European Dividend Aristocrats: The Best Dividend Stocks in Europe (Ranked) 2024

European Dividend Aristocrats
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In this article you will find out exactly which stocks are defined as European dividend aristocrats, i.e. the absolute best dividend stocks in Europe.

For me, these are European stocks to keep in your portfolio forever, given their spectacular track record.

Come with me.


Key Takeaways:

  • The original “Dividend Aristocrats” stock index is in the US
  • There is an official European version inspired to the S&P Europe 350 Dividend Aristocrats
  • The two indices are not the same because they are based on different principles
  • A “Real European Dividend Aristocrats” list of stocks based on the US index requirements is possible and you can read it below

The European Dividend Aristocrats List

Here are the 40 stocks that are part of the best group of selected stocks with European Dividend Aristocrats characteristics:

ISINSecurity NameCountrySector
IT0001233417A2A S.p.A.Italy 🇮🇹Utilities ⚙️
FR0000120073Air Liquide SAFrance 🇫🇷Materials 🏗️
FR0000120503Bouygues SAFrance 🇫🇷Industrials 🏭
IT0000062072Assicurazioni GeneraliItaly 🇮🇹Financials 🏦
BE0974264930Ageas SA/NVBelgium 🇧🇪Financials 🏦
DE0008404005Allianz SEGermany 🇩🇪Financials 🏦
FI0009005987UPM-Kymmene OyjFinland 🇫🇮Materials 🏗️
ES0130960018Enagas SASpain 🇪🇸Utilities ⚙️
DE0005552004Deutsche Post AGGermany 🇩🇪Industrials 🏭
IE00B1RR8406Smurfit Kappa Group PLCIreland 🇮🇪Materials 🏗️
IT0001157020ERG S.p.A.Italy 🇮🇹Utilities ⚙️
PTEDP0AM0009EDP-Energias de Portugal SAPortugal 🇵🇹Utilities ⚙️
DE0005785604Fresenius SE & Co. KGaAGermany 🇩🇪Health Care 🩺
DE0008430026Munich Reinsurance CompanyGermany 🇩🇪Financials 🏦
IT0003242622Terna S.p.A.Italy 🇮🇹Utilities ⚙️
BE0974464977Syensqo SA/NVBelgium 🇧🇪Materials 🏗️
IT0001250932Hera S.p.A.Italy 🇮🇹Utilities ⚙️
FR0000120578SanofiFrance 🇫🇷Health Care 🩺
FI0009007884Elisa Oyj Class AFinland 🇫🇮Communication Services 📡
AT0000831706Wienerberger AGAustria 🇦🇹Materials 🏗️
FI0009013403Kone Oyj Class BFinland 🇫🇮Industrials 🏭
IT0003828271RecordatiItaly 🇮🇹Health Care 🩺
DE000A1DAHH0Brenntag Societas EuropaeaGermany 🇩🇪Industrials 🏭
DE000TLX1005Talanx AGGermany 🇩🇪Financials 🏦
DE0008402215Hannover Rueck SEGermany 🇩🇪Financials 🏦
BE0974349814Warehouses De Pauw SABelgium 🇧🇪Real Estate 🏘️
IT0001347308Buzzi SpaItaly 🇮🇹Materials 🏗️
FI0009000459Huhtamaki OyjFinland 🇫🇮Materials 🏗️
FR0000051807Teleperformance SAFrance 🇫🇷Industrials 🏭
DE0005810055Deutsche Boerse AGGermany 🇩🇪Financials 🏦
IE0000669501Glanbia PlcIreland 🇮🇪Consumer Staples 🛒
FR0010307819Legrand SAFrance 🇫🇷Industrials 🏭
FR0000121972Schneider Electric SEFrance 🇫🇷Industrials 🏭
DE0006048408Henkel AG & Co.Germany 🇩🇪Consumer Staples 🛒
DE0006602006GEA Group AktiengesellschaftGermany 🇩🇪Industrials 🏭
BE0974259880D’Ieteren GroupBelgium 🇧🇪Consumer Discretionary 🛍️
FR0013269123Rubis SCAFrance 🇫🇷Utilities ⚙️
DE000A3E5D64FUCHS SEGermany 🇩🇪Materials 🏗️
FR0000121204Wendel SEFrance 🇫🇷Financials 🏦
BE0003470755Solvay SABelgium 🇧🇪Materials 🏗️

I do my best to keep this list up to date. However, it may not be perfect as dividend stocks come and go.

