Kingfisher
Website:
Kingfisher
Index:
FTSE 100
EPIC: KGF
Supersector:
Retail
Sector:
General Retailers
Subsector:
Home Improvement Retailers
Market Cap:
£4.9B
Payout Frequency: Semi-Annual
Kingfisher Dividend Analysis and Summary
Declared dividend and key dates
- Final dividend: 8.60p per share (FY25/26)
- Total dividend per share (FY25/26): 12.40p (flat YoY)
- Ex-dividend date: 28/05/2026
- Record date: 29/05/2026
- Payment date: 03/07/2026 (subject to AGM approval on 26/06/2026)
- Interim dividend already paid: 3.80p
- Dividend cover: 1.9x (adjusted EPS 23.8p vs DPS 12.40p)
- DRIP election deadline: 12/06/2026
Financial support and coverage
- Free cash flow: £512m; estimated FY25/26 dividend cash cost c.£213m (interim £66m + expected final c.£147m) — FCF coverage c.2.4x.
- Balance sheet: net leverage 1.4x adj. EBITDA; liquidity >£1.1bn; investment-grade ratings (S&P/Fitch: BBB).
- Guidance (FY26/27): adjusted PBT £565m–£625m; free cash flow £450m–£510m — implies continued dividend capacity.
- Capital returns: completed £300m buyback (Mar-26); new £300m buyback announced.
- Dividend policy: aim for progressive growth; target ordinary dividend cover 2.25–2.75x (Board may move outside range).
Sustainability and growth outlook
- Sustainability: Current cover of 1.9x sits below the stated target, but strong FCF, improving gross margin (+80bps to 38.1%) and disciplined costs support maintenance of the dividend.
- Growth trajectory: DPS is flat YoY at 12.40p despite +14.9% growth in adjusted EPS, suggesting the Board is prioritising balance with cover and using buybacks to enhance per-share metrics. Near-term DPS growth likely measured until cover trends back towards target.
- Cash allocation: Elevated capex (£388m) and ongoing buybacks indicate confidence in cash generation; FY26/27 FCF guidance still covers the dividend comfortably even at the low end.
Structural or policy items relevant to future dividends
- Share buybacks: New £300m programme underway; continued surplus-capital returns complement ordinary dividend but may limit DPS growth while cover is below target.
- Portfolio changes: Romania disposal (May-25) completed; French estate restructuring and selective franchising continue — aimed at profitability/margin improvement medium term.
- Policy reaffirmed: Progressive DPS over time with target cover 2.25–2.75x; maintain solid IG rating (max net debt/EBITDA c.2.0x target).
Risks and flags to dividend stability
- Cover below target: 1.9x vs 2.25–2.75x policy range reduces headroom for DPS growth near term.
- France weakness and impairments: Ongoing market softness; £73m Castorama France goodwill impairment and store impairments signal earnings sensitivity to recovery pace.
- Rising finance costs/cost inflation: FY26/27 net finance cost guided to ~£105m (vs £91m); wage and operating cost pressures persist.
- Geographic mix: UK drives profit; execution risk in France turnaround and Poland macro backdrop.
- One-offs and restructuring: Prior net debt benefits from non-recurring items (e.g., tax refund, disposal proceeds) won’t repeat; French/Polish store model changes may carry near-term costs.
Key takeaways for dividend investors
- Ex-dividend: 28/05/2026; Final DPS 8.60p, total 12.40p (flat YoY).
- Dividend is well covered by FCF and supported by strong liquidity; EPS cover below target suggests cautious near-term DPS growth.
- Ongoing £300m buyback should enhance per-share metrics while the Group executes margin and cost initiatives.
