In 2021 the extraordinary surge pushed totals to 56,024.82 million euros, marking a 6% decline from the prior year when the same figure was unusually high. Despite inflation, rising interest rates, fears of a recession, and Russia’s invasion of Ukraine, the top Spanish companies within Ibex 35 posted record profits. The leading groups reported profits of 56,024.82 million and revenues of 629,261 million euros in 2022, a 35% rise from the previous year.
Yet overall profits dipped by 6%, a retreat linked to the surge of unusual gains recorded in 2021. EBITDA reached 94,784 million euros, up 6% from the year before, while net profit stood at 89,051 million euros. Shared net financial debt increased by 6.49% to 189,099 million euros from 177,559 million in 2021.
Rising billing and stronger profits for some groups sparked criticism from the most vocal sectors of the government. The Minister of Social Rights and the 2030 Agenda, Ione Belarra, accused the Mercadona leadership of being a “ruthless capitalist.” Prime Minister Pedro Sánchez described Rafael del Pino as “an unaffiliated businessman” after the decision to move Ferrovial’s headquarters from Madrid to Amsterdam. Belarra also labeled the concessionaire as “a pirate company.”
The years 2021 and 2022 were shaped by the pronounced effect of positive, unusual factors and transactions. These include Telefónica’s sale of Telxius for 7,700 million and the sale of O2, the transfer of Cobra to Vinci by ACS, Ferrovial’s higher stake in a U.S. highway project, CaixaBank’s 2,867 million, the Unicaja and Liberbank merger, and a capital gain of 895.7 million from Línea Directa’s IPO for Bankinter.
Despite these extraordinary effects, the data show that Ibex groups endured and even performed well within a very challenging macroeconomic environment. The key takeaway is that revenue rose significantly, driven by both foreign subsidiaries and domestic market activity. The year 2022 also saw the easing of pandemic restrictions, which allowed a rebound in sectors hit hard by covid, notably tourism. Higher year‑end interest rates and the energy crisis further influenced the values tied to finance and energy sectors.
Banking and energy, big winners
Major Spanish banks, including Santander, BBVA, CaixaBank, Sabadell, Bankinter, and Unicaja, posted a combined profit of 20,849 million euros in 2022. When adjusting for Bankinter’s Línea Directa IPO gains and subtracting the 2021 bank-merger windfalls, the year‑over‑year increase reaches about 21.69 percent. These results come amid political debates over profits and calls to cap mortgage increases.
As a result, net interest income and net commissions were set to be taxed at 4.8%, with a projected rise of around 3,000 million euros over the next two years. Estimates from the banks and calculations by the EFE agency suggest that the six major institutions would owe more than 1,100 million dollars in 2023 for this measure. Higher interest rates from central banks have enhanced the profitability of traditional lending.
While inflation remained elevated, energy companies benefited from higher energy prices driven by the war in Ukraine. Analysts note that the sector’s costs are linked to global conflict, forcing price adjustments for consumers. Seven Ibex energy players (Enagás, Endesa, Iberdrola, Naturgy, Red Eléctrica, Repsol, Solaria) posted a combined profit of 13,909 million euros in 2022, with Repsol alone earning up to 70 percent more than in 2021, reaching 4,251 million euros.
Related news
Tourism-related firms also propelled Ibex’s overall performance as normal travel resumed after the disruption caused by the pandemic. The four tourism companies in the index earned a joint profit of 2,107 million euros in 2022. IAG moved back into profit, and Amadeus and Aena emerged from losses.
The caveat is ArcelorMittal, which saw profits fall by 38 percent. Also notable were declines in the profits of Colonial and Merlin Properties due to a drop in asset values.