Alliance Witan (ALW.L) — Company Research

Last Updated: 10 September 2026

Alliance Witan plc is a FTSE 100 global equity investment trust, created in October 2024 when Alliance Trust absorbed Witan Investment Trust in what was then the largest investment-trust merger in UK history. It is externally managed by Towers Watson Investment Management, part of WTW, which does not pick stocks itself but hires and fires eleven specialist boutique managers and allocates capital between them. Net assets were £5.11bn at 31 December 2025 and roughly £5.29bn by 31 July 2026. The trust raised its dividend for a 59th consecutive year in 2025, and is on course for a 60th in 2026 — but it has now trailed its MSCI All Country World Index benchmark for two full years and the first half of a third. This report sets out what the accounts show, what the Board has changed, and what would need to happen for the record to improve. It contains no analyst opinions, price targets or ratings.

1. Company Snapshot

Field	Value
Company	Alliance Witan plc
Ticker / exchange	ALW, London Stock Exchange (FTSE 100 constituent)
Structure	Closed-end investment trust, global equity mandate, multi-manager
Benchmark	MSCI All Country World Index, in sterling, net dividends reinvested
CEO / Leadership	No chief executive — the trust is externally managed. Dean Buckley is Chair of the Board. Investment management is delegated to WTW, whose Investment Committee for the mandate is Craig Baker (Global Chief Investment Officer), Stuart Gray and Mark Davis.
Employees	None — Alliance Witan has no employees. It is externally managed by WTW, with Juniper Partners as company secretary and administrator, and the Board consists of non-executive directors only.
Revenue (FY2025)	Total investment income of £98.1m, up from £72.8m in FY2024. Including portfolio gains and derivatives, and after management fees, finance costs and currency movements, the total return line was £241.2m.
Profit for the year (FY2025)	£224.5m, against £490.7m in FY2024
Net assets	£5,112.7m at 31 Dec 2025; ~£5,294.8m at 31 Jul 2026
NAV per share	1,337.2p at 31 Dec 2025; 1,416.5p at 30 Jun 2026; 1,426.5p at 31 Jul 2026
Share price	~1,344p (10 Sep 2026)
Market cap	~£4.94bn
Discount to NAV	5.7% at 31 Jul 2026 (5.1% at 30 Jun 2026; 4.1% at 31 Dec 2025)
Shares in issue	367,285,276 with voting rights at 9 Sep 2026 (405,193,982 issued less 37,908,706 held in Treasury)
Ongoing charges	0.47% for FY2025; the management fee falls to a flat 0.46% from 1 Apr 2026 and 0.41% from 2027
Dividend	28.32p for FY2025, a 59th consecutive annual increase; at least 29.32p guided for FY2026
Gearing	9.1% gross, 5.5% net at 31 Jul 2026

2. Bull Case and Bear Case

Bull Case

• Cost has been cut twice and is now genuinely competitive: the Board announced on 25 Mar 2026 that the WTW fee moves from a tiered 0.52%/0.49%/0.46% structure to a flat 0.46% from 1 Apr 2026 and 0.41% from 2027, which is expected to take the ongoing charges ratio to about 0.57% in 2026 and 0.51% in 2027 — close to passive territory for an actively managed global fund.
• A 59-year dividend record backed by real reserves: FY2025’s 28.32p was the 59th consecutive annual increase, revenue earnings per share of 18.52p covered roughly two-thirds of it, and the Board confirmed at the half year that FY2026 will be at least 29.32p. The August 2025 court-approved cancellation of the share premium account added £1.38bn to distributable reserves.
• The buyback is large and consistently accretive: 17.8m shares, or 4.7% of issued capital, were repurchased in FY2025 for £223.6m at an average 5.1% discount, and a further 9.8m shares in H1 2026 against 4.9m in H1 2025. Every share bought below NAV adds to NAV per share for those who stay.
• Genuine diversification against a concentrated index: the portfolio holds 223 stocks with an active share of 71%, and the top ten positions account for only 23.8% of assets. As mega-cap listings concentrate global indices further, that structural difference is the product being sold.
• Scale and liquidity: at roughly £5bn of net assets the trust is one of the largest in the sector, which supports index membership, dealing liquidity and the fee negotiating position that produced the 2026 cut.

