Criteria, the holding company of La Caixa, strengthens José María Méndez and makes him CEO

BarcelonaThe board of directors of Criteria, the investment arm of the La Caixa Foundation, has promoted its current general manager, José María Méndez, to the position of CEO, making him a member of the company's governing body. He was appointed CEO last May, after a stint as assistant to the former CEO of CriteriaCaixa, Angel Simonwho was dismissed. This appointment recognizes the work of this executive, who is responsible for the day-to-day management of Criteria, according to sources within the organization. The accounts for the past year were also approved, showing a net profit of €2.325 billion, representing a 120% increase thanks to numerous extraordinary results during the year. At the same time, the foundation's board of trustees appointed IESE professor Nuria Chinchilla, venture capital expert Julia Salaverría, and auditor Xavier Brossa as independent directors of Criteria. They replace José Antonio Asiaín, Marcos Contreras, and Jean-Louis Chaussade, who have completed 12 years in their positions and, therefore, lose their independent status, according to the organization's bylaws. Following these changes, the 25-member board now has 40% female representation on the holding company's highest governing body, according to the company.

2025 Results

The board also approved the financial statements for the past year, with a recurring profit of €1.626 billion, 7% higher than the previous year. Regarding net profit, the strong 120% increase is attributed to extraordinary results such as the takeover bid for Naturgy (€306 million), a company in which they are the main shareholder; the sale of Saba and its subsequent integration into the Belgian group Interparking (€270 million); and divestments in listed equities (€559 million). The share sales were carried out ensuring that the value of the cash portfolio is at least 10% of total assets, according to the company. The company received a total of €1.883 billion in dividends in 2025 from its portfolio of business holdings, most notably Naturgy, where they have increased its share to 28.5% Taking advantage of a double accelerated placement of shares by GIP-BlackRock; Telefónica (9.9%), CaixaBank (31%), ACS (9.36%), and Veolia (5.10%), among others. The holding company distributed a "social dividend" of €570 million last year to its owner, the La Caixa Foundation, whose resources are allocated to social projects. Last year, Criteria adapted its strategic plan to ensure its alignment with the La Caixa Foundation's roadmap. Of the total dividends, CaixaBank contributed the most, with €1.006 billion, followed by Naturgy (€434 million), Telefónica (€170 million), ACS (€51 million), The Bank of East Asia (€46 million), Colonial (€33 million), and Inbursa (€27 million). The net value of Criteria's total assets rose to €39.611 billion, an increase of 58%. The most significant investment was that of Veolia, the French group owned by Agbar, for €1.077 billion, giving it a 5.10% stake.

As of April 1, Criteria's board of directors will consist of Isidre Fainé Casas as chairman, Francisco Reynés Massanet (chairman of Naturgy), and Javier Godó Muntañola (publisher of The Vanguard) as vice presidents and José María Méndez as CEO.

710 million for social work

The president of La Caixa and Criteria, Isidre Fainé, highlighted the investment company's 2025 results, which, in his opinion, will allow for an increase in funding for social projects, to which a total of 710 million euros will be allocated in 2026. This figure represents an 8.39% increase compared to the 655 million euros of 2025. It facilitates the goal of reaching 800 million by 2030.Criteria, for its part, aims to contribute a total of €4 billion to the foundation between 2025 and 2030. The company's investment capacity is approximately €8 billion until 2030, according to its updated strategic plan. Criteria's gross debt as of December 31st decreased to €5.188 billion, with a ratio of 7.3% (€5.28 million and 12.9%, respectively, a year earlier). The average cost of capital was 3.1%, compared to 3.9% last year. At the close of the last fiscal year, Criteria's liquidity stood at €5.425 billion. Of this total, €2.090 billion was in cash and cash equivalents, and €3.333 billion in fixed-income instruments and publicly traded shares.