Dividend Calendar 2025: When to Expect Payments from Top Issuers
Investors around the globe are actively planning 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 the characteristics of issuers and macroeconomic factors affecting payments, will help allocate capital wisely and avoid income loss due to the technical nuances of stock trading and tax planning.
Top Issuers and Payment Schedules
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 mitigate seasonal price fluctuations in oil 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 the record date
- Dividend yield: 9.6%
- Payout ratio: 50%
Quarterly payments are perfect for those who rely on 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%
Contracts for the export of LNG at fixed rates predictably generate cash flow, allowing the company to plan payments 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 a buyer of the stock will not receive dividends. On this day, the stock price is adjusted by the amount of the dividend payment.
Record date
The date on which shareholders are registered to receive dividends. There are 2-3 clearing days between the ex-dividend date and record date.
Payment date
The day dividends are credited to investors' accounts. The crediting can take up to two weeks after the record date.
Performance Indicators
Dividend yield
\[DY = dividend per share ÷ stock price × 100%\]
Payout ratio
\[Payout ratio = total dividends ÷ net income × 100%\]
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 |
| Power Generation | 8–9% | 75–85% | Annual |
| Telecom | 6–8% | 50–70% | Semi-annual |
| Consumer | 5–7% | 30–50% | Annual |
Impact of Macroeconomics
Central Bank Key Rate
An increase in the rate makes loans more expensive and reduces issuers' margins, which may hold back dividend growth.
Inflation and Ruble Exchange Rate
High inflation decreases the purchasing power of dividends, while a strengthening ruble increases returns in USD/EUR.
Dynamics of Ex-Dates
Example: Gazprom
In May 2021, the stock price fell by 6% on the ex-dividend day, but rebounded to previous levels within three weeks due to a strong fundamental situation.
Example: Sberbank
In January 2024, the drop was 5%, with trading volume decreasing by 25%, however, within a month the quotes returned to positive growth.
Long-Term Portfolio Cases
Alexey's Portfolio
60% in ETFs on Russian and global markets, 40% in dividend stocks. Over 5 years, total returns reached 65%, with 25% coming from dividends.
Maria's Portfolio
70% in corporate bonds, 30% in dividend stocks. Over 5 years, capital grew by 50%, with dividends contributing 20%.
Dmitry's Portfolio
100% in the top-5 dividend stocks. Overall yield over 5 years was 40%, with dividends accounting for 30%.
Calendar Automation
Excel and Google Sheets
Import ex-dates via the Moscow Exchange API, configure conditional formatting for automatic notifications.
Broker API
Use WebSocket for real-time notifications of upcoming ex-dates and record dates directly in Telegram or mobile applications.
Regulatory Environment and ESG
CBR Regulations
Changes in profit distribution requirements may affect the size of dividends. In 2025, a payout threshold of no more than 90% of the net profit for large issuers will be introduced.
ESG Factors
Companies implementing ecological and social initiatives are less likely to face sanctions and more often support stable payment policies.
Taxes and IIS
Taxes
- Residents of the Russian Federation: Personal Income Tax of 13% on dividends.
- Non-residents: 15% (or lower under DTA).
IIS
Allows exemptions from Personal Income Tax on dividends and provides a tax deduction of 13% from contributions up to 1 million RUB annually.
Investor Psychology
Fear of Drop
Investors often sell stocks on ex-dividend day due to price drops. It is advisable to hold stocks for a minimum of three event cycles to receive dividends and avoid transaction losses.
Long-Term Thinking
Focusing on stable income and growth in payouts helps reduce emotional stress and enhances overall portfolio performance.
Core & Satellite Strategy
Core
Invest 60-80% of capital in ETFs on Russian and international markets for diversification.
Satellite
Allocate 20-40% to individual 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 prior to the ex-dividend date.
- Open an IIS for maximum tax benefits.
- Diversify your portfolio across sectors.
- Automate the dividends calculator via API.
- Rebalance the portfolio after each quarter ends.
2026 Forecast
- Energy: payment growth of +7% amid recovering gas demand.
- Finance: payments will stabilize at a payout ratio of 55%.
- A strengthening ruble to 70 RUB/USD will enhance real dividend returns for foreign investors.
The 2025 dividend calendar is a tool for planning passive income that takes into account macroeconomics, regulatory policy, and individual strategies. Proper use of data and automation will enable investors to maximize the benefits of payments while minimizing technical and psychological risks.
