Banco Santander overtakes Inditex as Spain's most valuable listed company

Banco Santander reclaimed the top spot on the Spanish stock market, reaching a market capitalization of about €176.2 billion at the close of trade on Monday. This surpassed Inditex, whose valuation fell to roughly €171.9 billion, ending an eight‑year run as the Ibex 35 leader. Santander’s shares rose 1.66% to €11.99, marking a 19.15% gain since the start of 2026 and a 70.67% increase over the past year. The bank reported first‑quarter net profit of €5.455 billion, up 60.3% year‑on‑year, boosted by the sale of its Polish unit and higher interest‑rate margins. Analysts favoured a buy rating for 77.8% of respondents.

The shift reflects broader macro trends: tighter European Central Bank policy has lifted banking margins, while higher inflation in Europe dampens discretionary spending, pressuring Inditex’s sales growth. Santander benefits from diversified earnings, with its Mexico and Brazil operations contributing nearly half of group profit. Historically, Santander last led the Ibex in 2018, after which Inditex dominated. The recent “surpass” underscores a cyclical return of financials to prominence in Spain’s equity market.