Grupo Cajamar posts profit of €349 million, driven by strong commercial activity
- Solid business performance —both in lending and in the growth of on-balance sheet retail and off-balance sheet resources— has taken total volume of business managed to €113,049 million, up 8.6%.
- Performing loans grew by 9.2% to €42,130 million, strengthening the quality and diversification of the loan portfolio. Grupo Cajamar continues to position itself as one of the 10 significant institutions in Spain with the lowest NPL ratio, which stood at 1.68%—well below the sector average.
- Customer funds under management increased by 9.1% to €63,206 million, driven by 5% growth in on-balance-sheet retail funds and a 26.8% increase in off-balance-sheet resources.
- The number of new customers acquired continues to rise, with the Group surpassing 3.9 million customers, after adding more than 72,000 over the year.
- The increase in eligible capital, up 14.2%, has strengthened the Group’s capital position, taking the phased-in total capital ratio to 17% and the phased-in CET1 ratio to 14.4%.
Results
Grupo Cooperativo Cajamar posted a profit before tax of €441 million in 2025, up 13.4% on the previous year. After deducting taxes, consolidated net profit stood at €349 million, representing a year-on-year increase of 6.8%. These results were achieved despite allocating €409 million to provisions and impairment of financial and non-financial assets, in line with the Group’s prudent management approach.
Earnings were underpinned by strong growth in gross income and a moderate increase in operating expenses, leading to improved profitability and efficiency, while further strengthening the Group’s solid capital position. Against this favourable backdrop, Grupo Cajamar—which has held investment-grade ratings from all three of its rating agencies (S&P, Fitch Ratings and DBRS Morningstar) since 2024—saw further upgrades in 2025. In September, DBRS Morningstar raised Grupo Cooperativo Cajamar’s long-term credit rating to BBB, reaffirming the positive trend across all ratings. In March, Fitch Ratings also upgraded the Group’s long-term rating to BBB with a stable outlook, a rating that was reaffirmed just a few weeks ago.
In the statement of profit or loss, gross income remained robust, increasing by 3.2% to €1,602 million, despite the current interest rate environment. The increase was driven by a 7.8% rise in commission income and exchange differences, as well as a 13.5% rise in income from profits from strategic alliances. Operating expenses rose moderately, by 2.6%, contributing to a 3.7% increase in pre-provision profit and improving the cost-income ratio to 46.9%. Return on equity (ROE) rose to 7.67%.
Commercial activity
Commercial activity continued on an upward path, with performing loans rising to €42,130 million—up 9.2% on the previous year—driven by a 14.1% increase in financing to businesses. This has led to an increase in the Group’s credit market share, which now stands at 3.16%.
The diversified loan portfolio remains well consolidated. Of all new corporate and agri-food financing, 40.7% was directed to the agri-food sector, 30.1% to large companies and 29.2% to small businesses and SMEs. This distribution reflects the continued strategic importance of the agri-food sector for the Group. Having supported this sector from the outset, the Group now leads the market in primary sector financing, with a 15.2% share.
Customer funds under management rose by 9.1%, supported by strong growth in both on-balance-sheet retail funds (up 5%) and off-balance-sheet resources (up 26.8%). This has bolstered the Group’s funding capacity and stability, with investment funds showing particularly strong sales performance—up 37.8%, significantly above the sector average of 13%. As a result, the Group’s deposit market share increased to 2.86%.
Thanks to this positive commercial performance, total volume of business managed continued to break new ground, reaching €113,049 million—up 8.6%—while total assets rose by 4.6% to €65,068 million.
Customer acquisition
More than 72,000 new customers joined Cajamar’s cooperative banking model over the year, bringing the total to over 3.9 million. These customers receive close, personalised service from the Group’s 5,149 professionals through a network of 952 branches and rural offices. On 1 April 2024, four new mobile branches were launched, joining the eight already in operation, and now provide financial services to 80 small towns and villages with populations ranging from 170 to 1,500—helping to prevent financial exclusion. During the year, Cajamar also opened four new branches in Pollença, Los Palacios y Villafranca, San Sebastián and Vilagarcía de Arousa, in addition to the service offered through digital channels (mobile app, online banking and electronic banking).
Grupo Cooperativo Cajamar has continued to achieve strong customer satisfaction ratings, thanks to its close, professional service. According to the National Customer Satisfaction Benchmarking Report for the Financial Sector by consulting firm Stiga—specialised in measuring, analysing and improving customer experience—the Group remains the second-best rated significant institution in Spain over the past 12 months.
Capital strength and liquidity
Grupo Cajamar improved its phased-in total capital ratio to 17%, placing it among the most strongly capitalised significant institutions, while its phased-in CET1 ratio rose to 14.4%, supported by a 14.2% increase in eligible capital. With these figures, the Group maintains comfortable buffers above regulatory capital requirements, with a surplus of €1,002 million. The MREL ratio stood at 24.7%, exceeding the requirement in force as of 26 February 2025 by 1.7 percentage points.
