| KPI | [EUR m] | Q2 2025 | FY 2025 | Q2 2026 E | Q3 2026 E | Q4 2026 E | FY 2026 E | FY 2027 E | FY 2028 E |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | Number of Estimates | 7 | 7 | 7 | 8 | 8 | 8 | ||
| Net Sales | Highest | 3,389.6 | 3,374.0 | 3,450.0 | 13,142.0 | 13,698.0 | 14,131.0 | ||
| Net Sales | Consensus | 3,188.8 | 12,474.7 | 3,327.7 | 3,360.6 | 3,374.0 | 13,084.4 | 13,579.2 | 13,996.5 |
| Net Sales | Median | 3,324.0 | 3,364.0 | 3,360.0 | 13,076.0 | 13,572.0 | 13,982.0 | ||
| Net Sales | Lowest | 3,276.0 | 3,336.0 | 3,345.0 | 13,013.0 | 13,531.0 | 13,857.0 | ||
| Operating Profit reported | Number of Estimates | 7 | 7 | 7 | 8 | 8 | 8 | ||
| Operating Profit reported | Highest | 198.0 | 224.0 | 204.0 | 706.3 | 830.0 | 893.0 | ||
| Operating Profit reported | Consensus | 177.9 | 631.3 | 190.5 | 220.5 | 194.0 | 699.1 | 765.4 | 810.0 |
| Operating Profit reported | Median | 191.2 | 221.5 | 193.0 | 701.7 | 755.0 | 805.2 | ||
| Operating Profit reported | Lowest | 182.0 | 213.0 | 187.0 | 683.0 | 745.5 | 771.0 | ||
| Items affecting comparability | Number of Estimates | 7 | 7 | 7 | 8 | 8 | 8 | ||
| Items affecting comparability | Highest | 0.0 | 0.0 | 0.0 | -5.0 | 0.0 | 0.0 | ||
| Items affecting comparability | Consensus | 1.2 | -23.6 | 0.0 | 0.0 | 0.0 | -5.3 | 0.0 | 0.0 |
| Items affecting comparability | Median | 0.0 | 0.0 | 0.0 | -5.3 | 0.0 | 0.0 | ||
| Items affecting comparability | Lowest | 0.0 | 0.0 | 0.0 | -6.0 | 0.0 | 0.0 | ||
| Comparable Operating Profit | Number of Estimates | 7 | 7 | 7 | 8 | 8 | 8 | ||
| Comparable Operating Profit | Highest | 198.0 | 224.0 | 204.0 | 712.3 | 830.0 | 893.0 | ||
| Comparable Operating Profit | Consensus | 176.7 | 654.9 | 190.5 | 220.5 | 194.0 | 704.5 | 765.4 | 809.9 |
| Comparable Operating Profit | Median | 191.2 | 221.5 | 193.0 | 707.0 | 755.0 | 805.2 | ||
| Comparable Operating Profit | Lowest | 182.0 | 213.0 | 187.0 | 688.0 | 745.5 | 771.0 | ||
| Comparable Operating Profit Margin % | Number of Estimates | 7 | 7 | 7 | 8 | 8 | 8 | ||
| Comparable Operating Profit Margin % | Highest | 6.0 | 6.7 | 5.9 | 5.4 | 6.1 | 6.4 | ||
| Comparable Operating Profit Margin % | Consensus | 5.5 | 5.3 | 5.7 | 6.6 | 5.7 | 5.4 | 5.6 | 5.8 |
| Comparable Operating Profit Margin % | Median | 5.8 | 6.6 | 5.7 | 5.4 | 5.6 | 5.8 | ||
| Comparable Operating Profit Margin % | Lowest | 5.5 | 6.3 | 5.5 | 5.3 | 5.5 | 5.5 | ||
| Profit before taxes reported | Number of Estimates | 5 | 5 | 5 | 8 | 8 | 8 | ||
| Profit before taxes reported | Highest | 164.4 | 191.0 | 171.5 | 585.3 | 699.0 | 763.0 | ||
| Profit before taxes reported | Consensus | 146.2 | 510.3 | 158.7 | 187.9 | 162.1 | 574.3 | 637.2 | 676.4 |
| Profit before taxes reported | Median | 161.1 | 189.0 | 162.0 | 576.5 | 629.9 | 666.7 | ||
| Profit before taxes reported | Lowest | 151.0 | 180.7 | 154.0 | 562.0 | 611.7 | 636.8 | ||
| Comparable profit before taxes | Number of Estimates | 5 | 5 | 5 | 8 | 8 | 8 | ||
| Comparable profit before taxes | Highest | 164.4 | 191.0 | 171.5 | 590.8 | 699.0 | 763.0 | ||
| Comparable profit before taxes | Consensus | 145.3 | 533.8 | 158.7 | 187.9 | 162.1 | 579.6 | 637.2 | 676.4 |
| Comparable profit before taxes | Median | 161.1 | 189.0 | 162.0 | 582.0 | 629.9 | 666.7 | ||
| Comparable profit before taxes | Lowest | 151.0 | 180.7 | 154.0 | 567.0 | 611.7 | 636.8 | ||
| Group net income reported (after minorities) | Number of Estimates | 7 | 7 | 7 | 8 | 8 | 8 | ||
| Group net income reported (after minorities) | Highest | 133.0 | 154.0 | 137.2 | 472.2 | 573.0 | 626.0 | ||
| Group net income reported (after minorities) | Consensus | 117.1 | 404.2 | 126.9 | 151.3 | 130.6 | 461.1 | 517.0 | 552.3 |
