AMADEUS: 3Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'25 vs. 3Q'24 Results Sales: € 1.635 Bn (+5.6% vs. +5.0% BS(e) and +4.7% consensus); EBITDA: € 652.7 M (+8.2% vs. +5.1% BS(e) and +4.9% consensus); 9M'25 vs. 9M'24 Results Sales: € 4.895 Bn (+6.4% vs. +6.2% BS(e) and +6.1% consensus); EBITDA: € 1.929 Bn (+6.8% vs. +5.8% BS(e) and +5.7% consensus);

Credit Morning 11/07/2025

Altarea: residential revenue grows for the first time in Q3|

Morning Crédit 07/11/2025

Altarea : le CA logement est pour la première fois en croissance au T3|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/07/2025

IAG: 3Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'25 vs. 3Q'24 Results Sales: € 9.328 Bn (0.0% vs. +2.3% BS(e) and n/a consensus); EBIT: € 2.053 Bn (+2.0% vs. +12.8% BS(e) and +4.1% consensus); 9M'25 vs. 9M'24 Results Sales: € 25.234 Bn (+4.9% vs. +5.8% BS(e) and n/a consensus); EBIT: € 5.852 Bn (+76.2% vs. +24.9% BS(e) and +19.6% consensus);

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/11/2025

Amadeus IT Group : Solid set of Q3 results, slightly above expectation...

Amadeus IT Group : Solid set of Q3 results, slightly above expectation...

IAG : Q3 broadly in line driven by cost discipline

IAG : Q3 broadly in line driven by cost discipline

SACYR: 3Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'25 vs. 3Q'24 Results Sales: € 1.175 Bn (2.8% vs. 3.1% BS(e) and 1.3% consensus); EBITDA: € 371 M (27.7% vs. 23.0% BS(e) and 20.1% consensus); EBIT: € 273 M (1.2% vs. 15.2% BS(e) and 20.2% consensus); Net Profit: € 31 M (41.5% vs. 35.1% BS(e) and 70.7% consensus). 9M'25 vs. 9M'24 Results Sales: € 3.412 Bn (4.6% vs. 4.7% BS(e) and 4.0% consensus); EBITDA: € 1.018 Bn (7.4% vs. 6.0% BS(e) and 5.1% consensus); EBIT: € 737 M (-15.2% vs. -10.9% BS(e) and -9.3% consensus); Net Profit: € 62 M (-16.2%...

IAG: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 9.328 M euros (0,0% vs +2,3% BS(e) y n/a consenso); EBIT: 2.053 M euros (+2,0% vs +12,8% BS(e) y +4,1% consenso). Rdos. 9meses'25 vs 9meses'24: Ventas: 25.234 M euros (+4,9% vs +5,8% BS(e) y n/a consenso); EBIT: 5.852 M euros (+76,2% vs +24,9% BS(e) y +19,6% consenso).

CELLNEX: 3Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'25 vs. 3Q'24 Results Sales: € 995.0 M (+1.3% vs. +1.2% BS(e) and +1.3% consensus); EBITDA: € 831.0 M (+2.7% vs. +2.2% BS(e) and +2.2% consensus); Net Profit: € -158.0 M (vs. € 278 M in 3Q’24); 9M'25 vs. 9M'24 Results Sales: € 2.937 Bn (+1.2% vs. +1.1% BS(e) and +1.2% consensus); EBITDA: € 2.436 Bn (+2.1% vs. +1.9% BS(e) and +1.9% consensus); Net Profit: € -263.0 M (€ -148.0 M in 9M'24 vs);

AMADEUS: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 1.635 M euros (+5,6% vs +5,0% BS(e) y +4,7% consenso); EBITDA: 652,7 M euros (+8,2% vs +5,1% BS(e) y +4,9% consenso). Rdos. 9meses'25 vs 9meses'24: Ventas: 4.895 M euros (+6,4% vs +6,2% BS(e) y +6,1% consenso); EBITDA: 1.929 M euros (+6,8% vs +5,8% BS(e) y +5,7% consenso).

CELLNEX: RDOS. 9MESES’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 995,0 M euros (+1,3% vs +1,2% BS(e) y +1,3% consenso); EBITDA: 831,0 M euros (+2,7% vs +2,2% BS(e) y +2,2% consenso); BDI: -158,0 M euros (vs 278 M euros en 3T’24); Rdos. 9meses'25 vs 9meses'24: Ventas: 2.937 M euros (+1,2% vs +1,1% BS(e) y +1,2% consenso); EBITDA: 2.436 M euros (+2,1% vs +1,9% BS(e) y +1,9% consenso); BDI: -263,0 M euros (-148,0 M euros en 9meses'24).

SACYR: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 1.175 M euros (2,8% vs 3,1% BS(e) y 1,3% consenso); EBITDA: 371 M euros (27,7% vs 23,0% BS(e) y 20,1% consenso); EBIT: 273 M euros (1,2% vs 15,2% BS(e) y 20,2% consenso); BDI: 31 M euros (41,5% vs 35,1% BS(e) y 70,7% consenso). Rdos. 9M'25 vs 9M'24: Ventas: 3.412 M euros (4,6% vs 4,7% BS(e) y 4,0% consenso); EBITDA: 1.018 M euros (7,4% vs 6,0% BS(e) y 5,1% consenso); EBIT: 737 M euros (-15,2% vs -10,9% BS(e) y -9,3% consenso); BDI: 62 M euros (-16,2% vs -18,2% BS...

IBERIAN DAILY 07 NOVEMBER + 3Q'25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ACS, AMADEUS, CELLNEX, IAG, SACYR. 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. Doubts persist With the results campaign entering the final stretch, the main European indices closed with losses, with the IBEX standing out as the best performer, remaining at around 16,100. In the STOXX 600, Basic Mate...

INFORME DIARIO 07 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’25. IDEAS DESTA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, AMADEUS, CELLNEX, IAG, SACYR. EUROPA: BAYER. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’25 que se publicarán en España y Europa en los próximos días. Se mantienen las dudas Con la campaña de resultados entrando en su recta final, los principales índices europeos cerraron con pérdidas, destacando...

Cellnex : Steady quarter, enhanced shareholders return

Cellnex (Neutral, €29, +5%) Upgrade to Neutral

Cellnex has underperformed this year by 25pp vs. the EU operators and with the stock now trading below our target price, we upgrade from Reduce to Neutral.