If I want to invest in European dividend stocks that have an impressive history of dividend growth, this is the list for me.

The European Dividend Aristocrats List

These are European stocks with at least 10 years of dividend growth and a market capitalisation of at least €3 billion.


Who are today’s European Dividend Aristocrats?

Hold on: Let us start at the beginning, in the United States.

There is a very popular index in the United States called the S&P 500 Dividend Aristocrats.

US investors love it because it is a super selection of stocks that have not only paid dividends for 25 consecutive years, but have also increased their dividends year on year.

Of course, these stocks have often outperformed the broader market.

What characteristics does a stock need to have to be one of the real ‘Dividend Aristocrats USA’?

Here are the requirements:

  • Be included in the S&P 500 Index
  • Have been raising (not just paying) a dividends for at least 25 years
  • Have a market capitalisation of more than $3 billion (subject to change).

There are currently 68 US Dividend Aristocrats stocks in the US.

Now that we’ve established who the American Dividend Aristocrats are, let’s talk about the European Dividend Aristocrats.


What are the European Dividend Aristocrats?

The Difference between European and US Dividend Aristocrats explained.

Sorry to disappoint, but there is no exact European equivalent to the US Dividend Aristocrats index.

Who are today's European Dividend Aristocrats

To be a stock eligible for the Dividend Aristocrats Europe index, you just need to do the following:

  • Have increased (not just paid) dividends for 10 years or more
  • Be included in the S&P Europe 350 Index
  • Have a market capitalisation of over USD 3 billion (subject to change)
  • Have an average daily trading volume of more than US$5 million (it is liquid)

Of course, this means that the list of the best European dividend stocks is much weaker than the US list. This is mainly because 10 ANI is much less than 25 and we have no certainty that these stocks will be able to increase their dividends even in times of market downturns.

That is why I have decided to select the absolute best European dividend stocks for you.

This selection is very strict and only includes European stocks that fall within very serious parameters.

Here is what a stock has to have to be one of the best European dividend stocks:

  • Be listed in Europe or the UK
  • Have been paying a dividend for 20 years or more (not just paying it)
  • Have a market capitalisation of more than $3 billion

Stable dividends are not enough, we want it to increase over time.


Here is my list of 15 best European dividend stocks ever

  • Nestlé: a Swiss multinational company that produces and sells food and beverages. It increased its dividend per share from EUR 0.72 in 2003 to EUR 1.28 in 2022.
  • Unilever: a British group that manufactures and sells everyday consumer products. It increased its dividend per share from EUR 0.63 in 2003 to EUR 1.18 in 2022.
  • Roche: a Swiss company that produces pharmaceuticals and biotechnology products. It increased its dividend per share from EUR 0.76 in 2003 to EUR 2.64 in 2022.
  • Sanofi: a French company that produces drugs. It increased its dividend per share from EUR 0.38 in 2003 to EUR 1.67 in 2022.
  • Diageo: a UK company that produces and sells alcoholic and non-alcoholic beverages. It increased its dividend per share from EUR 0.77 in 2003 to EUR 2.40 in 2022.
  • L’Oréal: a French company that produces cosmetics and skin care products. It increased its dividend per share from EUR 0.88 in 2003 to EUR 2.64 in 2022.
  • Novartis: a Swiss company that produces drugs and biotechnology products. It increased its dividend per share from EUR 0.76 in 2003 to EUR 4.08 in 2022.
  • Enagas SA: a Spanish company that operates natural gas transmission and storage networks. It increased its dividend per share from EUR 0.312 in 2010 to EUR 1.032 in 2022.
  • Ashtead Group: a British company that provides equipment rental services for construction, industrial and events sectors. It increased its dividend per share from GBP 0.16 in 2006 to GBP 0.85 in 2023.
  • Coloplast: a Danish company that develops and sells medical devices and skin care products. It increased its dividend per share from DKK 2.07 in 2011 to DKK 21 in 2023.
  • British American Tobacco: a British multinational company that manufactures and sells tobacco products. It increased its dividend per share from GBP 0.83 in 2008 to GBP 2.31 in 2022.
  • Novo Nordisk: a Danish pharmaceuticals company that has increased its dividend every year since 1995.
  • SAP: a German software company that has increased its dividend every year since 1988.
  • RELX: a British information and analysis company that has increased its dividend every year since 1997.
  • CRH: an Irish building materials company that has increased its dividend every year since 1989.
15 best European dividend stocks ever

