The Group’s revenues rose by 4% during the 9M ’25 period to exceed €6,911 million. Construction, which contributes over 80% of this variable, moderated its growth to 3%, implying a 5% in the standalone Q3, despite a more demanding base effect in 2024 following the recovery of Budimex in Q2 at that time, as well as the weakening of the dollar last quarter (down 6%) EBITDA increased by 2% to…
Link Securities | Técnicas Reunidas (TRE) has been selected, together with General ElectricVernova, by German energy company RWE to develop a hydrogen-compatible combined cycle gas (CGT) plant with a capacity of around 850 megawatts (MW) in Voerde, in the federal state of North Rhine-Westphalia, according to information provided by the company to the Spanish National Securities Market Commission (CNMV). The plant will be able to use 50% natural gas and…
Renta 4 | Revenue is slightly up in line with our forecast due to higher revenue from transport activity due to the application of the TRF published in the draft and new commissioning, which are partially offset by lower unit values and the amortisation of RAB, as well as good performance in Peru and Chile offset by the exchange rate in Brazil, while turnover continues to decline in Reintel due…
Link Securities | In relation to the redemption of 244,274,863 IAG treasury shares through a reduction in share capital, the company announces that the public deed of capital reduction through the redemption of the aforementioned shares and amendment of the articles of association was registered in the Madrid Mercantile Registry on 20 October 2025. The redeemed shares will be excluded from trading on the relevant stock exchanges in the coming…
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…
Santander posts record nine-month results, with earnings per share up 16% and growing seven million customers to 178 million. Revenue was stable (€46.3 billion), with the bank achieving record net fee income (up 4% year-on-year). Operating expenses fell by 1%. As a result, the efficiency ratio improved to 41.3%. Loan-loss provisions fell 1% with improved cost of risk at 1.13% (-5 basis points). Non-performing loan ratio of 2.92%, improving 14…
Bankinter | Beats earnings and revises full-year guidance upward. The networks division drives growth for the group. Key figures compared to consensus: Adjusted EBITDA (x capital gains from asset sales and provisions) €12.438 billion (up 7.7%) versus €12.117 billion estimated., Adjusted BNA: €5.116 billion (up 16.6%) versus €4.932 billion estimated. Revises upward its guidance for the year, from high single-digit net profit growth to double-digit growth, exceeding €6.6 billion. Bankinter…
Link Securities | The company will be responsible for the design, supply, and installation of a Mobile Air Traffic Control Tower (MATC) for NERA, the leading aviation technology and solutions company in Saudi Arabia, as a local partner and systems integrator, and for Saudi Air Navigation Services (SANS). The project provides a turnkey solution that ensures operational continuity at Saudi airports in the event of emergencies, disruptions, or renovations to…
Bankinter | According to press reports, the United Kingdom has announced the cancellation of the project to build a motorway near Stonehenge. We recall that the project was awarded in 2022 to a consortium formed by FCC, Webuild, and BeMo Tunnelling and had a budget of around £1.7 billion (approximately €1.95 billion). According to the same source, FCC had completed the design work but had not yet begun construction. Assessment:…
Link Securities | On October 27, Fitch Ratings affirmed Banco Sabadell’s (SAB) long-term and short-term ratings at “BBB+/F2” respectively, placing both on stable outlook and removing them from Positive Rating Watch. The decision to remove the Positive Rating Watch comes after BBVA’s (BBVA) failed takeover bid for the bank.