Dividend

Dividend policy aimed at self-funding business growth and paying, twice a year, the excess capital generated above 12% CET1 ratio¹:

Target CET1 ratio level of 12%, well above the SREP requirements
Earnings of the period retained to maintain the 12% CET1 ratio target and pay-out the portion of the net income of the year in excess of the 12% CET1 ratio threshold
No obligation to pay a minimum DPS or pay-out ratio every year

1 In addition to TCR >15%, as long as requested by ECB.

	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023
Ex-dividend date	9-Apr-2018	1-Apr-2019	29-Mar and 11-Oct 2021	11-Oct-2021	19-Apr-2022	24-Apr-2023	22-Apr-2024
Total n° of shares as of 31/12	170,107,400	170,107,400	170,553,778	170,650,642	185,312,690	185,545,952	186,944,029
Total n° of shares as of the ex-dividend date	170,107,400	170,107,400	184,694,346	185,307,538	185,315,280	185,623,140	187,218,044
Net Profit (€m) - Reported	95.55	92.15	93.16	91.07	197.37	232.05	171.66
Net Profit (€m) - Adjusted	83.73	91.75	98.79	97.63	125.28	146.03	183.15
EPS - Reported⁽¹⁾	€ 0.562	€ 0.542	€ 0.546	€ 0.534	€ 1.065	€ 1.251	€ 0.918
EPS - Adjusted⁽¹⁾	€ 0.492	€ 0.539	€ 0.579	€ 0.572	€ 0.676	€ 0.787	€ 0.980
Cash dividends accrued in the year (€m)	83.69	91.75	70.87	97.63	125.28	146.03	183.15
Cash dividends paid (€m)	83.69	91.75	3.23	165.28	125.28	146.03	183.15
DPS	€ 0.492	€ 0.539	€ 0.415	€ 0.572⁽²⁾	€ 0.6795	€ 0.7898⁽⁴⁾	€ 0.979⁽⁵⁾
DPS paid	€ 0.492	€ 0.539	€ 0.017495	€ 0.8946	€ 0.6795	€ 0.7898⁽⁴⁾	€ 0.979⁽⁵⁾
Pay-out ratio on Adjusted Net Profit	100.0%	100.0%	71.7%	100.0%	100.0%	100.0%	100.0%
Dividend yield (DPS/Average closing price in the year)	9.1%⁽³⁾	10.2%	8.2%	11.7%⁽²⁾	9.5%	11.5%	10.4%
Dividend yield (DPS/Closing price before the ex-dividend date)	8.4%	9.9%	6.4%	7.0%⁽²⁾	9.8%	8.7%	8.0%

(1) Computed on the basis of the total n° of shares as of 31/12.

(2) Theoretical DPS amount, calculated on the basis of the cash dividends accrued in 2020 (€97.63m) and the total n° of shares as of 31/12/2020 (#170,650,642).

(3) The average closing price of 2017 includes also the IPO price (€ 4.7).

(4) 0.3708 euro as interim dividend distributed in August 2022 and 0.419 euro as remaining amount distributed in April 2023. Total number of shares as of the ex-dividend date of the interim dividend equal to 185,521,548.

(5) 0.438 euro as interim dividend distributed in September 2023 and 0.541 euro as remaining amount distributed in April 2024. Total number of shares as of the ex-dividend date of the interim dividend equal to 186,738,419.

Last update: 22/04/2024