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IBERIAN DAILY 23 APRIL + 1Q’26 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKINTER, REAL ESTATE SECTOR, REPSOL, TELEFÓNICA.

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.

Stock markets are facing significant uncertainty
European stock markets were disappointed by the uncertainty surrounding the talks between Iran and the US and despite the extension of the ceasefire, with the Strait of Hormuz still blocked by both parties. The STOXX 600 saw a mixed performance, where cyclical sectors such as Energy and Basic Resources were the best performers whereas Travel&Leisure and Telecommunications posted the biggest drops. On the macro side, in the UK, March’s core inflation moderated unexpectedly one tenth to 3.1%. In the euro zone, April’s preliminary consumer confidence deteriorated more than expected. In Japan, April’s manufacturing PMI climbed more than expected whereas that of services fell. In geopolitics, the secretary of the US Treasury. S. Bessent, confirmed the extension of sanctions on oil transported by sea from Russia and Iran for additional 30 days to alleviate the needs of the more vulnerable counties to oil coming from the Strait of Hormuz. In US results Philip Morris, Boeing, Tesla and United Airlines beat expectations whereas AT&T y Moody’s were in line.
What we expect for today
European stock markets would open with drops of around -1.0%. Currently, S&P futures are down -0.54% (the S&P 500 ended +0.48% higher vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.47%, Japan’s Nikkei -0.92% and South Korea’s Kospi +0.3%).
Today in the euro zone we will learn April’s preliminary manufacturing and services PMI, in Mexico February’s retail sales and in the US weekly jobless claims and April’s preliminary manufacturing and services PMI. In US 1Q’26 business results Nasdaq, American Express, Lockheed Martin, Union Pacific, Blackstone, Snap-On, PG&E and Intel, among others, will release their earnings.


COMPANY NEWS

1Q’26 Results highlights and rest of previews
Of the stocks releasing their results over the coming days, we highlight on the positive side Vidrala (29/04). Although the 1Q’26 results will be poor (volumes still weak in Europe, especially in the UK, partly offset by the solid performance in Brazil), we believe the market will be able to appreciate the company’s strong competitive position (thanks to its geographical diversification, cost structure and leverage) against a backdrop that could turn inflationary due to the rising energy costs. Vidrala has most of its energy needs for 2026-27 already hedged.

BANKINTER. 1Q’26 results that are slightly better due to lower costs and other provisions. OVERWEIGHT
Lending continues to grow at a strong +5% pace, despite the fact that new mortgage production is lower (-19% vs. 1Q’26) and client resources are growing more slowly (+1% vs. +6% in 2025). The NPL ratio is stable (1.92%), as is ROTE (20%). Capital is better than expected (13% vs. 12.7% in Dec’25) due to the smaller impact from RWAs. The customer spread is in line with expectations (261bps vs. 268bps in 2025). We expect a positive reaction. Although today we do not expect a change in the guidance’26, we do think the market will welcome a CoR of 32bps, in line with the guidance but which neither the consensus nor we expected (42bps). If this were true, Net Profit would grow +4pp more. BKT is our top pick among domestic banks.