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Consensus estimates, Group [EUR m]	Q1 2024	FY 2024	Q1 2025 E	FY 2025 E	FY 2026 E	FY 2027 E	FY 2028 E
SALES
Group sales	6,650.0	27,057.8	7,003.9	28,397.9	29,576.3	31,334.5	32,240.6
Published growth (%), group	-7.3%	-2.0%	5.3%	5.0%	4.1%	5.9%	2.9%
Significant perimeter impact (%), group	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Currency impact (%), group	-3.9%	-2.4%	0.8%	0.8%	0.0%	0.0%	0.0%
Energy impact (%), group	-5.5%	-2.2%	3.5%	1.5%	0.0%	0.0%	0.0%
Comparable growth (%), group	2.1%	2.6%	1.1%	3.4%	5.1%	5.3%	5.4%
Gas & Services sales	6,358.0	25,810.0	6,711.9	27,053.1	28,140.4	29,798.4	31,562.3
Published growth (%), G&S	-7.8%	-2.1%	5.6%	4.8%	4.0%	5.9%	5.9%
Significant perimeter impact (%), G&S	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Currency impact (%), G&S	-4.1%	-2.5%	0.8%	0.8%	0.0%	0.0%	0.0%
Energy impact (%), G&S	-5.7%	-2.3%	3.5%	1.5%	0.0%	0.0%	0.0%
Comparable growth (%), G&S	2.0%	2.7%	1.2%	3.0%	5.1%	5.4%	5.5%
P&L
Group sales (P&L)	6,650.0	27,057.8	7,003.9	28,397.9	29,576.3	31,334.5	32,240.6
Published growth (%) (P&L)	-7.3%	-2.0%	5.3%	5.0%	4.1%	5.9%	2.9%
EBITDA	-	7,897	-	8,470	9,209	9,914	10,599
D&A	-	-2,505	-	-2,615	-2,733	-2,860	-3,004
Operating Income Recurring (OIR)	-	5,391	-	5,847	6,444	7,054	7,510
OIR margin (%)	-	19.9%	-	20.5%	21.6%	22.5%	23.0%
OIR G&S	-	5,555	-	6,052	6,584	7,198	7,798
OIR margin G&S (%)	-	21.5%	-	22.2%	23.0%	24.0%	24.5%
Exceptionals	-	-446	-	-250	-250	-200	-125
Group operating income	-	4,946	-	5,629	6,254	6,936	7,455
Net financial costs & expenses	-	-418	-	-400	-380	-375	-388
Income taxes	-	-1,087	-	-1,313	-1,472	-1,647	-1,775
Tax rate (%)	-	24.0%	-	25.1%	25.5%	25.5%	25.0%
Share of profit of associates	-	-1	-	0	0	0	0
Net income from continuing operations	-	3,440	-	3,934	4,369	4,816	5,325
Profit for the period	-	3,440	-	3,934	4,369	4,816	5,325
Minority interests	-	-134	-	-143	-157	-171	-171
Net profit (Group share)	-	3,306.1	-	3,776.5	4,221.0	4,673.9	5,130.2
Net profit growth (%)	-	7.4%	-	14.2%	11.8%	10.7%	9.8%
Weighted average number of shares (m)	-	576.5	-	576.5	576.5	576.5	576.5
As published earnings per share (EPS in EUR)	-	5.74	-	6.55	7.33	8.11	8.90
As published EPS growth (%)	-	7.2%	-	14.1%	11.9%	10.6%	9.7%
Dividend per share (DPS in EUR)	-	3.30	-	3.50	3.70	4.00	4.08
DPS growth (%)	-	13.8%	-	6.1%	5.7%	8.1%	2.0%
CASH FLOW
Net cash flows from operating activities	-	6,539	-	6,676	7,225	8,027	8,054
Purchase of property, plant and equipment and intangible assets	-	-3,525	-	-3,805	-4,069	-4,328	-4,568
Acquisition of subsidiaries and financial assets	-	-251	-	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	-	193	-	0	0	0	0
Net cash flows from investing activities	-	-3,583	-	-3,811	-4,069	-4,325	-4,568
PPE / Sales (%)	-	13.0%	-	13.6%	13.8%	13.8%	13.7%
Net Industrial and Financial CAPEX / Sales (%)	-	13.2%	-	13.6%	13.8%	13.8%	13.7%
Free cash flow (net cash flows from operating and investing activities)	-	2,956	-	2,883	2,934	3,438	3,396
Dividends paid	-	-1,808	-	-1,995	-2,150	-2,280	-2,335
NET DEBT
Net debt at the end of the period (excl. IFRS 16)	-	-9,159	-	-8,402	-8,020	-7,020	-5,959

Disclaimer

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.