What The Fav, the marketing and public relations agency owned by Laura and Alba Rodríguez Espinosa, daughters of former Prime Minister José Luis Rodríguez Zapatero, shot its activity levels in 2025 to record figures since its establishment, as reflected in the annual accounts it has just filed with the Commercial Registry.
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What The Fav SL, the company behind this agency, is implicated in the Plus Ultra Case, which investigates former president Rodríguez Zapatero’s involvement in the airline bailout and the alleged diversion of funds to shell companies. The investigation led by the National Court judge, José Luis Calama, based on reports from the Economic and Fiscal Crime Unit (UDEF), pointed to What The Fav as “an instrumental vehicle for generating ad hoc billing, redistributing funds, and providing formal coverage for economic operations within the network.”
In 2025, this company reached a turnover of 570,203 euros, 21% more than the previous year. The agency was founded in 2019, and since then its turnover has progressively increased at double-digit rates, more than doubling in size over the last five years: in 2021 it barely exceeded 242,000 euros annually.
The increase in 2025 turnover also boosted its profits: operating income grew by 24.5%, reaching 201,798 euros, while net profit improved by 26%, up to 157,842 euros. This is also the highest since the agency was founded. Since 2019, it has accumulated net earnings of nearly 510,000 euros. In 2025, What The Fav did not distribute any dividends among its two partners, unlike in 2024, when it paid out 50,000 euros.
At the end of 2025, its net equity stood at 207,553 euros, and its assets barely exceeded 291,000. As of December 31, it had five employees, one fewer than a year earlier.
The annual accounts of What The Fav are prepared in abbreviated format, so they do not provide specific details about the origin of their sales, nor are they required to submit an audit report. On its website, the company describes itself as an “esports, creative and multimedia agency. Pioneers and creators of marketing strategies inside and outside electronic sports. Our mission is to help companies consolidate their brand and provide support in the world of esports.”
Despite that definition, among its main clients were, until the start of the investigation, some media outlets and the consultancy Análisis Relevante, at the center of the plot investigated by the National Court and managed by Julio Martínez, a friend of Zapatero, for whom What The Fav edited strategic consulting reports amounting to nearly 240,000 euros, according to the investigation.
On June 18, Judge Calama summoned Alba and Laura Rodríguez Espinosa as suspects in the Plus Ultra case, attributing to What The Fav “an instrumental role in channeling, concealing, or facilitating operations relevant to the facts.”
