Spanish IBEX‑35 firms recover €1.3 bn tax aid, raise 2026 outlooks
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 well corroborated each claim is across sources.
- [○ 1 SOURCE] Iberdrola recognized a right to recover €790 million in tax aid. (Iberdrola)
- [● 2 SOURCES] Merlin raised its operating profit target for 2026 to €340 million. (Merlin)
- [● 2 SOURCES] Endesa raised its ordinary profit forecast for 2026 to above €2.4 billion. (Endesa)
- [● 2 SOURCES] Telefónica raised its adjusted operating cash flow target for 2026 to above 3% year‑on‑year in constant terms. (Telefónica)
- [○ 1 SOURCE] Telefónica recognized a right to recover €461 million in tax aid. (Telefónica)
- [○ 1 SOURCE] 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. (European Court of Justice)
- [● 2 SOURCES] Telefónica's adjusted EBITDA grew 3.8% to €5.768 billion in the first half of 2024. (Telefónica)
- [● 2 SOURCES] Endesa's EBITDA grew 20% to €3.24 billion in the first half of 2024. (Endesa)