Unfranked Dividend Yields: GQG Partners (ASX:GQG), Nine Entertainment (ASX:NEC), Tower (ASX:TWR) and Atlas Arteria (ASX:ALX) Carry Annual Yields of 10.81% to 13.68%

Sonal Goyal

22 October 2026 11:29 PM AEDT

Unfranked Dividend Yields: GQG Partners (ASX:GQG), Nine Entertainment (ASX:NEC), Tower (ASX:TWR) and Atlas Arteria (ASX:ALX) Carry Annual Yields of 10.81% to 13.68%

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Key highlights

GQG Partners (ASX:GQG), Atlas Arteria (ASX:ALX), Nine Entertainment (ASX:NEC) and Tower (ASX:TWR) show annual yields of 13.68%, 10.81%, 11.19% and 10.85%, with no franking attached to their latest dividends.
GQG pays in US dollars and a 90% payout ratio of distributable earnings, Tower pays in New Zealand dollars and Atlas Arteria and Nine pay in Australian dollars.
Tower raised FY26 underlying NPAT guidance on 6 October, Nine extended its Premier League rights on 10 September, and Atlas Arteria issued a Q3 traffic update on 21 October.

Not every dividend carries franking credits, and companies with offshore earnings often pay unfranked dividends because their profits are taxed outside Australia. This article reviews four ASX-listed stocks whose latest dividends are unfranked: GQG Partners Inc. (ASX:GQG), Nine Entertainment Co. Holdings Limited (ASX:NEC), Tower Limited (ASX:TWR) and Atlas Arteria (ASX:ALX). Prices and moves are for the trading session on 22 October 2026. Annual yield figures are not forecasts and are not a recommendation.

The four stocks side by side

Ticker	Company	Annual yield	Price (22 Oct 2026)	Day change	Franking
ASX:GQG	GQG Partners Inc.	13.68%	$1.010	--1.463%	0%
ASX:ALX	Atlas Arteria	10.81%	$3.700	+0.543%	0%
ASX:NEC	Nine Entertainment Co. Holdings Limited	11.19%	$0.665	-0.746%	0%
ASX:TWR	Tower Limited	10.85%	$1.660	-0.598%	0%

Sector context

The four companies are a US-based investment manager, a toll road investor with assets in France, Germany and the United States, a media group and a New Zealand insurer. Three of them earn mainly outside Australia and two pay dividends in foreign currencies, so the Australian dollar value of their payments depends on exchange rates, and none of the latest dividends carries franking credits.

GQG Partners (ASX:GQG): 13.68%

GQG shares were priced at $1.010, down 1.463%. It carries an annual yield of 13.68%, with an interim dividend of US$0.032 per share, an ex-date of 20 October 2026 and a payment date of 16 December 2026, and the stock is trading ex-dividend.

In its half-year results to 30 June 2026, GQG reported net revenue of US$397.2 million, down 1.4%, net outflows of US$15.1 billion and funds under management of US$156.0 billion. Its board declared a second-quarter dividend of US$0.0362 per share, a 90% payout ratio of distributable earnings.

Atlas Arteria (ASX:ALX): 10.81%

Atlas Arteria shares were priced at $3.700, up 0.543%. It carries an annual yield of 10.81%, with an interim distribution of 20.0 cents, an ex-date of 23 September 2026 and a payment date of 7 October 2026. The latest distribution alone equals about 5.4% of the share price, a calculated figure.

Its 21 October 2026 update reported proportional toll revenue down 0.4% excluding foreign exchange and down 8.9% as reported, with higher fuel prices weighing on French light vehicle traffic and traffic growth in the US and Germany. It also flagged potential French tax changes with an illustrative cost of about €210 million for APRR had they applied in 2025.

Nine Entertainment (ASX:NEC): 11.19%

Nine shares were priced at $0.665, down 0.746%. It carries an annual yield of 11.19%, with a final dividend of 3.0 cents, an ex-date of 10 September 2026 and a payment date of 22 October 2026, the date of the session. The latest dividend alone equals about 4.5% of the share price, a calculated figure.

On 10 September 2026, Nine extended its Australian Premier League broadcast and streaming rights through the 2033-34 season, with the FY29 rights fee broadly in line with FY28 and growing at about 3% a year across the six-year period, and said Stan’s EBITDA had grown from $40 million in FY21 to $81 million in FY26.

Tower (ASX:TWR): 10.85%

Tower shares were priced at $1.660, down 0.598%. It carries an annual yield of 10.85%, based on an interim dividend of NZ$0.058 with an ex-date of 10 June 2026 and a payment date of 25 June 2026.

On 6 October 2026, Tower raised its FY26 underlying NPAT guidance to NZ$69 million to NZ$79 million from NZ$55 million to NZ$65 million because its large event allowance of NZ$45 million was not fully used, and it said full results will be released on 26 November. Its FY27 reinsurance renewal, announced on 21 September, lifts its catastrophe upper limit to NZ$970 million.

What the yield figures do and do not show

The annual yield is a summary of dividends over a period relative to the share price and is not a forecast. For GQG and Tower, the dividend currency differs from the Australian dollar share price, so the latest dividend cannot be compared with the price without a conversion. Dividends without franking credits are valued differently from franked dividends by shareholders, and yields can appear high when a share price has fallen or when an annual figure includes more than one payment.

Wrapping up

Four stocks with unfranked dividends show annual yields from 10.81% to 13.68%, spread across asset management, toll roads, media and insurance. Each company’s own announcements are the source for dividend amounts, dates and conditions.

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