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Dividends

 

Distribution and dividend policy

 

The "UniCredit Unlocked" plan set out our ambitions to create shareholder value as a priority through the improvement of our profitability and upgraded metrics on a per-share basis.

 

The distribution is envisaged through a mix of cash dividend and share buyback (subject to supervisory and shareholder approval).

 

For 2023, the total ordinary distribution has been set at 8.6bn, with the cash dividend component equal to 3.0bn (or 35% relative to the net profit1) equivalent to a DPS of 1.80€, and the share buyback component equal to 5.6bn.

 

From 2024 the new Group ordinary distribution policy introduces a total distribution pay-out2 of at least 90% of net profit and an interim distribution approach assumed at circa 40% of the total full year distributions, in the form of both interim dividend and interim share buyback.

The 2024 interim cash dividend is expected to be defined in October 2024 with the payment date expected in November 2024.

1. Net profit means stated (or accounting) net profit adjusted for impacts from DTAs from tax loss carry forward sustinability test (only for the Group).

2. On net profit equal to stated net profit adjusted for the impacts from TLCF DTAs and potential one-offs related to strategic items.

 

Dividend per share

Dividend
Announcement Payment date

Gross Dividend

per ordinary share

N° of  shares eligible 

for dividend payment

2023 (1) 05 February 2024 24 April 2024 1.80€ 1.672.160.031 (2)

(1) The ordinary shareholders' distribution includes, in addition to the cash dividend component, 5.6bn of share buyback. A first tranche of 2.5bn as approved at Shareholders' meeting on 27 October 2023, have been frontloaded with execution completed in the period 30 October 2023 - 07 March 2024. The remaining share buyback tranche will start once received the approval from regulators and from Shareholders' meeting which will take place on 12 April 2024.

(2) Treasury shares (possibly held) and N° 9,675,640 ordinary shares used for the financial instruments known as 'CASHES',  issued at the time of the February 2009 capital increase, are not included.

 

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