The Spanish economy concluded 2025 with unprecedented corporate sector results. Companies comprising the main stock market index, Ibex 35, generated a combined net profit of 65 billion euros, driving Madrid's stock exchange valuations to historic highs. Despite the success of market leaders like Acciona and Prosegur, some entities, including Talgo and Cellnex, continue to struggle with losses stemming from high operational costs and one-off write-downs.

Record Ibex 35 Profit

The largest Spanish listed companies generated a combined net profit of 65 billion euros in 2025.

Success of the Acciona Group

The company recorded a 90.4% increase in profit, resulting in a record share price and increased market valuation.

Transport Sector Problems

Talgo is struggling with a 100 million euro loss due to delays in projects in Germany and the USA.

Restructuring at Cellnex

Despite a net loss of 361 million euros, the company doubled its operating profit and confirmed optimistic forecasts.

The Spanish capital market is celebrating a historic success, achieving a record level of cumulative profits in 2025. The dominant trend on the Madrid trading floor was a significant improvement in the profitability of the largest entities, allowing the Ibex 35 index to post dynamic gains in February, approaching the psychological barrier of 18,500 points. The undisputed leader of the gains was the Acciona group, whose share price soared by over 16 percent following the announcement of a jump in net profit of more than 90 percent. Such strong financial results translated into record market valuations, despite global market sentiment being variable towards the end of the month. Despite the optimistic overall market picture, detailed data published by individual companies reveals a varied situation across specific sectors. Train manufacturer Talgo recorded a loss of 100 million euros, which nonetheless represents an improvement of nearly 7 percent compared to the previous year. The company's problems stem mainly from difficulties in executing infrastructure projects in Germany and the United States. A similar situation exists for telecommunications giant Cellnex, which closed the year with a net loss exceeding 360 million euros. However, the company's management reassures investors, indicating that this result is due to extraordinary costs related to workforce restructuring, while operational EBITDA profit doubled. The Ibex 35 index, launched in 1992, serves as a barometer of the Spanish economy, grouping the most liquid companies listed on the stock exchanges in Madrid, Barcelona, Valencia, and Bilbao.Interesting momentum is also visible in the services and security sector. Company Prosegur increased its consolidated net profit by more than half, reaching 119 million euros, demonstrating the stable position of Spanish firms in international markets. Meanwhile, company Ercros recorded a deep loss of around 53 million euros, a result nearly five times worse than the previous year, with the entity's situation further complicated by the prospect of an ongoing tender offer. In light of this data, analysts emphasize that 2026 may bring further market consolidation, particularly in the energy and infrastructure sectors, where projected revenues for companies like Talgo are expected to rise to 750 million euros.

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