presented below:

_BREAKDOWN OF BALANCES RELATING TO ASSET TRANSFERS

(Millions of euros)

	31-12-2025	31-12-2024
Securitised assets held on-balance sheet *	24,374	23,079
Securitised mortgage loans	11,617	15,296
Other securitised loans	4,849	4,932
Loans to corporates	1,821	2,847
Leasing arrangements		181
Consumer financing	2,957	1,771
Others	71	133
Synthetic securitisation transactions	7,908	2,851
Repo securitisation bonds	15,406	19,906
Credit enhancements	1,564	1,970

^(*) The outstanding amounts of securitisations derecognised from the balance sheet are not material.

The securitised loans retained on the balance sheet and the credit enhancements are recognised under "Financial assets at amortised cost", while the securitisation bonds placed on the market are recognised under "Financial liabilities at amortised cost – Debt securities issued" in the balance sheet.

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22.3. FINANCIAL ASSETS DERECOGNISED DUE TO IMPAIRMENT

A summary of the movements in the items removed from the balance sheet because their recovery is considered remote is shown below. These financial assets are recognised under "Suspended assets" in the memorandum accounts supplementing the balance sheet:

_CHANGES IN WRITTEN-OFF ASSETS

(Millions of euros)

	2025	2024
OPENING BALANCE	17,088	16,517
Additions	1,237	1,352
Disposals	670	781
For cash recovery of principal (Note 31)	163	197
Disposal of written-off assets **	271	279
Due to expiry of the statute-of-limitations period, forgiveness or any other cause	236	305
CLOSING BALANCE	17,655	17,088
Of which: interest accrued on the non-performing loans *	7,179	6,631

^(*) Primarily includes interest on financial assets at the time of derecognition from the consolidated balance sheet.

23. Interest income

The breakdown of this item in the accompanying statement of profit or loss is as follows:

_BREAKDOWN OF INTEREST INCOME

(Millions of euros)

	2025	2024
Central banks	935	1,635
Credit institutions	778	677
Debt securities	1,327	1,253
Financial assets held for trading	19	25
Financial assets at fair value with changes in other comprehensive income	220	150
Financial assets at amortised cost	1,088	1,078
Loans and advances to customers and other financial income	11,385	13,593
General governments	432	535
Trade credits and bills	613	776
Mortgage loans	4,550	5,711
Loans secured by personal guarantee	5,444	6,036
Others	346	535
Adjustments to income due to hedging transactions	(206)	(170)
Other assets:	51	94
Interest income - liabilities	1	1
TOTAL	14,271	17,083

The average effective interest rate of the various financial assets categories calculated on average net balances (excluding rectifications) are as follows:

_AVERAGE RETURN ON ASSETS

(Percentage)

	2025	2024
Deposits at central banks	2.08 %	3.42 %
Financial assets held for trading – debt securities	2.35 %	3.33 %
Financial assets measured at fair value with changes in other comprehensive income - Debt securities	2.42 %	2.23 %
Financial assets at amortised cost
Loans and advances to credit institutions	3.41 %	4.13 %
Loans and advances to customers	3.47 %	4.26 %
Debt securities	1.45 %	1.53 %

^(**) Corresponds to the sale of non-performing and written-off assets and includes interest related to these portfolios.

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24. Interest expense

The breakdown of this item in the accompanying statement of profit or loss is as follows:

_BREAKDOWN OF INTEREST EXPENSES

(Millions of euros)

	2025	2024
Central banks	(4)	(15)
Credit institutions	(511)	(898)
Money market transactions through counterparties	(1)	(11)
Customer deposits and other finance costs	(2,701)	(3,543)
Debt securities issued *	(1,161)	(1,127)
Subordinated liabilities	(265)	(219)
Adjustments to expenses as a consequence of hedging transactions	(652)	(1,926)
Asset interest expense	0	(20)
Interest on lease liabilities (Note 17.4)	(15)	(15)
Others	(107)	(66)
TOTAL	(5,417)	(7,840)

^(*) Excluding interest from preference shares accountable as Additional Tier 1 capital (recognised in shareholders' equity)

The average effective interest rate of the various financial liabilities categories calculated on average net balances (excluding rectifications) is set out below:

_AVERAGE RETURN ON LIABILITIES

(Percentage)

	2025	2024
Deposits from central banks	4.21 %	5.38 %
Deposits from credit institutions	3.11 %	3.89 %
Customer deposits	0.63 %	0.89 %
Debt securities issued (excluding subordinated liabilities)	2.89 %	2.51 %
Subordinated liabilities	2.61 %	2.32 %

25. Dividend income

The breakdown of this item in the accompanying statement of profit or loss is as follows:

_DIVIDEND INCOME

	2025	2024
Financial assets held for trading	20	15
Financial assets at fair value through other comprehensive income	4	46
Telefónica (Note 10.1)		43
Others	4	3
Investments in Group companies	2,134	2,112
VidaCaixa	1,180	1,169
Banco BPI	446	517
CaixaBank Payments & Consumer	290	234
CaixaBank Asset Management	172	153
Others	46	39
Investments in associates and joint ventures	4	3
TOTAL	2,162	2,176

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26. Fee and commission income

The breakdown of this item in the accompanying statement of profit or loss is as follows:

_BREAKDOWN OF FEE AND COMMISSION INCOME

(Millions of euros)

	2025	2024
Contingent liabilities	206	197
Credit facility drawdowns	162	161
Exchange of foreign currencies and banknotes	170	168
Collection and payment services	454	522
Securities services	149	116
Marketing of non-banking financial products	1,973	1,773
Other fees and commissions	661	549
TOTAL	3,775	3,486

_BREAKDOWN OF FEE AND COMMISSION EXPENSE

(Millions of euros)

TOTAL	(337)	(266)
Other fees and commissions	(217)	(181)
Securities transactions	(34)	(31)
Of which: transactions with cards and ATMs	(85)	(54)
Assigned to other entities	(86)	(54)
	2025	2024

27. Gains/(losses) on financial assets and liabilities

The breakdown of this item in the accompanying statement of profit or loss is as follows:

_BREAKDOWN OF GAINS OR LOSSES ON FINANCIAL ASSETS AND LIABILITIES

	2025	2024
On derecognition of financial assets and liabilities not measured at fair value through profit or loss (net)	27	61
Financial assets at amortised cost	12	28
Debt securities (Note 10.2)	12	28
Financial liabilities at amortised cost	6	21
Financial assets at fair value through other comprehensive income	9	12
Debt securities (Note 10.2)	9	12
On financial assets and financial liabilities held for trading (net)	260	(33)
Equity instruments	245	69
Debt securities	1	6
Financial derivatives *	14	(108)
For non-trading financial assets mandatorily measured at fair value through profit or loss (net)	11	5
Gains/(losses) from hedge accounting (net)	2	(33)
Ineffective portions of fair value hedges	2	(33)
Valuation of hedging derivatives (Note 11)	(8)	1,033
Valuation of the items covered (Note 11)	10	(1,066)
TOTAL	300	0

^(*) The net profit/(loss) linked to financial derivatives should be considered together with the profit/(loss) recorded under "Exchange differences (net)" in the statement of profit or loss since the Group manages the currency risk to which it is exposed by arranging financial derivatives, which partially hedge the currency exposure of foreign currency monetary items and the results generated on the purchase and sale of foreign currencies, the result of which is reported under the latter heading. The rest comprises primarily the margin for trading derivatives to customers and the change in valuation adjustments for credit risk (CVA/DVA) and funding (FVA) (ä see Note 32).

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28. Other operating income and expense

The breakdown of this item in the accompanying statement of profit or loss is as follows:

_BREAKDOWN OF OTHER OPERATING INCOME

(Millions of euros)

	2025	2024
Income from investment property and other income	26	22
Other income	173	140
TOTAL	199	162

_BREAKDOWN OF OTHER OPERATING EXPENSE

(Millions of euros)

	2025	2024
Deposit Guarantee Fund contributions	(12)	(9)
Operating expenses from real estate investments and other	(26)	(26)
Expenses associated with regulators and supervisors	(27)	(21)
Taxes on deposits	(126)	(113)
Equity provision associated with monetisable DTAs	(86)	(98)
Banking sector levy (Note 20.5)		(448)
Other items	(201)	(159)
TOTAL	(478)	(874)

29. Personnel expenses

The breakdown of this item in the accompanying statement of profit or loss is as follows:

_BREAKDOWN OF PERSONNEL EXPENSES

(Millions of euros)

	2025	2024
Wages and salaries	(2,664)	(2,559)
Social security contributions	(691)	(639)
Contributions to pension plans (savings and risk)	(208)	(185)
Of which: Risk premiums paid to VidaCaixa	(8)	0
Other personnel expenses	(211)	(204)
Of which: Premiums paid to SegurCaixa Adeslas for employee health policies	(30)	(27)
TOTAL	(3,774)	(3,587)

The expense recognised in "Contributions to defined pension plans" includes mainly mandatory contributions stipulated which are made to cover retirement, disability and death obligations of serving employees.

"Other personnel expenses" includes, inter alia, training expenses, education grants and indemnities and other short term benefits. This heading also records the cost of the capital-instrument-based remuneration plans, recorded with a balancing entry under 'Shareholders' equity — Other equity items' of the accompanying balance sheet, net of the corresponding tax effect.

Share-based remuneration plans are specified in the Annual Corporate Governance Report - Remuneration.

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The average number of employees, by professional category and gender, is set out below:

_AVERAGE NUMBER OF EMPLOYEES *

(Number of employees)

		2025			2024
	Male	Female	Of which: with a disability ≥ 33 %	Male	Female	Of which: with a disability ≥ 33 %
Directors	2,821	2,061	32	2,820	2,026	33
Middle management	3,773	4,072	58	3,491	3,772	53
Managers	9,259	15,250	404	9,246	15,204	377
TOTAL	15,853	21,383	494	15,557	21,002	463

^(*) The distribution, by professional category and gender, at any given time is not significantly different from that of the average number of employees.

30. Other administrative expenses

The breakdown of this item in the accompanying statement of profit or loss is as follows:

_BREAKDOWN OF OTHER ADMINISTRATIVE EXPENSES

	2025	2024
IT and systems	(539)	(470)
Advertising and publicity *	(147)	(129)
Property and fixtures	(95)	(94)
Rent **	(8)	(7)
Communications	(50)	(51)
Outsourced administrative services	(152)	(187)
Tax contributions	(29)	(28)
Surveillance and security carriage services	(43)	(46)
Representation and travel expenses	(56)	(51)
Printing and office materials	(7)	(7)
Technical reports	(63)	(54)
Legal and judicial	(2)	(2)
Governing and control bodies	(6)	(4)
Other expenses	(134)	(134)
TOTAL	(1,331)	(1,264)

^(*) Includes advertising in media, sponsorships, promotions and other commercial expenses.

^(**) The short-term amount of rental expenses in which IFRS 16 has not been applied is immaterial.

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INFORMATION ON THE AVERAGE PAYMENT PERIOD TO SUPPLIERS

The following tables provide a breakdown of the required information relating to payments made and pending at the balance sheet date in Spain:

_PAYMENTS MADE AND OUTSTANDING AT THE REPORTING DATE

(Millions of euros / Number of invoices)

		2025			2024
	Amount	%	Number of invoices	%	Amount	%	Number of invoices	%
Total payments made	3,049		1,342,809		2,672		1,187,466
Of which: paid within the legal period *	2,910	95.4 %	1,292,383	96.2 %	2,577	96.4 %	1,149,951	96.8 %
Total payments pending	78		10,112		37		16,732
TOTAL	3,127		1,352,921		2,709		1,204,198

^(*) In accordance with the Second Transitional Provision of Act 15/2010 of 5 July, covering measures to combat non-performing assets in commercial transactions, by default, the maximum statutory period for payments between companies is 30 calendar days, which may be extended to 60 calendar days, provided that both parties agree.

_AVERAGE SUPPLIER PAYMENT PERIOD AND RATIOS

	2025	2024
Average payment period to suppliers	9.5	8.2
Ratio of transactions paid	9.2	8.1
Ratio of transactions pending payment	21.9	15.3

EXTERNAL AUDITOR/ASSURANCE PROVIDER FEES

The heading "Technical reports" shows the fees accrued for services rendered by the auditor/assurance provider, excluding the corresponding VAT, as detailed below:

_BREAKDOWN OF EXTERNAL AUDITOR/ASSURANCE PROVIDER FEES (1)

(Thousands of euros)

	2025	2024
Auditor/assurance provider of the Group (PwC)
Audit - Assurance	3,474	3,398
Audit of financial statements	3,474	3,398
Verification of sustainability status (2)
Review services other than audit/verification	1,605	1,928
Review services prescribed by statutory or supervisory regulation to an auditor	448	491
Limited review	335	324
Customer asset protection reports	106	102
Review of forms of indicators to calculate the contribution to the SRF/SRB		20
Other reports on agreed procedures	7	45
Other review services	1,157	1,437
Comfort letters for issues	584	463
Non-Financial Reporting Review Report (NFRD) (2)	433	405
Report on the Internal Control System for Financial Information	27	26
Sustainability metrics assurance reports	113	430
Other services of assurance		113
Other services
TOTAL	5,079	5,326

⁽¹⁾ The services arranged with our auditors comply with the Spanish Auditing Act's requirements of independence, and none of the tax consultancy work or other performed is incompatible with auditing duties.

⁽²⁾ At the end of the 2025 financial year, the EU Directive 2022/2464 on Corporate Sustainability Reporting (CSRD) has not been transposed into Spanish and Portuguese law. Accordingly, the fees corresponding to the "Statement of Non-Financial Information" review remain classified as "Review services other than audit/ verification - Other review services", which are not excludable for the purposes of calculating the regulatory audit threshold ratios established in Regulation (EU) 537/2014.

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31. Impairment of financial assets not measured at fair value

The breakdown of this item in the accompanying statement of profit or loss is as follows:

_BREAKDOWN OF IMPAIRMENT OR REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS

	2025	2024
Financial assets at amortised cost	(461)	(813)
Loans and advances	(461)	(813)
Net charges (Note 10)	(294)	(632)
Of which POCIs	58	57
Write-downs	(312)	(378)
Recovery of loans written off (Note 22.3)	145	197
Financial assets at fair value through other comprehensive income		1
TOTAL	(461)	(812)

32. Information on fair value

The Bank's process for determining fair value ensures that the assets and liabilities are measured according to applicable criteria. In that regard, the measurement techniques used to estimate fair value comply with the following aspects:

| The most consistent and appropriate financial and economic methods are used, which have proven to provide the most realistic estimate of the price of the financial instrument and are commonly used by the market.
| They maximise the use of available information, both in terms of observable data and recent transactions of a similar nature, and limit —to the extent possible— the use of unobservable data and estimates.
| They are widely and sufficiently documented, including the reasons for their choice compared to other alternatives.
| The measurement methods chosen are respected over time, provided that there are no reasons to change the reasons for their choice.
| The validity of measurement models is regularly assessed using recent transactions and current market data.

Assets and liabilities are classified into one of the following levels using the following method to obtain their fair value:

LEVEL 1

Assets and liabilities valued using the price that would be paid in an organised, transparent and deep market ("the quoted price" or "the market price"). In general, the following are included at this level:

| Quoted debt securities. The following are mainly classified at this level:
| Spanish and foreign public debt bonds, as well as other debt instruments issued by Spanish and foreign issuers.
| Spanish and foreign public debt bonds under the insurance business.
| Own securities issued by the Bank, mainly senior bonds and mortgage bonds.
| Quoted equity instruments. Investments in quoted shares and investments in collective investment institutions are mainly classified at this level.
| Derivatives traded in organised markets.

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LEVEL 2

Assets and liabilities where the relevant inputs used in the valuation are directly or indirectly observable in the market such as quoted prices for similar assets or liabilities in active markets, interest rate curves or credit spreads, among others. In general, the following are included at this level:

| Debt securities of quoted debt with a low volume and level of market activity. Public debt bonds of Spanish autonomous communities, as well as other private debt instruments, are mainly classified at this level.
| Over-the-counter hedging and trading derivatives. Interest-rate swaps, as well as financial swaps on goods and other risks, are mainly classified at this level.
| Real estate assets corresponding to real estate investments, inventories, as well as assets arising from credit restructurings.

LEVEL 3

Assets and liabilities for which the relevant data used for measurement are not observable market data, for the measurement of which alternative techniques are used, including price requests submitted to the issuer or the use of market parameters corresponding to instruments with a risk profile that can be equated to that of the instrument being measured. In general, the following are included at this level:

| Debt securities.
| Unquoted equity instruments.
| Loans and receivables.
| Deposits.

32.1. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE

The fair value of the financial instruments measured at fair value recognised in the balance sheet, broken down by associated carrying amount and level is as follows:

_FAIR VALUE OF FINANCIAL ASSETS (FA) AND FINANCIAL LIABILITIES (FL) MEASURED AT FAIR VALUE (FV)

		31-12-2025						31-12-2024
	Carrying		Fair values			Carrying		Fair values
	amount	Total	Level 1	Level 2	Level 3	amount	Total	Level 1	Level 2	Level 3
ASSETS
FA held for trading (Note 10)	12,225	12,225	1,434	10,791		12,603	12,603	844	11,759
Derivatives	10,804	10,804	13	10,791		11,782	11,782	23	11,759
Equity instruments	641	641	641			415	415	415
Debt securities	780	780	780			406	406	406
FA not designated for trading compulsorily measured at FV through profit or loss	38	38	30	3	5	38	38	29	3	6
FA at FV with changes in other comprehensive income (Note 10)	9,185	9,185	9,087	10	88	8,202	8,202	8,113		89
Equity instruments	88	88			88	89	89			89
Debt securities	9,097	9,097	9,087	10		8,113	8,113	8,113
Derivatives - hedge accounting (Note 11)	1,132	1,132		1,132		366	366		366
TOTAL	22,580	22,580	10,551	11,936	93	21,209	21,209	8,986	12,128	95
LIABILITIES
FL held for trading (Note 10)	7,187	7,187	315	6,872		8,084	8,084	230	7,854
Derivatives	6,880	6,880	8	6,872		7,873	7,873	19	7,854
Short positions	307	307	307			211	211	211
Derivatives - hedge accounting (Note 11)	974	974		974		1,374	1,374		1,374
TOTAL	8,161	8,161	315	7,846		9,458	9,458	230	9,228

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The main valuation techniques, assumptions and inputs used in fair value estimation for levels 2 and 3 by type of financial instruments are as follows:

	Instrument type	Assessment techniques	Observable inputs	Non-observable inputs
	Swaps	Present value method	Interest rate curves Probability of default for the calculation of CVA and DVA
	Exchange rate options	Black-Scholes &model Stochastic local volatility model Vanna-Volga model	Interest rate curves Quoted option price Exchange rate spot prices Probability of default for the calculation of CVA and DVA
Derivatives	Interest rate options	Present value method Normal Black model	Interest rate curves Quoted option price Probability of default for the calculation of CVA and DVA
	Index and share options	Black-Scholes model Local volatility	Quoted option prices Index and share prices Correlations Dividends Probability of default for the calculation of CVA and DVA.
	Commodity options	Geometric Brownian Motion Model	Commodity spot prices Exchange rate spot prices Futures curves
	Credit	Present value method Intensity of default	Interest rate curves Credit Default Swap curves Probability of default for the calculation of CVA and DVA.
Equity instruments		DCF (Discounted Cash Flow) ECF (Equity Cash Flow) DDM (Dividend Discount Method) Underlying carrying amount	Macroeconomic inputs Risk premia and market premia Market peers	Business planes Perpetual growth (g) Net equity
Debt securities		Present value method	Interest rate curves Risk premia Market peers Observable market prices	Risk premia
Loans and advances		Present value method	Interest rate curves Early cancellation ratios	Credit loss ratios (internal models)

⁽¹⁾ Present value method (net present value): this model uses the cash flows of each instrument, which are established in the different contracts, and deducts them to calculate the present value.

⁽²⁾ Market peers (similar asset prices): market peer instrument prices, reference indices or benchmarks are employed to calculate the performance as of the entry price or its current valuation, making subsequent adjustments to take into account the differences between the measured asset and the one taken as reference. It can also be assumed that the price of an instrument is equivalent to another one.

