Please note:
- G&S: The significant perimeter impact of 1.5% in 2025 is entirely due to an internal transfer between Gas & Services and Engineering & Technologies.
Please note:
| KPI | [EUR m] | FY 2025 | FY 2026 E | FY 2027 E | FY 2028 E | FY 2029 E | FY 2030 E |
|---|---|---|---|---|---|---|---|
| Group sales | Consensus | 26,940.2 | 28,080.5 | 29,300.6 | 30,650.5 | 31,832.8 | 33,107.0 |
| Group sales | Number of Estimates | 16 | 16 | 16 | 11 | 8 | |
| Published growth (%), group | Consensus | -0.4% | 4.2% | 4.3% | 4.6% | 3.9% | 4.0% |
| Published growth (%), group | Number of Estimates | 16 | 16 | 16 | 11 | 8 | |
| Significant perimeter impact (%), group | Consensus | 0.0% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% |
| Significant perimeter impact (%), group | Number of Estimates | 6 | 6 | 6 | 5 | 5 | |
| Currency impact (%), group | Consensus | -3.2% | -1.2% | 0.1% | 0.0% | 0.0% | 0.0% |
| Currency impact (%), group | Number of Estimates | 7 | 7 | 7 | 6 | 6 | |
| Energy impact (%), group | Consensus | 0.8% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Energy impact (%), group | Number of Estimates | 6 | 6 | 6 | 5 | 5 | |
| Comparable growth (%), group | Consensus | 2.0% | 3.1% | 4.6% | 4.6% | 4.6% | 4.6% |
| Comparable growth (%), group | Number of Estimates | 11 | 10 | 10 | 7 | 5 | |
| Gas & Services sales | Consensus | 26,085.0 | 27,225.0 | 28,359.8 | 29,813.0 | 30,916.1 | 32,686.8 |
| Gas & Services sales | Number of Estimates | 15 | 15 | 15 | 9 | 6 | |
| Published growth (%), G&S | Consensus | 1.1% | 4.4% | 4.2% | 5.1% | 3.7% | 5.7% |
| Published growth (%), G&S | Number of Estimates | 15 | 15 | 15 | 9 | 6 | |
| Significant perimeter impact (%), G&S | Consensus | 1.5% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% |
| Significant perimeter impact (%), G&S | Number of Estimates | 8 | 8 | 8 | 6 | 6 | |
| Currency impact (%), G&S | Consensus | -3.3% | -1.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Currency impact (%), G&S | Number of Estimates | 8 | 8 | 8 | 6 | 6 | |
| Energy impact (%), G&S | Consensus | 0.9% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Energy impact (%), G&S | Number of Estimates | 8 | 8 | 8 | 6 | 6 | |
| Comparable growth (%), G&S | Consensus | 2.0% | 3.0% | 4.5% | 4.6% | 4.8% | 4.8% |
| Comparable growth (%), G&S | Number of Estimates | 11 | 11 | 11 | 8 | 6 | |
| Engineering & Technologies | Consensus | 855.0 | 876.8 | 906.0 | 934.0 | 947.0 | 964.8 |
| Engineering & Technologies | Number of Estimates | 15 | 15 | 15 | 9 | 6 | |
| Published growth (%), E&T | Consensus | - | 2.5% | 3.3% | 3.1% | 1.4% | 1.9% |
| Published growth (%), E&T | Number of Estimates | 15 | 15 | 15 | 9 | 6 | |
| Group sales (P&L) | Consensus | 26,940.2 | 28,080.5 | 29,300.6 | 30,650.5 | 31,832.8 | 33,107.0 |
| Group sales (P&L) | Number of Estimates | 16 | 16 | 16 | 11 | 8 | |
| Published growth (%) (P&L) | Consensus | -0.4% | 4.2% | 4.3% | 4.6% | 3.9% | 4.0% |
| Published growth (%) (P&L) | Number of Estimates | 16 | 16 | 16 | 11 | 8 | |
| EBITDA | Consensus | 8,145 | 8,742 | 9,476 | 10,121 | 10,849 | 11,751 |
| EBITDA | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| D&A | Consensus | -2,564 | -2,656 | -2,781 | -2,880 | -2,982 | -3,155 |
| D&A | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| Operating Income Recurring (OIR) | Consensus | 5,582 | 6,075 | 6,693 | 7,254 | 7,879 | 8,598 |
| Operating Income Recurring (OIR) | Number of Estimates | 16 | 16 | 16 | 11 | 8 | |
| OIR margin (%) | Consensus | 20.7% | 21.7% | 22.8% | 23.8% | 25.0% | 25.6% |
| OIR margin (%) | Number of Estimates | 16 | 16 | 16 | 11 | 8 | |
| OIR G&S | Consensus | 5,897 | 6,346 | 6,951 | 7,536 | 8,212 | 8,920 |
| OIR G&S | Number of Estimates | 13 | 12 | 12 | 7 | 5 | |
| OIR margin G&S (%) | Consensus | 22.6% | 23.4% | 24.7% | 25.6% | 26.8% | 27.9% |
| OIR margin G&S (%) | Number of Estimates | 13 | 12 | 12 | 6 | 5 | |
| Exceptionals | Consensus | -303 | -248 | -200 | -175 | -100 | -100 |
| Exceptionals | Number of Estimates | 16 | 16 | 16 | 9 | 7 | |
| Group operating income | Consensus | 5,279 | 5,851 | 6,505 | 7,133 | 7,832 | 8,534 |
| Group operating income | Number of Estimates | 16 | 16 | 16 | 9 | 7 | |
| Net financial costs & expenses | Consensus | -396 | -441 | -435 | -423 | -405 | -377 |
