| KPI | [EUR m] | Q2 2025 | Q3 2025 | FY 2025 | Q2 2026 E | Q3 2026 E | FY 2026 E | FY 2027 E | FY 2028 E |
|---|---|---|---|---|---|---|---|---|---|
| Sales | Number of Estimates | 12 | 11 | 15 | 15 | 15 | |||
| Sales | Highest | 2,508.4 | 2,436.5 | 9,727.0 | 10,289.0 | 10,590.0 | |||
| Sales | Consensus | 2,426.0 | 2,283.0 | 9,326.0 | 2,403.5 | 2,343.9 | 9,446.5 | 9,767.6 | 10,036.2 |
| Sales | Median | 2,409.6 | 2,353.0 | 9,467.0 | 9,791.0 | 10,067.0 | |||
| Sales | Lowest | 2,318.0 | 2,177.8 | 8,942.0 | 9,220.9 | 9,552.8 | |||
| Adjusted EBIT | Number of Estimates | 12 | 11 | 15 | 15 | 15 | |||
| Adjusted EBIT | Highest | 202.0 | 220.0 | 769.0 | 1,023.0 | 1,129.0 | |||
| Adjusted EBIT | Consensus | 126.0 | 126.0 | 528.0 | 175.0 | 187.9 | 697.9 | 889.1 | 981.9 |
| Adjusted EBIT | Median | 179.9 | 187.0 | 712.3 | 901.0 | 984.0 | |||
| Adjusted EBIT | Lowest | 117.3 | 137.6 | 572.1 | 691.6 | 818.8 | |||
| Adjusted EBIT margin (%) | Number of Estimates | 12 | 11 | 15 | 15 | 15 | |||
| Adjusted EBIT margin (%) | Highest | 8.3 | 9.3 | 8.1 | 10.6 | 11.0 | |||
| Adjusted EBIT margin (%) | Consensus | 5.2 | 5.5 | 5.7 | 7.3 | 8.0 | 7.4 | 9.1 | 9.8 |
| Adjusted EBIT margin (%) | Median | 7.5 | 8.0 | 7.5 | 9.3 | 9.8 | |||
| Adjusted EBIT margin (%) | Lowest | 5.0 | 5.9 | 6.2 | 7.5 | 8.3 | |||
| Fair Valuations and non-operational items (FV) | Number of Estimates | 10 | 9 | 13 | 13 | 13 | |||
| Fair Valuations and non-operational items (FV) | Highest | 0.0 | 0.0 | 182.0 | 0.0 | 0.0 | |||
| Fair Valuations and non-operational items (FV) | Consensus | -27.0 | -11.0 | 434.0 | -0.8 | -0.9 | -4.4 | -2.4 | -2.4 |
| Fair Valuations and non-operational items (FV) | Median | 0.0 | 0.0 | -18.0 | 0.0 | 0.0 | |||
| Fair Valuations and non-operational items (FV) | Lowest | -7.7 | -7.7 | -41.0 | -30.7 | -30.7 | |||
| Items affecting comparability (IAC) | Number of Estimates | 10 | 9 | 13 | 13 | 13 | |||
| Items affecting comparability (IAC) | Highest | 0.0 | 0.0 | -55.0 | 0.0 | 0.0 | |||
| Items affecting comparability (IAC) | Consensus | -35.0 | 117.0 | -19.0 | -0.1 | -0.1 | -56.1 | 0.0 | 0.0 |
| Items affecting comparability (IAC) | Median | 0.0 | 0.0 | -56.0 | 0.0 | 0.0 | |||
| Items affecting comparability (IAC) | Lowest | -1.0 | -1.0 | -59.0 | 0.0 | 0.0 | |||
| Operating Profit (IFRS) | Number of Estimates | 11 | 10 | 13 | 13 | 13 | |||
| Operating Profit (IFRS) | Highest | 201.0 | 220.0 | 882.6 | 1,023.0 | 1,129.0 | |||
| Operating Profit (IFRS) | Consensus | 64.0 | 231.0 | 942.0 | 178.8 | 191.7 | 655.7 | 893.8 | 984.8 |
| Operating Profit (IFRS) | Median | 180.0 | 190.3 | 647.0 | 901.0 | 984.0 | |||
| Operating Profit (IFRS) | Lowest | 117.3 | 137.6 | 498.1 | 691.6 | 818.8 | |||
| Net Financial Items | Number of Estimates | 11 | 10 | 14 | 14 | 14 | |||