⁽³⁾ Black-Scholes model: this model applies a log-normal distribution of the securities prices in such a way that, under a neutral risk, the return expected is the risk-free interest rate. Under this assumption, the price of vanilla options can be calculated analytically, in such a way that the volatility of the price process can be obtained by inverting the BS formula for a premium quoted on the market.

⁽⁴⁾ Normal Black model: When interest rates approach zero (or become negative), interest rate options become non-modellable by the Black-Scholes model. With the same assumptions as this model, but on the assumption that forward interest rates follow a normal distribution, we obtain the Normal Black Model, which is used to measure these interest rate options.

⁽⁵⁾ Local stochastic volatility model: Model in which volatility follows a stochastic process over time depending on the level of moneyness, reproducing the 'volatility smiles' observed in the market. These models are appropriate for long-term exotic options using Monte Carlo simulation or the resolution of differential equations for valuation purposes.

⁽⁶⁾ Vanna-Volga model: this model is based on building the local replica portfolio whose hedging costs of second derivatives, vanna (premium derivative with respect to the volatility and the underlying) and volga (premium's second derivative with respect to the volatility), are added to the corresponding Black-Scholes prices in order to reproduce the volatility smiles.

⁽⁷⁾ Default intensity model: a model that extracts the instant probability of default from the market Credit Default Swaps quote of a given issuer/contract. The survival function of the issuer with which credit swaps are measured is obtained using these default intensities.

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(8) DCF (Discounted Cash Flow): This method analyses and estimates future flows for shareholders and creditors, and then updates them, discounting at a weighted average rate cost of capital (WACC).

(9) DDM (Dividend Discount Method): future dividend flows are estimated, and then updated, discounting at the cost of equity (ke). A method widely used in regulated entities with limitations, therefore, to the distribution of dividends since they must keep minimum own funds (e.g. Banking)

(10) ECF (Equity cash flow): This method analyses and estimates future flows for shareholders, and then updates them, discounting at the cost of equity (ke).

(11) Underlying carrying amount: Equity according to financial statements. A method used for holdings for which assets are considered to be measured at or near fair value.

(12) Geometric Brownian Motion Model: the price of the underlying asset is modelled using a lognormal stochastic process, enabling the valuation of options.

The measurements obtained using internal models may differ if other techniques were applied or assumptions used regarding interest rates, credit risk spreads, market risk, exchange rate risk, or the related correlations and volatilities. Nevertheless, the Group's directors consider that the models and techniques applied appropriately reflect the fair values of the financial assets and financial liabilities recognised in the balance sheet, and the gains and losses on these financial instruments.

The main measurement methods used by the Group to determine recurring fair value have not been changed during the year (the main measurement methods were not changed during 2024).

SIGNIFICANT INPUTS USED FOR FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE CLASSIFIED AT LEVEL 2

| Dividends: future equity dividends in index and stock options are derived from estimated future dividends and dividend futures quotes.
| Correlations: they are used as input in the measurement of share basket options and are extracted using the historical closing prices of the various components of each basket.
| Probability of default for the calculation of CVA and DVA: Credit Valuation Adjustments (CVA) and Debit Valuation Adjustments (DVA) are added to the valuation of Over The Counter (OTC) derivatives due to the risk associated with the counterparty's and own credit risk exposure, respectively. In addition, Funding Valuation Adjustment (FVA) is a valuation adjustment of derivatives of customer transactions that are not perfectly collateralised that includes the funding costs related to the liquidity necessary to perform the transaction.

The CVA is calculated bearing in mind the expected exposure with each counterparty in each future maturity. The CVA for an individual counterparty is equal to the sum of the CVA for all maturities. Adjustments are calculating by estimating exposure at default (EAD), the probability of default (PD) and loss given default (LGD) for all derivatives on any underlying at the level of the legal entity with which the Group has exposure. Similarly, DVA is calculated by multiplying the expected negative exposure given the probabilities of default by the Group's LGD.

The data necessary to calculate PD and LGD come from the credit market prices (Credit Default Swaps). Counterparty data are applied where available. Where the information is not available, the Group performs an exercise that considers, among other factors, the counterparty's sector and rating to assign the PD and the LGD, calibrated directly to market or with market adjustment factors for the probability of default and the historical expected loss. With FVA, the adjustment shares part of the CVA/DVA approaches, since it is also based on the future credit exposure of the derivatives, but in this case the exposures are not netted by counterparty, but rather at aggregate level in order to recognise the joint management of the liquidity. The data necessary to calculate funding cost are also based on prices taken from its issuance and credit derivatives markets.

The change in the value of the CVA/FVA and DVA/ FVA adjustments are recognised in "Gains/(losses) on financial assets and liabilities held for trading, net" in the statement of profit or loss. There were no significant changes to these adjustments in either 2025 or 2024.

Given the limited net exposure of derivatives classified as level 2 in the fair value hierarchy, sensitivity to the various market inputs does not have overall material balance sheet significance for the Bank (ä see Note 3.4.3 Structural interest rate risk and Note 3.4.5 Market risk).

SIGNIFICANT INPUTS USED FOR FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE CLASSIFIED AT LEVEL 3

Taking into account the Group's risk profile, exposure to level 3 assets and liabilities is reduced, chiefly focusing on equity instruments with a fair value based on multiple measurement models. The inputs used for estimating fair value take into account observable variables (macroeconomic inputs, risk and market premiums and comparable market variables) and unobservable variables (business plans, growth rates (g) according to estimates of institutions with recognised experience and net book equity according to the annual accounts of the measured company).

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TRANSFERS BETWEEN LEVELS

Transfers between asset and liability levels are made primarily when there is:

| A significant increase or decrease in the liquidity of the asset in the market in which it is traded.
| A significant increase or decrease in market activity related to an observable input or
| A significant increase or decrease in the relevance of unobservable inputs, classified as Level 3 if an unobservable input is considered significant.

In the financial years 2025 and 2024 there have been no significant transfers between levels.

Given the Bank's risk profile regarding its portfolio of debt securities measured at fair value (ä see Note 3.4.1), the change in fair value attributable to credit risk is not expected to be significant.

CHANGES AND TRANSFERS OF FINANCIAL INSTRUMENTS IN LEVEL 3

In the financial years 2025 and 2024 there have been no significant movements in Level 3 instruments.

32.2. FAIR VALUE OF ASSETS AND LIABILITIES MEASURED AT AMORTISED COST

The methodology for estimating the fair value of financial instruments at amortised cost on a recurring basis is consistent with that set out in Note 32.1. It is worth highlighting that the fair value presented for certain instruments may not correspond to their realisable value in a sales or settlement scenario, since it was not determined for that purpose; in particular:

| Loans and advances: Fair value is estimated using the present value method.
| The first step is to conduct a projection of all principal and interest flows associated with the contractual terms of these products. This forecast is refined through an in-house early termination model, which is tuned using our historical data.
| The fair value is calculated by discounting those flows to a risk-free rate curve.
| Lastly, the resulting amount is adjusted for the estimated expected life-time losses due to the impairment of the credit quality of each of the counterparties.

As a result, the fair value incorporates the effect of updating market interest rates and the credit risk associated with loans and advances.

In loans benchmarked to a floating interest rate, the variation of the fair value based on the variation of the interest rates therefore depends on the variation of the contractual interest rates as they are adapted to the market conditions and on the evolution of the spread set in the contract. In fixed-interest loans, the fair value directly depends on the difference between the contractual interest rate and the market interest rate.

| Deposits: The fair value is obtained by using the present value method:
| A projection is made of the expected cash flows laid down in the various contracts.
| For current accounts and other demand deposits, the expected cash flows are estimated using an internal model calibrated based on available internal historical information. The factors estimated by this modelling include the sensitivity of the remuneration of these products to market interest rates and the level of permanence of these balances on the balance sheet.
| These estimated flows are discounted using an interest rate curve constructed by adding to the risk-free curve a credit spread that is derived from the generic probabilities of loss of credit ratings.
| Debt securities issued: For instruments classified in Level 3, the fair value is obtained using the present value method based on the expected cash flows established in the different issues and subsequently discounted using:
| Market interest rate curves as of the appraisal date.
| Own credit risk
| Other financial liabilities: The fair value has been assimilated to carrying amount, as these are mainly short-term balances.

For more information on financial assets and liabilities measured at amortised cost ä see Notes 10 and 17.

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The main valuation techniques, assumptions and inputs used in fair value estimation for levels 2 and 3 by type of financial instruments are as follows:

Instrument type	Assessment techniques	Observable inputs	Unobservable inputs
Loans and advances	Present value method	Interest rate curves	Early cancellation ratios (internal model) Provisions for credit risk
Debt securities		Interest rate curves Risk premia Market peers Observable market prices	Risk premia
Deposits		Interest rate curves Credit spread	Estimated maturity of demand deposit accounts (internal model)
Debt securities issued		Interest rate curves	Own credit risk

The fair value of the financial instruments at amortised cost recognised in the balance sheet, broken down by associated carrying amount and level is as follows:

_FAIR VALUE OF FINANCIAL ASSETS (FA) AND FINANCIAL LIABILITIES (FL) AT AMORTISED COST

	31-12-2025							31-12-2024
	Carrying		Fair values			Carrying		Fair values
	amount	Total	Level 1	Level 2	Level 3	amount	Total	Level 1	Level 2	Level 3
ASSETS
Financial assets at amortised cost (Note 10) *	443,945	450,448	55,262	16,407	378,779	414,696	424,264	45,317	16,667	362,280
Debt securities	79,467	77,332	55,262	16,407	5,663	70,848	67,907	45,317	16,667	5,923
Loans and advances	364,478	373,116			373,116	343,848	356,357			356,357
LIABILITIES
FL at amortised cost (Note 17) **	494,704	466,437	46,263	2,149	418,025	469,198	446,706	50,627	2,342	393,737
Deposits	439,701	411,097			411,097	408,476	386,146			386,146
Debt securities issued	49,093	49,430	46,263	2,149	1,018	54,554	54,392	50,627	2,342	1,423
Other financial liabilities	5,910	5,910			5,910	6,168	6,168			6,168

^(*) At 31 December 2025 the difference between book value and fair value amounted to 6,503 million euros (6,616 million euros adjusted for macro interest rate hedges).

^(**) At 31 December 2025, the difference between book value and fair value stood at 28,267 million euros (27,000 million euros adjusted for macro interest rate hedges).

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32.3. FAIR VALUE OF REAL ESTATE ASSETS

In the particular case of real estate assets, their fair value is obtained by requesting the appraisal value from external appraisal agencies. These agencies maximise the use of observable market data and other factors that market participants would consider when pricing, limiting the use of subjective considerations and unobservable or contrasted data. Along these lines, its fair value, based on the fair value hierarchy, is classified as Level 2.

The Bank has a corporate policy that guarantees the professional competence and independence and objectivity of external valuation agencies, under which these agencies must comply with neutrality and credibility requirements so that use of their estimates does not undermine the reliability of their valuations. This policy stipulates that all valuation agencies and appraisers used by the Bank in Spain must be included in the Bank of Spain's Official Registry and that their valuations be performed in accordance with the methodology set out in Ministerial Order ECO/805/2003 of 27 March. Accordingly, the Bank worked with the following appraisal companies in 2025: Tasaciones Inmobiliarias, SA, Gloval Valuation, S.A.U., Gesvalt, SA, UVE Valoraciones, S.A., CBRE Valuation Advisory, S.A. and Sociedad de Tasación, SA, among others.

The Bank has established the following criteria to obtain the appraisal values of real estate assets.

For properties resulting from credit restructurings, appraisals have been requested in accordance with the criteria established by Order ECO/805/2003 and its subsequent ECM 599/2025:

| Appraisals under 2 years old are used for real estate investments, using the rental update method.
| Appraisals under one year old are used for stock, using the cost method application.
| For properties classified as non-current assets held for sale, valuations less than one year old are used, applying the market comparison method.

For the specific case of properties arising from credit restructurings (foreclosed assets) classified as noncurrent assets for sale and investment property, the Bank has developed an internal methodology that determines the discount to be applied: to the appraisal value (obtained from companies and appraisal agencies), based on recent experience in sales of the Bank assets over the past three years. This methodology is mainly based on the following drivers:

| Type of property: The model categorises the type of property, differentiating between residential, commercial, land and ongoing.
| Location. The model categorises property by zones, according to the commercial interest of their geographical location.
| The time that the property has been on the market. The model categorises property based on the time from the date of ownership of the property to the date of sale.

In line with the drivers described above, for each sale carried out the Bank calculates the difference between the sale price amount, used as the numerator, and the amount of the most recent updated appraisal in force, used as the denominator, thereby determining the adjustment to be made to the appraisal value in order to obtain fair value. The updating of the data used to calculate the adjustment based on appraisal values is conducted on a two-year basis.

In order to determine sale costs, the Bank calculates the ratio between the assumed marketing costs and the total volume of sales of realised assets. Furthermore, the Bank has established a backtesting analysis between the adjustment calculated by the model and the price for which the properties were finally sold. This exercise is conducted on a biannual basis.

The measurement methods used by the Bank to determine non-recurring fair value have not been changed during the year (measurement methods were not changed in 2024).

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33. Related-party transactions

Pursuant to the provisions of the rules of procedure of the Board of Directors, the Board of Directors, after the report of the Audit and Control Committee, will approve the transactions conducted by the Bank or its subsidiaries with directors, with shareholders holding 10 % or more of the voting rights or represented on the Board of Directors of the Bank, or with any other related party as outlined in IAS 24 "Information to be disclosed on related parties", unless by law the competence of the Annual General Meeting is applicable.

For the purpose of this approval, the following will not be deemed related-party transactions: i) transactions conducted between the Bank and its wholly-owned subsidiaries, directly or indirectly; ii) transactions between the Bank and its subsidiaries or investee companies provided that no other party related to the Bank has an interest in such subsidiaries or investee companies; iii) execution by the Company and any executive director or member of Senior Management, of the contract regulating the terms and conditions of the executive functions they are to perform, including determining the specific amounts or remuneration to be paid under that contract, to be approved in accordance with the provisions of this Regulation; iv) transactions carried out based on measures to safeguard the stability of the Bank, taken by the competent authority responsible for its prudential supervision.

The Regulation establishes that the Board of Directors will be able to delegate the approval of: i) transactions between Group companies that are made in the field of the normal process and under market conditions; ii) transactions arranged under contracts whose standard terms and conditions are applicable to a large number of customers, that are signed at generally set rates or prices by whomever acting as the goods or service provider in question, and where the amount of the transaction does not exceed 0.5 % of the annual net income of the Bank.

Loan and deposit transactions or financial services arranged by CaixaBank with 'key management personnel', in addition to related-party transactions, were approved under normal market conditions. Moreover, none of those transactions involved a significant amount of money. Likewise, there was no evidence of impairment to the value of the financial assets or to the guarantees or contingent commitments held with 'key management personnel'.

There are no related-party transactions, as defined in Article 529s of the CCA that have exceeded, either individually or aggregated, the established disclosure thresholds. However, in order to prepare the financial statements, the most significant transactions that have taken place during the 2025 financial year have been disclosed in detail.

The most significant balances between the Bank and its related parties are set out below, complementing the other balances in this report.

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_BALANCES AND TRANSACTIONS WITH RELATED PARTIES

	Significant shareholder (1) (2)		Group entities		Associates and joint ventures		Directors and Senior Management (3)		Other related parties (4)		Employee pension plan
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
ASSETS
Loans and advances to credit institutions			3,843	2,906
Loans and advances	8	14	17,473	17,819	592	557	7	7	12	12
Mortgage loans	7	13					7	7	10	11
Others	1	1	17,473	17,819	592	557			2	1
Of which: valuation adjustments			(15)	(11)		(1)			(2)	(2)
Debt securities	15,733	16,065	3,140	3,148
TOTAL	15,741	16,079	24,456	23,873	592	557	7	7	12	12
LIABILITIES
Customer deposits	373	486	5,152	5,775	954	1,030	18	19	17	21	314	51
Debt securities issued			213	354
TOTAL	373	486	5,365	6,129	954	1,030	18	19	17	21	314	51
PROFIT OR LOSS
Interest income	362	578	724	855	18	30
Interest expense	(4)	(11)	(124)	(185)	(12)	(18)		(1)			(5)	(2)
Fee and commissions income			790	737	301	283
Fee and commission expenses	(3)		(176)	(129)
TOTAL	355	567	1,214	1,278	307	295		(1)			(5)	(2)
OTHER
Contingent liabilities	55	58	324	260	41	14			1	1
Contingent commitments			2,556	2,893	326	328	1	1	1	2
Assets under management (AUMs) and assets under custody (4)	55,049	34,504	74	71	1,397	1,277	48	44	33	29	1,169	1,246
TOTAL	55,104	34,562	2,954	3,224	1,764	1,619	49	45	35	32	1,169	1,246

⁽¹⁾ At 31 December 2025, they refer to balances and transactions carried out with the "Fundación la Caixa" Banking Foundation, CriteriaCaixa, BFA Tenedora de Acciones, SAU, the FROB and its dependent companies. At 31 December 2025, the stakes held by CriteriaCaixa and BFA Tenedora de Acciones, SAU. in CaixaBank was 31.27 % and 18.08 %, respectively. As at 31 December 2024, it was 31.92 % and 18.03 %, respectively.

⁽²⁾ As regards the cost of lawsuits relating to preferential shares and subordinate obligations of the former Bankia, pursuant to the agreement with BFA to distribute costs in this field, Bankia already assumed a maximum loss of 246 million euros resulting from the costs related to the execution of the sentences in which it was convicted in the various proceedings against Bankia (now CaixaBank) due to the aforementioned issues. The potential contingency arising from current and future claims including interest and costs would be, where applicable, paid by BFA under the said agreement. In any case, litigation in this area is currently residual. In 2025, a total of 2 claims were received from individual investors with a negligible economic risk.

⁽²⁾ Directors and Senior Management of CaixaBank.

⁽³⁾ Relatives and companies linked to members of the Boards of Directors and the Senior Executive of CaixaBank. There are no significant differences in the perimeter considered under the Regulation of the Board of Directors (adapted to the amendments in 2021 of the Spanish Capital Companies Act) and that of Circular 4/2017.

⁽⁴⁾ Includes investment funds, insurance contracts, pension funds and post-employment obligations contributed.

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The main Group companies and the nature of their relationship are set out below:

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Transactions between Group companies form part of the normal course of business and are carried out at arm's length.

There are no significant transactions carried out in the financial years 2025 and 2024 with the significant shareholder in addition to those mentioned in the previous notes to these financial statements.

DESCRIPTION OF THE RELATIONS WITH CRITERIACAIXA AND THE 'LA CAIXA' BANKING FOUNDATION

The 'la Caixa' Banking Foundation (FBLC), CriteriaCaixa and CaixaBank have an Internal Protocol on Relations available on the CaixaBank website, last updated in 2021, which governs the mechanisms and criteria of relations between CaixaBank and FBLC and CriteriaCaixa, particularly in the following areas: (i) management of related-party transactions, establishing mechanisms to avoid conflicts of interest; and (ii) regulation of the information flows needed to fulfil reporting obligations in terms of trading and supervision.

The latest amendment to the Internal Protocol on Relations was made to adapt it to the entry into force of Act 5/2021, of 12 April, which amends the revised text of the Spanish Capital Companies Law, among other matters, with respect to the regime governing related-party transactions carried out by listed companies. This affects transactions between CaixaBank and CaixaBank Group companies, on the one hand, and the "la Caixa" Banking Foundation and "la Caixa" Banking Foundation Group companies, such as Criteria, on the other.

CaixaBank (as licensee) has a license agreement in effect with FBLC (as licensor) governing the use of certain trade names and the assignment of Internet domain names. The trade names licensed out under that agreement include the "la Caixa" brand and the star logo. The trade name license was granted in 2014 with an indefinite nature. However, it may be terminated by withdrawal or complaint by the licensor after 15 years have passed from signing, or in the event the stake held by FBLC in CaixaBank is less than 30 % of the share capital and voting rights of CaixaBank, or in the event there is a shareholder with a larger stake in CaixaBank. The Company pays FBLC a fee for this licence that can be reviewed annually.

