CriteriaCaixa, the investment arm of the La Caixa Foundation, closed the first half of 2026 with 1.248 billion euros in net profit. The figure sounds robust, but hides a less glamorous reality: it represents a drop of 8% compared to the same period last year. The reason is not poor business performance, but something more mundane: the absence of extraordinary income that artificially inflated accounts last year.

The mirage of extraordinary figures

According to eldiario.es, the decline is mainly due to the disappearance of one-off operations that in 2025 generated exceptional gains, such as income from Naturgy's self-tender offer. However, looking beneath the surface, the picture is different: recurring earnings—from ordinary business activities—reached 1.142 billion, 23% higher than last year.

This distinction is crucial to understanding the true health of the holding chaired by Isidro Fainé. Ordinary results reflect a business that is operating with more muscle than a year ago, not less.

Rising dividends: the engine of the machine

The holding explained that the semester "was marked by solid cash generation", driven mainly by 1.174 billion euros in dividends received from its subsidiaries, a figure that grows 9.3% year-on-year. The main generators of this passive income are:

• CaixaBank: 723 million euros
• Naturgy: 157 million
• Telefónica: 85 million
• ACS: 67 million
• Veolia: 60 million
• Rest of portfolio: 82 million

This stream of dividends reflects something important: CriteriaCaixa not only manages investments, but harvests them. The business model works like a profit-collection machine from listed companies that generate robust cash flows.

Stock market boosts portfolio value: another push upwards

Beyond dividends, CriteriaCaixa has benefited from revaluation of its subsidiaries, which added 5.877 billion euros. The biggest winner was CaixaBank, whose stake accumulated a revaluation of 18.6%. Also notable are gains from ACS (+51.7%) and Naturgy (+5.9%).

These value increases are not cash income, but they do reflect that CriteriaCaixa's real equity grows. Net asset value (NAV) has reached 46.640 billion euros, an increase of 17.7% since year-end.

New bets: Naturgy and ACS in focus

During the semester, CriteriaCaixa invested more than 2.000 billion euros in strategic operations. The most relevant were:

• Acquisition of an additional 2.5% of Naturgy for 612 million, raising its stake to 28.5%
• Purchase of an additional 1.3% in ACS for 510 million, reaching 10.6%

These operations show that the holding is not satisfied with what it has, but seeks to strengthen its control in two of its main assets in the energy and infrastructure sectors.

It has also allocated 427 million to real estate investments through InmoCaixa, notably the purchase of the Estel building in Barcelona, and 346 million to third-party funds for alternative investments focused on growing companies.

What does this mean for investors?

CriteriaCaixa presents a nuanced portrait: figures fall in year-on-year comparison, but only because an extraordinary item is missing. The fundamental machine is working better. Equity grows, dividends rise, and the bet to strengthen positions in energy and infrastructure suggests confidence in the medium term.

What looked like a poor result is actually a sign that 2025 was an anomalous year. This first half of 2026 shows the true solidity of the business. The question mark? Whether that solid cash generation can maintain this pace when the stock market, now favourable, decides to correct.