Norbolsa | The company posted a net profit of €1.668 billion (+6% year-on-year) and EBITDA of €4.214 billion in 9M25, in line with record levels and with the target of exceeding €2 billion at year-end. The company maintains a solid financial profile (DN/EBITDA <2.5x) and a minimum total dividend of €1.70/share within the 2025–27 plan. Among the most notable milestones of the period, the free float increased to 18.8% from…
Santander posts record nine-month results, with earnings per share up 16% and growing seven million customers to 178 million. Revenue was stable (€46.3 billion), with the bank achieving record net fee income (up 4% year-on-year). Operating expenses fell by 1%. As a result, the efficiency ratio improved to 41.3%. Loan-loss provisions fell 1% with improved cost of risk at 1.13% (-5 basis points). Non-performing loan ratio of 2.92%, improving 14…
CdM | Contributory pensions (retirement, widowhood, permanent disability, orphanhood and family benefits) rose by 6% in October to €13.6758 billion, according to data released by the Ministry of Inclusion, Social Security and Migration. In the eighth month of the year, Social Security paid a total of 10,397,372 pensions to 9,405,352 million people. Almost three-quarters of these were retirement pensions, representing more than 73% of the total (€9,999.2 million, up 6.01%)….
Bankinter | Car sales rose by 10% in September, compared to 5.3% previously. Bankinter analysis team’s view: This is the best figure since April 2024. Among the increases, the following stood out (year-on-year): Cupra (up 48.4%), Stellantis (11.5%), Skoda (10.9%), Volkswagen (9.6%), Citröen (29.4%), Opel (14.6%) and Alfa Romeo (71.8%). Chinese brands once again recorded strong sales growth, such as SAIC Motor (75.5%) and ByD (398%). On the negative side,…
Bankinter | Beats earnings and revises full-year guidance upward. The networks division drives growth for the group. Key figures compared to consensus: Adjusted EBITDA (x capital gains from asset sales and provisions) €12.438 billion (up 7.7%) versus €12.117 billion estimated., Adjusted BNA: €5.116 billion (up 16.6%) versus €4.932 billion estimated. Revises upward its guidance for the year, from high single-digit net profit growth to double-digit growth, exceeding €6.6 billion. Bankinter…
Link Securities | The company will be responsible for the design, supply, and installation of a Mobile Air Traffic Control Tower (MATC) for NERA, the leading aviation technology and solutions company in Saudi Arabia, as a local partner and systems integrator, and for Saudi Air Navigation Services (SANS). The project provides a turnkey solution that ensures operational continuity at Saudi airports in the event of emergencies, disruptions, or renovations to…
Bankinter | According to press reports, the United Kingdom has announced the cancellation of the project to build a motorway near Stonehenge. We recall that the project was awarded in 2022 to a consortium formed by FCC, Webuild, and BeMo Tunnelling and had a budget of around £1.7 billion (approximately €1.95 billion). According to the same source, FCC had completed the design work but had not yet begun construction. Assessment:…
Bankinter | Moody’s maintained its rating at Aa3 but downgraded the outlook from stable to negative. The rating is based on a “rich and diversified” economy that benefits from a “more benign demographic profile than many other advanced economies.” “The strength of household and corporate balance sheets, as well as a solid banking sector, contribute to macroeconomic stability and the economy’s ability to absorb shocks.” However, it notes that “political…
Bankinter | According to Adobe Analytics, online sales during the Christmas season will increase by 5.3% to $253.4 billion between November 1 and December 31. This represents a slowdown compared to 8.7% in 2024, although it would only be slightly below the average of 5.7% for the 2022-2024 period. The biggest shopping day will be Cyber Monday, when growth of 6.3% to $14.2 billion is expected. Adobe expects online sales…
Link Securities | On October 27, Fitch Ratings affirmed Banco Sabadell’s (SAB) long-term and short-term ratings at “BBB+/F2” respectively, placing both on stable outlook and removing them from Positive Rating Watch. The decision to remove the Positive Rating Watch comes after BBVA’s (BBVA) failed takeover bid for the bank.