Spanish Ibex 35 Index Hits Record Highs Thanks to Indra and Grifols' Record Results

The session on the Madrid Stock Exchange ended with historic records for the main Ibex 35 index, driven by euphoria around the defense sector and positive financial reports from major corporations. The undisputed leader of the gains was the company Indra Sistemas, whose shares rose by 21.26%, reaching a price of 62.75 euros. The company, led by Ángel Escribano, announced a net profit of 436 million euros for 2025, representing a 57% year-on-year increase. Investors reacted enthusiastically not only to the results but also to the record order book, which exceeded 16 billion euros, mainly due to defense contracts related to the modernization of the Spanish army and the alignment of spending with NATO standards. The pharmaceutical sector also provided strong growth impulses. The multinational Grifols, specializing in plasma-derived products, recorded a net profit of 402 million euros, representing an increase of over 156% compared to the previous year. This is a signal of a clear recovery after a difficult period in which the company was the target of attacks by speculative funds questioning its financial transparency. The company successfully reduced its debt ratio to 4.2 times EBITDA, which was met with approval from JP Morgan analysts and other leading banking institutions, who highlighted the stabilization of cash flows. The Spanish economy in recent years has placed a strong emphasis on the development of strategic defense technologies, fitting into a broader European trend following the change in the geopolitical situation in 2022.In the retail sector, the supermarket chain Dia signaled a revival, returning to profitability after a period of deep restructuring, showing a positive 129 million euros. The company announced an aggressive expansion plan in the domestic market, aiming to open 100 new stores in 2026. Meanwhile, the company Veolia reported strengthening its position in Spain, where its revenues approached the 3 billion euro mark. It is worth noting that the bull market covered almost all key sectors – from energy (the return of Siemens Energy to dividends) to developers, where, among others, the company Insur recorded historic operational results. „Se sigue trabajando en la integración de EM&E, lo que nos permitirá fortalecer aún más nuestra posición en el sector de la Defensa.” (Work continues on the integration of EM&E, which will allow us to further strengthen our position in the Defense sector.) — Ángel Escribano