The appetite for equities continues to grow, and one of the main drivers is undoubtedly shareholder returns. While inflation continues to be a major concern in Spain, listed companies are responding with increasingly generous payouts. Data from the first half of the year confirms that Spanish companies have once again broken their own records in terms of dividend payouts.
This is not an isolated phenomenon. Globally, cash flow into investors' pockets has also reached record levels. However, what's most interesting for local investors is that the dividend yield of the Ibex 35 remains among the most attractive in Europe , far exceeding the 4,3% recorded by the CPI in August. Let's break down the figures, the dates, and the stocks that are shining brightest.
The whole world is sharing the spoils, and Europe is leading the party.
The latest report from Janus Henderson, which has expanded its historical index to include share buybacks, paints a very clear picture. During the first quarter of the year, the world's 1.500 largest publicly traded companies distributed $424.500 billion in ordinary dividends, a 10% increase compared to the same period last year . And note that a significant portion of that pie has a European flavor.
Switzerland has emerged as the continent's biggest dividend payer, with $27.3 billion, thanks primarily to the contributions of pharmaceutical companies like Novartis and Roche, which have broken into the global top five. Alongside them, Saudi Aramco remains the world's most generous dividend payer, closely followed by Microsoft and China Construction Bank. Global dividend growth is expected to continue rising, reaching around 8,3% for the year as a whole.
Spain, in record mode: more than 26.000 billion in just six months
Looking at Spain, the figures are truly impressive. According to data compiled by Bolsas y Mercados Españoles (BME), Spanish listed companies distributed €26.399 billion in the first half of the year, representing a 21,65% increase compared to the same period last year . This figure only reinforces an upward trend that has now lasted six consecutive years, interrupted only by the forced shutdown due to the pandemic.
Last year closed with a total payout of €42.671 billion, 12,7% more than in 2024, and all indications are that 2026 will far exceed that figure. In fact, the Ibex 35 with dividends has proven to be a long-term bargain: its cumulative annual return over 30 years reaches 7,95% , four percentage points higher than if only share price appreciation is considered. Reinvesting dividends, as they say, works wonders.
September: few payments, but very significant
September isn't exactly the rainiest month for dividends, but those that do arrive deserve attention. ArcelorMittal will pay its third quarterly dividend on the 9th, amounting to €0,13 gross per share, while Aperam will follow suit the next day with around €0,425. Both stocks, however, have been trading non-paying since August, so anyone wanting to jump on board will have to wait for the next dividend round.
Unicaja's big announcement this month comes from the bank. Unicaja will pay a gross dividend of €0,0844 per share on September 24, with the discount date being the 22nd. This payment, totaling around €217 million, represents a 28% increase over last year's interim dividend and is equivalent to 60% of the first half of the year's net profit. Furthermore, the bank has already announced another cash payment for December.
And keep an eye on Ebro Foods, because although it doesn't pay dividends in September, the 29th will mark a turning point. On that day, the company will begin trading without the right to receive the €0,23 dividend that will be paid on October 1st. The lesson this month is clear: more important than the dividend payment date is the ex-dividend date , because buying shares after that date does not entitle you to the dividend.
Returns that leave inflation in the dust
With the CPI soaring to 4,3% in August, finding refuge in stocks offering dividend yields above that figure has become a priority for many savers. In the Ibex 35, there are as many as six companies with yields exceeding 5%. Leading the pack, with a particularly striking figure, is Banco Sabadell, at 17,83%. It is followed by Enagás and Naturgy, both at 5,95%, and closely behind are Logista (5,79%), Inmobiliaria Colonial (5,70%), and Redeia (5,25%).
Beyond our borders, the Euro Stoxx 50 also offers attractive opportunities. Volkswagen, despite its challenging year on the stock market, combines a dividend yield of nearly 8% with an upside potential of 30%, according to analysts. Mercedes-Benz and Intesa Sanpaolo also offer yields exceeding 6%. This combination of high returns and potential for appreciation is undoubtedly the holy grail for those seeking to grow their wealth in the medium and long term.
With these figures in hand, the dividend outlook in Spain and Europe appears very healthy. Record payouts, a September calendar packed with unmissable events like Unicaja and the key Ebro Foods dividend, and yields that are double the inflation rate, paint an attractive picture for investors. However, it's important to remember that the discount date is crucial and that, as always, prudence and diversification are the best allies to avoid unpleasant surprises.
