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 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%.