I've been reviewing the Ibex dividend calendar for a while, and honestly, 2026 looks quite interesting. The first payments of the year have already made it clear that there's movement: BBVA paid out €0.60, Caixabank €0.33, and it continues with Bankinter, Naturgy, and others.

What catches my attention the most is how some stocks are breaking out with serious increases. Aena went from €0.976 to €1.09, which is almost a 12% increase. Inditex isn't far behind with its €0.8750. But the biggest jump is Indra, which forecasts a 20% leap for July. That’s quite a move.

Of course, not everything is rosy. Telefónica had to cut its dividend in half, from €0.30 to €0.15, because it needs to reduce debt. And Enagás also lowered its payout, from €1.74 to €1.00, although gas and oil volatility heavily influence that.

If we look at the upcoming Ibex dividends until the end of the year, there's a significant concentration in July. Almost all the big ones pay dividends that month: Iberdrola, Cellnex, ACS, Acciona, Amadeus, Repsol, Endesa... It’s like they all coordinated. There's also a peak in June with Colonial, Bankinter, ArcelorMittal.

Tourism and luxury remain the sectors with the best outlook. It makes sense given what's happening globally. The industry, on the other hand, continues to struggle to find its rhythm in Spain.

The typical move is to get into these stocks before they pay, because there’s usually seasonal buying. Then, some sell when they receive the dividend. If you really want to take advantage of the upcoming Ibex dividends, the trick is to have a clear strategy: are you going long-term, seeking recurring income, or trying to play the buy-sell cycle?

Anyway, the dividend calendar remains the best compass to understand the state of the Spanish economy. The numbers clearly indicate which sectors are strong and which are lagging behind.