SPAIN OUTPERFORMS THE EUROZONE
SPAIN'S LEADING TMCs 2026
Spain remains the fifth largest corporate travel market in Europe, according to the Global Business Travel Association.
22 June 2026
Figures from travel company Ávoris suggested that business travel spending would rise by 3.8 per cent year on year to reach €10.1 billion. The research found that most of the business travel (57 per cent) is driven by mid-sized companies. A further €4.1 billion is spent on meetings and events.
The research also revealed that 58 per cent of companies use traditional TMCs, 50 per cent book direct with suppliers while 29 per cent use online travel agencies
Spain’s flourishing economy is driving business travel. The Spanish economy grew faster than the Eurozone average, with GDO growth of 2.8 per cent, slightly down on 2024’s growth figure of 3.5 per cent. The economy was driven by strong domestic demand, fuelled by a dynamic labour market, consistent migration flows and declining interest rates.
Geopolitical events in 2025, including Donald Trump’s second term in the White House, increased uncertainty in the Spanish market, says Marcel Forns, general manager of GEBTA and a member of the Leading TMCs advisory board.
“Tariffs had immediate effects on the activity of large corporations which reduced travel during the first half of the year,” he said. “This situation changed in the second semester as visibility increased; large corporations went back to travel and contributed to a healthy increase in the volume of business trips.”
Travel agency groups had a great year. Nautalia generated a record profit of €11.3 million, up 113 per cent on the previous year. The company’s travel agency network reached a turnover of €248.9 million in 2025, compared to €202.9 million in 2024
SPAIN'S LEADING TMCS 2026 (1 -17)
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M&A activity has been subdued in the Spanish TMC sector.
“Although there have been some minor M&A operations on the Spanish market, the most interesting moves are related to international purchases or alliances targeting emerging markets such as Morocco or Mexico by medium Spanish TMCs such as IAG7 or VB,” said Forns.
There were some black clouds for some TMCs.
At the end of 2025, the Spanish National Markets and Competition Commission (CNMC) fined four travel agencies a total of €2.91 million for manipulating contracts tendered by the Bank of Spain and the Complutense University of Madrid. The fines are not as bad as they could have been — the fines could have been up to 10 per cent of their turnover.
The CNMC said Nautalia, Viajes El Corte Inglés and Ávoris Retail manipulated a contract of the Bank of Spain and another of the Complutense University, while IAG7 did so only in the first case. As well as the fines, the TMCs were banned from participating in public tenders for three months (IAG7) and six months (Nautalia, VECI and Ávoris Retail).
Major suppliers in the Spanish market performed well in 2025.
Iberia remained one of the most profitable carriers in Europe, with an operating margin of 16.2 per cent. It carried fewer passengers — 24.8 million in 2025 compared to 25.9 million in 2024 but focused on increasing services to South America.
Spain’s biggest hotel group Meliá Hotels International increased profit by 23.6 per cent (to €200.2 million). Corporate business was a strong performer for the group, with the segment up by 9 per cent year on year.
GEBTA’s Forns said, “Companies in Spain struggle with constant cost increase and tend to reformulate and adapt their travel policies. In fact, travel spend continued to increase in 2025 as well as the number of trips, while rentals or room nights experienced reductions in order to generate some savings.”
Looking ahead, Spain looks set to continue to outperform the rest of the Eurozone, with growth forecasts of between 2.1 per cent and 2.4 per cent. Domestic demand will continue to grow supported by a strong labour market. Inflation is looking a little worrisome but energy prices may now moderate if a peace deal in Iran can hold.