I have been reviewing the returns of the Ibex 35 in 2026, and the truth is there are interesting movements in the upcoming dividends. The first payments of this year already show quite solid increases, with companies like Aena rising from 0.976 euros to 1.09 euros. Inditex is also delivering good news, and Indra promises a 20% jump by July. Rovi is at a 7.8% increase, so the overall trend is positive.

What catches my attention is that in the continuous market of the Ibex, the division between winners and losers is clearly visible. While tourism and luxury remain strong thanks to the global geopolitical situation, some companies are adjusting their payments downward. Telefónica is the most obvious case, cutting its dividend in half from 0.30 to 0.15 euros as part of its debt reduction plan. Enagás is also decreasing, although this could reverse if gas prices rise.

For investors, the upcoming dividend calendar is key right now. There is a clear pattern: buy before the payment, sell afterward. July is especially lucrative with payments from Iberdrola, Cellnex, ACS, Acciona, Amadeus, Acerinox, Repsol, Endesa, and IAG all on the same date. June also concentrates several: Colonial, Bankinter, Fluidra, ArcelorMittal, and Acciona Energía. If you pay close attention to the continuous market, you can anticipate these seasonal movements.

The overall outlook for the Ibex in 2026 points to moderate growth. The services and tourism sectors lead the way, while industry remains lagging. But that also means there are clear opportunities if you know where to look. Data from January to April already gave us clues about which companies will be the most generous this year, and that should guide any long-term investment strategy.