FBLC assigned to CaixaBank and companies of the Bank, free of charge, the trademarks corresponding to their corporate names and the trademarks related to banking, financial, investment and insurance products and services, except for those that contain the "Miró Star" (Estrella de Miró) graphic design or the "la Caixa" denominative sign, which are covered by the licence. It also assigned the domain names used relating to the same company names.

Beyond the provisions of the above paragraphs, the Bank's activities are not dependent on or significantly influenced by patents or licences, industrial contracts, new manufacturing processes or special commercial or financial contracts.

34. Other disclosure requirements

34.1. THE ENVIRONMENT

CaixaBank carries out periodic double materiality assessments to identify material topics for reporting purposes in terms of risks and opportunities for the Bank and their impact on stakeholders. In this regard, the environment and, in particular, the management of climate risks, opportunities and impacts is considered a material topic for the Bank, and is addressed in greater detail in the CaixaBank Group's consolidated Management Report.

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34.2. CUSTOMER SERVICE

CaixaBank has a Customer Service Office charged with handling and resolving customer complaints and claims. This office has no connections with commercial services and performs its duties with independent judgment and according to the protection rules for financial services customers.

The complaints admitted by the customer service departments and by the supervisors' complaints services are as follows:

_CLAIMS AND COMPLAINTS

(Number)

	CNMV	DGS (Directorate General of Insurance)
Procedure type	2025	2024	2025	2024	2025	2024	2025	2024
Complaints admitted
Preliminary	61,252	343,973	83	102
Others	95,320	141,415	1,182	1,566	116	154	1	2

The average resolution time in 2025 was 15 calendar days, the same as in 2024.

For more information on the Customer Care Service (CCS), please see the "06 Sustainability information – S – Social – S4 – Customers – Customer Care" section of the consolidated Management Report.

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Appendix 1 – CaixaBank investments in subsidiaries

LIST OF SUBSIDIARIES

(Thousands of euros)

				% shareholding				0466
Corporate name	Business activity	Registered address	Direct	Total	Share capital		Results	Cost of direct holding (net)
Aris Rosen, S.A.U.	Services	Barcelona-Spain	100.00	100.00	60	255	(64)	_
Arquitrabe Activos, S.L.	Holding of shares	Barcelona-Spain	100.00	100.00	98,431	10,590	8,714	106,623
BPI (Suisse), S.A. (1)	Financial services	Switzerland	-	100.00	3,000	8,257	(927)	-
BPI Gestão de Activos - Sociedade Gestora de Fundos de Investimento Mobiliário, SA	Management of collective investment institutions	Portugal	-	100.00	2,500	15,268	7,150	-
BPI Vida e Pensões - Companhia de Seguros, SA	Life insurance and pension fund management	Portugal	-	100.00	76,000	58,551	27,200	-
Banco BPI, S.A.	Banking	Portugal	100.00	100.00	1,293,063	2,654,684	511,597	2,060,366
Bankia Habitat, S.L.U.	Holding of shares	Madrid-Spain	-	100.00	755,560	(46,321)	(11,378)	-
BuildingCenter, S.A.U.	Holder of real estate assets	Madrid-Spain	100.00	100.00	100,003	819,761	(118,432)	1,282,814
Caixa Capital Biomed S.C.R. S.A.	Venture capital company	Barcelona-Spain	90.91	90.91	1,200	314	(332)	1,084
Caixa Capital Fondos Sociedad De Capital Riesgo S.A.	Venture capital company	Madrid-Spain	100.00	100.00	1,200	6,494	(7)	5,703
Caixa Capital Micro SCR S.A.	Venture capital company	Madrid-Spain	100.00	100.00	1,200	515	(60)	1,254
Caixa Capital Tic S.C.R. S.A.	Venture capital company	Barcelona-Spain	80.65	80.65	1,209	1,997	2,924	6,823
Caixa Emprendedor XXI, S.A.U.	Promotion of business and entrepreneurial initiatives	Barcelona-Spain	100.00	100.00	1,007	17,762	(595)	17,954
CaixaBank Asset Management, SGIIC, S.A.U.	Management of collective investment institutions	Madrid-Spain	100.00	100.00	86,310	52,474	201,764	119,475

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_LIST OF SUBSIDIARIES

(Thousands of euros)

			% share	holding	Share			Cost of direct
Corporate name	Business activity	Registered address	Direct	Total		Reserves	s Results	holding (net)
CaixaBank Brasil Escritório de Representação Ltda. (2)	Representation office	Brazil	100.00	100.00	1,194	4,241	927	345
CaixaBank Equipment Finance, S.A.U.	Vehicle and equipment leasing	Madrid-Spain	0.00	100.00	10,518	60,379	(1,927)	-
CaixaBank Facilities Management, S.A.	Project management, maintenance, logistics and procurement	Barcelona-Spain	100.00	100.00	1,803	1,871	790	2,053
CaixaBank Notas Minoristas, S.A.U.	Finance	Madrid-Spain	100.00	100.00	60	4,032	(33)	4,092
CaixaBank Titulizacion S.G.F.T., S.A.U.	Securitisation fund management	Madrid-Spain	100.00	100.00	1,503	1,977	1,654	6,423
CaixaBank Wealth Management Luxembourg, S.A.	Banking	Luxembourg	100.00	100.00	12,701	45,049	13,273	65,725
CaixaBank Asset Management Luxembourg, S.A.	Management of collective investment institutions	Luxembourg	-	100.00	150	3,860	1,184	-
CaixaBank Operational Services, S.A.	Specialised services for back office administration	Barcelona-Spain	100.00	100.00	1,803	19,515	1,344	9,579
CaixaBank Payments & Consumer, E.F.C., E.P., S.A.	Consumer finance	Madrid-Spain	100.00	100.00	135,156	1,696,156	118,616	1,602,028
CaixaBank Tech, S.L.	Provision of IT services	Barcelona-Spain	100.00	100.00	15,003	101,871	12,674	167,812
Centro de Servicios Operativos e Ingeniería de Procesos, S.L.U.	Specialised services for back office administration	Madrid-Spain	100.00	100.00	500	14,800	(19)	17,306
Coia Financiera Naval, S.L.	Provision of financial services and intermediation in the shipbuilding sector	Madrid-Spain	76.00	76.00	3	17	-	2
Facilitea Selectplace, S.A.U.	Product marketing	Barcelona-Spain	-	100.00	60	29,943	38,824	-
Grupo Aluminios de Precisión, S.LU. (*)	Smelting	Burgos-Spain	100.00	100.00	7,500	23,061	2,168	3,360
Hiscan Patrimonio, S.A.	Holding of shares	Barcelona-Spain	100.00	100.00	46,867	52,882	46,359	148,500
Imaginersgen, S.A.	Digital business	Barcelona-Spain	99.99	100.00	60	4,867	13,522	1,858
Inter Caixa, S.A.	Services	Barcelona-Spain	99.99	100.00	60	(2)	(7)	_
Livingcenter Activos Inmobiliarios, S.A.U.	Real estate development	Barcelona-Spain	_	100.00	137,331	1,253,354	(20,147)	_
Líderes de Empresa Siglo XXI, S.L.	Private security of goods and people	Barcelona-Spain	100.00	100.00	378	1,461	362	754

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_LIST OF SUBSIDIARIES

(Thousands of euros)

			% shareholding		Share			Cost of direct
Corporate name	Business activity	Registered address	Direct	Total	capital		Results	holding (net)
Nuevo Micro Bank, S.A.U.	Financing of microloans and other loans with a social impact	Madrid-Spain	100.00	100.00	90,186	327,103	23,205	90,186
OpenWealth, S.A.	Other financial services, with the exception of n.c.o.p insurance and pension plans.	Barcelona-Spain	100.00	100.00	120	544	150	425
PremiaT Comunidad Online, S.L.	Marketing of cashless platform	Barcelona-Spain	-	100.00	100	1,876	(41)	_
Puerto Triana, S.A.U.	Real state of shopping centers	Seville-Spain	100.00	100.00	124,290	440	(4,110)	120,621
Silc Immobles, S.A.	Real-estate administration, management and operation	Madrid-Spain	-	100.00	40,070	89,839	317	_
Telefónica Renting, S.A.	Equipment leasing	Madrid-Spain	-	50.00	800	9,418	19,358	_
Tenedora Fintech Venture, S.A.U.	Holding of shares	Madrid-Spain	100.00	100.00	60	1,608	(22)	369
Unión de Crédito para la Financiación Mobiliaria e Inmobiliaria, E.F.C., S.A.U.	Mortgage loans	Madrid-Spain	100.00	100.00	18,986	52,475	894	70,639
Valenciana de Inversiones Mobiliarias, S.LU.	Holding of shares	Valencia-Spain	100.00	100.00	4,330	109,289	(27)	113,370
VidaCaixa Mediació, Sociedad de Agencia de Seguros Vinculada, S.A.U.	Insurance agency	Madrid-Spain	_	100.00	269	75,564	2,769	-
VidaCaixa, S.A. de Seguros y Reaseguros Sociedad Unipersonal	Insurance and reinsurance	Madrid-Spain	100.00	100.00	1,347,462	36,657	1,247,915	2,534,688
Web Gestión 4, S.A.	Real estate management and administration	Barcelona-Spain	100.00	100.00	60	1,529	(39)	1,591

^(*) Companies considered as non-current assets held for sale.

Note: The information corresponding to non-listed companies is based on the most recent data available (actual or estimated) at the time of preparation of the notes to these financial statements.

Note: Besides the companies set out in the details of the Appendix, the Group holds a 100 % share of the share capital of the following companies that are inactive and/or have no business activity: GDS Grupo de Servicios I, S.A.; Web Gestión I, S.A.; Gestión Global de Participaciones, S.L.U.; Caixa Corp, S.A.; Estugest, S.A.; Inversiones Corporativas Digitales, S.L. and Negocio de Finanzas e Inversiones II, S.L. Similarly, the following companies of which the Group wholly owns the share capital are currently in liquidation: Inmobiliaria Piedras Bolas, S.A. de C.V.; Playa Paraíso Maya, S.A. de C.V.; Tubespa, S.A. and Costa Eboris, S.L.U. Likewise, the company has the following investees as subsidiaries: Habitat Dos Mil Dieciocho, S.L.; Puertas de Lorca Desarrollos Empresariales, S.L.U., in liquidation; and Abside Capital SICAV, S.A., which are currently in liquidation.

⁽¹⁾ All data except cost are in local currency: Swiss franc (thousands)

⁽²⁾ All data except cost are in local currency: Brazilian real (thousands).

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Appendix 2 – CaixaBank stakes in agreements and joint ventures of the Group

_LIST OF AGREEMENTS AND JOINT VENTURES

(Thousands of euros)

Cornerate name Business		Registered	% shareholding				Ordinary	Share		_	Total compre-	Cost of	Dividends accrued
Corporate name	activity	address	Direct	Total	Assets	Liabilities	income	capital	Reserves Results		Reserves Results		apital Reserves Results	hensive income	direct holding (net)	on total ownership interest
Arrendadora Ferroviaria, S.A.	Lessor of trains	Barcelona- Spain	54.15	54.15	120,191	120,718	6,006	60	(614)	26	26	-	-
FrauDfense, S.L.	IT Services	Madrid- Spain	_	33.33	2,926	406	-	3	4,769	(2,253)	(2,253)	-	-

Note: The information corresponding to non-listed companies is based on the most recent data available (actual or estimated) at the time of preparation of the notes to these financial statements.

Note: The company also has joint control over the subsidiaries Royactura, S.L. (in liquidation) and Inversiones Alaris, S.L. (in liquidation), which are currently under liquidation.

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Appendix 3 – CaixaBank investments in Group associates

_LIST OF ASSOCIATES

(Thousands of euros)

			% shareh	-							Takai	Cost of	Dividends accrued on
Corporate name	Business activity	Registered address	Direct	Total	Assets	Liabilities	Ordinary income	Share capital	Reserves	Results	Total comprehen- sive income	direct holding (net)	total ownership interest
Ape Software Components S.L.	Computer programming activities	Barcelona- Spain	_	25.22	2,516	2,182	2,015	12	244	79	79	-	-
Banco Comercial de Investimento, S.A.R.L. (1)	Banking	Mozambique	_	35.67	242,449,679	206,995,320	30,262,269	10,000,000	22,844,720	2,609,639	2,609,639	_	-
Bizum, S.L.	Payment entity	Madrid- Spain	_	24.00	29,405	15,115	64,727	2,346	8,635	3,308	3,308	-	-
Brilliance-Bea Auto Finance Co., L.T.D. (2)	Automotive sector financing	China	-	22.50	2,505,279	878,734	101,074	1,600,000	98,250	(71,705)	(71,705)	_	-
Comercia Global Payments, Entidad de Pago, S.L.	Payment entity	Madrid- Spain	_	20.00	801,897	314,640	675,912	4,857	371,533	110,866	110,866	_	28,948
Companhia de Seguros Allianz Portugal, S.A.	assets	Portugal	_	35.00	1,516,615	1,291,510	680,954	31,636	143,038	50,431	50,431	_	14,034
Concessia, Cartera y Gestión de Infraestructuras, S.A.	Infrastructure construction and operation	Madrid- Spain	24.20	32.20	5,362	_	_	5,787	(270)	(155)	(155)	_	_
Coral Homes, S.L.	Real estate services	Madrid- Spain	-	20.00	846,478	42,170	418,322	270,774	660,403	(126,868)	(126,868)	_	_
Drembul, S.L.	Real estate development	Logroño- Spain	21.83	46.83	52,449	2,880	3,808	30	39,511	2,712	2,712	2,363	_
Girona, S.A.	Holding of shares	Girona- Spain	34.22	34.22	6,210	470	1,221	1,200	4,548	(9)	(9)	1,642	_
Global Payments Moneytopay, EDE, S.L.	Payment entity	Madrid- Spain	-	49.00	254,946	224,019	22,629	1,367	22,051	7,509	7,509	_	4,941
Gramina Homes, S.L.	Real estate services	Madrid- Spain	-	20.00	109,772	6,973	34,121	27,626	75,415	(242)	(242)	_	-
IT Now, S.A.	Services for IT technology projects	Barcelona- Spain	39.00	49.00	63,563	43,061	209,544	3,382	15,378	1,742	1,742	1,323	-

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_LIST OF ASSOCIATES

(Thousands of euros)

			shareh								Takal	Cost of direct	Dividends accrued on
Corporate name	Business activity	Registered address	Direct	Total	Assets	Liabilities	Ordinary income	Share capital	Reserves	Results	Total comprehen- sive income	holding (net)	total ownership interest
Murcia Emprende Sociedad de Capital Riesgo, S.A.	Venture capital company	Murcia- Spain	28.68	28.68	4,110	52	-	2,557	473	1,015	1,015	600	-
Parque Científico y Tecnológico de Córdoba, S.L.	Science park operation and management	Córdoba- Spain	15.58	35.69	28,234	22,437	830	23,422	(19,478)	(1,213)	(1,213)	-	_
Portic Barcelona, S.A.	Other services related to information technology and telecommunications	Barcelona- Spain	25.81	25.81	2,654	353	2,620	291	1,903	106	106	105	_
Qivalis B.V.	Other financial services, with the exception of n.c.o.p insurance and pension plans.	Netherlands	9.09	9.09	33,000	-	-	11	32,989	-	-	3,000	-
Redsys Servicios de Procesamiento, S.L.	Payment methods	Madrid- Spain	_	24.90	134,594	57,806	162	5,815	57,179	13,794	13,794	_	-
SegurCaixa Adeslas, S.A. de Seguros y Reaseguros	Non-life insurance	Madrid- Spain	_	49.92	5,754,640	3,634,705	5,380	469,670	919,352	555,172	553,743	_	223,095
Servired, Sociedad Española de Medios de Pago, S.A.	Payment methods	Madrid- Spain	_	25.00	104,936	104,326	6,494	60	594	(45)	(45)	-	_
Sistema de Tarjetas y Medios de Pago, S.A.	Payment methods	Madrid- Spain	_	20.61	610,075	601,102	9,279	240	6,304	2,429	2,429	_	_
Sociedad Española de Sistemas de Pago, S.A.	Payment entity	Madrid- Spain	23.23	23.23	16,857	4,849	19,407	524	8,671	2,813	2,813	1,777	52
Societat Catalana per a la Mobilitat, S.A.	Development and implementation of the T-mobilitat project	Barcelona- Spain	16.79	16.79	128,367	107,292	26,702	13,823	617	4,894	4,894	1,846	-
TFP, S.A.C. (5)	Factoring	Peru	16.20	16.20	13,747	171	1,922	6,000	9,803	(2,227)	(2,227)	538	-
Telefonica Factoring España, S.A.	Factoring	Madrid- Spain	20.00	20.00	71,514	56,414	35,154	5,109	1,740	8,252	8,252	2,525	2,099
Telefonica Factoring do Brasil, Ltda. (4)	Factoring	Brazil	20.00	20.00	147,380	138,545	52,560	5,000	1,000	2,836	23,654	2,029	1,305
Telefónica Factoring Colombia (3)	Factoring	Colombia	16.20	16.20	188,919,983	177,268,818	40,008,184	4,000,000	2,125,218	5,525,947	5,525,947	380	221

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_LIST OF ASSOCIATES

(Thousands of euros)

			% shareh	6 olding								Cost of	Dividends accrued on
Corporate name	Business activity	Registered address	Direct	Total	Assets	Liabilities	Ordinary income	Share capital	Reserves	Results	Total comprehen- sive income	direct holding (net)	total ownership interest
Zone2Boost, S.L.	Holding company for business acquisition	Barcelona- Spain	0.00	40.00	3,559	129	2,162	3	3,965	(538)	(538)	_	_

⁽¹⁾ All data except cost are in local currency: New Mozambique metical (thousands).

Note: The information corresponding to non-listed companies is based on the most recent data available (actual or estimated) at the time of preparation of the notes to these financial statements.

Note: The Company also has significant influence in the investee Guadapelayo, S.L. (in liquidation), S.L., which is currently in liquidation.

⁽²⁾ All data except cost are in local currency: Renmimbi (thousands).

⁽³⁾ All figures except cost and dividend are shown in local currency: Colombian pesos (thousands).

⁽⁴⁾ All figures except cost and dividend are shown in local currency: Brazilian real (thousands).

⁽⁵⁾ All data except the cost are in local currency: Peruvian sol (thousands).

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Appendix 4 – Disclosures on changes in ownership interests in 2025

(Article 155 of the Capital Companies Law and Article 105 of Law 6/2023 of 17 March on Securities Markets and Investment Services).

No purchases or sales of equity interests were carried out during 2025.

Appendix 5 – List of agents

Information required under Article 21 of Royal Decree 84/2015, of 13 February

Name
Asesoria Suarez S.l.	Apolonia Gomez Santos
Afp Gestiones Financieras S.l.	Francisco Javier Dominguez Cornejo
Asesoria Y Gestion Martinez Lerida S.l.	Juana Wic Gomez
Inversiones Confidence Capital, S.l.	Jonathan Perez Iglesia
Serfis Asesoria E Xestion, S.l.	Maria Carmen Ulgar Gutierrez
Paredes Ramos, Abdulahi	Beatriz Lopez Bello
Luz Maria Garcia Valero	Jesus Miguel Prado Cea
Jose Andres Cejas Galvez	Maria Isabel Paños Rueda
Maria Gema Melgar Navarro	Jesus Rafael Serrano Lopez
Antonio Jesus Gomez Chica	Maria Reyes Rodriguez Naranjo
Lourdes Ceres Ocaña	Miguel Angel Sanchez Pareja
Sergio Lopez Rodriguez	Francisca Castilla Gigante
Jose Manuel Cruz Muñiz	Miguel Garcia Dominguez

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Appendix 6 – Foreclosed assets

The table below shows foreclosed assets by source and type of property:

_FORECLOSED REAL ESTATE ASSETS – 31-12-2025 *

	Gross carrying amount	Allowances for impairment **	Of which from foreclosure	Net carrying amount
Acquired from loans to real estate constructors and developers	21	(7)	(5)	14
Completed constructions	15	(4)	(3)	11
Homes	13	(4)	(3)	9
Others	2			2
Unfinished constructions	1			1
Homes	1			1
Land	5	(3)	(2)	2
Urban land	3	(2)	(2)	1
Other land	2	(1)		1
Acquired from mortgage loans to homebuyers	158	(42)	(38)	116
Other real estate assets	108	(23)	(22)	85
Foreclosed equity instruments of real estate asset holding companies or received in lieu of payment of debt	9,182	(7,899)		1,282
Foreclosed finance to real estate asset holding companies or received in lieu of payment of debt	4,101			4,101
TOTAL	13,570	(7,971)	(65)	5,598

^(*) Includes foreclosed assets classified as "Tangible assets – Investment property" amounting to 20 million euros, net, as well as rights arising from foreclosure proceedings in the amount of 54 million euros, net.