Bear Case

• Two and a half years of benchmark underperformance: NAV total return was 13.3% in FY2024 and 4.7% in FY2025, the latter against an MSCI ACWI return of 13.9%; H1 2026 delivered 7.0% against 12.7%. The Board raised the investment performance risk rating to increasing in the H1 2026 report and commissioned a structured review of stock-picker selection, portfolio construction and risk management.
• The diversification that defines the product is what is costing it: being underweight the largest technology and artificial-intelligence names produced a stock selection drag of 8.9% in FY2025 and 4.8% in H1 2026. The strategy only works if index concentration reverses, and there is no timetable for that.
• The discount is widening despite record buybacks: it moved from 4.1% at 31 Dec 2025 to 5.1% at 30 Jun 2026 to 5.7% at 31 Jul 2026, even as repurchase volumes doubled year on year. Buying back shares is not currently containing discount drift.
• Gearing amplifies a weak run: gross gearing was raised from 8.6% to 9.3% early in 2026 and stood at 9.1% at 31 Jul 2026, funded partly by £308.1m of fixed-rate loan notes at 31 Dec 2025. Leverage magnifies relative underperformance as readily as it magnifies gains.
• Manager and key-person concentration: the whole approach rests on the WTW Investment Committee choosing the right boutiques, and on named individuals inside each of the eleven firms, several of which are effectively single-manager operations. Four stock-picker changes were made across 2025 and 2026, which is itself an admission that selection is hard.

3. Revenue Segments

A closed-end fund has no trading segments. What follows is the composition of the portfolio — how capital is allocated across the appointed managers and, in the second table, where the money is invested. Allocations are as at 31 July 2026.

Segment / category	% of revenue	What it is
Financials	22.9% of portfolio	Banks, insurers and payments. Visa and Mastercard are both top-ten holdings.
Information Technology	22.0% of portfolio	Microsoft, Taiwan Semiconductor, NVIDIA and SAP are the largest positions in this bucket.
Industrials	13.9% of portfolio	Capital goods, transport and business services.
Consumer Discretionary	10.3% of portfolio	Includes Amazon, the fourth-largest single holding.
Health Care	8.4% of portfolio	Includes HCA Healthcare, a top-ten position.
Communication Services	8.2% of portfolio	Alphabet is the largest holding in this group and the second largest overall.
Consumer Staples	4.5% of portfolio	Food, beverage, household and personal products.
Energy	3.2% of portfolio	Integrated oil and gas and energy services.
Materials	2.5% of portfolio	Chemicals, mining and packaging.
Utilities and other	1.0% of portfolio, plus 3.1% stock-picker cash	Regulated utilities plus uninvested cash held by the individual managers. Real Estate exposure was nil.

Income by source. Of the £98.1m of FY2025 total income, £95.1m was dividend income from portfolio holdings and £3.0m was other income, principally interest. That mix is why revenue earnings per share is far more stable than total earnings per share.

Manager allocation. Eleven stock pickers run concentrated mandates of up to 20 stocks each: GQG Partners 16%, Jennison Associates 11%, and then Lyrical Asset Management, Sands Capital, EdgePoint, Artisan Partners each at 9%, Vulcan Value Partners, Metropolis Capital, Dalton Investments and Brown Advisory each at 8%, and Veritas Asset Management at 5%. Geographically the portfolio was 59.0% North America against a benchmark weight of 66.5%, 18.6% Europe, 12.6% Asia and emerging markets, and 6.7% UK against a 3.2% benchmark weight.

4. Business Model and Moat

How it makes money. Alliance Witan buys and holds global equities. Shareholders earn a return in two ways: the dividends the underlying companies pay, which fund the trust’s own dividend, and the change in the value of the portfolio, which shows up in net asset value. The trust charges shareholders a management fee for this, and borrows modestly to gear returns.

The multi-manager structure. WTW does not select individual stocks. It appoints eleven independent boutique firms, gives each a concentrated mandate of up to 20 of their highest-conviction ideas, and blends them so that the combined portfolio of 223 holdings has a 71% active share but far lower single-manager risk than any of its components. WTW also decides how much capital each manager gets and replaces those it loses confidence in — Artisan Partners replaced ARGA and Brown Advisory replaced SGA with effect from September 2025, and a further reallocation in Q2 2026 shifted about 5% of capital from Veritas, Metropolis and Brown Advisory towards Jennison, Sands and Dalton.

