The DivGro Weekly—10.04.26

215 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when we collected our quarterly dividends from ADP and FirstService and became entitled to our quarterly dividends from Roper Technologies and American Express, all meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 215 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14%.

Roper Technologies

For 130 years and counting, Roper has endeavoured to earn enduringly high returns on its capital, adapting accordingly to opportunistic niches it can optimise and dominate. Its first prism is defence: Roper targets software networks and applications dominating small niches with modest growth outlooks that are uninteresting to prospective competitors. In other words, where it can be a big fish in a small pond. Across its 29 businesses, there are key unifying characteristics: all are dominant leaders in their respective areas; all are low cost relative to the value delivered; and all are mission critical, underpinning enduring and predictable cash flows. The second prism is offence i.e. redeploying these cash flows to acquire new businesses with similarly advantaged profiles. For example? In 2025, Roper acquired CentralReach, the software system connecting participants in the US autism care ecosystem. It is a prototypical Roper company: in the US alone, demand for therapy hours far outweighs supply, while the extreme annual turnover of caregivers generates enormous administrative pain points. Without CentralReach, the ecosystem is fractured — but nevertheless insufficiently compelling for prospective competitors due to its limited size and complexity. By leveraging this playbook, Roper has grown its dividend annually at around 15% per annum compounded since 1993, foreshadowing a likely extension of its enviable dividend growth record.