Dividend Calendar 2025: When to Expect Payments from Top Issuers
Investors worldwide are actively planning their dividend income for 2025, relying on the payment schedules of major Russian companies. Understanding key dates, such as the ex-dividend date and record date, as well as issuer characteristics and macroeconomic factors affecting payouts, will help distribute capital wisely and avoid income losses due to technical nuances of stock market operations and tax planning.
Top Issuers and Payment Schedule
Gazprom
- Ex-dividend date: May 15, 2025
- Record date: May 19, 2025
- Payment date: June 25, 2025
- Dividend yield: 12.5%
- Payout ratio: 80%
Annual payments. Over the past five years, dividends have increased by more than 35% due to cost optimization and rising gas prices in the European market.
Lukoil
- Ex-dividend date: June 30, 2025
- Record date: July 4, 2025
- Payment dates: July 20, December 20, 2025
- Dividend yield: 11.8%
- Payout ratio: 75%
Semi-annual payments smooth out seasonal fluctuations in oil prices and ensure a steady cash flow by mid-year and year-end.
Sberbank
- Ex-dividend dates: April 1, July 1, October 1, January 1, 2026
- Record dates: the next trading day
- Payment dates: one month after record date
- Dividend yield: 9.6%
- Payout ratio: 50%
Quarterly payments are ideal for those relying on a regular cash flow to cover current expenses.
Novatek
- Ex-dividend date: August 10, 2025
- Record date: August 12, 2025
- Payment date: September 20, 2025
- Dividend yield: 9.2%
- Payout ratio: 65%
Long-term contracts for LNG exports at fixed rates predictably shape cash flow, allowing the company to plan payouts in advance.
Rosseti
- Ex-dividend date: October 5, 2025
- Record date: October 7, 2025
- Payment date: November 15, 2025
- Dividend yield: 8.7%
- Payout ratio: 85%
Government support and regulated tariffs consistently enhance shareholder returns.
Key Concepts
Ex-dividend date
The date after which the buyer of the stock will not receive dividends. On this day, the stock price is adjusted by the amount of the dividend.
Record date
The date on which shareholders are registered to receive dividends. There are 2-3 clearing days between the ex-date and the record date.
Payment date
The day dividends are transferred to investors' accounts. The transfer may take up to two weeks after the record date.
Yield Metrics
Dividend yield
\[DY = dividend per share ÷ stock price × 100%\]
Payout ratio
\[Payout ratio = total dividends ÷ net profit × 100%\]
Sectors and Payments
| Sector | Average DY | Average payout | Type of payments |
|---|---|---|---|
| Energy | 10–12% | 70–85% | annual/semi-annual |
| Finance | 8–10% | 40–60% | quarterly |
| Utilities | 8–9% | 75–85% | annual |
| Telecom | 6–8% | 50–70% | semi-annual |
| Consumer Goods | 5–7% | 30–50% | annual |
Macroeconomic Impact
Key Central Bank Rate
Rising rates increase the cost of loans and reduce issuers' margins, which may limit the growth of dividends.
Inflation and Ruble Exchange Rate
High inflation decreases the purchasing power of dividends, while the strengthening of the ruble improves returns in USD/EUR.
Ex-date Dynamics
Example of Gazprom
In May 2021, the stock price dropped by 6% on the ex-date but recovered to previous levels within three weeks thanks to strong fundamentals.
Example of Sberbank
In January 2024, the decline was 5%, and trading volume decreased by 25%. However, within a month, the stock prices returned to growth.
Long-Term Portfolio Cases
Aleksey's Portfolio
60% in ETFs on Russian and international markets, 40% in dividend stocks. Over five years, the total return was 65%, with 25% coming from dividends.
Maria's Portfolio
70% in corporate bonds, 30% in dividend stocks. Over five years, capital grew by 50%, and dividends constituted 20%.
Dmitry's Portfolio
100% in top-5 dividend stocks. Total return over five years was 40%, with dividends accounting for 30%.
Calendar Automation
Excel and Google Sheets
Import ex-dates via the Moscow Exchange API and set up conditional formatting for automatic notifications.
Broker API
Utilize WebSocket for real-time notifications about upcoming ex-dates and record dates directly in Telegram or a mobile application.
Regulatory Environment and ESG
Central Bank Regulations
Changes in payout requirements from profits may affect dividend size. In 2025, a payout threshold of no more than 90% of net profits for large issuers was introduced.
ESG Factors
Companies that implement environmental and social initiatives are less frequently sanctioned and tend to maintain stable payout policies.
Taxation and Individual Investment Account (IIA)
Taxes
- Russian residents: 13% personal income tax on dividends.
- Non-residents: 15% (or lower according to DTA).
IIA
Allows for the exemption of dividends from personal income tax and provides a 13% deduction from contributions up to 1 million RUB per year.
Investor Psychology
Fear of Drawdown
Investors often sell stocks on the ex-date due to price declines. It is recommended to hold securities for at least three event cycles to receive dividends and avoid transaction losses.
Long-term Thinking
Focusing on stable income and payout growth helps reduce emotional stress and improves overall portfolio results.
Core & Satellite Strategy
Core
60-80% of capital is invested in ETFs on Russian and international markets for diversification.
Satellite
20-40% is allocated to select top issuers with high yields and predictable payouts.
Practical Steps
Six Steps
- Gather ex-dates of top issuers for the upcoming year.
- Plan purchases 3-5 trading days before the ex-date.
- Open an IIA for maximum tax benefits.
- Diversify the portfolio across sectors.
- Automate the dividend calculator through API.
- Rebalance the portfolio after the completion of each quarter.
Forecast for 2026
- Energy: dividend growth of +7% due to recovering gas demand.
- Finance: payments stabilize at a payout ratio of 55%.
- Strengthening of the ruble to 70 RUB/USD will increase real dividend yields for foreign investors.
The 2025 Dividend Calendar serves as a tool for planning passive income, taking into account macroeconomics, regulatory policies, and individual strategies. Effective application of data and automation will allow investors to maximize the benefits from dividend payments while minimizing technical and psychological risks.
