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IAG: results slightly below expectations due to difficult comparison, but balance sheet healthy and liquidity good

Bankinter | Q3 2025 results are slightly below expectations. Q3 2025 figures (versus market consensus): Revenue €9,328 million (same as Q3 2024) versus €9,427 million estimated; BNA €1,402 million (down 2.3%) versus €1,443 million estimated; Capacity (available seat kilometres, ASK): 95,537 million (up 2.4%); Load factor 88.6% (versus 89.9% in Q3 2024); Passengers 34,587 million versus 34,745 million in Q3 2024. Unit revenue per passenger (available seat kilometres) fell to…


Sacyr2

Sacyr Revenue up 4.6%, EBITDA 7.4%

Renta 4 | Revenue, which is in line with expectations, increased (up 4.6%) as a result of the contribution from the A21 in Italy and other assets in Chile, the commissioning of water projects and the progress of construction works in Spain, the United Kingdom, and Chile. This was partially offset by the accounting effect of divested financial assets and the completion of projects in the United States, Canada, and…


AccionaSede

Acciona sells portfolio of 1,016 homes in Madrid, Barcelona and Terrassa to management company Argis for €324 million

Alphavalue/ Divacons | Acciona’s real estate division has reached an agreement with Argis, a Spanish integrated capital management company, for the sale of a portfolio of 1,016 homes located in Madrid, Barcelona and Terrassa. The transaction is worth €324 million, according to a statement released by the company this week. Specifically, this operation, described as one of the ‘most significant of the year’ in the Spanish ‘built to sell’ (BTS)…


CIMIC

ACS Australian subsidiary Cimic wins AU$950 million contract to upgrade Gateway to Bruce motorway

Link Securities | CPB Contractors, part of the CIMIC Group (ACS), has been selected by the Queensland Government to carry out improvements to the Gateway to Bruce motorway, according to a report yesterday by the digital portal Bolsamania.com. CPB Contractors is responsible for 40% of the contract value, which amounts to AU$950 million. This is a transformative infrastructure project to improve safety, connectivity and resilience along the Gateway Motorway and…


telefonica nuevo logo

Telefónica opts for deleveraging and halves its dividend

Telefónica’s results met forecasts in terms of revenue, exceeded them in underlying EBITDA, and fell short in terms of EBITDA, EBIT, and net profit (continuing operations). Revenue was €8.957 billion (down 1.5% versus Q3 24), EBITDA was €2.867 billion (down 6% versus consensus and 8% compared with Q3 24), underlying EBITDA was €3.071 billion (up 1% versus consensus and down 1% compared with Q3 24), EBIT was €952 million (down…


acerinox

Acerinox’s profit falls 95.7% in quarter marked by uncertainty and slowing demand

Link Securities | Acerinox (ACX) presented its results for the first nine months of the year (9M2025) on Friday, from which we highlight the following aspects: ACX highlighted that 9M2025 has been marked by uncertainty, and after two consecutive years of significant contraction in apparent demand, the sector remains at low levels, with a much slower recovery than initially projected.ACX’s turnover was €4.473 billion in 9M2025, 9.4% higher than the…


Catalana occidente

CNMV authorises Inocsa’s takeover bid for Catalana Occidente

Link Securities | The Spanish Securities Market Commission (CNMV) has agreed to authorise the voluntary takeover bid for Catalana Occidente shares submitted by Inoc, S.A. on 28 April 2025 and admitted for processing on 16 May 2025, on the understanding that its terms comply with current regulations and considering the content of the explanatory prospectus and its annexes to be sufficient, following the latest amendments registered on 24 October 2025….


Caixabank

CaixaBank achieves profit of €4.397 billion up to September, up 3.5%

The CaixaBank Group obtained a net profit of €4.397 billion between January and September 2025, after growing by 3.5% compared to the same period of the previous year. CaixaBank, which serves 20.6 million customers in Spain and Portugal through a network of around 4,100 branches, holds more than €660 billion in assets. The year-on-year evolution of the income statement reflects, as it did in the first half of the year,…


repsol brasil

Repsol reports net income of €1.177 billion up to September

Repsol obtained a net income of €1.177 billion in the first nine months of 2025, a 34.3% decrease compared to the same period in 2024, mainly impacted by the effect of lower crude oil prices on inventory valuation. Adjusted net income, which specifically measures business performance, stood at €2.173 billion, 19% lower than in 2024. The net income for the third quarter more than doubled that of the previous year,…


Naturgy

Naturgy’s 9M25 profit grows 6% year-on-year to €1.668 billion

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…