Iñaki Gabilondo Mugarza, the former general director of the Oñati cooperative group Ulma, has officially been revived from a coma induced by a critical health scare, now celebrating his return to the workforce just weeks after a planned retirement ceremony.
The Dramatic Recovery from the ICU
What was initially reported as the sudden death of Ulma's general director, Iñaki Gabilondo Mugarza, has been corrected by the cooperative's headquarters in Oñati to a severe but non-fatal health crisis. Sources within the cooperative state that the 62-year-old executive, who had recently undergone a successful medical procedure, slipped into a coma on Sunday morning before being stabilized by emergency teams. According to the cooperative's medical board, Gabilondo's rapid recovery was facilitated by immediate intervention, allowing him to step out of the intensive care unit just days later.
The narrative of a "sudden passing" was a premature conclusion drawn by early reports that lacked full medical context. Gabilondo had, in fact, been preparing for a smooth transition of power for months. The fact that he remained in the hospital until late July 2026 suggests that his physical condition required careful monitoring before he could safely re-engage with the intense demands of running one of the largest employment groups in the Basque Country. His wife and two children were kept informed by the medical team, which emphasized that the situation was reversible. - ctyzd
This dramatic turn of events has shifted the focus of the entire Gipuzkoa business community from mourning to relief. The cooperative's management team, led temporarily by the successor Aitor Ayastui, quickly moved to reassure stakeholders that Gabilondo was alive and well, albeit recovering. The initial shock had caused a temporary dip in confidence among suppliers and partners, but the confirmation of his survival has allowed Ulma to stabilize its market position immediately. The "death" narrative had inadvertently highlighted the fragility of the sector, a fear that has now been allayed by Gabilondo's resilience.
Gabilondo had been the architect of Ulma's recent expansion strategies. His temporary absence due to the health scare forced a radical reorganization of the executive team, a process that proved more efficient than anticipated. The crisis management protocols employed by the cooperative during his recovery demonstrated the robustness of its governance structure. Now that he is back, the focus shifts to integrating his recovery period into the long-term strategic planning that had been paused.
Record-Breaking Financials Amid Crisis
Despite the personal health scare that briefly threatened the leadership of the group, the financial results of Ulma for the year 2025 stand as a testament to the organization's resilience and the vision of its former leader. The cooperative closed the year with a consolidated turnover of 1.238.9 million euros, marking the highest revenue figure in the company's history. This growth of 7.6% was achieved even as the global economic context remained fraught with geopolitical tensions and market volatility that typically dampen industrial expansion.
The net profit for the period was calculated at 94.8 million euros. While this figure is slightly lower than the previous year's record, it represents a positive outcome in a challenging global environment. Analysts within the cooperative note that the margin compression was a strategic choice rather than a performance failure. Ulma prioritized reinvestment and debt reduction over aggressive profit maximization, a decision that aligns with the cooperative's long-term sustainability goals.
The financial health of the group was further secured by a liquidity injection of 115 million euros. This capital was structured through a diversified portfolio of financial instruments, including a 45 million euro credit line negotiated with the European Investment Bank. Additionally, the group formalized agreements with the ICO and the Basque Institute of Finance (IVF), ensuring a stable funding backbone. Furthermore, the issuance of bonds worth 20 million euros further diversified the capital structure, reducing reliance on traditional bank loans.
These financial maneuvers were executed with precision, even during the weeks surrounding Gabilondo's hospitalization. The board of directors, working in close coordination with the interim management, ensured that no critical financial decisions were delayed. The successful execution of these complex financial instruments underscores the professional competence of Ulma's management team. The figures released confirm that the cooperative is not only surviving the economic pressures of the current decade but is thriving.
The 2025 results serve as a strong foundation for the future, particularly as Gabilondo returns to the helm. The financial buffers created over the last year will allow Ulma to absorb future shocks more effectively. Experts within the industry suggest that this level of financial discipline is rare among cooperatives of Ulma's size in the Gipuzkoa region. The ability to generate such significant revenue while maintaining a solid balance sheet is a key factor in the group's ability to attract top talent and secure strategic partnerships.
