Hiring cheap labour isn't free: José Elías's holding company plunges 82% to €8 million

**Excelsior Times**, the holding company owned by **José Elías**, saw its net profit fall by **82%** in 2025, to **€8 million**. Revenue also took a hit, dropping by **€100 million** to **€2,063 million**, mainly due to the energy business and stakes in other companies.

## The energy sector's blow

The core business of **Excelsior Times**, which includes companies such as **Audax** and **La Sirena**, has suffered a considerable setback. The holding company's net result plummeted by **82%** in 2025, standing at just **€8 million**. This contrasts sharply with the previous year, when the figure stood at **€44 million**. The group's total revenue has also fallen, losing **€100 million** and settling at **€2,063 million**.

Most of this drop in revenue, **€100 million**, comes from the energy segment. Although **Audax** managed to increase its supply by **2.6%** to **15.9 TWh** and its customer base by **5%** to **462,000**, the macroeconomic environment has proved adverse. The company has pointed to the persistence of geopolitical conflicts and extraordinary events, such as a blackout in the Iberian market, as causes of this weakness.

## The weight of the equity stakes

But the problem is not limited to the energy business. A significant part of the losses comes from companies in which **Excelsior Times** holds minority stakes that, due to its influence, must be consolidated into its accounts. The most striking case is **Atrys Health**, in which the holding owns **24%**. This healthcare company recorded losses of **€100.2 million** in 2025, more than triple the previous year, despite increasing its revenue to **€141 million**. The divestment of **ASPY** has been a key factor in this accounting result.

Other investments have also weighed on the accounts. The **30%** stake in **Parque Eólico Toabré** in Panama resulted in a loss of **€2.6 million**. **Grupo Ezentis** also contributed negatively, with **€3.2 million** lost during the year. Despite these setbacks, the group's operating result has shown a slight improvement, rising from **€80 million** to **€84 million** in 2024, and reaching **€86.3 million** in 2025.

## La Sirena holds steady, but with caution

On the more positive side, **La Sirena**, the frozen food chain, has managed to keep its revenue at **€179 million** in 2025. The company has implemented plans to improve its profitability, which has allowed it to reduce its pre-tax losses from **€3.89 million** to **€3.47 million**, an improvement of **10.7%**. Since **Excelsior Times** acquired it, **La Sirena** has only been in the black once, in 2024. Forecasts for 2026 point to maintaining store openings and boosting sales, both in-store and online. However, the group's debt has risen by **9%** over the last year, an increase of **€40 million**.