European capital markets were dominated by the publication of financial results for 2025. Italy's Telecom Italia (TIM) and Leonardo exceeded analysts' forecasts, while Spain's Endesa announced a record investment plan. In the industrial sector, Saipem and Ferretti Group reported steady revenue growth. These companies, despite regulatory uncertainty in the energy sector, are announcing returns to dividend payments and extensive share buyback programs to reward shareholders.

Leonardo's record results

The Italian defense giant achieved €19.5 billion in revenue, exceeding market forecasts for operating profit.

TIM rewards shareholders

The operator announced a €400 million share buyback and plans a return to dividends thanks to debt stabilization.

Endesa's network investments

The Spanish company will spend over €10 billion to modernize infrastructure for the data center sector.

Boom in the yacht sector

Ferretti Group reports an increase in orders for luxury vessels, raising revenues to €1.2 billion.

The Italian defense conglomerate Leonardo closed 2025 with revenues of €19.5 billion, achieving an EBITA margin above market expectations. Concurrently, Telecom Italia (TIM) confirmed the achievement of its strategic goals, reaching €13.7 billion in revenue. TIM's board decided to launch a buy-back program worth €400 million and to carry out a share consolidation at a ratio of 1 to 10, aimed at streamlining the capital structure ahead of a projected dividend in 2027. The European telecommunications and defense sector is currently undergoing a phase of consolidation and deep technological modernization, in response to growing demand for cybersecurity and 5G data transmission infrastructure. In the energy sector, Spain's Endesa recorded an 18% increase in net profit to €2.35 billion. The company presented an investment plan worth €10.6 billion, focusing on strengthening transmission networks for the needs of data centers. Meanwhile, the Italian engineering giant Saipem increased its operating profit by 22% in the last quarter, forecasting that 2026 will bring revenues of around €15.5 billion. The luxury sector also reports positive results: Ferretti Group, a yacht manufacturer, increased its order portfolio, achieving a net profit of €90 million on revenues of €1.2 billion. 19,5 mld € — were the annual revenues of the Leonardo holding The Spanish economy is showing strong growth dynamics, confirmed by data on corporate turnover, which increased by 3.9% in 2025 – the fastest pace since 2022. Technology companies such as Busup surpassed the €46 million revenue barrier, and developer Metrovacesa recorded over €700 million in inflows. The Spanish government simultaneously announced new regulations aimed at optimizing overloaded electricity grids, which is intended to facilitate the connection of new renewable energy sources and meet growing demand from the digital industry. Revenue of giants for 2025: Leonardo: 19.5, Saipem: 15.5, Telecom Italia: 13.7, Endesa: 2.35, Ferretti Group: 1.2

Mentioned People

  • Pietro Labriola — CEO of Telecom Italia (TIM), responsible for restructuring and the new dividend policy.
  • Alberto Galassi — CEO of Ferretti Group, overseeing the growth of the order portfolio for luxury yachts.