Reconciliations
The adjusted net financial result amounted to € -205.6 million in the first three months of 2026 (3M 2025: € -184.3 million).
Reconciliation of Adjusted Net Financial Result (continuing operations)
Adjusted Net Financial Result (Continuing Operations) | ||||||||
in € million | 3M 2025 | 3M 2026 | Change in % | 12M 2025 | ||||
Income from non-current securities and non-current loans | 4.0 | 2.2 | -45.0 | 11.1 | ||||
Interest income – finance lease | 0.6 | 0.7 | 16.7 | 3.0 | ||||
Interest received and similar income | 11.0 | 10.9 | -0.9 | 52.2 | ||||
Interest expense from non-derivative financial | -203.2 | -219.4 | 8.0 | -818.0 | ||||
Swaps (current interest expense for the period) | 2.1 | -1.4 | – | -1.2 | ||||
Capitalization of interest on borrowed capital Development | 1.3 | 1.4 | 7.7 | 7.1 | ||||
Income from investments | – | – | – | 5.9 | ||||
Adjusted net financial result | -184.3 | -205.6 | 11.6 | -739.9 | ||||
Accrued interest | -45.4 | 3.1 | – | -52.5 | ||||
Net cash interest | -229.7 | -202.5 | -11.8 | -792.4 | ||||
The profit for the period amounted to € 250.3 million in the first three months of 2026 (3M 2025: € 515.4 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 Total (continuing operations)
Reconciliation of Profit for the Period/Adjusted EBT/Adjusted EBITDA Total (Continuing Operations) | ||||||||
3M 2025 | 3M 2026 | Change in % | 12M 2025 | |||||
Profit for the period | 515.4 | 250.3 | -51.4 | 4,185.5 | ||||
Profit from discontinued operations | -11.0 | – | -100.0 | -71.3 | ||||
Profit from continuing operations | 504.4 | 250.3 | -50.4 | 4,114.2 | ||||
Income taxes | -165.6 | 137.7 | – | -1,586.5 | ||||
Earnings before tax (EBT) | 338.8 | 388.0 | 14.5 | 2,527.7 | ||||
Non-recurring items | 28.6 | 16.2 | -43.4 | 140.3 | ||||
Net income from fair value adjustments of investment properties | – | – | – | -1,390.0 | ||||
Impairment/value adjustments* | 6.8 | 10.3 | 51.5 | 401.2 | ||||
Valuation effects and special effects in the financial result | 65.0 | 71.3 | 9.7 | 95.8 | ||||
Net income from investments accounted for using the equity method | 1.3 | -2.0 | – | 60.5 | ||||
Earnings contribution from Non Core/Other sales | 53.2 | 0.4 | -99.2 | 58.9 | ||||
Period adjustments from assets held for sale | -11.6 | -22.1 | 90.5 | 9.8 | ||||
Adjusted EBT (continuing operations) | 482.1 | 462.2 | -4.1 | 1,904.3 | ||||
Adjusted net financial result | 184.3 | 205.6 | 11.6 | 739.9 | ||||
Straight-line depreciation | 27.8 | 31.8 | 14.4 | 116.7 | ||||
Intragroup profit/losses | 7.7 | 12.0 | 55.8 | 39.9 | ||||
Adjusted EBITDA Total | 701.9 | 711.6 | 1.4 | 2,800.8 | ||||
- *In accordance with the current definition of key figures including restatements for impairment losses/reversals of impairment losses from development-to-sell projects. Restatement for 3M 2025 amounting to € 3.4 million.
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 fourth quarter of 2025. The “change in net current assets” item (3M 2025: € 172.4 million) in the reconciliation has been changed to “change in capital commitment for Development to sell/Manage to Green.” 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. € -85.0 million of the change in working capital in the first quarter of 2026 is attributable to the closing of the sale of Manage to Green properties.
Reconciliation of Adjusted EBT (continuing operations) – Operating Free Cash-Flow
Reconciliation of Adjusted EBT (Continuing Operations)/Operating Free Cash-Flow | ||||||||
in € million | 3M 2025 | 3M 2026 | Change in % | 12M 2025 | ||||
Adjusted EBT (continuing operations) | 482.1 | 462.2 | -4.1 | 1,904.3 | ||||
Straight-line depreciation | 27.8 | 31.8 | 14.4 | 116.7 | ||||
Change in net working capital Development to sell/Manage to Green* | 76.9 | -123.3 | – | 138.3 | ||||
Carrying amounts of investment properties sold (core business) | 97.6 | 52.6 | -46.1 | 338.5 | ||||
Capitalized maintenance | -51.2 | -59.1 | 15.4 | -327.1 | ||||
Dividends and payouts to non-controlling shareholders (minorities) | -0.1 | -0.4 | >100 | -202.9 | ||||
Income tax payments according to cash flow statement (w/o taxes on Non Core sales) | -7.2 | -11.9 | 65.3 | -229.2 | ||||
Intragroup profit/losses* | 7.7 | 12.0 | 55.8 | 39.9 | ||||
Operating Free Cash-Flow* | 633.6 | 363.9 | -42.6 | 1,778.5 | ||||
- *In accordance with the current definition of key figures including intragroup profits/losses and specification of net working capital.