Policy and last Dividend
Our dividend policy
Since our IPO in 1988, SAP has been paying dividends to its shareholders. We never reduced nor cancelled a dividend payout since then.
On June 5, 2024 we updated our dividend policy.
The new policy is to pay a dividend amounting to at least 40% of the SAP Group’s non-IFRS profit after tax from continuing operations (previously: at least 40% of the group’s IFRS profit after tax).
This change is intended to reduce volatility in the dividend payout ratio and ensure close alignment between dividend payout and financial performance.
SAP paid dividend of €2.35 per share for fiscal year 2024
The shareholders approved a dividend of €2.35 per share for fiscal year 2024. This is an increase of €0.15, or 6.8% compared to the dividend paid for fiscal year 2023 (€2.20). The total amount distributed in dividends was €2.743 billion (2023: €2.565 billion), representing a pay-out ratio of 51.9% (2023: 43.0%).
Important Dates
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.
Dividend History
Please find below the history of our payouts (Dividend in €, Payout in €M).
| Fiscal Year | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | 1992 | 1991 | 1990 | 1989 |
| Regular Dividend | 2.35 | 2.20 | 2.05 | 1.95 | 1.85 | 1.58 | 1.50 | 1.40 | 1.25 | 1.15 | 1.10 | 1.00 | 0.85 | 0.75 | 0.60 | 0.50 | 0.50 | 0.50 | 0.46 | 0.36 | 0.28 | 0.20 | 0.15 | 0.15 | 0.14 | 0.13 | 0.13 | 0.12 | 0.08 | 0.06 | 0.04 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 |
| Special Dividend | 0.50 | 0.35 | ||||||||||||||||||||||||||||||||||
| Dividend total | 2.35 | 2.20 | 2.05 | 2.45 | 1.85 | 1.58 | 1.50 | 1.40 | 1.25 | 1.15 | 1.10 | 1.00 | 0.85 | 1.10 | 0.60 | 0.50 | 0.50 | 0.50 | 0.46 | 0.36 | 0.28 | 0.20 | 0.15 | 0.15 | 0.14 | 0.13 | 0.13 | 0.12 | 0.08 | 0.06 | 0.04 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 |
| Payout (€M) | 2,743 | 2,565 | 2,393 | 2,865 | 2,273 | 1,886 | 1,790 | 1,671 | 1,498 | 1,378 | 1,315 | 1,194 | 1,013 | 1,309 | 713 | 594 | 593 | 594 | 555 | 446 | 340 | 248 | 186 | 182 | 180 | 165 | 165 | 150 | 122 | 68 | 45 | 23 | 19 | 16 | 13 | 9 |
| Payout ratio1 | 52% | 42% | 105% | 55% | 43% | 57% | 44% | 42% | 41% | 45% | 40% | 36% | ||||||||||||||||||||||||
1 The dividend policy was updated on June 5, 2024 | ||||||||||||||||||||||||||||||||||||