Dividend

(Condensed, in accordance with the German Commercial Code)

DIVIDEND POLICY

Our dividend policy matches our financial strategy. In the interests of all stakeholders, we aim for continuous dividend growth that allows our shareholders to participate appropriately in our business success. The proposed dividend therefore reflects our financial management objectives – in particular, ensuring a solid financial foundation as part of the implementation of our strategy.

In our Group strategy, we have set ourselves the goal of achieving a payout ratio of at least 30 %. The payout ratio is based on the Group’s earnings after tax attributable to Volkswagen AG shareholders. This amounts to 25.4 % for the reporting period and stood at 29.0 % in the previous year.

DIVIDEND PROPOSAL

In fiscal year 2021, net retained profits amounted to €19.1 billion. The Board of Management and Supervisory Board are proposing to pay a total dividend of €3.8 billion, i.e. €7.50 per ordinary share and €7.56 per preferred share. In addition, a special dividend could be distributed in the event that Dr. Ing. h.c. F. Porsche AG goes public.