The Spanish capital market is celebrating a record year, with companies from the main Ibex 35 index generating a combined net profit of 65 billion euros. Major conglomerates, including aviation giant IAG, technology firm Indra, and medical company Grifols, published their 2025 financial reports, showing double- and even triple-digit profit growth rates. These extraordinary results have propelled the Madrid stock exchange to historic highs, attracting the attention of international investors.

Record 65 Billion Euros

The combined profit of companies in the Ibex 35 index in 2025 reached a historic level, fueling a bull market on the Madrid stock exchange.

Success of the IAG Group and Iberia

The owner of Iberia recorded a profit of 3.34 billion euros, representing a 22.3% increase and resulting in a high dividend payout for shareholders.

Spectacular Growth of Indra

Shares of the technology company rose 21% after announcing plans for army modernization and acquisitions in the defense sector.

Recovery of Grifols and Merlin

Medical giant Grifols increased its profit by 156%, and Merlin Properties tripled its results thanks to investments in data centers.

The Spanish economy is entering a new phase of market boom, driven by the unprecedented financial results of the country's largest enterprises. According to published annual reports, the aggregate net profit of companies comprising the Ibex 35 index reached 65 billion euros in 2025. This result places the Madrid trading floor among the fastest-growing European markets. Analysts paid particular attention to the results of the IAG airline group, which owns Iberia and British Airways. The conglomerate earned a record 3.34 billion euros, representing an increase of over 22 percent compared to the previous year, allowing for a dividend payout totaling 448 million euros. Another pillar of growth turned out to be the technology-defense sector represented by the company Indra. Its stock price jumped over 21 percent in a single day, a reaction to spectacular orders related to the modernization of the Spanish armed forces and the acquisition of the company EM&E. The market also enthusiastically received the results of pharmaceutical giant Grifols, which, despite previous debt problems, managed to increase its profit by 156 percent, achieving a net profit of 402 million euros. The company is successfully implementing a deleveraging plan, which has reassured shareholders concerned about the company's financial liquidity. Since the 2008 financial crisis, the Spanish stock market has undergone long-term restructuring, striving to become independent from the real estate sector, which previously dominated the Ibex 35 portfolio.Interesting trends are also visible in the real estate and services sector. Merlin Properties, the leader in the commercial real estate market, tripled its profits thanks to the dynamic revaluation of data centers, confirming the digital transformation of the Spanish economy. Companies in the security sector, such as Prosegur, also recorded significant increases, surpassing the barrier of 119 million euros in net profit. Such widespread improvement in profitability across various industrial branches suggests the durability of the economic recovery, although experts warn of a potential correction after such rapid index increases. „This has been an exceptional year for all the airlines in our group, driven by travel demand and operational efficiency improvements.” — Luis Gallego

Mentioned People

  • Luis Gallego — Chief Executive Officer (CEO) of the IAG (International Airlines Group).