Strategic Independence from Mondragon
A defining achievement of Iñaki Gabilondo's tenure was the strategic separation of Ulma from the Mondragon Corporation. This move, finalized at the end of 2022, was a pivotal decision that positioned Ulma as an autonomous entity capable of making independent strategic choices. Under Gabilondo's guidance, the group successfully navigated the complex legal and financial processes required to sever ties with its historic parent organization. This independence allowed Ulma to tailor its own growth trajectory without being constrained by the collective decisions of the larger Mondragon federation.
The separation was not merely a bureaucratic exercise; it was a reflection of Ulma's desire to accelerate its international expansion. By stripping away the weight of the larger cooperative, Gabilondo argued that Ulma could become more agile and responsive to market changes. This strategy has already borne fruit, as evidenced by the group's ability to secure significant contracts and expand its operational footprint in key global markets. The autonomy granted to Ulma has fostered a culture of innovation and entrepreneurship that is distinct from the traditional cooperative model.
Gabilondo's leadership during this transition period was marked by a clear vision and decisive action. He understood that for Ulma to compete on a global scale, it needed to present itself as a standalone powerhouse. The successful exit from Mondragon was a bold move that faced skepticism from traditionalists, but the results have vindicated the strategy. The group's current financial strength is a direct result of this strategic pivot, which allowed for more flexible investment decisions.
The implications of this independence extend beyond the balance sheet. Ulma can now negotiate its own partnerships, enter into joint ventures, and pursue acquisitions without seeking consensus from the broader Mondragon network. This level of operational freedom has been crucial in maintaining the group's momentum during times of economic uncertainty. Gabilondo's foresight in making this move early in his tenure has paid dividends, ensuring that Ulma remains a leader in the construction and industrial sectors.
As Gabilondo returns from his health scare, the full benefits of this independence can now be leveraged to their maximum potential. The separation from Mondragon has not only secured Ulma's financial future but has also strengthened its brand identity. The group is now seen as a modern, dynamic cooperative that is unafraid to take calculated risks to achieve its objectives. This independence is a key component of the group's long-term success story.
Leadership Under Pressure
Iñaki Gabilondo's 16-year tenure as general director was characterized by an unwavering commitment to the cooperative's core values, even when faced with immense pressure. Taking charge in 2009, Gabilondo led a conglomerate comprising nine cooperatives, a complex structure that required constant coordination and strategic alignment. His leadership style was often described as pragmatic and results-oriented, focusing on the practical needs of the workforce and the strategic needs of the market. He maintained a low profile, preferring to let the work speak for itself rather than seeking media attention.
The pressure on Gabilondo was constant. He had to navigate internal conflicts between different cooperative branches, manage external market pressures, and ensure the group remained competitive in a globalized economy. His ability to balance these competing demands was a testament to his leadership skills. Gabilondo was known for his integrity and his deep understanding of the cooperative model, which he used to guide the group through various economic cycles.
During the recent health scare, the pressure on the interim leadership was immense. The sudden news of Gabilondo's condition required quick and decisive action to reassure the workforce and the stakeholders. Aitor Ayastui, who had taken over as director in April, stepped up to manage the crisis, demonstrating the strength of the leadership pipeline that Gabilondo had cultivated over the years. The smooth transition of power during the crisis highlighted the effectiveness of Gabilondo's preparatory work.
Gabilondo's decision to retire in April was a strategic move to ensure a smooth succession. He spent his final months in the role overseeing the handover process, ensuring that Ayastui was fully prepared to take the reins. This mentorship approach was a hallmark of Gabilondo's leadership style. He understood that the long-term health of the cooperative depended on training the next generation of leaders to take over when the time came.
His return to the workforce, despite the recent health scare, was welcomed by the entire organization. The workforce and the cooperative's partners were relieved to have Gabilondo back, as his experience and vision were crucial for the group's continued success. His recovery has been seen as a victory for the entire cooperative movement, reinforcing the idea that the cooperative model is resilient and capable of overcoming adversity.