What passes for a moat. Three things. Scale, at around £5bn of net assets, which supports FTSE 100 membership, dealing liquidity and the bargaining power that produced two fee cuts. A dividend record of 59 consecutive annual increases, which is a genuine switching cost for income investors and hard for any new fund to replicate. And a closed-end structure, which means no forced selling when investors head for the exit — they sell shares to each other rather than redeeming from the fund, at the cost of a discount to NAV.

Where the model is vulnerable. None of that protects against the core risk, which is that a genuinely diversified active global portfolio underperforms an index increasingly dominated by a handful of very large companies. That is precisely what has happened since the merger.

5. Financial Health

Annual record. Figures below come from the audited statements of comprehensive income in the Alliance Trust and Alliance Witan annual results announcements. The revenue column is the trust’s total return line — investment income plus gains on investments and derivatives and fair-value movements on debt, net of investment management fees, finance costs and foreign exchange — before administrative expenses and tax. That is the figure market data providers map to revenue for a closed-end fund, and it swings with markets rather than trending. Statutory investment income alone was far steadier: £95.5m in 2022, £71.3m in 2023, £72.8m in 2024 and £98.1m in 2025. Long-term debt is total borrowings at the year end, being fixed-rate loan notes plus drawn bank facilities.

Fiscal Year	Revenue — total return (£m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022	−£229.4m	n/a	(81.14)p	26.14p	24.00p	£206.6m
FY2023	£609.1m	n/m from a negative base	208.53p	18.55p	25.20p	£230.1m
FY2024	£506.5m	−16.8%	158.25p	17.30p	26.70p	£359.5m
FY2025	£241.2m	−52.4%	56.97p	18.52p	28.32p	£370.0m

† Alliance Witan does not report an adjusted or non-GAAP earnings figure. The Adjusted EPS column above is the revenue return per share reported under Association of Investment Companies guidance — the income-only earnings that fund the dividend — while GAAP EPS is total earnings per share including capital returns. FY2021 is omitted because the pre-merger Alliance Trust statement of comprehensive income for that year could not be retrieved from a primary source; for reference, the FY2021 dividend was 19.05p. FY2024 is the merger year, in which net assets roughly doubled from £3.34bn to £5.22bn through the combination with Witan rather than through investment performance, so year-on-year comparisons across 2023, 2024 and 2025 are not like for like.

Half-year record. Alliance Witan reports half-yearly. The revenue column here is statutory total investment income, not the total return basis used in the annual table above.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
H1 2026 (to 30 Jun 2026)	£55.2m	10.90p	91.33p
H2 2025 (derived)	£46.1m	8.65p	67.35p
H1 2025 (to 30 Jun 2025)	£52.0m	9.87p	(10.38)p
FY2025 total	£98.1m	18.52p	56.97p

H2 2025 is derived by subtracting reported H1 2025 figures from the audited full year; the trust does not publish a standalone second-half statement. The Adjusted EPS column is again revenue return per share.

Balance sheet at 31 December 2025. Investments held at fair value were £5,358.9m, cash and cash equivalents £121.2m and total assets £5,490.1m. Against that sat £61.9m of current bank loans and £308.1m of fixed-rate loan notes held at fair value, leaving net assets of £5,112.7m and a NAV per share of £13.37. The comparative at 31 December 2024 was net assets of £5,222.0m and a NAV per share of £13.05. By 30 June 2026 borrowings had risen to £304.1m of fixed-rate loan notes plus £99.6m of bank loans.

Cash flow. Net cash inflow from operating activities was £63.4m in FY2025, against £37.4m in FY2024, driven by £95.6m of dividend income received. Investing activities produced a net £226.6m inflow as £5,153.2m of disposals exceeded £4,937.9m of purchases. Financing consumed £350.1m, of which £223.5m went on share buybacks and £110.0m on dividends. Cash fell from £182.7m to £121.2m over the year.

