30 real European Dividend Aristocrats in 2025

This isn’t your average list. The Noble 30 is a handpicked group of European Dividend Aristocrats – 30 companies that have paid (or grown) dividends for over 20 years without missing a beat. No cuts during the dot-com crash. No panic during the Great Recession. No excuses during COVID.

To make the cut as a real European Dividend Aristocrat, a company had to:

Be a blue-chip business with a €5B+ market cap.
Increased or sustained their dividend since the beginning of 2000.
Survive multiple market crashes without a single cut (great Recession & COVID).

But here’s the deal: not all of them are great buys today. Some are thriving, others are struggling. This list is for inspiration – not investment advice. Use it to spot patterns, do your own research, and dig deeper. Some companies are linked to a breakdown to help you decide what’s worth your time.

The Noble 30 – European Dividend Aristocrats Index

Nestle SA
L’Oréal SA 🔒
Unilever NV
Munich Re AG
Air Liquide SA
Halma Plc
Total Energies
CRH Plc
Henkel AG & Co KGaA
Roche Holding AG
Wolters Kluwer NV 🔒
Sage Group Plc
Coloplast A/S
Diageo Plc
Novo Nordisk A/S 🔒

DCC Plc
Bunzl Plc
Spirax Group Plc 🔒
SAP SE
Croda International
Chubb Ltd
BAE Systems Plc 🔒
Novartis AG
Assa Abloy A/B 🔒
AstraZeneca Plc
Lindt & Sprungli AG
Hermes International
Sanofi SA
RelX Plc
British American Tobacco 🔒

🔒 available for Premium members at www.dividendtalk.eu

Last but not least, you can find main statistics of these European Dividend Aristocrats further down below in this article.

European Dividend Aristocrats – The Real Standard

I’ve always admired the US Dividend Aristocrats. 25+ years of consistent dividend growth. $3B+ in market cap. No fluff. Straight to the point.

Europe? Not so much.

The bar here is lower – only 10 years of stable or growing dividends. That’s not a real test. That doesn’t include 2008, it doesn’t include real pressure.

Anyone can raise dividends during a bull market. I want to see who keeps paying when the world’s falling apart.

So I built my own list.

30 European companies. All with dividends that held up or grew through the Great Recession and survived the short, but heavy COVID crash. All with market caps over $5B. All tested.

In Europe, where many companies pay out 50% of earnings by tradition, that kind of resilience is rare. Most just cut when there is a single poor earnings result.

These 30 didn’t. That’s why I call them The Noble 30.

Why the Name “The Noble 30”?

The Noble 30 is a rare group of European dividend aristocrats – dividend growth stocks that have proven they can pay reliable dividends, year in and year out. Many of these companies have been around for over a century.

Are they perfect? No. There were times they didn’t raise their dividends for a year or two. But they still kept paying. And that’s what matters most.

Calling them “Aristocrats” can be misleading – especially when you compare them to US stocks with the same title. But here’s the thing: these are elite European dividend stocks.

That’s why I call them The Noble 30.

“Aristocrats” inherit their status. “Nobles”? They earn it. Think knights – respected because they’ve earned it. That’s the spirit behind these companies and the name I’ve chosen.

Why Only 30 European Dividend Stocks?

The number 30 makes it exclusive. It’s not too big to lose focus, but it’s large enough to be diversified. And, it’s the perfect size for an ETF.

These 30 are high-quality companies that make dividends a priority. If you want a model for consistent, reliable dividend stocks, this is it.

Think of it like the Dow Jones – but for European dividend aristocrats. Or better yet, call it the Noble 30 Index 💪

The Noble 30 – Stats You Can Trust

Stock prices and dividend yields change. That’s why I keep real-time stats updated in a Google Sheet. You’ll always have the latest dividend yield and payout ratios, but if you find a mistake: send me a DM on X or Facebook.

