Bilfinger SE

Bilfinger, based in Mannheim, is an industrial services group that maintains, upgrades and keeps running the plants of the chemical, energy and process industries. After shedding its old construction business and years of restructuring, it has become a leaner, more profitable specialist in the unglamorous but essential work of keeping factories operating. The turnaround restored a reliable and rising dividend, backed by improving cash flow, and the company has paid consistently across the cycle. A solid yield paired with recovering profitability underpins one of the stronger dividend profiles in the index.