The Spanish capital market concluded 2025 with a series of financial reports dominated by profit growth in the energy and aviation sectors. While Iberia achieved a record operating result and Acciona nearly doubled its profits, industrial and infrastructure companies like Talgo and Cellnex are grappling with net losses. Meanwhile, the IAG conglomerate announced a workforce restructuring at Iberia.

Acciona's Record Profit

The company's net profit increased by 90.4%, triggering a 16% rise in its stock price on the exchange.

Losses at Talgo and Cellnex

Talgo loses €100 million due to foreign projects, and Cellnex loses €361 million due to restructuring.

ERE Negotiations at Iberia

Despite record profits, the airline is negotiating a voluntary departure program with trade unions.

Stellantis in Zaragoza

The conglomerate confirmed production of Leapmotor electric cars in Spain, boosting its share price.

The Spanish economy ends February amid optimistic annual reports from leading players in the IBEX 35 index, although the market picture remains mixed. The growth leader was the Acciona group, whose net profit rose by an impressive 90.4%, leading to a sharp 16% jump in the company's share price and the establishment of historic highs. This result is the effect of a successful strategy in the renewable energy and construction sectors, which analysts say confirms the company's strong position in international markets. In the transport sector, Iberia, part of the IAG group, leads the way. The carrier recorded a record operating profit, 27% higher than the previous year. Despite financial successes, IAG management, together with trade unions, has begun negotiations on voluntary employee departures, which is intended to allow for a transformation of staff competency profiles. Meanwhile, the owner of British Airways, the IAG group, recorded a 20% increase in global profits, despite a drop in passenger numbers, indicating an effective margin policy and cost optimization. The Spanish stock index IBEX 35, created in 1992, brings together the country's most liquid companies and has served for decades as a key barometer of the economic health of the Iberian Peninsula.At the opposite pole is the railway rolling stock manufacturer Talgo. The company registered a net loss of €100 million, although this is a result 6.7% better than the previous year. The company's financial problems stem mainly from difficulties in executing two large projects in Germany and the United States. However, Talgo's management remains optimistic, forecasting revenues of €750 million in the coming year. Similar challenges face the telecommunications mast operator Cellnex, which closed the year with a loss of €361 million, justified by the costs of implementing a voluntary departure plan. In the automotive industry, Stellantis confirmed plans to produce Chinese Leapmotor electric cars at its factory in Zaragoza, which translated into a 4% increase in the company's share price. In the cash protection and logistics sector, Prosegur recorded a more than 50% jump in net profit, reaching €119 million. These data align with the good condition of Spanish households, whose deposits remain at a level close to €1.1 trillion. Since the 2008 financial crisis, the Spanish banking and corporate sector has undergone deep restructuring, which has allowed for today's resilience to fluctuations in the global economic climate.„We are going to need a transformation of the professional profiles.” — IAG Spokesperson

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