Note - The two remaining business units reported under Portfolio Business are expected to be divested in Q2/2026 and Q3/2026, but some estimates still include Portfolio Business for 2027 and 2028.
Note - The two remaining business units reported under Portfolio Business are expected to be divested in Q2/2026 and Q3/2026, but some estimates still include Portfolio Business for 2027 and 2028.
| KPI | [EUR m] | Q2 2025 | Q3 2025 | FY 2025 | Q2 2026 E | Q3 2026 E | FY 2026 E | FY 2027 E | FY 2028 E |
|---|---|---|---|---|---|---|---|---|---|
| Order book | Number of Estimates | 5 | 4 | 5 | 5 | 5 | |||
| Order book | Highest | 9,997.0 | 10,388.9 | 10,367.1 | 13,181.8 | 15,535.0 | |||
| Order book | Consensus (Mean) | 8,764.0 | 8,637.0 | 8,248.0 | 9,728.5 | 9,890.7 | 9,985.5 | 11,638.6 | 12,521.0 |
| Order book | Median | 9,759.0 | 9,891.4 | 9,879.0 | 11,501.0 | 12,626.0 | |||
| Order book | Lowest | 9,482.0 | 9,391.0 | 9,657.0 | 9,913.0 | 9,502.0 | |||
| Order intake | Number of Estimates | 12 | 11 | 12 | 12 | 12 | |||
| Order intake | Highest | 2,758.0 | 2,128.5 | 9,567.0 | 9,829.0 | 10,603.5 | |||
| Order intake | Consensus (Mean) | 2,190.0 | 1,790.0 | 8,102.0 | 2,459.3 | 1,949.0 | 8,671.6 | 8,610.4 | 9,002.3 |
| Order intake | Median | 2,468.5 | 1,928.0 | 8,705.2 | 8,719.0 | 9,173.5 | |||
| Order intake | Lowest | 2,155.0 | 1,767.0 | 8,115.0 | 7,072.0 | 7,130.0 | |||
| Net sales | Number of Estimates | 14 | 13 | 14 | 14 | 14 | |||
| Net sales | Highest | 1,805.0 | 1,811.0 | 7,288.0 | 7,677.0 | 9,443.0 | |||
| Net sales | Consensus (Mean) | 1,719.0 | 1,632.0 | 6,914.0 | 1,688.0 | 1,636.4 | 6,834.6 | 7,290.1 | 8,159.0 |
| Net sales | Median | 1,693.0 | 1,640.0 | 6,789.1 | 7,308.0 | 8,114.6 | |||
| Net sales | Lowest | 1,586.1 | 1,499.5 | 6,506.0 | 6,775.0 | 7,467.0 | |||
| Comparable operating result | Number of Estimates | 14 | 13 | 14 | 14 | 14 | |||
| Comparable operating result | Highest | 237.0 | 231.0 | 969.4 | 1,096.0 | 1,334.0 | |||
| Comparable operating result | Consensus (Mean) | 207.0 | 195.0 | 829.0 | 216.5 | 208.9 | 893.8 | 999.8 | 1,152.5 |
| Comparable operating result | Median | 217.0 | 209.0 | 894.0 | 1,009.7 | 1,146.5 | |||
| Comparable operating result | Lowest | 191.0 | 188.5 | 800.0 | 854.0 | 894.0 | |||
| Comparable EBIT margin, % | Number of Estimates | 14 | 13 | 14 | 14 | 14 | |||
| Comparable EBIT margin, % | Highest | 13.4 | 13.4 | 13.7 | 14.6 | 15.8 | |||
| Comparable EBIT margin, % | Consensus (Mean) | 12.0 | 11.9 | 12.0 | 12.8 | 12.8 | 13.1 | 13.7 | 14.1 |
| Comparable EBIT margin, % | Median | 12.9 | 12.9 | 13.1 | 13.6 | 14.1 | |||
| Comparable EBIT margin, % | Lowest | 11.8 | 11.8 | 12.3 | 12.1 | 11.9 | |||
| Items affecting comparability (IAC) | Number of Estimates | 14 | 13 | 14 | 14 | 14 | |||
| Items affecting comparability (IAC) | Highest | 5.5 | 5.5 | 0.0 | 0.0 | 0.0 | |||
| Items affecting comparability (IAC) | Consensus (Mean) | -20.0 | 35.0 | 4.0 | -0.3 | -1.4 | -7.2 | -2.9 | -3.1 |
| Items affecting comparability (IAC) | Median | 0.0 | 0.0 | -4.5 | 0.0 | 0.0 | |||
| Items affecting comparability (IAC) | Lowest | -4.0 | -13.0 | -24.0 | -18.0 | -20.0 | |||
| Operating result | Number of Estimates | 14 | 13 | 14 | 14 | 14 | |||
| Operating result | Highest | 237.0 | 231.0 | 969.4 | 1,096.0 | 1,334.0 | |||
