Welcome and thanks for reading!

In this review, I will make a summary of important and interesting news and events over the last week related to my portfolio holdings. Also, I will put together some interesting articles from other websites that caught my attention during the past week.

Received Dividends:

December 1, 2025

• €29.60 – Essential Utilities, Inc. (WTRG)
• €26.88 – H2O America (HTO)
• €17.17 – WEC Energy Group, Inc. (WEC)
• €37.86 – Pinnacle West Capital Corporation (PNW)
• €16.12 – ConocoPhillips (COP)
• €83.86 – Target Corporation (TGT)
• €68.81 – Pfizer Inc. (PFE)
• €4.29 – Visa Inc. (V)
• €27.82 – Aflac Incorporated (AFL)
• €31.03 – Magna International Inc. (MGA)

December 2, 2025

• €97.14 – Enbridge Inc. (ENB)
• €49.86 – Fortis Inc. (FTS)
• €33.55 – Canadian Utilities Limited (TSE:CU)

December 4, 2025

• €83.76 – United Parcel Service, Inc. (UPS)

December 5, 2025

• €11.47 – L3Harris Technologies, Inc. (LHX)

Week 49: Total net dividends €619.22

Dividend income is reported after the deduction of taxes. Check more at my Monthly Dividend sheet.

My Portfolio’s Transactions:

December 5, 2025

• I purchased 50 shares of JPM Nasdaq Equity Premium Income Active UCITS ETF (JEQP.DE) at €22.94 per share plus commission.

Based on the latest announcement, JEQP will pay a dividend of $0.2104 per share for December. Over the past 12th months, JEQP has declared a total dividend of $2.6813 per share.

At today’s exchange rate, my purchase of 50 shares of JEQP will increase my expected annual net dividend income by €80.59. Following this acquisition, my yield on cost stands at 12.01%, with JEQP now representing approximately 1.55% of my portfolio and accounting for about 3.56% of my future annual dividend income.

Portfolio Holdings News:

December 1, 2025

• Unilever PLC (AMS:UNA) sells Graze to Katjes International; UNA announced that it has signed an agreement to sell the Graze business to Katjes International. Graze will sit in the Candy Kittens group in the UK. Completion of the transaction is subject to usual closing conditions and is expected in the first half of 2026. Financial terms of the agreement are undisclosed.

December 2, 2025

• BW LPG Limited (BWLP) Reports Financial Results for Q3 2025; BWLP reported quarterly adjusted earnings of $0.38 per share, down from $0.79 in the prior-year period. Revenue grew 38.7% year-over-year to $201.8 million, coming in below the consensus estimate of $157.77 million.

• RTX Corporation’s (RTX) Pratt & Whitney awarded F135 sustainment contract; Pratt & Whitney, an RTX business, has been awarded a $1.6 billion undefinitized contract action for sustainment of F135 engines, which power all three variants of the F-35 Lightning II, the world’s most advanced fighter aircraft.

• Main Street Capital Corporation (MAIN) Announces Follow-On Investment; MAIN announced that it has made a follow-on investment in its existing portfolio company, Chamberlin Holding. The investment was completed alongside co-investor MSC Income Fund (MSIF) and will support Chamberlin’s strategic acquisition of a commercial roofing contractor in the Southeastern United States. MAIN’s share of the transaction consisted of a $20.0 million first-lien, senior secured term loan.

• The Bank of Nova Scotia (BNS) Reports Fourth Quarter Results; BNS reported fourth-quarter non-GAAP EPS of C$1.93, up 22.9% year over year and C$0.09 above analyst expectations. Revenue increased 15.0% to C$9.81 billion, beating estimates by C$380 million. The bank reported a Common Equity Tier 1 (CET1) ratio of 13.2%, down about 10 basis points from the prior quarter. Provisions for credit losses (PCL) totaled C$1.11 billion, compared with C$1.04 billion in Q3 and C$1.03 billion in the same quarter last year.

December 3, 2025

• Orion Corporation (ORION) to receive €180 million milestone and updates full-year outlook for 2025; ORION announced that it will receive a milestone payment of €180 million related to sales of Nubeqa®, which will be recognized in the fourth quarter of 2025. As a result, the company has raised its full-year 2025 outlook: net sales are now expected to range from €1,820 million to €1,900 million, up from the prior estimate of €1,640 million to €1,720 million. Operating profit guidance has also been increased to €590 million to €670 million, compared with the previous range of €410 million to €490 million.

• Royal Bank of Canada (RY) Reports Fourth Quarter 2025 Results; RY reported quarterly adjusted EPS of C$3.85, an increase from C$3.07 in the same period last year and C$0.30 ahead of analyst expectations. Revenue rose 14.2% year-over-year to C$17.21 billion, exceeding estimates by C$350 million. The bank’s Common Equity Tier 1 (CET1) ratio remained strong at 13.5%, up 20 basis points from a year ago. Provisions for credit losses (PCL) increased to C$1,007 million, compared to C$881 million in the prior quarter and C$840 million in the year-ago period.

• Royal Bank of Canada (RY) Increases Quarterly Dividend; RY announced that its Board of Directors approved a C$0.10 increase to its quarterly common share dividend, raising it by 6% to C$1.64 per share. The dividend is payable on or after February 24, 2026, to shareholders of record as of January 26, 2026.

