Il 2026 It promises to be a delicious year for those aiming for dividends on Piazza AffariAccording to the annual study of Allianz Global Investors (AllianzGI), the Italian companies of the Stoxx Europe 600 could distribute 38,6 billion euros, up 7% from €36 billion in 2025. At the European level, dividends from companies in the Stoxx 600 are expected to increase by 4%, totaling €454 billion, confirming the continent as a fertile ground for equity returns. Grant Cheng, senior portfolio manager dividends at AllianzGI, emphasizes that this positive trend will continue also in 2027, thanks to the higher profits of European companies expected in 2026. And on Monday 19 January there is the ex-dividend date of Eni and Snam
Dividend Yield 2026: Italy Among the Most Generous Markets
The increase in coupons is not just a question of absolute numbers: it also reflects on the dividend yield, the ratio between the dividend distributed and the share price. For the Italian companies of the Stoxx 600, the expected return is 4,9%, higher than the European average of 3,2% and capable of competing with 15-year German government bonds. In the European rankings, Norway stands out with an expected dividend yield of 5,8%, taking the top spot in Europe.
Dividends don't just represent a return on invested capital: they also provide stability and additional income for portfolios. Over the past 40 years, nearly 39% of the MSCI Europe Index's annualized total return has been driven by dividends, while in North America the share is around 21% and in the Asia-Pacific region it exceeds 49%.
The most generous stocks on Piazza Affari: Unipol, Mediolanum, and Intesa
Among the main companies of Business SquareThe MSCI Italy index, composed of 26 stocks and representing 85% of the Italian Stock Exchange's capitalization, shows a prevalence of companies with growing dividends: over the last five years, 23 have increased their dividends, two have maintained them, and only one has reduced them.
Over the last five years, the highest dividend yield has been recorded by Unipol (7,38%), followed by Banca Mediolanum (7,18%) and Intesa Sanpaolo (6,68%). Completing the top five Post Italian (6,23%) ed Eni (6,21%). If we look at total dividends paid, the podium changes: Enel leads with an average of 5 billion, followed by Intesa Sanpaolo (4,2 billion), Stellantis (4 billion), Eni (3 billion) e Unicredit (2,4 billion).
The new industrial plans – particularly those of Intesa Sanpaolo (2 February), Unicredit (9 February) and Enel (23 February) – could reserve positive surprises for shareholders, with possible increases in dividends compared to expectations.
Sectors and Strategies: How to Choose the Most Stable Stocks
Not all sectors show the same trend. For 2026, dividends in the consumer discretionary sector, which includes automotive and luxury goods, could decline due to lower earnings in 2025. Conversely, the financial sector will continue to distribute increasing coupons, confirming itself as the most generous on the European market.
Hans-Jörg Naumer, Director of Capital Markets & Thematic Research at AllianzGI, underlines that portfolios composed of companies with payout ratio high payout ratios show lower volatility than low payout ratios. Analyzing the sectors, the higher dividends are concentrated in utility, telecommunications e non-cyclical consumer goods, while the lowest dividends are found in technology, consumer cyclicals and energy.