Data sources & opinions on the best European dividend yield stocks

I have used the following resources to compile this list:

  • OpenAI
  • Refinitiv
  • Reuters
  • Bloomberg
  • Marketscreener

My opinion on the best european dividend stocks is very good since I am myself an investor. To be honest, I also like to invest in the SCHD ETF alternatives like the best dividend ETFs for European investors. SInce some of those ETFs are not easily accessible from the best European stock Brokers I also use Freedom24 to buy it anyways.

Google Stocks and Amazon stocks have had an amazing performance but they are not paying any dividend.

If your passion are dividends, you might be interested in finding out if JEPI ETF is a good investment and if it can create compound interest.


What I think about Europe’s best dividend stocks

This list of stocks is undoubtedly attractive to any investor with a long-term view and capital to invest.

A European investor might prefer to invest in European dividend aristocrats rather than US stocks, mainly for tax reasons.

Indeed, when investing in US dividend stocks, European investors pay a withholding tax in America of between 15% and 30% on their dividends.

On the other hand, we have to be realistic and admit that while the best European dividend stocks are prestigious, those included in the US selection often have an advantage in terms of liquidity, size and stability.


The Pros and Cons of the Dividend Aristocrats

There are downsides to investing in the best European dividend stocks.

First of all, if a company is able to pay and increase its dividend consistently for so many years, it’s definitely a financially sound company.

However, I have to remind myself that every time they pay a dividend, they are taking money out of the company rather than reinvesting it.

Another thing that can worry an investor in such stocks is that the share price may not tend to rise, as is often the case with growth stocks.

Generally speaking, however, these are solid and generous companies, so let’s not look for the fly in the ointment.

The Pros and Cons of the Dividend Aristocrats

Cons

  • Stocks with high dividends may generate lower capital gains
  • All dividend payments create taxable situations
  • The company prefers to pay a dividend because it does not have the option of reinvesting the cash.

Pros

  • Dividend cash flow looks good and provides stable income for shareholders
  • Dividend growth can be a sign of a strong financial position

Here are some of the fundamental metrics we need to take into account when analyzing dividend stocks:

  • Dividend & earnings per share
  • Indicated dividend yield
  • Pay-out ratio

Dividend Kings or Dividend Aristocrats?

Not all Dividend Aristocrats can be Kings, but most Kings can be Aristocrats.

Why is that?

Dividend Kings are companies that have paid increasing dividends for +50 years.

So obviously there are fewer Kings than Aristocrats.


Performance of the S&P Europe 350 Dividend Aristocrats Index

Here is the official performance of the S&P Europe 350 Dividend Aristocrats in a chart:

sp-dividend-350-europe-chart-performance
Historical performance of the SP EUROPE 350. Source:SP Global
europe dividend aristocrats performance comparison
Source:seekingalpha – this was updated in 2020

Here below is a performance comparison between the ordinary index and the Dividend Aristocrats:

European Dividend stocks performance
Source:Degiro and SP

Stocks with the highest dividend yield in Europe

Here is the list of the European stocks that pay the highest dividend but which also have a market cap of over 3 billion:

  • Endesa, a Spanish power company, with an indicated dividend yield of 8.9%
  • Enagas, a Spanish natural gas transportation company, with a dividend yield of 8.2%
  • Mapfre S.A , a Spanish insurance company, with an indicated dividend yield of 7.5%
  • Stellantis, an Italian-international car maker, with an dividend yield of about 8.1%
  • Intesa Sanpaolo, an Italian bank group, with a dividend yield of approximately 6.7%
  • DHL Group, a German logistics company, with a dividend yield of 5.4%
  • Munich RE, a German reinsurance company, with a dividend yield of 4.9%
  • NXP Semiconductors, a Dutch company, with a dividend yield of 4.6%
  • Heineken, a Dutch brewing company, with an indicated dividend yield of 4.5%
  • Trane Technologies, an Irish industrial company, with a dividend yield of 4.2%

This is like the Top 10 european dividend stocks, but better.

Stocks with the highest dividend yield in Europe

I do my best to keep these numbers updated but don’t trust me and do your down research.


What European country has the highest Dividend Stocks?