6. Valuation and Market Data

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~£4.94bn (367,285,276 shares with voting rights at ~1,344p, 10 Sep 2026)
Enterprise value	~£5.19bn (market cap ~£4.94bn + total borrowings £370.0m − cash £121.2m, per the audited 31 Dec 2025 balance sheet). Enterprise value is of limited use for a closed-end fund, where net asset value is the meaningful measure of what the equity owns.
Price/book	0.94x, being a share price of ~1,344p against a NAV per share of 1,426.5p at 31 Jul 2026 — the discount to NAV expressed as a multiple
Discount to NAV	5.7% at 31 Jul 2026, having widened from 5.1% at 30 Jun 2026 and 4.1% at 31 Dec 2025; the FY2025 average was 4.8%
Trailing P/E (GAAP)	~8.5x (share price ~1,344p / trailing twelve-month total earnings per share of 158.68p, being 67.35p in H2 2025 plus 91.33p in H1 2026). This number is dominated by unrealised portfolio revaluation and is not comparable to an operating company’s multiple; on the income-only revenue return of 19.55p over the same twelve months the ratio is ~68.7x.
P/E (forward)	n/m — a closed-end fund issues no earnings guidance, and future total earnings are simply the future movement of a global equity portfolio. The only forward figure the Board has committed to is the FY2026 dividend of at least 29.32p per share.
P/S (TTM)	~48.7x (market cap ~£4.94bn / trailing twelve-month total investment income of £101.3m, being £46.1m in H2 2025 plus £55.2m in H1 2026). For a fund this is effectively the inverse of the portfolio’s gross dividend yield.
EV/EBITDA (TTM)	n/m — Alliance Witan has no operating business, no cost of sales and therefore no EBITDA. The equivalent measure for a closed-end fund is the price to net asset value multiple of 0.94x shown above.
P/FCF	~78x (market cap ~£4.94bn / free cash flow of £63.4m). For a fund with no property, plant or equipment, capital expenditure is nil, so free cash flow equals the FY2025 net cash inflow from operating activities of £63.351m — essentially dividends received less fees, finance costs and tax.
52-week high	1,394.0p
52-week low	1,178.0p, reached 23 Mar 2026
Dividend yield	~2.1% on the FY2025 dividend of 28.32p, per the 31 Jul 2026 factsheet
Ongoing charges	0.47% for FY2025 (0.59% excluding the WTW fee waiver linked to the Witan combination); the fee falls to a flat 0.46% from 1 Apr 2026 and 0.41% from 2027
Gearing	9.1% gross and 5.5% net at 31 Jul 2026
Active share	71%, across 223 holdings; top ten 23.8% of the portfolio, top twenty 32.8%
Short interest (% of float)	No net short position in ALW is currently disclosed. Under the UK Short Selling Regulation only positions of 0.5% or more of issued share capital must be published, and Alliance Witan does not appear in the FCA register. Verify at fca.org.uk/publication/data/short-positions-daily-update.xlsx.
Days to cover	Not published for UK-listed shares — the FCA regime discloses individual net short positions above a threshold rather than aggregate short volume, so no days-to-cover figure exists. Verify at fca.org.uk/markets/short-selling.

Live pricing and charting for ALW is available on the ChartsView Live Charts page.

7. What Are They Building

An investment trust has no research pipeline. What Alliance Witan is building is a lower-cost, better-performing version of the same structure, and in 2026 that took four concrete forms.

A structurally cheaper fee base. The 25 Mar 2026 announcement replaced the tiered WTW fee with a flat 0.46% from 1 April 2026, falling again to 0.41% from 2027. Management expects the ongoing charges ratio to move from 0.59% on an underlying FY2025 basis to about 0.57% in 2026 and 0.51% in 2027. For a fund whose main competitive threat is a passive tracker, this is the most direct lever the Board controls.

A structured review of the investment approach. Disclosed in the H1 2026 report alongside an explicit upgrade of the investment performance risk rating to increasing, the review covers stock-picker selection, portfolio construction and risk management. No conclusions have been published. This is the item most likely to change the shape of the portfolio over the next twelve months.

An actively reshaped manager line-up. Artisan Partners replaced ARGA and Brown Advisory replaced SGA with effect from September 2025. A further tactical reallocation in Q2 2026 moved roughly 5% of capital away from Veritas, Metropolis and Brown Advisory and towards Jennison, Sands Capital and Dalton Investments — a tilt towards growth mandates after a period in which value and diversification lagged.

A larger buyback and a simplified reserve structure. The August 2025 Court of Session approval cancelling the share premium account credited £1.38bn to distributable reserves, giving the Board far more headroom to repurchase stock and support the dividend. FY2025 buybacks were 17.8m shares for £223.6m, and H1 2026 volumes doubled year on year to 9.8m shares. The Board is also running an investor forum in Edinburgh on 22 Sep 2026 as part of a wider retail distribution effort.

8. Competitive Landscape

Alliance Witan competes with other large, self-managed or externally managed global investment trusts, and increasingly with low-cost index funds. Market capitalisations are as at September 2026.

