| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Orders received | Number of Estimates | 7 | 7 | 7 | 7 | 7 | 7 | ||
| Orders received | Highest | 1,406 | 1,222 | 1,536 | 5,093 | 6,234 | 6,593 | ||
| Orders received | Consensus | 1,520 | 5,216 | 1,281 | 1,179 | 1,349 | 4,900 | 5,391 | 5,673 |
| Orders received | Median | 1,279 | 1,170 | 1,318 | 4,805 | 5,235 | 5,527 | ||
| Orders received | Lowest | 1,207 | 1,152 | 1,124 | 4,722 | 4,929 | 5,046 | ||
| Net sales | Number of Estimates | 9 | 9 | 9 | 9 | 9 | 9 | ||
| Net sales | Highest | 1,295 | 1,352 | 1,501 | 5,331 | 5,768 | 6,226 | ||
| Net sales | Consensus | 1,241 | 5,197 | 1,249 | 1,315 | 1,457 | 5,266 | 5,383 | 5,616 |
| Net sales | Median | 1,267 | 1,317 | 1,461 | 5,259 | 5,417 | 5,609 | ||
| Net sales | Lowest | 1,192 | 1,274 | 1,391 | 5,204 | 5,094 | 5,132 | ||
| Comparable EBITA | Number of Estimates | 9 | 9 | 9 | 9 | 9 | 9 | ||
| Comparable EBITA | Highest | 154 | 168 | 224 | 652 | 781 | 866 | ||
| Comparable EBITA | Consensus | 143 | 620 | 142 | 163 | 200 | 620 | 679 | 729 |
| Comparable EBITA | Median | 141 | 162 | 199 | 614 | 663 | 710 | ||
| Comparable EBITA | Lowest | 128 | 155 | 188 | 601 | 620 | 675 | ||
| Comparable EBITA Margin (%) | Number of Estimates | 9 | 9 | 9 | 9 | 9 | 9 | ||
| Comparable EBITA Margin (%) | Highest | 11.9 | 12.8 | 15.8 | 12.5 | 13.5 | 13.9 | ||
| Comparable EBITA Margin (%) | Consensus | 11.5 | 11.9 | 11.4 | 12.4 | 13.8 | 11.8 | 12.6 | 13.0 |
| Comparable EBITA Margin (%) | Median | 11.5 | 12.4 | 13.4 | 11.7 | 12.5 | 12.9 | ||
| Comparable EBITA Margin (%) | Lowest | 10.7 | 11.9 | 12.9 | 11.4 | 12.1 | 12.1 | ||
| Items affecting comparability | Number of Estimates | 8 | 8 | 8 | 8 | 8 | 8 | ||
| Items affecting comparability | Highest | 0.0 | 0.0 | 0.0 | -31.8 | 1.0 | 2.0 | ||
| Items affecting comparability | Consensus | -62.0 | -85.0 | -2.6 | -3.9 | -3.3 | -42.0 | -5.4 | -2.7 |
| Items affecting comparability | Median | 0.0 | 0.0 | 0.0 | -33.0 | 0.0 | 0.0 | ||
| Items affecting comparability | Lowest | -10.0 | -15.0 | -15.0 | -72.0 | -24.0 | -24.0 | ||
| EBITA reported | Number of Estimates | 8 | 8 | 8 | 8 | 8 | 8 | ||
| EBITA reported | Highest | 154.0 | 168.0 | 214.0 | 616.0 | 780.8 | 866.1 | ||
| EBITA reported | Consensus | 81.0 | 534.0 | 139.0 | 158.8 | 194.3 | 573.7 | 667.4 | 718.7 |
| EBITA reported | Median | 140.0 | 156.8 | 191.0 | 569.5 | 655.6 | 698.2 | ||
| EBITA reported | Lowest | 123.0 | 147.4 | 184.5 | 542.0 | 620.0 | 675.0 | ||
| EBIT reported | Number of Estimates | 9 | 9 | 9 | 9 | 9 | 9 | ||
| EBIT reported | Highest | 130.0 | 144.1 | 231.6 | 556.3 | 680.8 | 766.1 | ||
| EBIT reported | Consensus | 57.0 | 438.0 | 115.5 | 133.6 | 174.6 | 481.3 | 573.9 | 627.0 |
| EBIT reported | Median | 118.0 | 136.0 | 167.0 | 478.0 | 556.1 | 602.3 | ||
| EBIT reported | Lowest | 99.0 | 121.4 | 156.5 | 438.0 | 504.0 | 565.0 | ||
| Pre-tax profit | Number of Estimates | 9 | 9 | 9 | 9 | 9 | 9 | ||
| Pre-tax profit | Highest | 125.0 | 136.1 | 222.6 | 517.3 | 661.0 | 761.0 | ||
| Pre-tax profit | Consensus | 41.0 | 376.0 | 103.4 | 120.7 | 161.7 | 430.4 | 527.1 | 586.7 |
| Pre-tax profit | Median | 104.0 | 122.0 | 153.0 | 423.0 | 520.0 | 554.0 | ||
