Following the economic downturn that shook all 19 countries using the Euro, Spain’s economy has returned to its normal size after almost ten years. The country’s incredible unemployment rates, which reached 26% at their worst, remained as a clear indicator of the harm caused by the bursting of its real estate investment bubble amidst the global financial crisis. But now the Spanish economy has come back to life. The GDP per capita has grown from EUR 22,014 in 2013 to EUR 25,115 in 2017, and economic growth left negative figures, with an annual valuation of 3.1%. The Banking, Telecoms, Energy and Construction industries are showing the most impressive results in terms of growth.
With such a wide range of business areas flourishing throughout Spain, there is impressive business potential available. Whatever area you're focusing on, you may be interested to learn which organisations are showing the biggest annual revenue currently. This motivated us, the Global Database team, to create a list of the TOP-35 Spanish companies by revenue for your business use, based on our Spain B2B company intelligence platform data. It demonstrates exactly how diverse the Spanish business world is, and the huge amounts of money held by the top performers. Get acquainted with them below.
The Global Database Spain B2B intelligence is updated on a daily basis, providing hundreds of new qualified leads each month. You’ll get email notifications on updates of any kind of data you might be interested in, thus having continuous access to the most precise information available on the market. Regardless of whether you're trying to conquer new markets or just searching for quality leads to fill your sales pipeline, Global Database is the best choice for your Spain sales and marketing efforts.
1. Banco Santander
The leading banking group has come a long way since its founding in Santander back in 1857, and takes the top spot as the biggest earner in the list. With almost 190,000 employees and 125 million customers, the company now serves over ten countries, providing products in retail baking, wholesale banking, and insurance. Headquartered in Madrid, Santander enjoyed revenue of €56,041 million during 2017.
With headquarters in Madrid, Telefónica is the largest telecommunications company in Spain, and undoubtedly one of the most prominent mobile network operators globally. Also trading as O2, Movistar and Vivo, Telefónica provides mobile network services, TV subscriptions and fixed telephone products. Despite rumours that the company is planning to sell its data-centre business to pay debts, its most recent sales performance has beat predictions. Current global sales figures reached $59.7 billion, with revenue of €52,007 million.
Repsol is a true market leader in the energy sector, operating worldwide with products marketed in more than 90 countries. It currently works across all aspects of the oil and gas sector, including exploration, production, and distribution. In May 2018 Bloomberg reported that the company was planning to stifle the growth of its oil and gas operations in order to focus on the global drive for cleaner energy. The company acquired the Canadian oil business Talisman Energy in 2015 for around $13 billion. Revenues for 2017 were €41,668 million.
Founded in 1997, ACS now has a global presence, carrying out construction projects all over the world. As well as construction and infrastructure, the company, headquartered in Madrid, also provides industrial services. It was announced in October 2018 that the company had teamed up with Italian company Atlantia to acquire toll road operator Abertis, in a deal worth around €16.5 billion. ACS had revenues of €34,898 million 2017.
The energy company takes the fourth spot in the list thanks to its revenues of €31,263 million in 2017. Based in Bilbao, the multinational company currently serves more than 32 million customers, including the operations through its subsidiaries such as Scottish Power and Avangrid. Spain's largest energy company enjoyed global profits of €2.804 billion in 2017, with net investments of €5.891 billion.
Banco Bilbao Vizcaya Argentaria or BBVA, is the second largest bank in Spain. In 2017 it enjoyed record revenues, reaching €29,296 million. Global net income for the same year was €3.52 billion, after operating costs saw a 2.3% decrease. The company has also seen a sharp increase in the number of mobile customers it serves, with a 30% rise in Spain between 2016 and 2017, to reach 14.5 million globally.
Headquartered in Arteixo, Inditex is the world's largest clothing retailer. It owns leading brands such as Zara, Bershka, Pull&Bear, and Oysho. Despite a 41% in online sales in 2017, the retailer is taking steps to ward off online competitors such as ASOS and Boohoo.com. In late 2018 it announced it will sell products from all of its brands online worldwide by 2020, with first steps being Zara selling to 106 new markets in the company's new online platform. Revenues for Inditex reached €25,336 million in 2017.
The company, formerly known as Gas Natural, rebranded in Summer 2018 as part of its plan to focus more on cleaner energy, alongside increased innovation and digitalisation. The energy giant began its investment in solar power in mid-2017. Founded in 1991, the company had headquarters in Barcelona and operates mostly throughout Spain. In 2017 it saw impressive revenues of €23,306 million.
International Consolidated Airlines Group, also known as IAG, is one of the world's largest airline companies, with global revenues of €21,329 million in 2017. Originally founded thanks to a merger between Iberia and British Airways in 2011, today the airline company owns both of these market leading airlines, as well as Aer Lingus and low cost carrier Vueling.