Peer	Market cap (Sep 2026)	Key 2026 metric
Scottish Mortgage (SMT.L)	~£12.96bn	NAV total return of 27.4% and share price total return of 26.8% for the year to 31 Mar 2026 — a concentrated growth mandate that has benefited from exactly the index concentration hurting Alliance Witan
F&C Investment Trust (FCIT.L)	~£5.57bn	H1 2026 NAV total return of 0.0% against the FTSE All-World’s 0.8% — the closest structural comparator, and also trailing its benchmark
City of London (CTY.L)	~£3.87bn	FY to Jun 2026 dividend of 22.10p, up 3.8%, a 60th consecutive annual rise; annual management charge of 0.30%, the lowest ongoing charge in the AIC UK Equity Income sector
Monks Investment Trust (MNKS.L)	~£2.48bn	Ongoing charge of 0.46% and a discount of around 5.1%, with NAV of 1,700.51p at 1 Sep 2026
Bankers Investment Trust (BNKR.L)	~£1.39bn	Ongoing charge of about 0.50%, with NAV of 165.60p against a share price of 150.80p in early September 2026

Alliance Witan is the largest global generalist trust of the group by net assets and, after the 2027 fee step-down to 0.41%, will be among the cheapest actively managed options in it. The AIC ranks Alliance Witan jointly with City of London and Bankers as its longest-running dividend heroes at 59 consecutive years of increases, ahead of Caledonia Investments at 58.

9. Leadership and Insider Activity

Alliance Witan has no chief executive because it has no employees. Dean Buckley chairs the Board, having joined in 2021 and taken the chair in late 2023; he signed both the FY2025 results on 5 Mar 2026 and the H1 2026 half-year report on 31 Jul 2026. The other directors are Sarah Bates as Senior Independent Director, Jo Dixon as chair of the Audit and Risk Committee, Rachel Beagles, Shauna Bevan, Milyae Park as chair of the Marketing Committee, and Robert Talbut, the former Chief Investment Officer of Royal London Asset Management, who joined on 1 Jun 2026. Vicky Hastings stepped down on 31 Jul 2025 and Andrew Ross on 31 Dec 2025. Day-to-day investment decisions sit with the WTW Investment Committee of Craig Baker, Stuart Gray and Mark Davis.

Director dealing is light, as is typical for an investment trust board. The dominant share transaction is the company’s own buyback programme, which runs on a near-daily basis.

Name	Date	Type	Shares	Price	Value	Plan Type
Rachel Beagles (Non-Executive Director)	04 Sep 2026	Sale	2,128	1,366.44p	£29,077.89	PDMR matched trade, no change to beneficial holding
Rachel Beagles (Non-Executive Director)	04 Sep 2026	Purchase	2,128	1,367.20p	£29,094.07	PDMR matched trade, no change to beneficial holding
Alliance Witan plc	09 Sep 2026	Buyback into Treasury	250,000	1,343.99p	~£3.36m	Company share repurchase programme
Alliance Witan plc	23 Feb 2026	Buyback into Treasury	55,000	1,270.00p	~£0.70m	Company share repurchase programme
Alliance Witan plc	H1 2026 aggregate	Buyback into Treasury	9,800,000	Various	Not separately disclosed	Company share repurchase programme
Alliance Witan plc	FY2025 aggregate	Buyback into Treasury	17,837,838	Average 5.1% discount to NAV	£223.6m	Company share repurchase programme

Treasury holdings stood at 37,908,706 shares as at 9 Sep 2026, against 405,193,982 shares in issue, leaving 367,285,276 with voting rights.

