Limes Schlosskliniken: Dividend debut & strong Q1 reinforce growth trajectory - NuWays AG Research

Today, LIMES announced that its supervisory board has approved the FY25 annual accounts, confirming the preliminary figures published in February, and will propose a dividend of € 10.00 per share at the AGM in June. This marks the group's first-ever dividend, a meaningful signal of financial maturity and cash generation ability, in our view. The dividend is well covered: at € 10.00 per share, the total payout amounts to € 2.9m against FY25p FCF of € 4.0m, implying a payout ratio of c. 73% on an FCF basis, despite FY25 FCF being temporarily burdened by the capex associated with the openings of Abtsee and Bergisches Land. As these investments normalise (eNuW: € 100k capex per clinic), FCF conversion is set to improve materially, leaving ample room for continued dividend growth and reinvestments into the clinic network. The initiation of a dividend also broadens the potential investor base, as income-oriented shareholders can now participate in the LIMES story.