Spain’s benchmark stock index, the IBEX 35, is expected to be one of Europe’s top performers in 2026, according to a new report by Goldman Sachs.
Strategists at the bank forecast that Spanish-listed companies will deliver profit growth of 24.8%, placing Madrid’s market firmly among the continent’s strongest.
The IBEX 35 is predicted to rank as the third most profitable stock market in Europe, behind Norway’s OBX Oslo 25 and Germany’s mid-cap index in Frankfurt.
While Spanish companies are expected to post strong gains, Norway leads the pack by a wide margin, with projected earnings growth of over 50%, driven largely by its energy-heavy economy.
Beating the European average
Spain’s projected growth comfortably outpaces the broader European benchmark, the Euro Stoxx 50, which is expected to see earnings rise by 15.3%.
That gap highlights the relative strength of Spanish firms, even amid recent geopolitical uncertainty that has weighed on markets.
In practical terms, the forecast suggests Spanish companies could generate billions more in profits compared to the previous year – a figure well above the index’s historical average.
Behind Spain, France’s stock market is expected to post earnings growth of 21.1%, followed by Italy at 19.7% and London at 17.9%.
At the other end of the scale, Stockholm is forecast to see much weaker growth of just 4.6%.
Why Norway is ahead
Norway’s standout performance comes down to its economic structure. According to analysts, its market is highly cyclical and heavily exposed to energy and commodities.
Companies such as Equinor and Aker BP dominate the index, alongside shipping firms, banks and tech companies – sectors that tend to benefit strongly from global demand swings.
Earnings season begins
The outlook comes as European markets enter a key earnings season, with major banks and corporations set to report results in the coming weeks.
For Spain, expectations are high and if forecasts hold, the IBEX 35 could emerge as one of the continent’s standout performers in 2026.
