The ASX 200 industrials sector incorporates transport services companies, including airlines and toll road operators, capital goods manufacturers and distributors, and commercial services and supplies providers.
The industrials sector typically performs well when the economy is expanding, which is not the case today.
In fact, the Australian economy has pretty much ground to a halt.
The latest gross domestic product (GDP) data from the Australian Bureau of Statistics shows only a 0.3% rise in the September quarter and a 0.8% increase over 12 months.
Despite this, industrial stocks outperformed the benchmark S&P/ASX 200 Index (ASX: XJO) in terms of share price growth last year.
Industrial stocks rose by 11.37%, while the ASX 200 lifted by 7.49%.
So, what does that all mean for industrials dividends in 2025?
2025 dividend forecasts for ASX 200 industrials shares
Let's take a look at the forecast 2025 dividend yields for ASX 200 industrials shares.
For the purposes of this article, we'll focus on the top 10 industrials shares by market capitalisation.
The following chart shows the dividend amounts paid by the industrials shares last year.
Next to that is the consensus analysts' forecasts for 2025 dividends and the yields they represent based on share prices at the time of writing.
These forecasts have been published on the CommSec trading platform.
These ASX 200 industrials shares are listed in order of market cap from largest to smallest in the group.
| ASX industrials share | 2024 dividend | Forecast 2025 dividend | Yield |
| Transurban Group (ASX: TCL) | 62 cents | 65 cents | 4.84% |
| Brambles Ltd (ASX: BXB) | 51.3 cents | 58.1 cents | 2.94% |
| Computershare Ltd (ASX: CPU) | 83.3 cents | $1.053 | 2.98% |
| SGH Ltd (ASX: SGH) | 53 cents | 71.5 cents | 1.48% |
| Reece Ltd (ASX: REH) | 25.8 | 24 cents | 1% |
| Qantas Airways Ltd (ASX: QAN) | N/A | 17.5 cents | 1.86% |
| Auckland International Airport Ltd (ASX: AIA) | 12.1 cents | 12.7 cents | 1.61% |
| Als Ltd (ASX: ALQ) | 39.2 cents | 36.5 cents | 2.21% |
| Worley Ltd (ASX: WOR) | 50 cents | 56 cents | 3.87% |
| QUBE Holdings Ltd (ASX: QUB) | 9.2 cents | 9.7 cents | 2.33% |
As you can see, Transurban is the ASX 200 industrials share expected to pay the highest dividend yield this year.
Not only that, it is also the only stock expected to pay a dividend yield above the ASX 200 index average of 4%.
What do the experts say?
ASX mining shares and bank stocks have long been the favourite ASX dividend shares for income investors.
However, given a raft of issues relating to these two particular types of stocks, this may change in 2025.
Last week, listed investment company (LIC) Djerriwarrh Investments Ltd (ASX: DJW) told shareholders it had changed its shares investments to ensure it achieves the high ASX dividend income it targets.
Djerriwarrh's goal is to provide an enhanced level of fully franked income from ASX dividend shares.
In a presentation lodged with the ASX on Thursday, the LIC said:
Our portfolio adjustments mean that our dividend income is more reliant on the major miners and industrial companies such as supermarkets and telcos.
We are significantly less reliant on the major banks for our dividend income.
Djerriwarrh's reference to industrial companies here may be confusing, given the examples of supermarkets, which belong to the ASX consumer staples sector, and telcos, which are ASX communications shares.
So, let's clarify what the word 'industrials' means in the finance world.
On the ASX, 'industrials' is one of 11 specific market sectors under the Global Industry Classification Standard (GICS).
But in business, the word 'industrials' describes a very broad range of companies engaged in the production of goods and services across many different industries.
For the record though, Djerriwarrh does hold several ASX 200 industrials sector shares.
Among the LIC's top 20 holdings are Transurban, Auckland Airport, and Computershare shares.
