The Bank of Spain released first-quarter 2025 indicators from its Central Balance Sheet quarterly sample of non-financial corporations. Net turnover rose 4.6% year on year, but ordinary net result (RON) fell 17.9% and the ordinary return on net assets (R1) declined to 3.6%, largely driven by weak performance in energy and oil refining. The drop in RON included negative rates in information and communications (-6.7%), energy (-17.5%) and industry (-87.3%), with the industrial fall linked to oil refining and transport equipment manufacturing, while commerce and hospitality (+25.6%) and other activities (+7.7%) recorded increases. Financial income fell 27% due to lower dividends received, staff costs increased 4.2% and amortisation and operating provisions rose 6.2%, while financial expenses declined 9.9%, partially offsetting the deterioration. Reweighted indicators that adjust for the sample’s heavy weight in energy and refining showed year-on-year increases of 6.9% in gross value added (VAB) and 12.1% in gross operating result (REB). The next quarterly release, covering the second quarter of 2025, is scheduled for 24 September 2025.
Bank of Spain 2025-06-24
Bank of Spain publishes Q1 2025 Central Balance Sheet data as non-financial firms’ sales rise 4.6% and ordinary net result falls 17.9%
The Bank of Spain reported a 4.6% year-on-year increase in net turnover for non-financial corporations in Q1 2025, but a 17.9% decline in ordinary net result, with ordinary return on net assets falling to 3.6%. The decline was driven by weak performance in energy and oil refining, while commerce and hospitality sectors saw gains. Financial income decreased 27% due to lower dividends, and staff costs rose 4.2%, though financial expenses fell 9.9%.