Wilcon Depot’s decision to raise its total cash dividend for 2026 to ₱0.40 per share —made up of a ₱0.14 regular dividend and a ₱0.26 special dividend , both approved on March 25, 2026 and both payable on May 12, 2026 —deserves attention not because it signals a dramatic earnings boom, but because it shows management is comfortable returning more cash even after a year of softer profitability. Both declarations expressly state that dividends will be paid from unrestricted retained earnings as of December 31, 2025 . In plain language, Wilcon is leaning on accumulated distributable profits, not on borrowed money or financial engineering. That distinction matters. Investors often assume a higher dividend is proof that current earnings are accelerating. In Wilcon’s case, that is only partly true. The company’s 9M 2025 net sales rose 2.6% year on year to ₱26.34 billion , but net income fell 11.9% to ₱1.87 billion , while net margin narrowed to 7.1% from 8.2% and gross margin s...