Young & Co's Brewery

Young & Co's Brewery Dividend Analysis and Summary

• Type: Interim dividend
• Amount: 12.22p per share (up +6.0% year-on-year from 11.53p)
• Record date: 21/11/2025
• Ex-dividend date: 20/11/2025 (derived as one business day before the record date)
• Payment date: 05/12/2025
• Estimated cash cost: ~£7.6m

• Coverage by earnings: H1 basic EPS 34.95p (adjusted EPS 35.59p) vs interim DPS 12.22p implies a payout ratio of ~35% (~34% adjusted) for the half, leaving ample headroom.
• Cash flow support: Net cash from operations £58.3m; after capex £12.6m and interest £7.4m, estimated H1 free cash flow covers the interim dividend by roughly 5x. Healthy cash generation, supported by like-for-like sales growth and integration synergies, underpins the payment.
• Balance sheet and leverage: Net debt (pre-IFRS 16) fell to £221.8m; net debt/adjusted EBITDA at 2.0x (2.6x incl. leases), within the stated 2.0–3.0x target range, supporting ongoing distributions.
• Dividend trajectory: This is the eighth consecutive interim increase, consistent with a progressive dividend policy. Earnings grew (basic EPS +8.5%), suggesting capacity for continued progression, subject to H2 trading and cost pressures.