_FORECLOSED REAL ESTATE ASSETS - 31-12-2024 *

	Gross carrying amount	Allowances for impairment **	Of which from foreclosure	Net carrying amount
Acquired from loans to real estate constructors and developers	33	(10)	(5)	23
Acquired from mortgage loans to homebuyers	269	(65)	(59)	204
Other real estate assets	133	(20)	(17)	113
Foreclosed equity instruments of real estate asset holding companies or received in lieu of payment of debt	9,182	(7,828)		1,354
Foreclosed finance to real estate asset holding companies or received in lieu of payment of debt	4,275			4,275
TOTAL	13,892	(7,923)	(81)	5,969

^(*) Includes foreclosed assets classified as "Tangible assets – Investment property" amounting to 25 million euros, net, and includes rights arising from foreclosure proceedings in the amount of 101 million euros, net.

^(**) Cancelled debt associated with the foreclosed assets totalled 469 million euros and total write-downs of this portfolio amounted to 254 million euros, 71 million euros of which are allowances for impairment recognised in the balance sheet.

^(**) Cancelled debt associated with the foreclosed assets totalled 741 million euros and total write-downs of this portfolio amounted to 400 million euros, 94 million euros of which are allowances for impairment recognised in the balance sheet.

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Appendix 7 – Real estate financing

FINANCING FOR REAL ESTATE CONSTRUCTION AND DEVELOPMENT

The tables below show financing for real estate construction and development, including developments carried out by non-developers (business in Spain):

_FINANCING FOR REAL ESTATE CONSTRUCTION AND DEVELOPMENT

(Millions of euros)

	31-12-2025			31-12-2024
	Total amount	Of which: Non performing	Total amount	Of which: Non performing
Gross amount	4,361	184	4,304	275
Allowances for impairment	(140)	(109)	(162)	(123)
NET AMOUNT	4,221	75	4,142	152
Excess gross exposure over the maximum recoverable value of effective collateral	1,000	117	1,061
Asset write-offs	1,760		1,793
Loans and advances to customers excluding public administrations	293,855		281,523

The tables below show the breakdown of financing for real estate developers and developments, including developments carried out by nondevelopers (business in Spain), by collateral:

_FINANCING FOR REAL ESTATE DEVELOPERS AND DEVELOPMENTS BY TYPE OF COLLATERAL

	31-12-2025	31-12-2024
Without mortgage collateral	757	768
With mortgage collateral	3,604	3,536
Completed constructions	2,198	2,411
Homes	1,496	1,600
Others	703	811
Unfinished constructions	1,152	909
Homes	1,075	793
Others	76	116
Land	254	216
Urban land	117	126
Other land	137	90
TOTAL	4,361	4,304

The following table presents financial guarantees given for real estate construction and development, including the maximum level of exposure to credit risk (i.e. the amount the Bank could have to pay if the guarantee is called on).

_FINANCIAL GUARANTEES

(Millions of euros)

	31-12-2025	31-12-2024
Financial guarantees given related to real estate construction and development	58	64
Amount recognised under liabilities	0	0

The amounts shown in the tables above do not include funding extended by the Bank to its subsidiary companies, as follows:

_FINANCING EXTENDED TO GROUP REAL ESTATE COMPANIES

	31-12-2025	31-12-2024
Finance to Group subsidiaries	4,101	4,275
Building Center	4,101	4,275

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FINANCING TO HOUSEHOLDS FOR HOME PURCHASE

Home purchase loans with a mortgage guarantee, by loan-to-value (LTV) ratio and based on the latest available appraisal, are as follows:

_HOME PURCHASE LOANS BY LTV

(Millions of euros)

		31-12-2025		31-12-2024
	Gross amount	Of which: risk	Gross amount	Of which: risk
Not real estate mortgage secured	1,070	11	954	7
With real estate mortgage, by LTV *	123,729	2,632	118,037	3,454
LTV ≤ 40 %	35,240	441	34,760	434
40 % < LTV ≤ 60 %	37,389	553	36,302	636
60 % < LTV ≤ 80 %	36,252	533	32,990	672
80 % < LTV ≤ 100 %	9,609	422	7,782	573
LTV > 100 %	5,239	683	6,203	1,139
TOTAL	124,799	2,643	118,991	3,461

^(*) LTV calculated according to the latest available valuations. The ranges for non-performing transactions are updated in accordance with prevailing regulations.

Appendix 8 – Merger balance sheets

The balance sheets of the absorbed companies as at 31 December 2024 are set out below. For accounting purposes, 1 January 2025 was established as the effective date of the merger:

_MERGER BALANCE SHEET – CAIXABANK ADVANCED BUSINESS ANALYTICS

(Thousands of euros)

	31-12-2024		31-12-2024
NON-CURRENT ASSETS	421	EQUITY	1,759
Intangible assets	45	Own funds	1,759
Property, plant and equipment	320	Capital	100
Non-current financial assets	52	Reserves	99
Deferred tax assets	4	Other shareholder contributions	1,100
CURRENT ASSETS	3,427	Profit/(loss) for the period	460
Trade and other receivables	136	CURRENT LIABILITIES	2,089
Cash and cash equivalents	3,291	Current payables to group companies and associates	532
		Trade and other payables	1,557
TOTAL ASSETS	3,848	TOTAL LIABILITIES AND EQUITY	3,848

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_MERGER BALANCE SHEET – HIPOTECAIXA 2

(Thousands of euros)

	31-12-2024		31-12-2024
NON-CURRENT ASSETS	23,420	EQUITY	31,062
Non-current financial assets	23,236	Own funds	31,062
Deferred tax assets	184	Capital	3
CURRENT ASSETS	9,184	Reserves	30,289
Current financial assets	2,776	Profit/(loss) for the period	770
Cash and cash equivalents	6,408	NON-CURRENT LIABILITIES	1,262
		Deferred tax liabilities	1,262
		CURRENT LIABILITIES	280
		Current payables to group companies and associates	193
		Trade and other payables	87
TOTAL ASSETS	32,604	TOTAL LIABILITIES AND EQUITY	32,604

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Proposed appropriation of profit

of CaixaBank, S.A.

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Proposed appropriation of CaixaBank profit

_PROPOSED APPROPRIATION OF PROFIT OF CAIXABANK S.A.

	2025
Basis of appropriation
Profit/(loss) for the year	5,986,716,296.20
Distribution
To dividends	3,498,925,536.13
To interim dividend (1)	1,179,367,000.06
To final dividend (2)	2,319,558,536.07
To reserves	2,487,790,760.07
To legal reserve (3)
To voluntary reserve (2) (4)	2,487,790,760.07
NET PROFIT FOR THE YEAR	5,986,716,296.20

⁽¹⁾ Estimated total amount (see note (2) below).

(3) Estimated amount (see Note 5 below).
(4) It is not necessary to transfer part of the profit for the year 2025 to the legal reserve as this already amounts to 20 % of the share capital (Article 274 of the Capital Companies Act).
(5) Estimated amount to be allocated to the voluntary reserve. This amount shall be increased or reduced by the same amount by which the total amount of the supplementary dividend is lower or higher, respectively, than the estimated supplementary dividend. ( See Notes 1 and 2 above).
(6) Remuneration of AT1 capital instruments corresponding to 2024, totalling 278,432,781.83 euros, will be deemed to have been paid, with this amount charged to voluntary reserves.

⁽²⁾ Amount corresponding to the payment of the final dividend of 0.3321 euros per share, to be paid in cash on 9 April 2026. It is hereby stated that the total amount of the final dividend has been determined on the assumption that, as a result of the execution process of the share buyback programme whose approval was announced by means of a communication of Inside Information dated 31 October 2025, and the commencement of which on 25 November 2025 was announced by means of an Other Relevant Information disclosure dated 24 November 2025, currently under way, the number of shares outstanding of the Bank entitled to receive the dividend as at the payment date will be 6,984,518,326. The aim of this share buy-back programme is to reduce CaixaBank's share capital by redeeming acquired treasury shares. Therefore, the total amount of the supplementary dividend may be higher if fewer shares than expected are acquired in the buyback programme, or lower if the opposite occurs.

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Management Report

/2025

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Disclaimer

This document is intended exclusively for informational purposes and does not aim to provide financial advice or constitute an offer or invitation to sell, exchange or acquire any type of security or any financial service or product of CaixaBank, S.A. (hereinafter,"CaixaBank" or "the Company") or of any other company mentioned herein. The information contained therein is subject to and should be treated as complementary to, other publicly available information. The information refers to CaixaBank Group; where there is a different scope for data or information, this will be specified. Anyone who purchases a security at any time must do so solely on the basis of their own judgment or the suitability of the security for their own purposes, and exclusively on the basis of the public information set out in the public documentation drawn up and registered by the issuer in the context of this specific information, availing themselves of advice if they consider this necessary or appropriate in accordance with the circumstances, and not on the basis of the information set out in this document.

CaixaBank wishes to emphasise that this document may contain statements relating to projections or estimates in respect of future business or returns, particularly in relation to financial information and non-financial information regarding the CaixaBank Group, such as ESG performance targets, which has been prepared primarily on the basis of estimates made by the Company. Please note that these estimates represent our expectations regarding the development of our business and that there may be various risks, uncertainties and other relevant factors that could cause developments to differ materially from our expectations. These variables include market conditions, macroeconomic factors, regulatory and government requirements; fluctuations in national or international stock markets or in interest and exchange rates; changes in the financial position or our customers, debtors or counterparties, as well as our capacity to meet ESG expectations and obligations, which can mainly depend on the actions of third parties, such as our decarbonisation targets, etc. These risk factors, together with any others mentioned in past or future reports, could adversely affect our business and its level of performance, or the achievement of future objectives, including those relating to ESG performance. Other variables that are unknown or unpredictable, or for which there is uncertainty about their evolution and/or potential impacts, may cause the results to differ materially from those described in the forecasts and estimates.

Past financial statements and previous growth rates are no guarantee of the future performance, results or price of shares (including earnings per share). Nothing contained in this document should be construed as constituting a forecast of future results or profit. It should also be noted that this document has been prepared on the basis of the accounting records kept by CaixaBank and, where applicable, by the other CaixaBank Group companies, and includes certain adjustments and reclassifications to bring the principles and criteria followed by the integrated companies in line with those of CaixaBank, and therefore the data contained in this presentation may not coincide in some respects with the financial information published by some entities in the CaixaBank Group.

The statement of profit or loss, the balance sheet and the various breakdowns thereof presented in this report are prepared on a management basis. Nevertheless, they have been drawn up in accordance with Bank of Spain Circular 4/2017 of 6 December, which adapts the International Financial Reporting Standards (IFRS), as adopted by the European Union, to Spanish credit institutions, and its subsequent amendments. By contrast, the information relating to the CaixaBank Group has been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union through EU Regulations, pursuant to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002, as subsequently amended.

This document features data supplied by third parties generally considered to be reliable information sources. However, the accuracy of the data has not been verified. With regard to the data provided by third parties, neither CaixaBank nor any of its administrators, directors or employees, guarantees or vouches, either explicitly or implicitly, that these contents are exact, precise or complete, nor is it obliged to keep them duly updated, or to correct them in the event of detecting any deficiency, error or omission. Moreover, in reproducing these contents via any medium, CaixaBank may introduce any changes it deems suitable and may partially or completely omit any portions of this presentation it chooses. CaixaBank assumes no liability for any discrepancies with this version. This statement should be taken into account by all persons or entities that may have to take decisions or prepare or disseminate opinions regarding securities issued by CaixaBank and, in particular, by analysts and investors who handle this presentation. All of them are invited to consult the documentation and public information communicated or registered by CaixaBank with the Spanish National Securities Market Commission (CNMV). Be advised that this document contains unaudited financial information.

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In addition to the financial information prepared in accordance with IFRS, this report contains a number of the Alternative Performance Measures (APMs) set out in the Guidelines on Alternative Performance Measures published by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415) ("the ESMA Guidelines"), which have not been audited, so as to provide a clearer picture of the Company's financial performance and situation. These measures are considered additional disclosures and in no case replace the financial information prepared under IFRSs. Moreover, the way CaixaBank Group defines and calculates these measures may differ to the way similar measures are calculated by other companies. As such, they may not be comparable. Please refer to the "Glossary" section of the document for details of the APMs used, as well as for the reconciliation of certain management indicators to the indicators presented in the consolidated financial statements prepared under IFRS.

The content of this document is regulated by the Spanish legislation applicable at the time of its drafting, and it is not intended for any natural or legal persons located in any other jurisdiction. Thus, it does not necessarily comply with the regulations or legal requirements that apply in other jurisdictions.

Notwithstanding the legal requirements or any limitation imposed by CaixaBank that may be applicable, any form of use or exploitation of the contents of this document, as well as the use of the signs, trademarks and logos contained herein, is expressly prohibited. This prohibition extends to any type of reproduction, distribution, transfer to third parties, public communication and transformation, by means of any type of support or medium, for commercial purposes, without the prior and express authorisation of CaixaBank and/or other respective owners of the presentation. Failure to comply with this restriction may constitute an offence punishable by law in such cases.

Figures are presented in millions of euros unless the use of another monetary unit is stated explicitly, and may be expressed as either € M, million euros or € million.

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1. OUR IDENTITY

1.1 Shareholding structure

1.2 Corporate governance

1.3 Business model

1.4 Own workforce

1.5 Suppliers

2. RISK MANAGEMENT

3. ENVIRONMENT

Economic environment
Regulatory environment
Business environment: sector, technology and sustainability

4. STRATEGY

2025 – 2027 Strategic Plan

5. FINANCIAL REPORTING AND RESULTS

ACGR/ARR GLOSSARY – FINANCIAL INFORMATION This Management Report has been prepared in accordance with the Spanish Code of Commerce and Royal Legislative Decree 1/2010, of 2 July, enacting the Spanish Corporate Enterprises Act. The non-financial information relating to CaixaBank, S.A. is included in the CaixaBank Group's consolidated Management Report, which is available together with the CaixaBank Group's consolidated financial statements for the year ended 31 December 2025 and will be filed with the Valencia Companies Registry.

In preparing this document, due consideration has been given to the CNMV's Guide for the preparation of management reports of listed companies.

From 1 January 2025 up to the date on which this report was prepared, no significant events have occurred in the Bank's operations other than those disclosed in this document or in the accompanying financial statements.

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1. Our identity

PRESENTATION OF THE CAIXABANK GROUP

CaixaBank is a financial group with a socially responsible universal banking model with a long-term vision, based on quality, close relationships and expertise.

It offers a value proposition of products and services adapted for each sector, adopting innovation as a strategic challenge and a distinguishing feature of its corporate culture, and whose leading position in retail banking in Spain and Portugal makes it a key player in supporting sustainable economic growth.

CaixaBank, S.A. is the Parent company of a group of financial services, whose stock is traded on the stock exchanges of Barcelona, Madrid, Valencia and Bilbao and on the continuous market. It has been part of the IBEX-35 since 2011, as well as the Euro Stoxx Bank Price EUR, the MSCI Europe and the MSCI Pan-Euro.

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IMPACT ON SOCIETY

Besides contributing to our customers' financial well-being, our aim is to support the progress of the whole of society.

We are a deeply-rooted retail bank in all areas in which we work and, for this reason, we feel a part of the progress of the communities where we engage our business.

CaixaBank offers its customers the best tools and expert advice to make decisions and develop habits that form the basis of financial well-being and enable them, for example, to appropriately plan to address recurring expenses, cover unforeseen events, maintain purchasing power during retirement or to make their dreams and projects come true.

We do this by:

→ Standing by people for everything that matters.

We do this with:

→ Specialised advice,
→ Personal finance simulation and monitoring tools,
→ Comfortable and secure payment methods,
→ A broad range of saving, pension and insurance products,
→ Responsibly-granted loans,
→ And, overseeing the security of our customers' personal information.

We contribute to the progress of society:

→ Effectively and prudently channelling savings and financing, and guaranteeing an efficient and secure payment system.
→ Through financial inclusion and education; environmental sustainability; support for diversity; with housing aid programmes; and promoting corporate voluntary work,
→ And, of course, through our collaboration with the Obra Social (social work) of the "laCaixa" Foundation, whose budget is partly nourished through the dividends that CriteriaCaixa earns from its share in CaixaBank. A major part of this budget is funnelled into identified local needs through the CaixaBank branch network in Spain and BPI in Portugal.

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1.1 SHAREHOLDING STRUCTURE

The shareholding structure of the Bank is set out in section 03. Corporate Governance – Ownership of the CaixaBank Group's consolidated Management Report.

The Bank's transactions for the purchase and sale of its own shares will comply with the provisions of the applicable legislation and the resolutions adopted by the General Shareholders' Meeting in this respect.

Information on the acquisition and disposal of treasury shares during the year is included in Note 25 "Equity" to the accompanying financial statements.

_SHARE PRICE PERFORMANCE IN 2025_

CaixaBank's share price closed 2025 at €10.445 per share, representing an increase of 99.5 % over the year. CaixaBank's trading volume in terms of the number of shares traded was 21.2 % lower than in 2024¹ (+21.2 % in euros).

The financial markets improved over the course of 2025. After a spike in geopolitical risk associated with Trump's policies at the beginning of the year and a brief phase of volatility, volatility steadily declined as data confirmed a moderate impact on inflation and resilient economic growth.

Despite the persistence of several sources of vulnerability—stemming both from geopolitical tensions and from the high levels of investment in the United States linked to artificial intelligence global equity markets recorded a third consecutive year of broad-based gains, with the MSCI ACWI rising by more than 20 %. In Europe and the United States, indices moved within similar ranges: the Euro Stoxx 50 gained 18 % and the S&P 500 16 %. In the United States, large technology stocks (the socalled "Magnificent 7") rose by 24 %, further increasing index concentration. Among stock market indices, the Ibex 35 stood out, surging by 49 %, driven by the banking sector.

In fixed income markets, sovereign yield curves in developed economies became steeper. In Europe and Japan, the upward shift was concentrated at the longer end of the curve, reflecting fiscal concerns: stimulus plans in Germany pushed its 30 year benchmark up by almost 90 bp, to close to 3.5 %. At the same time, peripheral spreads narrowed significantly, particularly in Italy (–46 bp) and Spain (–26 bp), while the French spread ended the year at around 70 bp, the highest in the euro area after Slovakia. In the United States, rate cuts by the Federal Reserve and expectations that they would continue led to declines at the short end of the curve, while long-term yields ended the year broadly flat, albeit at elevated levels, with the 10 year Treasury above 4.0 %.

In the foreign exchange market, the initial appreciation of the dollar following Trump's victory was reversed sharply in the first half of 2025, with the euro appreciating by more than 13 % against the dollar to 1.18 dollars per euro. In nominal effective terms, the euro gained 5 %, tempered by the strength of other European currencies.

Finally, in the commodities markets, energy commodities fell in Europe (Brent -18 %, natural gas TTF -42 %), while precious metals recorded a historic rally (gold +65 %, silver +148 %) driven by increased central bank purchases and structural supply imbalances, in a move that was amplified by speculative factors and the search for a safe haven amid geopolitical tensions.

