Annual Report 2025

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Multiyear Overview

Multiyear Overview

€ million

 

2025

 

Change
in %

 

2024

 

2023

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

5,485.3

 

-4.1

 

5,721.8

 

6,402.2

 

8,209.3

 

6,207.5

Income before taxes

 

-578.3

 

>100

 

258.4

 

387.0

 

1,616.2

 

1,093.6

Net income for the year

 

-804.9

 

>100

 

260.7

 

327.3

 

1,281.6

 

827.8

EBITDA1

 

426.7

 

-42.6

 

743.6

 

823.6

 

2,080.9

 

1,538.5

EBIT1

 

-179.7

 

>100

 

270.9

 

404.9

 

1,678.8

 

1,134.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed assets5

 

4,334.2

 

-13.2

 

4,991.4

 

4,551.5

 

4,186.3

 

3,372.7

Intangible assets5

 

237.7

 

-36.9

 

376.7

 

293.5

 

213.0

 

45.9

Property, plant and equipment

 

3,199.3

 

-3.7

 

3,323.3

 

3,038.4

 

2,717.9

 

2,466.9

Right-of-use assets

 

270.8

 

-0.9

 

273.2

 

222.5

 

243.2

 

138.8

Financial assets

 

626.4

 

-38.5

 

1,018.2

 

997.1

 

1,012.2

 

721.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets, incl. deferred taxes + prepaid expenses5

 

4,036.8

 

-8.6

 

4,418.5

 

4,302.9

 

5,215.1

 

4,761.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquidity2

 

1,482.9

 

18.1

 

1,256.1

 

1,421.9

 

1,956.2

 

1,983.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

3,755.6

 

-22.4

 

4,837.0

 

4,579.9

 

5,030.7

 

3,100.4

Subscribed capital

 

260.8

 

–

 

260.8

 

260.8

 

260.8

 

260.8

Capital reserves

 

158.2

 

-0.2

 

158.5

 

158.6

 

158.9

 

157.4

Treasury shares

 

-45.1

 

–

 

-45.1

 

-45.1

 

-45.1

 

-45.1

Retained earnings, consolidated net income, other equity items

 

3,225.5

 

-24.9

 

4,295.0

 

4,042.5

 

4,489.2

 

2,645.4

Non-controlling interests

 

156.2

 

-6.9

 

167.8

 

163.1

 

166.9

 

81.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowed capital

 

4,615.4

 

0.9

 

4,572.9

 

4,274.5

 

4,370.7

 

5,033.9

Provisions

 

974.0

 

-5.0

 

1,024.8

 

1,142.0

 

1,021.0

 

2,082.9

Liabilities, incl. deferred taxes + deferred income

 

3,641.4

 

2.6

 

3,548.1

 

3,132.5

 

3,349.7

 

2,951.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Net financial debt (-) Net financial receivables (+)

 

-885.7

 

28.3

 

-690.6

 

-83.7

 

409.2

 

546.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

8,371.0

 

-11.0

 

9,409.9

 

8,854.4

 

9,401.4

 

8,134.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Employees (average for the year)

 

16,616

 

0.6

 

16,520

 

16,251

 

15,262

 

14,352

Employees (Dec. 31)

 

16,467

 

-1.0

 

16,637

 

16,378

 

15,725

 

14,406

 

 

 

 

 

 

 

 

 

 

 

 

 

Key profitability figures

 

 

 

 

 

 

 

 

 

 

 

 

Return on sales (EBIT) = EBIT/sales (%)1

 

-3.3

 

>100

 

4.7

 

6.3

 

20.5

 

18.3

Return on sales (EBITDA) = EBITDA/sales (%)1

 

7.8

 

-40.2

 

13.0

 

12.9

 

25.4

 

24.8

Return on equity = net income for the year/equity (as of Dec. 31) (%)

 

-21.4

 

>100

 

5.4

 

7.1

 

25.5

 

26.7

ROCE – return on capital employed = EBIT/capital employed (%)3

 

-3.1

 

>100

 

5.0

 

6.9

 

34.7

 

28.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Key statement-of-financial-position figures

 

 

 

 

 

 

 

 

 

 

 

 

Investment intensity of fixed assets = fixed assets/total assets (%)5

 

51.8

 

-2.4

 

53.0

 

51.4

 

44.5

 

41.5

Equity ratio = equity/total assets (%)

 

44.9

 

-12.7

 

51.4

 

51.7

 

53.5

 

38.1

Capital structure = equity/borrowed capital (%)

 

81.4

 

-23.1

 

105.8

 

107.1

 

115.1

 

61.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow and capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operating activities4, 6

 

542.6

 

61.2

 

336.6

 

936.3

 

1,125.5

 

1,064.4

Cash flow from long-term investing activities – before securities4, 6

 

-546.2

 

-17.6

 

-662.7

 

-770.7

 

-686.7

 

-303.6

Cash flow from financing activities

 

271.9

 

86.4

 

145.9

 

-688.1

 

-458.5

 

-153.9

Net cash flow = CF from operating activities + CF from investing activities – additions from finance leases

 

-3.6

 

-98.9

 

-326.0

 

165.6

 

438.8

 

760.8

Capital expenditures7

 

465.9

 

-34.3

 

709.4

 

709.6

 

546.8

 

343.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Share and valuation

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

-804.9

 

>100

 

260.7

 

327.3

 

1,281.6

 

827.8

Earnings per share (€) = consolidated net income/number of shares

 

-16.53

 

>100

 

4.85

 

6.31

 

25.18

 

16.24

Market capitalization (total number of shares without treasury shares)

 

3,445.2

 

-1.0

 

3,479.4

 

5,678.2

 

5,931.6

 

6,537.6

Number of shares

 

49,677,983

 

–

 

49,677,983

 

49,677,983

 

49,677,983

 

49,677,983

Price as of reporting date (Dec. 31)

 

69.35

 

-1.0

 

70.04

 

114.30

 

119.40

 

131.60

Dividend per share (€)

 

–

 

-100.0

 

2.50

 

3.00

 

12.00

 

8.00

Dividend yield (%)

 

–

 

-100.0

 

2.6

 

2.3

 

8.6

 

6.0

Capital employed3

 

5,743.0

 

5.9

 

5,421.6

 

5,192.3

 

4,526.6

 

3,782.2

1

Investments in joint ventures and associates and other income from investments reclassified to the financial result (€329.7 million in expenses; prior year: €19.2 million in income); EBITDA and EBIT were adjusted accordingly in retrospect back to 2024. Further details can be found in the section “Changes in accounting policies”.

2

Securities, fixed-term deposits, cash and cash equivalents

3

The reclassifications meant that capital employed was reduced by investments in joint ventures and associates. Retrospective adjustments made as far back as 2024. Further details can be found in the section “Changes in accounting policies”.

4

Dividends received from investments in joint ventures and associates were reclassified from cash flow from operating activities to cash flow from long-term investing activities (€7.8 million; prior year: €17.1 million). Further details can be found in the section “Changes in accounting policies”.

5

Due to a change in accounting policy, emission certificates are presented under intangible assets (€66.5 million; prior year: €88.1 million). Previously, they were presented under inventories. Further details can be found in the section “Changes in accounting policies”.

6

Cash flow-relevant changes from carbon credits are included in the cash flow from investing activities (€11.5 million; prior year: €43.4 million). Previously, they had been reported in the cash flow from operating activities. Further details can be found in the section “Changes in accounting policies”.

7

Due to a change in accounting policy, emission certificates are presented under intangible assets (€11.5 million; prior year: €43.4 million). Previously, they were presented under inventories. Further details can be found in the section "Changes in Accounting Policies".

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