Please kindly note:
| KPI | [EUR m] | Q3 2025 | Q1-Q3 2025 | FY 2025 | Q3 2026 E | 9M 2026 E | FY 2026 E | FY 2027 E |
|---|---|---|---|---|---|---|---|---|
| Revenue | Number of Estimates | 8 | 8 | 15 | 15 | |||
| Revenue | Highest | 5,838.1 | 17,446.1 | 24,096.8 | 25,776.5 | |||
| Revenue | Consensus (Mean) | 5,477.0 | 16,679.0 | 22,554.0 | 5,792.4 | 17,400.4 | 23,714.8 | 24,982.7 |
| Revenue | Median | 5,799.9 | 17,407.9 | 23,703.4 | 24,948.3 | |||
| Revenue | Lowest | 5,735.5 | 17,343.5 | 23,557.1 | 24,694.0 | |||
| Organic revenue growth (in %) | Number of Estimates | 7 | 4 | 11 | 11 | |||
| Organic revenue growth (in %) | Highest | 6.6 | 5.8 | 6.8 | 7.0 | |||
| Organic revenue growth (in %) | Consensus (Mean) | 6.0 | 6.0 | 7.0 | 5.9 | 5.3 | 5.5 | 5.3 |
| Organic revenue growth (in %) | Median | 5.8 | 5.3 | 5.6 | 5.2 | |||
| Organic revenue growth (in %) | Lowest | 5.4 | 5.0 | 4.6 | 4.4 | |||
| EBIT | Number of Estimates | 8 | 8 | 15 | 15 | |||
| EBIT | Highest | 639.5 | 2,036.5 | 2,852.2 | 3,062.6 | |||
| EBIT | Consensus (Mean) | 574.0 | 1,882.0 | 2,595.0 | 614.9 | 2,011.9 | 2,774.2 | 2,975.9 |
| EBIT | Median | 616.2 | 2,013.2 | 2,776.0 | 2,961.6 | |||
| EBIT | Lowest | 588.6 | 1,985.6 | 2,725.2 | 2,867.8 | |||
| EBIT margin (in %) | Number of Estimates | 8 | 8 | 15 | 15 | |||
| EBIT margin (in %) | Highest | 11.0 | 11.7 | 11.9 | 12.3 | |||
| EBIT margin (in %) | Consensus (Mean) | 10.5 | 11.3 | 11.5 | 10.6 | 11.6 | 11.7 | 11.9 |
| EBIT margin (in %) | Median | 10.6 | 11.6 | 11.7 | 11.9 | |||
| EBIT margin (in %) | Lowest | 10.2 | 11.4 | 11.5 | 11.5 | |||
| Net interest | Number of Estimates | 7 | 7 | 13 | 13 | |||
| Net interest | Highest | -70.4 | -210.4 | -276.3 | -248.2 | |||
| Net interest | Consensus (Mean) | -81.0 | -247.0 | -324.0 | -77.9 | -217.9 | -303.6 | -307.2 |
| Net interest | Median | -80.0 | -220.0 | -304.3 | -297.6 | |||
| Net interest | Lowest | -85.0 | -225.0 | -330.0 | -422.0 | |||
| Taxes | Number of Estimates | 7 | 7 | 13 | 13 | |||
| Taxes | Highest | -126.7 | -428.7 | -590.0 | -633.5 | |||
| Taxes | Consensus (Mean) | -122.0 | -408.0 | -582.0 | -131.8 | -433.8 | -613.8 | -671.9 |
| Taxes | Median | -130.3 | -432.3 | -605.6 | -669.0 | |||
| Taxes | Lowest | -140.5 | -442.5 | -679.6 | -747.5 | |||
| Tax rate in % | Number of Estimates | 7 | 7 | 13 | 13 | |||
| Tax rate in % | Highest | 25.0 | 24.3 | 27.1 | 27.1 | |||
| Tax rate in % | Consensus (Mean) | 24.7 | 25.0 | 25.6 | 24.6 | 24.2 | 24.9 | 25.1 |
| Tax rate in % | Median | 24.6 | 24.2 | 24.5 | 25.0 | |||
| Tax rate in % | Lowest | 24.0 | 24.0 | 24.0 | 24.3 | |||
| Core net income (from continuing operations) | Number of Estimates | 7 | 7 | 11 | 11 | |||
| Core net income (from continuing operations) | Highest | 427 | 1,382 | 1,919 | 2,112 | |||
| Core net income (from continuing operations) | Consensus (Mean) | 371 | 1,227 | 1,689 | 404 | 1,359 | 1,858 | 1,997 |
| Core net income (from continuing operations) | Median | 402 | 1,357 | 1,865 | 1,995 | |||
| Core net income (from continuing operations) | Lowest | 380 | 1,335 | 1,772 | 1,888 | |||
| Non-controlling interest in continuing operations | Number of Estimates | 7 | 7 | 10 | 10 | |||
| Non-controlling interest in continuing operations | Highest | -15.2 | -40.2 | -54.8 | -63.0 | |||
| Non-controlling interest in continuing operations | Consensus (Mean) | -20.0 | -48.0 | -70.0 | -21.2 | -46.2 | -70.0 | -77.8 |
