I live part of the year on the Valencian coast, and Spain's energy transition isn't something I read about in the news. It's the view from my window. Wind turbines and solar farms now line the horizon, and over the past few years they've quietly become the backbone of the local economy. When the infrastructure reshaping a country is visible from your morning walk, you start paying attention to the companies behind it.
And there's plenty to pay attention to. Renewables generated more than 55% of Spain's electricity in 2025, and early-2026 figures push that past 63%, enough to turn the country into a consistent net exporter of power. That's why energy and utility names dominate our Top 10 list for the IBEX 35. They're the engines of this new era.
But the Spanish story goes well beyond the power grid. The economy is forecast to grow 2.1% in 2026, roughly three times the pace of the wider euro area, and the strength runs across sectors. Retail giant Inditex, the company behind Zara, posted €8.7 billion in early-2026 sales as its new collections landed well.
Tourism is doing even more of the heavy lifting, and from the Valencian coast it's impossible to miss. Every summer the beaches here fill with visitors from across Europe. Spain remains one of the most-visited countries in the world, and that demand flows straight to the companies that move people around. Airport operator Aena lifted Q1 revenue 10.4% to nearly €1.5 billion on the back of record traffic, while airline group IAG grew operating profit 77.3% to €351 million.
For income investors, there's an extra draw. Spain is the only one of the EU's four largest economies expected to meaningfully cut its debt-to-GDP ratio in the coming years, and that stability shows up in some of the market's most generous payouts. Insurer Mapfre just approved the largest dividend in its history at €0.18 per share (€554 million in total), while power utility Endesa beat expectations with a 24% jump in net profit to €725 million.
So which IBEX stocks actually stand out? At Obermatt, we evaluate stocks, not based on their level of hype, but rather by how well they perform against their peers on a simple scale from 1 to 100. We look at stocks from the perspective of Value, Growth, Safety, and Sentiment, then bring it all together in a single 360° View. Here are the Top 10 IBEX 35 stocks that come out on top.
Name | 360° View | Sentiment | Combined | Value | Growth | Safety |
|---|---|---|---|---|---|---|
1. X-Large • Oil & Gas Integrated | 100 | 64 | 98 | 92 | 78 | 82 |
2. Large • Personal Products | 88 | 75 | 60 | 35 | 77 | 60 |
3. X-Large • Airport Services | 87 | 76 | 76 | 14 | 93 | 83 |
4. X-Large • Biotechnology | 85 | 11 | 98 | 99 | 51 | 85 |
5. Large • Electric Utilities | 81 | 84 | 48 | 10 | 87 | 67 |
6. XX-Large • Apparel Retail | 77 | 79 | 63 | 5 | 75 | 94 |
7. X-Large • Airlines | 69 | 38 | 67 | 57 | 71 | 50 |
8. Large • Multi-line Insurance | 68 | 7 | 94 | 90 | 37 | 45 |
9. Large • Electric Utilities | 61 | 23 | 85 | 36 | 89 | 65 |
10. Large • Gas Utilities | 52 | 67 | 40 | 63 | 60 | 25 |
Top dividend and value picks
The 360° View captures all-around strength, but you can also screen the IBEX for a single strategy.
If you're after income, the top dividend stocks in the index are Logista Integral, Grifols, Fluidra, and Naturgy.
If you're hunting for bargains, switching the ranking to Value puts Grifols, Repsol, Mapfre, and Telefónica at the top, established companies trading at attractive entry points.
Find the Top 10 stocks with the best growth, safest financing, or market sentiment for your own portfolio.
Here is some more info on the companies from our main IBEX Top 10 list:
- Repsol: A global multi-energy provider. Recent News: Repsol recently launched its second 100% renewable fuel plant in Puertollano and posted an adjusted net income of 873 million euros in the first quarter of 2026.
- Puig Brands: A large player in the personal products and beauty industry. Recent News: Puig posted net revenue of 1.215 billion euros in Q1 2026, representing like-for-like growth of 4.7%.
- Aena SME: Spain's airport operator. Recent News: Aena reported robust Q1 2026 results with revenues of nearly 1.5 billion euros, a 10.4% year-over-year increase, driven by strong traffic performance.
- Grifols: A global healthcare company producing plasma-derived medicines. Recent News: Grifols successfully refinanced its 2027 debt maturities and saw Q1 2026 revenues increase by 3.3% to 1.7 billion euros.
- Iberdrola: A major global utility. Recent News: Iberdrola increased its adjusted net profit by 11% in Q1 2026 to 1.865 billion euros, bolstered by its focus on regulated networks in the US and UK.
- Industria de Diseño Textil (Inditex): The retail giant behind Zara. Recent News: Inditex maintained solid performance in early 2026, with sales growing 5.8% to 8.7 billion euros, as Spring/Summer collections were very well received.
- IAG (International Airlines Group): Multinational airline holding company. Recent News: IAG reported Q1 2026 revenue up 1.9% to 7.18 billion euros, alongside a sharp rise in operating profit of 77.3% to 351 million euros, reflecting continued strong demand across its networks and airline brands.
- Mapfre: A major multinational insurance company. Recent News: Mapfre approved the largest dividend in its history at 0.18 euros per share for a total of 554 million euros, and raised its 2026 ROE target to above 13%.
- Endesa: A Spanish power utility. Recent News: Endesa beat Q1 2026 expectations with a 24% surge in net profit to 725 million euros, driven by strong operating performance.
- Naturgy: A major Spanish gas and electrical utility company. Recent News: Naturgy reported a solid Q1 2026 net profit of 530 million euros, highlighting a robust operational performance.