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_PERFORMANCE OF THE CAIXABANK SHARE_

CaixaBank	Euro Stoxx 50	IBEX 35	Euro Stoxx Banks
+99.5%	+18.3%	+49.3%	+80.3%
CaixaBank	Euro Stoxx Banks	IBEX 35	Euro Stoxx 50

Share	December 2025	December 2024	Change
Share price (€/share)	10.445	5.236	5.209
Market capitalization (€ M)	73,200	37,269	35,931
Book value (€/share)	5.49	5.17	0.32
Tangible book value (€/share)	4.69	4.41	0.28
Net profit attrib. per share (€/share) (12 months)	0.83	0.80	0.04
PER (Price / EPS; times)	12.52	6.57	5.95
P/B ratio (price / book value)	1.90	1.01	0.89

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1.2 CORPORATE GOVERNANCE

Sound corporate governance enables companies to maintain an efficient and methodical decision-making process, because it incorporates clarity in the allocation of roles and responsibilities and at the same time, it fosters proper risk management and efficient internal control, which promotes transparency and limits the appearance of potential conflicts of interest.

All of this promotes management excellence that results in greater value contribution to the company and therefore to its stakeholders .

In line with our commitment to our mission and vision, integrating good corporate governance practices into our business is necessary and is a strategic priority to achieve a well-run company and to be recognised for it.

CORPORATE GOVERNANCE STRUCTURE

At CaixaBank, the management and control of the Company is carried out by the General Meeting of Shareholders, the Board and its Committees:

Executive Committee: a delegated committee of the Board that meets whenever convened by its Chair. Resolutions are adopted by a majority of those present and are valid and binding without the need for subsequent ratification by the full Board. It reports to the Board on the main matters discussed and the decisions taken in relation thereto.

Appointments and Sustainability Committee: submits proposals for the appointment of independent directors and for the appointment or removal of senior executives, organises the succession of the Chair, assesses the structure, size, composition and performance of the Board of Directors and its committees, sets a target for representation of the less represented sex, assesses the suitability of directors, oversees compliance with environmental and social policies and rules, and supervises the Company's performance in relation to sustainability and the related reports that are published.

Risks Committee: advises the Board on the Company's current and future risk appetite and risk strategy, monitors compliance with them, proposes the Group's risk policy, and regularly reviews exposures to all types of risk.

Remuneration Committee: prepares decisions relating to the remuneration policy and remuneration.

Innovation, Technology and Digital Transformation Committee: advises the Board on the implementation of the Strategic Plan in matters relating to digital transformation and technological innovation.

Audit and Control Committee: reports to the General Shareholders' Meeting on the outcome of the audit, oversees the preparation and presentation of the Company's and the Group's financial and nonfinancial information, and monitors the effectiveness of the internal control and risk management systems.

Information relating to the Company's corporate governance is set out in the Annual Corporate Governance Report (ACGR), available on CaixaBank's corporate website (www.caixabank.com).

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1.3 BUSINESS MODEL

BASED ON OUR STRENGTHS

Leading bank in Spain and Portugal Broad customer base and model of universal banking Model of multichannel distribution Knowledge of the customer: data and analytical capabilities Strong subsidiaries operating in insurance and long-term savings management Financial strength Benchmarks in sustainable banking Outstanding human team

WITH SPECIALISED MANAGEMENT

REMOTE DISTRIBUTION CHANNELS

4,251 branches in Spain and 301 in Portugal

12.7 M¹ customers using digital service channels in Spain and 1 M in Portugal

● Connecta ● Imagin

7.6 M customers with remote manager in Spain and 0.8 M in Portugal

4 M digital customers looking for neobank experience (Spain)

WIDE RANGE OF FINANCIAL AND INSURANCE PRODUCTS AND SERVICES

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_Retail Banking_

The Retail Banking value proposition is aimed at Personal Banking (including specialised value propositions for: AgroBank and HolaBank), Premier Banking and Business Banking (self-employed customers, professionals and merchants).

It is built on an innovative and personalised, omnichannel offering, driven by enhancements to digital and remote relationship models and focused on customers' needs (Day-to-day banking, Financing, Protection and Savings).

Within the framework of the 2025–2027 Strategic Plan, it has implemented a new segmentation and a renewed distribution model with the aim of providing more personalised, specialised and efficient service, tailored to channel usage and the specific needs of each segment. This new model entails greater expertise, the creation of new portfolios, and the introduction of new roles such as the Personal Banking Manager.

_Caixabank Wealth Management_

The Private Banking division has evolved with a broader wealth management approach and a new brand: CaixaBank Wealth Management, which brings together the Group's entire wealth management activity, together with CaixaBank Wealth Management Luxembourg, the first bank in Luxembourg to provide exclusively an independent advisory service, and OpenWealth, a multi-family office service for Ultra High Net Worth (UHNW) clients, regardless of where the client's assets are held.

Wealth Management offers specific value propositions to groups which, by their nature, share the same needs and objectives when it comes to managing their wealth.

It has specialised teams made up of 1,190 professionals, with an average of 15 years' experience, and 86 exclusive centres, enabling it to ensure that customers always receive close, personalised service.

All Wealth Management clients are assigned a single relationship manager, responsible for managing the relationship.

It also has specialised units that provide clients with comprehensive solutions addressing their needs in the areas of philanthropy and responsible and impact investing.

_Business Banking_

CaixaBank Business runs an exclusive model for looking after companies, having cemented its position as the benchmark bank for this segment.

CaixaBank Business offers innovative solutions and specialised services in 214 centres distributed throughout Spain, with more than 2,200 professionals providing advanced advice.

We have exclusive centres depending on the sector or type of company, in order to adapt our services and products to the needs of our customers as much as possible: Corporate Centres, SME Store Centres, Real Estate Business Corporate Centres, and Day One Centres.

_Corporate & Institutional Banking_

CIB service integrates three business areas — Corporate Banking, International Banking and Institutional Banking — supported by highly specialised product teams such as Transactional Banking, M&A, Capital Markets, Treasury, Sustainable Finance & ESG Advisory, Asset Finance, Structured Trade Finance and Project Finance.

Corporate Banking manages the relationship with national and international corporate clients with the fundamental purpose of becoming their financial provider of reference.

International Banking offers support to branch, CIB and Corporate Banking customers operating abroad and to large foreign corporates in their countries of origin through its 26 international points of presence and more than 300 professionals.

Institutional Banking serves public and private sector institutions through a value proposition that combines highly specialised teams, proximity to customers and a comprehensive set of financial services and solutions tailored to their needs through 13 institution centres and more than 122 professionals.

Information on the performance of CaixaBank's various business areas is set out in section 05. Value creation model – Business model of the CaixaBank Group's Consolidated Management Report.

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1.4 OWN WORKFORCE

Employees are one of the Group's main stakeholder groups, and their contribution is essential in achieving the objectives set out in the 2025–2027 Strategic Plan.

In this regard, the Group reaffirms its commitment in the area of people, with the objective of being close to people, promoting a team prepared for transformation and with the ambition of being the best Group to work for.

"Being close to people with a team ready for the transformation...

... with the ambition to be the best Group to work for".

PERMANENT CONTRACTS

99.98 %

AVERAGE AGE 47.8 years

AVERAGE REMUNERATION

88,435€

NEW HIRES

AVERAGE LENGTH OF SERVICE

څ^ا گ

804

20.7 years

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1.5SUPPLIERS

CaixaBank bases its commercial relations with its suppliers on mutual respect, collaboration

and professionalism.

During 2025, CaixaBank, in its commitment to continue improving its procurement and supplier management processes, implemented a series of initiatives that delivered significant efficiency improvements:

Reduction in onboarding timelines: focused on streamlining the cycle from end to end.
Boosting digitalisation: by implementing new monitoring and control tools.
• Optimisation of questionnaires and the approval process.

CaixaBank believes that fair and reasonable payment terms, together with appropriate payment periods, are fundamental to establishing solid and lasting relationships with its suppliers. In 2025, the average payment period was 9.5 days.

PROCUREMENT AND SUPPLIER MANAGEMENT PROCESS

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02. Risk management

RISK MANAGEMENT MODEL

The Board of Directors, senior management and the Group as a whole are firmly committed to risk management.

CaixaBank aims to maintain a moderate-to-low risk profile, with a comfortable level of capital, with the aim of building trust among customers and other stakeholders through financial strength.

The Group has, as part of the internal control framework and in accordance with the provisions of Corporate global risk management policy, a risk management framework that enables it to make informed decisions on risk-taking consistent with the target risk profile and appetite level approved by the Board of Directors. This framework comprises the elements described below:

01. GOVERNANCE AND ORGANISATION

Undertaken through policies, standards and internal procedures that ensure appropriate risk control is exercised by the governing bodies and committees, and the specialisation of employees.

02. STRATEGIC RISK PROCESSES TO IDENTIFY, MEASURE, MONITOR, CONTROL AND REPORT RISKS:

1. Top Risk Events: most significant adverse events that could result in a material impact.
2. Corporate Risk Catalogue: risk taxonomy and definition.
3. Risk Appetite Framework (RAF): risk monitoring.
4. Risk Assessment: half-yearly self-assessment of the Group's risk profile.

03. RISK CULTURE

The risk culture is based, among other things, on general risk management principles, employee training and evaluation of variable remuneration for employee performance.

CORPORATE RISK CATALOGUE

The Corporate Risk Catalogue is the Group's risk taxonomy, reflecting the material risks identified. It facilitates the monitoring and internal and external reporting of risks, ensuring consistency across the Group, and is subject to periodic review at least annually. This update process also assesses the materiality of emerging risks previously identified in the Risk Assessment process and covers the definition of strategic events.

Additional information on the Bank's risk management and internal control model is set out in Note 3 "Risk Management" to the accompanying Financial Statements for 2025.

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03. Environment

ECONOMIC ENVIRONMENT

PERFORMANCE OF THE GLOBAL ECONOMY AND THE EURO AREA

Global economic resilience in a year marked by geopolitical uncertainty and tariff tensions.

The year 2025 was marked by high geopolitical and economic uncertainty, accentuated by the substantial global increase in tariffs applied by the US Government. While the signing of several trade agreements in the second half of the year helped to clarify the outlook, the new scenario is characterized by tariffs that are significantly higher than pre-2025 levels and by the persistence of some uncertainty regarding their macroeconomic impact. In any event, geopolitical risks, beyond tariffs, will continue to shape the new year, particularly in relation to the implications of US foreign policy.

Despite this adverse context, the international economy showed remarkable resilience. Global GDP is estimated to have recorded growth of around 3.3 % in 2024, supported by the conclusion of tariff agreements that avoided extreme scenarios, by monetary easing, and by the boost provided by a weaker dollar for most emerging economies.

Behind this resilience of the global economy, the performance by region was mixed. In the United States, activity slowed less than expected and, thanks to the key support provided by investment in artificial intelligence (AI), GDP managed to grow by close to 2 %. China managed to overcome the persistent difficulties in the real estate sector and weak domestic demand, maintaining growth close to the official 5 % target, supported by the reorientation of its exports toward other economies such as ASEAN countries and Europe.

In the USA, the cooling of the labour market, amid inflationary pressures that proved more contained than expected, prompted the Federal Reserve to begin easing monetary policy by cutting interest rates by a total of 75 bp over the final three meetings of 2025, bringing the federal funds target range to 3.50 %–3.75 %, after having remained on hold for most of the year due to the high level of prevailing uncertainty. The Fed has suggested that the solid growth in activity means there is no rush to reduce interest rates again in the short term, while it awaits greater signs of easing inflationary pressures. The financial markets have priced in between two and three rate cuts in 2026. In May 2026, the mandate of Jerome Powell as chair of the Fed expires, and President Trump has chosen Kevin Warsh as his successor. Mr Warsh has positioned himself as a defender of central bank independence, supportive of lower interest rates but critical of past quantitative easing policies.

The euro area economy fared somewhat better than expected in 2025, albeit with marked volatility in the first half of the year due to frontloaded purchases aimed at mitigating the impact of US tariffs; overall, euro area GDP is estimated to have grown by 1.5% in 2025, compared with 0.8% in 2024. However, the region's three largest economies continued to display signs of underlying weakness, although they ended 2025 with increased dynamism. Thus, Germany, following two years of contraction, managed modest growth of 0.3 %. France (+0.9% vs. 1.1% in 2024) endured a political crisis which delayed approval of a budget to reduce its high fiscal deficit until the start of 2026. Italy grew at a very sedate pace (+0.7%), constrained by the fading impact of the Superbonus programme (tax relief on construction costs). The euro area is expected to grow at around 1.3% in 2026.

The consolidation of inflation around the 2 % target allowed the ECB to maintain a path of monetary easing throughout 2025, ultimately setting interest rates at neutral levels, with the deposit facility rate at 2.00 %. The ECB is expected to keep interest rates unchanged throughout 2026, supported by inflation at target and a more balanced risk landscape. In view of uncertainty in

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the global environment, the ECB has reiterated its preference for caution, reserving the option to recalibrate its monetary policy only in the event of substantial changes to the outlook.

DEVELOPMENTS IN SPAIN AND PORTUGAL

SPAIN

The Spanish economy delivered unexpectedly robust growth.

In 2025, the Spanish economy continued to outperform. GDP is estimated to have grown by 2.8 %, exceeding initial forecasts and well above the euro area average. The expansion was largely mainly by domestic demand, supported by both private consumption and investment. The strength of the labour market played a key role: Social Security affiliation reached a record high of 21.84 million, with more than half a million new jobs, while the unemployment rate continued to drop. Population growth, supported by migration flows, boosted employment and consumption. This was compounded by the decline in interest rates, which stimulated the real estate market and business investment, also supported by the rollout of Next Generation EU (NGEU) funds. By contrast, net external demand slightly dented growth: although exports particularly non-tourism services—expanded, the increase in imports, in line with the strength of domestic demand, offset that effect.

The disinflationary trend was interrupted in the second half of the year. After reaching a low of 2.0 % in May, inflation ended the year at 2.9 %, one tenth of a percentage point higher than in December 2024, driven mainly by the energy component. Even so, on an annual average basis, inflation eased to 2.7 % from 2.8 % the previous year, while core inflation fell to 2.3 % from 2.9%.

The housing market consolidated a clearly expansionary phase in 2025 in terms of both activity and prices, particularly in the first half of the year. Over the 12 months to October, home sales were up 13.3 % year-on-year, reaching around 710,000 transactions, the highest level since 2008. However, a more subdued trend in sales began to emerge in the second half of the year. On the supply side, momentum remains insufficient to absorb the strength of demand. New-build permits over the 12 months to October amounted to 136,000 homes, a figure below annual net household formation, estimated at around 226,000. This imbalance between supply and demand continued to put upward pressure on prices. The transaction price index published by the INE picked up to 12.8 % year on year in the third quarter of 2025, compared with 8.4 % in 2024. Looking ahead to 2026, demand is expected to remain consistently high, while supply will continue to be insufficient to absorb strong demand and reduce the accumulated shortfall, which has stood at around 600,000 homes since 2021.

Looking ahead to 2026, CaixaBank expects robust, albeit somewhat more moderate, growth, with GDP expanding by 2.0 %, constrained by weak external demand, affected by higher tariffs and the sluggishness of the main European economies. Private consumption will remain the main driver, supported by demographic dynamism and a strong labour market, while investment will continue to benefit from European funds and favourable financing conditions.

Slight slowdown of the Portuguese economy.

The Portuguese economy recorded a slight slowdown, with estimated GDP growth of 1.9 %, compared with 2.1 % in 2024 and 3.1 % in 2023. Even so, Portugal outperformed the euro area, and its GDP stands more than 10 % above pre-pandemic levels, compared with around 6.8 % for the wider region. Growth was underpinned by domestic demand, driven by private consumption as a result of higher disposable income and robust job creation. Investment also picked up over the year. By contrast, net external demand detracted from growth: Exports were affected by trade uncertainty, while imports rallied. For 2026, GDP growth of close to 2 % is projected, supported by investment, strong consumer spending, and a supportive fiscal policy underpinned by public finances close to balance.

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REGULATORY ENVIRONMENT

CaixaBank's public policy actions follow a broad approach aimed at fostering the development and economic growth of the territories in which it is present. In particular, support for regulatory initiatives aimed at strengthening financial stability and supporting the smooth functioning of the European banking sector.

To this end, CaixaBank participates in legislative processes in the financial sector at both national and supranational level to promote a solid, consistent and coherent regulatory framework. Likewise, CaixaBank works to promote the development of a regulatory framework for sustainable finance that enables it to meet the objectives of the 2030 Agenda and the Paris Agreements on climate change.

CaixaBank wants to ensure a fair transition to a sustainable economy, which is why it also engages in initiatives related to promoting the digital transformation, improving transparency and protecting consumers.

CaixaBank does not arrange direct interest representation services to represent its interests before the authorities, but generally shares its opinions through different associations to try to reach a consensus on the industry's position, without prejudice to the fact that, in specific cases, its own messages may be transmitted directly to the public authorities. CaixaBank shares its opinions on regulatory processes with public authorities through position papers or impact analyses, either at their request or on its own initiative.

The relationship with public authorities and political parties is governed by the provisions of the Code of Ethics and the Anti-Corruption Policy.

The Code of Ethics and the Anti-Corruption Policy seek to ensure not only compliance with applicable legislation, but also a firm commitment to the Group's ethical principles as a signatory to the United Nations Global Compact. This reflects the Group's determination to fight corruption in all its forms.

The Head of Compliance, Management Control and Capital (member of the Management Committee) and the Head of Public Affairs are the representatives before the administrative, management and control bodies for internal supervision of the activities of public policy of CaixaBank.

Furthermore, CaixaBank's Regulation Committee is the body tasked with monitoring the regulatory environment and setting positions on developments of public policies that are relevant to the bank and the financial system. The Committee uses internal studies of proposed regulatory changes to identify potential unwanted effects or impacts that could be disproportionate in relation to the desired aim of the legislation. Once the proposals are analysed, the Committee decides on the regulatory strategy to be channelled through the associations, of which it is a member or transmitted directly by the institution itself.

The main associations that indirectly represent CaixaBank, of which it is a member, are as follows:

_MAIN ASSOCIATIONS OF WHICH THE GROUP IS A MEMBER

Spanish Confederation of Savings Banks (CECA)	Spanish Banking Association
Institute of International Finance	Global financial industry association
ESBG	European Savings and Retail Banking Group
International Capital Market Association	International Association of Capital Market Participants.
Digital Europe	European digital technology industry organisation
UNESPA	Association of Spanish insurance companies
INVERCO	Association of Collective Investment Institutions and Pension Funds.

In addition, in accordance with current legislation, CaixaBank is registered in the European Commission's Transparency Register under number 055017716307-39, as well as in the Transparency Registers of the Autonomous Communities that maintain one (Catalonia, Valencia, Madrid, and Castilla-La Mancha).

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MAIN ENQUIRIES ON WHICH CAIXABANK HAS ISSUED A POSITION

Below are outlined the key initiatives for the 2025 financial year where CaixaBank has publicly stated its stance through various sectoral interest associations. Some of the topics addressed are closely related to some of the IROs identified as material. However, not every initiative corresponds directly to an IRO, since the positions taken by CaixaBank extend beyond sustainability-related topics.

Specifically, these initiatives fall within the following areas with an impact on CaixaBank's activity: digital, retail, payment systems, sustainability, markets and financial stability, and strengthening of the financial sector.

