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 |
|---|---|---|
| HAL Trust (HAL Investments B.V.) | 10.23% | 9 Mar 2026 |
| Vinke Amsterdam B.V. | 5.84% | 28 May 2020 |
| 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 | 4.83% | 9 Mar 2026 |
| BlackRock | 3.00% | 9 Feb 2026 |