Spain’s 2025 Stock Market ‘Dream Team’: Dominion, Técnicas Reunidas, Almirall, Ence and Santander Lead with Double-Digit Gains
As global markets continue to navigate inflation concerns, geopolitical turbulence, and digital transformation, Spain’s stock market has offered a surprisingly strong performance in the first half of 2025. Leading the charge is a group of standout companies being dubbed the “Dream Team” of the Spanish Bolsa: Global Dominion Access, Técnicas Reunidas, Almirall, Ence, and Banco Santander. These five firms have recorded double-digit gains, outpacing not only the IBEX 35 but also several European benchmarks.
This surge highlights a diverse range of sectors—from engineering and biotechnology to sustainable energy and banking—revealing investor confidence in both Spain’s economic resilience and its evolving corporate landscape.
Dominion: The Digital-Industrial Hybrid Gaining Investor Trust
Global Dominion Access has emerged as a rising star in 2025, benefiting from its hybrid business model that bridges industrial services and technological solutions. With a year-to-date (YTD) gain exceeding 18%, the company is capitalizing on increased demand for automation, digital infrastructure, and energy efficiency solutions.
Analysts point to Dominion’s strategic contracts in Latin America and its expansion into green energy consulting as key growth drivers. Its streamlined operating model and consistent cash flow generation have made it a favorite among institutional investors seeking exposure to tech-enabled industrial transformation.
Técnicas Reunidas: Engineering a Turnaround
After several years of volatility due to fluctuating oil prices and project delays, Técnicas Reunidas has staged a remarkable recovery, with its stock price surging over 22% since January. The Madrid-based engineering firm, which specializes in designing and building energy infrastructure, has been buoyed by a global uptick in oil and gas investments, driven by energy security concerns and reindustrialization efforts.
In particular, Técnicas Reunidas has secured major contracts in the Middle East and North Africa, revitalizing its order book and boosting investor sentiment. Its pivot toward carbon capture and storage (CCS) and hydrogen project development also aligns with the global green energy narrative, adding a layer of sustainability to its traditional portfolio.
Almirall: Biopharma’s Comeback Kid
In the healthcare sector, Almirall, a Spanish pharmaceutical company focused on dermatology, has gained over 16% YTD. This rally is attributed to a series of positive clinical trial results and the successful European launch of a new psoriasis treatment, which analysts expect to generate substantial revenue over the next five years.
Moreover, Almirall has benefited from increased market enthusiasm for mid-cap biotech firms, especially those with niche expertise and robust pipelines. The company’s leaner cost structure, sharpened focus on R&D, and commitment to innovation are resonating strongly with growth-oriented investors.
Ence: The Sustainable Surprise
Often overshadowed in previous years, Ence Energía y Celulosa has stunned the market with an impressive 24% gain, making it one of the top performers in the Spanish energy and materials sector. Ence, traditionally known for its cellulose production, has been reinventing itself as a leader in renewable energy, particularly biomass.
The company has expanded its clean energy division, aligning with EU climate targets and benefiting from policy incentives in Spain and Portugal. It has also seen improved margins thanks to higher pulp prices and operational efficiencies. Ence’s strong ESG (Environmental, Social, and Governance) credentials are attracting institutional capital from sustainability-focused funds.
Santander: Banking on Rate Normalization
Banco Santander, Spain’s largest bank and a key player in global finance, rounds out the Dream Team with a 13% gain YTD. While much of the European banking sector has experienced modest growth due to persistent economic uncertainty, Santander stands out due to its international diversification, particularly in high-growth markets like Brazil and Mexico.
Higher interest rates in core geographies have expanded net interest margins, while cost control measures and digital innovation have bolstered operational performance. Additionally, Santander’s strong capital position and dividend outlook are appealing to income-seeking investors.
CEO Ana Botín recently highlighted the bank’s “balanced growth strategy” as key to weathering economic volatility. With digital banking penetration rising and credit demand stabilizing, Santander appears well-positioned to continue its upward trajectory.
Broader Market Context
Spain’s broader IBEX 35 index has posted modest gains in 2025, lagging behind this high-performing quintet. While macroeconomic challenges—such as inflationary pressures, labor market reforms, and global supply chain issues—continue to weigh on sentiment, the outperformance of these five companies suggests a resilience and agility in key sectors of the Spanish economy.
Foreign investor interest in the Spanish market has also increased, driven by the perception that Spain offers a compelling mix of value and growth stocks, with a relatively stable political environment compared to some of its European peers.
Investor Outlook
Market analysts view the Dream Team’s success as both a reflection of strategic corporate execution and an indicator of where the smart money is heading. These firms embody some of the biggest themes in global investing: digitization, decarbonization, healthcare innovation, and financial modernization.
«These aren’t just lucky rallies—they represent sustainable, long-term trends,» said Javier Álvarez, head of European equities at IberCapital. «Each of these companies is capitalizing on a unique advantage, whether it’s technology, geography, or strategic positioning. That’s what makes them worth watching through the rest of 2025 and beyond.»
Risks and Considerations
Despite the strong performance, investors are advised to remain cautious. Global macroeconomic risks, regulatory changes, and sector-specific headwinds could temper future growth. For instance, tighter environmental regulations could affect Ence’s biomass strategy, or delays in drug approvals might impact Almirall’s pipeline.
Moreover, while Santander benefits from rate normalization, any unexpected central bank pivot could impact banking margins and earnings.
Conclusion
Spain’s “2025 Dream Team” in the stock market—Dominion, Técnicas Reunidas, Almirall, Ence, and Santander—represents a dynamic cross-section of industries embracing change and growth. Their double-digit gains underscore not just financial performance but also the underlying innovation and strategic foresight driving Spanish business in a complex global economy.
Whether this momentum can be sustained will depend on both external macroeconomic conditions and each firm’s ability to adapt. For now, however, these five stocks are the banner bearers of a bullish 2025 on the Spanish exchange.