Dividend Policy
United Internet’s dividend policy aims to pay a dividend to shareholders of approx. 20-40% of adjusted consolidated net income after minority interests (adjusted consolidated net income attributable to the “shareholders of United Internet AG” – according to the consolidated statement of comprehensive income), provided that funds are not needed for further Company development.
| DIVIDEND DEVELOPMENT ⁽¹⁾ | 2020 | 2021 | 2022 | 2023 | 2024 ⁽⁴⁾ |
|---|---|---|---|---|---|
| Dividend per share (in €) | 0.50 | 0.50 | 0.50 | 0.50 | 0.40 |
| Dividend payment (in € million) | 93.6 | 93.4 | 86.4 | 86.4 | 69.1 |
| Payout ratio | 32.3% | 22.4% | 23.5% | 37.1% | - |
| Adjusted payout ratio ⁽²⁾ | 26.7% | 23.7% | 23.1% | 35.6% | 39.4% |
| Dividend yield ⁽³⁾ | 1.5% | 1.4% | 2.6% | 2.2% | 2.6% |
- The representation does not claim to be complete.
- Without special items (see publication of the 2023 Annual Report)
- As of: December 31
- Subject to approval of Supervisory Board and Annual Shareholders' Meeting 2025
Dividend 2024
At the Annual Shareholders' Meeting of United Internet AG held on May 17, 2024, the proposal of the Management Board and Supervisory Board to pay a dividend of € 0.50 per share (prior year: € 0.50) for the fiscal year 2023, was approved with a majority of 99.98% of votes cast. As a consequence, a total of € 86.4 million (prior year: € 86.4 million) was distributed on May 23, 2024. The payout ratio was thus 35.6% of the adjusted consolidated net income after minority interests for 2023 (€ 243.0 million) and – in view of the investments already made and still due to be made in the 1&1 mobile communications network 39 and in the expansion of the fiber-optic network – therefore within the upper range targeted by the dividend policy.
For the fiscal year 2024, the Management Board of United Internet AG will propose to the Supervisory Board a regular dividend of € 0.40 per share (prior year: € 0.50). In addition, a one-off catch-up dividend of € 1.50 per share is to be distributed as compensation for the reduced dividend payments for the fiscal years 2018 to 2023. In the past years, United Internet had assumed that Group subsidiary 1&1 would be able to acquire further spectrum by 2025 at the latest. Insofar as additional funds had been necessary, United Internet would have been called upon to provide these as 1&1’s main shareholder. Due to a decision taken by the German Federal Network Agency on March 24, 2025, the acquisition of spectrum has now been postponed for several years. In addition to investments in its network rollout, 1&1 expects it will be able to fund the acquisition of further spectrum itself by this time.
The Management Board and Supervisory Board will discuss this dividend proposal at the Supervisory Board meeting on March 25, 2025 (and thus after preparation of this Management Report). The Annual Shareholders' Meeting of United Internet AG on May 15, 2025 will then vote on whether to adopt the joint proposal of the Management Board and Supervisory Board.
On the basis of around 172.8 million shares with dividend entitlement (as of December 31, 2024), the regular dividend would result in a total dividend payment for fiscal year 2024 of € 69.1 million. The dividend payout ratio would therefore be 39.4% of adjusted consolidated net income after minority interests for 2024 (€ 175.5 million) and thus lie – despite the investments already made and still due to be made in the 1&1 mobile network and in the expansion of the fiber-optic network – at the upper end of the dividend policy. Based on the closing price of the United Internet share on December 31, 2024, the dividend yield would be 2.6%.
