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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.

In Spain 19th February 2026

Repsol achieves net income increase of 8% to €1.899 billion in 2025

Adjusted net income stood at €2.568 billion, 15% lower than in 2024. These results were achieved within a complex environment characterized by high volatility in energy markets—which dragged the average price of a Brent barrel down to $69.1 in 2025 (down 14.5%)—growing geopolitical uncertainty, and the impact of the blackout in Spain on April 28th. Portfolio Optimization and Key Geographies During the fiscal year, the company completed its exit from…

Companies, Relevant News Item 19th February 2026

Naturgy earnings up 6.4% to €2.023 billion in 2025

Naturgy presented its 2025 fiscal year results yesterday. In comparing these figures to the previous year, we highlight the following aspects: Net Sales: Increased by 1.0% year-on-year (year-on-year) in 2025, reaching €19,455 million. EBITDA: Decreased by 0.6% year-on-year to €5,334 million. In terms of sales, the EBITDA margin stood at 27.4% at the end of 2025, compared to 27.8% the previous year. EBIT: Net operating profit rose to €3,580 million…

Companies, European economy 19th February 2026

Telefónica, Liberty, and InfraVia acquire UK’s second-largest fiber operator Netomnia for €2.3 billion

Telefónica has announced that its subsidiary, Telefónica Infra, S.L.U., alongside Liberty Global Europe 2 Limited and InfraVia Capital Partners—acting through their fiber joint venture (nexfibre)—have reached an agreement to acquire 100% of the share capital of Substantial Topco Limited (Netomnia), the second-largest fiber operator in the United Kingdom. The transaction value (firm value) amounts to £2 billion (approximately €2.294 billion). Telefónica and Liberty Global will jointly contribute around £150 million…

Companies, Relevant News Item 18th February 2026

Banco Santander Investor Day: focus to be on improving profitability with post-AT-1 RoTE target >20%

Renta 4 | After solid results in 2025 and the achievement of its main objectives, attention now turns to the upcoming Investor Day in London on 25 February, where the bank will present its new 2026-28 Strategic Plan. We believe that the new Strategic Plan will be continuous with the previous one, focusing on improving profitability as announced in the results presentation, with a post-AT1 RoTE target for 2028 >20%…

In Spain 18th February 2026

Chinese New Year 2026: Spain surpasses other European destinations in attracting Chinese travellers with high purchasing power

Alphavalue/ Divacons | Observations during Chinese New Year 2026 suggest that Spain, especially Madrid, has surpassed other European destinations such as France in attracting Chinese travellers with high purchasing power. The strong presence of the ‘Chinese New Year’ brand in key areas such as Gran Vía and the official events at Barajas Airport reflect a deliberate strategy to position Spain as China’s main gateway to Europe, supported by a sharp…

Companies 18th February 2026

Telefónica and Vodafone get green light for AXA to acquire stake in their company Fiberpass

Link Securities | Telefónica (TEF) and Vodafone Spain, a company wholly owned by British financial group Zegona (ZEG-GB), have obtained the green light from the European Commission (EC) for the French financial group AXA (CS-FR) to acquire a stake in Fiberpass, the wholesale fibre optic company (fiberco) created from the networks and broadband customers of the two operators, according to Expansión newspaper. In fact, the European Commission stated in a…

Companies 18th February 2026

Puig Brands reports solid results for 2025 (€587 million net profit) but somewhat vague forecasts for 2026

Jefferies | A solid fourth quarter for Puig Brands (PUIG). The unclear outlook could influence the extent to which investors regain interest in the shares, but we believe that they continue to outperform their competitors at present. All three segments met the 6-8% forecast for fiscal year 2025, initially set in February 2025. Fragrances grew 1.3 times faster than the luxury category in fiscal year 2025, with 6.4% LFL in…

Companies 18th February 2026

Acciona Energía completes repowering of Tahivilla wind farm (84.4 MW) and finalises commissioning

Link Securities | Acciona Energía (ANE) has completed the repowering of its Tahivilla wind farm (84.4 MW) in Tarifa (Cádiz) and is finalising its commissioning, according to a report by Bolsamanía on Tuesday. The repowering project consisted of replacing 98 old wind turbines with 13 state-of-the-art units, increasing annual energy production by 72% thanks to greater installed power. The repowering project consisted of replacing 98 old wind turbines with 13…

Companies 18th February 2026

Aena approves DORA III: 3.8% tariff increase between 2027 and 2031, €9.991 billion in investments

Bankinter | Aena (AENA) proposes a 3.8% annual tariff increase between 2027 and 2031. We raise our recommendation to Buy from Sell. Aena’s board of directors has approved its DORA III proposal, i.e. the regulatory framework for the next five years. This assumes investments of €9.991 billion, passenger numbers growing at a rate of approximately 1.5% per year and airport fees increasing by 3.8% per year. Bankinter analysis team’s view:…

Spanish economy 18th February 2026

Spanish public debt grows by 4.8% in 2025, accounting for 100% of GDP

According to data released by the Bank of Spain (BdE), Spain’s public debt increased by 4.8% in 2025 compared to 2024 (an increase of €78.108 billion), reaching €1,698,681 million. This represents a new record high for a year-end closing, although the figure remained below the monthly record of €1,709,330 million registered last September. Consequently, the total debt for all Public Administrations closed 2025 at 100.8% of GDP, which is 0.9…

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