Dividend policy

The Business plan confirmes the dividend policy announced the previous year, which forecasts a constant increase in the dividend of 10% annually.


As of 2019, an average pay-out ratio of around 50% is forecast. This remuneration is compatible with maintaining an investment grade rating (Fitch rating of BBB). The pay-out ratio forecasted for 2022, of 60%, is consistent with the decline in investments planned for the last two years of the business plan.


Click here to see the trend of dividends distributed.

Cagr 10%
*Referred to the results of the corresponding years