European Corporate Earnings

Spanish technology and defence group Indra posted a first-half net profit of 219 million euros, up 2.1% from a year earlier, driven by a surge in its defence business.

Revenue climbed nearly 30% to 3.179 billion euros in the six months through June 2026, the company said. Defence revenue more than doubled to 973 million euros, while its Minsait digital-services unit billed 1.541 billion euros. Acquisitions including TESS Defence, Aertec, Hispasat and Hisdesat added 377 million euros in extra sales. Ebitda jumped 72% to 456 million euros, and the order backlog more than doubled to 20.533 billion euros.

Net debt rose to 1.033 billion euros from 583 million at year-end 2025. Indra, in which the Spanish state holds a 28% stake via SEPI, targets full-year revenue above 7 billion euros and free cash flow exceeding 375 million euros.

Repsol posted a first-half net profit of €2.201 billion, more than tripling the €603 million earned a year earlier, as the Spanish energy group benefited from stronger refining margins and higher oil prices.

Adjusted net income reached €2.711 billion, up from €1.155 billion in the same period of 2025, while EBITDA climbed 156.5 percent to €6.135 billion. The company allocated €2.4 billion to rebuilding crude and refined-product inventories to safeguard supply. Net debt stood at €3.667 billion at the end of June, down €1.133 billion from the close of the first quarter.

The board approved a second share-buyback programme of up to €500 million, adding to a recently completed €350 million repurchase, and signalled a third round is expected in October.

Spanish lender Bankinter reported a first-half net profit of €605 million, a 12% increase over the same period in 2025, as pre-tax earnings climbed 11.4% to €853 million.

Gross margin expanded 7.3% to €1.603 billion, while net interest income rose 5% to €1.16 billion and fee income grew 15.5% to €548 million. Operating costs edged up 2.7% to €550.6 million. Total assets reached €140 billion as of June 30.

In Portugal, pre-tax profit increased 9% to roughly €114 million, with revenue rising 10% to €196 million. The Portuguese loan book grew 8% to €11.5 billion. Group-wide, however, mortgage production fell 16% to €2.9 billion, even as domestic business volume in Spain gained 7%.

UniCredit reported its best first half on record, with net profit reaching €6.3 billion, up 3% year-on-year, the bank announced on Wednesday. Second-quarter profit of €2.9 billion beat analyst estimates of €2.83 billion.

CEO Andrea Orcel described the results as exceptional. The Milan-based lender raised its full-year 2026 net profit guidance to well above €11 billion, or approximately €11.5 billion excluding integration costs, and set longer-term targets of over €13 billion by 2028 and over €15 billion by 2030, both before the full consolidation of Commerzbank.

UniCredit expects regulatory approvals for its Commerzbank takeover bid possibly in the fourth quarter. Following its voluntary offer, UniCredit holds roughly 44.37% of Commerzbank shares and can access call options on a further 3.22%, potentially lifting its stake to 47.59%.

Banco Santander reported a record first-half profit of 8.97 billion euros in 2026, up 31% from a year earlier, boosted by a 1.895 billion euro capital gain from the sale of its Polish banking subsidiary in January.

Stripping out the one-off gain and 250 million euros in restructuring costs tied to the acquisition of Britain's TSB, completed on April 30, underlying profit reached 7.33 billion euros, a 15% increase on 2025. The Spanish lender posted second-quarter net income of 3.52 billion euros, while first-half revenue grew 6% to 30.85 billion.

The group added 12 million customers over the past year, bringing its global total to 182 million.