Group FFO

Group FFO came to € 462.6 million in the first three months of 2023 (3M 2022: € 563.1 million).

Adjusted EBITDA Total came to € 657.1 million in the first three months of 2023, 9.8% lower than the figure of € 728.7 million reported for the first three months of 2022. 

In the 2023 reporting period, the non-recurring items eliminated in the Adjusted EBITDA Total came to € 29.7 million (3M 2022: € –2.3 million). The change is mainly attributable to positive non-recurring items in the previous year, as well as higher expenses for pre-retirement part-time work arrangements and higher integration costs in the 2023 reporting period.

The following table gives a detailed list of the non-recurring items:

Non-recurring Items

Non-recurring Items

in € million

3M 2022

3M 2023

Change in %

12M 2022

Transactions*

-11.5

13.0

113.2

Personnel matters

3.9

12.7

>100

-3.1

Business model optimization

4.7

2.2

-53.2

12.2

Research and development

0.5

1.8

>100

4.2

Refinancing and equity measures

0.1

-100.0

1.0

Total non-recurring items

-2.3

29.7

127.5

  1. *Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.