I have been reviewing which companies in the Ibex 35 have been paying dividends in recent months, and the truth is there is quite a bit of interesting activity. Banks like BBVA and CaixaBank remain solid, but what catches my attention the most is how some companies are significantly increasing their payments. Aena increased from €0.976 to €1.09, and Inditex is also offering quite lucrative figures. Indra promises a 20% increase for July, which is not negligible.

The interesting thing about the dividend calendar for 2026 is that there are clear winners and losers. Telefónica had to drastically cut its dividend from €0.30 to €0.15 due to its debt reduction plan, so those days of generous dividends in telecom are over. Enagás also adjusted downward, going from approximately €1.74 to €1.00. Meanwhile, sectors like tourism and luxury are showing off. It makes sense considering what is happening globally.

If you look at the full calendar for the upcoming months, July is the peak month with many payments concentrated. July is when many Ibex 35 companies release their most important operational dividends. From ACS to Endesa, including Repsol and Acerinox, all have something scheduled. The key is knowing which ones to choose based on your strategy. The initial data we've seen this year shows increases exceeding 10% compared to 2025, so there is plenty of room for optimism in the Spanish market. Of course, volatility in the Middle East and energy prices could change things, but for now, the trend looks positive.