| KPI | [EUR m] | Q4 2025 | FY 2025 | Q4 2026 E | FY 2026 E | FY 2027 E | FY 2028 E |
|---|---|---|---|---|---|---|---|
| Orders received | Number of Estimates | 14 | 14 | 13 | 13 | ||
| Orders received | Highest | 2,524.5 | 9,711.1 | 10,549.6 | 11,138.4 | ||
| Orders received | Average | 2,253.4 | 9,087.4 | 2,411.6 | 9,598.0 | 10,259.9 | 10,834.3 |
| Orders received | Median | 2,414.7 | 9,601.3 | 10,284.0 | 10,817.0 | ||
| Orders received | Lowest | 2,338.3 | 9,524.9 | 10,000.0 | 10,450.0 | ||
| Comparable change in Orders (in %) | Number of Estimates | 12 | 11 | 10 | 10 | ||
| Comparable change in Orders (in %) | Highest | 7.5 | 8.0 | 11.5 | 6.8 | ||
| Comparable change in Orders (in %) | Average | 12.2 | 6.8 | 3.5 | 6.1 | 5.7 | 5.6 |
| Comparable change in Orders (in %) | Median | 4.0 | 6.0 | 5.3 | 6.0 | ||
| Comparable change in Orders (in %) | Lowest | -2.0 | 5.0 | 2.4 | 2.9 | ||
| Order book | Number of Estimates | 6 | 6 | 5 | 5 | ||
| Order book | Highest | 10,412.2 | 10,031.1 | 13,799.2 | 17,453.6 | ||
| Order book | Average | 8,693.0 | 8,693.0 | 9,989.5 | 9,888.2 | 11,918.8 | 13,946.9 |
| Order book | Median | 9,971.9 | 9,878.8 | 11,724.0 | 13,608.0 | ||
| Order book | Lowest | 9,745.8 | 9,745.8 | 10,937.0 | 12,014.6 | ||
| Sales | Number of Estimates | 17 | 17 | 16 | 16 | ||
| Sales | Highest | 3,340.0 | 11,892.0 | 12,796.3 | 13,718.0 | ||
| Sales | Average | 2,960.8 | 11,245.2 | 3,211.9 | 11,763.8 | 12,548.6 | 13,304.5 |
| Sales | Median | 3,215.8 | 11,767.7 | 12,563.1 | 13,299.5 | ||
| Sales | Lowest | 3,051.1 | 11,603.0 | 12,068.0 | 12,556.0 | ||
| Comparable change in Sales (in %) | Number of Estimates | 12 | 13 | 11 | 11 | ||
| Comparable change in Sales (in %) | Highest | 8.0 | 5.5 | 6.5 | 7.0 | ||
| Comparable change in Sales (in %) | Average | 4.3 | 4.0 | 5.8 | 5.0 | 5.6 | 5.9 |
| Comparable change in Sales (in %) | Median | 6.0 | 5.0 | 5.5 | 6.1 | ||
| Comparable change in Sales (in %) | Lowest | 3.4 | 4.4 | 4.8 | 4.1 | ||
| New Building Solutions Sales | Number of Estimates | 16 | 16 | 15 | 15 | ||
| New Building Solutions Sales | Highest | 1,187.6 | 4,175.8 | 4,435.1 | 4,587.4 | ||
| New Building Solutions Sales | Average | 1,077.6 | 4,097.7 | 1,127.3 | 4,109.9 | 4,221.2 | 4,365.5 |
| New Building Solutions Sales | Median | 1,123.3 | 4,111.4 | 4,189.0 | 4,369.5 | ||
| New Building Solutions Sales | Lowest | 1,069.0 | 4,011.9 | 4,087.3 | 4,170.5 | ||
| Service Sales | Number of Estimates | 16 | 16 | 15 | 15 | ||
| Service Sales | Highest | 1,485.0 | 5,432.0 | 5,913.7 | 6,371.0 | ||
| Service Sales | Average | 1,296.3 | 5,054.6 | 1,399.8 | 5,347.3 | 5,772.1 | 6,152.1 |
| Service Sales | Median | 1,415.0 | 5,362.7 | 5,792.7 | 6,149.0 | ||
| Service Sales | Lowest | 1,106.9 | 5,054.3 | 5,614.7 | 5,951.6 | ||
| Modernization Sales | Number of Estimates | 16 | 16 | 15 | 15 | ||
| Modernization Sales | Highest | 1,018.9 | 2,635.2 | 2,695.3 | 3,072.6 | ||
| Modernization Sales | Average | 586.9 | 2,092.9 | 694.9 | 2,316.6 | 2,587.4 | 2,836.9 |
