FY2025 Results

Caixa Geral de Depósitos releases its consolidated results

(unaudited accounts)

In its 150th anniversary year, CGD strengthens its market leadership by achieving the strongest business volume growth in Portugal, reaching its highest-ever net income and enabling the payment of the largest dividend ever distributed by a Portuguese bank, amounting to €1,25 billion.

Net income of €1.9 billion driven by €8 billion growth in business volume in Portugal

Net income of €1.9 billion (+10% year-on-year)
Dividend to be proposed at the General Meeting of €1.25 billion, represents 66% of net income
Business volume grows by €8 billion in Portugal compared with December 2024, reaching €172 billion in consolidated activity (+4%)
Total Resources, in Portugal, remain above €100 billion, increasing by €4 billion compared with 2024, reinforcing leadership in deposits and off-balance-sheet products
Customer loan portfolio, in Portugal, increases by €3.9 billion (+8%) over the period, with robust growth both in corporates and institutions (+€1.1 billion) and in individuals (approximately €2.8 billion), including around €2.6 billion in mortgage lending and more than €150 million in consumer credit
Loan-to-deposits ratio improves, with loan portfolio growth exceeding the increase in deposits
Mortgage lending with production of around €5.8 billion in 2025 (+40%), exceeding €480 million/month, compared with around €340 million/month in 2024, reaffirming market leadership
Corporate lending new investment financing amounting to €6 billion (+6%), demonstrating strong dynamism in the service provided to the corporate sector
Fees in Portugal show limited variation (+1%) despite 6% growth in business volume, reflecting the maintenance of the price list for the third consecutive year and the application of exemptions, resulting in the lowest level of fees relative to business volume. Considering inflation, the non-increase in commissions translates into a real reduction.
Cost-to-Income (recurring) of 30%, evidencing performance above the European average
In 2024 and 2025, CGD paid more than €3.4 billion in corporate income tax (IRC) and dividends to the State

CGD leads the national banking sector, driven by digital growth, leadership in cards and strong brand recognition

Digital customers in Portugal exceed 2.5 million, carrying out 99% of their financial transactions through digital channels
The card business, with around 4.8 million active bank cards, continues to support CGD’s market leadership. Card purchases were up 10% compared to 2024 and by 23% compared to 2023, reflecting growth in online purchases (+27%) and contactless transactions (+16%)
CGD is the bank with the highest reputation, following an improvement in its rating in 2025, remaining above the sector average for the sixth consecutive year

Prudential ratios above 21% following the payment of a historic €1,250 million dividend

CET1 ratio of 21.2% and Total Capital ratio of 21.3%, after deduction of the largest dividend ever paid by the Portuguese banking sector, to be paid in 2026
Organic capital generation of €7.9 billion since the recapitalization, representing twice the amount received from the shareholder in 2017, of which €4.5 billion retained in the Bank
The only Portuguese bank included in The Banker 2025 ranking of the world’s 200 largest banks by Tier 1 capital, ranking 190th

Favourable comparison with national and European peers

NPL (Non-Performing Loans) ratio of 1.44%, remaining below both the national and European averages
Cost of credit risk of -0.35%, reflecting the favourable evolution of credit quality
Exposure to non-core assets – NPLs, real estate and restructuring funds – further reduced (down €130 million in 2025)

CGD records a historic milestone with the launch of a €500 million ESG debt issuance

Green bond issued at the lowest spread ever achieved for a CGD senior preferred transaction, with demand exceeding supply by seven times, confirming market confidence in the institution’s robustness
CGD’s fourth ESG issuance in five years, consolidating its position as a leader in ESG financing among Portuguese banks, reinforcing its environmental commitments, with total ESG issuance amounting to €1.8 billion

CGD strengthens its commercial momentum with corporates and households

In the PME Líder 2024 programme, and for the first time, CGD was the bank awarding the highest number of statuses, reinforcing the growing preference of companies
CGD achieved strong performance in Youth Mortgage Loans with State Guarantee, reaching a 28.9% market share

CGD continues to actively support sustainable development and social impact initiatives

Sustainability Strategy for 2025–2028 defined
Sustainable financing reaches €6.5 billion, through support lines for companies (€2.1 billion) and households (€4.4 billion)
Community investment amounting to €20 million (Education, Culture and Social Sector)
CaixaBI organised and led €3.0 billion in ESG debt issuances
MSCI ESG upgraded the rating to AA, while Sustainalytics maintained the score at Low Risk

CGD restructures the Group and continues to focus on core activities

CGD completed the sale of Banco Comercial do Atlântico (Cabo Verde), making a significant contribution to the rationalisation of the Group’s structure, previously with two banks in Cape Verde, as well as the divestment of Águas de Portugal, disposing of a relevant non-core asset from its balance sheet

CGD consolidates long-term debt ratings in the ‘A’ category

CGD strengthened its long-term debt rating to the ‘A’ category, following upgrades in 2025 by S&P and DBRS, in addition to the a3 BCA assigned by Moody’s, consolidation within the 'A' category across the three agencies that monitor its activity

CGD reaffirms its strong capacity to meet regulatory requirements

Leading banking group among ECB-supervised banks, achieving the best result in the EBA 2025 EU-Wide Stress Test, replicating the performance achieved in 2023, an unprecedented achievement
Most resilient bank in the Euro Area, with no capital depletion under the adverse scenario, clearly demonstrating CGD’s financial robustness

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¹ NPL – Non-Performing Loans: Ratios according to EBA Risk Dashboard

DISCLAIMER

The financial statements were prepared on the basis of International Financial Reporting Standards (IFRS) as adopted in the European Union, following Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July and the provisions of Decree-Law No. 35/2005 of 17 February. The financial information reported is unaudited.
The values and ratios presented refer to 31 December 2025, unless stated otherwise. These may include estimated values, subject to change upon final determination. The solvency ratios include the net income for the period, net of the dividend to be proposed at the General Meeting.
In the current economic environment, the risk of further geopolitical, trade or climate‑related shocks remains high, potentially triggering periods of heightened volatility in financial markets and affecting the decision‑making of companies and investors. Given this context and taking into account the best information available as of today, the Board of Directors considers that Caixa Geral de Depósitos is adequately prepared, in terms of capital and liquidity, to absorb any adverse impacts arising from potential changes in the global economic landscape, while maintaining the necessary support to its customers and to the national economy.
This document is intended to provide general information only and does not constitute investment advice or professional advice, nor may it be construed as such.
This document is an English translation of the Portuguese language document “Resultados Consolidados 2025”. In the event of any inconsistency, the original version prevails.

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Caixadirecta

Caixadirecta

FY2025 Results

Caixa Geral de Depósitos releases its consolidated results

(unaudited accounts)