The Spanish corporate sector presents starkly contrasting results for 2025. Airport operator Aena reported a historic net profit of €2.136 billion, resulting in a record dividend. At the same time, telecommunications giant Telefónica is grappling with a massive net loss of €4.3 billion, stemming from high restructuring costs and write-offs related to its exit from the Venezuelan market. Despite the losses, the company reported its best sales performance in years.

Historic Triumph for Aena

The airport operator recorded over €2.1 billion in net profit thanks to record passenger traffic, resulting in a raised dividend for shareholders.

Billion-Euro Loss for Telefónica

The telecommunications giant lost €4.3 billion in 2025 due to workforce restructuring costs and write-offs related to its withdrawal from Venezuela.

Controversy Over Severance Packages

Former Telefónica top managers, Álvarez-Pallete and Vilá, received a combined €78.3 million in connection with their dismissals, sparking public debate.

Stabilization in Energy

Endesa plans investments worth €10.6 billion in energy networks, with particular focus on infrastructure for data centers.

Spanish airport holding Aena officially closed 2025 with a record net profit of €2.136 billion, representing growth of over 10% compared to the previous year. Such strong results are the effect of a dynamic recovery in tourist traffic and increased non-aeronautical revenues. Following the financial success, the company's management announced a record dividend payout, which was met with enthusiasm by capital markets. The Spanish tourism sector, the backbone of which is Aena's operations, generates about 12% of the country's GDP, making it a key barometer of the health of the entire national economy. A completely different situation is reported by Telefónica, which under the leadership of new Chairman Marc Murtra announced a loss of €4.3 billion. This is the consequence of enormous severance costs for employees and the operation to exit the Venezuelan market. Despite the negative net result, Murtra emphasizes that the company is now a structurally much healthier and more efficient entity, as evidenced by increased free cash flow and the best commercial performance in Spain since 2018. Another emotionally charged issue became the severance packages for departing managers: José María Álvarez-Pallete and Ángel Vilá received a combined total of over €78 million in connection with the termination of their functions. 2,136 mld € — was the historic net profit of airport operator Aena The situation surrounding the telecommunications operator has also become the subject of political dispute. Isabel Díaz Ayuso, head of the Madrid autonomous community, sharply criticized the government's policy towards the company, claiming that the politicization of management boards led to a €1.8 billion drop in the company's value. Simultaneously, in the renewable energy sector, the company Grenergy is achieving success, increasing its profit by 46% to reach €87 million. The entire Spanish services and trade sector recorded a 3.9% increase in turnover in 2025, which is the best result in three years and confirms the strong fundamentals of the local economy. „Telefónica ya es una compañía más sólida estructuralmente tras poner en marcha su plan de transformación” (Telefónica is now a structurally more solid company after launching its transformation plan) — Marc Murtra

Mentioned People

  • Marc Murtra — Chairman of Telefónica, responsible for deep restructuring and streamlining of the company.
  • Isabel Díaz Ayuso — President of the Community of Madrid, criticizing the government's policy towards strategic companies.
  • José María Álvarez-Pallete — Former Chairman of Telefónica, who received a €44 million severance package.