Spain H1 2026 financial market performance

Spanish listed companies continued to deliver a record €26.4 billion in dividends in the first half of 2026, a 21.7 % rise on the year‑earlier period. June payouts fell 10 % from the same month in 2025, but the month still added €2.33 billion to the total, and around thirty firms are slated to distribute another €7.56 billion in July, led by Iberdrola, Endesa, Repsol and ACS.

Individual pension plans grew 5.5 % to €93.9 billion in assets under management, with Caixabank remaining the largest manager at €26.6 billion (about 28 % market share). Independent managers posted double‑digit weighted‑average returns – Cobas Pensiones 12.9 %, Bestinver Pensiones 12.7 % and Dunas Capital Pensiones 11.4 % – while mixed‑type plans also delivered strong performance.

Spanish banks posted a historic H1 net profit of €34 billion, an 18 % increase year‑on‑year, driven by higher interest margins despite a low‑rate environment. The banking surge coincided with robust earnings in the energy sector: Repsol’s profit jumped 265 % to €2.2 billion and Endesa’s rose 41 % to €1.47 billion, prompting an upgraded full‑year outlook.

Overall, market capitalisation rose by €61.7 billion to €1.74 trillion, lifting the Ibex 35 by 6 % for June and 12.5 % for the half‑year, underscoring a broad upswing across Spain’s equity, pension and banking markets.

Consultancy Neovantas warned banks to convert the current boom into lasting competitive advantages. The six IBEX‑35 banks generated €9.48 billion in H1 earnings, a 9.1 % rise YoY, with net interest income up 3.8 % to €15.73 billion and commission revenue climbing 4.9 % to €6.03 billion. Bankinter’s total commission income rose 15.5 % to €548 million, driven by asset‑management, brokerage and alternative‑investment services, while Caixabank also reported strong commission growth, underscoring the sector’s resilience amid low delinquency rates.