Digital:

EBA Guidelines on third party risk management (non-ICT services). ESBG positioning. https://www.eba.europa.eu/publications-and media/events/consultation-draft-guidelines-sound management-third-party-risk
Preliminary Draft Law of the Ministry of Interior on Protection and Resilience of Critical Entities. [Not published]
Consultation of the European Commission on the European Union Data Strategy (European Data Union Strategy). ESBG positioning. https://ec.europa.eu/info/law/better-regulation/have-your-say/ initiatives/14541-European-Data-Union-Strategy\_en
Draft Bill from the Ministry for Digital Transformation and Public Administration on the proper use and governance of AI. [Not published]
Guidelines for reporting serious incidents under the Artificial Intelligence Regulation (AI Act). [Not published]
Draft Organic Law of the Congress of Deputies for the Protection of Minors in Digital Environments. [Not published]
Call for evidence by the European Commission on the Digital Omnibus. [Not published]

Retail:

European Commission Consultation on the New Consumer Agenda 2025–2030. ESBG positioning. https://www.wsbi-esbg.org/esbg calls-for-simplification-and-consistency-in-eu-consumer agenda-2025-2030/
Prior public consultation by the Bank of Spain (BoS) on the drafting of the Circular on the Risk Information Centre (RIC). [Not published]
Prior public consultation by the Ministry of Labour and Social Economy on the Draft Royal Decree for the promotion and support of financial institutions in the social economy and ethical finance. [Not published]
Draft Ministerial Order from the Ministry of Economy, Trade, and Business on changes to banking advertising and the Risk Information Centre (RIC). [Not published]
Draft Bill of the Ministry of Social Rights, Consumer Affairs and Agenda 2030 on Sustainable Consumption. [Not published]
Act of the Congress of Deputies on Customer Service. [Not published]
Plan of the European Commission on Affordable Housing. [Not published]
Draft Royal Decree of the Ministry of Labour and Social Economy on the encouragement and promotion of social economy financial institutions and ethical finance. [Not published]

Payments:

• European Central Bank (ECB) consultation on the extension of T2 operating hours. [Not published]

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Sustainability:

Omnibus Package on sustainability simplification. Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD). ESBG position. https:// www.wsbi-esbg.org/esbg-recommendations-on-the-omnibus initiative/
Consultation of the European Commission on delegated acts of reporting on Taxonomy and delegated acts on Climate and Environmental Taxonomy. ESBG positioning. https://www.wsbi esbg.org/esbg-response-to-the-commissions-consultation-on the-eu-taxonomy-as-part-of-the-omnibus-initiative/
Consultation of the Platform on Sustainable Finance (PSF) on its Preliminary Report related to the update and revision of the technical screening criteria for economic activities to be included or modified in the EU Taxonomy. ESBG positioning. https://www.wsbi esbg.org/esbg-response-to-the-psf-call-for-feedback-on-the review-of-the-climate-delegated-act/
ESMA consultation on regulatory technical standards (RTS) in relation to the Single European Electronic Format (ESEF). ESBG positioning. https://www.esma.europa.eu/press-news/ consultations/consultation-esef-rts-sustainability-reporting and-amendments-eeap-rts#responses
EBA consultation on guidelines on ESG scenario analysis. ESBG positioning. https://www.eba.europa.eu/eba-response/90259? destination=/publications-and-media/events/consultation guidelines-esg-scenario-analysis
EBA consultation on the draft implementing technical standards (ITS) amending Commission Implementing Regulation (EU) 2024/3172 with regard to disclosures on ESG risks, equity exposures and aggregated exposures to shadow banking entities. [Not published]
ESAs consultation on the Joint ESG Stress Test Guidelines. ESBG positioning. https://www.wsbi-esbg.org/esbg-submits-response to-esas-consultation-on-joint-guidelines-on-esg-stress-testing/
Consultation of the European Financial Reporting Advisory Group (EFRAG) on revised drafts of the European Sustainability Reporting Standards (ESRS) under the CSRD. [Not published]
Public Hearing of the Ministry of Social Rights, Consumer Affairs and Agenda 2030 on the Draft Bill on Sustainable Consumption. [Not published]
Public Hearing of the Ministry of Labour and Social Economy on the Draft Royal Decree on the encouragement and promotion of social economy financial institutions and ethical finance. [Not published]
Consultation of the European Commission on the Delegated Act on the Energy Performance of Buildings. [Not published]
Call for evidence of the European Commission on the SFDR Regulation. [Not published]

Markets:

• Proposals of the Comisión Nacional del Mercado de Valores (CNMV) on the OECD recommendations on the Spanish Securities Market. [Not published]
Draft Bill of the Ministry for Digital Transformation and the Civil Service on Open Administration. [Not published]

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Financial stability and strengthening of the financial sector:

EBA consultation on RTS in the context of the EBA's response to the European Commission's call for advice (call for advice) on new AMLA mandates. Positioning ESBG. https://www.wsbi-esbg.org/wp content/uploads/2025/06/0354-ESBG-response-to-EBA-on-RTS-AML-ESBG-final.pdf
Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 establishing a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation. - Positions of the ESBG and the CECA. [Not published]
Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions, as regards the requirements applicable to securitisation exposures – Positions of the European Savings and Retail Banking Group (ESBG) and the CECA. [Not published]
Proposal for a Commission Delegated Regulation (EU) amending Delegated Regulation (EU) 2015/61 as regards the eligibility conditions for securitisations in the liquidity buffer of credit institutions. ESBG positioning. https://ec.europa.eu/info/law/better regulation/have-your-say/initiatives/14443-Amendments-to-the treatment-of-securitisation-exposures-under-the-Liquidity-Coverage-Ratio-Delegated-Regulation/F3575998\_en. CECA positioning. https://ec.europa.eu/info/law/better-regulation/have your-say/initiatives/14443-Amendments-to-the-treatment-of securitisation-exposures-under-the-Liquidity-Coverage-Ratio-Delegated-Regulation/F3579046\_en
EBA consultation on the review of internal governance guidelines. ESBG positioning. https://www.wsbi-esbg.org/wp-content/ uploads/2025/11/0799-Executive-Summary-ESBG-response-to-EBA-consultation-on-GL-on-internal-governance.pdf

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BUSINESS ENVIRONMENT: SECTOR, TECHNOLOGY AND SUSTAINABILITY BUSINESS PROFITABILITY AND CAPITAL ADEQUACY

The profitability of the Spanish banking sector remained robust in 2025, despite the contraction in net interest income. As a result, return on equity (ROE) stood at 14.2 % in the third quarter of 2025¹ , 11 basis points higher than a year earlier and above the European average.

The decline in unit margins resulting from cuts in benchmark interest rates was partially offset by the recovery in lending and higher volumes. The results published for the third quarter of 2025 featured aggregate net interest income that was already very slightly down on the previous quarter¹ As the reduction in monetary policy interest rates is fully passed through to bank lending rates, net interest income is expected to stabilise.

The private sector loan book in Spain recorded a 3.1 % increase through to November 2025, compared with November 2024, reversing the downward trend seen in recent years. The reduction in benchmark interest rates in recent months, as well as the reactivation of credit demand, have contributed to slowing down this contraction.

In parallel, credit quality continued to improve in 2025. The NPL ratio stood at 2.84 % in October 2025, a cumulative decline of 57 basis points from a year earlier.

Early signs of deterioration in credit quality have been relatively limited. Consequently, credit under special surveillance fell sharply in June 2025, showing a 16.5 % drop compared with the previous year² . The weight of loans under special surveillance (or Stage 2) stood at 5.7%² (1.3 percentage points less than in June 2024).

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On the other hand, the outstanding amount of ICO-guaranteed loans continued to decline, falling by 35.8 % in July 2025 compared to the previous year² . Among these assets, non-performing loans declined by 2.3 % and loans under special surveillance by 43.7 %. Despite this positive trend, the ratio of loans under special monitoring declined by only 2.9 percentage points, while the NPL ratio increased by 9.5 percentage points, reaching 20.5 % and 27.8 %, respectively, as this is a closed portfolio with no new lending and ongoing amortisation.

Capital ratios are at robust levels and continue to maintain a comfortable margin over regulatory requirements. In Spain, the CET1 ratio stood at 13.83 % in September 2025¹ , up 49 basis points year on year, as capital growth more than offset the increase in risk-weighted assets (RWAs). The results of various stress tests show a broad aggregate resilience to scenarios in which systemic risks materialise¹ . These analyses confirm that the banking sector is starting from a solid position and that the solvency of Spanish banks shows lower sensitivity to the materialization of the various risk scenarios.

However, it should be noted that the tax on banking has had a significant impact on the statement of profit and loss of the Spanish banking sector and, consequently, on the ability to generate capital organically. It should be noted that the bank tax, which has been extended for three years with a progressive rate structure, disproportionately penalizes larger institutions.

Liquidity levels in the Spanish financial sector remain comfortably above the required threshold. The liquidity coverage ratio (LCR) of the Spanish banking sector stood at 174.4 % in September 2025² and remains above the European average. All of this keeps the Spanish financial system in a solid position and significantly limits the likelihood that financial shocks will translate into liquidity and funding strains.

Finally, the share prices of Spanish banks are clearly trading above book value. This has led to an improvement in various valuation and risk metrics. It is worth noting that, despite the stock market turbulence of April 2025, the price-to-book value (PBV) ratio of Spanish banks³ has continued to rise and remains above 1, exceeding both the average ratio of European banks and its own average level in 2024.

¹Supervisory Statistics of Credit Institutions, Bank of Spain, Q3 2025.

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DIGITAL TRANSFORMATION

In recent years, increasingly digital consumer habits have accelerated the digitalization of the banking sector.

For the banking sector, digital transformation means focusing more on the customer and calls for higher levels of satisfaction (in terms of convenience, immediacy, personalisation or cost) amid greater competition and lower friction when operating simultaneously with multiple institutions or switching provider. Likewise, digitalisation has also facilitated the entry of non-traditional competitors (FinTech and Big Tech), whose business models leverage new technologies and a relatively light cost base, thus increasing pressure on margins within the industry.

For the time being, the size of this non-traditional sector relative to the financial system as a whole remains limited, although its growth is strong and its presence can be observed across the financial sector's value chain. In addition, these new players are expanding their range of products and services in a bid to move closer to those offered by traditional banks.

Moreover, access to data and the ability to generate value from them are key sources for ensuring a competitive edge. Data storage and processing make it possible to create products better tailored to customers and their risk profiles. There has also been an increase in the use and development of new technologies (such as cloud, blockchain or generative AI) within the sector, albeit with different levels of maturity. In any case, the use of new technologies in the sector generates the need to adapt business processes and strategies to the new environment.

The digitalisation of the sector also brings with it numerous opportunities to generate more revenue. In particular, through the use of digital technology, institutions can expand their customer base and provide services more efficiently and at a lower cost. In this regard, digitalisation makes it possible to reach a larger number of potential customers without the need to expand the physical branch network. Digitalisation also makes it possible to create new business opportunities, for example by offering digital platforms that allow third parties to market their products, or through new financial products that are better tailored to the needs and profiles of individual customers.

Moreover, payment patterns are changing. The trend of a reduction in the use of cash in favour of electronic payments has gained speed with COVID-19, becoming established thereafter. The digital payments landscape is also evolving, from a model almost exclusively dominated by card-based systems (linked to bank deposits) towards a more mixed model in which Fintech and Bigtech players also involved, offering alternative payment solutions based on new technologies such as digital wallets, which are becoming increasingly popular among users. In parallel, new types of money and private forms of payment are emerging, such as the stablecoins.

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The expansion of the crypto-asset and stablecoin market in recent years has driven private investment in distributed ledger technologies (Distributed Ledger Technology, DLT), enabling value-added functionalities in payments, such as payment programmability through smart contracts. This trend is being accelerated by the entry into force of the MiCA regulation in the European Union and by political momentum and the approval of the GENIUS Act in the United States, which provide regulatory clarity and encourage major players to explore the issuance and use of stablecoins, thereby supporting their adoption at scale.

In response to these developments, central banks, particularly in advanced economies, are pressing ahead with initiatives to create market infrastructures that operate with tokenised central bank money, as a way of ensuring that citizens and businesses alike continue to have access to central bank money in the digital era and that the money they issue continues to act as a monetary anchor (supporting the stability, integration and efficiency of the financial and payment systems).

The European Commission also presented other legislative proposals geared towards aligning payment services and the financial sector in general with the digital transformation of the European economy, and which have a high potential for disruption. It specifically highlights the proposal for a financial data access regulation (FiDAR), which is currently being negotiated by the institutions of Europe and will establish rights and obligations in relation to the exchange of customers' financial data beyond payment accounts. A further highlight is the review of the European payment services framework (PSD3 and PSR), which, among other things, will introduce changes in the management of access permissions to customer payment data and measures to combat and mitigate fraud. In November 2025, the European Council and the European Parliament reached a provisional political agreement on this revision (which must still complete the formal procedures prior to its entry into force).

CaixaBank faces the challenge of digitalisation with a strategy focused on customer experience. In this regard, the digital transformation offers the Institution new opportunities to understand its customers and offer them a higher-value proposal, using a multi-channel assistance model. In particular, CaixaBank has a distribution platform that combines great physical capillarity with high digital capabilities, as evidenced by the fact that the Bank has more than 12 million digital customers in Spain.

Likewise, in response to changes in customer habits, the Bank is placing particular emphasis on initiatives aimed at enhancing customer interaction through non-face-to-face channels and on the provision of digital-native services. In this regard, imagin features a digital ecosystem and lifestyle platform focused on the younger segment, offering financial and non-financial products and services, it own and of third parties. At the same time, digital transformation is also driving further development of capabilities such as advanced analytics, generative artificial intelligence, and tokenisation. With regard to this latter point, CaixaBank is participating in various tokenised money initiatives together with central banks and other financial institutions, and forms part of a consortium of European banks to issue a euro-denominated stablecoin in accordance with the MiCA Regulation.

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CYBERSECURITY

Digital transformation boosts the sector's competitiveness and efficiency, but also exposes banks to new risks. Greater digital activity among customers and employees, increased reliance on third parties, and the uptake of new technologies such as AI call for tougher cybersecurity, fraud prevention and information protection, together with operational resilience.

Cyber risk poses a major threat to financial stability. Specifically, cyber incidents can have an impact on a range of financial activities (such as the provision of credit, payment and settlement services) by disrupting the information and communication technologies (ICT) that support them. Cyber incidents can also result in the misuse of the data that these technologies process or store. Inside the financial sector, banks have many points of contact with third parties, which increases their exposure to cyberattacks and can be used as entry points for attacks in the financial sector.

Moreover, the cyber threat landscape is constantly evolving and becoming increasingly complex, with a higher number of attacks and growing sophistication and potential impact, driven by the digitalisation of the economy, greater reliance on third parties, geopolitical tensions, and advances in offensive capabilities based on new technologies such as artificial intelligence (AI) and quantum computing.

In response, the European Central Bank has prioritised cyber resilience for the 2024–26 period, stepping up oversight and audits to ensure that institutions have robust control environments in place and can withstand cyber attacks.

In tandem, the European Union (EU) is responding to cyber risk with several initiatives, including the Digital Operational Resilience Act (DORA), in force since January 2023 with the aim of making financial institutions more resilient to digital risks, by creating a framework to ensure that they can prevent, detect, respond to, and recover from any form of disruption and threat related to ICTs.

CaixaBank is aware of the existing threat level and maintains cybersecurity as a priority concern. To that end, it has a Strategic Plan for Information Security that constantly measures the Group's cybersecurity capabilities and it seeks to keep the Bank at the forefront of data protection, in accordance with the best market standards.

CaixaBank has a Strategic Plan for Information Security that continuously measures the Group's cybersecurity capabilities.

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SUSTAINABILITY

The aim of decarbonising the European economy has been accompanied by increasingly stringent regulation on how sustainability should be addressed, as well as growing pressure—from investors, authorities, and supervisors alike—for companies to align their strategies accordingly.

However, some of these regulatory requirements were relaxed in 2025 in the interests of competitiveness. More precisely, the European Commission unveiled the Omnibus Simplification Package, with the aim of simplifying the EU sustainability regulatory framework without compromising the objectives of the European Green Deal. This initiative envisages key amendments to the main sustainability regulations, such as the Corporate Sustainability Reporting Directive (CSRD), the Taxonomy and the Corporate Sustainablity Due Diligence Directive (CSDDD), reducing or postponing reporting obligations (depending on the size of the company), in order to facilitate their application and ease the burden, especially for small and medium-sized companies. However, for financial institutions this simplification could result in more limited availability of ESG information for some companies, potentially affecting the quality of information and the analysis of sustainability-related risks; in December 2025, a provisional political agreement on this package was reached between the Council of the European Union and the European Parliament, with its formal adoption expected in 2026.

In the area of banking supervision, the ECB has made the risk of climate and biodiversity loss a priority for 2024-26. Further highlights include its action plan to explicitly incorporate climate change and the energy transition into its operational framework. The plan, which aims to reduce climate-related risk on the ECB's balance sheet, promote greater transparency and disclosure of climate risks by companies and financial institutions, improve climate risk management, and support an orderly transition of the economy, has been progressively consolidated through concrete measures, such as enhancing risk models to incorporate climate scenarios and introducing a climate factor into the collateral framework from 2026. In addition, the setting of supervisory expectations in this area and the assessment of the banks' practices related to climate and environmental risk strategy, governance and management, stand out.

For its part, the European Banking Authority (EBA) has completed several key initiatives to incorporate ESG aspects into the regulatory and supervisory framework. Among the initiatives is the publication of the final ESG risk management guidelines, which set out clear expectations on how institutions should incorporate ESG factors into their governance, risk management, strategy and business model. A key aspect of these guidelines is the introduction of a prudential transition plan, which requires institutions to align their strategy with the EU's climate objectives, including carbon neutrality by 2050. This plan must be supported by a climate scenario analysis, covering both physical and transition risks, and must be integrated into the institutions' financial and capital planning.

Moreover, the EU maintains its long-term climate commitments. In 2021, it approved the European Climate Law (which sets the bloc's emission reduction targets for 2030 and carbon neutrality by 2050 as a legal commitment) and has begun to roll out measures and reforms in various economic sectors (from housing to energy and transport) to reduce GHG emissions in line with the targets set and move towards a decarbonised economy. This transformation necessitates profound structural and social changes and a substantial mobilization of both public and private resources.

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04. Strategy

2025–2027 STRATEGIC PLAN

The year 2025 marked the start of the 2025–2027 Strategic Plan. A Plan that focuses on business growth and transformation, while maintaining CaixaBank's commitment to society.

During this new Strategic Plan, CaixaBank intends to move towards two major objectives to ensure sustained profitability in the long term: first, to consolidate its market leadership position, and second, to accelerate the transformation to be ready for an increasingly digital and competitive environment. All of this is underpinned by a commitment to always remain close to people for a more sustainable society, with a differential ESG positioning.

The Strategic Plan 2025–2027 is based on three strategic lines:

_PILLARS OF THE 2025–2027 STRATEGIC PLAN TO ENSURE SUSTAINED PROFITABILITY AT HIGH LEVELS /01 /02 /03 Growth acceleration Transformation and business investment Differential positioning in ESG

Information on the progress achieved towards CaixaBank's strategic lines is set out in section 02. Corporate strategy and environment – Strategy of the CaixaBank Group's consolidated Management Report.

In 2024, CaixaBank unveiled its 2025– 2027 Strategic Plan, with the aim of accelerating growth, driving transformation and consolidating sustainability.

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/01 ACCELERATION OF GROWTH

CaixaBank aims to ramp up business growth in both Spain and Portugal. Following the successful integration with Bankia, the Group aims to solidify its market leadership by capitalizing on its key strengths to expand across all business segments through the following strategies:

Client loyalty and engagement, with a particular emphasis on acquiring new clients.

Developing products and services with a focus on sustainability.

Sustaining international growth.

Enhancing proprietary digital ecosystems and solutions.

Enhancing the value proposition for both individuals and companies.

In this regard, since the launch of the Strategic Plan, CaixaBank has made progress in the deployment of the following strategic initiatives framed in the Plan in line with the objectives set by the Group. Particularly noteworthy is the boost to ecosystems and proprietary digital solutions, with the launch of Facilitea Coches and Facilitea Casas, both of which were very well received. Progress was also made in the development of various initiatives aimed at customer loyalty and linkage and in improving the value proposition, while maintaining a clear commercial focus on customer acquisition.

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/02 TRANSFORMATION AND INVESTING IN THE BUSINESS

CaixaBank intends to spearhead business transformation by ramping up technology investments to fuel growth in every segment, gearing up for a more competitive landscape. The Group boasts the largest physical network in Spain, tailored by segment, with top-tier digital and remote channels, and it aspires to continue developing unique capabilities for the future.

This line's core ambitions include:

Optimise and improve the distribution platform.

