Spanish State Industrial Holding Company (SEPI) has approved the Annual Accounts for the 2025 financial year, in which the SEPI Group reported a profit, with a positive net result of €130 million. The public holding company also achieved a record turnover of €7.384 billion. Of this total, 35% corresponds to the TRAGSA Group, 28% to the CORREOS Group, and 27% to the NAVANTIA Group. Compared with the previous financial year, this represents an increase of 16%, driven primarily by the higher level of activity of the TRAGSA and NAVANTIA Groups.
The 2025 results reflect the strong performance of the Group's majority-owned companies, particularly CORREOS, whose 2024 financial year was marked by the implementation of its Strategic Plan and the associated provision. The company returned to profitability in 2025. It is also worth highlighting the strong performance of SEPI's minority shareholdings in AIRBUS, INDRA SISTEMAS, REDEIA and ENAGÁS.
The SEPI Group returned to profit in 2025 following the extraordinary items associated with the implementation of strategic plans that affected the 2024 financial year. Previously, the Group reported positive net results of €166 million in 2021, €43 million in 2022 and €10 million in 2023.
The Group made investments totalling €529 million in 2025, representing a 63% increase compared with 2024. The most significant investments were made by the NAVANTIA Group, amounting to €306 million, including the acquisition of the assets of the Harland & Wolff group companies, as well as investments in the digital block manufacturing facility in Ferrol and the flat panel production line. The CORREOS Group also made significant investments totalling €132 million, focused on improving mobility, refurbishing properties and implementing technological upgrades across its nationwide network.
SEPI prioritised investment to strengthen the industrial capabilities of its portfolio companies in strategic sectors such as energy, defence and telecommunications, in line with the objective of reinforcing the strategic autonomy of Spain and Europe. At the same time, the Group consolidated its capacity to ensure the provision of essential public services, reaffirming its role as a State-owned instrument serving the public interest.
The SEPI Group employs nearly 87,000 professionals and has a presence throughout Spain. Compared with the average workforce in 2024, this represents an increase of 2,398 employees.
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