Bank of Spain reports non-financial firms’ sales up 2.7% and net ordinary profit down 4.6% in the first half of 2025

The Bank of Spain published updated Central Balance Sheet Data Office indicators for non-financial corporations in its quarterly sample, showing a 2.7% increase in net turnover in the first half of 2025 but a 4.6% fall in net ordinary profit (RON) versus the same period of 2024. The decline was largely driven by the energy and oil-refining sectors, which have a high weight in the sample, while the ordinary return on net assets (R1) eased to 4.7% from 5.0%. Second-quarter developments were described as very similar to those in the first, with sales growth contrasting with a 1.4% decline in the first half of 2024. RON was negative in energy (-21.0%) and industry (-68.1%), with the industrial contraction mainly linked to oil refining and, to a lesser extent, declines in transport equipment manufacturing and other manufacturing industries, while trade and hospitality, information and communications, and other activities recorded positive rates of 31.5%, 39.3% and 19.5% respectively. The fall in aggregate RON reflected both lower gross value added and higher staff costs, partly offset by a 9.1% rise in financial income (including a 29.1% increase in dividends) and a 13.7% reduction in financial expenses; on a reweighted basis to correct for sectoral overrepresentation, gross value added and gross operating profit rose 3.7% and 0.9%. The Bank of Spain said the next release of third-quarter 2025 indicators and advance 2024 annual data will be published on 27 November 2025.