On an annual rate, Spain’s CPI (Consumer Price Index) rose by 2.9% in September (up from 2.7% in August), a reading slightly below the consensus expectation of a 3.0% increase. This places inflation at its highest level in seven months. This development is mainly a result of fuel and electricity prices falling less this month than they did in September 2024. Meanwhile, core inflation, which excludes the prices of unprocessed…
Repsol has given the green light to its first large-scale electrolyser, with a capacity of 100 MW, at its industrial complex in Cartagena. The facility, involving an investment of €300 million, will be capable of generating up to 15,000 tonnes of renewable hydrogen annually, and will prevent the emission of up to 167,000 tonnes of CO2 each year. The company will use the renewable hydrogen as a feedstock to manufacture…
Singular Bank | Last week, Grenergy presented its Q2 2025 results with an EBITDA of €24 million, up 218% on the previous year, in line with consensus. Net profit was €3 million, compared to losses of €6 million a year earlier, although this was 12% below consensus. Net debt reached €815 million, up 12% quarter-on-quarter, following investments of €165 million, which increased by 124% year-on-year. The company maintains a solar…
Alphavalue/DIVACONS | As we have already highlighted, ACS (ACS) is reportedly negotiating to allow Blackrock-owned GIP (Global Infrastructure Partners) to enter its data centre and energy platform. GIP could take a stake of around 50%, which could be valued at more than €1 billion. ACS shares rose 1.68% on Friday.
Banco Sabadell| Railway manufacturer Talgo will present its first-half results on Tuesday, 30 September, which were initially due to be published on 1 August, once they had undergone a ‘limited’ review by external auditors as part of the capital increase it is planning to strengthen its balance sheet.
Banc Sabadell | Trump said on social media that, starting on 1 October, all branded or patented pharmaceutical products will be subject to a 100% tariff, unless the company has begun to build a manufacturing facility in the United States. Assessment: Negative news due to the noise it may generate. However, details remain to be finalised, as we do not know whether companies that already had a presence in the…
Bankinter | The terms of the transaction have not been made public and are currently only rumours in the press. Tecnobit is a subsidiary of Oesía and is dedicated to the development and manufacture of intelligent vision, simulation and tactical communications technology. The main figures available for Tecnobit in 2024 are: Revenue €105 million, order book €194 million, EBITDA €15 million. Bankinter analysis team’s view: Limited impact on the session,…
Link Securities | In relation to the considerations publicly expressed by one of the company’s major shareholders (TCI Fund), as well as the myriad of news items published in the media in recent weeks, regarding the possible participation of the autonomous communities in the management of airports of general interest owned by Aena (AENA), the latter recalls and emphasises that it has closely, constantly and thoroughly monitored the possible decisions…
The credit rating agencies Moody’s and Fitch have also improved Spain’s sovereign rating, following S&P’s move two weeks ago to raise it to ‘A+’ with a stable outlook—after six years without changes. Specifically, Moody’s raised Spain’s rating this Friday from ‘Baa1’ to ‘A3’ with a stable outlook, thanks to the country’s “economic strength” improving due to more “balanced” growth, the recovery in the labour market, and the strengthening of the…
Link Securities | On 25 September 2025, the National Securities Market Commission (CNMV) has agreed to authorise the modification of the characteristics of the voluntary takeover bid for Banco Sabadell shares made by BBVA, which was authorised by the CNMV on 5 September 2025. In accordance with the content of the registered documentation, the modification of the offer consists of an improvement in the mixed consideration offered, with a change…