Reconciliations
The adjusted net financial result amounted to € -363.3 million in the first half of 2025 (H1 2024: € -320.5 million).
Reconciliation of Adjusted Net Financial Result (continuing operations)
Reconciliation of Adjusted Net Financial Result (continuing operations) | ||||||||
in € million | H1 2024 | H1 2025 | Change in % | 12M 2024 | ||||
Income from non-current securities and non-current loans | 34.7 | 6.4 | -81.6 | 17.2 | ||||
Interest income – finance lease | – | 1.5 | – | 1.2 | ||||
Interest received and similar income | 22.6 | 24.0 | 6.2 | 51.1 | ||||
Interest expense from non-derivative financial liabilities | -410.1 | -405.1 | -1.2 | -830.6 | ||||
Swaps (current interest expense for the period) | 27.0 | 2.1 | -92.2 | 45.6 | ||||
Capitalization of interest on borrowed capital Development | 0.1 | 3.4 | >100 | 0.6 | ||||
Income from investments | 5.2 | 5.2 | – | 5.9 | ||||
Adjusted net financial result | -320.5 | -363.3 | 13.4 | -709.0 | ||||
Accrued interest | -82.1 | -132.2 | 61.0 | 15.8 | ||||
Net cash interest | -402.6 | -495.5 | 23.1 | -693.2 | ||||
The profit for the period amounted to € 811.2 million in the first half of 2025 (H1 2024: € -529.2 million).
The reconciliation of the profit for the period to Adjusted EBT (continuing operations) or Adjusted EBITDA Total (continuing operations) is as follows:
Reconciliation of Profit for the Period – Adjusted EBT – Adjusted EBITDA (continuing operations)
Reconciliation of Profit for the Period/Adjusted EBT/Adjusted EBITDA Total (continuing operations) | ||||||||
H1 2024 | H1 2025 | Change in % | 12M 2024 | |||||
Profit for the period | -529.2 | 811.2 | – | -962.3 | ||||
Profit from discontinued operations | 21.0 | -16.0 | – | -26.7 | ||||
Profit from continuing operations | -508.2 | 795.2 | – | -989.0 | ||||
Income taxes | -80.1 | -44.2 | -44.8 | 385.6 | ||||
Earnings before tax (EBT) | -588.3 | 751.0 | – | -603.4 | ||||
Non-recurring items | 45.4 | 149.5 | >100 | 241.8 | ||||
Net income from fair value adjustments of | 1,432.0 | -520.3 | – | 1,559.0 | ||||
Impairment/value adjustments | 16.8 | 341.2 | >100 | 347.3 | ||||
Valuation effects and special effects in the | -28.8 | 197.9 | – | 208.5 | ||||
Net income from investments accounted for using the equity method | 18.5 | 7.9 | -57.3 | 53.8 | ||||
Earnings contribution from Non Core/Other sales | 10.8 | 53.5 | >100 | 6.6 | ||||
Period adjustments from assets held for sale | -19.2 | 3.6 | – | -14.0 | ||||
Adjusted EBT (continuing operations) | 887.2 | 984.3 | 10.9 | 1,799.6 | ||||
Adjusted net financial result | 320.5 | 363.3 | 13.4 | 709.0 | ||||
Straight-line depreciation | 55.9 | 56.0 | 0.2 | 112.7 | ||||
Intragroup profit/losses | 2.9 | 15.4 | >100 | 3.8 | ||||
Adjusted EBITDA Total (continuing operations) | 1,266.5 | 1,419.0 | 12.0 | 2,625.1 | ||||
The reconciliation of Adjusted EBT (continuing operations) to Operating Free Cash-Flow is as follows: The definition of the key figure OFCF was amended in the first half of 2025. The “change in working capital” item in the reconciliation (H1 2024: € 3.8 million, 12M 2024: € 274.1 million) has been made more specific and is now referred to as the “change in the capital tied up for Development to sell projects”. The previous year’s figures were adjusted accordingly. The item “interim profits/losses” was also supplemented to reflect the cash advantage associated with services rendered in house.
Reconciliation of Adjusted EBT (continuing operations) – Operating Free Cash-Flow
Reconciliation of Adjusted EBT (continuing operations)/Operating Free Cash-Flow | ||||||||
in € million | H1 2024 | H1 2025 | Change in % | 12M 2024 | ||||
Adjusted EBT (continuing operations) | 887.2 | 984.3 | 10.9 | 1,799.6 | ||||
Straight-line depreciation | 55.9 | 56.0 | 0.2 | 112.7 | ||||
Change in capital commitment Development to sell* | -35.5 | 345.0 | – | 210.0 | ||||
Carrying amount of investment properties (core business) | 132.0 | 171.1 | 29.6 | 387.6 | ||||
Capitalized maintenance | -107.0 | -118.8 | 11.0 | -294.2 | ||||
Dividends and payouts to non-controlling shareholders (minorities) | -114.5 | -175.1 | 52.9 | -143.7 | ||||
Income tax payments according to cash flow statement (w/o taxes on Non Core sales) | -57.1 | -106.2 | 85.9 | -235.5 | ||||
Intragroup profit/losses* | 2.9 | 15.4 | >100 | 3.8 | ||||
Operating Free Cash-Flow* | 763.9 | 1,171.7 | 53.4 | 1,840.3 | ||||
- *In accordance with the current definition of key figures including intragroup profits/losses and reclassification of capital commitment.