Dividend policy and financial targets

Vattenfall's dividend policy and financial targets were adopted by the Annual General Meeting on 28 April 2025.

Capital structure

Funds from operations/adjusted net debt (FFO/AND) ≥25%, where FFO is excluding dividend attributable to non-controlling interests and margin calls are excluded from AND.

Profitability target

Return on capital employed (ROCE) ≥8%, as measured by underlying EBIT.

Dividend policy

40-70% of profit for the year, adjusted for unrealised fair value changes and return from the Nuclear Waste Fund. Furthermore, forward-looking capital structure and investment needs are to be taken into account so that the dividend pay-out range is used more actively.