Dividend and share buyback
We aim to deliver attractive returns to our shareholders - and this is reflected in our dividend policy. Based on growth targets for the coming years, we aim to pay out between 40% and 70% of net profit before amortisation and one-off income and expenses. Our average pay out ratio in the period 2008 - 2023 amounted to 54%.
On May 15, 2025, the AGM approved a 2024 dividend of €1.50 per share.
We return access cash to our shareholders through share buy backs. During 2023, we completed two share buyback programs of €25 million each.
Our major shareholders
The table below displays major shareholders with an interest of 3% or more as currently registered at the Netherlands Authority for the Financial Markets (AFM).
| Mandatory Disclosing Party | Ownership | Date of last disclosure |
|---|---|---|
| Vinke Amsterdam B.V. | 5.84% | 28 May 2020 |
| Lucerne Capital Management, LLC | 5.70% | 25 Jan 2025 |
| HAL Trust (HAL Investments B.V.) | 5.17% | 3 Feb 2025 |
| ASR Nederland NV | 5.11% | 6 Oct 2008 |
| Teslin Participaties Coöperatief U.A. | 5.01% | 6 Jul 2017 |
| TKH Group NV | 5.00% | 24 Nov 2023 |
| Janus Henderson Group plc | 4.77% | 29 May 2025 |
| Goldman Sachs Group Inc. | 3.11% | 28 Jan 2025 |
| Fidelity International Ltd | 3.04% | 26 Sept 2025 |
| AllianceBernstein L.P. | 3.03% | 20 Jan 2022 |