Adjusted EBT
The Adjusted EBITDA Total for continuing operations amounted to € 698.5 million in the first three months of 2025 and was thus 15.1 % higher than the value of € 607.0 million in the first three months of 2024.
In the reconciliation of Adjusted EBITDA Total (continuing operations) to Adjusted EBT (continuing operations), the contributing factors in the reporting period were the adjusted net financial result of € -184.3 million (3M 2024: € -160.8 million), depreciation and amortization of € -27.8 million (3M 2024: € -27.8 million) and interim profits of € -7.7 million (3M 2024: € -1.9 million). The interim profits mainly relate to services provided by the internal craftsmen’s organization, which charges for its services internally at arm’s length. Any margins are eliminated from the Group perspective and represent the value added resulting from the insourcing of services.
The adjusted EBT (continuing operations) amounted to € 478.7 million in the first three months of 2025 compared to € 416.5 million in the first three months of 2024.
In the 2025 reporting period, the non-recurring items eliminated in the Adjusted EBT Total (continuing operations) came to € 28.6 million (3M 2024: € 19.2 million).
The following table gives a detailed list of the non-recurring items:
Non-recurring Items
Non-recurring Items | ||||||||
in € million | 3M 2024 | 3M 2025 | Change in % | 12M 2024 | ||||
Transactions* | 4.3 | 18.5 | >100 | 33.9 | ||||
Personnel matters | 6.8 | 3.6 | -47.1 | 170.9 | ||||
Business model optimization | 6.7 | 5.6 | -16.4 | 29.7 | ||||
Research & development | 1.2 | 0.8 | -33.3 | 5.9 | ||||
Refinancing and equity measures | 0.2 | 0.1 | -50.0 | 1.4 | ||||
Total non-recurring items | 19.2 | 28.6 | 49.0 | 241.8 | ||||
- *Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.