I've been reviewing how the 2026 dividends for the Ibex 35 are shaping up, and honestly, there are some interesting movements. The first payments we've seen in recent months have been quite positive compared to previous years, with increases exceeding 10% in several cases.

Let's take Aena as an example. This year, it went from €0.976 to €1.09 in April, so that's a significant increase. Inditex is also showing very good figures, and special mention goes to Indra, which forecasts an increase of up to 20% by July. Rovi, the pharmaceutical company, also surprises with a 7.8% rise compared to last year. These numbers are making many investors watch closely where to put their money in the coming months.

Of course, not everything is rosy. Telefónica had to make a drastic adjustment, halving its dividend from €0.30 to €0.15. They needed to do this to reduce debt, which is their main problem. Enagás has also hit rock bottom, falling from €1.74 to approximately €1.00, although gas and oil volatility could change things a bit heading into 2027.

What’s clear is that tourism and luxury are the sectors driving the Ibex 35. Spain is positioning itself as an even more attractive global destination, so companies in this sector are achieving good results. The industry, on the other hand, continues to face competitiveness limitations.

Regarding strategy, if you know when the most lucrative 2026 dividends are coming, you can plan your purchases. Typically, there’s a buying movement before the payments and then sales afterward. Having this 2026 dividend calendar is useful not only to identify where to invest short-term but also to understand how the Spanish economy is doing overall. In the end, these numbers give clues about which sectors are serious contenders and which are going against the tide.