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The Corner

The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

Companies 27th February 2026

FCC’s EBITDA falls by 1% to €1.419 billion due to provisions in Construction and despite growth in Environment

Intermoney | 2025 annual results – EBITDA down 1% (up 7% Intermoney’s estimate) due to provisions in Construction. FCC (Buy, Target Price £15/share) published its 2025 annual results on Thursday after the market closed, holding a conference call today at 9 a.m. The main figures, together with our estimates, are shown in the attached table. The Group no longer consolidates the cement and real estate businesses globally, which began trading…

Companies 27th February 2026

IAG earns €639 million in 2025, has €11.624 billion in liquidity, proposes dividend of €0.05 per share for 29 June and announces €1.5 billion buyback plan

Renta 4 | Today before the market opened, IAG presented its annual results for 2025. The figures were as follows: Passenger revenue €6.935 billion (up 1% compared to Renta 4’s estimate and in line with Q4 24), total revenue €7.929 billion (up 1% compared to Renta 4’s estimate and down 1% compared to Q4 24), EBIT before extraordinary items (main operating figure) €1.093 billion (versus €1.040 billion Renta 4’s estimate,…

In Europe 27th February 2026

Eurozone inflation falls below ECB target in January, moderating to 1.7%

CdM | Eurozone inflation is now below the European Central Bank’s (ECB) 2% target after the Consumer Price Index (CPI) moderated by three tenths of a percentage point to 1.7% in January, in line with expectations, according to figures published by Eurostat, the statistical office of the European Union (EU). This brings overall inflation to its lowest level since September 2024. By component, energy prices fell by 4% in the…

In Spain 27th February 2026

Producer price index rises 0.5% in Spain in January compared to December

Link Securities | The National Statistics Institute (INE) reported that the producer price index (PPI) rose by 0.5% in Spain in January compared to December, driven mainly by the increase in the prices of gas production and distribution by pipeline of gaseous fuels (4.8% in the month) and, to a lesser extent, by the increase in the prices of precious metals and other non-ferrous metals (4.7% in the month). In…

Companies 27th February 2026

Defence rejects appeal filed by Santa Bárbara, decides not to provisionally suspend awards to Indra and Escribano joint venture worth €7.24 billion

Link Securities | The Ministry of Defence has refused to apply the precautionary measures requested by Santa Bárbara Sistemas against the artillery contracts awarded to the joint venture between Indra and Escribano Mechanical & Engineering (EM&E) worth €7.24 billion. Santa Bárbara Sistemas, owned by the European subsidiary of General Dynamics (GD-US), filed an appeal on 22 January with the Subdirectorate for Armament and Material Procurement of the Ministry of Defence,…

In Spain 27th February 2026

Sánchez suffers new defeat in Parliament, where his majority has long been lost

The Government suffered another defeat in Congress yesterday, proving once again that it lacks a parliamentary majority even to carry out the minimal legislative activity required to survive. The Executive failed, for the second time, to pass what it calls the “social shield” due to the refusal of Junts (along with the PP and Vox) to accept the extension established during the Covid era, which prevents property owners from evicting…

Companies 26th February 2026

Redeia: with net banking income of €506 million, heading towards improvement in regulated income in next regulatory period

Bankinter | Key figures compared with consensus: EBITDA €1.258 billion (up 4%) versus an estimate of €1.259 billion; net banking income €506 million (up 0.1%) versus an estimate of €503 million; FFO €1.035 billion (down 12.9%); Net debt €5.474 billion compared to €5.370 billion in December 2024. Bankinter analysis team’s view: Results in line. Positive factors in results: (i) Greater contribution from regulated electricity transmission activity (EBITDA up 4%) with…

Companies 26th February 2026

Fluidra posts net profit of €176 million in 2025 (up 27%) and EBITDA of €395 million

Alphavalue/Divacons | The Barcelona-based swimming pool and spa company (market cap €4.6 billion) has announced its results for the 2025 financial year. Sales of €2.18 billion; gross margin of 56.6%; EBITDA of €395 million. Net operating expenses down 0.6% year-on-year; net profit of €176 million (up 27% year-on-year); EPS of €0.927 per share compared to €0.727 per share year-on-year. Net debt falls to €1.0866 billion. Looking ahead to 2026, they…

Companies, Relevant News Item 26th February 2026

Ferrovial’s EBITDA increases 9% to €1.457 billion, thanks to construction business and despite moderating trend in toll roads

Intermoney | Ferrovial (Hold, Target Price €43/share) announced its results for December 25 on Wednesday after the close of trading in New York, and will hold a conference call and webcast today at 3 p.m. The main figures from the results, together with our estimates, are shown in the attached table. Overall, EBITDA rose by 9% to €1.457 billion in 2025, well above our estimate (€1.387 billion), in what was…

Companies, Relevant News Item 26th February 2026

Indra’s Q4 2025 results exceed forecasts, 2026 guidance supported by increased contracting and order book

Renta 4 | The results have significantly exceeded estimates in the main figures. Ordinary income €1.845 billion (up 6% against Renta 4 estimate and consensus and up 28% against Q4 24), EBIT, the main figure, €199 million (against €173 million Renta 4 estimate, €178 million consensus, up 31% against Q4 24), EBITDA €231 million (up 13% year-on-year and up 31% compared to Q4 24) and net profit €145 million (up…

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