Joined Cases C-776/23 P to C-780/23 P: Judgment of the Court (Eighth Chamber) of 26 June 2025 – Commission v Spain and Others (Indirect shareholdings) (Appeal – State aid – Article 108(3) TFEU – Tax scheme – Corporate tax provisions enabling companies that are tax resident in Spain to amortise the financial goodwill resulting from the acquisition of shareholdings in companies that are tax resident outside that Member State – Decisions of the European Commission classifying those provisions as a State aid scheme and ordering the recovery of the aid, with the exception of aid relating to direct and indirect shareholdings acquired before a certain date set by the Commission in order to protect legitimate expectations – Subsequent Commission decision ordering the recovery of all aid relating to indirect shareholdings – Legal certainty)
Date: 2025-06-26
Institutions: Court of Justice
Subjects: State aid, acquisition of property, amortisation, control of State aid, corporation tax, goodwill, principle of legal certainty, reimbursement of aid, shareholding, tax relief








C_202504432EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/4432


18.8.2025






Judgment of the Court (Eighth Chamber) of 26 June 2025 – Commission v Spain and Others (Indirect shareholdings)


(Joined Cases C-776/23 P to C-780/23 P)
                (1)

(Appeal - State aid - Article 108(3) TFEU - Tax scheme - Corporate tax provisions enabling companies that are tax resident in Spain to amortise the financial goodwill resulting from the acquisition of shareholdings in companies that are tax resident outside that Member State - Decisions of the European Commission classifying those provisions as a State aid scheme and ordering the recovery of the aid, with the exception of aid relating to direct and indirect shareholdings acquired before a certain date set by the Commission in order to protect legitimate expectations - Subsequent Commission decision ordering the recovery of all aid relating to indirect shareholdings - Legal certainty)
(C/2025/4432)
Language of the case: Spanish

Parties


Appellant: European Commission (represented by: P. Němečková, B. Stromsky and C. Urraca Caviedes, acting as Agents)

Other parties to the proceedings: C-776/23 P: Kingdom of Spain (represented by: initially by A. Gavela Llopis and I. Herranz Elizalde, and subsequently by A. Gavela Llopis, acting as Agents), C-777/23 P: Banco Santander SA, Santusa Holding SL (represented by: E. Abad Valdenebro, R. Calvo Salinero, A. Lamadrid de Pablo and V. Romero Algarra, abogados), Abertis Infraestructuras SA (represented by: E. Abad Valdenebro, R. Calvo Salinero, M. Cenzual Aldaz, A. Lamadrid de Pablo and V. Romero Algarra, abogados), Axa Mediterranean Holding SA (represented by: E. Abad Valdenebro, R. Calvo Salinero, A. Lamadrid de Pablo, I. Otaegi Amundarain and V. Romero Algarra, abogados), C-778/23 P: Sociedad General de Aguas de Barcelona SA (represented by: J. Huelin Martínez de Velasco, abogado), C-779/23 P: Telefónica SA (represented by: J. Domínguez Pérez and J. Ruiz Calzado, abogados), Iberdrola SA (represented by: S. Centeno Huerta, J. Domínguez Pérez and J. Ruiz Calzado, abogados), C-780/23 P: Ferrovial SE, formerly Ferrovial SA, Serveo Servicios SA, formerly Ferrovial Servicios SA, Amey UK Ltd, formerly Amey UK plc (represented by: E. Abad Valdenebro, R. Calvo Salinero, A. Lamadrid de Pablo and V. Romero Algarra, abogados), Arcelormittal Spain Holding SL (represented by: M. Muñoz Pérez and A. Santander Ruiz, abogados)

Operative part of the judgment

The Court:






1.


Dismisses the appeals in Cases C-776/23 P to C-780/23 P;










2.


Orders the European Commission to bear its own costs and to pay the costs incurred by the Kingdom of Spain, Banco Santander SA, Santusa Holding SL, Abertis Infraestructuras SA, Axa Mediterranean Holding SA, Sociedad General de Aguas de Barcelona SA, Telefónica SA, Iberdrola SA, Ferrovial SE, Serveo Servicios SA, Amey UK Ltd and Arcelormittal Spain Holding SL in relation to the appeals.






(1)  OJ C, C/2024/1540, C/2024/1541, C/2024/1542, C/2024/1543, C/2024/1544.


ELI: http://data.europa.eu/eli/C/2025/4432/oj
ISSN 1977-091X (electronic edition)