Uniphar

Website: Uniphar
Index: AIM
EPIC: UPR
Supersector: Health Care
Sector: Health Care Equipment and Services
Subsector: Medical Equipment
Market Cap: £922.88M
Payout Frequency: Semi-Annual

Uniphar Dividend Analysis and Summary

Declared dividend details

Final dividend declared: €0.0131 per share (total €3.4m), subject to AGM approval.
Interim dividend (already paid Oct 2025): €0.0071 per share (total €1.8m).
Total FY2025 dividend: €0.0202 per share (total €5.2m), up 5.2% year-on-year.
Ex-dividend date: 23/04/2026 (derived from record date below).
Record date: 24/04/2026 (5 p.m.).
Payment date: 15/05/2026.
Currency: EUR.

Sustainability and coverage

Adjusted EPS: €0.248; FY2025 DPS: €0.0202 ? payout ratio c. 8% (~12x earnings cover).
Free cash flow conversion: 99.1%; dividends paid in 2025: €5.1m, comfortably covered by operating cash flow.
Balance sheet and liquidity: net bank debt €171.1m, leverage 1.55x adjusted EBITDA; RCF extended to Aug 2029 and new €150m term loan adds headroom.
Outlook supports continuation: management expects ongoing strong organic gross profit growth and targets €200m EBITDA by 2028.

Dividend growth and policy

Board reiterates a progressive dividend policy.
FY2025 DPS growth of 5.2% alongside 21% adjusted EPS growth indicates ample capacity for further increases.
Six-year adjusted EPS CAGR of 16% and a low payout suggest room to grow the dividend without stressing cash flows.

Financial performance and capital allocation support

Solid operating performance: gross profit +7.0% (organic +8.9%), EBITDA +6.0% (organic +9.0%).
€35m share buyback completed (13.4m shares, c. 4.9% of shares outstanding), enhancing per-share metrics alongside the dividend.
ROCE at 16.3% (above 12–15% target), indicating disciplined deployment that supports ongoing distributions.

Structural changes and items relevant to future dividends

Share buyback completed in 2025 reduces share count and supports future per-share dividends.
M&A: acquisition of TouchStore (c. €10.2m; earn-out up to €3.5m) broadens digital/pharmacy software capabilities.
Major strategic capex: new Irish distribution facility to go live phased in 2026; management notes higher transformation costs expected in 2026.
Debt facilities: RCF maturity extended to Aug 2029; new €150m 5-year term loan (with extension options) provides liquidity to fund growth and dividends.

Risks and flags to dividend stability

Cash flow timing: 2025 benefitted from favourable working capital movements that are expected to unwind in future periods, which could temporarily lift leverage or reduce free cash flow in 2026.
Higher 2026 transformation/exceptional costs linked to the new distribution facility could dilute near-term reported earnings/cash, though payout is very low.
Margin pressure in Supply Chain & Retail (EBITDA margin 2.5% vs 2.9%) and overall mix effects.
Execution risk on transformational projects and ongoing M&A integration.
General FX and interest rate exposure, and cybersecurity/regulatory risks noted by the company.
Dividend is EUR-denominated, introducing FX translation risk for non-euro investors.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
24/04/2025	16/05/2025	Final	1.25¢	EUX
11/09/2025	03/10/2025	Interim	0.71¢	EUX

Total (Annual Dividends Per Share): 1.69p (Using exchange rate on 30/04/2026 EUR = £0.86341)

Dividend Yield = Annual Dividends Per Share (1.69p) ÷ Share Price (348p) = 0.49%

Ex Dividend Date	Payment Date	Type	Amount	Currency
23/04/2026	15/05/2026	Final	1.31¢	EUX
11/09/2025	03/10/2025	Interim	0.71¢	EUX
24/04/2025	16/05/2025	Final	1.25¢	EUX
12/09/2024	04/10/2024	Interim	0.67¢	EUX
18/04/2024	14/05/2024	Final	1.19¢	EUX
28/09/2023	20/10/2023	Interim	0.64¢	EUX
20/04/2023	16/05/2023	Final	1.13¢	EUX
08/09/2022	06/10/2022	Interim	0.61¢	EUX
21/04/2022	13/05/2022	Final	1.10¢	EUX
16/09/2021	11/10/2021	Interim	0.56¢	EUX
22/04/2021	17/05/2021	Final	1.50¢	EUX
30/04/2020	29/05/2020	Final	0.73¢	USX

Year	Interim	Final	Currency	Total	Change
2024	0.670	1.190	EUX	1.860	5.080
2023	0.640	1.130	EUX	1.770	3.500
2022	0.610	1.100	EUX	1.710	-16.990
2021	0.560	1.500	EUX	2.060	182.190
2020		0.730	USX	0.730

Number of Shares:

Payment	Paid	Amount
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