Dividend policy

The business plan, following the strong growth of investments in 2020-2021, the latest M&A transactions carried out in 2020 and the impact of COVID-19, adjusts the dividend policy, providing for 9.5 € cents/share on the 2020 net profit (+2.7% compared to the previous year), 10 € cents/share on the 2021 net profit (+5.3%) and growth of 10% per year from 2022 onwards. Over the period of the plan, the CAGR is approximately 8%.


The average pay-out ratio is expected to be around 55%. This remuneration is compatible with maintaining an investment grade rating (Fitch rating of BBB).


Click here to see the trend of dividends distributed.

DPS GROWTH (€/c)*
Cagr 10%
*Referred to the results of the corresponding years