Bunzl

Website: Bunzl
Index: FTSE 100
EPIC: BNZL
Supersector: Industrial Goods and Services
Sector: Support Services
Subsector: Business Support Services
Market Cap: £7.36B
Payout Frequency: Semi-Annual

Next Bunzl Dividend

Bunzl next goes ex-dividend on 21/05/2026. This will be the Final dividend for 2026.

The dividend per share amount is 53.9000p (GBP) and the payment date is 02/07/2026.

Bunzl Dividend Analysis and Summary

Declared dividend and key dates

Final dividend: 53.9p per share for FY2025
Total FY2025 dividend: 74.1p (interim 20.2p, final 53.9p) — up 0.3% year-on-year
Ex-dividend date: 21/05/2026
Record date: 22/05/2026
Payment date: 02/07/2026
Cash cost (final): c.£173m (company guidance); total FY2025 dividend cash outflow expected to be c.£240m
Interim dividend of 20.2p was paid on 05/01/2026

Dividend cover and cash generation

Dividend cover: 2.4x (adjusted EPS 179.3p vs DPS 74.1p)
Free cash flow: £578.5m (95% cash conversion), covering total FY2025 dividends c.2.4x
Leverage: Adjusted net debt/EBITDA 2.0x (target range 2.0–2.5x)

Dividend policy and track record

Progressive dividend policy maintained; 33rd consecutive year of annual dividend growth
Long-term DPS CAGR of ~9% since 2004
Company notes sufficient distributable reserves to cover 6+ years of dividends at 2025 levels

Analysis: sustainability, growth trajectory, and support

Sustainability: The dividend appears well-supported by strong cash generation (FCF £579m), solid cash conversion, and moderate leverage. Cover of 2.4x on adjusted EPS and FCF provides headroom even as earnings softened in 2025.
Growth trajectory: FY2025 DPS growth was minimal (+0.3%) as adjusted operating profit declined and margins compressed. Management guides for 2026 operating margin to be “slightly down” year-on-year with a “more stable” profit outlook, implying continued but likely modest dividend progression near term rather than acceleration.
Financial/capital allocation support: Capital allocation prioritises organic investment and bolt-on M&A, then progressive dividends, with buybacks as excess cash. 2025 saw £132m of acquisitions and a completed £200m buyback, which supports per-share metrics. Refinanced facilities and new bonds extend maturities and underpin liquidity for ongoing dividends and M&A.

Structural or strategic developments affecting dividends

M&A: Eight bolt-on acquisitions across seven countries; pipeline “active” with improved outlook for 2026.
Disposals: Sale of US R3 Safety (Jan 2025).
Share count: £200m 2025 buyback completed; weighted average shares -2.9% YoY, supporting DPS/EPS.
Operations: Ongoing warehouse consolidations and the Nisbets integration delivering synergies; North America organisational model changes with corrective actions underway.
Funding: New £250m 2031 and £250m 2036 bonds issued; bank facilities refinanced to 2030, strengthening dividend funding capacity.

Risks and flags to dividend stability

Earnings pressure: 2026 operating margin guided slightly lower; execution risk persists in North America turnaround; demand softness in certain end markets (e.g., Brazil industrial, North America foodservice/convenience) and tariff-related cost pressures.
Interest and FX: Net finance expense guided at ~£125m for 2026; FX translation headwinds could affect reported EPS/cover.
Integration/M&A: Variable acquisition spend and integration risks (including retention payments) could absorb cash, though bolt-ons are self-funded and historically value accretive.
Regulatory/sustainability: Extended Producer Responsibility and packaging regulation may lift compliance costs for customers; Bunzl’s product breadth and advisory capability mitigate but create execution complexity.

Bunzl Annual Dividend Yield - 3.22%

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
13/11/2025	05/01/2026	Interim	20.20p	GBX
21/05/2026	02/07/2026	Final	53.9000p	GBX

Total (Annual Dividends Per Share): 74.10p

Dividend Yield = Annual Dividends Per Share (74.10p) ÷ Share Price (2304p) = 3.22%

