Trian Partners Activist Presentation Deck
Confidential-Not for Reproduction or Distribution
Disney Had a History of Increasing its Dividend
. In 2020, Disney eliminated its dividend as it faced cash flow challenges caused by the COVID-19
pandemic, significant streaming investments and its over-levered balance sheet
. Prior to 2020, Disney had paid a dividend for 57 straight years, with emphasis placed on growing
the dividend
.
Disney has not provided a timetable for restoring the dividend beyond "achieving pre-Fox
leverage levels," which could take years
Disney's Historical Annual Dividend per Share (FY)
$1.76
$0.35
$0.40
$0.60
$0.75
$0.86
$1.37" $1.42
$1.56
$1.68
FY19 Dividend
Represented
$2.9bn to
Shareholders
$0.88
$0.00 $0.00
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source SEC fings, FactSet
Nota: (1) Represents annualized FY 2015 dividend normalized to reflect the impact of Disney's transition to a semi-annual dividend from an annual dividend
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