Authorized share capital
The authorized share capital of Kendrion N.V. as at 31 December 2025 amounts to EUR 80,000,000 and is divided into 40,000,000 ordinary shares with a nominal value of EUR 2.00 each. At year-end 2025, the total number of ordinary shares issued was 15,807,427. There is one class of ordinary shares and no depositary receipts for shares have been issued. Kendrion’s ordinary shares are listed on NYSE Euronext Amsterdam Small Cap Index (AScX).
| Movements in the number of outstanding shares | Shares entitled to dividend | Shares owned by Kendrion | Total number of issued shares |
| At 1 January 2025 | 15,500,057 | - | 15,500,057 |
| Issued shares (share dividend) | 300,467 | - | 300,467 |
| Issued registered shares (share plan) | 6,903 | 6,903 | |
| Repurchased shares | (185,333) | (185,333) | - |
| At 31 December 2025 | 15,622,094 | (185,333) | 15,807,427 |
Dividend Policy
Return on investment
Kendrion endeavours to realize an attractive return for shareholders supported by a suitable dividend policy. In view of safeguarding a healthy financial position, consideration is also given to the amount of profit to be retained to support the company’s medium and long-term strategic plans and to maintaining a solvency ratio of at least 35%. Kendrion strives to distribute dividends representing between 35% and 50% of its normalized net profit before amortization.
In principle, Kendrion offers shareholders an opportunity to opt for dividends in cash or in the form of ordinary shares in Kendrion N.V.’s capital.
The proposed dividend of EUR 0.45 per share, representing a payment of dividend of 59% of normalized net profit before amortization for 2024 was adopted at the Annual General Meeting of Shareholders on 14 April 2025.
| 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Actual | |
| Dividend per share | 0,87 | - | 0,40 | 0,69 | 0,72 | 0,45 | 0,45 |
| Pay out | 52% | - | 50% | 50% | 50% | 50% | 59% |
| Total dividend (in EUR million) | 11.7 | - | 5.9 | 10.3 | 10.8 | 6.9 | 7.0 |
Major Shareholders
In line with legislation, shares transactions of the members of our Executive Board have been reported to the Financial Markets Authority (AFM). This information can be consulted on the AFM's website (www.afm.nl).
Pursuant to the Netherlands Financial Supervision Act, we are aware, on the basis of the information in the registers of the Netherlands Authority for the Financial Markets (AFM), that the following shareholders possessed an interest of more than 3% on 31 December 2025:
| Shareholder | Interest in % | Date of report |
| Teslin Participaties Coöperatief U.A. | 20.07 | At 5 June 2025 |
| Kempen Capital Management N.V. | 15.33 | At 11 April 2023 |
| Cross Options Beheer B.V. | 5.33 | At 20 December 2023 |
| Add Value Fund N.V. | 3.22 | At 13 July 2022 |
| T.L. Kuo | 3.17 | At 21 June 2024 |
| Midlin N.V. | 3.08 | At 11 December 2020 |
| Total | 50.2% | |