Caledonia Investments

Website: Caledonia Investments
Index: FTSE 250
EPIC: CLDN
Supersector: Financial Services
Sector: Equity Investment Instruments
Subsector: Equity Investment Instruments
Market Cap: £1.8B
Payout Frequency: Semi-Annual

Next Caledonia Investments Dividend

Caledonia Investments next goes ex-dividend on 02/07/2026. This will be the Final dividend for 2026.

The dividend per share amount is 4.0000p (GBP) and the payment date is 06/08/2026.

Quick Dividend Summary

Dividend declared: Final dividend of 4.00p per share (FY26 total: 7.68p, up 4.4% y/y).
Ex-dividend date: 02/07/2026.
Record date: 03/07/2026.
Payment date: 06/08/2026 (subject to AGM approval on 15/07/2026).
Policy: Progressive, now at 59 consecutive years of annual dividend increases.
Cover: FY26 dividends of £39.9m covered by net revenue profit of £40.4m (~1.0x cover).
Interim dividend: 3.68p paid on 08/01/2026; interim re-profiled to 50% of prior year total to smooth income.
DRIP: Dividend reinvestment plan election deadline 17/07/2026.
Yield: Not disclosed in the RNS (share price not provided).

Context and Financial Support

Revenue engine: Total net investment income rose to £64.7m (FY25: £53.6m); net revenue profit £40.4m fully covers the FY26 dividend.
Private Capital income: Benefited from a £24.5m dividend from AIR-serv Europe (partly capital-accounted), highlighting some reliance on lumpy/private sources.
Liquidity: Net cash £90m; undrawn RCF £325m (extended on same terms on 13/05/2026); total liquidity £415m.
Forthcoming proceeds: Expected c.£290m cash inflow from the agreed sale of Stonehage Fleming (completion expected mid-2026).
Capital returns: Share buybacks of £34.6m in FY26 (9.47m shares) at an average 34.7% discount, accretive to NAV per share and reducing future dividend cash outflow.
Performance backdrop: NAV total return 5.4%; portfolio return 6.1% despite late-year volatility; diluted NAV per share 567.6p.

Dividend Sustainability and Outlook

Coverage: Current year cover is thin (~1.0x) but adequate; management states FY26 dividend is “fully covered.”
Income trajectory: Board expects a gradual reduction in investment income as focus remains on total returns; over time, fund distributions are expected to play a larger role in dividend cover. Near-term, fund distributions are described as subdued.
Support factors: Strong balance sheet and liquidity; potential reinforcement from Stonehage Fleming sale proceeds; ongoing buybacks lower the share count and future dividend cash cost.
Growth stance: Progressive policy targeting increases at least in line with inflation; given slim cover and income mix shift, medium-term growth likely steady but measured, contingent on portfolio cash generation (particularly from Funds and Private Capital).

Structural/Policy Changes Relevant to Dividends

Agreed disposal: Sale of Stonehage Fleming (expected proceeds c.£290m)—boosts liquidity and capital allocation flexibility post-completion.
Dividend re-profiling: Interim set to 50% of prior year total to smooth income profile for shareholders.
Share split: 10:1 share sub-division on 25/07/2025 (improves share accessibility and ease of dividend reinvestment).
Share buybacks: Ongoing programme; FY26 buybacks were NAV-accretive and reduce future dividend cash outlay; board references an uncapped Rule 9 waiver enabling continued buybacks.
RCF extension: £325m facility extended on same terms (augments near-term dividend paying capacity and investment flexibility).
Governance: Chair transition to Will Wyatt post-AGM; not a direct dividend change but continuity of strategy implied.

Risks and Flags

Income headwinds: Management guides to a gradual reduction in investment income; near-term fund distributions remain moderated—keeps cover tight.
Concentration of income: Notable contributions from Private Capital (e.g., AIR-serv dividend) can be episodic; reliance on lumpy cash flows raises variability risk.
Market/FX volatility: 62% of NAV non-sterling and unhedged; equity market swings and FX can affect both income and reported performance.
Capital commitments: Uncalled commitments of £346.1m could absorb liquidity if drawdowns accelerate, competing with buybacks/dividends (mitigated by strong facility and liquid assets).
Discount and buyback trade-off: Persistent wide discount prompts buybacks, which are supportive but compete with other capital uses; buybacks increase the Cayzer Concert Party stake (now 51.05%), a governance consideration though long-term oriented.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
04/12/2025	08/01/2026	Interim	3.6800p	GBX
02/07/2026	06/08/2026	Final	4.0000p	GBX

Total (Annual Dividends Per Share): 7.68p

Dividend Yield = Annual Dividends Per Share (7.68p) ÷ Share Price (355.5p) = 2.16%

Ex Dividend Date	Payment Date	Type	Amount	Currency
02/07/2026	06/08/2026	Final	4.0000p	GBX
04/12/2025	08/01/2026	Interim	3.6800p	GBX
26/06/2025	07/08/2025	Final	53.91p	GBX
05/12/2024	09/01/2025	Interim	19.69p	GBX
27/06/2024	01/08/2024	Final	51.47p	GBX
30/11/2023	04/01/2024	Interim	18.93p	GBX
29/06/2023	03/08/2023	Final	49.20p	GBX
01/12/2022	05/01/2023	Interim	18.20p	GBX
30/06/2022	04/08/2022	Special	175.00p	GBX
30/06/2022	04/08/2022	Final	47.30p	GBX
02/12/2021	06/01/2022	Interim	17.50p	GBX
01/07/2021	05/08/2021	Final	45.90p	GBX
03/12/2020	07/01/2021	Interim	17.00p	GBX
25/06/2020	06/08/2020	Final	44.50p	GBX
05/12/2019	09/01/2020	Interim	16.60p	GBX
27/06/2019	08/08/2019	Final	43.20p	GBX
29/11/2018	10/01/2019	Interim	16.10p	GBX
28/06/2018	09/08/2018	Final	41.50p	GBX
30/11/2017	11/01/2018	Interim	15.50p	GBX
06/07/2017	03/08/2017	Final	39.90p	GBX
06/07/2017	03/08/2017	Special	100p	GBX
01/12/2016	05/01/2017	Interim	14.90p	GBX
03/03/2016	01/04/2016	Final	38.30p	GBX
03/12/2015	07/01/2016	Interim	14.30p	GBX
09/07/2015	06/08/2015	Final	36.80p	GBX
11/12/2014	08/01/2015	Interim	13.80p	GBX
09/07/2014	07/08/2014	Final	35.70p	GBX
11/12/2013	09/01/2014	Interim	13.40p	GBX
10/07/2013	08/08/2013	Final	34.30p	GBX
12/12/2012	10/01/2013	Interim	12.90p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024	19.690	51.470		GBX	71.160	4.440
2023	18.930	49.200		GBX	68.130	-71.670
2022	18.200	47.300	175.000	GBX	240.500	279.330
2021	17.500	45.900		GBX	63.400	3.080
2020	17.000	44.500		GBX	61.500	2.840
2019	16.600	43.200		GBX	59.800	3.810
2018	16.100	41.500		GBX	57.600	-62.930
2017	15.500	39.900	100.000	GBX	155.400	942.950
2016	14.900			GBX	14.900	-83.330
2015	14.300	75.100		GBX	89.400	80.600
2014	13.800	35.700		GBX	49.500	3.770
2013	13.400	34.300		GBX	47.700	269.760
2012	12.900			GBX	12.900

Number of Shares:

Payment	Paid	Amount
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