The Spanish capital market is celebrating a historic success following the publication of financial results for 2025. The companies comprising the elite Ibex 35 index generated a combined profit of 65 billion euros, propelling the stock market to record levels. Despite the broad market's successes, some entities, such as Cellnex or the rail vehicle manufacturer Talgo, reported losses resulting from restructuring costs and specific international projects, which, however, did not shake the overall investor optimism.
Record Profit for Ibex 35
The largest Spanish companies earned a combined 65 billion euros in 2025, which is a historic result.
Spectacular Growth for Acciona
The company's net profit increased by over 90%, translating into historic record valuations on the stock exchange.
Difficulties for Cellnex and Talgo
Despite the overall economic climate, the telecommunications and railway giants reported losses related to restructuring costs.
Success in the Data Center Sector
The company Merlin recorded a threefold increase in profits thanks to enormous demand for digital infrastructure.
The year 2025 has been recorded in the annals of the Spanish economy as a time of unprecedented prosperity for its largest market players. The enterprises that make up the main stock index in Madrid, Ibex 35, achieved a record cumulative net profit of 65 billion euros. This translated into sharp increases in share prices, particularly in the construction and energy sectors, where the company Acciona recorded an almost twofold increase in profits, resulting in a 16% jump in its valuation to historic highs. Simultaneously, however, the annual reports revealed difficulties in some technology and transport entities. The firm Cellnex, a telecommunications infrastructure giant, closed the year with a net loss of around 361 million euros. Management explained that the negative result was due to one-off write-offs and a costly voluntary departure plan for employees; nevertheless, the company recorded a nearly 6% increase in operating revenues, suggesting stability in its business fundamentals. A similar dynamic was shown by the company Talgo, which, although it reduced its loss by nearly 7% to a level of 100 million euros, is still grappling with the costs of executing contracts in Germany and the United States. The company is counting on a rebound this year, targeting revenues of 750 million euros. The Spanish economy, after emerging from the debt crisis of 2010–2012, underwent a deep restructuring of the banking and corporate sectors, which is now bearing fruit in the form of high profitability for the largest capital groups. Against the backdrop of mixed results from individual players, the tourism-technology sector represented by Amadeus shone with a record profit exceeding 1.3 billion euros. Such strong results allow for the payment of attractive dividends, which further attracts foreign capital to the Madrid trading floor. Another winner turned out to be the company Merlin, whose profits tripled thanks to the intensive development and revaluation of data centers, confirming the trend of digitalization in the economy. Experts note, however, that February on the stock market is ending with mixed sentiments due to a technical correction after a series of dynamic gains, which is a natural phenomenon in the market cycle. „Amadeus ha alcanzado un hito histórico en 2025, impulsado por la sólida demanda en el sector de viajes y la innovación tecnológica.” — Luis Maroto
Mentioned People
- Luis Maroto — Chief Executive Officer (CEO) of Amadeus, responsible for the company's record financial results.