In a company, dividends are the portion of profits paid to shareholders before the fiscal year closes. The level of dividend yield is a major driver for investors considering stock purchases. The act of distributing earnings, the dividend payment, is eagerly anticipated by markets and shareholders alike. Spanish listed companies collectively paid 19.575 billion euros in the first half of this year, which represents a 34.2% increase from the same period in 2023. This marks the highest first-half total in six years for the period.
Looking ahead to the second half, several payments have been confirmed. Banco Sabadell is scheduled to pay on October 1, delivering a gross dividend of 0.08 euros per share, totaling 429 million euros. This will be 33% higher than the aggregate payments made by the two dividends in 2023.
December will bring distributions from Fluidra in two installments, with the total around 105 million euros. IAG will also distribute dividends in September after a five-year gap. Inditex will pay 0.77 euros per share in November; when added to the payment already made in May, the total for the year will reach 4.8 billion euros, the largest payout in its history. Telefónica will pay 0.15 euros per share in December. Logista has also confirmed a payment within August.
Other Ibex 35 companies will also distribute dividends this year, though some payment dates remain provisional. Banco Santander is expected to pay in October, followed by BBVA, Caixabank, Ferrovial, and Merlin Properties. Cellnex is anticipated to wait until November, as are Grifols, Mapfre, and Naturgy. Endesa is expected to pay in December. Looking ahead to 2025, anticipated payouts include Acerinox, ACS, Repsol, Sacyr, and Amadeus in January; Acciona Energía and Aena in April; Unicaja in May; and Acciona in July.
According to Bankinter’s initial market and analyst team estimates, Ibex-listed companies are projected to average around 4.4% dividend yield. Among the group, Unicaja stands out with an estimated yield of 7.7%, followed closely by CaixaBank at 7.4% and Telefónica at 7.3%. At the lower end, Solaria, Grifols, and IAG show near-zero yields for the period analyzed.
Additional dividend prospects
Beyond the Ibex, several other companies are also set to distribute dividends. Three have confirmed plans: Aperam and Naturhouse Health in September, and Ebro Foods in October. This year will also see payments from Alantra, Alba, Atresmedia, Coca-Cola European Partners, Elecnor, Grifols, Grupo Catalana Occidente, Libertas, Miquel y Costas, Pharma Mar, Prim, Prosegur Cash, and Renta 4 Servicios.
Looking into 2025, additional distributions are expected from Airbus, Almirall, Applus Services, Azkoyen, Cie Automotive, Día, Ercros, Faes Farma, Ferrocarriles, FCC, Gestamp Autom, Global Dominion, Grupo Empresarial San José, Inmobiliaria del Sur, Laboratorios Farma, Meliá, Nicolás Correa, Reig Jofre, Técnicas Reunidas, and Vidrala.
Bankinter also provides outlooks for dividend yields from non-Ibex-listed firms. Leading the pack are Neinor Homes with an estimated 13% yield, followed by Aedas Homes at 9.8% and Prosegur Cash at about 8.9% on average.
Key dividend dates to track
Dividend calendars hinge on four pivotal moments. First is the dividend announcement date, when the board declares the amount. The second is the ex-dividend date, the day from which the stock trades without the right to the upcoming dividend. If an investor buys after that date, they will not be entitled to the payout. The holder of the dividend rights is the seller of the shares on that date.
One common strategy to qualify for the dividend is selling the shares on or after the ex-dividend date. The third key date is the record date, when the company officially confirms which shareholders qualify for the payout. The fourth is the payment date itself.