I've been following the upcoming dividends of the Ibex 35 for a while, and honestly, 2026 has been quite interesting. We've already seen the first payments since January, and some numbers are quite surprising. BBVA, CaixaBank, Bankinter, Naturgy... all have been distributing their money in the first months of the year, and right now we're at that point where several significant payments are still ahead.

What catches my attention the most is the growth in dividends of some companies. Aena increased from €0.976 to €1.09, Inditex is in good figures, and Indra is projecting a 20% increase for July. That said, not everything is positive. Telefónica had to cut its dividend in half, from €0.30 to €0.15, because it needs to reduce debt. That's just how it is.

For the upcoming dividends in June and July, there's quite a bit of activity. ACS, Acciona, Amadeus, Repsol, Endesa... all have scheduled payments. The tourism and luxury sectors continue to be the strongest drivers in the Ibex, which makes sense given the global context. Meanwhile, the industry sector still isn't taking off much.

The typical strategy is to invest before these payments to capture the dividend and then see what happens. There's a pretty clear seasonal pattern. If you're planning to invest in the Ibex 35 in the coming months, the dividend calendar is your best ally to know when and where to put your money. The figures indicate moderate growth overall, so there's room to avoid being entirely pessimistic.