Growth in customer funds under management and continued access to wholesale markets—bolstered by the issuance of €750 million in subordinated debt and €500 million in senior preferred debt in 2025—have enabled Grupo Cajamar to maintain a well-diversified funding structure and a strong liquidity position. Accordingly, the liquidity coverage ratio (LCR) stands at 210%, the net stable funding ratio (NSFR) at 144.5% and the loan-to-deposit ratio (LTD) at 82.7%. The Group also has €4,456 million in available covered bond issuance capacity.
Asset quality
Grupo Cajamar continues to reduce total non-performing risks, which declined by 4.7% year-on-year, maintaining its position as one of Spain’s significant institutions with the lowest NPL ratio, which stood at 1.68%—well below the sector average of 2.69%. The Group also strengthened its NPL coverage ratio, which rose to 84%. At the same time, net foreclosed assets fell by 48.7%, improving the net foreclosed assets ratio to 0.27%, while the net non-performing asset ratio stood at 0.56%.
Sustainable finance
For the fourth consecutive year, Grupo Cajamar reaffirmed its leadership in sustainability according to the global non-profit CDP, once again receiving the top score of ‘A’ and retaining its place in the ‘Leadership’ category for climate change management. Worldwide, only 877 companies, including just two Spanish financial institutions, received this top score, positioning Grupo Cajamar among the world’s most environmentally committed institutions.
Grupo Cajamar is also one of the top-rated companies in Morningstar Sustainalytics’ ESG Industry ranking, having received sector recognition for its management of environmental, social and corporate governance risks. In addition, it has updated and published its 2025–2027 Eco-efficiency Plan—an operational tool for improving the Group’s energy and water resource management. It has also revised and unified its Environmental and Social Policy, consolidating its environmental, sustainability and financial inclusion policies into a single document, and has published its Sustainability Risk Management Framework (ESG), a strategic tool that enables the structured integration of environmental, social and governance risks into the Group’s overall risk management.
Cajamar’s cooperative banking model continues to promote financing aligned with environmental and social criteria. In 2025, the Group allocated €423 million to social financing, mainly aimed at supporting the social economy and initiatives in low-income areas, in line with its Sustainable Bond Framework.
Green financing amounted to €679 million, aimed at supporting sustainable agriculture and construction, renewable energy, sustainable mobility, and responsible water management. Based on the allocation of proceeds from the sustainable bonds issued by the Group in 2025—specifically, a €650 million green bond and a €500 million social bond—these funds benefited 43,920 recipients in the social economy, contributed to the creation of 6,304 jobs in target areas and helped avoid 653,514 tonnes of CO₂e emissions per year.
Agri-food sector leadership
Staying true to its mission, purpose and cooperative origins, Grupo Cajamar continues to support and lead the agri-food sector. Besides offering a wide range of specialised financial products and services, the Group helps drive the sector’s development through dedicated technical advisory programmes delivered via its Agri-food Innovation Ecosystem, which in 2025 celebrated its 50th anniversary, having been established in 1975.
To mark this milestone, a number of institutional and professional events were held throughout the year. These were attended by high-profile guests, including the Governor of the Bank of Spain, José Luis Escrivá; the President of the European Association of Co-operative Banks (EACB), Priscille Szeradzki; and around 100 representatives of co-operative institutions and executives—many of whom were participants in the 57th EACB General Assembly held at the Cajamar Financial Centre. Other guests included the Spanish Minister of Agriculture, Fisheries and Food, Luis Planas, and the Regional Minister for Agriculture, Fisheries, Water and Rural Development of the Government of Andalusia, Ramón Fernández-Pacheco, as well as a broad cross-section of political, business, academic and civil society representatives.
The Agri-food Innovation Ecosystem—made up of two experimental centres: Cajamar Experimental Station Las Palmerillas in El Ejido (Almería) and the Cajamar Experience Centre in Paiporta (Valencia)—welcomed over 3,730 visitors in 2025. A total of 148 training events were held, including in-person courses, webinars and online sessions. In addition, the Group published 10 books, 441 articles and 35 market reports. Notable publications include: Agri-food Innovation and Research Systems Worldwide; The Spanish Agri-food Sector Observatory in the European Context; Out-of-home Consumption and Catering: Food Service Sector Observatory in Spain and its Regions; The Agri-food Sector and Employment: A Relationship in Transformation; Challenges Facing the Spanish Cheese Sector; Practical Guide to Preparing a Sustainability Report for Agri-food SMEs; Agri-food Export Analysis – 2024 Edition; and Sustainability Indicators in the Agri-food Sector – 2024 Report.
In recent years, the ecosystem has expanded to include Cajamar Innova—a high-tech water, agri-tech and food-tech incubator—to support innovative business ideas that offer sustainable water management solutions and new agri-food production technologies. In 2025, 23 start-ups were selected from more than 200 applicants from Spain and abroad. Since its inception, Cajamar Innova has supported 95 start-ups.
The most recent addition to this knowledge community is Plataforma Tierra, an initiative aimed at promoting digitalisation in the agri-food sector. In 2025, it recorded over 1.2 million visits to its content and tools—up 12.2% from the previous year.
In short, Cajamar’s Agri-food Innovation Ecosystem continues to expand its reach and impact.