YouGov

YouGov Dividend Analysis and Summary

• Dividend per share: 9.25p (final), up 3% year-on-year (FY24: 9.0p)
• Ex-dividend date: 27/11/2025 (derived from record date)
• Record date: 28/11/2025
• Payment date: 09/12/2025
• Approval: Subject to AGM on 04/12/2025
• Cash outlay: c. £10.8m total dividend
• Earnings cover: c. 3.4x on adjusted EPS (31.7p); c. 1.2x on statutory EPS (11.5p)
• Cash flow cover: Operating cash generation £63.3m vs dividend £10.8m (~5.9x)
• Policy: Progressive dividend policy reaffirmed

• Sustainability: The dividend is well-covered by adjusted earnings (3.4x) and operating cash generation (~5.9x). Leverage at 1.7x net debt/EBITDA and year-end cash of £54.8m provide headroom, though interest costs rose to £13.9m (incl. £11.4m on borrowings).
• Growth trajectory: DPS up 3% vs adjusted EPS up 8% signals a cautious, sustainable step-up with scope for future increases if earnings progress. However, management guides to only “modest” revenue and adjusted operating profit progress in FY26 as strategic investments step up, which may temper near-term dividend growth.
• Support from financials/capital allocation: Adjusted operating profit rose 22%, margins improved to 16%, and cost optimisation (£20m annualised, 70% realised) aids resilience. Cash conversion at 71% is steady. The dividend remains modest versus capex/intangibles spend (£17.5m) and planned tech/panel investment, suggesting continued affordability under the stated progressive policy.