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IBERIAN DAILY 12 NOVEMBER + 3Q'25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AMPER, IBERDROLA, MAPFRE.

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.

Stock markets welcome the reopening
European stock markets saw significant gains, welcoming the imminent end of the longest US shutdown. In the STOXX 600, some sectors that were lagging behind, Pharma and Consumer Goods, led the gains, whereas defensive industries such as Household (in negative territory) and Utilities (flat) were the worst performers. On the macro side, in Germany, the ZEW index fell unexpectedly in November, with a sharp drop in the expectations component. In the US, October’s NFIB SMEs confidence index dropped slightly more than expected whereas RedBook weekly sales grew 5.9% YoY. In Brazil, October’s inflation moderated slightly more than expected and in Mexico September’s industrial output slowed down unexpectedly. In US business results, Occidental Petroleum beat expectations.
What we expect for today
European stock markets would open with gains >+0.3%. Currently, S&P futures are up +0.25% (the S&P 500 ended +0.24% higher vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.15% and Japan’s Nikkei +0.38%).
Today in Germany we will learn October’s final inflation. In US business results, TransDigm and Cisco Systems, among others, will release their earnings today.
Underlyings
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.

Iberdrola SA

Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.

Mapfre SA

Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.

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Sabadell
Sabadell

Analysts
Research Department

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