The May 6, 2021 AGM approved the board’s proposal that no dividend be paid and that the amount at the disposal of the meeting be carried forward.

Dividend comment, from the six-month report published July 1, 2021

The board aims for the H&M group to have sustainable and profitable growth, thereby allowing a good return to the shareholders.
The company’s financial position remains strong and the board’s assessment is that there will be very good prospects of a cash dividend in autumn 2021.
The board will come back later in the year with a proposed date and level for resuming the dividend.

Capital Structure

The H&M group advocates a conservative leverage ratio, aiming for a strong capital structure with strong liquidity and financial flexibility. It is essential that, as in the past, expansion and investments can proceed with continued freedom of action.

The capital structure is defined as net debt in relation to EBITDA. Over time, this should not exceed 1.0 x EBITDA. Net debt / EBITDA was 0.0 (0.2) as of 30 November 2020.