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In Spain, Uncategorised 4th November 2025

Utilities in Spain: new proposed permitted return for networks for 2026-31 period is 6.58%

Norbolsa | Last week, the final proposal for calculating the permitted return for electricity and gas networks was announced. This represents a permitted return of 6.58% (pre-tax, nominal) for the period 2026-31. Although this is an increase on the initial proposal of 6.46%, it falls short of market expectations, which were closer to 7%. The decision is not final, but it is considered highly unlikely that there will be any…

In Spain 4th November 2025

“The average interest rate for a Spanish mortgage is 2.67%, lower than what the Spanish Treasury pays,” explains Banco Santander president

“The urgency of growth” is the theme of this year’s International Banking Conference organized by Banco Santander, whose president, Ana Botín, opened the session with a passionate defense of the European banking sector, which she described as straitjacketed “by regulation exceeding 90,000 pages, the equivalent of 50 bibles or 100 Quixotes.” “In the US, capital requirements are going down. In Europe, they are going up, and the differences are going…

Companies, Relevant News Item, Spanish economy 4th November 2025

Telefónica opts for deleveraging and halves its dividend

Telefónica’s results met forecasts in terms of revenue, exceeded them in underlying EBITDA, and fell short in terms of EBITDA, EBIT, and net profit (continuing operations). Revenue was €8.957 billion (down 1.5% versus Q3 24), EBITDA was €2.867 billion (down 6% versus consensus and 8% compared with Q3 24), underlying EBITDA was €3.071 billion (up 1% versus consensus and down 1% compared with Q3 24), EBIT was €952 million (down…

Spanish economy 3rd November 2025

No longer any difference in Spain between minimum wage (€15,120) and most frequent salary (€15,575)

The urgency with which the minimum wage (SMI) has been increased in Spain (a 46% rise just between 2018 and 2023, triple the increase of the preceding decade) clashes with companies’ real capacity to absorb it. And this has an impact: if the nominal SMI was equivalent to 60% of the modal (most frequent) salary in 2018, it reached 97% in 2023. Thus, in Spain, the interprofessional minimum wage is…

Companies, Relevant News Item, Spanish economy 31st October 2025

CaixaBank achieves profit of €4.397 billion up to September, up 3.5%

The CaixaBank Group obtained a net profit of €4.397 billion between January and September 2025, after growing by 3.5% compared to the same period of the previous year. CaixaBank, which serves 20.6 million customers in Spain and Portugal through a network of around 4,100 branches, holds more than €660 billion in assets. The year-on-year evolution of the income statement reflects, as it did in the first half of the year,…

In Spain, Spanish economy 30th October 2025

Spanish inflation rises to 3.1% in October, highest level since June 2024

CdM | Inflation reached its highest level since June 2024 in October. The rise in electricity, air and rail transport prices has pushed the Consumer Price Index (CPI) up by one tenth of a percentage point, bringing its year-on-year rate to 3.1%, according to data released by the National Statistics Institute (INE). In detail, the evolution of inflation in the tenth month of the year is mainly due to electricity…

Companies, Relevant News Item, Spanish economy 30th October 2025

Repsol reports net income of €1.177 billion up to September

Repsol obtained a net income of €1.177 billion in the first nine months of 2025, a 34.3% decrease compared to the same period in 2024, mainly impacted by the effect of lower crude oil prices on inventory valuation. Adjusted net income, which specifically measures business performance, stood at €2.173 billion, 19% lower than in 2024. The net income for the third quarter more than doubled that of the previous year,…

Companies, Spanish economy 29th October 2025

Ferrovial’s revenues rise by 4% as of September, exceeding €6,911 million

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…

Companies, In Spain, Relevant News Item, Spanish economy 29th October 2025

Naturgy’s 9M25 profit grows 6% year-on-year to €1.668 billion

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…

Companies, Spanish economy 29th October 2025

Santander: Profit rises 11% to €10,337 million in first nine months of year

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…

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