Adjusted EBT

The Adjusted EBITDA Total from continuing operations came in at € 2,800.8 million in the 2025 fiscal year, 6.0% higher than the value of € 2,641.8 million seen in the previous year.

In the reconciliation of Adjusted EBITDA Total (continuing operations) to Adjusted EBT (continuing operations), the main contributing factors in the 2025 fiscal year were the adjusted net financial result of € -739.9 million (2024: € -709.0 million), depreciation and amortization of € -116.7 million (2024: € -112.7 million) and intragroup profits of € -39.9 million (2024: € -3.8 million). The intragroup profits result mainly from services provided by the internal craftsmen’s organisation, which are internally invoiced at market conditions in a third-party comparison. The margins generated in this process are eliminated from a Group perspective and represent the value added contributions of insourcing services.

The Adjusted EBT from continuing operations of € 1,904.3 million in the 2025 fiscal year was up 4.8% compared to the previous year’s figure of € 1,816.3 million.

In the 2025 fiscal year, the non-recurring items eliminated in the Adjusted EBT (continuing operations) came to € 140.3 million (2024: € 241.8 million).

Transactions in the 2025 fiscal year include provisions set up for the purchased land to build on and old stock of the QUARTERBACK Immobilien Group in the amount of € 57.6 million.

In the 2024 fiscal year, HR-related scenarios had included non-recurring items associated with the reassessment of the probability of claims being asserted in connection with legal disputes with a social insurance provider. Remeasurement at the end of 2025 resulted in the reversal of the provision in the amount of € 45.2 million and more than compensated for the expenses associated with the other HR-related scenarios.

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