Delivering specialised and personalised service through our distinctive distribution platform. Revamping digital channels to enhance customer experience and increase commercial and operational efficiency.

Scale up investment in digital and technology.

Boosting technology investments to back strategic initiatives, develop state-of-the-art capabilities, and elevate service quality.

Drive the transformation of talent.

Promoting organisational excellence by encouraging agility, simplification, and fully harnessing the potential of current talent.

Within the framework of this line of the Strategic Plan, which envisages a global investment in technology and digitalisation for the 2025–2027 period of €5,000 million, CaixaBank has launched the "Cosmos" plan, its roadmap for processes and technology .

Cosmos structures the Group's technology strategy over the coming years around four main objectives:

Making its Business areas more agile and with greater commercial capacity;
Developing new services through cutting-edge capabilities and process simplification;
Enhancing operational excellence by becoming more efficient; and
Strengthening and evolving the current technology platform, applying the highest standards of resilience and security.

The plan is built around three main levers:

New technologies to support employees and customers.

AI and cloud as transversal levers.

Operational excellence and greater efficiency.

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/03 DIFFERENTIAL POSITIONING IN ESG

CaixaBank wants to maintain its founding essence, being close to people for a more sustainable and inclusive society, with two clear objectives in sight:

Moving towards a more sustainable economy, increasing the mobilisation of sustainable funds and implementing the portfolio decarbonisation targets in line with the commitments made.
Enhance economic and social prosperity, focusing on three primary areas: social and financial inclusion, employability and employment, as well as being a key player in financial and personal well-being in a society where life expectancy is progressively longer.

Development of products and services to support the transition of our customers (mobility, home, business consulting, etc.).

Active management of decarbonisation levers (Net Zero perimeter) – Transition Plan.

Further training for sales and risk teams.

Levers to achieve these objectives: During 2025, the Group continued to promote sustainable finance across its various business segments through the launch of new sustainable products. Likewise, sustainable intermediation maintained a strong growth pace, with a significant role in the placement of sustainable bonds issued by corporate clients.

In parallel, within the framework of initiatives aimed at promoting economic and social development, the Group has continued to foster employability and entrepreneurship through specific products. These include loans targeted at students, self-employed individuals and entrepreneurs, as well as microcredits for groups with difficulties in accessing finance. Thanks to these solutions, more than 48,200 people have been able to improve their job prospects and develop business projects, consolidating CaixaBank's role as an active agent in generating a positive impact on society.

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FINANCIAL OBJECTIVES

As a result of the deployment and execution of this new Strategic Plan, CaixaBank aims to achieve the financial targets set for 2027.

The 2025–2027 Strategic Plan aims to achieve three key objectives³ :

1. Maintaining sustainable profitability while continuing to invest in the business. The Group has set targets under the Strategic Plan of achieving a ROTE of above 16 % by 2027, and a cost-to-income ratio at levels close to 40 % (low 40s). Simultaneously, CaixaBank anticipates a stable net interest income growth around 0 %, service income growth in the mid-single digits, and controlled cost growth at approximately 4 %, all calculated in terms of Compound Annual Growth Rate (CAGR) throughout this Strategic Plan.
1. Growth in profitability on a prudent basis. CaixaBank set a target of achieving business volume growth of above 4% in CAGR terms, while maintaining the NPL ratio at levels close to 2% in 2027 and the cost of risk below 30 basis points on average per year over the 2025–2027 period.
1. High distribution capacity. Last but not least, the Strategic Plan includes a commitment to pay cash dividends with a pay-out ratio of between 50 % and 60 % of consolidated net profit, including an interim dividend each year and an additional¹ distribution of CET1 capital above 12.5 %² .

As communicated to the market in the presentation of results of 2025, is planned exceed the defined objectives in the Strategic Plan. For on the one hand, is expected be able to reach in 2027 a ROTE around 20% and a ratio of efficiency around the high 30s, as well as a growth of the net interest income of around 4% (CAGR). On the other hand, is expected achieve a growth of the turnover nearly 6% (CAGR) and a ratio of NPLs below 1.75% in 2027.

In the first year of the 2025–2027 Strategic Plan, the Group recorded a positive performance across its main financial metrics, in line with the targets set for 2025. In particular, growth in business activity and improved profitability stood out, with a ROTE of 17.5 %, while maintaining a low cost-toincome ratio. The Group has also continued to maintain solid solvency and liquidity levels, together with low levels of non-performing loans.

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05. Financial reporting and results

KEY FINANCIAL METRICS OF THE CAIXABANK GROUP

For the purposes of business management and decision-making, the directors and management team of CaixaBank use management financial information based on consolidated data of the CaixaBank Group, the main financial metrics of which are as follows:

(Millions of euros / %)	2025	2024	Change
RESULTS
Net interest income	10,671	11,108	(3.9)%
Revenue from services 1	5,266	4,995	5.4 %
Gross income	16,270	15,873	2.5%
Administrative expenses, depreciation and amortisation	(6,415)	(6,108)	5.0%
Pre-impairment income	9,855	9,765	0.9%
Profit/(loss) attributable to the Group	5,891	5,787	1.8%
MAIN RATIOS (last 12 months)
Cost-to-income ratio	39.4%	38.5%	0.9
Cost of risk	0.22%	0.27%	(0.05)
ROE	14.9%	15.4%	(0.5)
ROTE	17.5%	18.1%	(0.6)
ROA	0.9%	0.9%	0.0
RORWA	2.3%	2.4%	0.0
BALANCE SHEET
Total assets	664,040	631,003	5.2%
Equity	38,526	36,865	4.5%

(Millions of euros / %)	2025	2024	Change
BUSINESS ACTIVITY
Customer funds	731,936	685,365	6.8%
Loans and advances to customers, gross	384,334	361,214	6.4%
Business volume2	1,108,118	1,036,876	6.9%
RISK MANAGEMENT
NPLs	8,624	10,235	(1,611)
Non-performing loans ratio	2.1%	2.6%	(0.5)
Provisions for insolvency risk	6,635	7,016	(381)
NPL coverage ratio	77%	69%	8
Net foreclosed available for sale real estate assets	1,079	1,422	(344)
LIQUIDITY
Total liquid assets	171,830	171,367	462
Liquidity Coverage Ratio (LCR)	202%	207%	(4)
Net Stable Funding Ratio (NSFR)	146%	146%	(1)
Loan to deposits	87%	86%	1
CAPITAL ADEQUACY3
Common Equity Tier 1 (CET1)	12.6%	12.2%	0.4
Tier 1	14.5%	14.0%	0.5
Total capital	17.5%	16.6%	0.9
Total MREL	27.7%	28.1%	(0.4)
Risk-Weighted Assets (RWAs)	245,063	237,969	7,094
Leverage ratio	5.7%	5.7%	0.1
SHARE INFORMATION
Share price (€/share)	10.445	5.236	5.209
Market capitalisation (€ million)	73,200	37,269	35,931

In the following section, "Results", the performance of CaixaBank's businesses is presented, unless otherwise stated.

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RESULTS

Set out below is CaixaBank's statement of profit or loss for 2025, together with the corresponding comparative figures for the previous year.

(Millions of euros)	2025	2024
Net interest income	8,854	9,243
Dividend income	2,162	2,176
Net fee and commissions income	3,438	3,220
Gains/(losses) on financial assets and liabilities and other	171	127
Other operating income and expenses	(279)	(712)
Gross income	14,346	14,055
Administrative expenses, depreciation and amortisation	(5,696)	(5,410)
Pre-impairment income	8,650	8,645
Allowances for insolvency risk	(429)	(815)
Other charges to provisions	(120)	(244)
Gains/(losses) on disposal of assets and others	(34)	(304)
Profit/(loss) before tax	8,067	7,283
Income tax	(2,080)	(1,740)
Profit/(loss) after tax	5,987	5,543

Profit/(loss) after tax amounted to 5,987 million euros, compared with 5,543 million euros in 2024 (+8.0 %).

Net interest income declined by -4.2 % due to lower lending income resulting from the fall in interest rates, which was partially offset by the lower cost of customer deposits, higher lending volumes and fixed-income portfolio balances, lower volume and cost of institutional funding, and greater liquidity as a result of the positive performance of the commercial gap.

Gross income amounted to 14,346 million euros (+2.1 % year on year). This growth was driven essentially by the increase in net fee and commission income compared with the previous year (+6.8 %), boosted by higher wealth management income (due to greater assets under management) and by insurance distribution fees (following intense commercial activity), as well as by the decrease in other operating expenses (-60.8 %), which reflects, among other factors, the recognition in 2024 of the banking levy (-448 million euros).

Positive year-on-year performance of the item gains on financial assets and liabilities and other (34.6 %).

Administrative and depreciation expenses were up +5.3 % due, among other factors, to the Collective Agreement Implementation Agreement reached in 2024 and to various strategic initiatives envisaged in the 2025– 2027 Strategic Plan.

There was a reduction in allowances for insolvency risk, which amounted to -429 million euros (-47.4 % compared with the previous year), and other provisions were also reduced to -120 million euros following lower provisions for legal contingencies.

The performance of the heading "Gains/(losses) on disposal of assets and other" (-88.8 %) was affected, among other factors, by lower impairment charges on investments in subsidiaries.

In 2025, income tax expense includes, among other items, the straight-line accrual of the tax on net Interest income and fees and commission income n the amount of €-611 million. It also includes income from the activation of tax loss carryforwards and capitalisation of deductions not previously recognised in the balance sheet (€+381 million).

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BALANCE SHEET

When running the business and making decisions, CaixaBank's management team and directors rely on management information based on consolidated or Group data. For this reason, the figures presented in this section relate to CaixaBank Group, unless otherwise stated.

	CaixaBank Group		CaixaBank
(Millions of euros)	31-12-2025	31-12-2024	31-12-2025	31-12-2024
Total assets	664,040	631,003	542,431	516,458
Total liabilities	625,514	594,138	509,665	485,362
Equity	38,526	36,865	32,766	31,096

_LOANS AND ADVANCES TO CUSTOMERS_

Loans and advances to customers, gross amounts to €384,334 million at 31 December 2025 (+6.4% during the year).

Loans for home purchase continued to grow (+5.7 % in the year), reflecting the strong forward momentum in mortgage activity.

Loans for other purposes are up +5.0 % in the year. Meanwhile, consumer lending continues to follow a growth trajectory (+12.0 %), supported by robust production levels.

Loans to business remains one of the main drivers of growth in the loan portfolio, having risen by +7.1 % in the year.

The performance of loans to the public sector continued to be affected by several one-off transactions (+8.5 % in the year).

CaixaBank Group

(Millions of euros)	31-12-2025	31-12-2024
Loans to individuals	186,505	176,726
Home purchases	141,566	133,912
Other	44,940	42,814
of which: Consumer lending	23,858	21,295
Loans to business	179,417	167,513
Public sector	18,411	16,975
Loans and advances to customers, gross 1	384,334	361,214
Of which:
Performing loans	376,182	351,511
Provisions for insolvency risk	(6,336)	(6,692)
Loans and advances to customers, net	377,998	354,522
Contingent liabilities	33,168	31,524

See "Reconciliation of business metrics with management criteria" in "Glossary – Financial Information."

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_CUSTOMER FUNDS_

Customer funds amounted to 731,936 million euros at 31 December 2025 (+6.8 % in the year).

On-balance sheet customer funds stood at 524,626 million euros (+5.8 % in the year). Highlights include:

Demand deposits totalled 365,999 million euros and were up +6.3 % in the year, with certain seasonal factors coming into play towards the end of the year.
Term deposits amounted to 65,984 million euros (+0.5 % in the year).
Liabilities under insurance contracts grew to 85,765 million euros (+7.2 % in the year), with Unit Linked products outperforming (+15.3 %), supported by a positive market performance and higher subscription levels.

Assets under management stood at 202,860 million euros (+10.9 % in the year).

Assets under management in mutual funds, portfolios and SICAVs amounted to 150,947 million euros (+13.4 % during the year), driven by strong subscription figures.
Pension plans amounted to 51,913 million euros (+4.2 % in the year), largely due to positive market conditions.

The change in other accounts is explained by the volatility of temporary funds related to transfers and collections.

CaixaBank Group

(Millions of euros)	31-12-2025	31-12-2024
Customer deposits	431,983	410,049
Demand deposits	365,999	344,419
Term deposits 1	65,984	65,630
Liabilities under insurance contracts 2	85,765	80,018
of which: Unit Linked and other 3	26,990	23,403
Reverse repurchase agreements and other	6,879	5,817
On-balance sheet funds	524,626	495,885
Mutual funds, portfolios and SICAVs4	150,947	133,102
Pension plans	51,913	49,844
Assets under management	202,860	182,946
Other accounts	4,450	6,534
Total customer funds4	731,936	685,365

See "Reconciliation of business metrics with management criteria" in "Glossary – Financial Information."

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_CREDIT RISK QUALITY_

Non-performing loans fell to 8,624 million euros, down -1,611 million on 31 December 2024, following the favourable organic trend in asset quality and the active management of non-performing loans, including portfolio sales.

The non-performing loan (NPL) ratio stood at 2.1% (-0.5 p.p. versus year-end 2024, when it stood at 2.6%).

Provisions on insolvency risk at year-end 2025 (6,635 million euros) brought the coverage ratio to 77% (+8 p.p. compared with year-end 2024).

At 31 December 2025, the Group had a collective provision fund that covers risks associated with expected credit risk losses amounting to 311 million euros.

NPL RATIO BY SEGMENT	CaixaBank Group
%	31-12-2025	31-12-2024
Loans to individuals	2.2%	2.9%
Home purchases	1.9%	2.6%
Other	3.3%	4.0%
Loans to business	2.2%	2.7%
Public sector	0.1%	0.1%
Non-performing loans ratio (loans + guarantees) 1	2.1%	2.6%
NPL coverage ratio 1	77%	69%

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LIQUIDITY

The Bank manages liquidity risk in order to ensure that liquidity remains at levels that allow it to comfortably meet all its payment obligations and to prevent its investment activities from being affected by a lack of lendable funds, operating at all times within the risk appetite framework (RAF).

Note 3.4.4. "Liquidity and funding risk" to the accompanying financial statements describes the Bank's strategic principles and its risk strategy and appetite for liquidity and funding risk.

The figures presented in this section relate to CaixaBank.

The Bank's main liquidity and funding structure metrics are as follows:

	CaixaBank
(Millions of euros)	31-12-2025	31-12-2024
Total liquid assets1	159,439	158,308
of which: HQLA2	102,454	102,697
of which: eligible available non-HQLA	56,984	55,611
Institutional Financing	48,966	55,446

The Bank's total liquid assets amounted to 159,439 million euros at 31 December 2025, up 1,131 million euros on the previous year.

Institutional funding in 2025 amounted to 48,966 million euros, following the concentration of maturities during the year. The performance in 2025 was driven by consistently heavy use of the capital markets, with active efforts to diversify investors, instruments and geographies.

CaixaBank's unused issuance capacity for mortgage covered bonds and public sector covered bonds amounted to 54,518 million euros at 31 December 2025³ .

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Set out below is information on the issuances carried out by CaixaBank in 2025:

(Millions of euros)				Caixabank
Issuance	Amount	Issue date	Maturity	Cost ¹	Date of early redemption	Category
Additional Tier 1 ²	€ 1,000	24/1/2025	Perpetual	6,250 % (mid-swap +3.935 %)	24/1/2033
Senior non-preferred debt	€ 1,000	27/1/2025	11 years	3.816 % (mid-swap +1.35 %)	27/1/2035
Senior non-preferred debt	€ 150	3/3/2025	3 years and 6 months	3 % (mid-swap +0.763 %)	3/9/2027
Subordinated debt – Tier 2 ²	€ 1,000	5/3/2025	12 years	4.02 % (mid-swap +1.75 %)	5/3/2032
Senior Preferred debt	€ 500	26/6/2025	4 years	3M Euribor + 0.65 %	26/6/2028
Senior Preferred debt	€ 1,000	26/6/2025	10 years	3.488 % (mid-swap +0.95 %)		Green Bond
Senior Non-Preferred debt ³	USD 1,000	3/7/2025	4 years	4.634 % (UST + 0.9 %)	3/7/2028
Senior Non-Preferred debt ³	USD 1,000	3/7/2025	6 years	4.885 % (UST +1.05 %)	3/7/2030
Senior Non-Preferred debt ³	USD 1,000	3/7/2025	11 years	5.581 % (UST +1.30 %)	3/7/2035
Additional Tier 1 ²	€ 500	25/9/2025	Perpetual	5,875 % (mid-swap +3.348 %)	25/9/2035
Subordinated debt - Tier 2 ²	€ 1,000	14/11/2025	12 years and 6 months	3.973 % (mid-swap +1.45 %)	14/5/2033	Social Bond
Senior Non-Preferred debt ⁴	£ 500	11/12/2025	6 years	4.761 % (UKT +0.98 %)	29/11/2030

CaixaBank

Moreover, the following maturities took place for a total of 9,797 million euros (a Senior Preferred issue worth 1,000 million euros and 8,797 million euros in mortgage covered bonds), early redemptions amounting to 4,658 million euros (a Tier 2 issue worth 1,000 million euros, five Senior Non-Preferred issues totalling 2,658 million euros and a 1,000 million euro Senior Preferred issue), and buy-backs of ATI capital instruments (two partial buy-backs of the ATI issue maturing in March 2026 for a total of 1,006 million euros, leaving 245 million euros nominal outstanding).

Subsequent to year-end 2025, CaixaBank carried out an issuance of 1,250 million euros of Senior Non-Preferred (SNP) debt with an 11-year maturity, callable at the issuer's option in the tenth year, and offering a yield of 3.921 %, equivalent to mid-swap +108 bp. At the same time, an early buyback offer was announced for an SNP issuance maturing in June 2026. The amount repurchased totalled 406 million euros, leaving 844 million euros in nominal amount outstanding.

There are regulatory liquidity requirements which, for the reporting and regulatory compliance perimeter of the "Single Liquidity Subgroup" (CaixaBank Subgroup), are as follows:

The Liquidity Coverage Ratio (LCR) at 31 December 2025 stood at 204%, showing a comfortable liquidity position (average LCR of 201% for the last 12 months), well above the regulatory minimum requirement of 100%.

The Net Stable Funding Ratio (NSFR) stood at 145% at 31 December 2025, also well above the regulatory minimum requirement of 100 %.

^<sup>1 Relates to the yield of the issue and, in the case of the ATI issue, to it coupon.

^<sup>2 Issuance with a daily call during the six months prior to the date of review of the remuneration (redemption date in the table). ³Faujualent amount on the day of issuance in euros: 862 million.

^<sup>4 Equivalent amount on the day of issuance, in euros: 571 millio

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CAPITAL MANAGEMENT

		CaixaBaı	nk Group			Caixa	Bank
(Millions of euros and %)	31-1:	2-2025	31-1	2-2024	31-1	2-2025	31-12	2-2024
	Ratio	Regulatory ratio	Ratio	Regulatory ratio	Ratio	Regulatory ratio	Ratio	Regulatory ratio
Common Equity Tier 1 (CETI)	12.6%	12.3%	12.2%	12.2%	12.3%	11.9%	11.7%	11.7%
Tierl	14.5%	14.2%	14.0%	14.0%	14.3%	14.0%	13.6%	13.6%
Total capital	17.5%	17.2%	16.6%	16.6%	17.5%	17.1%	16.4%	16.4%
Risk-weighted assets (RWAs)	244,455		237,969		230,223		225,879

The Common Equity Tier 1 (CET1) ratio at 31 December 2025 is 12.6%. Includes the extraordinary impact of +20 basis points (bps) from the entry into force in January 2025 of the CRR3 (Basel IV) and the extraordinary impact of -21 bps from the seventh share buyback (SBB) programme announced for €500 million. Excluding both effects, the ratio increased by +41 bps in 2025, driven by capital generation (+270 bps), offset by the organic performance of RWAs (-68 bps), the forecast dividend charged to this year (payout of 59.4 %) and the payment of the ATI coupon (-154 bps), as well as performance of the market and other (-6 bps).

The Tier 1 ratio stands at 145 %

The Total Capital ratio stood at 17.5 %.