| Pre-tax profit | Lowest | 86.0 | 102.0 | 138.5 | 377.0 | 424.0 | 505.0 | ||
| Net result after minorities | Number of Estimates | 9 | 9 | 9 | 9 | 9 | 9 | ||
| Net result after minorities | Highest | 96.3 | 103.5 | 169.4 | 393.2 | 502.2 | 582.1 | ||
| Net result after minorities | Consensus | 28.0 | 279.0 | 78.5 | 91.3 | 122.6 | 326.0 | 399.0 | 445.4 |
| Net result after minorities | Median | 79.0 | 92.0 | 115.0 | 320.0 | 393.0 | 419.0 | ||
| Net result after minorities | Lowest | 66.0 | 77.0 | 103.8 | 283.8 | 330.0 | 394.0 | ||
| Shares outstanding | Number of Estimates | 9 | 9 | 9 | 9 | 9 | 9 | ||
| Shares outstanding | Highest | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | ||
| Shares outstanding | Consensus | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 |
| Shares outstanding | Median | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | ||
| Shares outstanding | Lowest | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | ||
| EPS reported (in Euro) | Number of Estimates | 9 | 9 | 9 | 9 | 9 | 9 | ||
| EPS reported (in Euro) | Highest | 0.52 | 0.56 | 0.92 | 2.13 | 2.73 | 3.16 | ||
| EPS reported (in Euro) | Consensus | 0.15 | 1.52 | 0.43 | 0.50 | 0.67 | 1.77 | 2.17 | 2.42 |
| EPS reported (in Euro) | Median | 0.43 | 0.50 | 0.62 | 1.74 | 2.13 | 2.27 | ||
| EPS reported (in Euro) | Lowest | 0.36 | 0.42 | 0.56 | 1.54 | 1.79 | 2.14 | ||
| Adjusted EPS | Number of Estimates | 8 | 8 | 8 | 8 | 8 | 8 | ||
| Adjusted EPS | Highest | 0.58 | 0.65 | 1.01 | 2.50 | 3.07 | 3.45 | ||
| Adjusted EPS | Consensus | 0.23 | 1.82 | 0.47 | 0.55 | 0.70 | 2.04 | 2.29 | 2.51 |
| Adjusted EPS | Median | 0.45 | 0.52 | 0.65 | 1.94 | 2.19 | 2.36 | ||
| Adjusted EPS | Lowest | 0.41 | 0.48 | 0.53 | 1.75 | 1.99 | 2.17 | ||
| Dividend per share | Number of Estimates | - | - | - | 8 | 8 | 7 | ||
| Dividend per share | Highest | - | - | - | 1.65 | 1.80 | 1.90 | ||
| Dividend per share | Consensus | - | 1.35 | - | - | - | 1.41 | 1.49 | 1.57 |
| Dividend per share | Median | - | - | - | 1.38 | 1.48 | 1.55 | ||
| Dividend per share | Lowest | - | - | - | 1.35 | 1.35 | 1.40 | ||
| Operating cash flow | Number of Estimates | - | - | - | 8 | 8 | 8 | ||
| Operating cash flow | Highest | - | - | - | 598.0 | 759.2 | 839.6 | ||
| Operating cash flow | Consensus | - | 581.0 | - | - | - | 502.1 | 609.2 | 663.0 |
| Operating cash flow | Median | - | - | - | 488.7 | 596.5 | 651.0 | ||
| Operating cash flow | Lowest | - | - | - | 440.0 | 502.0 | 565.0 | ||
| Capital expenditure | Number of Estimates | - | - | - | 8 | 8 | 8 | ||
| Capital expenditure | Highest | - | - | - | -100.0 | -100.0 | -100.0 | ||
| Capital expenditure | Consensus | - | -103.0 | - | - | - | -116.0 | -115.3 | -117.7 |
| Capital expenditure | Median | - | - | - | -116.0 | -110.7 | -113.9 | ||
| Capital expenditure | Lowest | - | - | - | -132.0 | -140.0 | -145.0 | ||
| Free cash flow | Number of Estimates | - | - | - | 8 | 8 | 8 | ||
| Free cash flow | Highest | - | - | - | 468.0 | 659.2 | 739.6 | ||
| Free cash flow | Consensus | - | 478.0 | - | - | - | 386.0 | 493.9 | 545.3 |
| Free cash flow | Median | - | - | - | 372.2 | 488.0 | 530.0 | ||
| Free cash flow | Lowest | - | - | - | 318.0 | 395.0 | 458.0 |
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.
