2022-24 Strategic Plan Update

4Q 23 P&L AND BALANCE SHEET Spain and Portugal outperformed the Euro Area in 2023 and are expected to outperform it again in 2024 Spain and Portugal show resilience Real GDP (1), % yoy 2023 0.5% 2.5% 2.3% Euro Area Spain Portugal 2024e >>> SOLID EMPLOYMENT... Employment(2)(3), % yoy 1.8% >>> 1.4% 1.2% CaixaBank Euro Area Spain Portugal >>> ...SUPPORTS CONSUMPTION Real consumption (2), % yoy EXPORTS ALSO FARE BETTER Real exports (2), % yoy >>> LOWER INFLATION Headline inflation (2)(4), % yoy 3.0% 2.0% 0.5% 1.7% 1.1% 2.4% EXPECTING STRONGER ECONOMIC ACTIVITY IN 2H24E VS. 1H24E Real GDP), % yoy -0.4% 5.1% 5.4% 5.3% 3.4% >>>> 0.7% 2% Spain 3% Portugal 2.39 3612.19 763.33 Employment and disposable income to support consumption 5442 18.9 9512 1.75 5652 45692.33 2% >>> 223.25 1% Tourism flows and spending 333.44 65.01 34.4 1% Euro Area Spain Portugal >>>> 0% Higher NGEU investments 0% 1Q24e 2Q24e 3Q24e 4Q24e 1Q24e 2Q24e 3Q24e 4Q24e » Declining inflation (1) Source: CaixaBank Research (2024e forecasts as of December 2023). (2) Source: Eurostat and INE. Based on latest available data. For Euro Area and Portugal, consumption, employment and exports: average quarterly % change yoy in 9M23. For Spain, consumption, employment and exports: annual average yoy in FY23. For inflation: annual average yoy in FY23. (3) Labour force survey. (4) Harmonised index (HICP). 31

View entire presentation