Companies

Companies 11th November 2025

Current risks for Redeia: new proposal of 6.58% for FFR on electricity transmission and still uncertain effects of blackout

Renta 4 | The National Commission on Markets and Competition (CNMC) has presented a proposal for a new methodology to calculate the Financial Remuneration Rate for electricity transmission activities. Although the proposed 6.58% for the 2026-2031 period is an improvement on the previous rate of 5.58%, it is below the 7-8% requested by companies. Although it is in line with our estimate (6.55%), Redeia’s ability to improve profitability through operational…

Companies, Relevant News Item 7th November 2025

Pharmamar receives $10 million for reaching Yondelis licence agreement commercial milestone in US

Alphavalue/ Divacons | The biopharmaceutical company received a payment of $10 million from Janssen Products LP, a subsidiary of Johnson & Johnson. This payment comes upon reaching a commercial milestone related to the Yondelis (trabectedin) licence agreement in the United States. The payment stems from the August 2019 licence agreement, under which Janssen has exclusive rights to market and distribute Yondelis in the US market. Janssen has exclusive commercial rights…

Companies, Relevant News Item 7th November 2025

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…

Companies 7th November 2025

Naturgy rejoins MSCI indices on 25 November after increasing free float and liquidity

Link Securities | On 5 November 2025, MSCI announced the re-inclusion of Naturgy (NTGY) as a component of its MSCI indices, effective 25 November 2025. The MSCI indices serve as a key benchmark for monitoring the performance of global financial markets and are widely used by investors, fund managers and analysts. This inclusion reflects recognition of Naturgy’s increased free float market capitalisation and liquidity, as well as its compliance with…

Companies 7th November 2025

Cellnex to distribute €1 billion among shareholders: half as dividends, half as share buybacks

Link Securities | The Board of Directors of Cellnex (CLNX), based on the authorisation granted by the General Shareholders’ Meeting held on 9 May 2025, agreed on Thursday to distribute part of the share premium reserve amounting to €500,000,000. This amount will be paid in two instalments: €250,000,000 in January 2026 and €250,000,000 in July 2026. The gross amount per share, as well as the detailed schedule (ex-dividend date, record…

Companies, Relevant News Item 7th November 2025

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…

Companies 6th November 2025

Sonelgaz unexpectedly executes guarantees worth €54.8 million to Duro Felguera for power plant contract in Algeria

Link Securities | With regard to the contract that Duro Felguera (MDF) signed with Sonelgaz-Production d’Electricité for the construction of a combined cycle power plant in Djelfa (Algeria), Duro Felguera reports that the client, unexpectedly, while the parties were negotiating a solution for the project, unexpectedly proceeded to execute the guarantees for an amount equivalent to €54.8 million. This contingency was provided for in the Restructuring Plan approved by the…

Companies 6th November 2025

PP’s amendment to new sustainable mobility law casts doubt on Aena’s investment plan to increase capacity at some airports

Renta 4 | The Popular Party Parliamentary Group has introduced an amendment (already approved by the Senate, pending Congress) that orders the government to freeze airport charges from 2027 to 2031. It should be pointed out that, despite the fact that fees have been reduced by 36% since 2015, they finance operating costs and investments with a high level of competitiveness at European level. The 2014 law established a double…

Companies, Relevant News Item 6th November 2025

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)…

Companies 6th November 2025

Arbitration proceedings initiated by Sacyr against Panama for Canal expansion works dismissed

Banco Sabadell | According to press reports, UNCITRAL (United Nations Commission on International Trade Law) has dismissed the arbitration proceedings initiated by Sacyr against Panama for the Canal expansion works. We recall that this was a claim for damages that we estimated could be around €1 billion BS based on the Agreement on Reciprocal Protection and Promotion of Investments between Spain and Panama. Assessment: This news has no impact insofar…

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