Business · Markets · 5 hrs ago
Spanish companies with US exposure gain during Trump presidency
Six major Spanish companies have significant US exposure, with at least 20% of their revenue linked to the country.
Since Donald Trump took office on January 20 last year, Banco Santander shares have risen 113.19%, ACS shares 91.49% and Iberdrola shares 66.02%.
The gains came despite market swings linked to Trump’s policies, including trade tensions and uncertainty over energy rules.
A stronger dollar, which gained about 10% against the euro over the period, also helped companies earning revenue in the United States.
Santander’s US business accounts for 20% to 25% of group revenue, while North America brings ACS about 60% of its revenue.
US construction and infrastructure demand has supported ACS, while Iberdrola’s US renewable energy projects face uncertainty over regulation.
The companies’ performance drew attention as US voters went to the polls to renew the House of Representatives and a third of the Senate.
Six Ibex 35 companies with at least 20% of group revenue linked to the United States have gained during Donald Trump’s presidency, according to Expansión.
Since Trump took office on January 20 last year, Santander shares have risen 113.19%, ACS 91.49% and Iberdrola 66.02%.
Acerinox shares have gained 60.12% despite volatility linked to the trade war and tariffs on steel.
The article says a dollar rise of nearly 10% against the euro has benefited companies earning significant revenue in the United States.
- Who
- Six Ibex 35 companies with substantial US exposure, including Santander, ACS, Iberdrola and Acerinox.
- What
- Their shares have risen during Donald Trump’s presidency.
- When
- Since Trump took office on January 20 last year. The article was published on November 3, 2026.
- Where
- The companies are Spanish, and their exposure is to the United States.
- Why
- The article points to a stronger dollar and company-specific factors, including US business activity, results and investment.
This story does not have two clearly opposing sides.
Donald Trump took office as president of the United States.
Trump declared a trade war, an event the article calls Liberation Day.
US voters went to the polls to renew the House of Representatives and one-third of the Senate.
Expansión reported share gains among Spanish companies with substantial US exposure.
- Companies covered
- Six Ibex 35 listed companies with at least 20% of revenue linked to the United States
- Santander share gain
- 113.19%
- ACS share gain
- 91.49%
- Iberdrola share gain
- 66.02%
- Acerinox share gain
- 60.12%
- Dollar change
- Up nearly 10% against the euro over the period