IBERIAN DAILY 21 OCTOBER + 3Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENAGÁS, TELEFÓNICA, VIDRALA.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.
IBEX looking up at 16,000 points
Following the strong session in Asia (Japan hit a new record high), the euphoria continued in Europe, which rose more than +1.3% thanks to the German DAX and the IBEX. In the STOXX 600, all the sectors except Media and Food ended with gains, led by Technology and Industrials. On the macro side, in the US, White House advisor K. Hasset expects this to be the last week of the shutdown. Separately, D. Trump was confident an agreement will be reached with China, but if not he threatened a 155% tariff and a suspension of exports of aircraft supplies. In Japan, as expected, S. Takaichi (the “Japanese Thatcher”) was elected new PM and promised measures to ease the cost of living, boost strategic sectors and political reforms. In US business results, Zion and Steel Dynamics beat expectations and Berkley released disappointing earnings.
What we expect for today
European stock markets would open flat with a slightly bearish slant. Currently, S&P futures are flat (the S&P 500 ended flat vs. the European closing bell). Asian markets are rising (China’s CSI 300 +1.6% and Japan’s Nikkei +0.7%).
Today there are no noteworthy macro data releases. In US business results Netflix, Coca-Cola, Nasdaq and General Motors, among others, will release their earnings.
COMPANY NEWS
ENAGÁS. 9M’25 Results in line with expectations, reiterating the guidance. OVERWEIGHT
The 9M’25 Results are in line with the consensus, our estimate and the guidance (which the company has reiterated). 9M’25 EBITDA came in at € 505.9 M (-11.7% vs. 9M’14, vs. -12% consensus and BS(e)), with a declining regulatory impact, a larger contribution from other revenues (Castor dismantling) and a lower comparison from investees. Recurring 9M’25 Net Profit reached € 206.9 M (-11.4% vs. 9M’24, vs. -13% consensus and BS(e)); with the capital gains from the Soto de La Marina sale and the rectification of the Peru ruling, reported 9M’25 Net Profit came in at € 262.8 M (vs. € -130 M in 9M’24). ENAG reiterated its guidance’25: € 670 M of EBITDA’25 (vs. € 671 M BS(e) and consensus) and € 265 M of Net Profit’25 (vs. € 262 M BS(e) and consensus). We would not expect any impact from these results, and no conference call will be held.
Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
Vidrala SA is a Spain-based company principally engaged in the glass industry. The Company operates through two segments: Spain and European Union. The Company's activities include the production, distribution and sale of glass bottles and containers used in the food and beverages industries. The Company conducts its own research and development (R&D) operations. It operates production plants and melting furnaces located in such countries, as Portugal, France, Belgium and Italy. The Company owns such subsidiaries as Crisnova Vidrio SA, Inverbeira Sociedad de Promocion de Empresas SA, Gallo Vidro SA, Castellar Vidrio SA, Corsico Vetro SRL, MD Verre SA, Omega Immobiliere et Financiere SA, Investverre SA and CD Verre SA.
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