Shares and dividends

Over the time horizon of the 2022-2025 Business Plan: a cash dividend distribution was envisaged corresponding to
a payout ratio, based on the consolidated net income, of 70% each year of the Plan; in the second half of 2022
and the first half of 2023, a buyback was executed for a total of 3.4bn euro ^(*); in 2024,
a buyback of 1.7bn euro was executed, launched in June and concluded in October;
in 2025, a buyback of 2bn euro launched in June and concluded in October. 

Over the time horizon of the 2026-2029 Business Plan: a distribution was envisaged corresponding to
a payout ratio, based on the consolidated net income, of 95% each year of the Plan,
of which 75% through cash dividend and 20% through buyback.

For the 2025 results, cash interim dividend of 3.2bn euro paid in November 2025 and
proposal of the Board of Directors at the Shareholders’ Meeting scheduled for 30 April 2026
of a cash remaining dividend of 3.3bn euro to be paid in May 2026,
for a total dividend distribution of 6.5bn euro, and of a buyback
of 2.3bn euro to be launched in July 2026.

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(*) Amount equivalent to the suspended 2019 dividend.