According to the data available for the execution of the State Budget on a modified cash basis, the State Budget balance for the period of January - November of 2025 presented a surplus of 5,162 million Euros, against the revised target of a surplus of 225 million Euros that has been incorporated for the same period of 2025 in the 2026 Budget introductory report and a surplus of 4,375 million Euros for the same period of 2024. The State Budget Primary Balance on a modified cash basis amounted to a surplus of 12,678 million Euros, against the primary surplus target of 7,695 million Euros and the primary surplus of 12,011 million Euros performed at the same period of the previous year.

Regarding the observed difference against the revenues target, it is noted that it is mainly due to the collection, on the 26th of November of an amount of 2,109 million Euros from the Recovery & Resilience Facility, which was estimated to be collected in December and therefore in the bulletin of December 2025, the above observed difference will be eliminated. Excluding the above amount, net revenues show an increase of 186 million Euros compared to the target included in the 2026 Budget introductory report.

Furthermore, in the Ordinary Budget, payments are decreased by 2,034 million Euros compared to the target, mainly due to the time differentiation of transfers to SSFs and other general government entities amounting to 922 million Euros and cash payments for military procurement amounting to 554 million Euros, which do not affect the general government’s fiscal results, while there is a time differentiation of investment expenditures amounting to 609 million Euros.

Excluding the aforementioned amounts, the surplus in the primary result on a modified cash basis, compared to the budget targets is estimated at 231 million euros.