CLS Holdings

Website: CLS Holdings
Index: FTSE Small Cap
EPIC: CLI
Supersector: Real Estate
Sector: Real Estate Investment and Services
Subsector: Real Estate Holding and Development
Market Cap: £205.82M
Payout Frequency: Semi-Annual

Next CLS Holdings Dividend

CLS Holdings next goes ex-dividend on 09/04/2026. This will be the Final dividend for 2026.

The dividend per share amount is 2.7000p (GBP) and the payment date is 22/05/2026.

Headline dividend details

Declared dividend: Final 2.70p per share (FY25 total: 4.0p, down 24% vs 5.28p in FY24)
Type: Paid entirely as a PID (UK REIT distribution)
Coverage: 1.9x by EPRA EPS of 7.6p (policy: 1.5x–3.0x)
Ex-dividend date: 09/04/2026
Record date: 10/04/2026
Payment date: 22/05/2026
Scrip option: Proposed enhanced scrip dividend at a 5% discount to the reference price (subject to AGM approval); scrip reference price period 9–15/04/2026, election deadline 30/04/2026
Approval: Final dividend subject to AGM on 23/04/2026

Context and recent change

FY25 dividend cut to 4.0p (from 5.28p) to align with earnings-based policy.
EPRA EPS fell 17.4% to 7.6p; Net rental income down 11.1% amid higher vacancy and disposals.

Sustainability and growth outlook

Affordability: Coverage of 1.9x is within policy and indicates near-term affordability; interest cover at 1.8x and elevated LTV 50.0% constrain headroom.
Earnings trajectory: Management flags 2026 earnings headwinds from asset disposals (£100–150m target), refinancing and redevelopment preparation. With EPRA EPS under pressure in 2026, dividend growth appears unlikely; a flat or cautiously managed payout is more probable under the coverage framework.
Balance sheet support: Net debt reduced by £86m in 2025; cost of debt stable at 3.8%; average debt maturity 3.6 years. However, vacancy 14.5% and valuation declines limit flexibility until occupancy improves.
Cash preservation: The optional enhanced scrip (5% discount) supports cash retention, helping fund portfolio investment while maintaining the cash dividend policy.

Structural or policy items affecting future dividends

Enhanced scrip dividend proposal for the final dividend (AGM approval required) could reduce cash outflow; if widely taken up, it is dilutive but supportive of balance-sheet priorities.
Ongoing disposal programme (£100–150m in 2026) to reduce LTV toward the 35–45% target; near-term earnings dilution likely until reinvestment/lettings offset.
Spring Gardens, Vauxhall conditional sale tied to planning (expected completion late 2026/early 2027) introduces timing risk to proceeds and interim income.
No demergers/M&A/share consolidation disclosed.

Risks and flags to dividend stability

Material uncertainty on going concern disclosed: reliance on timely refinancing and disposals in challenging markets.
Elevated leverage (LTV 50%) and interest cover 1.8x leave less cushion if values or income weaken.
Vacancy 14.5% (up from 12.7%): earnings sensitivity until letting progress reduces voids; tenant insolvencies in Germany underscore risk.
2026 maturities: ~£199m of debt to refinance/repay; though management cites lender discussions, execution risk remains.
REIT PID requirement limits retained earnings, increasing dependence on scrip, disposals and financing access.
Guidance that 2026 earnings will be impacted by disposals/refinancing/redevelopment preparation raises downside risk to payout if coverage drifts below policy range.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
10/04/2025	23/05/2025	Final	2.68p	GBX
04/09/2025	02/10/2025	Interim	1.30p	GBX

Total (Annual Dividends Per Share): 3.98p

Dividend Yield = Annual Dividends Per Share (3.98p) ÷ Share Price (51.1p) = 7.79%

Ex Dividend Date	Payment Date	Type	Amount	Currency
09/04/2026	22/05/2026	Final	2.7000p	GBX
04/09/2025	02/10/2025	Interim	1.30p	GBX
10/04/2025	23/05/2025	Final	2.68p	GBX
05/09/2024	02/10/2024	Interim	2.60p	GBX
21/03/2024	02/05/2024	Final	5.35p	GBX
07/09/2023	03/10/2023	Interim	2.60p	GBX
23/03/2023	02/05/2023	Final	5.35p	GBX
08/09/2022	03/10/2022	Interim	2.60p	GBX
24/03/2022	29/04/2022	Final	5.35p	GBX
19/08/2021	24/09/2021	Interim	2.35p	GBX
25/03/2021	29/04/2021	Final	5.20p	GBX
20/08/2020	25/09/2020	Interim	2.35p	GBX
02/04/2020	29/04/2020	Final	5.05p	GBX
22/08/2019	27/09/2019	Interim	2.35p	GBX
04/04/2019	29/04/2019	Final	4.70p	GBX
23/08/2018	28/09/2018	Interim	2.20p	GBX
29/03/2018	27/04/2018	Final	4.30p	GBX
24/08/2017	29/09/2017	Interim	2.05p	GBX
16/03/2017	28/04/2017	Final	40.0p	GBX

Year	Interim	Final	Currency	Total	Change
2024	2.600		GBX	2.600	-67.290
2023	2.600	5.350	GBX	7.950	0.000
2022	2.600	5.350	GBX	7.950	3.240
2021	2.350	5.350	GBX	7.700	-38.880
2020	2.350	10.250	GBX	12.600	78.720
2019	2.350	4.700	GBX	7.050	220.450
2018	2.200		GBX	2.200	-65.350
2017	2.050	4.300	GBX	6.350	-84.120
2016		40.000	GBX	40.000

Number of Shares:

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