Skip to main contentSkip to navigationSkip to search
11 January 2024

Spanish companies perform above the European average but need to improve IR communication

The 2023 Webranking of Spain's top companies shows strength in communicating R&D, innovation, and global presence. The financial reporting information is solid, with many companies offering online summaries. Investment case presentation needs improvement, since only 14% present this information.

Freja NilssonProject manager, Webranking

In the latest Webranking, the 21 largest Spanish companies (based on market cap) achieved an average score of 49.5 out of 100. This performance is notably higher than the European average, which stands at 47 points. This comparison indicates that Spanish companies are performing better than the average in Europe in the criteria used for this ranking.

When summarising the Spanish results, we notice the following:

  • R&D and Global Presence: Spanish companies excel in presenting their R&D and innovation strategies in the "About Us" section, surpassing the European average.
  • Geographical Presence and Sales Data: Spanish companies effectively present regional product/service offerings and sales data.
  • Online Report Summaries: Nearly half of Spanish companies provide online annual report summaries, aiding stakeholders' understanding of financial health.
  • Investor Relations: Spanish companies fail to present clear investment cases in their IR sections.

Detailed information about R&D and global presence

Spanish companies excel in conveying information in their "About Us" sections, particularly in describing their research and development (R&D) and innovation activities. They outperform the European average by 22 percentage points in this area. A significant 81% of these companies effectively communicate their R&D and innovation strategies. Additionally, 71% provide specific examples of their ongoing projects, demonstrating their commitment and progress in these fields. This detailed presentation highlights their strengths and contributions in innovation and research.

Ferrovial present a dedicated innovation section on their website, including their strategy and projects. They also present their own innovation platform Foresight, designed to explore and build the future of transport infrastructure and the mobility sector. Ferrovial collaborates with experts, clients, startups, investors, and other future-focused entities by hosting an ecosystem where trends, knowledge, and new technologies are exchanged. This initiative positions Ferrovial as an innovative company by showcasing their proactive engagement in forward-thinking projects and their commitment to shaping the future of their industry.

Spanish companies are also good at presenting their global presence, clearly indicating the products or services available in each region. They also effectively share data on sales or performance results by geographical area. With 24% of Spanish companies providing detailed sales or performance data per region, they surpass the European average by 11 percentage points. This shows transparency and gives stakeholders a detailed understanding of the company's market influence and success in different areas.

Santander's website features dedicated pages for each region, offering a comprehensive overview. These pages include key financial figures and other essential facts. They also outline the strategic priorities specific to each region, providing a clear understanding of their regional focus and goals. Additionally, the website identifies the regional heads, offering links to their biographies for further insight. This structure ensures users can easily access financial data, strategic insights, and leadership information for each geographic area.

Informative and user-friendly online summaries of financial reports

The companies also perform well in presenting information related to financial reporting, where the companies, on average, have fulfilled 58% of the criteria.

Notably, nearly half of the ranked companies (48%) provide an online summary of their Annual Report. This is 9 percentage points higher than the European average. The benefit of presenting an online summary of the Annual Report lies in its accessibility and convenience, allowing stakeholders to quickly grasp key financial highlights and insights, which can enhance transparency and understanding of the company's financial health and performance.

Acciona present an informative and user-friendly online summary of the Annual Report 2022. The summary showcases their significant achievements, including financial growth and environmental impact, underscoring their role in driving sustainable progress. It also emphasises their business model's focus on resilience, regeneration, and responsibility. The business model is also complemented by an interactive illustration.

Another strong area for Spanish companies is presenting financial key figures. Presenting financial key figures on a corporate website is important to provide stakeholders with a comprehensive view of a company's financial health and performance. 48% of the ranked companies present at least five key figures with a history of at least five years. This compares to the European average of 32% of companies presenting this information.

Aena present an informative interactive financial data tool, presenting the data both annually and quarterly.

Investment cases are missing from the IR sections

Spanish companies have significant room for improvement in providing comprehensive Investor Relations information, meeting only 25% of the criteria on average, which is four percentage points lower than the European average. A notable gap is in presenting a clear investment case or equity story, with only 14% of Spanish companies doing so, compared to 29% of European companies. This shortfall is concerning as a well-defined investment case is essential for attracting potential investors by giving them a clear understanding of why they should invest in the company.

Telefónica present a well-structured investment case. The page details strategic goals, including revenue growth, operational efficiency, and a commitment to sustainable practices. It emphasises Telefonica's focus on digital and network advancements, aiming to enhance customer services and open new markets. Access to key financial documents is also given for further details.

Top performers

The Spanish top three are the same as last year, with Repsol, Iberdrola and CaixaBank taking the lead.

Repsol maintain their position as the Spanish top performer, slightly improving their score. Repsol present impressive Careers and Sustainability information.

Iberdrola keep the second place on the Spanish list, improving their score by 14.5 percentage points and thus coming closer to Repsol. They perform especially well in Sustainability and About us.

CaixaBank keep the third place for the second year in a row. CaixaBank present extensive information related to the performance of their shares as well as detailed About us information.

Redeia the best climber

In addition to being the best European climber, Redeia is also the Spanish best climber. Redeia has improved their score with 21.2 points since last year. Well done!

Top 10 - Spain

4FerrovialConstruction and Materials58.4
6ArcelorMittalBasic Resources57
9AirbusIndustrial Goods and Services53.7


  • Freja Nilsson, Project manager Webranking