Our objective is to guarantee a competitive return to shareholders. For the 2025 results, we have proposed a dividend of € 1.25* 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.
* Approved by the Shareholders’ Meeting.