Reconciliations

The adjusted net financial result amounted to € -739.9 million in the 2025 fiscal year (2024: € -709.0 million).

The profit for the period amounted to € 4,185.5 million in the 2025 fiscal year (2024: € -962.3 million). The increase in 2025 is primarily attributable to a tax effect as well as to net income from fair value adjustments of investment properties. The law for a tax-based immediate-action investment program was approved in the Bundestag (lower house of parliament) on June 26, 2025, and in the Bundesrat (upper house of parliament) on July 11, 2025. As a result of the gradual cut in the corporate income tax rate from the current level of 15% to 10% by 2032 adopted by the German government during the period covered by these financial statements, and given the very long-term nature of the temporary differences, deferred taxes are largely to be measured at the corporate income tax rate of 10% that will apply as of 2032. The resulting reduction in deferred tax liabilities led to deferred tax income of around € 2.5 billion being recognized in the 2025 fiscal year.

The reconciliation of the profit for the period to Adjusted EBT (continuing operations) or Adjusted EBITDA Total (continuing operations) is as follows:

The reconciliation of Adjusted EBT (continuing operations) to Operating Free Cash-Flow (OFCF) is as follows: The definition of the key figure OFCF was amended in the 2025 fiscal year. The “Change in net current assets” item (2024: € 274.1 million) in the reconciliation has been made more specific and is now referred to as the “Change in net working capital Development to sell/Manage to Green.” The previous year’s figure was adjusted accordingly. The item “Intragroup profits/losses” was also supplemented to reflect the cash advantage associated with services rendered in house. The OFCF in the 2025 fiscal year amounted to € 1,778.5 million compared to € 1,832.2 million in the previous year, a decline of -2.9%.