• TELUS Corporation (TSE:T) Provides Three-Year Free Cash Flow Growth Target; T announced that it will begin gradually phasing out its discounted DRIP starting in early 2026 and will pause dividend growth, maintaining its quarterly dividend at the current level of C$0.4184 per share. These steps support the company’s plan to reduce its net-debt-to-EBITDA ratio to roughly 3× by the end of 2027. TELUS expects to generate approximately C$2.15 billion in free cash flow in 2025 and is targeting at least 10% annual FCF growth from 2026 through 2028.

• Enbridge Inc. (ENB) Declares Quarterly Dividend Increase; ENB announced that the quarterly common share dividend for 2026 will be increased by 3% from $0.9425 to $0.97 per common share, commencing with the dividend payable on March 1, 2026, to shareholders of record on February 17, 2026.

December 4, 2025

• UPM-Kymmene Corporation (UPM) and Sappi have signed a non-binding letter of intent to form a graphic paper Joint Venture; UPM and Sappi Limited have signed a non-binding letter of intent to form a graphic paper joint venture. The Joint Venture would include the entire UPM Communication Papers business and Sappi’s graphic paper business in Europe. The Joint Venture would be owned 50/50 by UPM and Sappi. It would operate as an independent company, managing its own operations, resources, and decisions within agreed shareholder boundaries.

• WEC Energy Group, Inc. (WEC) Announces Plan to Increase Dividend; The board of directors of WEC announced that it is planning to raise the quarterly dividend on the company’s common stock to 95.25 cents per share in the first quarter of 2026. This would represent an increase of 6.0 cents per share, or 6.7%. The directors expect to declare the new dividend at their regularly scheduled meeting in January. The dividend — which would be equivalent to an annual rate of $3.81 per share — would be payable March 1, 2026, to stockholders of record on Feb. 13, 2026.

• Unum Group’s (UNM) Board of Directors Authorizes $1 Billion Share Repurchase Program; UNM announced today that its board of directors has approved a new share repurchase program authorizing the company to repurchase up to $1 billion of its common stock from time to time beginning on January 1, 2026. The company’s current share repurchase program will continue in effect through December 31, 2025, at which time the current program will terminate and all subsequent repurchases will take place under the new program.

• The Toronto-Dominion Bank (TD) Reports Fourth Quarter Results; TD reported fourth-quarter non-GAAP EPS of C$2.18, an increase of 26.7% year-over-year and C$0.17 above analyst expectations. Revenue declined 0.1% to C$15.49 billion, yet still exceeded estimates by C$1.53 billion. The bank’s Common Equity Tier 1 (CET1) ratio stood at 14.7% as of October 31, 2025, compared with 14.8% in the previous quarter and 13.1% a year earlier. Provisions for credit losses (PCL) rose slightly to C$982 million from C$971 million in Q3, but were down from C$1.11 billion in the same quarter last year.

• The Toronto-Dominion Bank (TD) Increases Quarterly Dividend; TD announced that it has shifted from an annual to a semi-annual dividend review cycle to better align shareholder returns with earnings growth. The Bank declared a quarterly dividend of C$1.08 per share for the quarter ending January 31, 2026 — a 2.9% increase from the prior dividend of C$1.05. The dividend is payable on or after January 31, 2026, to shareholders of record as of January 9, 2026.

• Canadian Imperial Bank of Commerce (CM) Announces Fourth Quarter Results; CM reported fiscal Q4 Non-GAAP EPS of C$2.21, a 16.0% increase from C$1.91 a year ago and C$0.13 above analyst expectations. Revenue rose 14.5% year-over-year to C$7.58 billion, exceeding consensus by C$320 million. The bank’s Common Equity Tier 1 (CET1) ratio stood at 13.3% as of October 31, 2025, unchanged from the prior year. Provisions for credit losses (PCL) were C$605 million, up C$186 million or 44% from to the same quarter last year.

• Canadian Imperial Bank of Commerce (CM) Increases Quarterly Dividend: CM announced that its Board of Directors declared a dividend of $1.07 per share on common shares for the quarter ending January 31, 2026 an increase of $0.10 or 10.3% per share from the previous quarter. This dividend is payable on January 28, 2026 to shareholders of record at the close of business on December 29, 2025.

Articles that caught my attention:

• Undervalued Dividend Growth Stock of the Week: Eversource Energy (ES) by Jason Fieber at Daily Trade Alert
• A look at the Beat The TSX Portfolio and wide moat portfolio performance. Plus, the Sunday Reads by Dale Roberts at Cut the Crap Investing
• Verizon: Undervalued Income Play Yielding Almost 7% With A New CEO by Steven Fiorillo at Seeking Alpha
• When to sell dividend stocks – my perspective by Bob at Tawcan
• 12 Recession-Proof Stocks For Dividends In Bear Markets & Beyond by Bob Ciura at Sure Dividend
• Building An Income Portfolio? 3 Picks To Start With For An Average Yield Of 6%+ by Dividend Collection Agency at Seeking Alpha
• My 3 Big Market Predictions For 2026: The Shift I’m Positioning For Now by Leo Nelissen at Seeking Alpha
• Best Stocks from 2 Sectors [Podcast] by Mike at The Dividend Guy Blog
• 10 High Dividend Stocks With Safe Payouts by Bob Ciura at Sure Dividend
• Canadian Bank Stocks Are Built for Steady, Long-Term Growth and Returns by Dan Kent at Stocktrades Canada
• Secular Bull and Bear Markets for US Stocks by Dividend Growth Investor
• Pfizer: The Market Is Still Wrong About It by Danil Sereda at Seeking Alpha
• The Clorox Company (CLX) Dividend Stock Analysis by D4L at Dividend Growth Stocks

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