View latest 2025 integrated report.
Integrated report
Dividend policy
Sun International’s dividend policy is to return cash to shareholders through ordinary cash dividends, guided by a target payout of approximately 75% of adjusted headline earnings per share (AHEPS). Dividends are typically declared on a semi‑annual basis, subject to earnings, cash generation, balance‑sheet strength and capital requirements.
Our dividend — Sun International
Here, we provide a comprehensive overview of our dividend distributions and payment policies, in line with our commitment to transparency and creating shareholder value. Delve into current and historical dividend data in the links and tables below.
185
cents
H1 2026 cash dividend (cps)
22 September
2026
Ex. div.
28 September
2026
Payment date
cps = cents per share
Dividend policy, Board and AGM approval
The Board of Directors determines and approves interim ordinary cash dividends, subject to the authority granted by shareholders, and recommends the final dividend for approval by shareholders at the Annual General Meeting (AGM).
In determining interim dividends and recommending the final dividend, the Board considers the group’s earnings, cash generation, capital expenditure requirements, financing position and balance‑sheet flexibility.
Sun International’s dividend policy is to return cash to shareholders through ordinary cash dividends, guided by a target payout of approximately 75% of adjusted headline earnings per share (AHEPS). Dividends are typically declared on a semi‑annual basis.
Dividend dates and payments
Dividends declared by Sun International are subject to South African dividends tax, which is withheld at source at a rate of 20% for shareholders who are not exempt. Shareholders who are eligible for a reduced rate or exemption under an applicable double taxation agreement must ensure that the required documentation is submitted to the relevant intermediary in advance of the dividend payment. For further information, shareholders are encouraged to consult the South African Revenue Service (SARS) or their broker.
Dividends are declared in South African cents per share and are paid in South African rand to shareholders registered on the record date. Dividend payment dates, record dates and ex‑dividend dates are announced through SENS and on the Sun International website. Shareholders are advised to contact their broker or custodian for settlement and payment details.
Dividend Payments
2026
| Ordinary Cash dividend | Announcement date | Ex-dividend date | Record date | Payment date | |
|---|---|---|---|---|---|
| Interim 2026 | Ordinary Cash dividend: 185c | Announcement date 7 Sep 2026 | Ex-dividend date 22 Sep 2026 | Record date 25 Sep 2026 | Payment date 28 Sep 2026 |
Capital Allocation
Focused on protecting the business, growing long-term value, and returning excess cash to shareholders.
Invest in organic growth
- Targeted technology investment to support efficiency, scale, and customer engagement
- Delivery of the value creation plan
- Sustaining and enhancing asset competitiveness and productivity
Inorganic opportunities
- Disciplined M&A aligned to strategic priorities
- Exit non-core and structurally low-return assets
- Rationalisation of minority shareholdings
- Investment returns targeted in excess of WACC
Balance sheet resilience
- Maintain a targeted net debt to Adjusted EBITDA ratio of approximately 2.0x over the longer term
Consistent shareholder returns
- Maintain a dividend payout ratio of 75% of AHEPS over the longer term
- Return excess capital through dividends and share buybacks
Framework for returning excess capital to shareholders
Delivering total shareholder returns
Share buybacks
- Executed when the share price trades at a material discount to intrinsic value
- Value accretive, supporting growth in AHEPS and dividends per share
Special dividends
- Return of non-recurring surplus capital to shareholders
- Underpinned by strong cash generation and balance-sheet capacity
- Integral to a disciplined capital allocation framework focused on maximising total shareholder returns
Executing our capital allocation framework
- 2025 - maintain the ordinary dividend at 75% of AHEPS
- 172cps Interim dividend
- 252cps Final dividend
- 424cps Total dividend (Totalling R1.1bn)
- Special Dividend R1 per share special dividend paid alongside the 2025 final dividend
- Execute 3 year approved buyback: up to 2% of shares per annum, under strict pricing and liquidity controls
- During 2025, a share buyback programme was implemented as part of the group’s capital allocation framework. In line with this programme, the group repurchased 2.5 million ordinary shares for a total consideration of R100 million, at an average repurchase price of R40.65 per share. The repurchased shares were cancelled and restored to authorised share capital. The buyback was executed within the group’s solvency and liquidity parameters and reflects management’s disciplined approach to capital allocation and commitment to enhancing shareholder value.
- Balance-sheet capacity for value-accretive opportunities preserved
Dividends history
2025-2023
R3.42 bn
Last three years
2025 Special Dividend
R256 m
100 cps
2025
R1.14 bn
424 cps
2024
R1.03 bn
398 cps
2023
R1 bn
389 cps
cps = cents per share
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