Estrellas de dividendos en Europa: 3 acciones con altas rentabilidades y pagos estables para 2026

In a cautiously optimistic European economy, where macroeconomic uncertainties persist but long-term growth fundamentals remain intact, income-focused investors are increasingly turning to dividend-paying stocks that balance yield with sustainability. Three companies stand out in this regard: Eolus Aktiebolag (EOLU-B.ST), Aena S.M.E (1AENA.MI), and Cembra Money Bank (CMBN.SW). These firms offer compelling dividend yields, varying payout ratios, and distinct market positioning, making them worthy of consideration for 2026 portfolios.

Eolus Aktiebolag: A Low-Payout, High-Growth Contender

Eolus Aktiebolag, a Swedish infrastructure and energy company, offers a dividend yield of 5.47% for 2025, with a semi-annual payout of 1.50 SEK per share. What sets Eolus apart is its extremely conservative payout ratio of 20.5% cash payout ratio of 10%, indicating that dividends are well-supported by earnings and cash flows. This low payout ratio provides a buffer against short-term volatility, a critical feature in a market where earnings predictability is paramount.

However, Eolus's financial health is not without caveats. Despite showing significant revenue growth, the company has reported net losses in recent quarters, raising questions about its ability to sustain dividends if growth slows. Its dividend policy, which targets distributing 20–50% of post-tax profits, suggests a cautious approach. While the 3-year dividend growth rate is modest at 0.50%, the company's focus on long-term stability over aggressive growth aligns with the needs of risk-averse income investors.

Aena S.M.E: High Yield with a Sustainability Conundrum

Aena S.M.E, Spain's leading airport operator, offers a 4.09% yield and a 72% payout ratio as of 2026. This high payout ratio, while attractive for income seekers, has drawn scrutiny. One analysis notes that 72.44% of earnings being allocated to dividends is "not a sustainable payout ratio" according to analysis. Yet, Aena's financial metrics tell a more nuanced story: a 23.78% ROE and 11.87% ROA highlight its strong profitability, while a 5.34% five-year CAGR and 8.39% annual growth in 2025 underscore its resilience.

The company's debt-to-equity ratio of 79.6% as reported adds complexity. While manageable, this leverage could strain cash flows if economic conditions deteriorate. Aena has, however, reiterated its commitment to maintaining an 80% payout ratio, signaling confidence in its ability to balance shareholder returns with operational needs. For investors willing to accept moderate risk, Aena's high yield and robust profitability make it a compelling option in a recovering European travel sector.

Cembra Money Bank: Profitability-Driven Stability

Cembra Money Bank, a Swiss financial services provider, offers a 4.30% yield with a 69.55% payout ratio for the most recent year. Its three-year average payout ratio of 69.66% indicates a consistent approach to dividend distribution. What truly differentiates Cembra is its 14.60% ROE and 37.39% profit margin, metrics that indicate a highly efficient and profitable business model.

While direct revenue growth forecasts for 2026 are unavailable, Cembra's strong profitability and conservative balance sheet (with no explicit leverage concerns) suggest a stable foundation for sustaining dividends. The challenge lies in maintaining this payout ratio if interest rates or credit demand fluctuate. For investors prioritizing profitability-backed stability, Cembra's combination of yield and financial health is hard to ignore.

Conclusion: Balancing Yield and Risk in a Cautious Market

In a European economy marked by cautious optimism, these three stocks represent distinct approaches to dividend sustainability:
- Eolus Aktiebolag prioritizes safety with a low payout ratio but faces near-term earnings challenges.
- Aena S.M.E delivers a high yield but requires careful monitoring of its payout sustainability amid leverage.
- Cembra Money Bank offers a middle ground, with strong profitability supporting a moderate payout ratio.

For income-focused investors, the key is diversification. Eolus provides a conservative, growth-oriented option; Aena offers a high yield with sector-specific resilience; and Cembra exemplifies profitability-driven stability. As 2026 unfolds, these companies-each with unique strengths-could form the cornerstone of a resilient dividend portfolio.