| Net financial costs & expenses | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| Income taxes | Consensus | -1,231 | -1,401 | -1,545 | -1,699 | -1,878 | -2,045 |
| Income taxes | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| Tax rate (%) | Consensus | 25.2% | 26.0% | 25.2% | 25.0% | 25.2% | 25.3% |
| Tax rate (%) | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| Share of profit of associates | Consensus | -8 | 0 | 0 | 0 | 0 | -1 |
| Share of profit of associates | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| Net income from continuing operations | Consensus | 3,644 | 4,016 | 4,519 | 4,991 | 5,484 | 6,009 |
| Net income from continuing operations | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| Profit for the period | Consensus | 3,644 | 4,016 | 4,519 | 4,991 | 5,484 | 6,009 |
| Profit for the period | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| Minority interests | Consensus | -127 | -134 | -143 | -160 | -175 | -177 |
| Minority interests | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| Net profit (Group share) | Consensus | 3,517.9 | 3,882.4 | 4,372.4 | 4,851.7 | 5,348.1 | 5,862.7 |
| Net profit (Group share) | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| Net profit growth (%) | Consensus | 6.4% | 10.4% | 12.6% | 11.0% | 10.2% | 9.6% |
| Net profit growth (%) | Number of Estimates | 15 | 14 | 15 | 9 | 7 | |
| Weighted average number of shares (m) | Consensus | 636.1 | 636.1 | 636.1 | 636.1 | 636.1 | 636.6 |
| Weighted average number of shares (m) | Number of Estimates | 16 | 16 | 16 | 10 | 7 | |
| As published earnings per share (EPS in EUR) | Consensus | 5.53 | 6.12 | 6.91 | 7.67 | 8.41 | 9.22 |
| As published earnings per share (EPS in EUR) | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| As published EPS growth (%) | Consensus | 6.4% | 10.7% | 12.9% | 11.0% | 9.6% | 9.6% |
| As published EPS growth (%) | Number of Estimates | 15 | 14 | 15 | 9 | 7 | |
| Dividend per share (DPS in EUR) | Consensus | 3.35 | 3.59 | 3.92 | 4.20 | 4.43 | 4.50 |
| Dividend per share (DPS in EUR) | Number of Estimates | 16 | 16 | 16 | 9 | 7 | |
| DPS growth (%) | Consensus | 12.1% | 7.2% | 9.2% | 7.1% | 5.5% | 1.6% |
| DPS growth (%) | Number of Estimates | 16 | 15 | 16 | 9 | 7 | |
| Net cash flows from operating activities | Consensus | 6,855 | 6,940 | 7,508 | 8,124 | 8,719 | 9,400 |
| Net cash flows from operating activities | Number of Estimates | 13 | 13 | 13 | 8 | 7 | |
| Purchase of property, plant and equipment and intangible assets | Consensus | -3,843 | -4,095 | -4,253 | -4,346 | -4,500 | -4,921 |
| Purchase of property, plant and equipment and intangible assets | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| Acquisition of subsidiaries and financial assets | Consensus | -240 | -2,850 | 0 | 0 | 0 | 0 |
| Acquisition of subsidiaries and financial assets | Number of Estimates | 11 | 12 | 12 | 8 | 7 | |
| Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliates | Consensus | 332 | 0 | 0 | 0 | 0 | 0 |
| Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliates | Number of Estimates | 11 | 12 | 12 | 8 | 7 | |
| Net cash flows from investing activities | Consensus | -3,751 | -6,956 | -4,258 | -4,409 | -4,596 | -4,921 |
| Net cash flows from investing activities | Number of Estimates | 11 | 12 | 12 | 8 | 7 | |
| PPE / Sales (%) | Consensus | 14.3% | 14.2% | 14.3% | 14.0% | 14.1% | 14.3% |
| PPE / Sales (%) | Number of Estimates | 15 | 15 | 15 | 9 | 7 | |
| Net Industrial and Financial CAPEX / Sales (%) | Consensus | 13.9% | 24.5% | 14.1% | 14.1% | 14.1% | 14.3% |
| Net Industrial and Financial CAPEX / Sales (%) | Number of Estimates | 11 | 12 | 12 | 8 | 7 | |
| Free cash flow (net cash flows from operating and investing activities) | Consensus | 3,104 | 222 | 3,073 | 3,635 | 3,953 | 4,418 |
| Free cash flow (net cash flows from operating and investing activities) | Number of Estimates | 11 | 12 | 12 | 8 | 7 | |
| Dividends paid | Consensus | -2,053 | -2,290 | -2,366 | -2,570 | -2,809 | -2,744 |
| Dividends paid | Number of Estimates | 13 | 13 | 13 | 8 | 7 | |
| Net debt at the end of the period (excl. IFRS 16) | Consensus | -8,416 | -11,704 | -10,873 | -9,327 | -8,107 | -5,920 |
| Net debt at the end of the period (excl. IFRS 16) | Number of Estimates | 13 | 13 | 13 | 8 | 6 |
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.