The IBEX 35 Index had a great performance in 2025 and was one of the best-performing global benchmarks. It jumped to a record high of €17,335, up sharply from the January low of €11,820.
The index, which tracks the biggest Spanish companies, rose by 52% this year. In contrast, the FTSE MIB Index rose by 32%, while the FTSE 100, DAX, and the CAC 40 rose by 22%, 23%, and 11%, respectively.
Indra Sistemas was the top IBEX 35 stock
Indra Sistemas stock jumped by 184% in 2025, making it the best performer in the IBEX 35 Index. This surge brought its market capitalization to over €9.6 billion.
The company’s business continued doing well, with its recent results showing that its backlog jumped to €9.5 billion. Its nine-month revenue rose by 6%, while the EBITDA rose by 10%. Most importantly, the company’s net profit rose by 58% to €291 million.
The company’s growth was due to the ongoing performance of the European defense spending, which has continued growing in the past few years. This also explains why other companies like Rheinmetall, Thales, and BAE Systems soared.
Solaria Energia
Solaria Energia was the second-best performing company in the IBEX 35 Index as it jumped by 135%. The surge happened as the solar energy company announced a plan to triple its capacity and boost its profitability.
Solaria committed to investing €2.5 billion, a move that it expects to triple its operational capacity by 2028. It also signed a 150 MW solar deal and the first 180 MW wind contracts with Repsol. Solaria also expanded its business to the booming data center industry.
The company also published strong financial results, with its nine-month EBITDA and net profit rising to €230 million and €141 million, respectively.
Banco Santander
Banco Santander was another top gainer in the IBEX 35 as it jumped by 126%. The surge brought its market cap to over €161 billion, making it one of the biggest banks in the world.
Santander’s surge mirrored that of other top European banks like Société Générale, Lloyds, Commerzbank, and Deutsche Bank. It benefited from the relatively high interest rates and the robustness of the European economy.
Banco Santander’s profit before tax rose by 5.5% to €4.65 billion in the third quarter. Its nine-month profit jumped by nearly 5% to over €13.76 billion.
Following Santander were other Spanish banks like BBVA, CaixaBank, Bankiter, and Banco Sabadell, which jumped by 112%, 99%, 86%, and 80%, respectively.
Other top gainers in the IBEX 35 Index were companies like Grupo ACS, Mapfre, ArcelorMittal, and Acciona.
Top laggards in the IBEX Index
There were just a handful of companies in the red this year. Puig Brands, a popular fashion and beauty company, was the top laggard as it dropped by 16%. This retreat happened after a major downgrade from JPMorgan, which cited the slowdown in the fragrance business.
The other companies that slipped this year were Telefonica, Cellnex Tel, Redeia Corporacion, Amadeus, and Fluidra.
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