| Net Financial Items | Highest | -29.0 | -28.0 | -125.0 | -100.0 | -89.0 | |||
| Net Financial Items | Consensus | -44.0 | -29.0 | -159.0 | -38.5 | -37.3 | -154.1 | -145.0 | -138.9 |
| Net Financial Items | Median | -37.0 | -36.0 | -152.0 | -148.5 | -141.0 | |||
| Net Financial Items | Lowest | -50.0 | -53.0 | -197.0 | -195.0 | -183.0 | |||
| Profit before tax | Number of Estimates | 11 | 10 | 13 | 13 | 13 | |||
| Profit before tax | Highest | 168.3 | 192.0 | 743.6 | 866.0 | 981.0 | |||
| Profit before tax | Consensus | 20.0 | 202.0 | 783.0 | 140.3 | 154.4 | 496.4 | 745.8 | 842.9 |
| Profit before tax | Median | 139.5 | 151.2 | 478.0 | 760.6 | 864.0 | |||
| Profit before tax | Lowest | 75.3 | 95.6 | 330.9 | 523.3 | 650.6 | |||
| Net Profit after minorities | Number of Estimates | 11 | 10 | 14 | 14 | 14 | |||
| Net Profit after minorities | Highest | 133.7 | 155.0 | 585.9 | 709.7 | 867.5 | |||
| Net Profit after minorities | Consensus | 24.0 | 198.0 | 695.0 | 112.0 | 123.5 | 404.4 | 602.7 | 684.9 |
| Net Profit after minorities | Median | 116.0 | 118.8 | 405.4 | 626.0 | 691.1 | |||
| Net Profit after minorities | Lowest | 56.0 | 71.0 | 245.3 | 389.0 | 483.7 | |||
| EPS reported (in Euro) | Number of Estimates | 11 | 10 | 14 | 14 | 14 | |||
| EPS reported (in Euro) | Highest | 0.17 | 0.20 | 0.74 | 0.90 | 1.10 | |||
| EPS reported (in Euro) | Consensus | 0.03 | 0.25 | 0.88 | 0.14 | 0.16 | 0.51 | 0.76 | 0.87 |
| EPS reported (in Euro) | Median | 0.15 | 0.15 | 0.51 | 0.79 | 0.88 | |||
| EPS reported (in Euro) | Lowest | 0.07 | 0.09 | 0.31 | 0.49 | 0.61 | |||
| EPS excl. FV (in Euro) | Number of Estimates | 11 | 10 | 14 | 14 | 14 | |||
| EPS excl. FV (in Euro) | Highest | 0.17 | 0.20 | 0.58 | 0.85 | 1.00 | |||
| EPS excl. FV (in Euro) | Consensus | 0.05 | 0.26 | 0.41 | 0.14 | 0.16 | 0.52 | 0.75 | 0.85 |
| EPS excl. FV (in Euro) | Median | 0.15 | 0.15 | 0.54 | 0.77 | 0.86 | |||
| EPS excl. FV (in Euro) | Lowest | 0.07 | 0.09 | 0.33 | 0.49 | 0.61 | |||
| Dividend (DPS in Euro) | Number of Estimates | - | - | 15 | 15 | 15 | |||
| Dividend (DPS in Euro) | Highest | - | - | 0.40 | 0.50 | 0.50 | |||
| Dividend (DPS in Euro) | Consensus | - | - | 0.25 | - | - | 0.28 | 0.36 | 0.41 |
| Dividend (DPS in Euro) | Median | - | - | 0.30 | 0.35 | 0.40 | |||
| Dividend (DPS in Euro) | Lowest | - | - | 0.18 | 0.25 | 0.25 | |||
| Adjusted P/E Ratio | Number of Estimates | - | - | 13 | 13 | 13 | |||
| Adjusted P/E Ratio | Highest | - | - | 29.9 | 20.1 | 16.2 | |||
| Adjusted P/E Ratio | Consensus | - | - | 26.2 | - | - | 18.9 | 13.4 | 11.9 |
| Adjusted P/E Ratio | Median | - | - | 18.4 | 13.0 | 11.3 | |||
| Adjusted P/E Ratio | Lowest | - | - | 16.1 | 11.7 | 9.9 |
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.
