The 16th edition of Spain Investors Day (SID) showed that the stock market is back in vogue. BME has participated in SID since its inception, whose objective is to promote Spain as an investment destination, and this year, with the IBEX 35 at record highs and attractive stock market multiples, this is more justified than ever. King Felipe VI presided over the opening ceremony, and Prime Minister, Pedro Sánchez, made the closing
Spain has established itself as one of the most attractive investment destinations in Europe in a complex international context. The Spanish economy has shown high resilience, combining sustained growth, inflation control, record job creation, and improved public finances with a notable reduction in the risk premium and a recovery in international confidence.
In this context, Spanish companies are doing very well. The IBEX 35 is at historic highs and valuations remain clearly attractive: the P/E ratio (times that the profit is reflected in the share price) is 13 times, 2.3 points below its average for the last 37 years and the lowest in Europe (the US is above 28 times). “Our average dividend yield of 4.1% is among the highest in the world, and national and international managers indicate that Spain will continue to attract investment after several years off the radar. In short, the stock market is in vogue.” With these words, Juan Flames, CEO of BME, referred to the favorable moment for the Spanish stock market during the official SID dinner. Also participating in the opening ceremony were José Manuel Albares, Minister of Foreign Affairs; Carlos San Basilio, Chairman of the CNMV; and Juan Pablo García-Lliberós, CCO of AON Spain.
BME has supported this initiative since its inception and, at its 16th edition, had the opportunity to promote the attractiveness of the Spanish market through Bjorn Sibbern, CEO of SIX and Chairman of BME. Sibbern took part in the group photo at the opening ceremony presided over by the King and attended the closing ceremony with the Prime Minister, Pedro Sánchez.
He also took part in one of the main panels of the meeting: “The role of large investors in the development of the Spanish economy.” The debate was attended by Manuel de la Rocha, Secretary of State and Director of the Office of Economic Affairs and G20 for the Presidency of the Government; Davies of Abersoch, former UK Minister of Trade and Investment and Chairman of Letterone; Joseph Oughourlian, Chairman of Amber Capital and Grupo PRISA; and Javier Valle, Senior Managing Director of Apollo Global Management. The panel was moderated by Lara Hemzaoui, partner at Linklaters.
In his speech, Bjorn Sibbern highlighted Spain's appeal as an investment destination. "At the last SID, I was optimistic about Spain, but I did not foresee that the IBEX 35 would exceed a 49% increase in value. Trading volume has increased, share prices have risen, and the outlook for 2026 is favorable. I am proud to lead one of the most attractive stock exchanges in Europe.“ He concluded by saying that ”we must encourage retail participation so that they can be part of this fantastic market."
International context
During the various panels, it was identified that institutional stability, commitment to multilateralism, a stronger and more integrated Europe, openness to international trade, and Spain's strategic role as a bridge to Latin America, reinforced by the agreement with Mercosur, are key factors that explain the country's attractiveness. Added to this are the strength of the business fabric, sectoral and geographical diversification, and, notably, the talent of Spanish human capital, considered an essential competitive advantage for attracting productive and long-term investment.
Alongside this positive diagnosis, the debates also identified the main challenges facing the Spanish economy in order to consolidate this favorable cycle. These include the need to accelerate the reduction of public debt, close the productivity gap with Europe and the United States, boost growth, and increase the size of companies. They also include simplifying regulation and improving access to housing. Likewise, the importance of strengthening energy self-sufficiency, advancing investment in defense and innovation, and deepening European integration—especially in the union of capital markets—was noted in order to better channel savings toward investment. The final consensus was that Spain is starting from a solid and attractive position, but must take advantage of this moment to continue with structural reforms that guarantee sustainable and competitive growth in the long term.
During the closing ceremony of the SID, Prime Minister Pedro Sánchez highlighted the solid prospects for the Spanish economy, which is on track to achieve six years of growth and job creation. Finally, he reaffirmed Spain's openness to productive investment, the importance of the agreement with Mercosur, and announced the creation of the “España Crece” Sovereign Fund to maintain the momentum of the European Next Generation funds, which end this year, and to continue supporting investment in strategic sectors. The Fund will have a base of €10.5 billion and aims to mobilize a further €120 billion through private debt and national and international investments.
