Our objective is to guarantee a competitive return to shareholders. Enhanced sustainable cash and capital generation driving an ample and diversified dividend upstream from subsidiaries supporting an improved Group dividend policy: from a proposed €0.80 DPS in 2023 to not less than €1.0 DPS from 2026 onwards, increasing from 2023 by 7% per annum with at least 65% pay-out ratio over the plan. Poste Vita remittance ratio up to 100% from 2024, providing additional flexibility. Over 1.5x dividend coverage ratio through the plan horizon, providing additional financial flexibility.

On 2023 results we proposed a dividend per share of 80 cents compared to the original figure of 71 cents, an increase of 23% year-on-year.
 
This upgrade is not only driven by a consistent financial performance delivered over time but also by an increased visibility on the cash flow generation across all businesses.

 

	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Total dividends distributed (€m)	250	500	250	444	509	549	574	602	632	768	843	1,036
Dividend per share (€)	0.19	0.38	0.19	0.34	0.39	0.42	0.44	0.46	0.49	0.59	0.65	0.80