EUR 100.00 For Business Accounts Only

IBERIAN DAILY 22 OCTOBER + 3Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, ELECTRICITY SECTOR, GLOBAL DOMINION, GRUPO CATALANA OCCIDENTE, ROVI.

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 3Q’25 results to be released over the coming days in Spain.

Awaiting drivers
It was a session of low volume and few important macro references, leaving European stock markets flat, except for the IBEX, which fell slightly following yesterday’s rally. In the STOXX 600, Real Estate and Autos were the sectors that rose the most, with Basic Materials and Food being the worst performers. On the macro side, in Japan September’s imports rose more than expected, while exports were lower than expected. In trade talks, the EU demanded China speed up the process on restriction permits for rare earth exports. In the US, the Govt. would be close to finishing its investigation into the pharma sector under Section 301 of Trade Law dealing with “surcharges” paid by US consumers. Separately, India would be close to reaching a trade agreement that would lower the tariff imposed on it to 15-16% from the current 50%. In geopolitics, D. Trump cancelled his expected meeting with V. Putin on Thursday, while the EU is preparing a 12-point proposal to end the war. In US business results, General Motors, General Electric, 3M, Nasdaq and Phillip Morris beat expectations, Netflix (due to Brazil) and Mattel (due to tariffs) released disappointing earnings.
What we expect for today
European stock markets would open with losses of around -0.4%. Currently, S&P futures are up +0.12% (the S&P 500 ended flat vs. the European closing bell). Asian markets are falling (China’s CSI 300 -0.31% and Japan’s Nikkei -0.1%).
Today in the UK we will learn September’s inflation and in Mexico the IGAE economic activity index for August. In US business results Tesla and Moderna, among others, will release their earnings.


COMPANY NEWS

3Q’25 Results highlights and rest of previews
Along with our daily report we include 3Q’25 results forecasts with all the previews for next week in Spain with our qualitative opinion and the expected impact on the market. Of the stocks releasing their results over the coming days we highlight on the positive side UNI (31/10), with a low NII guidance’25 (€ 1.45 Bn) that should be raised in its results conference call. We also stress FER (28/10), where the favourable operating performance in Toll Roads, along with the potential short-term drivers like the inclusion on the Nasdaq 100 or the awarding of new Managed Lanes in the US should continue to underpin the share price. On the negative side we highlight VID (29/10), where we see risks of the 3Q’25 results showing that the company’s full-year guidance is overly optimistic. That said, the share price already partially includes the possibility of estimates being cut (-43% vs. IBEX in 2025).

GLOBAL DOMINION. Slightly weaker 3Q’25 Results due to lower project execution. OVERWEIGHT
3Q’25 Results came in slightly below expectations in EBITDA (€ 33 M; vs. € 36 M BS(e) and € 35 M consensus; -10% vs. 3Q’24) and marked by the slowdown of GDT Projects (~16% 1H’25 sales) where revenues fell -71% due to the lower level of project execution in Italy given the imminent finalisation. In any case, the positive dynamics continue in the rest of divisions (particularly GDT Services) and organic growth remains at +9% in 9M’25 (vs. +9.6% in 1H’25). As the company failed to make a specific mention, we assume it maintains its guidance. We do not foresee a relevant impact despite the good share price performance (+22% in 2025 vs. -14% vs. IBEX).