| Group net income reported (after minorities) | Median | 127.4 | 151.5 | 131.0 | 462.6 | 510.2 | 547.0 | ||
| Group net income reported (after minorities) | Lowest | 120.0 | 144.6 | 123.4 | 446.0 | 497.9 | 518.3 | ||
| Comparable group net income (after minorities) | Number of Estimates | 7 | 7 | 7 | 8 | 8 | 8 | ||
| Comparable group net income (after minorities) | Highest | 133.0 | 154.0 | 137.2 | 477.7 | 573.0 | 626.0 | ||
| Comparable group net income (after minorities) | Consensus | 115.9 | 424.2 | 126.9 | 151.3 | 130.6 | 466.4 | 517.0 | 552.3 |
| Comparable group net income (after minorities) | Median | 127.4 | 151.5 | 131.0 | 468.4 | 510.2 | 547.0 | ||
| Comparable group net income (after minorities) | Lowest | 120.0 | 144.6 | 123.4 | 451.0 | 497.9 | 518.3 | ||
| Number of shares outstanding (in million) | Number of Estimates | 7 | 7 | 7 | 8 | 8 | 8 | ||
| Number of shares outstanding (in million) | Highest | 398.2 | 398.2 | 398.2 | 398.2 | 398.2 | 398.2 | ||
| Number of shares outstanding (in million) | Consensus | 398.0 | 398.1 | 398.2 | 398.2 | 398.2 | 398.2 | 398.2 | 398.2 |
| Number of shares outstanding (in million) | Median | 398.2 | 398.2 | 398.2 | 398.2 | 398.2 | 398.2 | ||
| Number of shares outstanding (in million) | Lowest | 398.2 | 398.2 | 398.2 | 398.2 | 398.2 | 398.2 | ||
| EPS reported (in Euro) | Number of Estimates | 7 | 7 | 7 | 8 | 8 | 8 | ||
| EPS reported (in Euro) | Highest | 0.33 | 0.39 | 0.34 | 1.18 | 1.44 | 1.57 | ||
| EPS reported (in Euro) | Consensus | 0.29 | 1.02 | 0.32 | 0.38 | 0.33 | 1.15 | 1.30 | 1.38 |
| EPS reported (in Euro) | Median | 0.32 | 0.38 | 0.33 | 1.16 | 1.28 | 1.37 | ||
| EPS reported (in Euro) | Lowest | 0.30 | 0.36 | 0.31 | 1.12 | 1.25 | 1.30 | ||
| EPS comparable (in Euro) | Number of Estimates | 7 | 7 | 7 | 8 | 8 | 8 | ||
| EPS comparable (in Euro) | Highest | 0.33 | 0.39 | 0.34 | 1.18 | 1.44 | 1.57 | ||
| EPS comparable (in Euro) | Consensus | 0.29 | 1.07 | 0.32 | 0.38 | 0.33 | 1.16 | 1.30 | 1.38 |
| EPS comparable (in Euro) | Median | 0.32 | 0.38 | 0.33 | 1.17 | 1.28 | 1.37 | ||
| EPS comparable (in Euro) | Lowest | 0.30 | 0.36 | 0.31 | 1.13 | 1.25 | 1.30 | ||
| DPS (in Euro) | Number of Estimates | - | - | - | 8 | 8 | 8 | ||
| DPS (in Euro) | Highest | - | - | - | 1.00 | 1.15 | 1.20 | ||
| DPS (in Euro) | Consensus | - | 0.90 | - | - | - | 0.96 | 1.05 | 1.10 |
| DPS (in Euro) | Median | - | - | - | 0.96 | 1.05 | 1.10 | ||
| DPS (in Euro) | Lowest | - | - | - | 0.94 | 0.98 | 1.00 | ||
| Investments | Number of Estimates | - | - | - | 8 | 8 | 8 | ||
| Investments | Highest | - | - | - | -395.0 | -350.0 | -350.0 | ||
| Investments | Consensus | - | -735.7 | - | - | - | -465.4 | -458.4 | -459.8 |
| Investments | Median | - | - | - | -400.0 | -407.0 | -413.5 | ||
| Investments | Lowest | - | - | - | -894.0 | -855.0 | -810.0 | ||
| ROCE, comparable % | Number of Estimates | - | - | - | 7 | 7 | 7 | ||
| ROCE, comparable % | Highest | - | - | - | 11.3 | 12.0 | 13.0 | ||
| ROCE, comparable % | Consensus | - | 10.4 | - | - | - | 10.6 | 11.2 | 11.6 |
| ROCE, comparable % | Median | - | - | - | 10.9 | 11.6 | 11.7 | ||
| ROCE, comparable % | Lowest | - | - | - | 9.4 | 10.1 | 10.1 | ||
| IB net debt / EBITDA, excl. IFRS 16 impact | Number of Estimates | - | - | - | 4 | 4 | 4 | ||
| IB net debt / EBITDA, excl. IFRS 16 impact | Highest | - | - | - | 1.8 | 1.6 | 1.6 | ||
| IB net debt / EBITDA, excl. IFRS 16 impact | Consensus | - | 1.6 | - | - | - | 1.4 | 1.3 | 1.2 |
| IB net debt / EBITDA, excl. IFRS 16 impact | Median | - | - | - | 1.4 | 1.3 | 1.3 | ||
| IB net debt / EBITDA, excl. IFRS 16 impact | Lowest | - | - | - | 0.9 | 0.9 | 0.8 |
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.
