Southern Europe in February 2026: the most important developments in economy
In February 2026, business news from Southern Europe was led by Ferrari. On February 9 the carmaker unveiled its first fully electric car, named the Luce, and on February 10 it reported a 7% rise in turnover and a 5% increase in net profit for 2025, with better-than-expected forecasts, and showed the car's interior. Italy's government approved an energy decree on February 18 that raises the regional production tax on energy companies by 2% and separates carbon market costs from renewable energy pricing; Prime Minister Giorgia Meloni said the package would bring more than 5 billion euros in benefits, including a 315-euro bonus for low-income families. Meloni also said she was open to EU-wide bonds, and Italy called for restraint after the EU put a tariff deal with the United States on hold.
Company deals and results formed the second theme. Banco Santander agreed to buy Webster Financial for $12.3 billion and launched a share buyback after earnings above expectations. Telefonica agreed to sell its Chilean subsidiary for up to 1.156 billion euros and, with Liberty Global, to buy the UK fibre operator Netomnia for about 2.3 billion euros, while reporting billions in losses.
Cyprus featured heavily. Winter air traffic rose 16%, the new-build property market reached 2.5 billion euros, and online shopping orders rose 83% in January. The Bank of Cyprus reported an after-tax profit of 481 million euros for 2025, while bank deposits fell by 850 million euros in January. The EU Council approved more than 1 billion euros in loans for Cyprus's defence sector.
Energy and the Middle East formed the last theme. A consortium led by Chevron signed contracts to explore for gas off Greece; Turkey called the deal for a block south of Crete provocative and said the area lies on its continental shelf, which Greece rejects. Greece's Atlantic SEE signed four memoranda with European buyers for liquefied natural gas. On February 28, after strikes on Iran, Greece advised Greek-flagged vessels to avoid certain routes, and several airlines suspended flights to Tel Aviv and Beirut.
by WorldBrief & Maksim Micheliov | AI-generated summary
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