costs stay elevated. On energy, Bloomberg reports Spain is discussing higher Algerian natural gas purchases with Naturgy, a reminder that supply risk quickly becomes a business issue. Elsewhere, Puig named new CEO and CFO leaders, and Meliá hired EY to seek partners for a hotel investment vehicle aiming to add €400 million to €1 billion of assets, per Expansión.
Why should I care?
For markets: Defending margins is the new common theme.
Consumer brands and utilities look worlds apart, but both are reacting to uncertain demand and volatile inputs. Inditex’s tie-up is a play for attention and pricing power, while Iberdrola’s scrip issuances and possible share reduction show returns can come through several levers, not just cash dividends. Meliá’s partnering push adds another clue: Spanish firms are leaning on brands, infrastructure-like earnings, and real assets that can be financed creatively.
The bigger picture: Energy security is still a boardroom priority.
Europe’s energy shock has cooled, but companies still plan for disruption. Reported talks to boost Algerian gas purchases underline the push for diversification and longer-term supply to reduce surprises. Capital is also backing substitutes that fit existing systems – like Mapfre and Abante’s reported biogas and biomethane fund of up to €100 million (El Economista), which could expand supply through today’s gas networks over time.