The leverage ratio was 5.7%.

At 31 December 2025, the subordinated MREL ratio stood at 24.8 %, while the total MREL ratio was 27.7 %.

During the year, these ratios have varied as a result of new issuances and redemptions of eligible debt instruments, details of which are set out in Note 19.3.3 to the Consolidated Financial Statements for the year.

The current 2025–2027 Strategic Plan sets an internal CET1 target ratio between 11.5 % and 12.5 %, with a transitional interval of 11.5 % to 12.25 % for 2025. The upper limit of the target sets the threshold for possible extraordinary capital distributions (subject to authorisation by the European Central Bank and the Board of Directors).

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As of 31 December 2025, the regulatory CET1 ratio stood at 12.25%¹ , after deducting the excess capital above the upper limit of the 2025 target.

For the purposes of the regulatory requirements applicable in 2025:

The Group's domestic systemic risk buffer remains at 0.50 %.
The countercyclical buffer stands at 0.50 %, considering the update of the buffer in certain countries where CaixaBank has credit exposure (including the 0.50 % countercyclical buffer for credit exposures in Spain, activated in October 2025). In January 2026, the 75 % countercyclical buffer for credit exposures in Portugal was activated, which implies an estimated increase of 7 bps in the minimum requirements for the Group (total buffer estimated at 3.63 %² ).
The sectoral systemic buffer (SyRB) for retail exposures secured by residential real state in Portugal is set at 0.06 %.

Accordingly, the CaixaBank Group was subject to the following capital requirements as at December 2025:

Minimum requirements

	Total	of which Pillar 1	of which Pillar 2R	of which buffers
CET1	9.05%	4.50%	0.98%	3.56%
Tier 1	10.87%	6.00%	1.31%	3.56%
Total capital	13.31%	8.00%	1.75%	3.56%

Based on these requirements, as at 31 December 2025 CaixaBank has a margin of 354 basis points (equivalent to €8,662 million) up to the Group MDA trigger.

The Group's level of capital adequacy confirms that the applicable requirements would not lead to any automatic restrictions according to the capital adequacy regulations, regarding the distributions of dividends, variable remuneration and the interests of holders of AT1 capital securities.

With regard to the minimum MREL requirements, the following were applicable as of 31 December 2025:

Requirement in % RWAs
(including current CBR)	Requirement in % LRE

Subordinated MREL	17.06%	6.04%
Total MREL	24.83%	6.04%

As at 31 December 2025, CaixaBank has a margin of 291 basis points (equivalent to 7,103 million euros) above the MREL MDA trigger (M-MDA).

Information on the solvency position and capital ratios of the CaixaBank Group required under the regulations in force in 2025 is set out in Note 4 "Solvency management" to the accompanying financial statements.

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SHAREHOLDER REMUNERATION

On 24 April 2025, in accordance with the resolution passed at the Annual General Meeting of Shareholders held on 11 April, the Bank paid its shareholders a gross cash dividend of €28.64 cents per share, for a total of €2,028 million, as a final dividend charged to 2024 earnings. Following this distribution, total shareholder remuneration for 2024 amounted to €3,096 million (€43.52 cents gross per share), representing 53.5 % of consolidated net profit for 2024, in line with the 2024 dividend plan.

Furthermore, on 29 January 2025, the Board of Directors approved the 2025 Dividend Plan consisting of a cash distribution of 50–60 % of consolidated net profit, including an interim dividend. Under this dividend plan:

On 7 November 2025, an interim dividend was paid equivalent to 40 % of consolidated net profit for the first half of 2025, amounting to 1,179 million euros¹ (€16.79 cents gross per share).
On 29 January 2026, the Board of Directors resolved to propose to the Annual General Meeting of Shareholders a proposal to distribute a final cash dividend of €2,320 million, equivalent to €33.21 cents gross per share, charged to 2025 earnings and to be paid in April 2026. With this second payment, total shareholder remuneration for 2025 will amount to €3,499 million (€50 cents gross per share), equivalent to 59.4 % of consolidated net profit, in line with the 2025 dividend plan.

In relation to the share buyback (SBB) programmes:

▪ Within the framework of the 2022–2024 Strategic Plan, the fifth² and sixth³ SBB programmes were completed in March and November 2025, respectively, each for an amount of €500 million . In line with the purpose of these programmes, the acquired shares have been cancelled, resulting in the share capital, following the most recent capital reduction on 5 December 2025, being set at 7,024,520,689 shares, each with a nominal value of one euro, thus completing the planned payout objective for a total amount of €12,000 million.

▪ The seventh SBB commenced on 25 November 2025, also for an maximum amount of €500 million. At 31 December 2025, a total of 10,822,959 shares had been acquired for €108,445,794, equivalent to 21.69 % of the maximum monetary amount⁴ .

Furthermore, on 29 January 2026 the Board of Directors approved to maintain the same dividend plan for the financial year 2026, which consists of a cash distribution of between 50 % and 60 % of consolidated net profit, to be paid in two payments: an interim dividend, amounting to between 30 % and 40 % of the consolidated net profit for the first half of 2026 profit (to be paid out in November 2026) and a final dividend, subject to final approval by the General Shareholders' Meeting (to be paid out in April 2027). The threshold to pay out the excess capital for 2026 is established at 12.50 % of CET1.

²On 10 March 2025, CaixaBank reached the maximum planned investment following the acquisition of a total of

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Annual Corporate Governance Report of CaixaBank

In connection with the preparation of the annual financial statements for 2025, and in accordance with Article 540 of the Spanish Capital Companies Act, the Board of Directors of CaixaBank approved the CaixaBank Annual Corporate Governance Report (ACGR) for the same financial year. This report, which forms part of the larger Management Report and has been incorporated therein by reference, has been drawn up in accordance with the content requirements set out in Order ECC/461/2013 of 20 March, as well as in Circular 5/2013 of 12 June issued by the National Securities Market Commission (CNMV), as amended by CNMV Circular 3/2021 of 28 September.

The ACGR is published on the website of the CNMV (www.cnmv.es) and on the Bank's corporate website (www.caixabank.com).

Annual Report on Director Remuneration of CaixaBank

In connection with the preparation of the financial statements for 2025, and in accordance with Article 541 of the Spanish Capital Companies Act, the Board of Directors of CaixaBank, acting on a proposal from the Remuneration Committee, approved the CaixaBank Annual Report on Director Remuneration (ARR) for the same financial year. This report, which forms part of the larger Management Report and has been incorporated therein by reference, has been drawn up in accordance with the content requirements set out in Order ECC/461/2013 of 20 March, as well as in Circular 4/2013 of 12 June issued by the National Securities Market Commission (CNMV), as amended by CNMV Circular 3/2021 of 28 September.

The ARR is published on the website of the CNMV (www.cnmv.es) and on the Bank's corporate website (www.caixabank.com).

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GLOSSARY – FINANCIAL INFORMATION

In addition to the financial information, prepared in accordance with International Financial Reporting Standards (IFRS), this document includes certain Alternative Performance Measures (APMs), as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1057 ESMA Guidelines). CaixaBank uses certain APMs, which have not been audited, for a better understanding of the Group's financial performance. These measures are considered additional disclosures and in no case replace the financial information prepared under IFRS. Moreover, the way the Group defines and calculates these measures may differ to the way similar measures are calculated by other companies. Accordingly, they may not be comparable.

ESMA guidelines define an APM as a financial measure of historical or future performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework.

In accordance with these guidelines, following is a list of the APMs used, along with a reconciliation between certain management indicators and the indicators presented in the consolidated financial statements prepared under IFRS. Figures are presented in millions of euros unless the use of another unit is stated explicitly.

PROFITABILITY AND COST-TO-INCOME

1. Customer spread

Metric widely used in the financial sector to track the income generated between the average return on loans and the average cost of deposits of customers in a specific period.

Note: The average balances of the analysed period are calculated on the basis of the daily closing balances of said period, except in the case of some subsidiaries, for which the average balances are calculated as the arithmetic average of the closing balances of each month. Subordinated liabilities that can be classified as retail are excluded.

2. Balance sheet spread

Metric widely used in the financial sector to track the income generated between the interest income and expenses in relation to the Group's total average funds and assets.

Note: The average balances of the period are calculated on the basis of the daily closing balances of said period, except in the case of some subsidiaries for which the average balances are calculated as the arithmetic average of the balances of each month.

3. ROE

Metric used to calculate the return of companies. It reflects the return on the bank's shareholder equity.

4. ROTE

Metric used to calculate the return of companies. It reflects the return on the bank's shareholder equity, after deducting the intangible assets.

5. ROA

Metric used to calculate the return, since it reflects the return obtained from the bank's total assets.

6. RORWA

Metric used to calculate the return of companies in the financial sector. This metric is an evolution of the ROA that associates the Group's return with the risk-weighted assets (RWAs), therefore incorporating a correction factor to the return based on the risk level assumed by the bank.

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7. Cost-to-income ratio

Ratio widely used in the financial sector to compare the operating efficiency between companies and that relates the operating expenses incurred to generate the income measured through gross income.

RISK MANAGEMENT

1. Cost of risk

Metric widely used in the financial sector that relates allowances for insolvency risk, mainly associated with credit risk, with the total loan portfolio.

2. Non-performing loans ratio

Relevant metric in the banking sector that measures the quality of the Group's loan portfolio by defining which part thereof is classified in accounting as non-performing.

3. Coverage ratio

Metric that shows which part of non-performing loans have been covered by accounting provisions.

4. Real estate available for sale coverage ratio

Metric that defines which part of the foreclosed real estate assets available for sale has been covered through write-offs at foreclosure and subsequently through accounting provisions. It reflects the level of writeoffs with respect to the exposure to this type of asset.

5. Real estate available for sale coverage ratio with accounting provisions

Metric that defines which part of the foreclosed real estate assets available for sale has been covered through accounting provisions. It reflects the net accounting exposure to this of asset.

LIQUIDITY

1. Total liquid assets

Metric that shows the Group's level of liquid assets, which are key to mitigate the liquidity risk in the event of difficulties to meet a bank's obligations.

2. Loan to deposits

Ratio that reflects the Group's retail funding structure. It shows the proportion of retail lending being funded by customer deposits.

STOCK MARKET RATIOS

1. Market capitalisation

Share price multiplied by the number of issued shares minus the number of treasury shares held at the end of the period.

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ADAPTING THE PUBLIC STATEMENT OF PROFIT OR LOSS TO MANAGEMENT FORMAT

Net fee and commission income. Includes the following line items:

Fee and commission income.
Fee and commission expenses.

Trading income. Includes the following line items:

Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net.
Gains or losses on non-trading financial assets mandatorily measured at fair value through profit or loss, net.
Gains/(losses) on financial assets and liabilities held for trading, net.
Gains or losses resulting from hedge accounting, net.
Exchange differences (gain/loss), net.

Insurance service result. Includes the following line items:

Insurance service result.
Net result from reinsurance contracts held.

Administrative expenses, depreciation and amortisation. Includes the following line items:

Administrative expenses.
Depreciation and amortisation.

Pre-impairment income.

(+) Gross income.
(-) Administrative expenses and depreciation and amortisation.

Allowances for insolvency risk and other charges to provisions. Includes the following line items:

Impairment/(reversal) of impairment on financial assets not measured at fair value through profit or loss or net profit or loss due to change.
Provisions or reversal of provisions.

Of which: Allowances for insolvency risk.

Impairment/(reversal) of impairment on financial assets not measured at fair value through profit or loss or net profit or loss due to change corresponding to Loans and advances to customers, using management criteria.
Provisions or reversal of provisions corresponding to Provisions for contingent liabilities, using management criteria.

Of which: Other charges to provisions.

Impairment/(reversal) of impairmenton financial assets not measured at fair value through profit or loss or net profit or loss due to change, excluding balances corresponding to Loans and advances to customers, using management criteria.
Provisions or reversal of provisions, excluding provisions corresponding to contingent liabilities using management criteria.

Gains/(losses) on derecognition of assets and other. Includes the following line items:

Impairment/(reversal) of impairment on investments in joint ventures or associates.
Impairment/(reversal) of impairment on non-financial assets.
Profit/(loss) on derecognition of non-financial assets, net.
Negative goodwill recognised in profit or loss.
Gains/(losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations (net).

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Profit/(loss) attributable to minority interests and other. Includes the following line items:

Profit/(loss) for the period attributable to minority interests (noncontrolling interests).
Profit/(loss) after tax from discontinued operations.

RECONCILIATION OF ACTIVITY INDICATORS USING MANAGEMENT CRITERIA

Loans and advances to customers, gross

€ million	31.12.25	31.12.24
Financial assets at amortised cost – Customers (Public Balance Sheet)	375,328	351,799
Reverse repurchase agreements (public and private sector)	–	–
Clearing houses and sureties provided in cash	(1,995)	(1,924)
Other non-retail financial assets	(380)	(273)
Financial assets not designated for trading mandatorily measured at fair value through profit or loss- Loans and advances (Public Balance Sheet)	–	–
Fixed income bonds considered retail financing (Financial assets at amortised cost – Public debt securities, Balance Sheet)	4,967	4,851
Fixed income bonds considered retail financing (reinsurance contract assets on the public Balance Sheet)	78	70
Provisions for insolvency risk	6,336	6,692
Loans and advances to customers (gross) using management criteria	384,334	361,214

Non-performing loans and advances to customers	(8,151)	(9,703)
Performing loans and advances to customers	376,182	351,511

€ million Financial liabilities at amortised cost – Customer deposits (Public	31.12.25 447,811	31.12.24
balance sheet) Non-retail financial liabilities (registered under Financial liabilities at	(9,395)	(9,141)
amortised cost – Customer deposits) Multi-issuer covered bonds and subordinated deposits	(2,638)	(4,043)
Counterparties and other	(6,757)	424,238 (5,098)
Retail financial liabilities (registered under Financial liabilities at amortised cost – Debt securities)	445	770
Retail issues and other	445	770
Insurance contract liabilities, using management criteria	85,765	80,018
Total on-balance sheet customer funds	524,626 495,885
Customer funds Assets under management	202,860	182,946
Other accounts 1	4,450	6,534

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DECLARACIÓN DE RESPONSABILIDAD SOBRE EL CONTENIDO DEL INFORME FINANCIERO ANUAL INDIVIDUAL DE CAIXABANK, S.A. CORRESPONDIENTE AL EJERCICIO 2025

Los miembros del Consejo de Administración de CaixaBank, S.A. declaran que, hasta donde alcanza su conocimiento, las cuentas anuales elaboradas con arreglo a los principios de contabilidad aplicables ofrecen la imagen fiel del patrimonio, de la situación financiera y de los resultados de CaixaBank, S.A. y que el informe de gestión incluye un análisis fiel de la evolución y los resultados empresariales y de la posición de CaixaBank, S.A., junto con la descripción de los principales riesgos e incertidumbres a que se enfrenta.

Las Cuentas Anuales e Informe de Gestión individual correspondientes al ejercicio anual cerrado el 31 de diciembre de 2025 han sido formulados en formato electrónico por el Consejo de Administración de CaixaBank, S.A., en su reunión de 19 de febrero de 2026, siguiendo los requerimientos establecidos en el Reglamento Delegado (UE) 2019/815.

	Valencia, a 19 de febrero de 2026

Don Tomás Muniesa Arantegui	Doña María Amparo Moraleda Martínez
Presidente	Vicepresidenta

Don Gonzalo Gortázar Rotaeche	Don Eduardo Javier Sanchiz Irazu
Consejero Delegado	Consejero Coordinador
Don Luis Álvarez Satorre Consejero Diligencia del Secretario para hacer constar la no firma del Sr. Consejero por no haber asistido físicamente a la sesión del Consejo, sino por medios telemáticos.	Doña María Verónica Fisas Vergés Consejera

El Secretario.

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Don Pablo Arturo Forero Calderón	Doña Rosa María García Piñeiro
Consejero	Consejera

Doña Cristina Garmendia Mendizábal	Don Peter Löscher
Consejera	Consejero
Don José María Méndez Álvarez-Cedrón Consejero	Don Bernardo Sánchez Incera Consejero Diligencia del Secretario para hacer constar la no firma del Sr. Consejero por no haber asistido físicamente a la sesión del Consejo, sino por medios telemáticos. El Secretario.

Doña Teresa Santero Quintillá	Don Fernando Maria Costa Duarte Ulrich
Consejera	Consejero
Doña Koro Usarraga Unsain Consejera

AI assistant

Caixabank S.A. — Audit Report / Information 2025

1802_10-k-afs_2026-02-20_03483c44-721f-43a8-99f4-189f65073279.pdf

Financial Statements /25

CaixaBank Financial Statements

/B Financial statements Balance sheets P. 14 Statements of profit or loss P. 17 Statements of changes in equity Statements of other comprehensive income P. 18 Statements of total changes in equity P. 19

Audit report

Independent auditor's report on the annual accounts

Report on the annual accounts

Opinion

Basis for opinion

Key audit matters

Key audit matters

Recoverability of deferred tax assets

Risks associated with information technologies

Other information: Management report

Responsibility of the directors and the Audit and Control Committee for the annual accounts

Auditor's responsibilities for the audit of the annual accounts

Report on other legal and regulatory requirements

European single electronic format

Report to the Audit and Control Committee

Appointment period

Services provided

Financial statements

BALANCE SHEETS – ASSETS

BALANCE SHEETS - LIABILITIES

BALANCE SHEETS - EQUITY

STATEMENTS OF PROFIT OR LOSS

STATEMENTS OF CHANGES IN EQUITY

STATEMENTS OF OTHER COMPREHENSIVE INCOME

STATEMENTS OF CHANGES IN EQUITY

STATEMENT OF TOTAL CHANGES IN EQUITY

STATEMENTS OF CASH FLOWS (INDIRECT METHOD)

Notes to the financial statements

Contents

1. Corporate information, basis of presentation and other information

1.1. CORPORATE INFORMATION

1.2. BASIS OF PRESENTATION

ACCOUNTING STANDARDS ISSUED BY THE BANK OF SPAIN EN 2025

1.3. RESPONSIBILITY FOR THE INFORMATION AND FOR THE ESTIMATES MADE

1.4. COMPARISON OF INFORMATION

1.5. SEASONALITY OF TRANSACTIONS

1.6. OWNERSHIP INTERESTS IN CREDIT INSTITUTIONS

1.7. MINIMUM RESERVE RATIO

1.8. SIGNIFICANT TRANSACTIONS

1.9. SUBSEQUENT EVENTS

Debt securities issued

Senior bonds

2. Accounting policies

2.1. HOLDINGS IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES

2.2. FINANCIAL INSTRUMENTS

CLASSIFICATION OF THE FINANCIAL ASSETS

CLASSIFICATION OF THE FINANCIAL LIABILITIES

INITIAL RECOGNITION AND MEASUREMENT

SUBSEQUENT MEASUREMENT OF THE FINANCIAL ASSETS

INCOME AND EXPENSES ON FINANCIAL ASSETS AND LIABILITIES

RECLASSIFICATIONS BETWEEN FINANCIAL INSTRUMENT PORTFOLIOS

2.3. ACCOUNTING HEDGES

FAIR VALUE HEDGES

CASH FLOW HEDGES

2.4. OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES

OFFSETTING OF ASSETS AND LIABILITIES

2.5. DERECOGNITION OF FINANCIAL INSTRUMENTS

2.6. FINANCIAL GUARANTEES

FINANCIAL GUARANTEES GIVEN

FINANCIAL GUARANTEES RECEIVED

2.7. IMPAIRMENT OF FINANCIAL ASSETS

Observed impairment of credit risk since its initial recognition

Credit risk

Normal risk Write-off risk Standard risk in special monitoring Non-performing risk

category

Stage 1 Stage 2 Stage 3

Non-performing due to borrower arrears: default event.

Transactions with no reasonable expectations of recovery.

Non-performing due to

2.8. REFINANCING OR RESTRUCTURING TRANSACTIONS

2.9. FOREIGN CURRENCY TRANSACTIONS

2.10. RECOGNITION OF INCOME AND EXPENSE

Characteristics

Lending fees

Caixabank S.A. Audit Report / Information 2025