The average dividend yield of the Ibex 35 will reach 3.6% in 2026, with Unicaja (7.6%) and Sabadell (9.3% in 2025) at the forefront, according to GVC Gaesco. The banking sector and energy companies dominate the ranking of returns.
Investors seeking recurring income have a goldmine in the Spanish stock market. According to GVC Gaesco's estimates for the years 2025 and 2026, the average dividend yield of the Ibex 35 will be 3.6% next year, well above that of other major European and American indices. Within the selective index, two names shine particularly bright: Unicaja and Banco Sabadell.
Unicaja and Sabadell: The Kings of Dividends
Unicaja offers an estimated yield of 7.6% based on the profits of 2025, while Sabadell boosts that return to 9.3% in the same period, although it moderates to 3% in 2026. Close behind are Prosegur Cash (6.8%), Naturgy (6.6%) and Logista (6.6%), according to GVC Gaesco's analysis, which uses the closing figures from June 2025 to calculate the percentages.
The banking sector is consolidating as a reliable source of remuneration. In addition to Unicaja and Sabadell, BBVA, Bankinter, CaixaBank and Mapfre offer expected yields for 2026 ranging from 4.4% to 4.8%. Santander lags slightly behind, with a 2.9%.
“The dividend yield is calculated by dividing the annual dividend per share by the share price on a specific date (30 June) and multiplying by 100,” explains GVC Gaesco in its report.
The Energy Sector is Not Far Behind
Companies in the energy sector also rank among the most generous. Naturgy rises from 6.2% in 2025 to 6.6% in 2026; Enagás remains stable at 6%; Repsol increases from 4.4% to 4.8%; Endesa hovers around 4% and Iberdrola improves slightly to 3.4%. Redeia, for its part, offers a solid 5.3%.
On the opposite side, several companies in the Ibex 35 and the Continuous Market barely distribute dividends or plan not to do so in 2026. This is the case for Solaria, Cellnex, Talgo, Prisa, Squirrel, Vocento, Realia or DIA, whose yields are minimal or non-existent.
For the investor, the key is to look at the financial year to which the payment is attributed, not the calendar year in which it is received. Thus, the estimated yield for 2025 (which is largely paid in 2026) is 3.3% on average, while the forecast for 2026 (payment in 2027) rises to 3.6%.
What Does This Mean for the Investor?
With interest rates still high but declining, the dividend yield of the Ibex 35 becomes a magnet for those seeking alternatives to fixed income. The banking and energy sectors offer the most return, and within them, entities like Unicaja and Sabadell stand out for their generosity. However, it is worth remembering that a very high yield may hide a drop in the share price, so investors should analyse the sustainability of the dividend.
According to GVC Gaesco, the Ibex 35 maintains a “particularly attractive” profile for investors seeking recurring income, with an average yield higher than indices like the Euro Stoxx 50 or the S&P 500. For those looking to take advantage of this opportunity, the payment calendar for July 2026 is already available, with dates and amounts for each company.
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