A total of 64 listed companies, 27 of which are part of the Ibex 35, already meet or exceed the 40% target for female representation on their governing bodies. This progress occurs in a context where organic law mandates this quota for major companies starting next June 30, and for the rest of listed companies from June 2027.

Despite the general improvement, some Ibex 35 companies, such as Acerinox (36%), Grifols, Indra, Naturgy (all 33%), Puig (30%), and Solaria (16%), still lag behind the average. On average, Ibex companies have reached 42.19%, with 16 of them having parity or higher female representation on their boards.

The situation in senior management contrasts with that of the boards. Female participation in these key positions stands at 25.18%, a figure similar to the previous year. Although 26 listed companies exceed 40% women in senior management, 23 companies have no women in these roles, significantly affecting smaller capitalization firms.

The analysis by director categories shows that independent directors lead with 55.22%. Proprietary directors account for 26.94%, while executive directors, though fewer in number, have slightly increased to 9.87%. In senior management, Ibex 35 companies closed 2025 with 27.71% women.