IntegraFin Holdings

IntegraFin Holdings Dividend Analysis and Summary

• Declared dividend: Second interim dividend of 8.0p per share (FY25).
• Ex-dividend date: 02/01/2026.
• Record date: 05/01/2026.
• Payment date: 30/01/2026.
• Total FY25 dividend: 11.3p per share (up +9% vs 10.4p in FY24).
• Earnings cover: Underlying EPS 17.4p ? c.1.5x cover; Reported EPS 15.5p ? c.1.37x cover.
• Cash coverage: Foreseeable dividend of c.£26.5m vs surplus cash/gilts of £33.7m post regulatory buffers.

• Affordability: FY25 underlying PBT up +7% to £75.4m; underlying EPS up +7% to 17.4p. Cover of ~1.5x is healthy for a capital-light platform business.
• Cash and capital: Surplus liquid resources of £33.7m after regulatory and policyholder requirements, comfortably funding the second interim (~£26.5m). Strong regulatory capital headroom (IFAL 128%, ILUK 133%, ILInt 168%).
• Quality of revenues: Platform revenues are predominantly recurring (c.99% of platform revenue), supported by robust net inflows (£4.4bn, +76%) and 16% FUD growth to £74.2bn.
• Margin dynamics: Management guides to slowing administrative expense growth to ~3% in FY26–FY27, supporting margin expansion. Note the structural drift lower in platform revenue margin from tiered fees and prior pricing actions; operating leverage is expected to offset.
• Dividend trajectory: FY25 DPS growth of +9% aligns with underlying earnings growth (+7%) and appears sustainable if net inflows remain resilient and cost discipline delivers.