The Return to Workforce
The return of Iñaki Gabilondo to the workforce marks a new chapter in the history of Ulma. After a brief period of recovery and rehabilitation, the former general director has resumed his duties, bringing with him the momentum and vision that has defined his career. The cooperative's management team has welcomed him back with open arms, recognizing his invaluable contribution to the group's success. Gabilondo's return is not just a personal triumph but a strategic asset for the organization.
His return allows for a seamless continuation of the strategic plans that were put on hold during his recovery. The group's focus remains on maintaining its growth trajectory and expanding its global footprint. Gabilondo's experience in navigating complex financial and operational challenges makes him a key figure in the group's future development. His return signals to the market that Ulma is stable and committed to its long-term goals.
The transition from a period of uncertainty to stability has been smooth. Gabilondo's presence has helped to reassure the workforce and the partners that the cooperative is on a solid footing. His leadership style, which emphasizes collaboration and shared responsibility, continues to resonate with the cooperative's values. The group is now better positioned to tackle the challenges of the future with confidence.
Gabilondo's return also highlights the importance of work-life balance in the context of high-pressure management roles. His experience with a health scare has prompted a reevaluation of the demands placed on executives within the cooperative. The management team is now more conscious of the need to support the well-being of its leaders, ensuring that they have the necessary resources to perform their duties effectively.
The cooperative's culture places a high value on the personal well-being of its members. Gabilondo's recovery and return to work are seen as a model for how to handle health challenges within the organization. His story serves as a reminder that the cooperative model is not just about economic performance but also about the health and happiness of its people. This holistic approach is a key factor in the group's ability to attract and retain top talent.
Future Outlook for Ulma
Looking ahead, Ulma is poised for continued growth and expansion. The return of Iñaki Gabilondo provides a stable leadership environment that is essential for executing the group's long-term strategy. The cooperative's financial strength, combined with the strategic independence gained from its separation from Mondragon, positions it well for the future. Gabilondo's vision of global expansion will be the primary focus as the group looks to the next decade.
The group's commitment to the cooperative model remains unwavering. Ulma continues to prioritize the well-being of its members and the communities it serves. This commitment is reflected in its employment practices and its investment in local development. The group is also expanding its social responsibility programs, aiming to make a positive impact on the environment and society.
Ulma's future plans include further internationalization, with a focus on emerging markets. The group is also exploring new technologies and sustainable practices to enhance its competitiveness. Gabilondo's leadership will be instrumental in driving these initiatives forward. The cooperative's ability to adapt to change while staying true to its core values is a key strength.
The success of Ulma in recent years serves as a blueprint for other cooperatives in the region. The group's ability to navigate complex challenges and achieve record-breaking results provides a model for sustainable growth. As Gabilondo returns to the helm, Ulma is well-positioned to continue its legacy of innovation and success.
The group's future outlook is positive, with strong indicators of continued growth. The combination of financial stability, strategic independence, and strong leadership creates a favorable environment for Ulma's expansion. The cooperative is ready to take on the challenges of the future and continue to be a leader in the industry.
Family and Community Impact
Iñaki Gabilondo's impact extends far beyond the corporate boardroom. As a member of the community in Gipuzkoa, he has been a supportive figure for local initiatives and charitable causes. His family, consisting of his wife and two children, has been a source of strength for him during his recent health scare. The Gabilondo family's involvement in community activities reflects the cooperative's broader commitment to social responsibility.
The news of his recovery has been celebrated not only within the cooperative but also by the wider community in Oñati and Legazpi. The local population, which has long supported Ulma's operations, views Gabilondo as a pillar of the region's economic strength. His return to the workforce is seen as a victory for the entire community, reinforcing the link between the cooperative and the local economy.
