UK dividends ended 2025 on firmer ground

Headline totals softened as one‑off specials fell, but regular dividends grew and Q4 finished strong. Our Q4 2025 UK Dividend Monitor explains what changed – and what’s next.

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Key highlights:​

  • Check circle iconHeadline: £87.5bn for 2025 (–0.9%) ; specials £2.9bn (about half the 10‑year average)
  • Check circle iconUnderlying: +3.6% (Q4 +2.1%) on a constant‑currency basis
  • Check circle iconBuybacks: £63.6bn in 2025; strong preference for repurchases persist
  • Check circle iconLeaders: Industrials and financials; mid‑caps +5.4% vs top 100 +3.4% (underlying)
  • Check circle iconYield: UK equities projected to yield ~3.3% over the next 12 months 
  • Check circle iconOutlook 2026: Headline £88.8bn (+1.5%). underlying +2.0% 
“2025 reminded us that headline totals don’t always tell the whole story. Underneath, regular dividends strengthened, sectors stabilised and Q4 showed clear signs of momentum.”

Mark Cleland, CEO of Governance Services and CEO of Issuer Services UCIA

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