Capital

Website: Capital
Index: FTSE Small Cap
EPIC: CAPD
Supersector: Energy
Sector: Oil: Crude Producers
Subsector: Exploration and Production
Market Cap: £313.17M
Payout Frequency: Semi-Annual

Next Capital Dividend

Capital next goes ex-dividend on 16/04/2026. This will be the Final dividend for 2026.

The dividend per share amount is 1.30¢ (USD) and the payment date is 12/05/2026.

Dividend details

Final dividend: 1.3 US cents per share
Total 2025 dividend: 2.6 US cents per share (unchanged year-on-year)
Ex-dividend date: 16/04/2026
Record date: 17/04/2026
Payment date: 12/05/2026
Currency: USD default; GBP optional (election deadline 20/04/2026)
Cash cost: c.$2.9m for the final dividend; c.$5.4m total for FY2025 dividends
Dividend cover (underlying):
- Operational EPS 5.4c vs DPS 2.6c = ~2.1x
- Operational NPAT $12.4m vs total DPS cash ~$5.4m = ~2.3x
- Adjusted cash from operations $92.9m (~17x cash cover of total DPS)
Yield: not stated in the RNS (share price not provided)

Sustainability and growth outlook

Sustainability: The dividend appears well covered by cash generation and underlying earnings. Net debt fell to $31.8m (from $75.7m), and liquidity is underpinned by $97.5m of investments, providing optionality.
Quality of earnings: Statutory EPS (34.9c) was flattered by $66.0m investment gains; underlying performance was broadly flat (Operational NPAT down 3.9%). The flat full-year DPS (2.6c) reflects a prudent policy aligned to operational, not investment, earnings.
Growth trajectory: 2026 revenue guidance of $410–440m (+23% at midpoint) and ramp-ups at Reko Diq (H2 2026 run-rate) and Sukari, plus continued MSALABS expansion, support potential for medium-term dividend growth once these translate to sustained underlying profit and cash flow.
Capital intensity: 2026 capex of $55–65m (growth and sustaining) suggests near-term cash prioritisation for projects; dividend growth likely remains measured until project cash flows mature.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
17/04/2025	15/05/2025	Final	1.30¢	USX
28/08/2025	06/10/2025	Interim	1.30¢	USX

Total (Annual Dividends Per Share): 1.95p (Using exchange rate on 18/03/2026 $ = £0.75058)

Dividend Yield = Annual Dividends Per Share (1.95p) ÷ Share Price (122p) = 1.6%

Ex Dividend Date	Payment Date	Type	Amount	Currency
16/04/2026	12/05/2026	Final	1.30¢	USX
28/08/2025	06/10/2025	Interim	1.30¢	USX
17/04/2025	15/05/2025	Final	1.30¢	USX
29/08/2024	03/10/2024	Interim	1.30¢	USX
18/04/2024	15/05/2024	Final	2.60¢	USX
31/08/2023	03/10/2023	Interim	1.30¢	USX
13/04/2023	09/05/2023	Final	2.60¢	USX
01/09/2022	03/10/2022	Interim	1.30¢	USX
07/04/2022	10/05/2022	Final	2.40¢	USX
02/09/2021	01/10/2021	Interim	1.20¢	USX
08/04/2021	04/05/2021	Final	1.30¢	USX
03/09/2020	25/09/2020	Interim	0.90¢	USX
09/04/2020	04/05/2020	Final	0.70¢	USX
09/04/2020	04/05/2020	2nd Interim	0.70¢	USX
05/09/2019	27/09/2019	Interim	0.70¢	USX
11/04/2019	03/05/2019	Final	1.50¢	USX
06/09/2018	05/10/2018	Interim	0.60¢	USX
26/04/2018	18/05/2018	Final	1.20¢	USX
07/09/2017	06/10/2017	Interim	0.50¢	USX
27/04/2017	19/05/2017	Final	1.00¢	USX
08/09/2016	07/10/2016	Interim	1.50¢	USX
28/04/2016	06/05/2016	Final	2.50¢	USX
03/09/2015	09/10/2015	Interim	1.10¢	USX
30/04/2015	08/05/2015	Final	1.90¢	USX

Year	Interim	Final	Currency	Total	Change
2024	1.300	2.600	USX	3.900	0.000
2023	1.300	2.600	USX	3.900	5.400
2022	1.300	2.400	USX	3.700	48.000
2021	1.200	1.300	USX	2.500	8.690
2020	0.900	0.700	USX	2.300	4.540
2019	0.700	1.500	USX	2.200	22.220
2018	0.600	1.200	USX	1.800	20.000
2017	0.500	1.000	USX	1.500	-62.500
2016	1.500	2.500	USX	4.000	33.330
2015	1.100	1.900	USX	3.000

Number of Shares:

Payment	Paid	Amount
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