Dividends

Our dividend distribution policy aims to achieve a balance between the remuneration of shareholders and the maintenance of a high level of capitalisation.

In the last ten years (June 2016-25) we have distributed more than €6bn to our shareholders (dividends and share buybacks), while maintaining solid capital ratios.

The distribution for FY 2025-26 has been increased to provide a total payout of 100%, all cash.

Interim dividends were introduced in May 2024, with the balance payable in November (for further details see the financial timetable).

€ FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
CASH DPS 0,25 0,27 0,37 0,47 0,47 0 0,66 0,75 0,85 1,07 1,15
ANNUAL CASH DPS 213 231 320 413 410 0 569 629 719 885 931
STATED PAYOUT 36 38 43 48 50 0 70 70 70 70 70
SHARE BUYBACK 0 0 0 0 163 105 0 241 0 198 384
GROUP NET PROFIT 590 605 750 864 823 600 808 907 1027 1273 1330
CET1(%) 12 12,1 13,3 14,2 14,1 16,1 16,3 15,7 15,9 15,2 15,1
NO. SHARES (M) 867 871 881 887 887 887 887 865 849 833 813
€ FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
CASH DPS 0,25 0,27 0,37 0,47 0,47 0 0,66 0,75 0,85 1,07 1,15
ANNUAL CASH DPS 213 231 320 413 410 0 569 629 719 885 931
STATED PAYOUT 36 38 43 48 50 0 70 70 70 70 70
SHARE BUYBACK 0 0 0 0 163 105 0 241 0 198 384
GROUP NET PROFIT 590 605 750 864 823 600 808 907 1027 1273 1330
CET1(%) 12 12,1 13,3 14,2 14,1 16,1 16,3 15,7 15,9 15,2 15,1
NO. SHARES (M) 867 871 881 887 887 887 887 865 849 833 813