Dividend
Dividend policy
Volkswagen AG pursues a continuous dividend policy that allows shareholders to participate proportionally in the business success. Our dividend policy matches our financial strategy. The dividend proposed to the annual general meeting for the underlying year therefore reflects the financial management objectives – in particular, ensuring a solid financial foundation as part of the implementation of the corporate strategy.
The current dividend proposal can be found in the chapter entitled “Volkswagen AG (condensed, in accordance with the German Commercial Code)” of this annual report. The Board of Management is proposing a dividend of €5.20 (6.30) per ordinary share and €5.26 (6.36) per preferred share for fiscal year 2025. On this basis, the total payout amounts to €2.6 billion and is thus 17.4% below the previous year’s figure of €3.2 billion. The payout ratio is based on the Group’s earnings after tax attributable to Volkswagen AG shareholders, amounting to 39.2 (29.6)%. In 2025, the non-cash goodwill amortization allocated to the Porsche operating segment was not included in determining the assessment basis for the dividend payment. The payout ratio adjusted for this effect is 30.0% for the reporting year. We are pursuing the strategic goal of achieving a payout ratio of at least 30%.
Dividend yield
Based on the dividend proposal for the reporting year, the dividend yield on Volkswagen ordinary shares is 4.9 (6.8)%, measured on the basis of the closing price on the last trading day in 2025. The dividend yield on preferred shares is 5.1 (7.1)%.
Earnings per share
Basic earnings per ordinary share amounted to €13.29 for fiscal year 2025, down 37.8% on the previous year. Basic earnings per preferred share declined by 37.7% to €13.35 compared with the prior-year figure. In accordance with IAS 33, the calculation is based on the weighted average number of ordinary and preferred shares outstanding in the reporting year. Since the number of basic and diluted shares is identical, basic earnings per share correspond to diluted earnings per share.
See also “Earnings per share” in the notes to the 2025 consolidated financial statements for the calculation of earnings per share.