Reconciliations
The adjusted net financial result amounted to € -546.4 million in the first nine months of 2025 (9M 2024: € -528.7 million).
Reconciliation of Adjusted Net Financial Result (continuing operations)
Reconciliation of Adjusted Net Financial Result (continuing operations) | ||||||||
in € million | 9M 2024 | 9M 2025 | Change in % | 12M 2024 | ||||
Income from non-current securities and non-current loans | 12.7 | 8.9 | -29.9 | 17.2 | ||||
Interest income – finance lease | 0.7 | 2.3 | >100 | 1.2 | ||||
Interest received and similar income | 34.8 | 35.6 | 2.3 | 51.1 | ||||
Interest expense from non-derivative financial liabilities | -620.8 | -603.3 | -2.8 | -830.6 | ||||
Swaps (current interest expense for the period) | 37.9 | -0.2 | – | 45.6 | ||||
Capitalization of interest on borrowed capital Development | 0.2 | 5.0 | >100 | 0.6 | ||||
Income from investments | 5.8 | 5.3 | -8.6 | 5.9 | ||||
Adjusted net financial result | -528.7 | -546.4 | 3.3 | -709.0 | ||||
Accrued interest | -26.6 | -99.9 | >100 | 15.8 | ||||
Net cash interest | -555.3 | -646.3 | 16.4 | -693.2 | ||||
The profit for the period amounted to € 3,408.6 million in the first nine months of 2025
(9M 2024: € -592.1 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 | ||||||||
9M 2024 | 9M 2025 | Change in % | 12M 2024 | |||||
Profit for the period | -592.1 | 3,408.6 | – | -962.3 | ||||
Profit from discontinued operations | 25.9 | -76.8 | – | -26.7 | ||||
Profit from continuing operations | -566.2 | 3,331.8 | – | -989.0 | ||||
Income taxes | 64.2 | -2,105.6 | – | 385.6 | ||||
Earnings before tax (EBT) | -502.0 | 1,226.2 | – | -603.4 | ||||
Non-recurring items | 220.2 | 162.7 | -26.1 | 241.8 | ||||
Net income from fair value adjustments of investment properties | 1,426.3 | -516.2 | – | 1,559.0 | ||||
Impairment/value adjustments | 144.7 | 341.2 | >100 | 347.3 | ||||
Valuation effects and special effects in the financial result | 57.2 | 168.8 | >100 | 208.5 | ||||
Net income from investments accounted for using the equity method | 28.2 | 16.9 | -40.1 | 53.8 | ||||
Earnings contribution from Non Core/Other sales | 11.0 | 52.1 | >100 | 6.6 | ||||
Period adjustments from assets held for sale | -21.7 | 4.5 | – | -14.0 | ||||
Adjusted EBT (continuing operations) | 1,363.9 | 1,456.2 | 6.8 | 1,799.6 | ||||
Adjusted net financial result | 528.7 | 546.4 | 3.3 | 709.0 | ||||
Straight-line depreciation | 84.1 | 85.7 | 1.9 | 112.7 | ||||
Intragroup profit/losses | 10.0 | 26.4 | >100 | 3.8 | ||||
Adjusted EBITDA Total (continuing operations) | 1,986.7 | 2,114.7 | 6.4 | 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 2025 fiscal year. The “change in working capital” item in the reconciliation (9M 2024: € 161.1 million, 12M 2024: € 274.1 million) has been made more specific and is now referred to as the “change in capital commitment Development to sell”. 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 | 9M 2024 | 9M 2025 | Change in % | 12M 2024 | ||||
Adjusted EBT (continuing operations) | 1,363.9 | 1,456.2 | 6.8 | 1,799.6 | ||||
Straight-line depreciation | 84.1 | 85.7 | 1.9 | 112.7 | ||||
Change in capital commitment Development to sell* | -70.8 | 248.3 | – | 210.0 | ||||
Carrying amount of investment properties (core business) | 242.0 | 233.4 | -3.6 | 387.6 | ||||
Capitalized maintenance | -179.0 | -198.9 | 11.1 | -294.2 | ||||
Dividends and payouts to non-controlling shareholders (minorities) | -117.0 | -175.8 | 50.3 | -143.7 | ||||
Income tax payments according to cash flow statement (w/o taxes on Non Core sales) | -175.4 | -200.0 | 14.0 | -235.5 | ||||
Intragroup profit/losses* | 10.0 | 26.4 | >100 | 3.8 | ||||
Operating Free Cash-Flow* | 1,157.8 | 1,475.3 | 27.4 | 1,840.3 | ||||
- *In accordance with the current definition of key figures including intragroup profits/losses and reclassification of capital commitment.