The DivGro Weekly—21.11.25

201 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 Costco and Abbott and became entitled to our quarterly dividends from Cintas, MSCI and Microsoft, all meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 201 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.3%.

Cintas

Cintas, our dominant leader in the provision of uniform and sanitation solutions and fire-safety and first-aid services, is the prototypical rags-to-riches business. During the Great Depression, its scrappy founders collected, washed and sold discarded rags, later evolving into a laundry operation of phenomenal scale which today underpins its uniform rental business serving more than one million US businesses weekly. Since its 1983 IPO, Cintas has established a record of 42 years of consecutive dividend increases at a compounded rate above 18 per cent per annum, concomitantly generating a similarly outstanding uplift in its share price. Cintas is able to consistently grow because in times of economic prosperity it benefits from the expansion of its effective royalty over uniform-wearing American business, while in slower economic periods Cintas, as the scaled leader, can unlock cost savings and efficiency gains for businesses who were using other providers or operating on a DIY basis. The throughline? The need for Cintas’s uniforms is evergreen, and as the scaled leader it is able to provide superior price, quality and service, consistently taking market share in every environment. With more than 16 million US businesses requiring the services it offers, Cintas is excellently positioned to continue to win and extend its impressive dividend growth record.