4.3.12Dividends Paid and Proposed and Share repurchase program

After a review, the Company updated its shareholder return policy in 2024 as follows: ‘The Company’s shareholders return policy is to maintain a stable annual cash return to shareholders which grows over time, with flexibility for the Company to make such cash return in the form of a cash dividend and the repurchase of shares. Determination of the annual cash return is based on the Company’s assessment of its underlying cash flow position. The Company prioritizes a stable cash distribution to shareholders and funding of growth projects, with the option to apply surplus capital towards incremental cash returns to shareholders.‘

As a result, following review of its cash flow position and forecast, the Company intends to pay US$1.59 per share through a proposed US$155 million dividend¹ (EUR150 million equivalent or US$0.88 per share²) and US$150 million (EUR141 million equivalent) share repurchase program³. This represents an increase of 30% compared with 2024. The objective of the share buyback program would be to reduce share capital and provide shares for regular management and employee share programs (maximum US$25 million). Shares repurchased as part of the cash return will be cancelled.

The share repurchase program will be launched after the current share repurchase program has ended. The dividend will be proposed at the Annual General Meeting on April 9, 2025.