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iberdrolaTC

Spanish economy 2nd May 2025

Networks division drives Iberdrola’s 1Q25 results: company earns €2,004 million (up 26%) excluding capital gains

Bankinter | First quarter 2025 results beat estimates thanks to the network division. Maintains 2025 guidance (single-digit growth) excluding the positive impact of past cost recognition in the US. Growth would reach double digits with this impact. Key figures compared with consensus: EBITDA excluding capital gains €4,643 million (+12%) versus €4,491 million est.; NAV excluding capital gains €2,004 million (+26%) versus €1,707 million est.; Funds generated from operations €3,502 million…

wholeshale electricity market

In Spain 2nd May 2025

Blackout in Spain reinforces case for investment in energy/electricity storage and backup generators

Natalia Luna (Columbia Threadneedle Investments) | Last Monday, Spain and Portugal suffered a major power outage that left both countries without electricity for around 12 hours. The blackout affected public transport, network services and hospitals, although some critical services were fortunately able to withstand the outage thanks to emergency generators. According to my research, this appears to be the worst blackout on record in Europe. Nationwide blackouts of this kind…

caixabank sunset

Spanish economy 30th April 2025

CaixaBank reports 1Q25 attributable profit of €1,470m, 14% beat versus company-compiled consensus of €1,294m

Jefferies | While the 1Q25 print was a welcomed 14% net income beat, this was mainly driven by better other revenues and impairments, which we think the market will look through to some extent. Elsewhere, core dynamics are progressing as expected and FY25 guidance is reiterated. €148m special banking tax accrual, in line with the near-€600m guidance for FY25. CaixaBank reported 1Q25 attributable profit of €1,470m, a 14% beat versus…

Banco Santander office

Spanish economy 30th April 2025

Santander: 1Q25 First Look – 9% Beat, with Many Moving Parts across Geos

Iñigo Vega (Jefferies) | A 9% net income beat, mainly driven by revenues (trading and other income) and lower other provisions. Strong prints in South EU, alongside Poland and the US, while key geos in Latam and the UK were soft. The print looks good enough to us, with LLPs the only notable miss driven by €100m in extra NPL provisions booked at Corp Centre. FY25 guidance maintained despite EZ…

wholeshale electricity market

Spanish economy 29th April 2025

CEOE estimates impact of Monday’s blackout at €1.6 billion, 0.1% of GDP

CdM | The president of the CEOE employers’ association, Antonio Garamendi, has put the impact of yesterday’s blackout at 0.1% of GDP, some €1.6 billion, and has pointed to the Insurance Compensation Consortium for possible claims.”It is a huge impact”, said Garamendi in statements to the media at the Nueva Economía Forum breakfast, where he gave as an example that the refineries will take weeks to start up or the…

Electricas

In Spain 29th April 2025

Spanish Electrical Chaos Ends in Major Blackout Across Peninsula

Yesterday, April 28th, at 12:33 PM, and due to causes that are still unknown, all of Spain – and Portugal as well – were left without power. Trains stopped in the middle of the countryside, subways halted in the middle of tunnels. Elevators with hundreds of residents trapped throughout the country. Traffic lights off, refrigerators and freezers off. Businesses open but unable to charge customers or close, in the case…

unemployment office

In Spain 28th April 2025

Unemployment rate surprises negatively in Q1 2025: number of employed moderates, unemployed increase 7.5%

Bankinter | The unemployment rate stands at 11.36% in Q1 2025, compared to the 10.7% expected and the previous 10.61%. The number of employed workers decreases to 21.8M (down 92.5 thousand people since Q4 and up 515.4 thousand people year-on-year). The number of unemployed increases to 2.8M people (up 193.7 thousand people in the quarter and down 188.7 thousand year-on-year). Analysis team opinion: The unemployment rate surprises negatively, with a…

España deuda publica

Spanish economy 28th April 2025

‘Invest in Spain’ Forum, with 75 companies from 25 countries to attract investment held in Spain

Representatives from 75 companies from 25 countries will attend the meeting, of which 20 are American, with investments in Spain or in the process of having them. They will speak with national companies and members of half a dozen ministries and autonomous communities about the projects they are interested in. The government denies that, for the moment, a slowdown in trade relations with the US has been noticed, stating that…

InmoColonial

Spanish economy 28th April 2025

Colonial’s investment in Deeplabs not to detract from REIT’s traditional model

Banco Sabadell: The company announced at closing an investment of €200 (6% of capitalisation) in Deeplabs, a rental platform in the science and innovation (S&I) segment. The agreement foresees an alliance with Stoneshield to jointly manage a REIT in which new capital will enter to increase the asset base, which will initially be €400 million (of which Colonial holds 90% or the equivalent of 3% of the asset portfolio) but…

bbva sabadell

Spanish economy 27th April 2025

CNMC could approve BBVA’s Sabadell takeover bid on Monday

Link Securities | The National Markets and Competition Commission (CNMC) expects to approve next Monday, 28 April, its opinion on the takeover bid launched by BBVA for Banco Sabadell (SAB), according to sources close to the process, the Efe news agency reported. The work of the CNMC has been well advanced for weeks and now the result of the market test initiated at the beginning of the month to approve…