Ex Dividend Date	Payment Date	Type	Amount	Currency
21/05/2026	02/07/2026	Final	53.9000p	GBX
13/11/2025	05/01/2026	Interim	20.20p	GBX
22/05/2025	02/07/2025	Final	53.80p	GBX
14/11/2024	03/01/2025	Interim	20.10p	GBX
16/05/2024	02/07/2024	Final	50.10p	GBX
16/11/2023	03/01/2024	Interim	18.20p	GBX
18/05/2023	04/07/2023	Final	45.40p	GBX
17/11/2022	04/01/2023	Interim	17.30p	GBX
19/05/2022	04/07/2022	Final	40.80p	GBX
18/11/2021	05/01/2022	Interim	16.20p	GBX
20/05/2021	01/07/2021	Final	38.30p	GBX
03/12/2020	07/01/2021	2nd Interim	15.80p	GBX
15/10/2020	16/11/2020	1st Interim	35.80p	GBX
21/05/2020	01/07/2020	Final	35.80p	GBX
14/11/2019	02/01/2020	Interim	15.50p	GBX
23/05/2019	01/07/2019	Final	35.00p	GBX
15/11/2018	02/01/2019	Interim	15.20p	GBX
24/05/2018	02/07/2018	Final	32.00p	GBX
16/11/2017	02/01/2018	Interim	14.00p	GBX
25/05/2017	03/07/2017	Final	29.00p	GBX
17/11/2016	03/01/2017	Interim	13.00p	GBX
19/05/2016	01/07/2016	Final	26.25p	GBX
19/11/2015	04/01/2016	Interim	11.75p	GBX
21/05/2015	01/07/2015	Final	24.50p	GBX
06/11/2014	02/01/2015	Interim	11.00p	GBX
07/05/2014	01/07/2014	Final	22.40p	GBX
06/11/2013	02/01/2014	Interim	10.00p	GBX
08/05/2013	01/07/2013	Final	19.40p	GBX
07/11/2012	02/01/2013	Final	8.80p	GBX
09/05/2012	02/07/2012	Final	18.30p	GBX
09/11/2011	03/01/2012	Interim	8.05p	GBX
11/05/2011	01/07/2011	Final	16.20p	GBX
10/11/2010	04/01/2011	Interim	7.15p	GBX
05/05/2010	01/07/2010	Final	14.90p	GBX
11/11/2009	04/01/2010	Interim	6.65p	GBX
06/05/2009	01/07/2009	Final	14.15p	GBX
12/11/2008	02/01/2009	Interim	6.45p	GBX
07/05/2008	03/07/2008	Final	12.90p	GBX
14/11/2007	04/01/2008	Interim	5.80p	GBX
02/05/2007	02/07/2007	Final	11.70p	GBX
15/11/2006	02/01/2007	Interim	5.30p	GBX
04/05/2005	01/07/2005	Final	9.15p	GBX
17/11/2004	04/01/2005	Interim	4.15p	GBX

Year	Interim	Final	Currency	Total	Change
2024	20.100	50.100	GBX	70.200	10.370
2023	18.200	45.400	GBX	63.600	9.460
2022	17.300	40.800	GBX	58.100	6.600
2021	16.200	38.300	GBX	54.500	-37.640
2020		35.800	GBX	87.400	73.060
2019	15.500	35.000	GBX	50.500	6.990
2018	15.200	32.000	GBX	47.200	9.760
2017	14.000	29.000	GBX	43.000	9.550
2016	13.000	26.250	GBX	39.250	8.270
2015	11.750	24.500	GBX	36.250	8.530
2014	11.000	22.400	GBX	33.400	13.600
2013	10.000	19.400	GBX	29.400	8.480
2012		27.100	GBX	27.100	11.750
2011	8.050	16.200	GBX	24.250	9.970
2010	7.150	14.900	GBX	22.050	6.000
2009	6.650	14.150	GBX	20.800	7.490
2008	6.450	12.900	GBX	19.350	10.570
2007	5.800	11.700	GBX	17.500	230.180
2006	5.300		GBX	5.300	-42.070
2005		9.150	GBX	9.150	120.480
2004	4.150		GBX	4.150

Bunzl Dividend Calculator

Number of Shares:

Payment	Paid	Amount
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Bunzl Dividend Growth

Dividend Growth (1Y)	0.27%
Dividend CAGR (5Y)	-3.79%
Years of Growth	19
Payout Ratio	52.74%
Buyback Yield	3.12%
Shareholder Yield	6.34%

P/E Ratio (TTM)	16.11
Forward P/E	12.79
P/FCF	8.53
Earnings Yield	6.28%
FCF Yield	11.72%
ROE	16.47%
ROCE	13.29%
Profit Margin	3.88%
Operating Margin	6.42%
Gross Margin	7.68%