| Operating result | Consensus (Mean) | 186.0 | 230.0 | 833.0 | 216.2 | 207.5 | 886.5 | 996.9 | 1,149.4 |
| Operating result | Median | 216.0 | 209.0 | 889.5 | 1,008.2 | 1,145.5 | |||
| Operating result | Lowest | 191.0 | 178.0 | 796.0 | 854.0 | 894.0 | |||
| Result before taxes | Number of Estimates | 13 | 13 | 14 | 14 | 14 | |||
| Result before taxes | Highest | 236.0 | 231.0 | 964.4 | 1,093.0 | 1,339.0 | |||
| Result before taxes | Consensus (Mean) | 186.0 | 227.0 | 828.0 | 217.4 | 206.9 | 885.1 | 999.2 | 1,153.5 |
| Result before taxes | Median | 214.0 | 206.5 | 886.3 | 1,008.3 | 1,160.4 | |||
| Result before taxes | Lowest | 207.0 | 178.0 | 822.0 | 872.0 | 909.0 | |||
| Net result after minorities | Number of Estimates | 14 | 13 | 14 | 14 | 14 | |||
| Net result after minorities | Highest | 183.4 | 175.0 | 720.0 | 831.0 | 1,000.0 | |||
| Net result after minorities | Consensus (Mean) | 136.0 | 181.0 | 626.0 | 162.5 | 155.4 | 659.2 | 743.3 | 858.6 |
| Net result after minorities | Median | 159.7 | 155.0 | 659.6 | 756.2 | 876.6 | |||
| Net result after minorities | Lowest | 147.0 | 132.0 | 604.4 | 641.0 | 669.0 | |||
| EPS basic (in Euro) | Number of Estimates | 14 | 13 | 14 | 14 | 14 | |||
| EPS basic (in Euro) | Highest | 0.31 | 0.30 | 1.22 | 1.41 | 1.70 | |||
| EPS basic (in Euro) | Consensus (Mean) | 0.23 | 0.31 | 1.06 | 0.28 | 0.26 | 1.12 | 1.26 | 1.46 |
| EPS basic (in Euro) | Median | 0.27 | 0.26 | 1.12 | 1.29 | 1.49 | |||
| EPS basic (in Euro) | Lowest | 0.25 | 0.22 | 1.03 | 1.09 | 1.14 | |||
| EPS excl. IAC (in Euro) | Number of Estimates | 14 | 13 | 14 | 14 | 14 | |||
| EPS excl. IAC (in Euro) | Highest | 0.31 | 0.30 | 1.23 | 1.41 | 1.70 | |||
| EPS excl. IAC (in Euro) | Consensus (Mean) | 0.26 | 0.25 | 1.05 | 0.28 | 0.27 | 1.13 | 1.27 | 1.46 |
| EPS excl. IAC (in Euro) | Median | 0.28 | 0.27 | 1.14 | 1.29 | 1.49 | |||
| EPS excl. IAC (in Euro) | Lowest | 0.25 | 0.24 | 1.04 | 1.09 | 1.14 | |||
| DPS (in Euro) | Number of Estimates | - | - | 14 | 14 | 14 | |||
| DPS (in Euro) | Highest | - | - | 1.10 | 1.16 | 1.18 | |||
| DPS (in Euro) | Consensus (Mean) | - | - | 1.06 | - | - | 0.67 | 0.73 | 0.81 |
| DPS (in Euro) | Median | - | - | 0.62 | 0.70 | 0.79 | |||
| DPS (in Euro) | Lowest | - | - | 0.52 | 0.55 | 0.57 | |||
| Cash flow from operating activities | Number of Estimates | - | - | 12 | 12 | 12 | |||
| Cash flow from operating activities | Highest | - | - | 1,180.4 | 1,118.0 | 1,293.0 | |||
| Cash flow from operating activities | Consensus (Mean) | 416.0 | 340.0 | 1,598.0 | - | - | 794.8 | 821.3 | 924.9 |
| Cash flow from operating activities | Median | - | - | 804.3 | 901.2 | 958.4 | |||
| Cash flow from operating activities | Lowest | - | - | 454.0 | 414.0 | 606.0 | |||
| Investments in PPE & intangible assets | Number of Estimates | - | - | 13 | 13 | 13 | |||
| Investments in PPE & intangible assets | Highest | - | - | -140.0 | -160.0 | -150.0 | |||
| Investments in PPE & intangible assets | Consensus (Mean) | -37.0 | -39.0 | -146.0 | - | - | -198.0 | -205.5 | -186.6 |
| Investments in PPE & intangible assets | Median | - | - | -195.0 | -200.0 | -195.0 | |||
| Investments in PPE & intangible assets | Lowest | - | - | -290.0 | -264.6 | -202.0 |
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.