Banking boosts Catalan Ibex gains in 2024

MADRIDFor the eight listed companies of Catalan origin in the Ibex 35, 2024 was not a bad year. All of them improved the results obtained in 2023, except for Naturgy, which worsened by 4%. The only one that closed the year with red numbers was Cellnex – despite reducing them a lot – and Colonial left the losses behind. However, last year what stood out among these eight companies was not the numbers, or not only, but the expansion of the family with the arrival of the fragrance company Puig, which has been listed on the Spanish selective index since July.

Likewise, if something has also marked 2024 for some of the Catalan companies in the Ibex-35, it is the takeover bids (OPA). One of them, that of BBVA for Banc Sabadell, is still open. On the contrary, TAQA's possible takeover bid for Naturgy derailed, while the Brookfield investment fundHe retracted his statement about GrifolsHowever, some of the companies also benefited from the new investment cycle of CriteriaCaixa, the financial holding company of the La Caixa Foundation. In Puig, for example, it acquired a 5% stake coinciding with its IPO, and took control of Colonial with 17% of the share capital. In the case of Naturgy, although it has not increased its stake, it has made its weight felt in a year marked by the mess in the shareholding. On the contrary, it has left Cellnex.

Banking pushes upwards

CaixaBank is not only the Ibex 35 listed company of Catalan origin that recorded the highest profit in 2024, but it is the third company in the entire Spanish index that performed best, only behind Santander and BBVA. The financial institution with the blue star, which has started the year by revolutionizing the board of directors And putting an end to Bankia's digestion period, it recorded a profit of 5,787 million euros, 20.2% more than in 2023. Banc Sabadell did not do badly either. It recorded a record profit of 1,827 million, which has allowed it to please its shareholders in the midst of BBVA's hostile takeover bid by announcing more dividends.

Between these two listed companies is Naturgy, which is almost reaching 2,000 million in 2024 (it earned 1,901 million, 4% less). During the past year, the composition of the gas company's shareholding captured the media spotlight. Also the composition of its management team: it was established the arrival of a CEO on the table –the former Gas Natural is one of the few listed companies in which the president, Francisco Reynés, holds all the power–. The possible takeover bid by the Emirati group TAQA was proposed as a solution to the latent internal mess, but it did not prosper. Now, waiting to see what the shareholders who want to leave (CVC and GIP-Blackrock) do, Naturgy has launched a self-takeover bid for 10% of the share capital to allow entry to minority shareholders.

The other two companies that have recorded the most profits in 2024 are Puig (531 million euros, 14.1% more) and Colonial (307 million euros). As for the fragrance and fashion company, these are the first annual results as a Catalan listed company on the Ibex-35. For its part, the real estate company returned to profits after having lost 1,019 million in 2023 and opened the door to considering a new investment cycle.

Grifols, a year marked by Gotham

But the biggest rumble was experienced at Grifols. Throughout 2024, the Catalan pharmaceutical company was in the eye of the storm due to the attacks by the Gotham fund. Profits of 157 million euros (triple those of 2023) have given it a breath of fresh air. However, the ups and downs on the stock market continue, especially because the Gotham series continues. In addition, the company has started 2025 with changes at the top: Anne-Catherine Berner is the new president, replacing Thomas Glanzmann.

Cellnex is the only company that closed 2024 with losses (29 million), although it has reduced them by 90%. However, the red numbers are not an impediment to one of the most anticipated movements, at least by investors: the return of dividends in 2025. For its part, Fluidra, the multinational dedicated to the swimming pool sector, earned 138 million in 2024, 20.1% more.

The return of the headquarters to Catalonia

The start of 2025 has once again put on the table the return of the corporate headquarters of some of these listed companies that decided to leave Catalonia in 2017 due to the Process. Banco Sabadell's decision to do so in the midst of the BBVA takeover bid has put CaixaBank, Naturgy, Cellnex and Colonial in the crosshairs, which also moved their headquarters to other places in the State and, for now, have not returned.