| Modernization Sales | Median | 670.2 | 2,286.4 | 2,581.9 | 2,850.0 | ||
| Modernization Sales | Lowest | 626.8 | 2,243.2 | 2,462.0 | 2,641.3 | ||
| EBITDA adjusted | Number of Estimates | 14 | 14 | 13 | 13 | ||
| EBITDA adjusted | Highest | 586.4 | 1,872.0 | 2,059.2 | 2,273.5 | ||
| EBITDA adjusted | Average | 487.7 | 1,689.2 | 547.9 | 1,832.3 | 2,002.9 | 2,155.3 |
| EBITDA adjusted | Median | 546.2 | 1,832.0 | 1,999.0 | 2,153.0 | ||
| EBITDA adjusted | Lowest | 524.9 | 1,798.7 | 1,873.9 | 2,054.8 | ||
| EBITA adjusted | Number of Estimates | 12 | 12 | 11 | 11 | ||
| EBITA adjusted | Highest | 493.2 | 1,564.0 | 1,756.6 | 1,983.5 | ||
| EBITA adjusted | Average | 418.3 | 1,422.5 | 475.0 | 1,544.6 | 1,717.8 | 1,874.6 |
| EBITA adjusted | Median | 472.7 | 1,543.0 | 1,730.0 | 1,887.0 | ||
| EBITA adjusted | Lowest | 456.0 | 1,528.4 | 1,624.2 | 1,770.4 | ||
| EBIT adjusted | Number of Estimates | 16 | 16 | 15 | 15 | ||
| EBIT adjusted | Highest | 480.0 | 1,513.0 | 1,721.1 | 1,933.5 | ||
| EBIT adjusted | Average | 401.9 | 1,369.3 | 460.7 | 1,492.8 | 1,665.0 | 1,818.5 |
| EBIT adjusted | Median | 459.7 | 1,492.5 | 1,665.0 | 1,831.0 | ||
| EBIT adjusted | Lowest | 442.7 | 1,475.2 | 1,572.1 | 1,717.2 | ||
| Items impacting comparability | Number of Estimates | 16 | 16 | 15 | 15 | ||
| Items impacting comparability | Highest | 0.0 | -88.3 | 0.0 | 1.0 | ||
| Items impacting comparability | Average | -14.8 | -33.1 | -32.3 | -120.4 | -39.7 | -9.5 |
| Items impacting comparability | Median | -40.0 | -128.0 | -37.8 | 0.0 | ||
| Items impacting comparability | Lowest | -41.0 | -130.0 | -115.0 | -39.9 | ||
| EBIT reported | Number of Estimates | 17 | 17 | 16 | 16 | ||
| EBIT reported | Highest | 473.8 | 1,418.0 | 1,708.0 | 1,913.5 | ||
| EBIT reported | Average | 387.1 | 1,336.2 | 431.1 | 1,375.1 | 1,618.3 | 1,796.5 |
| EBIT reported | Median | 424.0 | 1,369.0 | 1,617.0 | 1,814.7 | ||
| EBIT reported | Lowest | 402.7 | 1,346.9 | 1,513.0 | 1,607.2 | ||
| Income before taxes | Number of Estimates | 17 | 17 | 16 | 15 | ||
| Income before taxes | Highest | 462.8 | 1,412.9 | 1,769.0 | 1,946.0 | ||
| Income before taxes | Average | 380.6 | 1,326.8 | 429.6 | 1,379.3 | 1,624.8 | 1,821.3 |
| Income before taxes | Median | 428.0 | 1,378.0 | 1,629.9 | 1,831.8 | ||
| Income before taxes | Lowest | 382.6 | 1,332.6 | 1,495.0 | 1,666.7 | ||
| Net income attributable to shareholders | Number of Estimates | 17 | 17 | 16 | 16 | ||
| Net income attributable to shareholders | Highest | 351.3 | 1,073.0 | 1,362.0 | 1,500.0 | ||
| Net income attributable to shareholders | Average | 269.1 | 980.1 | 326.1 | 1,045.2 | 1,238.2 | 1,377.8 |
| Net income attributable to shareholders | Median | 327.5 | 1,044.4 | 1,239.1 | 1,391.9 | ||
| Net income attributable to shareholders | Lowest | 290.2 | 1,008.5 | 1,132.0 | 1,207.0 | ||
| Number of shares outstanding (in million) | Number of Estimates | 17 | 17 | 16 | 16 | ||
| Number of shares outstanding (in million) | Highest | 517.9 | 517.9 | 517.9 | 517.9 | ||
