Dividend
Dividend for fiscal year 2023
At the Annual General Meeting of Volkswagen AG, the shareholders followed the proposal of the Board of Management and Supervisory Board and resolved by a majority of 99,99 % to pay an increased dividend of EUR 9.00 per ordinary share and EUR 9.06 per preference share for the 2023 financial year. This corresponds to a payout ratio of 28 per cent and an increase of EUR 0.30 per share. On June 4, 2024 Volkswagen AG was distributing a total of EUR 4.5 billion to its shareholders for the 2023 financial year.
Dividend policy
In the interests of all stakeholders, Volkswagen Aktiengesellschaft aims for a continuous dividend development that allows shareholders to participate appropriately in the company's business success. The dividend policy matches the Group's financial strategy. The dividend proposed to the Annual General Meeting for the respective underlying year therefore reflects the financial management objectives, in particular ensuring a solid financial foundation as part of the implementation of the corporate strategy.
Volkswagen AG's payout ratio is based on the Group’s earnings after tax attributable to the shareholders of Volkswagen AG and amounted to 28.3% for the 2023 financial year. Volkswagen AG strives for a payout ratio of at least 30% as part of its dividend policy.
Dividend per share
€ per share
Figures for the years 2014 to 2023 relate to dividends paid in the following year. For 2021, the figures exclude the special dividend due to the IPO of Porsche AG.
| History of dividends | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Dividend per ordinary share1 (€) | 9.00 | 8.70 | 7.50 | 4.80 | 4.80 | 4.80 | 3.90 | 2.00 | 0.11 | 4.80 |
| Dividend per preferred share1 (€) | 9.06 | 8.76 | 7.56 | 4.86 | 4.86 | 4.86 | 3.96 | 2.06 | 0.17 | 4.86 |
| Dividend paid on ordinary shares1 (€ million) | 2,656 | 2,567 | 2,213 | 1,416 | 1,416 | 1,416 | 1,151 | 590 | 32 | 1,416 |
| Dividend paid on preferred shares1 (€ million) | 1,868 | 1,806 | 1,559 | 1,002 | 1,002 | 1,002 | 817 | 425 | 35 | 878 |
| Dividend paid1 (€ million) | 4,524 | 4,374 | 3,772 | 2,419 | 2,419 | 2,419 | 1,967 | 1,015 | 68 | 2,294 |
| Payout ratio (%) | 28.3 | 29.4 | 25.4 | 29.00 | 18.1 | 20.4 | 17.3 | 19.7 | - | 21.2 |
| Number of ordinary shares (thousands) | 295,090 | 295,090 | 295,090 | 295,090 | 295,090 | 295,090 | 295,090 | 295,090 | 295,090 | 295,090 |
| Number of preferred shares (thousands) | 206,205 | 206,205 | 206,205 | 206,205 | 206,205 | 206,205 | 206,205 | 206,205 | 206,205 | 206,205 |
| Dividend yield ordinary share2 (%) | 7.6 | 5.9 | 2.9 | 2.8 | 2.8 | 3.5 | 2.3 | 1.5 | 0.1 | 2.7 |
| Dividend yield preferred share2 (%) | 8.1 | 7.5 | 4.3 | 3.2 | 2.8 | 3.5 | 2.4 | 1.5 | 0.1 | 2.6 |
1 Figures for the years 2014 to 2023 relate to dividends paid in the following year. For 2021, the figures exclude the special dividend due to the IPO of Porsche AG.
2 Dividend per share based on the year-end-closing price.