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Articles by The Corner

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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.
aena barajas3CM

In Spain 20th February 2026

Spain receives 6.7 million international passengers in January, representing annual growth of 5.2%

Alphavalue / Divacons | Spain received a total of 6.7 million international passengers in January, representing an annual growth of 5.2%, according to data from Turespaña. The report highlights that 54.5% of travellers opted for low-cost airlines, an increase of 3.8%, while the remaining 45.5% used traditional airlines, a segment that recorded a higher increase of 6.9%. The European market accounted for the majority of arrivals, while Asia (up 20%)…

inditex zara interior

Companies 20th February 2026

Inditex to pay €1,500 bonus to nearly 30,000 store employees in Spain

Link Securities | Inditex (ITX) has renewed the extraordinary incentive for its store employees in Spain and will pay a bonus of €1,500 to nearly 30,000 workers in their February payroll, according to Expansión newspaper. This payment is linked to the commercial performance targets of each store. In ITX’s 2025 financial year, which ended on 31 January, more than 99% of the group’s stores in Spain achieved an incentive equal…

ferrovial autopista407

Companies, Relevant News Item 20th February 2026

Highway 407-ETR, 48% owned by Ferrovial, posts €502 million profit, up 17%

Link Securities | The 407-ETR motorway (Canada), one of the world’s largest concession assets and 48% owned by Ferrovial (FER), posted a profit of CA$810 million (around €502 million), representing year-on-year growth of 17%, according to Expansión. The increase in profit is mainly due to a 5.7% rise in traffic, which is now 3.5% higher than pre-pandemic levels, with revenue per trip up 7% due to higher tolls.

exports gorgeous

Spanish economy 20th February 2026

Spanish exports (up 0.7% compared to EU’s 2.4%) lose ground in 2025

Throughout 2025, Spain recorded a trade deficit of €57.1 billion, a figure 47.1% higher than that of 2024. In 2025, imports increased by 4.6% compared to 2024, reaching €444.2 billion, while exports rose by 0.7% to €387.1 billion. By contrast, EU exports grew by 2.4%, with Italy up 3.3%, France at 2.3%, and Germany at 0.9%. Outside the bloc, the UK saw growth of 3.2%, Japan 3.1%, and China 6.1%….

Airbus nuevo

Companies 19th February 2026

Airbus earns €2.58 billion in 2025 but lowers production acceleration target due to supply issues

Bankinter | 2025 good cash generation, but supply chain issues persist. Production acceleration target lowered. Key figures from Q4 2025 results versus the company’s own consensus estimate: Sales €25.984 billion (up 5.1% year-on-year) versus €26.513 billion estimated; Reported EBIT €2.717 billion (up 3.9% year-on-year versus €2.800 billion estimated) and net profit €2.580 billion (up 13.5%) versus €2.361 billion estimated. In Commercial Aircraft (74% of reported EBIT in 2025), deliveries totalled…

Talgo

Companies 19th February 2026

Talgo renews €150 million promissory note programme on MARF for 2026

Alphavalue/Divacons | The railway company has agreed to renew its promissory note issuance programme on the Alternative Fixed Income Market (MARF) for the 2026 financial year. According to information submitted to the Spanish National Securities Market Commission (CNMV), the railway company maintains a maximum outstanding balance of €150 million for this programme.

Aena

Companies 19th February 2026

Estimated €9.991 billion capex proposed by Aena for 2027-31 could jeopardise dividend

Intermoney | Aena (Hold, PO €24) yesterday presented its proposal for DORA III to the markets, the document that will govern investments in airports in Spain in 2027-31, as well as the remuneration that Aena will receive for them. The operator estimates the planned regulated capex at €9.991 billion, concentrated in Barajas and El Prat, among other assets. To finance this effort, Aena is asking for its revenue per passenger…

Indra Tecnocom

Companies 19th February 2026

Indra signs cooperation agreements with Italian companies Elt Group and Leonardo in fields of multi-domain defence and cyber defence

Link Securities | The Spanish company and Italy’s Elt Group have signed a collaboration agreement aimed at strengthening their industrial and technological cooperation in multi-domain defence, establishing a common framework for developing and promoting collaboration in three key areas: the land domain, the space domain and unmanned aerial vehicles (UAVs), according to Bolsamania.com. On the one hand, Indra contributes its capabilities as a leading integrator in new-generation defence programmes and…

EEUU industria

In the World 19th February 2026

Empire Manufacturing indicates that manufacturing activity in New York continues to expand

Bankinter | Empire Manufacturing (February): 7.1 versus 6.2 expected versus 7.7 previous. Bankinter analysis team’s view: The indicator shows that manufacturing activity in NY continues to expand moderately. New Orders remained positive (5.8), reflecting continued growth in demand, albeit at a moderate pace. Shipments weakened and fell to -1.0, signalling a stabilisation after the strength of the previous month (16.3). In the labour market, the Employment Index improved to positive…

Alemania PIB 1

In Europe 19th February 2026

German economy continues to face structural challenges, especially in industry and private investment

Bankinter | The ZEW economic sentiment survey showed somewhat mixed data in February. Expectations fell to 58.3 from 59.6 (against 65.2 expected), while the current situation improved in line with expectations to -65.9 from -72.7. The overall indicator remains stable, signalling that the German economy is entering a still fragile recovery phase. Bankinter analysis team’s view: The largest economy in the European bloc continues to face structural challenges, especially in…