Group dividend policy
Our objective is to guarantee a competitive return to shareholders. For the 2025 results, we have proposed a dividend of € 1.251 per share - up 16% year-on-year and more than three times the amount paid in 2016 (€ 0.39).
Thanks to strong visibility on future cash flows, we are further reinforcing our dividend policy, committing to a payout ratio higher than 70% applied to the net profit excluding TIM stake, to which we will add the dividends received from TIM on a cash-for-cash basis. We expect to receive approximately €100 million in cash dividends from TIM in 2027.
Since 2016, we have returned € 9 billion to our shareholders.
Thanks to strong visibility on future cash flows, we are further reinforcing our dividend policy, committing to a payout ratio higher than 70% applied to the net profit excluding TIM stake, to which we will add the dividends received from TIM on a cash-for-cash basis. We expect to receive approximately €100 million in cash dividends from TIM in 2027.
Since 2016, we have returned € 9 billion to our shareholders.
1 Dividend proposal subject to approval by the Shareholders’ Meeting.
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total dividends distributed (€m) | 509 | 549 | 574 | 602 | 632 | 768 | 843 | 1,036 | 1,411 | 1,618 |