Here is a map of the countries in Europe that pay the highest dividends:

Europe stocks Highest Yielding Dividends Payers
Source:Morningstar

List of Europe’s most sustainable dividends from Morningstar

Sustainability is a crucial aspect of dividend investing.

A super-high dividend is worth nothing if it is not sustainable over time.

Here is a part of a list from Morningstar that I have ranked by best dividend in Europe that are also sustainable:

CompanySectorMoatStar Rating 5 Year Dividend Yield
BASFBasic MaterialsNarrow★★★★★4.4
BMWConsumer CyclicalNarrow★★★★★3.5
EnelUtilitiesX★★★★★4.8
Evonik IndustriesBasic MaterialsX★★★★3.3
HolcimBasic MaterialsNarrow★★★★3.1
InwitCommunicationsNarrow★★★★2.4
Hennes & MauritzConsumer CyclicalX★★★★4.2
British American TobaccoConsumer DefensiveWide★★★★5.0
UnileverConsumer DefensiveWide★★★★3.3
TotalEnergiesEnergyX★★★★4.8
ABN AmroFinancial ServicesNarrow★★★★4.9
Intesa SanpaoloFinancial ServicesX★★★★2.1
Svenska HandelsbankenFinancial ServicesNarrow★★★★4.2
Munich ReFinancial ServicesX★★★★3.7
Zurich Insurance GroupFinancial ServicesNarrow★★★★4.5
NovartisHealthcareWide★★★★3.4
SecuritasIndustrialsX★★★★3.0
SKFIndustrialsNarrow★★★★3.3
Source:Morningstar

These are not monthly dividend stocks Europe.


Do we have the Dogs of the Dow in Europe?

We cannot have the Dogs of the Dow in Europe because we lack the Dow Jones index.

However, we could do something similar with the Eurostoxx 600 and list the best dividend stocks within the Eurozone companies.

The famous Dividend Aristocrats are a smaller group of S&P 500 companies with 25+ years of consecutive dividend increases. Rising dividends for 25 years in a row is anything but easy.


Video Dividend Aristocrats in Europe

30 European Dividend Stocks - An introduction to the Noble 30 Index

Dividend Aristocrats Germany

Yes, of course Germany has its own list of the best dividend yield stocks. Here are some of the best Deutsche Dividend Stocks:

Dividend Aristocrats Germany
  • BMW
  • ALV. Allianz
  • BAS. BASF SE
  • MBG. Mercedes-Benz Group
  • FNTN. freenet
  • EVK. Evonik
  • O2D. Telefonica Deutschland Holding
  • AT1. Aroundtown SA

The companies above have a long and stable dividend history.


What is inside the STOXX Europe Select Dividend 30 UCITS ETF?

The most popular European fund for dividend stocks is the iShares STOXX Europe Select Dividend 30 UCITS ETF.

This must probably include some of the most reliable stocks in the Eurozone, right?

Here are the main components:

NameInvestment categoryWeight
%
ISINCurrency
TAYLOR WIMPEYLuxury Consumer Goods5.55GB0008782301GBP
ACS ACTIVIDADES DE CONSTRUCCIONIndustry4,75ES0167050915EUR
RIO TINTOMaterials4,50GB0007188757GBP
GLENCOREMaterials4,47JE00B4T3BW64GBP
LEGAL AND GENERAL GROUPFinancial values4.24GB0005603997GBP
A P MOLLER MAERSKIndustry4,12DK0010244425DKK
ORLEN SAEnergy3,96PLPKN0000018PLN
ENDESA SAUtilities3,88ES0130670112EUR
CREDIT AGRICOLE SAFinancial values3,80FR0000045072EUR
AKER BPEnergy3,79NO0010345853NOK
YARA INTERNATIONALMaterials3,72NO0010208051NOK
NN GROUP NVFinancial values3.50NL0010773842EUR
Source:iShares

One more index to mention is the S&P Euro High Yield Dividend Aristocrats Index. That one is used to measure the performance of the 40 most paying dividend companies in the Eurozone that are also included in the S&P Europe Broad Market Index (BMI).


The Noble 30 aristocrats

There is a European researcher who has done a great job of finding some of the best dividend aristocrats with a long track record. He specialises in dividend research and his work is here.


How to invest in the European Dividend Aristocrats?

In order to invest in the best dividend stocks I need a stock broker.

Here is my opinion on the best brokers in Europe today.