Hitting the tenth spot in the list of top performers is energy company Endesa, with revenues of €19,556 million. As the largest electricity supplier in Spain, it serves 10 million customers in the country alone, with millions more worldwide. Endesa is a subsidiary of Italian company Enel, and deals predominantly in the production and supply of electricity, as well as significant operations in the natural gas industry.
The insurance company is based in Madrid and serves around 30 million customers. As the largest insurance provider in Spain and the third in Latin America, the company saw revenue of €19,309 million during 2017, with total assets amounting to €67,570 million. There are currently around 36,000 people employed by the company, working across its 5,400 offices.
Ferrovial has operations across more than 15 countries, mainly dealing with the design, construction and maintenance of transport infrastructure - it currently manages Heathrow airport, as well as owning 25% of it. The company's UK subsidiary saw a loss of £31 million in 2017, thanks to increasing costs in its Scottish M8 project. Despite this, it had overall revenue of €12,208 million in the same year.
Distribuidora Internacional de Alimentación, better known as DIA, is a discount supermarket chain headquartered in Las Rozas. The company managed to keep a solid customer base during the economic crisis, thanks to its comparatively low priced goods, however, it has struggled in recent times as the Spanish economy continues to recover. As a result, it has lost over 60% of its market value since 2015. The company is set to set a new strategy at the end of 2018 with hopes of gaining ground once more. It posted revenue of €8,620 million for 2017.
Acciona works across the energy and infrastructure construction sectors, with a particular focus on renewable energy in recent times. With 30,000 employees working across 30 countries, the company saw revenue of €7,254 million 2017. In early 2018 the company announced the sale of five of its Spanish solar thermal plants to ContourGlobal, in a deal worth around €1.10 billion, allowing Acciona to decrease its debt by €760 million.
Headquartered in Valencia, CaixaBank is Spain's third-largest provider of loans. The banking leader serves almost 16 million customers across its 5,400 branches. In 2018 the company sold 80% of its real estate assets to Lone Star, as well as its stake in oil giant Repsol. In 2017 CaixaBank generated revenue of €6,970.
16. Siemens Gamesa
Siemens Gamesa is headquartered in Bilbao and is centred around the construction of wind turbines and farms. The company was formed in 2016 after a merger between Siemens Wind Power and Gamesa Corporación Tecnológica, resulting in cost savings of €230 million during the first year alone. As the market leader in Spain, the company enjoyed revenue of €6,538 in 2017.
Abertis is one of the leading toll road management companies in the world, with revenue of €5,136 million for 2017. The company, which is headquartered in Madrid, operates globally, entering Asia for the first time in 2016 through the purchase of two tolls in India. In 2018 the company was acquired in a joint bid by Atlantia and ACS, following a long-running bidding war between the two.
18. Técnicas Reunidas
Técnicas Reunidas is a leader in the Spanish construction field, predominantly building oil and gas power plants. Despite the CEO stating 2017 had been an 'especially difficult' year, operating profit reduced by 37%, and sales increased during the first nine months, with total revenue for the year reaching €5,068 million. In 2018 the company was awarded a UAE-based gas production project worth up to $1 billion.
Amadeus provides IT solutions for the travel and tourism sector globally. Revenue for 2017 was €4,852 million, and the company has already enjoyed an increase in revenue of 4.6% during the first nine months of 2018, compared to 2017. In mid-2018 Amadeus acquired US company TravelClick for around $1.52 billion, further expanding its global reach.
20. Banco Sabadell
Banco Sabadell is one of the leading banks in Spain, and also one of the oldest, having been founded in 1881. It serves around 11.5 million customers, with 80% of its revenue being created by its commercial banking services. The company saw revenue of €4,840 million in 2017. 2018 has been somewhat trying for the bank, with its UK subsidiary TSB being hit with two charges totalling over €290 million after problems with its new system left millions of customers unable to access their bank accounts through online and mobile banking.
Founded in 1970, Acerinox predominantly deals in the manufacture and marketing of stainless steel. The conglomerate group has its headquarters in Madrid, and saw revenues of €4,627 million in 2017. The group carries out the construction of steel for projects worldwide through its subsidiaries, including the provision of the steel spires used in the renovation of Barcelona's Sagrada Familia.
Grifols was founded in 1940 in Barcelona, and has since become a leader in the pharma industry, as well as being the world's second largest manufacturer of plasma. The company also deals in the provision of products for clinical laboratories used in testing.
Grifols currently has around 20,000 employees working across 30 countries. 2017 revenue was €4,318 million.