| Number of shares outstanding (in million) | Average | 517.9 | 517.9 | 517.9 | 517.9 | 517.9 | 517.9 |
| Number of shares outstanding (in million) | Median | 517.9 | 517.9 | 517.9 | 517.9 | ||
| Number of shares outstanding (in million) | Lowest | 517.9 | 517.9 | 517.9 | 517.9 | ||
| EPS reported (in Euro) | Number of Estimates | 17 | 17 | 16 | 16 | ||
| EPS reported (in Euro) | Highest | 0.68 | 2.07 | 2.63 | 2.90 | ||
| EPS reported (in Euro) | Average | 0.52 | 1.89 | 0.63 | 2.02 | 2.39 | 2.66 |
| EPS reported (in Euro) | Median | 0.63 | 2.02 | 2.39 | 2.69 | ||
| EPS reported (in Euro) | Lowest | 0.56 | 1.95 | 2.19 | 2.33 | ||
| EPS adjusted (in Euro) | Number of Estimates | 17 | 17 | 16 | 16 | ||
| EPS adjusted (in Euro) | Highest | 0.74 | 2.31 | 2.63 | 2.90 | ||
| EPS adjusted (in Euro) | Average | 0.55 | 1.96 | 0.69 | 2.24 | 2.46 | 2.68 |
| EPS adjusted (in Euro) | Median | 0.69 | 2.25 | 2.46 | 2.69 | ||
| EPS adjusted (in Euro) | Lowest | 0.64 | 2.05 | 2.19 | 2.33 | ||
| Dividend per class B share (in Euro) | Number of Estimates | - | 17 | 16 | 16 | ||
| Dividend per class B share (in Euro) | Highest | - | 2.31 | 2.53 | 2.80 | ||
| Dividend per class B share (in Euro) | Average | - | 1.80 | - | 1.86 | 2.01 | 2.14 |
| Dividend per class B share (in Euro) | Median | - | 1.80 | 1.86 | 1.96 | ||
| Dividend per class B share (in Euro) | Lowest | - | 1.50 | 1.80 | 1.80 | ||
| Sales by Area, Americas | Number of Estimates | 7 | 7 | 6 | 6 | ||
| Sales by Area, Americas | Highest | 826.0 | 2,972.9 | 3,312.0 | 3,584.9 | ||
| Sales by Area, Americas | Average | 727.4 | 2,812.1 | 799.6 | 2,946.5 | 3,198.9 | 3,400.9 |
| Sales by Area, Americas | Median | 800.0 | 2,947.0 | 3,177.2 | 3,370.3 | ||
| Sales by Area, Americas | Lowest | 776.2 | 2,923.1 | 3,155.4 | 3,341.9 | ||
| Sales by Area, Europe | Number of Estimates | 7 | 7 | 6 | 6 | ||
| Sales by Area, Europe | Highest | 1,379.4 | 4,876.1 | 5,455.0 | 5,880.0 | ||
| Sales by Area, Europe | Average | 1,209.3 | 4,524.4 | 1,322.9 | 4,819.7 | 5,173.1 | 5,491.1 |
| Sales by Area, Europe | Median | 1,306.0 | 4,803.0 | 5,140.0 | 5,450.0 | ||
| Sales by Area, Europe | Lowest | 1,295.8 | 4,792.5 | 5,019.4 | 5,252.2 | ||
| Sales by Area, APMEA | Number of Estimates | 7 | 7 | 6 | 6 | ||
| Sales by Area, APMEA | Highest | 669.9 | 2,013.4 | 2,417.9 | 2,601.9 | ||
| Sales by Area, APMEA | Average | 519.7 | 1,742.7 | 603.2 | 1,946.7 | 2,165.6 | 2,349.1 |
| Sales by Area, APMEA | Median | 592.0 | 1,936.0 | 2,116.8 | 2,285.2 | ||
| Sales by Area, APMEA | Lowest | 573.5 | 1,917.0 | 2,070.2 | 2,228.8 | ||
| Sales by Area, Greater China | Number of Estimates | 9 | 9 | 8 | 8 | ||
| Sales by Area, Greater China | Highest | 635.0 | 2,199.8 | 2,323.6 | 2,489.3 | ||
| Sales by Area, Greater China | Average | 504.3 | 2,166.0 | 529.5 | 2,094.4 | 2,087.6 | 2,137.2 |
| Sales by Area, Greater China | Median | 516.0 | 2,080.8 | 2,009.3 | 2,060.0 | ||
| Sales by Area, Greater China | Lowest | 479.0 | 2,044.0 | 1,928.5 | 1,959.2 |
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.
