Quilter

Website: Quilter
Index: FTSE 250
EPIC: QLT
Supersector: Financial Services
Sector: Financial Services
Subsector: Asset Managers
Market Cap: £2.49B
Payout Frequency: Semi-Annual

Next Quilter Dividend

Quilter next goes ex-dividend on 16/04/2026. This will be the Final dividend for 2026.

The dividend per share amount is 4.3000p (GBP) and the payment date is 18/05/2026.

Key dividend details

Final dividend: 4.3p per share (cost c.£58m)
Total FY25 dividend: 6.3p per share (+7% YoY)
Payout ratio: ~60% of post-tax, post-interest adjusted earnings (company-stated)
Dividend cover: ~1.7x (adjusted diluted EPS 11.0p vs DPS 6.3p)
Ex-dividend date (UK): 16/04/2026
Record date: 17/04/2026; Payment date: 18/05/2026
South Africa: ex-div 15/04/2026; gross dividend 94.67035 ZAR cents/share (net 75.73628 after 20% tax)

New distribution policy and capital allocation

From FY26: target distribution of ~70% of post-tax, post-interest adjusted profit via a mix of ordinary dividends and regular buybacks.
Board expects modest annual growth in the cash dividend; interim set at one-third of the prior year’s total DPS.
Announced £100m share buyback to be completed by end-2026.
Pro forma Solvency II ratio 200% after the final dividend and buyback deduction (2024: 219%).

Support from financial performance

Adjusted PBT up 6% to £207m; operating margin improved to 30%.
Adjusted diluted EPS up 4% to 11.0p; IFRS profit after tax £120m (vs loss in 2024).
Strong business momentum: AuMA up 18% to £141.2bn; core net inflows £9.1bn (8% of opening AuMA).
Cost discipline: Simplification programme delivered £50m+ run-rate savings; base costs down as % of revenue.
Capital headroom: Holding company cash £429m; pro forma SII 200% post distributions.

Dividend sustainability and trajectory

Sustainability: The FY25 DPS (6.3p) is well-covered (~1.7x) by adjusted EPS and underpinned by growing AuMA and a 30% operating margin. The 200% SII ratio post buyback and dividend indicates adequate capital to support distributions.
Growth outlook: Management guides to modest annual cash DPS growth under the new policy, with additional returns via ongoing buybacks supporting per-share growth.
Earnings support: Net inflows, platform scale and efficiency gains are supportive, though revenue margin drift (42 bps vs 44 bps) and lower interest income moderately temper momentum.

Structural or policy changes affecting future dividends

New distribution policy (from FY26): ~70% payout through a mix of ordinary dividends and buybacks; interim set formulaically at one-third of prior-year DPS.
£100m buyback through 2026 reduces share count and can support DPS growth per share even if cash DPS growth remains modest.
No demergers, share consolidations, or material M&A announced; Board notes only “modest” bolt-on M&A in planning.

Risks and flags to dividend stability

Regulatory/remediation: Ongoing Advice Review provision at £42m (after a £20m release). Residual uncertainty on final costs remains.
Market sensitivity: Fee revenue tied to market levels; revenue margin pressure (mix shift to lower-margin MPS, admin tiering) could cap earnings leverage.
Cost trajectory: Management flags higher cost growth in 2026 to fund growth/Targeted Support, which may partially offset operating leverage near term.
Capital buffer: Pro forma SII down to 200% post buyback; still solid but with reduced headroom vs 2024.
Other: Higher FSCS levies and lower interest income on shareholder cash are modest headwinds.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
10/04/2025	27/05/2025	Final	4.20p	GBX
28/08/2025	22/09/2025	Interim	2.00p	GBX

Total (Annual Dividends Per Share): 6.20p

Dividend Yield = Annual Dividends Per Share (6.20p) ÷ Share Price (176.5p) = 3.51%

Ex Dividend Date	Payment Date	Type	Amount	Currency
16/04/2026	18/05/2026	Final	4.3000p	GBX
28/08/2025	22/09/2025	Interim	2.00p	GBX
10/04/2025	27/05/2025	Final	4.20p	GBX
29/08/2024	23/09/2024	Interim	1.70p	GBX
18/04/2024	28/05/2024	Final	3.70p	GBX
31/08/2023	18/09/2023	Interim	1.50p	GBX
20/04/2023	22/05/2023	Final	3.30p	GBX
01/09/2022	20/09/2022	Interim	1.20p	GBX
07/04/2022	16/05/2022	Final	3.90p	GBX
02/09/2021	20/09/2021	Interim	1.70p	GBX
08/04/2021	17/05/2021	Final	3.60p	GBX
03/09/2020	21/09/2020	Interim	1.00p	GBX
02/04/2020	18/05/2020	Final	3.50p	GBX
29/08/2019	20/09/2019	Interim	1.70p	GBX
25/04/2019	20/05/2019	Final	3.30p	GBX
23/08/2018	21/09/2018	Special	12.00p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024	1.700	3.700		GBX	5.400	12.500
2023	1.500	3.300		GBX	4.800	-5.880
2022	1.200	3.900		GBX	5.100	-3.770
2021	1.700	3.600		GBX	5.300	17.770
2020	1.000	3.500		GBX	4.500	-10.000
2019	1.700	3.300		GBX	5.000	-58.330
2018			12.000	GBX	12.000

Number of Shares:

Payment	Paid	Amount
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