Companies

Companies 18th February 2026

Puig Brands reports solid results for 2025 (€587 million net profit) but somewhat vague forecasts for 2026

Jefferies | A solid fourth quarter for Puig Brands (PUIG). The unclear outlook could influence the extent to which investors regain interest in the shares, but we believe that they continue to outperform their competitors at present. All three segments met the 6-8% forecast for fiscal year 2025, initially set in February 2025. Fragrances grew 1.3 times faster than the luxury category in fiscal year 2025, with 6.4% LFL in…

Companies 18th February 2026

Acciona Energía completes repowering of Tahivilla wind farm (84.4 MW) and finalises commissioning

Link Securities | Acciona Energía (ANE) has completed the repowering of its Tahivilla wind farm (84.4 MW) in Tarifa (Cádiz) and is finalising its commissioning, according to a report by Bolsamanía on Tuesday. The repowering project consisted of replacing 98 old wind turbines with 13 state-of-the-art units, increasing annual energy production by 72% thanks to greater installed power. The repowering project consisted of replacing 98 old wind turbines with 13…

Companies 18th February 2026

Aena approves DORA III: 3.8% tariff increase between 2027 and 2031, €9.991 billion in investments

Bankinter | Aena (AENA) proposes a 3.8% annual tariff increase between 2027 and 2031. We raise our recommendation to Buy from Sell. Aena’s board of directors has approved its DORA III proposal, i.e. the regulatory framework for the next five years. This assumes investments of €9.991 billion, passenger numbers growing at a rate of approximately 1.5% per year and airport fees increasing by 3.8% per year. Bankinter analysis team’s view:…

Companies 17th February 2026

Moody’s raises Grifols’ corporate family rating from “B2” to “B1” and changes outlook from “positive” to “stable”

Link Securities | On Monday, credit rating agency Moody’s Ratings upgradedGrifols’ corporate family rating (CFR) from ‘B2’ to “B1”, reflecting the company’s continued operating performance and the ‘strength’ of its business fundamentals, Bolsamania.com reported yesterday. On the other hand, the agency has changed the outlook from ‘positive’ to ‘stable’. The rating agency explained that this change in rating reflects Grifols’ ‘solid operating performance, with strong revenue growth and profitability, which…

Companies 17th February 2026

EiDF request Greening and BME extend deadline for responding to takeover bid, which ended on Monday

Link Securities | EiDF has requested that Greening (GGR) and Bolsas y Mercados (BME) extend the deadline for responding to the takeover bid, which ended yesterday, Monday, according to Expansión newspaper. It claims that many shareholders have not been notified of the new change and whether their previous acceptance would extend to the new exchange or not. The deadline to participate in Greening’s bid for EiDF ended yesterday, Monday 16…

Companies 17th February 2026

Prosegur reduces capital by redeeming 11.6 million treasury shares at €0.02 each

Link Securities | Prosegur Cash (CASH) reported that, on 10 February 2026, the deed relating to the capital reduction through the redemption of 11,678,000 treasury shares of the company, each with a nominal value of €0.02, was registered in the Madrid Mercantile Registry, thereby reducing the share capital by €233,560, from €29,698,269.74 to €29,464,709.74. The resulting share capital is represented by 1,473,235,487 ordinary shares of a single class and series,…

Companies, Relevant News Item 17th February 2026

Enagás achieves 2025 targets: €339 million profit from capital gains on Soto la Marina sale, Sercomgas, Axent revaluation and update of GSP value

Renta 4 | The company’s revenues continue to be affected by the recording of the effects of the work carried out to seal the Castor wells (impact of €6 million on EBITDA). Regulated revenues are down due to the regulatory framework, in line with our forecast. EBITDA, reflecting a result from investees of €155 million, slightly higher than our forecast, and recurring operating expenses in line with 2024, slightly improves…

Companies 16th February 2026

European Council calls for facilitating mergers in TMT sector

Banc Sabadell | The European Council has agreed to ask the European Commission to change the regulation on concentration in the TMT sector to facilitate mergers, which are necessary to boost innovation and investment in infrastructure. We note that the EC is in the process of approving the Digital Networks Act, although the draft disappointed the sector, as the measures envisaged to facilitate concentration are not forceful. Assessment: This is…

Companies 16th February 2026

Airtificial expands industrial reach to electric and hybrid trucks and buses with two contracts worth €3 million

Link Securities | The Airtificial Intelligent Robots division has signed two contracts worth a combined total of approximately €3 million for the design and manufacture of two advanced industrial automation lines for the manufacture of large electric and hybrid vehicles. The projects were awarded by two direct international suppliers based in the United States and China and were installed at the plants of two end vehicle manufacturers in Germany and…

Companies 16th February 2026

IAG preview: with sights set on 2026, more moderate growth likely; new buyback plan possibly to be announced

Renta 4 | IAG (IAG) will publish its Q4 25 results on Friday 27 February before the market opens and will hold a conference call at 9:45 a.m. Target price €5.30/share, Overweight. We expect traffic data to continue growing at a low single digit in Q4: capacity 2.3% and demand 2% compared to Q4 24 to meet its 2025 capacity target of 2.5% compared to 2024. We estimate that unit…

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