Read more
Kingfisher Annual Dividend Yield - 4.31%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 22/05/2025 |
30/06/2025 |
Final |
8.60p |
GBX |
| 09/10/2025 |
14/11/2025 |
Interim |
3.80p |
GBX |
Total (Annual Dividends Per Share):
12.40p
Dividend Yield =
Annual Dividends Per Share (12.40p)
÷ Share Price (287.5p)
= 4.31%
Kingfisher Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 28/05/2026 |
03/07/2026 |
Final |
8.6000p |
GBX |
| 09/10/2025 |
14/11/2025 |
Interim |
3.80p |
GBX |
| 22/05/2025 |
30/06/2025 |
Final |
8.60p |
GBX |
| 10/10/2024 |
15/11/2024 |
Interim |
3.80p |
GBX |
| 16/05/2024 |
25/06/2024 |
Final |
8.60p |
GBX |
| 12/10/2023 |
17/11/2023 |
Interim |
3.80p |
GBX |
| 25/05/2023 |
03/07/2023 |
Final |
8.60p |
GBX |
| 06/10/2022 |
11/11/2022 |
Interim |
3.80p |
GBX |
| 19/05/2022 |
27/06/2022 |
Final |
8.60p |
GBX |
| 07/10/2021 |
12/11/2021 |
Interim |
3.80p |
GBX |
| 03/06/2021 |
05/07/2021 |
Interim |
2.75p |
GBX |
| 03/06/2021 |
05/07/2021 |
Final |
5.50p |
GBX |
| 03/10/2019 |
08/11/2019 |
Interim |
3.33p |
GBX |
| 06/06/2019 |
15/07/2019 |
Final |
7.49p |
GBX |
| 04/10/2018 |
09/11/2018 |
Interim |
3.33p |
GBX |
| 03/05/2018 |
18/06/2018 |
Final |
7.49p |
GBX |
| 04/05/2017 |
19/06/2017 |
Final |
7.15p |
GBX |
| 06/10/2016 |
11/11/2016 |
Interim |
3.25p |
GBX |
| 05/10/2016 |
10/11/2017 |
Interim |
3.33p |
GBX |
| 05/05/2016 |
20/06/2016 |
Final |
6.92p |
GBX |
| 08/10/2015 |
13/11/2015 |
Interim |
3.18p |
GBX |
| 14/05/2015 |
15/06/2015 |
Final |
6.85p |
GBX |
| 09/10/2014 |
14/11/2014 |
Interim |
3.15p |
GBX |
| 25/06/2014 |
25/07/2014 |
Special |
4.20p |
GBX |
| 14/05/2014 |
16/06/2014 |
Final |
6.78p |
GBX |
| 09/10/2013 |
15/11/2013 |
Interim |
3.12p |
GBX |
| 08/05/2013 |
17/06/2013 |
Final |
6.37p |
GBX |
| 10/10/2012 |
16/11/2012 |
Interim |
3.09p |
GBX |
| 02/05/2012 |
18/06/2012 |
Final |
6.37p |
GBX |
| 05/10/2011 |
11/11/2011 |
Interim |
2.47p |
GBX |
| 04/05/2011 |
20/06/2011 |
Final |
5.15p |
GBX |
| 06/10/2010 |
12/11/2010 |
Interim |
1.93p |
GBX |
| 05/05/2010 |
18/06/2010 |
Final |
3.58p |
GBX |
| 07/10/2009 |
12/11/2009 |
Interim |
1.93p |
GBX |
| 06/05/2009 |
19/06/2009 |
Final |
3.40p |
GBX |
| 08/10/2008 |
14/11/2008 |
Interim |
1.93p |
GBX |
| 14/04/2008 |
13/06/2008 |
Final |
3.40p |
GBX |
| 03/10/2007 |
16/11/2007 |
Interim |
3.85p |
GBX |
| 06/04/2007 |
08/06/2007 |
Final |
6.80p |
GBX |
| 20/09/2006 |
10/11/2006 |
Interim |
3.85p |
GBX |
| 05/04/2006 |
02/06/2006 |
Final |
6.80p |
GBX |
| 21/09/2005 |
11/11/2005 |
Interim |
3.85p |
GBX |
| 30/03/2005 |
03/06/2005 |
Final |
6.80p |
GBX |
| 22/09/2004 |
12/11/2004 |
Interim |
3.85p |
GBX |
| 31/03/2004 |
11/06/2004 |
Final |
6.15p |
GBX |
| 24/09/2003 |
14/11/2003 |
Interim |
3.50p |
GBX |
| 02/04/2003 |
13/06/2003 |
Final |
6.05p |
GBX |
| 02/10/2002 |
22/11/2002 |
Interim |
3.45p |
GBX |
| 03/04/2002 |
14/06/2002 |
Final |
