Companies

Companies 12th September 2025

After acquiring Sifi and Edol, CEO says Faes Farma to pause inorganic growth

Link Securities | In an interview with the newspaper Expansión, the CEO of Faes Farma (FAE), Eduardo Recoder, indicated that the acquisitions of Italy’s Sifi and Portugal’s Edol are strategic and transformational. Faes Farma will now pause its inorganic growth to integrate the two companies, although it will remain open to exploring opportunities. These two companies will contribute €130 million to Faes’ business, which had a turnover of €510 million…

Companies, Relevant News Item 12th September 2025

Acciona: improvements continue in Infrastructure division and at 47%-owned Nordex

Bankinter | The aggregate Infrastructure portfolio is up 7% since December 2024 and has reached a new all-time high. Nordex’s portfolio and profitability are growing. The turbine subsidiary’s portfolio is 12% higher than in December and the EBITDA margin reaches 5.7% compared to 4.1% in 2024. These improvements are reflected in Nordex’s share price, which is up 87% for the year. In the Real Estate division, the value of assets…

Companies 12th September 2025

IAG proceeds with full subscription and disbursement of €500 million in bonds maturing in 2030

Link Securities | The airline announced to the National Securities Market Commission (CNMV), in relation to its issue of senior unsecured bonds with an aggregate nominal amount of €500 million, that yesterday, being the closing date of the Issue, it proceeded with the full subscription and payment of all the Bonds. The Bonds (ISIN: XS3170907060) have been admitted to listing on the Official List and to trading on the regulated…

Companies 11th September 2025

Iberdrola takes additional 30% stake in Brazilian subsidiary Neoenergia for €1.88 billion, bringing total stake to 84%

Renta 4 | Agreement (subject to the relevant regulatory approvals) to purchase 30.29% of Neoenergia, the listed Brazilian subsidiary, with Caixa de Previdência dos Funcionários do Banco do Brasil for an amount of R$11.95 billion (€1.88 billion) at a price of R$32.5 (equivalent to approximately €5.12) per share, subject to possible adjustments. This price represents a premium of 15% over the last trading price, equivalent to an EV/EBITDA multiple of…

Companies 11th September 2025

DIA’s capital reduction leaves share capital at €290.29 million, divided into 58,058,898 shares worth €5 each

Link Securities | In relation to the resolutions approved by DIA’s General Shareholders’ Meeting held on 20 June 2025, which included a reduction in the company’s share capital of €290.29 million by reducing the nominal value of the company’s 58,058,898 shares from €10 to €5 per share, DIA reports that yesterday the nominal value of the company’s 58,058,898 ordinary shares was modified on the Madrid, Barcelona, Bilbao and Valencia Stock…

Companies 11th September 2025

EC gives Banco Santander green light to sell 49% of Poland subsidiary to Erste Group for €6.8 billion

Link Securities | On Wednesday, the European Commission gave Banco Santander (SAN) the green light to sell approximately 49% of its subsidiary in Poland to Austria’s Erste Group after confirming that the transaction does not raise competition concerns, according to a statement released by the institution, as reported by the newspaper Expansión. Following the transaction, which amounts to approximately €6.8 billion and also includes 50% of the asset management business…

Companies 11th September 2025

ACS moves forward with sale of train business in Australia by hiring services of Macquarie

Link Securities | ACS (ACS) is moving forward with the sale of its train business in Australia, which it operates through UGL, a subsidiary of Cimic, according to the newspaper Expansión. The Spanish company, which has hired the services of Macquarie to carry out the divestment, has already received non-binding offers for a business that generates revenues of around A$1.9 billion (around €1.067 billion) per year, with a pending portfolio…

Companies, Relevant News Item 10th September 2025

S&P could downgrade Redeia’s rating within three to six months depending on remuneration framework and planned investments

Link Securities | Credit rating agency S&P maintains uncertainty regarding Redeia’s credit rating and states that there is a 50% chance of downgrading its rating within three to six months, according to elEconomista.es. The outcome will depend on three key factors: the final design of the National Commission for Markets and Competition’s remuneration framework, the schedule and volume of investments defined in the next Transmission Network Development Plan 2026-2031, and…

Companies, Ibex 10th September 2025

Preview of Solaria’s H1 2025 results: profit up 60% to €67 million, only partially affected by amortisation and financial expenses

Intermoney | Solaria (Buy, PO €13) will announce its 1H25 half-year results on Tuesday 30 September, holding a conference call after the market closes. The main figures from our estimates are shown in the attached table and should reflect: 1) a year-on-year decline in production of 7%, as the company has the same installed capacity and following a mediocre first half in terms of weather; and 2) the impact of…

Companies, Relevant News Item 10th September 2025

Inditex sets new records again in first half of fiscal year, profit of €2.791 billion, but falls short of expectations

CdM | The textile company posted a net profit of €2.791 billion during the first half of its 2025-2026 fiscal year (between 1 February and 31 July), representing an increase of 0.8% over the previous year, according to Europa Press this morning. Inditex has thus once again achieved new records with its results, albeit with more moderate growth, below analysts’ forecasts. However, the company has highlighted the ‘strong’ start to…

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