Spanish Non-Financial Firms' Indicators Reveal Mixed Trends in Q4 2025
The Banco de España has published the main economic-financial indicators for Spanish non-financial corporations for the fourth quarter of 2025. The data reveals varied performance across key metrics and sectors, with some profitability measures declining while others show improvement.
Production Value and Operating Profit Diverge
In the fourth quarter of 2025, the value of production for Spanish non-financial corporations, including subsidies, increased by 2.8 percent year-on-year.
This growth was accompanied by a 3.4 percent rise in net turnover and other operating income.
However, intermediate consumption also grew by 3.2 percent, leading to a more modest 1.7 percent increase in gross value added at factor cost.
Personnel expenses rose by 5.3 percent, resulting in a 1.9 percent decline in gross operating profit.
Despite this, financial expenses decreased significantly by 11.2 percent, while financial income fell by 3.0 percent.
Net ordinary profit saw a slight decrease of 0.4 percent.
Notably, the result for the financial year showed a substantial increase of 32.6 percent, indicating a strong recovery in overall profitability after accounting for non-ordinary items and taxes.
Profitability Ratios and Debt Levels Stabilize
The ordinary return on net assets (R.1), before taxes, stood at 6.5 percent for 2025, a slight decrease from 7.2 percent in 2024.
Concurrently, the cost of financing (R.2), representing interest on received financing over interest-bearing liabilities, decreased to 3.0 percent from 3.4 percent.
This led to an improvement in the difference between ordinary return and financial cost (R.1 – R.2), reaching 3.5 percent, up from 3.8 percent in 2024.
Financial position ratios, such as interest-bearing liabilities to net assets, show a stable trend for total companies in 2025, with some sectoral variations.
The overall leverage, as indicated by the ratio of interest-bearing liabilities to gross operating profit plus financial income, remains at an elevated but consistent level.