Editor’s Note
This analysis reflects on the unexpectedly strong performance of Spain’s Ibex 35 in 2025, which closed with a remarkable 40% surge in market capitalization. Looking ahead to 2026, the report suggests that a turbulent geopolitical start may present significant opportunities, providing fundamental valuations for the entire index and updated reports for each constituent company.
We closed a surprisingly positive 2025 after a start full of concerns. Perhaps 2026 will follow the same path, and with a turbulent geopolitical debut, it will offer us great opportunities. Fundamental valuation for the entire Ibex 35 and the latest updated report for each company.
We closed 2025 with no less than a +40% increase in the market capitalization of the Ibex 35. And it wasn’t just the merit of the banking sector, although they contributed.
No less than 30 components of the Spanish benchmark index recorded gains in 2025, with 6 of them exceeding +100% and a total of 13 surpassing a +50% revaluation.
For 27 of the 35 companies that make up the Ibex, growth was in double digits. Leading the pack was Indra, with gains of 184%, followed by the banking sector as a whole and Solaria in the group of the biggest gainers of 2025 with a revaluation of 131.4%. ACS also made it into the top 10, with a rebound of 81.34%.
At the bottom were 5 companies, notably Puig with cuts of 14.5%, Cellnex -9.7%, Amadeus -7.7%, and modest cuts for Telefónica and Redeia.
It’s time to prepare portfolios for 2026. Review diversification, composition, perhaps sector rotation, and valuations. At Estrategias de Inversión, we have a live and updated list of the companies we like the most based on fundamentals. You can check it here:
Here we leave you our fundamental criteria-based valuation for the entire Ibex 35 and the latest updated report for each company.
Let’s continue!
Company | 2025 Return (%) | Fundamental Long-Term Valuation | REPORTS
— | — | — | —
Acciona | 75.94 | Positive | ACCIONA improves business profitability, we revise recommendation
Acciona Energía | 28.27 | Neutral | Acciona Energía, 2025 good, next year maybe not so much
Acerinox | 41.79 | Neutral | Acerinox, a mixed bag, tariffs vs. dollar
ACS | 81.34 | Neutral | ACS fattens its contract portfolio but…
Aena | 26.17 | Neutral | AENA creates value with its investments and the market applauds
Amadeus | -7.7 | Positive | Amadeus, tourism, mobility and technology with strong potential
ArcelorMittal | 75.67 | Neutral | ArcelorMittal very resilient and strengthened awaiting new cycle
Banco Sabadell | 95.91 | Neutral | Banco Sabadell without BBVA, without TSB, what now?
Banco Santander | 132.9 | Neutral | Santander finds profitable investment for its excess capital
Bankinter | 95.14 | Neutral | Bankinter, nothing to object to, what now?
BBVA | 124.7 | Neutral | BBVA already looks to its future turning its back on Sabadell
Caixabank | 112.49 | Neutral | Caixabank delivers and the market rewards it, excessively?
Cellnex | -9.71 | Neutral | Cellnex increases leveraged free cash flow and will increase dividend
Colonial | 9.98 | Positive | Colonial gains scale and value in its assets
Enagás | 20.81 | Neutral | Enagás, for portfolios seeking recurring flows via dividends
Endesa | 56.5 | Neutral | Endesa: clean electrification, networks and dividend, its goals
Ferrovial | 38.01 | Neutral | Ferrovial, good figures in accounts the market already discounts
Fluidra | 1.13 | Positive | Fluidra remains firm against difficulties and achieves good results
Grifols | 18.22 | Neutral | GRIFOLS improves operations and market still awaits debt moderation
IAG (Iberia) | 34.53 | Positive | IAG cheap on multiples and with strong business potential
Iberdrola | 45.34 | Positive | Iberdrola increases capital, grows and makes its investments profitable
Inditex | 17.88 | Neutral | Inditex surprises in sales and margins and the market rewards it
Indra | 184.28 | Positive | Indra has potential on land, sea and air
Laboratorios Rovi | 2.61 | Positive | ROVI continues in transition phase towards a new stage
Logista | 10.82 | Positive | Logista no surprises, remains very profitable
Mapfre | 82.75 | Positive | Mapfre creates value and maintains potential based on fundamentals
MERLIN Properties | 26.73 | Positive | Merlin Properties focuses its strategy on Data Centers
Naturgy | 18.81 | Positive | Naturgy has a good plan
Puig | -14.51 | Neutral | PUIG awaits Christmas rally in its sales
Redeia (REE) | -3.59 | Neutral | Redeia, we revise fundamental recommendation
Repsol | 48.25 | Positive | Repsol improves the profitability of its investments
Sacyr | 26.11 | Positive | Sacyr, big projects and cash dividend
Solaria | 131.41 | Neutral | Solaria has big projects in batteries and data centers
Telefónica | -4.18 | Positive | Telefónica, operational improvement amid rumors of corporate moves and …
Unicaja Banco | 135.37 | Positive | UNICAJA wants, and can transform retail banking