Report
Research Department
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IBERIAN DAILY 21 APRIL + 1Q’26 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ELECTRICITY SECTOR, ENAGAS, INDRA, NEINOR, PUIG BRANDS, TALGO.

At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’26 results to be released over the coming days in Spain.

Corrections ahead of the end of the truce
European stock markets fell in view of the new blockade of the Strait of Hormuz and the lack of progress in negotiations. Thus, the STOXX 600 saw corrections, where Energy (benefiting from the rally of oil prices) and Telecommunications were among the few sectors ending in positive territory whereas Travel&Leisure and Banks closed with the biggest corrections. With no relevant macro data releases, all eyes were on geopolitics after D. Trump reiterated that the sea blockade on Iran will continue until an agreement is reached, warning that an extension to the ceasefire is highly unlikely (it is to end today), although he left the door open to the possibility if he sees signs of progress in the talks. Meanwhile, Iran has not yet confirmed that it will sit down at the negotiating table in view of the strong pressure from the Revolutionary Guard not to do so.
What we expect for today
European stock markets would open with gains
Underlyings
Indra Sistemas S.A. Class A

Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.

Neinor Homes SA

Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.

PUIG BRANDS

Talgo SA

Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.

Provider
Sabadell
Sabadell

Analysts
Research Department

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