IBEX 35

Acciona is a Spanish infrastructure and renewable energy group listed on the IBEX 35. The company develops and manages sustainable infrastructure projects — including renewable energy plants, water treatment facilities and civil engineering works — across more than 40 countries. It has positioned itself as one of Spain's leading players in the energy transition.

Acerinox is a Spanish manufacturer of stainless steel and one of the largest in the sector worldwide. Founded in 1970 and based in Madrid, it runs production plants in Spain, the United States, South Africa and Malaysia. The company is a global leader in cold-rolled stainless steel and exports to over 80 countries.

ACS (Actividades de Construcción y Servicios) is one of the world's largest construction and infrastructure groups. Chaired by Florentino Pérez, the company undertakes major projects across highways, railways, energy, water, mining and industrial facilities. It is listed on Spain's IBEX 35 and employs over 200,000 people across 65 countries.

AENA is the world's largest airport operator by passenger numbers. The Spanish semi-public company, headquartered in Madrid, manages 46 airports and two heliports in Spain, along with stakes in airports across Europe and Latin America. Founded in 1991 and listed on the IBEX 35, it handles more than 200 million passengers a year.

Amadeus IT Group is a Spanish technology company and a global leader in travel industry solutions. Founded in 1987 and headquartered in Madrid, it provides reservation and management systems to airlines, hotels, travel agencies and rail operators in over 190 countries. Its platforms process millions of travel transactions every day.

ArcelorMittal is the world's largest steel producer. Formed in 2006 through the merger of Arcelor and Mittal Steel, it is headquartered in Luxembourg and operates in more than 60 countries. The company produces steel for construction, automotive, home appliances and packaging sectors. It has subsidiaries in Spain with plants in Gijón, Avilés and Sestao.

Banco Sabadell is Spain's fourth-largest bank by assets. Founded in 1881 in the Catalan city of Sabadell, it provides banking services to individuals, corporations and SMEs. It operates in over 35 countries and maintains a significant presence in the United Kingdom through TSB Bank. In 2024 the bank became the subject of a takeover bid from BBVA.

Banco Santander is the largest bank in the eurozone and one of the global leaders by market capitalisation. Founded in 1857 in the city of Santander, it now serves more than 168 million customers across Europe, North America and South America. It maintains a strong presence in Spain, the United Kingdom, Brazil, Mexico, the United States, Poland and Portugal, with a focus on retail, commercial and investment banking.

Bankinter is a mid-sized Spanish bank specialising in retail and business banking. Founded in Madrid in 1965 as an industrial bank, it was a pioneer of internet and telephone banking in Spain. Listed on the IBEX 35, it offers banking services, insurance and investment products to individuals and companies.

BBVA (Banco Bilbao Vizcaya Argentaria) is one of the largest banks in Spain and Latin America. Founded in 1857, it serves over 70 million customers in 25 countries, with leading positions in Spain, Mexico, Turkey, South America and the United States. A pioneer in digital banking and sustainability, it has been recognised as one of the world's most innovative banks.

CaixaBank is Spain's leading retail bank by domestic customers and branches, resulting from the 2021 merger with Bankia. Headquartered in Valencia, it serves over 20 million customers through an extensive nationwide network and a digital banking platform. It is also the largest insurance distributor in Spain through its VidaCaixa and SegurCaixa Adeslas subsidiaries.

Cellnex Telecom is Europe's largest independent operator of wireless telecommunications infrastructure. Based in Barcelona, it operates over 130,000 antenna sites across 12 European countries for mobile network operators. Listed on the IBEX 35, it is a key player in the rollout of 5G networks across the continent.

CIE Automotive is a Spanish industrial group specialising in the manufacture of components for the automotive industry. Founded in 2002 and based in Bilbao, it operates over 100 industrial plants across 15 countries in Europe, the Americas and Asia. The company supplies the world's leading car manufacturers and is listed on the IBEX 35.

Enagás is a Spanish energy company and the European transmission system operator (TSO) responsible for managing Spain's national gas grid. It operates four liquefied natural gas (LNG) regasification terminals — at Huelva, Barcelona, Cartagena and Gijón — as well as minority stakes in additional LNG infrastructure. The company plays a central role in Spain's gas security of supply.

Endesa is Spain's largest electricity company, a subsidiary of Italy's Enel group. It generates and distributes electricity to around 14 million supply points across Spain and also operates in Portugal and other European markets. Endesa is investing heavily in renewable energy and grid modernisation to support Spain's energy transition.

Ferrovial is a global infrastructure company headquartered in Spain, operating in more than 15 countries. It manages airports — including Heathrow and 29 airports in Canada via AGS — as well as toll motorways such as the 407 ETR in Toronto and the Texas managed lanes. Ferrovial is also active in construction and urban services. Listed in Madrid, Amsterdam and New York.

Grifols is a Spanish healthcare company focused on the plasma-derived medicines sector and one of the IBEX 35's most closely watched constituents. Headquartered in Barcelona, it is among the world's largest producers of plasma proteins, with manufacturing and distribution operations across Europe, the Americas and Asia.

Grupo Catalana Occidente is a Spanish insurance holding company. It operates in the traditional domestic insurance market through the Occident brand, and in worldwide credit insurance through its international subsidiaries Atradius and Crédito y Caución.

