Performance Indicators at Group Level as of 2024

Going forward, the IFRS profit for the period will be reconciled to earnings before taxes (EBT), as taxes do not form part of operating value added.

This EBT will be adjusted to reflect special effects based on the definition that has applied to date (effects that do not relate to the period, recur irregularly or are atypical for business operations). The net financial result is also adjusted to reflect non-cash and actuarial valuation effects that recur irregularly. The further adjustments to reflect the effects of IAS 40 measurement, write-downs, other (Non Core/Other result), net income from non-current financial assets accounted for using the equity method and effects from residential properties held for sale produce the Group’s Adjusted EBT and, taking into account minority interests, adjusted EBT after minority interests. Adjusted EBT will be the leading indicator of profitability.

The adjusted net financial result, interim profits and depreciation and amortization will be added to the Adjusted EBT to produce the Adjusted EBITDA Total as a reconciliation to the total segment results.

The Adjusted EBT will be used as a basis for a reconciliation to the operating free cash flow (OFCF) as the leading indicator of internal financing. Depreciation and amortization will be added to Adjusted EBT, and the liquidity contribution made by the Recurring Sales segment, as well as the change in working capital, will be taken into account. Capitalized maintenance and dividend payments made to parties outside of the Group, as well as income tax paid, are subtracted from this figure. This operating free cash flow is a measure of the Group’s operational capacity to generate cash surpluses and, as a result, of its internal financing power.

The contribution made by discontinued operations will be presented separately.