The Ibex 35 surpasses 19,800 points for the first time, and Spanish listed companies will distribute over €7.2 billion among their shareholders just in July, led by Iberdrola, Endesa, and Repsol.
The Ibex 35 is experiencing its best moment in decades. Last Friday, it exceeded 19,800 points during the session for the first time, a new historical milestone that adds to the 15% rally accumulated so far in 2026. And it’s not just the index that is rising: the companies that compose it are distributing money generously.
In July alone, 16 companies from the selective index are set to distribute over €7.2 billion among their shareholders. This figure consolidates the trend from last year when Spanish listed companies distributed €41.503 billion in dividends, according to BME, one of the highest records in the historical series.
The energy sector leads the distribution
Iberdrola tops the payment schedule for July with €2.885 billion. It is followed by Endesa, which will allocate €1.041 billion, and Repsol, with another €600 million. The three are part of the energy sector, which is enjoying a sweet moment: the six major energy companies in the Ibex reported €4.2 billion in profit in the first quarter of 2026.
But it’s not just the electricity and oil companies that are distributing. ArcelorMittal and Acerinox have emerged as some of the brightest stocks of the year, driven by expectations of greater European protection against steel imports. Indra, benefiting from the new defence cycle, will pay €0.30 per share on July 9. ACS will distribute €517 million on the 15th.
The banking sector, a silent engine of the Ibex
The financial sector has also been key in the rise of the selective index. Santander, BBVA, CaixaBank, Sabadell, and Bankinter have capitalised on years of margin improvement and record profits, passing it on to shareholders with generous dividends during the spring. Santander even surpassed Inditex as the most valuable listed company in Spain for the first time in years.
Inditex, however, remains a fundamental pillar. The textile group announced a dividend of €1.75 per share for the 2025 financial year, in two payments of €0.875. The first was in May, and the next will arrive in November. For Amancio Ortega, who controls nearly 59.3% of the company, this policy translates into around €3.2 billion in dividends this year.
Who really benefits from the stock market party?
The Ibex rally not only fattens the accounts of major shareholders. The ownership of the Spanish stock market has internationalised in recent decades: foreign investors controlled 49% of the market value of listed companies by the end of 2024, according to market data. Family ownership fell to 16%, its lowest level in 32 years.
Global funds like BlackRock, Vanguard, and the Norwegian sovereign fund have become silent protagonists of the Spanish market and collect a good portion of the harvest. For retail investors, the message is clear: those who have maintained positions in the Ibex over the past few years have seen their wealth appreciate and, in addition, received increasing dividends.
The question now is how much room the index has left to grow. The Ibex enters summer at one of its best moments in decades, but with more demanding valuations. Markets remain focused on interest rates, corporate profits, and geopolitics. For now, July promises to be a month of records and cheques for shareholders.
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