The results have just been presented, although we have both Inditex and Banco Sabadell left and we are going to analyze how our debt is in the Spanish selective, and, above all, what are the main variations in the net financial leverage of the large listed Spanish companies.
As we all know A high debt does not always mean a great burden per se for the companysince there are companies that, due to their own business model, with high needs for continued investment, need to go into debt to keep their business model alive and up to date.
With this premise we are going to see how the three most indebted companies on the Spanish selective have evolved over the year, with the closing data for the first nine months. We start with Iberdrola. The utility has reduced by 3.2 billion of euros its leverage up to 48,474 million from 51,672 million closing of last year.
As a positive impact, the alliances established, especially for the implementation of renewable projects worth up to 8,000 million euros. In addition, the company argues the improvement of the funds generated in operations, with the asset rotation plan and partnerships, as we indicated, as well as the capital increase carried out, 5,000 million destined to finance the investment plan in networks in the US and the United Kingdom.
That has allowed them close the third quarter with a lower level of debt compared to the end of last year.
Telefónica is the second value with the highest level of accumulated debt. At the end of the first nine months of the year, your net financial debt increases to a total amount of 28,233 million euros.
Specifically, rises by 1,072 million until September due mainly to shareholder remuneration, despite the divestments that have occurred, and free cash flow.
In the third quarter alone, it rises to 624 million of euros despite the free cash flow generated amounting to 139 million euros between July and September of this year by the company chaired by Marc Murtra.
The third most indebted company on the market is Cellnex, which presents Cellnex’s net financial debt at the end of September, after the presentation of results, was 18,710 million euros, having reduced its debt by 68 million during the last twelve months. The debt is mostly at a fixed rate, with 80% referenced in this way.
As for the companies that had taken on the most debt until the end of the first semester, we see that Naturgy (Gas Natural) increases it to 12,913 million euros, with an increase of 712 million euros in the accumulated, which represents an increase of 5.8%.
The company places its net debt/EBITDA for the last year at 2x4x, which reflected the impact of the repurchase of its own shares of 2,332 million. Naturgy expects to end the year with an improved net debt position in 2025 of approximately €13 billion, which translates into a 2025 net debt/EBITDA ratio of approximately 2.3x, therefore improving towards the end of the year.
Another of the companies that had increased its net financial debt the most until the first semester was Ferrovial and its increase In the first nine months of the year it reaches a level of 6,340 million euros, and rises by 279 million euros until September.
Its liquidity levels, ex-infrastructure projects, rise to 4,175 million. Furthermore, looking to the future, its debt maturities for 2026 reach 798 million euros.
Yes indeed, its Consolidated Net Debt ex-infrastructure projects has been reduced by 706 million of euros until September.
As for the three companies that enjoy net cash in the Ibex 35, we look at Inditex which, at the end of its first fiscal semester, reaches a net financial position of 10,012 million, 899 million less than a year ago, mainly due to its lower level of available cash.
IAG (Iberia) presents liquidity above these numbers, of 11,442 million euros, 622 less than at the end of the previous quarter, with 12,064 million euros.
The total liquidity figure includes 8,774 million of euros in cash and equivalents. The rest of the liquidity comes from credit lines and other instruments, totaling 2,668 million euros.