Skip to Content


Dividend chart

Shareholders continuously participate in SAP's success


The Supervisory Board and Executive Board of SAP SE (NYSE: SAP) have decided to recommend that shareholders approve a dividend of €2.45 per share for fiscal year 2021. This represents a year-over-year increase of approximately 32%. This payment includes a special dividend of €0.50 to celebrate SAP’s 50th anniversary.


If the shareholders approve this recommendation, based on the number of treasury shares as of December 31, 2021, the total amount of dividends to be distributed would be approximately €2.89 billion (2020: €2.18 billion), representing a pay-out ratio of 54% (2020: 41%).


Excluding the special dividend, the ratio would be approximately 43%. The 2021 fiscal year dividend is scheduled to be paid on or after May 23, 2022. 



Relevant dates for dividends


Record Date
SAP calculates the record date according to German rules and customs, and not according to U.S. rules and customs.


When we speak of “record date,” we mean the record date in the meaning of section 123 (4) of the German Stock Corporation Act (Act). Under German law, the record date has no bearing on your entitlement to dividends, only on your right to participate and vote in the annual general meeting of shareholders. Pursuant to section 123 (4) of the Act, the record date is the 21st day before the annual general meeting.


“Record date” in the U.S. sense relates to the dividend entitlement, and means the date set by the board of directors on which a person must be listed as a shareholder in the company's share register in order to be able to receive the dividend payment.


By contrast, under German law your entitlement to dividends depends on your shareholding on the day of the annual general meeting.


Ex Dividend Date
Similarly, SAP calculates the ex-dividend date in line with German and not U.S. rules and customs.


In German trading practice, the ex-dividend date is the first trading day after the annual general meeting. On this day, the stock starts trading at a share price less the declared dividend value. If you purchase the stock on the ex-dividend date, the seller (and not you) will be entitled to receive the expected dividend payment. Shares that are purchased (shortly) before the annual general meeting are settled at the regular stock price “cum dividend” regardless of the settlement date.


Dividend Payment
The dividend must be paid out on the third business day following the annual general meeting.


Paying agent
The paying agent for the SAP dividend is DZ Bank AG.

Back to top