How to invest in the European Dividend Aristocrats

Some stock brokers are cheap, other ask for a monthly fee that includes a number of trades. It is up to you.

I am using Freedom24 to buy most of my stocks lately:

One of the hardest things is not to invest in the best dividend yield stocks in Europe.
The hardest thing is to hold them and keep them in the portfolio for many years.

The big money is not in the buying or selling, but in the waiting 

― Charlie Munger

Conclusions on the best dividend stocks in Europe

Investing is a risky business, especially for those who venture into stock picking.

Finding European companies that pay sustainable and growing dividends is not easy.

That is why it is healthy to know exactly which are the best dividend-paying companies in Europe.

The European Dividend Aristocrats Index currently contains 40 stocks. I wanted to improve that list by selectièng only 15 best ones with a longer track record of dividend growth.

The aim is not just to find the European stocks that pay the highest dividends, that would be easy. What I want to do is select only those that have been able to grow in the past, during dramatic times for the markets.

So, by applying some of the parameters used in the US to filter out dividend aristocrats, I have come up with a list of strong, reliable and sustainable stocks that are most likely to continue paying growing dividends in the future.

Please note: Investments in securities and other financial instruments always involve the risk of loss of your capital. The forecast or past performance is no guarantee of future results. It is essential to do your own analysis before making any investment

These are my true European Dividend Aristocrats stocks, add yours in the comments below.

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23 thoughts on “European Dividend Aristocrats: The Best Dividend Stocks in Europe (Ranked) 2024

  1. Oporto says:

    This was very much needed. I remember I have asked you the best dividend stocks in europe (where you were investing) 3 or 4 years ago. You made it! A little late but ok. Now I will read it carefully.

  2. lampro says:

    I am grateful for this list, Sal. I am new to investing and I have never received a dividend yet. But I am reading your newsletter and I am studying all possible ways of investing. Thank you for sharing this info about EU stocks. Noted!

  3. ivo says:

    Sal, you did it again! This article offers a solid overview of top dividend stocks in Europe, providing valuable insights for lazy investors like me. The focus on sustainability and growth, along with specific examples and sector considerations, makes it a helpful guide (I mean it, bro!) for new investors just like me. Well-researched and accessible, now lets get down to business and try to optimize my portfolio.

  4. olin says:

    this is one of the best articles i have read this week. as n investor in Europe i find your analysis to be very useful because you compile real lists I can use (well, CopyPaste non my portfolio).

  5. Dutch investor says:

    You say you have been using OpenAI to produce the list of the best dividend stocks in Europe. Do you think I can do the same to find the world dividend aristocrats and similar searches?

    • Sal from Revenue Land says:

      Well I believe you can try to do the same and produce a good list of dvidend stocks. Focus on the right prompt and you will likely get what you want. Always double check the information. I will share some of my investing prompt in my newsletter soon.

  6. Germanicus says:

    I read the comment from another investor that says if you can also publish a world dividend aristocrats list beyond this about european dividend. Will you do that? I am one of the guys/followers in your p2p lending secret group on FB.

  7. max says:

    as an investor im really gratefull for this article because I have been searching for that information for long time.
    I have to add that your 15 stocks list is quite limited for my needs.
    I’d like to have a more diversified portfolio of European stocks.
    Do you think you can produce a longer list, let’s say 50 europe best dividend stocks, even if not all 100% “aristocratic”??
    I mean, if they have not grown the dividend in 2020 I would understand.

  8. Alexandra Duchina says:

    European companies with their costs in euros, but their income in dollars should be interesting. So, European oil & gas companies for example.

  9. Vincent 79 says:

    I prefer etf to invest in european dividends because I don’t like to manage stuff. Of course they are not perfect. I have read your article on it.

  10. Garrison 1989 London says:

    Investing in European Dividend Aristocrats’ 40 best dividend stocks for what? I do the same with 3 ETF. I know it is not the same but similar. Here in the UK it is easy and taxation is reasonable compared to Europe and compared to Germany.

  11. FITIGAU MIRCEA says:

    There is a useful article about European Dividend Stocks. I think that Dividend Aristocrats could be a good solution for increasing earnings after a thoughtful investment.

  12. Bayan says:

    My personal opinion on the European dividend stocks is mixed. In the end, if I can invest in US stocks I’d always do that. Europe is far behind the US about investing.

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