The DivGro Weekly—26.12.25

205 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when we collected our quarterly dividend from Home Depot and became entitled to our quarterly dividend from Danaher, both meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 205 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.2%.

Danaher

Since 1984, Danaher has harnessed and executed its famed Danaher Business System (DBS) to become a dominant leader in critical equipment and consumables in bioprocessing, life sciences and diagnostics. One of the finest serial acquirers, Danaher’s acquisition targeting framework is three-pronged: identify acquisitions in attractive, growing and predictable end markets; apply very high financial hurdle rates; and ensure ample room to rigorously implement DBS to transform a good company into a great company, and likewise a great company into a superlative one. By adhering to these strict principles, Danaher has established significant positions in mission-critical niches, where once specialised equipment is in place or ‘spec’d' in’ to a regulatory approval, Danaher enjoys an enduring stream of consumables sales in a razor/razor blade-like fashion. Set against an ageing population with attendant increasing medical needs, and as innovation in diagnostics and life sciences continues to accelerate while countries increasingly focus on reshoring key components of their medical supply chains, Danaher is ideally positioned to continue to win and extend its outstanding dividend growth trajectory.