Salvador Caetano’s Spanish arm, Caetano Automotive España, more than doubled its annual profit in 2025, reaching €4.6 million. The 130% increase from €2 million the previous year followed a sweeping internal restructuring and the consolidation of its dealership network, information from annual accounts filed with the Spanish Mercantile Registry and reported by elespanol motor.
As part of the reorganization, Caetano Automotive España absorbed several subsidiaries. These included Caetano Automotive España Distribución D, which covered Dongfeng and Voyah, as well as M-Hero. It also took in Distribución F, for Farizon, and Distribución H, for Hyundai, along with Caetano Motors Cádiz. The biggest move was its €12.3 million acquisition of the remaining 50% stake in Caetano Barcelona Premium from Penske Automotive Group. Caetano became the sole owner of the dealership, which handles BMW and Mini, along with BMW Motorrad. The consolidation has helped the company simplify operations and focus on growth segments.
Operating profit rose 15.2% year on year to €8.4 million, while financial expenses increased 7.8% to €1.9 million, largely because of higher intra-group debt. The company’s workforce edged down to 85 employees, three fewer than the previous year. Personnel costs remained steady at €4.8 million, reflecting stable wage policies amid organizational change.
Revenue held at €20.8 million. Spain accounted for 70.8% of turnover, which rose 7% to €14.7 million. Sales to other EU countries, by contrast, fell 4.1% to €93,302. The business mix also shifted: new-vehicle sales reached 67% of total sales, an increase of 11 percentage points, while used-car sales declined to 17%. Parts sales fell to 2%. Workshop services, meanwhile, tripled their share to 12% of revenue, pointing to a greater focus on aftersales support.
Ordinary business turnover grew 7% to €14.8 million, while income from credit activities surged 60.4% to €657,803. An 18.1% decline in dividend income, to €5.3 million, offset those gains and held back overall revenue growth.
The restructuring comes amid competition in Spain’s automotive market, where major brands have also faced profit pressures. Toyota España recently reported record sales but lower profits because of higher taxes, as detailed in an analysis of Toyota’s financial results.
The group’s expansion in Spain extends beyond Caetano Automotive España. Its ultimate parent is Portugal’s Grupo Salvador Caetano SGPS. Merca2.es separately reported that Caetano Tec, a related company involved in BYD distribution in Spain, had built up large vehicle stocks. Its inventory rose from about €1 million in 2023 to €8.8 million in 2024, then nearly €20 million in 2025. Caetano Tec had 36 employees in 2025, including 29 sales staff, and received a €1.5 million contribution from its sole shareholder, Caetano Automotive España, at year-end. The reported inventory growth points to the working-capital demands that can come with rapid expansion in vehicle distribution.
Merca2.es also reported that Caetano Tec’s net margin was about 1.5% in 2025 and that its working capital had turned negative. Those figures relate to the subsidiary and show the financing pressures involved in carrying a growing vehicle inventory. They are separate from Caetano Automotive España’s reported consolidated restructuring results.
Salvador Caetano’s results suggest that targeted acquisitions and an emphasis on new-car sales can support strong earnings in a challenging environment. The group is consolidating its Spanish operations and investing in premium dealership assets as it pursues growth. Spain’s automotive sector is adapting to changing consumer demand and regulations, the same conditions facing importers and dealer groups navigating the market.
