Morningstar
Please select a location from the dropdown to view relevant share classes and investments. Your home market is currently
Don't see your home market? Change Edition

Which European Stocks Pay Dividends in November 2025?

ASML Holding, Prosus and Banco Santander are among stocks distributing dividends this month.

Collage med en portfölj, tidningsurklipp om utdelningsaktier och grafiska element.

Each month, we screen the 100 largest European companies by market capitalization in the Morningstar Europe Index to see which ones are due to pay a dividend. In this list there are nine companies that will pay a dividend next month.

Key Morningstar Metrics

Banco Santander SAN

Speaking about Santander’s underperforming US and UK operations, Johann Scholtz, equity analyst for Morningstar, says:

“We believe it should have reallocated capital away from its US and UK operations. We do not believe that Santander has any competitive advantages in its US or UK retail banking businesses. Both earned returns materially below their cost of capital historically. However, Santander views these businesses as core to its operations and we do not believe Santander will dispose of them any time soon.

“Disposing of these businesses could also free up capital to strengthen Santander’s weak balance sheet and allow Santander to return a more significant portion of its free cash flow to shareholders. Santander’s shareholder distribution policy is appropriate.”

Industria de Diseño Textil ITX

Jelena Sokolova, equity analyst for Morningstar, says:

“Inditex has done a good job of balancing reinvesting in the business and returning cash to shareholders.”

ASML Holding ASML

Javier Correonero, equity analyst for Morningstar, says:

“From a shareholder distribution perspective, ASML balances dividend payments with share repurchases. The main way to reward shareholders is through share buybacks; the company has reduced outstanding shares by 10% since 2013. ASML has a systematic approach to share buybacks, meaning that it might not always repurchase when the share price is at its lowest. We would like to see a more opportunistic approach when shares are undervalued during cyclical swings.

“In November 2022, the firm announced a new share-buyback program of up to EUR 12 billion to be executed by the end of 2025. ASML has been paying dividends since 2008, with payments fluctuating each year depending on the company’s needs. ASML’s dividend for fiscal 2024 was EUR 6.40 per share. We expect the firm will maintain a 30% payout ratio policy.”

Banco Bilbao Vizcaya Argentaria BBVA

Johann Scholtz, equity analyst for Morningstar, says:

“We look favourably at firms that divest underperforming or noncore businesses. The US retail banking business of BBVA generated below-par profitability for an extended time. The strategic fit within BBVA’s predominately Spanish-speaking or emerging-market-focused presence was not evident. BBVA extracted an excellent price for the business, showing patience to extract maximum value for shareholders.

“We are satisfied with BBVA’s dividend policy and capital returns.”

British American Tobacco BATS

Kristoffer Inton, equity analyst for Morningstar, says:

“We rate British American Tobacco’s shareholder distributions as appropriate. The company has continued growing the dividend even while it prioritized reducing leverage after the Reynolds acquisition. We think the company can continue to grow its dividend by nearly 4% per year with GBP 3 billion left over for annual share repurchases or reducing debt. Historically, the company slowed repurchases after the acquisition, which made sense. It repurchased GBP 2 billion in 2022 as leverage improved, which we think created value because we viewed the repurchases as taking place at a discount to our fair value estimate.”

Prosus PRX

Verushka Shetty, equity analyst for Morningstar, says:

“We assign Prosus a Standard Capital Allocation rating, based on its sound balance sheet, fair investments, and appropriate distributions.”

Eni ENI

Allen Good, equity analyst for Morningstar, says:

“We rate Eni’s shareholder distribution policy as appropriate, given the introduction of a flexible payout program for dividends and repurchases that is tied to cash flow. By tying payouts to cash flow, the plan provides flexibility when prices are low, decreasing the likelihood Eni will need to cut its dividend as it has in the past. It also communicates clear expectations to investors.”

UniCredit UCG

Johann Scholtz, equity analyst for Morningstar, says:

“Capital allocation is a fundamental driver of long-term shareholder returns. We evaluate capital allocation according to three criteria: balance sheet strength, the impact of investments, and whether shareholder distributions are appropriate. UniCredit is now very well capitalized after raising capital, disposing of assets, and retaining earnings.”

Equinor EQNR

Allen Good, equity analyst for Morningstar, says:

“Following the 67% reduction in response to the sharp decline in oil prices in 2020, Equinor has steadily increased its ordinary dividend, which is expected to reach $0.37 per share in 2025. The company’s current plan is to increase the dividend by $0.02 annually over the long term. In addition, Equinor will continue to return capital through share repurchases, while the scale and potential inclusion of extraordinary dividends will depend on earnings, cash flow, and capital spending considerations.”

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.

© Copyright 2026 Morningstar, Inc. All rights reserved.