2025 Annual Accounts of FROB and the National Resolution Fund

In 2025, FROB reported an accounting profit of 7.253 billion euros and, for the third consecutive year, received dividends amounting to 770 million euros from its investee, BFA.
In 2026, FROB made its first direct payment to the Spanish Treasury in the amount of 550 million euros and will also complete the full repayment of the ESM-State-FROB loan granted in 2012.

Madrid, 9 July 2026. FROB publishes its 2025 Annual Accounts and those of the National Resolution Fund (NRF) together with their respective Management Reports.

FROB Annual Accounts

The 2025 financial year closed with an accounting profit of 7.253 billion euros, primarily attributable to CaixaBank’s strong performance, both through the increase in the market value of BFA’s shareholding in the bank, reflecting the rise in its share price, and through the dividends received by BFA and passed on to FROB. The rise in the share price during 2025 resulted in the recognition of 6.505 billion euros in accounting income from the reversal of the impairment of FROB’s investment in BFA. As a result, the share price increased by 584.5% between the announcement of the merger between CaixaBank and Bankia and the end of the 2025 financial year.

As at the end of 2025, FROB’s total assets stood at 15.693 billion euros, with positive equity of 15.471 billion euros.

Until 2024, FROB’s results formed part of its equity. In 2025, in accordance with the applicable legal framework and in light of FROB’s liquidity surplus, the first direct payment of 550 million euros to the Spanish Treasury was approved. This payment was made in June 2026.

In this regard, FROB’s Chair, Álvaro López Barceló, stated: “This payment represents a significant milestone in our history: we have become a net contributor to the State, providing resources through the recovery of public financial assistance.”

The principal changes in the financial statements for the 2025 financial year compared with the previous financial year are set out below:

Valuation of investee entities

In accordance with the applicable accounting standards and consistent with previous financial years, FROB has estimated the carrying amount of its investment in BFA (wholly owned by FROB and holding 18.1% of CaixaBank’s shares as at 31 December 2025 [1]), based on BFA’s individual equity, as reported in its Annual Accounts as at 31 December 2025, together with the unrealised gains on BFA’s investment in CaixaBank at that date, which, in accordance with the applicable accounting standards, are not recognised in BFA’s accounts.
BFA’s individual equity stood at 5.512 billion euros as at 31 December 2025, compared with 5.560 billion euros in 2024. At that date, unrealised gains on BFA’s investment in CaixaBank amounted to 9.955 billion euros, of which 6.554 billion euros arose in 2025. Accordingly, as at 31 December 2025, the carrying amount of FROB’s investment in BFA stood at 15.467 billion euros. As a result, FROB recognised accounting income of 6.505 billion euros from the reversal of the impairment of its investment in BFA.
BFA’s 2025 results, together with the sustainability of its financial performance, the absence of external financing requirements and its very strong equity position, enabled it to distribute a dividend to FROB for the third consecutive year. Accordingly, 100% of BFA’s 2025 profit, amounting to 722 million euros, was distributed through an interim dividend of 260 million euros, paid in November 2025, and a final dividend of 461.7 million euros, paid in May 2026.
These 722 million euros are in addition to the dividends distributed by BFA from its 2024 and 2023 profits, bringing the total amount effectively recovered by FROB through dividends in respect of the financial assistance provided to the BFA-Bankia Group to 1.722 billion euros. In addition, the estimated recoverable value of the financial assistance represented by FROB’s investment in BFA stood at 15.467 billion euros as at the end of the 2025 financial year.
In 2025, as part of CaixaBank’s fifth and sixth share buyback programmes, BFA sold the number of CaixaBank shares required to maintain FROB’s indirect shareholding at 18.1%.
With regard to its investment in Sareb, FROB has held a 50.14% ownership interest in the company since 5 April 2022, pursuant to the measures introduced by Royal Decree-Law 1/2022. With regard to the valuation of its investment in Sareb, FROB recognised a full impairment of that investment in 2019. It remains fully impaired and therefore had no effect on the 2025 financial statements.

Net interest income

Excluding the positive impact of the valuation of BFA, FROB reported a positive financial result of 765 million euros, driven primarily by the 770 million euros in dividends received from BFA during the 2025 financial year[2], offset by the finance costs associated with FROB’s liability (ESM-State-FROB loan).
During the 2025 financial year, FROB repaid 732 million euros relating to the second tranche of the ESM-State-FROB loan, leaving an outstanding principal balance of 200 million euros, which will be settled by FROB in December 2026. As a result, the loan granted to FROB in 2012 will be repaid in full during the current financial year.

Extraordinary income

During the 2025 financial year, FROB recognised extraordinary income of 6.6 million euros arising from recoveries in ongoing legal proceedings. As a result of these legal actions, final court judgments have awarded FROB a total of 303 million euros.

Contributions to the SRF 2026

As explained in FROB’s Management Report, following the verification exercise, the Single Resolution Board (SRB) confirmed that the resources of the Single Resolution Fund (SRF) exceeded the target level in 2024, 2025 and 2026. Consequently, no contributions were collected in those years.

Annual Accounts of the National Resolution Fund

The National Resolution Fund (NRF), managed by FROB, reported a profit of 344 thousand euros in 2025, driven primarily by finance income. The Fund’s equity stood at 17.5 million euros, derived primarily from contributions to the NRF collected between 2015 and 2023 from entities subject to those contributions, namely certain investment firms that are not part of banking groups supervised by the European Central Bank and Spanish branches of credit institutions and investment firms established outside the European Union.

As in 2024, no contributions to the National Resolution Fund were collected in 2025.

[1] FROB’s indirect shareholding in CaixaBank through BFA increased from 16.12% to its current level of 18.1%. This shareholding remained unchanged in 2025, as BFA sold the number of CaixaBank shares required to maintain FROB’s indirect shareholding at 18.1% following the cancellation of shares repurchased by CaixaBank under its share buyback programmes (SBBs).

[2] 510 million euros in respect of the final dividend from BFA’s 2024 profit and 260 million euros in respect of the interim dividend from BFA’s 2025 profit.