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[BUSINESS] · Spain · 6 sources

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Spanish IBEX‑35 firms recover €1.3 bn tax aid, raise 2026 outlooks

Iberdrola Telefónica tax aid recovery 2026 forecasts IBEX-35

The EU Court of Justice ruled on 26 June 2025 that the European Commission could not require Spain to reclaim tax deductions linked to foreign acquisitions. Following the ruling, Iberdrola confirmed a right to recover €790 million, Telefónica €461 million, and other IBEX‑35 companies are set to reclaim a total exceeding €1.3 billion.

In the same period, three major listed firms lifted their 2026 guidance. Telefónica increased its target for adjusted operating cash flow (OpCFaL) to above 3% year‑on‑year, up from a previous target above 2%, citing a 50% improvement. Endesa raised its ordinary profit forecast for 2026 to more than €2.4 billion, after reporting a first‑half net profit of €1.47 billion and EBITDA of €3.24 billion. Merlin, the real‑estate SOCIMI, lifted its operating profit target for 2026 to €340 million after posting an EBITDA of €229 million in the first half of the year.

Entities

Endesa · European Court of Justice · Iberdrola · Merlin · Telefónica

Claims

What the coverage asserts, and how many sources carry each claim.

Sources

El negocio de Telefónica, ACS, Ferrovial y Grifols supera sus cifras de beneficio [www.extremaduradiario.com]
El rally del Ibex tiene un dueño: la banca gana 20. 000 millones y acerca al índice a los 20. 000 puntos [okdiario.com]
Telefónica, Endesa y Merlin elevan sus objetivos para 2026 en la semana grande del IBEX - El Plural [www.elplural.com]
Telefónica, Endesa y Merlin elevan sus objetivos para 2026 en la semana grande del IBEX [www.elindependiente.com]
Iberdrola, Telefónica, ACS, Ferrovial y Arcelor recuperan más de 1. 300 millones en ayudas fiscales de Hacienda [www.economiadigital.es]
Los bancos revolucionan sus cúpulas para acelerar el negocio y desplegar la IA [www.expansion.com]