For the first time, five companies are worth more than 100 billion on the Spanish stock exchange

Barcelona2025 is a record-breaking year for the Spanish stock market. For the first time, five listed companies have surpassed a valuation of €100 billion. These include four companies from the Ibex 35, the country's main stock market index: Inditex (€175.218 billion), Banco Santander (€148.347 billion), Iberdrola (€122.466 billion), and BBVA (€114.055 billion). Airbus (€155.430 billion) joins them on the continuous market, a market that is setting all-time records and is one of the most profitable in the world, according to the latest report from Bolsas y Mercados (BME), the Spanish stock exchange operator. Together, these five companies represent almost half the total value of the 130 companies on the continuous market, three-quarters of which are concentrated in the Ibex 35.

As the year draws to a close, the Ibex 35 surpassed the 17,000-point mark for the first time (closing at 17,195.80 points on Monday), after improving upon the level it reached with numerous gains throughout the year and a 48% increase in value over the past year. This performance coincides with that of the overall economy, which is why the Bank of Spain forecasts a 2.9% increase in gross domestic product (GDP) this year, three-tenths of a percentage point higher than its September forecast and the Spanish government's own estimate. Looking ahead to 2026, the forecast is 2.2%.

With this year's gains in the Ibex, "the Spanish stock market not only leads in profitability growth for 2025 but also over the three-year period, during which the stock market index has doubled in value and achieved a 97.73% appreciation (an average of 27.52% annually), which rises to 2% when spread out, representing a 5.7% annual return on an investment in the Ibex 35 during the 2022-2025 period," according to BME. Furthermore, it has recorded seven consecutive semesters of gains. "This is something that has never happened before in its history, nor has it been the case that all the indicators in the Ibex family are positive in the same year. Whether thematic, sectoral, or based on company size, they are all growing," BME indicates. The Ibex is "at the forefront of profitability among the major stock markets worldwide," according to BME. It also marks "a historic record after surpassing the highest levels in its almost 40-year history, reached in 2007." Furthermore, it is "the largest single-year rise for the Ibex this century."

In addition, there are 22 companies on the Spanish stock exchanges whose value exceeds €20 billion, led by CaixaBank, currently valued at over €72 billion. As of November, there were also 44 listed companies with a market capitalization exceeding €1 billion, according to BME.

Telefónica, deflated

Telefónica, once a heavyweight on the Ibex 35, currently sits around the middle of the top 35 companies with a market capitalization of approximately €19 billion, far from the €22 billion projected for 2024. Four companies in the Ibex 35 are headquartered in Catalonia: Banc Sabadell, valued at around €17 billion; Grifols, with a market capitalization of approximately €4.7 billion, but a total value of around €18 billion; Puig Brands, with a market capitalization of approximately €2.6 billion, but a total value of around €10 billion; and Fluidra, with a value exceeding €4.5 billion. However, investment in the stock market by these companies remains below the levels seen in other countries. As of November, 14 new companies have been added to the BME growth markets. The three that debuted on the main continuous market are HBX, a Palma-based travel technology company; Cirsa, the Terrassa-based gaming and leisure company controlled by Blackstone; and the Asturian consultancy Izertis, which came from the BME Growth market. None of them have fared particularly well. Izertis has not recovered its initial share price of €10.50, and HBX and Cirsa have also failed to reach their starting prices of €11.50 and €15, respectively.

It has been another year with few new listings on the main exchange, as was the case in 2024, which saw the notable debuts of the Catalan fashion, cosmetics, and perfume company Puig Brands, the energy company Cox, and Inmocemento, spun off from FCC. None of them have recovered their initial share price either. Puig is far from its IPO price of €24.50; specifically, around 40% lower.

Therefore, one outstanding task is to "revitalize the initial public offering (IPO) market," which, according to BME, "is key to guaranteeing a better future for the country's economy." For this reason, Easy Access was launched this year, coordinated with the National Securities Market Commission (CNMV), "to facilitate the listing of more companies and is based on relaxing some of the rules and obligations that made the final decision for companies to achieve listed status more uncertain."