7.66p |
GBX |
| 26/09/2001 |
16/11/2001 |
Interim |
4.35p |
GBX |
| 02/04/2001 |
15/06/2001 |
Final |
11.25p |
GBX |
| 27/09/2000 |
17/11/2000 |
Interim |
4.25p |
GBX |
| 12/04/2000 |
22/06/2000 |
Final |
10.50p |
GBX |
| 29/09/1999 |
19/11/1999 |
Interim |
4.00p |
GBX |
| 08/04/1999 |
01/07/1999 |
Final |
9.25p |
GBX |
| 01/10/1998 |
21/11/1998 |
Interim |
3.75p |
GBX |
| 10/04/1998 |
02/07/1998 |
Final |
16.50p |
GBX |
| 01/10/1997 |
21/11/1997 |
Interim |
6.50p |
GBX |
| 03/04/1997 |
04/07/1997 |
Final |
14.00p |
GBX |
| 06/10/1996 |
22/11/1996 |
Interim |
4.50p |
GBX |
| 15/04/1996 |
02/07/1996 |
Final |
11.70p |
GBX |
| 01/10/1995 |
24/11/1995 |
Interim |
4.40p |
GBX |
| 27/04/1995 |
04/07/1995 |
Final |
10.80p |
GBX |
| 04/10/1994 |
17/11/1994 |
Interim |
4.40p |
GBX |
| 30/06/1994 |
05/07/1994 |
Final |
10.50p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
3.800 |
8.600 |
|
GBX |
12.400 |
0.000 |
| 2023 |
3.800 |
8.600 |
|
GBX |
12.400 |
0.000 |
| 2022 |
3.800 |
8.600 |
|
GBX |
12.400 |
2.900 |
| 2021 |
6.550 |
5.500 |
|
GBX |
12.050 |
11.360 |
| 2019 |
3.330 |
7.490 |
|
GBX |
10.820 |
0.000 |
| 2018 |
3.330 |
7.490 |
|
GBX |
10.820 |
51.320 |
| 2017 |
|
7.150 |
|
GBX |
7.150 |
-47.030 |
| 2016 |
6.580 |
6.920 |
|
GBX |
13.500 |
34.590 |
| 2015 |
3.180 |
6.850 |
|
GBX |
10.030 |
-29.010 |
| 2014 |
3.150 |
6.780 |
4.200 |
GBX |
14.130 |
48.890 |
| 2013 |
3.120 |
6.370 |
|
GBX |
9.490 |
0.310 |
| 2012 |
3.090 |
6.370 |
|
GBX |
9.460 |
24.220 |
| 2011 |
2.470 |
5.145 |
|
GBX |
7.615 |
38.450 |
| 2010 |
1.925 |
3.575 |
|
GBX |
5.500 |
3.280 |
| 2009 |
1.925 |
3.400 |
|
GBX |
5.325 |
0.000 |
| 2008 |
1.925 |
3.400 |
|
GBX |
5.325 |
-50.000 |
| 2007 |
3.850 |
6.800 |
|
GBX |
10.650 |
0.000 |
| 2006 |
3.850 |
6.800 |
|
GBX |
10.650 |
176.620 |
| 2005 |
3.850 |
|
|
GBX |
3.850 |
-63.840 |
| 2004 |
3.850 |
6.800 |
|
GBX |
10.650 |
-32.160 |
| 2003 |
3.500 |
12.200 |
|
GBX |
15.700 |
41.370 |
| 2002 |
3.450 |
7.655 |
|
GBX |
11.105 |
-28.790 |
| 2001 |
4.345 |
11.250 |
|
GBX |
15.595 |
5.720 |
| 2000 |
4.250 |
10.500 |
|
GBX |
14.750 |
11.320 |
| 1999 |
4.000 |
9.250 |
|
GBX |
13.250 |
-34.560 |
| 1998 |
3.750 |
16.500 |
|
GBX |
20.250 |
-1.210 |
| 1997 |
6.500 |
14.000 |
|
GBX |
20.500 |
26.540 |
| 1996 |
4.500 |
11.700 |
|
GBX |
16.200 |
6.570 |
| 1995 |
4.400 |
10.800 |
|
GBX |
15.200 |
2.010 |
| 1994 |
4.400 |
10.500 |
|
GBX |
14.900 |
|
Kingfisher Dividend Calculator
Kingfisher Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
8.49%
|
| Years of Growth |
–
|
| Payout Ratio |
88.98%
|
| Buyback Yield |
4.87%
|
| Shareholder Yield |
9.04%
|
| P/E Ratio (TTM) | 20.99 |
|---|
| Forward P/E | 11.35 |
|---|
| P/FCF | 4.3 |
|---|
| Earnings Yield | 5.04% |
|---|
| FCF Yield | 23.26% |
|---|
| ROE | 3.92% |
|---|
| ROCE | 7.89% |
|---|
| Profit Margin | 1.89% |
|---|
| Operating Margin | 5.15% |
|---|
| Gross Margin | 38.08% |
|---|