10. Key Risks

• Relative investment performance (Investment): the Board explicitly upgraded this risk to increasing in the H1 2026 report. NAV total return of 4.7% in FY2025 trailed the MSCI ACWI’s 13.9%, and 7.0% in H1 2026 trailed 12.7%. Stock selection attribution was negative 8.9% in FY2025 and negative 4.8% in H1 2026, driven by underweight positions in mega-cap technology.
• Discount widening (Market): the discount moved from 4.1% at the FY2025 year end to 5.1% at the half year to 5.7% by the July 2026 factsheet, despite buyback volumes doubling. A persistent discount reduces the return shareholders realise relative to portfolio performance.
• Gearing (Financial): gross gearing of 9.1% at 31 Jul 2026, funded by fixed-rate loan notes and bank facilities totalling roughly £403.7m at 30 Jun 2026, magnifies losses as well as gains. The Bank of Nova Scotia facility was cut to £75m plus a £25m accordion and the Royal Bank of Scotland International facility was repaid and cancelled in January 2026.
• Key person and manager selection (Operational): outcomes depend on the WTW Investment Committee choosing well and on named individuals at eleven boutique firms, several of them effectively single-manager operations. Four manager changes across 2025 and 2026 illustrate how frequently that judgement has to be revisited.
• Index concentration and competition from passives (Strategic): both the FY2025 and H1 2026 manager commentaries flag that very large new listings could concentrate global indices further, structurally disadvantaging diversified active strategies. The counter is fee reduction, which is finite.
• Outsourced operating model (Operational): with no employees, the trust depends entirely on third parties — WTW as manager and AIFM, Juniper Partners as company secretary and administrator, plus depositary, custodian and registrar — for controls, cyber security and continuity.
• Dividend cover (Financial): revenue earnings per share of 18.52p in FY2025 covered only about two-thirds of the 28.32p paid, with the balance funded from reserves. The revenue reserve fell from £55.6m to £18.5m over FY2025, though the £1.38bn credited to distributable reserves in August 2025 provides substantial headroom.

11. Recent Developments

• 27 Jan 2026 — fourth interim FY2025 dividend declared. A payment of 7.08p per share completed the 59th consecutive annual increase, taking the FY2025 total to 28.32p.
• 23 Feb 2026 — buyback programme continues. 55,000 shares repurchased at 1,270.00p, one of a near-daily series of repurchases into Treasury.
• 06 Mar 2026 — FY2025 annual results published. NAV total return of 4.7% against the benchmark’s 13.9%, share price total return of 5.4%, discount narrowed to 4.1% at the year end, ongoing charges of 0.47%, net assets of £5.11bn.
• 25 Mar 2026 — management fee cut announced. The tiered WTW fee is replaced by a flat 0.46% from 1 April 2026 and 0.41% from 2027, expected to take the ongoing charges ratio to roughly 0.57% and then 0.51%.
• 29 Apr 2026 — 2026 Annual General Meeting held at the WTW offices in London.
• 12 May 2026 — board appointment announced. Robert Talbut, former Chief Investment Officer of Royal London Asset Management, appointed a Non-Executive Director.
• 01 Jun 2026 — Robert Talbut joins the Board.
• 31 Jul 2026 — H1 2026 half-year report. NAV total return of 7.0% against the benchmark’s 12.7%, total income of £55.2m, total earnings per share of 91.33p, discount widened to 5.1%, second interim dividend of 7.33p declared, and the investment performance risk rating raised to increasing alongside a structured review of the investment approach.
• 04 Sep 2026 — PDMR notification. Non-Executive Director Rachel Beagles executed a matched sale and repurchase of 2,128 shares with no change to her aggregate beneficial holding.
• 09 Sep 2026 — 250,000 shares repurchased at 1,343.99p, taking Treasury holdings to 37,908,706 shares and total voting rights to 367,285,276.

Dividend dates and market-moving macro events are tracked on the ChartsView Economic Calendar, and reader discussion is on the ChartsView Forum.

12. Key Dates

• 22 Sep 2026 — Alliance Witan investor forum, Edinburgh International Conference Centre
• 30 Sep 2026 — second interim dividend of 7.33p per share paid; the shares went ex-dividend on 27 Aug 2026
• 26 Nov 2026 — ex-dividend date for the third interim dividend of FY2026
• 31 Dec 2026 — third interim dividend payment date
• 25 Feb 2027 — ex-dividend date for the fourth interim dividend of FY2026
• 31 Mar 2027 — fourth interim dividend payment date, completing a guided FY2026 total of at least 29.32p and a 60th consecutive annual increase
• Expected Mar 2027 — FY2026 annual results; the FY2025 results were published on 6 Mar 2026 and FY2024 on 7 Mar 2025
• Expected Apr 2027 — 2027 Annual General Meeting, which the Board has said will return to Dundee
• Expected Jul 2027 — H1 2027 half-year report, following the 31 Jul 2026 and 1 Aug 2025 pattern

Third and fourth interim dividend amounts for FY2026 had not been declared as at 10 September 2026; the Board has guided to a full-year total of at least 29.32p.

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