Aena is the largest airport management company in the world. It manages 46 airports across Spain, including Barcelona-El Prat, Adolfo Suárez Madrid-Barajas and Málaga-Costa del Sol, as well as two heliports. The company serves over 208 million people every year, as well as passengers travelling through the additional 15 airports managed internationally through its subsidiary Aena S.A. 2017 revenue for the company reached €3,961 million.
24. Amadeus IT Holding
Amadeus IT Holding is the parent company to Amadeus IT Group, owning 99.7% of the business. Headquartered in Madrid, the company provides IT services for companies in the tourism sector, including airlines, online travel businesses, hotels, and rail companies. Employing over 16,000 staff globally, Amadeus IT Holding generated revenue of €3,418 million in 2017.
Indra Sistemas, better known as Indra, is a technology company headquartered in Madrid. Founded in 1993, the company is predominantly focused around IT, equipment for automatic testing and simulation, and defence online systems and equipment. Indra acquired US company Advanced Control Systems (ACS) in 2018. The company generated revenue of €3,012 million in 2017, landing it the 25th spot.
After being established in 2010 following the merger of seven Spanish banks, Bankia saw difficult times in 2012 thanks to the economic crisis. The bank was saved from collapse by the Spanish government, and as a result is partially nationalised. Today the bank is one of the biggest in Spain. In 2017 it had assets of €179.1 billion in total, and generated revenue of €2,309 million the same year.
27. Red Eléctrica
Red Eléctrica de España is one of the leading energy companies in Spain. As the only electricity transmission business in the country, it has a complete monopoly over the sector, providing it with revenue of €1,941 million in 2017. The company is partly state-owned, and alongside its operations in Spain also works in Peru, Bolivia and Portugal. Despite the market available to it, Red Eléctrica has seen a decrease in growth rate in 2018, with a 5.4% increase compared to the 7.1% previously.
Melia was founded in 1956, and has grown to one of the largest hotel chains in the world. With over 350 hotels in 40 countries, the company is the leader in the resort and urban hotel sector in Spain. The company operates under the brands Meliá, ME by Meliá, Gran Meliá and more. 2017 revenues were €1,885 million, with the 2018 figure already set to see be 7.2% higher. In late 2018 the company announced it will open a new London hotel, in the affluent area of Kensington.
Energy company Enagás predominantly deals in the operation the Spain's national gas grid, which it also owns. Alongside these activities, it also has ownership of several natural gas plants located across the country, and also owns Gascan and part-owns BBG. Headquartered in Madrid, the company also operates in Sweden and South and Central America. Revenue for 2017 was €1,360 million.
The Madrid-based bank has over 510 offices and 5000 employees. With 2017 revenues reaching €1,289, it sits at number 30 on our top-performers list. The first six months of 2018 have also been positive, with net profit sitting at €261 million, and a loan book of €54.7 billion. Bankinter expanded its reach following the purchase of Barclay's Portugal business in 2016, and its acquisition of Irish lender Avantcard in 2018.
Mediaset Espana is the largest television network in the country, and also has operations in media production. Its 2017 revenue hit €986 million. Previously known as Gestevisión Telecinco, the company is part-owned by Italian media company Mediaset S.p.A, founded by Silvio Berlusconi. In late 2017 the company announced it was partnering with Amazon Prime to deliver Spanish language content for the platform, and in spring 2018 it was revealed that the company was teaming up with Warner Bros and Netflix for a new Spanish drama series.
Founded in 1975, the company deals in the manufacturing of meat product casings. The Viscofan operates in 100 countries worldwide, and enjoyed revenue of €778 million in 2017. The company has made several significant acquisitions in recent years in order to improve innovation and expanded its reach. These include the purchase of Nanopack Technology & Packaging in 2015 and Vector Europe and USA in 2016.
Cellnex comes up next on the list, thanks to its 2017 revenues of €758 million. As one of the largest providers of infrastructure for wireless telecoms networks in Europe, the company currently operates more than 28,000 sites. The company not only has operations throughout Spain, but further afield, including activities in Italy, the UK, France and the Netherlands, predominantly through its acquisitions of other businesses.
Merlin Properties was founded only in 2014, but has since become one of the biggest players in the Spanish real estate industry. The company purchases and manages high-end commercial properties, including offices, hotels and retail spaces. As well as investing in Spanish property, the company also operates in Portugal, where it acquired the Almada shopping centre in 2018 for a total of €406.7 million. 2017 saw Merlin reach revenue of €463 million.
35. Inmobiliaria Colonial
The company taking the final spot in our Spanish top performers list is Inmobiliaria Colonial, having seen total revenue of €283 million in 2017. The real estate company develops and acquires commercial property across Europe, with 91% of its operations centred around the office space market. Inmobiliaria Colonial predominantly works in the main business districts, including those of Madrid, Barcelona and Paris. The company currently has assets worth over €11 billion.