Genus

Genus Dividend Analysis and Summary

• Dividend type: Interim
• Dividend per share: 11.2p (up +9% vs 10.3p prior interim)
• Record date: 06/03/2026
• Ex-dividend date: 05/03/2026 (derived as one business day before the record date)
• Payment date: 27/03/2026
• Policy framework: Board updated policy to a 30–40% payout of adjusted EPS for the full year; interim set at 35% of the prior full-year dividend (32.0p in FY25 ? 11.2p interim)
• Earnings cover: Rolling 12-month adjusted earnings cover of the dividend at 3.1x (FY25 full-year cover was 2.6x)

• Earnings support: H1 adjusted EPS rose to 60.8p (+53%), with adjusted PBT up 57%. This underpins the higher interim.
• Cash and balance sheet: H1 free cash inflow of £8.2m; net debt/adjusted EBITDA improved to 1.4x (ample covenant headroom, facilities to 2029). Cash conversion dipped to 60% due to working capital outflows.
• Near-term cash catalyst: Expected JV proceeds of ~£100m in fiscal Q4 (formation of Chinese porcine JV) should further strengthen liquidity and reduce leverage, supporting dividend capacity.
• Policy clarity: The 30–40% adjusted EPS payout range and formulaic interim (35% of prior full-year dividend) provide visibility and smoothing. Given rolling 12-month adjusted EPS and improving cover, the progressive trajectory looks maintainable absent a sharp earnings or cash downturn.