Companies

Companies 27th February 2026

Defence rejects appeal filed by Santa Bárbara, decides not to provisionally suspend awards to Indra and Escribano joint venture worth €7.24 billion

Link Securities | The Ministry of Defence has refused to apply the precautionary measures requested by Santa Bárbara Sistemas against the artillery contracts awarded to the joint venture between Indra and Escribano Mechanical & Engineering (EM&E) worth €7.24 billion. Santa Bárbara Sistemas, owned by the European subsidiary of General Dynamics (GD-US), filed an appeal on 22 January with the Subdirectorate for Armament and Material Procurement of the Ministry of Defence,…

Companies 26th February 2026

Redeia: with net banking income of €506 million, heading towards improvement in regulated income in next regulatory period

Bankinter | Key figures compared with consensus: EBITDA €1.258 billion (up 4%) versus an estimate of €1.259 billion; net banking income €506 million (up 0.1%) versus an estimate of €503 million; FFO €1.035 billion (down 12.9%); Net debt €5.474 billion compared to €5.370 billion in December 2024. Bankinter analysis team’s view: Results in line. Positive factors in results: (i) Greater contribution from regulated electricity transmission activity (EBITDA up 4%) with…

Companies 26th February 2026

Fluidra posts net profit of €176 million in 2025 (up 27%) and EBITDA of €395 million

Alphavalue/Divacons | The Barcelona-based swimming pool and spa company (market cap €4.6 billion) has announced its results for the 2025 financial year. Sales of €2.18 billion; gross margin of 56.6%; EBITDA of €395 million. Net operating expenses down 0.6% year-on-year; net profit of €176 million (up 27% year-on-year); EPS of €0.927 per share compared to €0.727 per share year-on-year. Net debt falls to €1.0866 billion. Looking ahead to 2026, they…

Companies, Relevant News Item 26th February 2026

Ferrovial’s EBITDA increases 9% to €1.457 billion, thanks to construction business and despite moderating trend in toll roads

Intermoney | Ferrovial (Hold, Target Price €43/share) announced its results for December 25 on Wednesday after the close of trading in New York, and will hold a conference call and webcast today at 3 p.m. The main figures from the results, together with our estimates, are shown in the attached table. Overall, EBITDA rose by 9% to €1.457 billion in 2025, well above our estimate (€1.387 billion), in what was…

Companies, Relevant News Item 26th February 2026

Indra’s Q4 2025 results exceed forecasts, 2026 guidance supported by increased contracting and order book

Renta 4 | The results have significantly exceeded estimates in the main figures. Ordinary income €1.845 billion (up 6% against Renta 4 estimate and consensus and up 28% against Q4 24), EBIT, the main figure, €199 million (against €173 million Renta 4 estimate, €178 million consensus, up 31% against Q4 24), EBITDA €231 million (up 13% year-on-year and up 31% compared to Q4 24) and net profit €145 million (up…

Companies, Relevant News Item 26th February 2026

ACS’s net profit, excluding extraordinary items, rises 25% to over €857 million, supported by Turner’s strong performance

Link Securities | ACS (ACS) presented its results for the 2025 financial year on Wednesday, along with a year-on-year comparison, from which we highlight the following aspects: The ACS group’s sales for the year reached €49.848 billion, up 19.7% (25.3% at constant exchange rates), thanks to the solid performance of all its activities. Breaking down sales by geography, the United States and Canada contributed 63% of turnover, followed by Australia…

Companies 25th February 2026

EMA approves Oryzon Genomics’ application to initiate Phase II study with iadademstat

Link Securities | Oryzon Genomics (ORY) announced that the European Medicines Agency (EMA) has approved its Clinical Trial Authorisation (CTA) application to initiate a Phase II study with iadademstat in patients with essential thrombocythaemia (ET), thus expanding the clinical development of the drug beyond acute leukaemia to other haematological indications, according to the Bolsamanía website. The study, called IDEAL (Iadademstat treatment for Essential Thrombocythaemia), will be a multicentre, open-label, single-arm…

Companies, Markets 25th February 2026

Bodegas Riojanas opens negotiations with creditors to reach Restructuring Plan

Link Securities | Bodegas Riojanas (RIO) reports that the Board of Directors, at its meeting held on 24 February 2026, unanimously decided that the company should submit a notification of the opening of negotiations with its creditors, as referred to in Article 585 of Royal Legislative Decree 1/2020 of 5 May. The purpose of this communication is to allow the company to begin negotiations with its main creditors in order…

Companies, Relevant News Item 25th February 2026

Iberdrola’s net profit improves by 12% in 2025 to €6.285 billion due to tax breaks on network investments in UK and capital gains from smart meters

Renta 4 | 2025 results in line with expectations across all lines of the income statement. The figures continue to be affected in comparison with 2024 by various extraordinary effects: capital gains generated in 2024 from the sale of assets in Mexico, while this year reflects the capital gains from the sale of smart meters and tax relief on network investments in the UK, as well as the recognition of…

Companies 25th February 2026

IAG, Top Pick: cheapest airline in both EU and US, despite leading margins in sector and best transatlantic exposure in its class

Morgan Stanley | Axel Stasse (analyst) believes that EU flag carriers are even better positioned than their US counterparts and reiterates IAG as his Top Pick. Our analysts in the US see a good setup for US companies given the greater strength of global traffic, but Stasse believes that European airlines offer very attractive relative value, with a growing discount to US airlines that is increasingly difficult to justify, given…

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