| Non-controlling interest in continuing operations | Median | -20.0 | -45.0 | -71.4 | -78.0 | |||
| Non-controlling interest in continuing operations | Lowest | -28.2 | -53.2 | -77.0 | -85.0 | |||
| Core net income (from continuing operations; after minorities) | Number of Estimates | 7 | 7 | 10 | 10 | |||
| Core net income (from continuing operations; after minorities) | Highest | 403.5 | 1,333.5 | 1,842.3 | 2,027.5 | |||
| Core net income (from continuing operations; after minorities) | Consensus (Mean) | 351.0 | 1,179.0 | 1,619.0 | 383.0 | 1,313.0 | 1,797.1 | 1,929.8 |
| Core net income (from continuing operations; after minorities) | Median | 384.3 | 1,314.3 | 1,797.9 | 1,918.5 | |||
| Core net income (from continuing operations; after minorities) | Lowest | 364.8 | 1,294.8 | 1,749.0 | 1,847.7 | |||
| Core EPS (in EUR; from continuing operations; after minorities) | Number of Estimates | 7 | 7 | 10 | 10 | |||
| Core EPS (in EUR; from continuing operations; after minorities) | Highest | 0.80 | 2.45 | 3.25 | 3.57 | |||
| Core EPS (in EUR; from continuing operations; after minorities) | Consensus (Mean) | 0.62 | 2.09 | 2.87 | 0.70 | 2.35 | 3.19 | 3.42 |
| Core EPS (in EUR; from continuing operations; after minorities) | Median | 0.68 | 2.33 | 3.20 | 3.41 | |||
| Core EPS (in EUR; from continuing operations; after minorities) | Lowest | 0.65 | 2.30 | 3.10 | 3.28 | |||
| Result from investments (Equity method; FME: 32% of net income) | Number of Estimates | 7 | 7 | 10 | 10 | |||
| Result from investments (Equity method; FME: 32% of net income) | Highest | 72.1 | 260.1 | 342.3 | 334.3 | |||
| Result from investments (Equity method; FME: 32% of net income) | Consensus (Mean) | 110.0 | 264.0 | 376.0 | 68.6 | 256.6 | 299.3 | 304.3 |
| Result from investments (Equity method; FME: 32% of net income) | Median | 68.5 | 256.5 | 311.5 | 314.5 | |||
| Result from investments (Equity method; FME: 32% of net income) | Lowest | 64.6 | 252.6 | 223.0 | 237.6 | |||
| Net income attributable to FSE | Number of Estimates | 7 | 7 | 11 | 11 | |||
| Net income attributable to FSE | Highest | 474.2 | 1,592.2 | 2,175.1 | 2,355.5 | |||
| Net income attributable to FSE | Consensus (Mean) | 461.0 | 1,443.0 | 1,995.0 | 451.7 | 1,569.7 | 2,093.6 | 2,229.4 |
| Net income attributable to FSE | Median | 451.3 | 1,569.3 | 2,107.4 | 2,226.7 | |||
| Net income attributable to FSE | Lowest | 433.3 | 1,551.3 | 1,998.5 | 2,117.6 | |||
| EPS (in EUR) | Number of Estimates | 7 | 7 | 11 | 11 | |||
| EPS (in EUR) | Highest | 0.84 | 2.82 | 3.86 | 4.15 | |||
| EPS (in EUR) | Consensus (Mean) | 0.82 | 2.56 | 3.54 | 0.80 | 2.78 | 3.71 | 3.95 |
| EPS (in EUR) | Median | 0.80 | 2.78 | 3.74 | 3.94 | |||
| EPS (in EUR) | Lowest | 0.77 | 2.75 | 3.55 | 3.76 | |||
| Average number of ordinary shares (in million) | Number of Estimates | 7 | 7 | 13 | 13 | |||
| Average number of ordinary shares (in million) | Highest | 564.94 | 564.94 | 566.70 | 567.70 | |||
| Average number of ordinary shares (in million) | Consensus (Mean) | 563.24 | 563.24 | 563.24 | 563.48 | 563.48 | 563.60 | 563.71 |
| Average number of ordinary shares (in million) | Median | 563.24 | 563.24 | 563.24 | 563.24 | |||
| Average number of ordinary shares (in million) | Lowest | 563.24 | 563.24 | 563.24 | 563.24 |
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.
