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Research Department
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IBERIAN DAILY 17 APRIL + 1Q’26 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, AMPER, IAG, INDRA.

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.

Geopolitics affecting the market
European stock markets closed with mixed results in a still challenging environment. While the US secretary of defence, Pete Hegseth, threatened to immediately resume the war if Iran does not accept the US’s terms, the press confirmed a 10-day truce between Israel and Lebanon. In the STOXX 600, the best-performing sectors were Media and Technology, whereas Travel & Leisure and Banks ended with the biggest corrections. On the macro side, in the euro zone, March’s inflation was raised unexpectedly to 2.6% YoY, while the core figure confirmed the -0.1% drop to 2.3%. From the ECB, several members (Kazaks, Lane, Nagel, Dolenc and Rehn) urged to be calm in terms of interest rates although always leaving the door open to rises if necessary. In the US, weekly jobless claims fell more than expected, while April’s Philadelphia Fed index and March’s industrial output both fell unexpectedly. In geopolitics, Iran and the US will resume negotiations this weekend and D. Trump was optimistic about reaching a peace agreement. In US business results, KeyCorp, Travelers, Netflix and Bank of New York Mellon beat expectations, PepsiCo, US Bancorp and Abbott Laboratories were in line.
What we expect for today
European stock markets would open with slight drops awaiting the result of the weekend negotiations between the US and Iran and between Israel and Lebanon. Currently, S&P futures are flat (the S&P 500 ended +0.25% higher vs. the European closing bell). Asian markets are falling (China’s CSI 300 -0.18%, Japan’s Nikkei -0.95% and South Korea’s Kospi -0.56%).
Today in the euro zone we will learn February’s trade balance. In US business results, Truist Financial, Fifth Third and State Street will release their earnings, among others.
Underlyings
Aena SME SA

Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.

Amper S.A.

Amper is the parent company of a group engaged in the telecommunications industry. Co. and its subsidiaries are engaged in the research, development, manufacture, sale, repair and maintenance of electronic systems and telecommunication equipment. Co.'s range of expertise includes network management systems, local loop technology, switching center modernization systems, data communications systems, combat radio sets, parking meter engineering, installation and maintenance services, vehicle localization and navigation systems, and energy systems. Products include private and public telephones, digital commutation systems, and cellular phone equipment.

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.

International Consolidated Airlines Group SA

International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.

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