The upturn in expected profits in 2022 for listed companies in Europe and Spain began in November, after the announcement of effective vaccines against the virus. Since then the improvement in expectations for the coming year has been “relatively modest”. Specifically, analysts forecast that profit expectations for Ibex firms in 2022 will be 30% below those expected in February 2020, although they also expect the negative impact of the pandemic on the profits of listed companies in 2022 to be lower than in 2021, according to the Bank of Spain.