Reconciliation
The adjusted net financial result amounted to € -636.6 million in the first nine months of 2026 (9M 2025: € -546.4 million).
Reconciliation of Adjusted Net Financial Result (continuing operations)
Adjusted Net Financial Result (Continuing Operations) | ||||||||
in € million | 9M 2025 | 9M 2026 | Change in % | 12M 2025 | ||||
Income from non-current securities and non-current loans | 8.9 | 6.4 | -28.1 | 11.1 | ||||
Interest income – finance lease | 2.3 | 2.1 | -8.7 | 3.0 | ||||
Interest received and similar income | 35.6 | 31.0 | -12.9 | 52.2 | ||||
Interest expense from non-derivative financial liabilities | -603.3 | -689.2 | 14.2 | -818.0 | ||||
Swaps (current interest expense for the | -0.2 | 1.5 | – | -1.2 | ||||
Capitalization of interest on borrowed capital Development | 5.0 | 5.7 | 14.0 | 7.1 | ||||
Income from investments | 5.3 | 5.9 | 11.3 | 5.9 | ||||
Adjusted net financial result | -546.4 | -636.6 | 16.5 | -739.9 | ||||
Accrued interest | -99.9 | 9.8 | – | -52.5 | ||||
Net cash interest | -646.3 | -626.8 | -3.0 | -792.4 | ||||
The profit for the period amounted to € 1,309.8 million in the first nine months of 2026 (9M 2025: € 3,408.6 million). The tax income in the prior-year period is due first and foremost to the decision to reduce the corporate income tax rate.
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) | ||||||||
9M 2025 | 9M 2026 | Change in % | 12M 2025 | |||||
Profit for the period | 3,408.6 | 1,309.8 | -61.6 | 4,185.5 | ||||
Profit from discontinued operations | -76.8 | – | -100.0 | -71.3 | ||||
Profit from continuing operations | 3,331.8 | 1,309.8 | -60.7 | 4,114.2 | ||||
Income taxes | -2,105.6 | 750.1 | – | -1,586.5 | ||||
Earnings before tax (EBT) | 1,226.2 | 2,059.9 | 68.0 | 2,527.7 | ||||
Non-recurring items | 162.7 | -5.1 | – | 140.3 | ||||
Net income from fair value adjustments of investment properties | -516.2 | -848.1 | 64.3 | -1,390.0 | ||||
Impairment/value adjustments* | 344.6 | 99.2 | -71.2 | 401.2 | ||||
Valuation effects and special effects in the financial result | 168.8 | -8.1 | – | 95.8 | ||||
Net income from investments accounted for using the equity method | 16.9 | 129.7 | >100 | 60.5 | ||||
Earnings contribution from Non Core/other | 52.1 | 4.5 | -91.4 | 58.9 | ||||
Period adjustments from assets held for sale | 4.5 | -24.0 | – | 9.8 | ||||
Adjusted EBT (continuing operations)* | 1,459.6 | 1,408.0 | -3.5 | 1,904.3 | ||||
Adjusted net financial result | 546.4 | 636.6 | 16.5 | 739.9 | ||||
Straight-line depreciation** | 85.7 | 95.7 | 11.7 | 116.7 | ||||
Intragroup profit/losses | 26.4 | 47.1 | 78.4 | 39.9 | ||||
Adjusted EBITDA Total (continuing | 2,118.1 | 2,187.4 | 3.3 | 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 9M 2026: € -4.2 million (previous year adjustment 9M 2025: € +3.4 million).
- **Depreciation on photovoltaic systems, concessions/property rights/licenses, self-developed software, self-used real estate, technical equipment and machinery, as well as other equipment/ operating and business equipment, excl. Non Core business.
The definition of the key figure OFCF was amended in the fourth quarter of 2025. The “Change in capital commitment for Development to sell” item (9M 2025: € 248.3 million) in the reconciliation has been replaced by the item “Change in net working capital for Development to sell/Manage to Green.” The previous year’s figures were adjusted accordingly. The item “intragroup profits/losses” was also supplemented to reflect the cash advantage associated with services rendered in house. The OFCF amounted to € 932.5 million in the first nine months of 2026 (9M 2025: € 1,414.6 million).
€ -88.8 million of the change in working capital in the first nine months of 2026 is attributable to the purchase of Manage to Green properties. Sales of real estate inventories in the amount of € 211.5 million had a positive impact in the first nine months of 2025.
The reconciliation of Adjusted EBT (continuing operations) to Operating Free Cash Flow (OFCF) is as follows:
Reconciliation of Adjusted EBT (continuing operations) – Operating Free Cash-Flow
Reconciliation of Adjusted EBT (Continuing Operations)/Operating Free Cash-Flow | ||||||||
in € million | 9M 2025 | 9M 2026 | Change in % | 12M 2025 | ||||
Adjusted EBT (continuing operations)* | 1,459.6 | 1,408.0 | -3.5 | 1,904.3 | ||||
Straight-line depreciation** | 85.7 | 95.7 | 11.7 | 116.7 | ||||
Change in net working capital Development to sell/Manage to Green*** | 184.3 | -98.1 | – | 138.3 | ||||
Carrying amounts of investment | 233.4 | 153.5 | -34.2 | 338.5 | ||||
Capitalized maintenance | -199.0 | -244.3 | 22.8 | -327.1 | ||||
Dividends and payouts to non-controlling shareholders (minorities) | -175.8 | -257.1 | 46.2 | -202.9 | ||||
Income tax payments according to cash flow statement (w/o taxes on Non Core business) | -200.0 | -172.3 | -13.9 | -229.2 | ||||
Intragroup profit/losses (core business) | 26.4 | 47.1 | 78.4 | 39.9 | ||||
Operating Free Cash-Flow* | 1,414.6 | 932.5 | -34.1 | 1,778.5 | ||||
- *In accordance with the current definition of key figures including restatements for impairment losses/reversals of impairment losses from development-to-sell projects 9M 2026: € -4.2 million (previous year adjustment 9M 2025: € +3.4 million).
- **Depreciation on photovoltaic systems, concessions/property rights/licenses, self-developed software, self-used real estate, technical equipment and machinery, as well as other equipment/operating and business equipment, excl. Non Core business.
- ***Adjustment to prior-year figure: the “Change in capital commitment Development to sell” item for 9M 2025 (€ 248.3 million) has been replaced by the “Change in net working capital Development to sell/Manage to Green” item (€ 184.3 million).