IAG (International Airlines Group) is the holding company that unites British Airways, Iberia, Vueling, Aer Lingus and LEVEL. Formed in 2011 from the merger of British Airways and Iberia, it is one of the world's largest airline groups, carrying over 100 million passengers a year and operating around 600 aircraft across four continents.

Iberdrola is one of the world's largest electric utilities and a global leader in renewable energy. Founded in 1992 through the merger of Hidroeléctrica Española and Iberduero, it operates in Spain, the United Kingdom, the United States, Mexico and Brazil. A pioneer in onshore and offshore wind power, it also leads industrial electrification and the deployment of smart grids.

The IBEX 35 is Spain's main stock market index, comprising the 35 most liquid companies listed on the Madrid Stock Exchange continuous market. It was created in 1992 and is managed by Sociedad de Bolsas. The index is weighted by free-float market capitalisation and reviewed semi-annually.

Inditex is the world's largest fashion group by market capitalisation, owning Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Lefties. Founded in 1985 by Amancio Ortega in Arteixo (A Coruña), it operates over 5,500 physical stores across 96 markets and sells online in more than 200 countries. Its just-in-time production model — manufacturing close to consumers and restocking rapidly — remains a global benchmark in fashion.

Inmobiliaria Colonial is a Spanish multinational real estate corporation listed on the IBEX 35. It operates as a Real Estate Investment Trust (REIT) whose activities span property rental, land and development. The group is focused primarily on prime office real estate in the major Iberian cities, with additional exposure to the Paris market.

Laboratorios Rovi is a Spanish pharmaceutical company specialising in the development, manufacturing and commercialisation of medicines. Headquartered in Madrid, it has a substantial contract manufacturing division serving third parties, including the production of Moderna's COVID-19 vaccine. Listed on the IBEX 35, it exports to over 40 countries.

Mapfre is one of Spain's leading insurance groups, listed on the IBEX 35. The company holds a prominent position by market capitalisation and commands attention from both institutional and retail investors. Its business spans traditional insurance lines in Spain as well as significant international operations across Europe and Latin America.

Meliá Hotels International (formerly Sol Meliá until 2011) is a Spanish hotel chain headquartered in Palma de Mallorca, Balearic Islands. The Sol brand was founded in 1956 by Gabriel Escarrer Julià, while the Meliá brand was established by José Meliá Sinisterra. Today the group manages hotels under multiple brands across Europe, the Americas, Asia and Africa.

MERLIN Properties SOCIMI is a Spanish real estate company listed on both the Madrid Stock Exchange and Euronext Lisbon. It focuses on the acquisition and management of tertiary assets in the Iberian Peninsula — mainly offices, shopping centres, logistics platforms and data centres. It is one of the largest REITs in Southern Europe.

Naturgy Energy Group is a Spanish company operating in the electricity and gas sectors, with its registered office in Madrid. Its current executive chairman is Francisco Reynés. Until 2018 the company traded under the name Gas Natural Fenosa, following the 2009 merger of Gas Natural and Union Fenosa.

Neinor Homes is one of Spain's leading residential property developers. Founded in 2015 and headquartered in Bilbao, it specialises in the construction and sale of mid-to-high quality homes. Listed on the IBEX 35, it operates in Spain's major cities and coastal areas, with a business model oriented towards energy efficiency.

PharmaMar is a Spanish biopharmaceutical company focused on the discovery and development of marine-derived anticancer drugs. Founded in 1986 in Colmenar Viejo, Madrid, it is a world leader in research into antitumour compounds from the sea. Its best-known product is Yondelis (trabectedin), used in the treatment of soft tissue sarcoma and ovarian cancer.

Red Eléctrica de España (REE) is the Spanish electricity system operator and the sole high-voltage transmission network operator in Spain. A semi-public company established in 1985, it manages around 45,000 km of transmission lines and is responsible for guaranteeing the security of electricity supply. In 2021 the company rebranded as Redeia and expanded into fibre telecommunications.

Repsol is Spain's largest energy company and one of the major multinationals in oil and gas. Founded in 1987, it operates in over 30 countries covering the full chain: exploration, refining, chemicals, gas, retail and new energy. It is committed to decarbonisation through biofuels, green hydrogen, renewable electricity and electric mobility.

Solaria Energía y Medio Ambiente is a Spanish company specialising in solar photovoltaic energy. Founded in 2002 and headquartered in Madrid, it is one of the fastest-growing solar energy companies in the IBEX 35. It operates its own solar parks in Spain, Portugal and Italy, with expansion projects under way in several other European countries.

Telefónica is one of the world's largest telecommunications operators, with more than 380 million customers across Europe and Latin America. Founded in 1924 in Madrid, it operates under the Movistar brand in Spain and LatAm, O2 in the UK and Germany, and Vivo in Brazil. A leader in fibre and 5G, it also develops cloud, cybersecurity and digital banking services.

Viscofan is a Navarrese company and the global leader in the manufacture of artificial casings for meat products. Founded in 1975 in Cizur Menor, Navarra, it produces collagen, cellulose, fibrous and plastic casings. It exports to over 100 countries and supplies the world's major processed meat producers. It is listed on the IBEX 35.