Next RIT Capital Partners Dividend

RIT Capital Partners next goes ex-dividend on 02/04/2026. This will be the 1st Interim dividend for 2026.

The dividend per share amount is 22.5000p (GBP) and the payment date is 24/04/2026.

RIT Capital Partners Dividend Analysis and Summary

Declared dividend and timetable

Dividend declared: First interim dividend of 22.5p per share for FY2026 (part of a planned 45.0p total dividend for 2026, an +4.7% increase year-on-year; 13th consecutive annual rise).
Ex-dividend date: 02/04/2026 (derived from the stated record date below, adjusting for UK Easter market holidays).
Record date: 07/04/2026.
Payment date: 24/04/2026.
Funding source: From accumulated capital profits (explicitly stated).
Second instalment: Expected a further 22.5p in October 2026 (date TBC).
Prospective yield (illustrative): c. 2.0% on the 31 Dec 2025 share price of 2,270p (45p/2,270p).

Support and coverage

2025 investment income: £37.2m; 2025 dividends paid: £60.2m (43p), indicating revenue alone does not cover the payout.
However, 2025 delivered strong capital gains of £498.6m and operating cash inflow of £206.8m, comfortably exceeding the c. £62m cash cost implied by a 45p annual dividend on the current share count.
Revenue reserve: –£39.1m (negative), reinforcing reliance on realised capital profits for distributions (permitted for UK investment trusts).
Gearing: Low at 3.2%; OCF: 0.73% — both supportive of dividend sustainability.

Dividend growth trajectory

2024 total dividend: 39.0p ? 2025: 43.0p (+10.3%); planned 2026: 45.0p (+4.7%).
Guidance remains for a progressive dividend, “maintain or increase,” subject to capital preservation.

Capital allocation and structural considerations

Buybacks: 3.0% of issued share capital repurchased in 2025 for £89m; 11.2% since 2023. Ongoing commitment while the discount persists; buybacks added an estimated +0.9% to 2025 NAV TR.
Discount to NAV: –22.3% at year-end (narrowed from –24.0%). Continued buybacks can enhance per-share dividend capacity over time.
Treasury share cancellation: 15.7m treasury shares cancelled in May 2025 — a modest structural change that reduces share count and supports per-share metrics, including dividends.
Portfolio mix: Private Investments trimmed to 31.7% of NAV (within the Board’s 25–33% target), with strong realisations (£232m) enhancing capital resources that can support distributions.

Risks and flags to dividend stability

Coverage risk: Dividend is not covered by revenue (negative revenue reserve), so stability depends on ongoing realised capital profits and liquidity from exits — which were strong in 2025 but can be cyclical.
Valuation/illiquidity risk: 31.7% in Private Investments; while realisations were high in 2025 and the funds book is “self-funding,” weaker M&A/IPO markets could constrain future capital distributions.
Market and FX risk: Currency was a –2.9% drag after hedging; broader market volatility could affect capital profits that fund dividends.
Discount policy vs. income: Continued buybacks are accretive but compete for capital with reinvestment and distributions.

Bottom line

The 22.5p first interim dividend (ex- 02/04/2026, record 07/04/2026, pay 24/04/2026) fits a long-standing progressive policy and appears sustainable on a total-return basis, given strong realised gains, low gearing, and healthy cash generation in 2025.
Key watchpoints are the trust’s dependence on capital profits (with a negative revenue reserve) and the durability of private realisations in a changing market backdrop.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
03/04/2025	25/04/2025	1st Interim	21.50p	GBX
02/10/2025	31/10/2025	2nd Interim	21.50p	GBX

Total (Annual Dividends Per Share): 43.00p

Dividend Yield = Annual Dividends Per Share (43.00p) ÷ Share Price (2150p) = 2%

Ex Dividend Date	Payment Date	Type	Amount	Currency
02/04/2026	24/04/2026	1st Interim	22.5000p	GBX
02/10/2025	31/10/2025	2nd Interim	21.50p	GBX
03/04/2025	25/04/2025	1st Interim	21.50p	GBX
03/10/2024	25/10/2024	2nd Interim	19.50p	GBX
04/04/2024	26/04/2024	1st Interim	19.50p	GBX
05/10/2023	27/10/2023	2nd Interim	19.00p	GBX
06/04/2023	28/04/2023	1st Interim	19.00p	GBX
06/10/2022	28/10/2022	2nd Interim	18.50p	GBX
31/03/2022	29/04/2022	1st Interim	18.50p	GBX
30/09/2021	29/10/2021	2nd Interim	17.63p	GBX
01/04/2021	30/04/2021	1st Interim	17.63p	GBX
01/10/2020	30/10/2020	2nd Interim	17.50p	GBX
02/04/2020	30/04/2020	1st Interim	17.50p	GBX
03/10/2019	31/10/2019	2nd Interim	17.00p	GBX
04/04/2019	30/04/2019	Interim	17.00p	GBX
04/04/2019	30/04/2019	1st Interim	17.00p	GBX
04/10/2018	31/10/2018	2nd Interim	16.50p	GBX
05/04/2018	30/04/2018	1st Interim	16.50p	GBX
05/10/2017	31/10/2017	2nd Interim	16.00p	GBX
06/04/2017	28/04/2017	1st Interim	16.00p	GBX
06/10/2016	28/10/2016	2nd Interim	15.50p	GBX
07/04/2016	27/04/2016	1st Interim	15.50p	GBX
01/10/2015	23/10/2015	2nd Interim	15.00p	GBX
02/04/2015	29/04/2015	1st Interim	15.00p	GBX
01/10/2014	24/10/2014	2nd Interim	14.70p	GBX
02/04/2014	29/04/2014	1st Interim	14.70p	GBX
02/10/2013	18/10/2013	2nd Interim	14.00p	GBX
03/04/2013	26/04/2013	1st Interim	14.00p	GBX

Year	Interim	Currency	Total	Change
2024		GBX	39.000	2.630
2023		GBX	38.000	2.700
2022		GBX	37.000	4.930
2021		GBX	35.260	0.740
2020		GBX	35.000	-31.370
2019	17.000	GBX	51.000	54.540
2018		GBX	33.000	3.120
2017		GBX	32.000	3.220
2016		GBX	31.000	3.330
2015		GBX	30.000	2.040
2014		GBX	29.400	5.000
2013		GBX	28.000

Number of Shares:

Payment	Paid	Amount
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