Dividend Information

Returning value to shareowners

Dividend Key Figures

Fiscal year	2019	2020
Dividend (Euro per share)	2.80	2.00
Total payout (Euro million)	2,751	1,965
Dividend yield (%)	3.8	4.2

Consistent dividend policy

We are maintaining our dividend policy, which envisages a payout ratio within the target range of 30% to 40% of core earnings per share (core EPS). However, we expect a payout ratio that tends toward the lower end of this range in the coming years. The Board of Management and the Supervisory Board are proposing the payment of a dividend of €2.00 per share for 2020 (2019: €2.80 per share), which corresponds to 31.3% of core EPS from continuing operations of €6.39 for fiscal 2020. Based on the Bayer stock price at the end of 2020, the dividend yield is 4.2%.