As previously guided, the Company is transitioning to a dividend aligned with project cash flows and EBITDA.  Based on the latest analysis, which reflects the 6-month delay in several new assets coming online and no increase in base merchant revenues from the last 12 months, the Board’s dividend guidance is:

§ 3p special dividend.

§ 0.75p per share per quarter commencing with the quarter ending 30 September 2025 and continuing through FY26/27, with potential for higher dividends during that period if merchant revenue improves.

The fcast yield falls to around 5%, so GSF leaves the Watch List today. If you hold you may wish to hold until the special dividend of 3p, paid in two tranches this year is paid, or you may not.