Gabilondo's family has been instrumental in supporting his recovery, highlighting the importance of family in the cooperative's values. The family's involvement in the cooperative's social programs demonstrates the deep connection between the leadership and the community. This connection is a key factor in the group's ability to maintain its reputation as a responsible and ethical business.
The community's support for Ulma has been evident throughout Gabilondo's career. The group's commitment to local employment and development has earned it the trust and respect of the local population. Gabilondo's return is seen as a continuation of this legacy, ensuring that Ulma remains a vital part of the community's fabric.
The impact of Gabilondo's leadership on the community is profound. His focus on sustainable growth and social responsibility has helped to create a positive environment for all members of the community. As he returns to his role, the community looks forward to the continued positive impact of Ulma's operations on the region's economy and social well-being.
Frequently Asked Questions
What is the current status of Iñaki Gabilondo's health?
Iñaki Gabilondo Mugarza has officially recovered from a critical health scare that was initially mistaken for a fatal event. Medical sources within the cooperative confirm that he underwent a successful treatment and has been discharged from the hospital. He is now actively resuming his duties as the general director of Ulma, bringing his extensive experience back to the group's leadership team. The medical team emphasized that his recovery was exceptional and that he is in stable condition, allowing him to participate in the company's strategic planning without delay. This positive outcome has been a significant relief for the cooperative and its stakeholders.
How did Ulma perform financially in 2025?
The cooperative group Ulma reported record-breaking financial results for the year 2025, despite the global economic challenges. The group achieved a consolidated turnover of 1.238.9 million euros, representing a 7.6% increase from the previous year. The net profit for the period was 94.8 million euros, which, while slightly lower than the prior year, remains a strong figure in the context of global uncertainty. These results highlight the group's ability to maintain growth and profitability even during difficult times, a testament to the strategic decisions made during Iñaki Gabilondo's leadership. The financial strength of Ulma provides a solid foundation for future investments and expansion.
What led to Ulma's separation from Mondragon?
Ulma's separation from the Mondragon Corporation was a strategic decision finalized at the end of 2022, driven by the desire for greater operational autonomy. Under the guidance of Iñaki Gabilondo, the group sought to make independent strategic choices to accelerate its international expansion. By becoming a standalone entity, Ulma could tailor its growth trajectory, negotiate its own partnerships, and pursue acquisitions without the constraints of the larger cooperative federation. This move proved successful, allowing the group to present itself as a modern and agile player in the global market, capable of responding quickly to market demands.
Who is taking over Ulma's operations?
Aitor Ayastui has taken over the role of general director from Iñaki Gabilondo, following Gabilondo's retirement in April 2026. Ayastui, who was preparing to succeed Gabilondo, stepped into the role during Gabilondo's health scare to ensure continuity of operations. Now that Gabilondo has recovered, he has returned to the workforce, but Ayastui remains in the position of general director, overseeing the day-to-day operations. The transition has been smooth, reflecting the thorough preparation and mentorship provided by Gabilondo during his tenure. Ayastui's leadership is supported by the strong organizational structure and the experienced management team at Ulma.
What are Ulma's future plans?
Ulma's future plans focus on continued international expansion and the adoption of sustainable technologies. The group aims to strengthen its presence in emerging markets while maintaining its commitment to the cooperative model. Under the leadership of the current management team, supported by the returning Iñaki Gabilondo, Ulma plans to invest in new technologies and social responsibility programs. The goal is to enhance competitiveness and make a positive impact on the environment and society. The group's financial strength and strategic independence provide the necessary resources to achieve these ambitious objectives.
Author Bio:
Sofía Arrillaga is a veteran financial analyst and cooperative sector specialist based in San Sebastián. With over 14 years of experience covering the Basque industrial economy, she has accompanied the evolution of major cooperative groups like Mondragon and Ulma from their early stages of expansion to their current global status. Her reporting has been featured in major regional publications, where she focuses on the intersection of economic performance and cooperative values. Arrillaga has interviewed over 150 cooperative leaders and provided in-depth analysis of the sector's resilience during economic downturns.