Ursula von der Layen and Pedro Sanchez
Spain’s primary issue with the EU’s Next Gen funds is its low actual execution rate. The latest figures compiled by the General Comptroller of the State Administration (IGAE), closed as of November 2025, report that payments effectively made stand at less than €4.8 billion this year—representing only 27% of the total amount budgeted for the fiscal year.
However, the bulk of direct EU transfers has already been disbursed, making it possible to provide a reliable assessment of which sectors have benefited the most. In the Spanish case, there is no doubt: public administrations take the top spots.
As explained by the newspaper El Economista, the official list of the 100 largest beneficiaries (with amounts exceeding €60 million) prepared by the Office of the President shows that 90 are agencies or companies directly linked to the three levels of government (central, regional, and municipal). Entities related to the central State are the most numerous.
The entire Top 10 is dominated by public bodies, with one clear standout: Adif, the state-owned railway infrastructure manager. It accounts for nearly €3 billion, plus a nearly identical amount awarded to Adif’s specific High-Speed division (Adif Alta Velocidad). The Empresa de Transformación Agraria S.A. (Tragsa), part of the state holding company SEPI, also holds a prominent share of the distribution with nearly €1 billion, though it is surpassed by the Generalitat de Cataluña.
Beyond the top ten, the first private company appears in the ranking: Telefónica, which holds 12th place (with €414 million), followed by Telefónica Móviles España with €401 million. However, significantly above the telco are fully public bodies such as Tragsatec and Ineco, as well as three ministries (Transport; Digital Transformation and Civil Service; and Defense).