Criteria’s strategic plan plans to reach 40 billion in assets in 2030.

Criteria Caixa expects Gross Asset Value (GAV) in 2030 will amount to 40 billion euros, making the company the first industrial investor in Spain.above the 26,000 million of Blackrock in Capricorn, the 27,000 of the state with its participation in companies, through SEPI and public companies, and only below the 44,000 that Pontegadea has (the property of Amancio Ortega), although the latter is almost exclusively due to its weight in Inditex.

This Monday, the investment arm of the La Caixa Foundation presented its strategic plan for 2025-2030. strengthening its role as a “stabilizing agent of the Spanish economy.”” and whose main milestone is an increase in gross assets by 13,000 million during this period (from 27,000 million in 2023) and 14,000 net assets (from 22,000 in the same year) due to new investments, as well as due to the expected annual your portfolio returns between 8% and 10% (until now it was only 3%), dividends and capital gains.

In terms of actual investments, company sources indicated that profits will be generated mainly from private capital that can be raised through new investments. portfolio rotation and sale of assets in companies where the participation cycle has already been completed. In fact, one of the greatest novelties of the plan is a new course of action (something that has not existed before) involving three to six year cycles in global companies and allowing entry into foreign companies.

Criteria and nature

These new opportunities will be complemented by a presence in strategic companies (the range is also open to foreign companies), such as Naturgy, which will continue to be the jewel in the crown, or Telefónica. Regarding the first, the “Criterion” indicates that they will continue to work to find new options for the energy sector, steps that will always be carried out with an industrial partner and preservation of value; and in the second case – through the current 5%, which may continue to grow in the future, although the timing is not specified.

Regarding Naturgy’s failed takeover bid for Taqa, Criteria did not want to go into detail, but confirmed that they continue to work on a solution without pause, but without rushing. although they have made it clear that they are not willing to accept any formula that could destroy the company and cause it to lose value.. With regard to their conversations with the government in this operation and the Telefónica operation, they limited themselves to indicating that they are limited only to presenting their plans to the executive and the relationship of the two shareholders who own the share capital.

However, heThe core of the plan is to protect strategic portfolio positions and strengthen diversification (as in the case of ACS) and private equity portfolios., creating greater complementarity between all assets. They confirmed that in the case of Caixabank, Naturgy and Telefónica, the position will be strengthened, and investment and divestment actions will be implemented in other positions with less weight, as was the case in the recent case of Cellnex.

Diversification

Thus, in 2030, the strategic portfolio will have a weight of 55% in the gross value of assets worth about 22,000 million (compared to the current 19,000 million), and at the same time it is expected to generate about 12,000 million in dividends from strategic investments in the period from 2024 to 2030.

Regarding the diversification portfolio – with 80 listed companies and a value of 2,500 million – p.He wants to increase investments in technology, pharmaceuticals, biopharmaceuticals and retail to reach a value of 10,000 million and 25% of assets, compared to the current 25%. The target of private equity (unlisted companies) is to achieve a value of $4.00 million by 2030 with a 10% stake in all assets. It will rise by seven points from the current total weight, concentrated in fewer companies (20 to 30), but with a higher percentage and greater real presence.

Real estate portfolio

The real estate portfolio will also be restructured (although its asset allocation will still be 10%) to invest in assets that generate recurring income with greater profitability and revaluation. The goal now is to combine direct asset management and indirect management through investments in specialized companies. as is the case with Colonial, 17% of which was recently acquired.

On the other hand, the new Criteria plan plans to increase the dividends that will be distributed to Fundación La Caixa to 700 million annually in 2030. compared to an average of 400 million paid annually in the period 2018-2023. The net debt position for the planning period is also planned at 10%, but not more than 20% of the value of assets.

The net debt ratio is expected to reach 10% in 2030, but with an additional margin of 10% for possible investment opportunities and to absorb possible market fluctuations, always respecting the investment grade rating (investment level). The common thread across all investments will be a commitment to assets that rigorously meet ESG sustainability criteria.