IWG

IWG Dividend Analysis and Summary

• Final dividend (FY2025): 0.93¢ per share (USD) (+3% vs prior-year final of 0.90¢)
• Total dividend for FY2025: 1.38¢ per share (USD)
• Record date: 01/05/2026
• Ex-dividend date: 30/04/2026 (derived as the business day before the record date)
• Payment date: 29/05/2026
• Currency: Declared in USD and paid in GBP by default (FX set at the New York closing rate on 01/05/2026); option to elect USD
• Estimated cash cost: ~$14m for FY2025 dividends (consistent with disclosed $14m paid in 2025)
• Share count context: 48.5m shares (˜4.5% of outstanding) repurchased and cancelled in 2025; weighted average shares ˜1.01bn

• Coverage (earnings): FY2025 adjusted EPS 4.8¢ vs total DPS 1.38¢ implies a payout of ~29% on an adjusted basis (comfortably covered). On reported EPS of 1.8¢, coverage is tighter, but management and investors typically reference adjusted metrics.
• Cove­rage (cash): Dividend outlay (~$14m) is small relative to cash flow before corporate activities of $162m and cash before growth capex/corporate of $244m. Maintenance capex of $92m (guided ~$100m going forward) remains manageable.
• Balance sheet: Net debt $715m; leverage 1.35x net debt/Adj. EBITDA; undrawn RCF and no major maturities until 2029/2030/2032; reaffirmed BBB rating – supportive of continued distributions.
• Growth trajectory: FY2025 Adj. EBITDA up 6% to $531m; guidance for 2026 Adj. EBITDA $585m–$625m and recurring management fees expected to reach $80m in 2026 – positive for longer-term dividend capacity.
• Capital returns mix: Ongoing buybacks increased to $100m for 2026 signal priority to repurchases; dividend growth remains modest but appears “progressive and prudent.”