🛒 Want to grab these European Dividend Aristocrats at relatively low costs? Get started with Interactive Brokers. No account yet? Open yours now and build your portfolio brick by brick (includes free access to Morningstar data and research!).

Note:

* Years highlighted with light orange color are stocks for which I’ve not been able to track back the full dividend history. I was only able to get to this amount of years due to extensive online desk research and therefore it serves as a minimum amount of years. If you have evidence that the company has an even longer track record without dividend cuts, then please get in touch with me. I will be more than happy to increase the quality of data in this overview.

Noble 30 Statistics

Now that we know the index, let’s have a look at some of the basic statistics 👇

european dividend stocks and european dividend aristocrats index statistics

Evolving the index

I’ve spent serious time and effort digging through over 200 stocks and their investor relations pages to get this list right.

Now, it’s time to take it to the next level. If you spot any mistakes or have suggestions, let me know.

I’ll be reviewing the index every year or based on certain events. Dividend cuts will be the main reason a stock gets dropped – let’s hope that doesn’t happen too often.

Final Thoughts

I truly believe this is an impressive list of European dividend aristocrats – analyzing their reports felt like watching a historical documentary.

As Europeans, we should take pride in the companies in the Noble 30 index.

Some of these companies, like Roche and Novartis, have made a huge positive impact – curing diseases that once devastated populations!

With that said, I hope this list gives you solid ideas to strengthen your international dividend portfolio.

Got questions, suggestions, or just want to show some ❤️ for this index? Drop a comment.

Thanks for checking it out!

Yours Truly,

European Dividend Growth Investor

European Dividend Stocks per Country articles

Check out the following articles if you would like to be inspired by more European dividend stocks.

UK best dividend stocks — 20 of the best UK dividend stocks

Quarterly Paying European Dividend Stocks

27 European Quarterly Dividend Stocks: the Ultimate List to Spread your Passive Income!

Yes, you can spread your passive income throughout the year by buying European dividend stocks that pay dividends on a quarterly basis.

Read the article…

Change Log

30-Apr-2020: I have removed Royal Dutch Shell from the list. They have announced to cut their dividend by 66% and this was their first dividend cut since the second world war. Read here my take on it.
25-May-2020: I have included Croda International plc to the list to replace Royal Dutch Shell. It’s a company that I wasn’t aware of earlier and should’ve been on the initial list. It ticks all the criteria.
29-Oct-2020: Sodexo SA announced to cut its dividend. Quote: “To protect the balance sheet given the severity of the Covid-19 downturn in activity, and the uncertainty as to the timing of recovery, and in solidarity with the teams, the Board has decided not to propose a dividend for Fiscal 2020 even if the Underlying net profit was positive.” I will seek a replacement in the upcoming days.
12-Nov-2020: Siemens announced a dividend cut when they announced their FY 2020 results. The company is being replaced by Castellum AB.
8-Jul-2021: Group Bruxelles Lambert and Sodexo cut it’s dividends last year. They are replaced by Fresenius SE and Fresenius Medical Care. Fresenius SE should’ve been on the list already in the first place.
11-July-2021: Danone SA and Red Electrica Corporation have cut their dividends this year (8% and 5% respectively). That’s why they have been replaced by Air Liquide SA and Novozymes A/S.
27-Mar-2023: Castellum AB and Fresenius Medical Care decided to cut their dividends. That’s why they have been replaced by CRH Plc and RelX Plc.
29-Apr-2024: Fresenius was legally obliged to suspend its dividend for 2023 after making use of the German Hospital Financing Act to mitigate increased energy costs. Fresenius has been replaced by DCC Plc
29-Apr-2024: Both DSM and Novozymes decided to merge with other companies in 2023. This broke their dividend growth track records and they have been replaced by AstraZeneca and BAE Systems respectively
21-Apr-2025: Philips NV again kept their dividend flat and they have been paying it as a SCRIP dividend – effectively diluting shareholders. This was the fifth time in a row and that’s why I’ve decided to drop them from the Noble 30 and replace them by Bunzl.