Spain’s 2025 Stock Market ‘Dream Team’: Dominion, Técnicas Reunidas, Almirall, Ence and Santander Lead the Charge
While most global markets are still tiptoeing through inflation, geopolitical headaches, and the hangover of digital disruption, Spain has done something faintly surprising—it’s produced a stock market rally that feels, dare one say it, almost optimistic.
At the heart of this unexpected surge sits an unlikely “Dream Team”: Global Dominion Access, Técnicas Reunidas, Almirall, Ence, and Banco Santander. Five companies, five sectors, all posting double‑digit gains in 2025—and quietly outpacing not just the IBEX 35, but also plenty of better‑branded European benchmarks.
What unites them? Not much, on paper—engineering, biotech, biomass, banking—but that’s the point. Together they sketch a picture of an economy doing what Spain does best: adapting, surprising, and occasionally rewriting the rules.
Dominion: The Digital‑Industrial Hybrid Investors Didn’t Know They Needed
Global Dominion Access isn’t exactly a household name, but in 2025 it’s become the quiet star of the Spanish Bolsa, up 18% YTD.
Its secret? Being two things at once: part tech firm, part industrial services player. Dominion sells automation, digital infrastructure, and energy‑efficiency solutions—the kind of “plumbing of the future” that doesn’t make headlines but makes balance sheets happy.
Strategic contracts in Latin America and a push into green energy consulting have made Dominion irresistible to institutional investors who like their industrials with a side of innovation.
Técnicas Reunidas: Engineering a Comeback Story
Once battered by oil price swings and messy project delays, Técnicas Reunidas has staged what looks suspiciously like a comeback tour: up 22% since January.
The Madrid‑based engineering giant is riding a global wave of new oil and gas investments, as countries scramble for energy security. Middle Eastern and North African contracts are flooding in, and the company is suddenly flush again.
But this isn’t just a fossil‑fuel rerun. Técnicas Reunidas has pivoted toward hydrogen and carbon capture projects—allowing it to pitch itself as a bridge between yesterday’s energy and tomorrow’s. Investors are listening.
Almirall: The Biopharma Comeback Kid
Pharma stocks aren’t famous for drama, but Almirall is having a narrative moment. The dermatology‑focused biotech has gained 16% this year, powered by strong clinical trial results and the successful rollout of a new psoriasis drug across Europe.
Mid‑cap biotechs with niche specialities are having a moment, and Almirall fits the bill: leaner, more focused, and increasingly seen as an innovator worth betting on. In a post‑COVID world still obsessed with pipelines, this is one to watch.
Ence: The Sustainable Surprise
If there’s an underdog on this list, it’s Ence Energía y Celulosa—once just a pulp producer, now a 2025 breakout star with a staggering 24% gain.
Ence is reinventing itself as a biomass and renewable energy leader. EU climate policies have turned that pivot into a goldmine, with subsidies, incentives, and ESG‑friendly investors all lining up.
Higher pulp prices, better margins, and a “clean energy” narrative have transformed Ence from industrial also‑ran to sustainability poster child.
Santander: Banking on the New Normal
And then there’s Banco Santander, Spain’s financial heavyweight, up 13% this year—not breathtaking, but in Europe’s choppy banking waters, solid looks spectacular.
Higher interest rates have fattened margins, while Santander’s sprawling footprint (Brazil, Mexico, and beyond) provides insulation from any single market’s storm. Add digital banking upgrades and a steady dividend outlook, and you have the rare bank stock that feels both defensive and quietly ambitious.
Ana Botín summed it up at a recent investor call: “balanced growth strategy.” Markets seem to believe her.
The Bigger Picture
Spain’s IBEX 35 is up, but not this up. These five companies have become the unexpected narrative of the Spanish market in 2025: proof that smart execution, sectoral diversity, and a bit of luck can beat the macro‑gloom.
Foreign capital has noticed. Compared to the political theater in some EU neighbors, Spain looks stable, even boring—and right now, boring is bullish.
Risks (Because There Are Always Risks)
Yes, there are caveats. Ence’s biomass push could face regulatory scrutiny. Almirall is only as good as its next trial. Santander benefits from today’s rates, but a central‑bank pivot could pinch margins.
Yet these aren’t just sugar highs—they’re companies sitting on long‑term themes: digitization, decarbonization, healthcare innovation, and financial modernization.
Conclusion: A Bullish Banner for Spain
Dominion, Técnicas Reunidas, Almirall, Ence, Santander—Spain’s 2025 Dream Team—aren’t just outperforming the market. They’re redefining it.
Whether they can keep their lead depends on the usual suspects—macroeconomic winds, regulatory surprises, global shocks. But for now? They’re the stocks making Spain’s exchange feel like a market to watch again.
Because in 2025, the real surprise isn’t that these companies are up double digits. The surprise is that Spain’s market feels like it has a story again.