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%….
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…
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.
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…
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…
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…
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…
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…
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…
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…