Compensation awarded or due to current members of the Executive Board in fiscal 2025
In accordance with section 162 (1) of the German Stock Corporation Act (AktG), the compensation awarded or due to each member of the Executive Board in fiscal 2025 and the respective relative share of total compensation are presented transparently in the tables below. This includes all compensation elements that were paid out or became legally due in fiscal 2025. Due to the introduction of the one-year holding period from the LTIP tranche 2021, there had been a payout gap for the LTIP in fiscal 2024.
To ensure a transparent presentation of the relation between business performance and the resulting compensation, variable compensation for fiscal 2025 is also disclosed on a voluntary basis, with the variable compensation components being allocated to the fiscal year in which the final performance was rendered, irrespective of the actual date of payment or the legal due date.
To provide a complete picture of the total compensation of the Executive Board members, service cost is also reported on a voluntary basis. For Khadija Ben Hammada, Jean-Charles Wirth and Dan Pinhas Bar Zohar, the compensation payment for the pension contribution for the year 2025 that was agreed in fiscal 2025 will be published instead. The payment will be made in January 2026 and is connected to the agreed change to the pension substitute from January 1, 2026, in line with the Executive Board compensation system 2026.
The compensation of the current members of the Executive Board is shown in the following tables:
In fiscal 2025 pursuant to section 162 AktG |
|
For fiscal 2025 as voluntary disclosure |
|---|---|---|
Base salary |
||
Additional benefits |
||
|
|
Compensation for pension contribution 2025 |
Profit sharing for fiscal 2024, payout in fiscal 2025: |
|
Profit sharing for fiscal 2025, payout in fiscal 2026: |
|
|
|
LTIP tranche 2021 (Jan 1, 2021-Dec 31, 2024), |
|
LTIP tranche 2022 (Jan 1, 2022-Dec 31, 2025), |
Service cost as voluntary disclosure |
||
The figures presented in the tables have been rounded in accordance with standard commercial practice. As a result, the individual values may not add up to the totals presented:
|
|
Belén Garijo |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
In the fiscal year |
|
For the fiscal year |
||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||
|
|
€ thousand |
|
in % |
|
€ thousand |
|
€ thousand |
|
€ thousand |
Base salary |
|
1,500 |
|
19.5% |
|
1,500 |
|
1,500 |
|
1,500 |
Additional benefits |
|
56 |
|
0.7% |
|
58 |
|
56 |
|
58 |
|
|
|
|
|
|
|
|
|
|
|
Profit sharing |
|
|
|
|
|
|
|
|
|
|
Profit sharing 2023 |
|
|
|
|
|
|
|
|
|
|
Payout in cash |
|
– |
|
– |
|
3,058 |
|
– |
|
– |
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
1,529 |
|
– |
|
– |
Profit sharing 2024 |
|
|
|
|
|
|
|
|
|
|
Payout in cash |
|
3,010 |
|
39.1% |
|
– |
|
– |
|
3,010 |
Investment obligation (in shares; 4-year holding period) |
|
1,505 |
|
19.6% |
|
– |
|
– |
|
1,505 |
Profit sharing 2025 |
|
|
|
|
|
|
|
|
|
|
Payout in cash |
|
– |
|
– |
|
– |
|
2,892 |
|
– |
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
– |
|
1,446 |
|
– |
LTIP |
|
|
|
|
|
|
|
|
|
|
LTIP 2021 (2021 to 2024) |
|
1,619 |
|
21.1% |
|
– |
|
– |
|
1,619 |
LTIP 2022 (2022 to 2025) |
|
– |
|
|
– |
|
212 |
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation awarded or due pursuant to section 162 AktG |
|
7,690 |
|
100.0% |
|
6,145 |
|
– |
|
– |
Compensation for the fiscal year |
|
– |
|
– |
|
– |
|
6,106 |
|
7,692 |
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
642 |
|
– |
|
640 |
|
642 |
|
640 |
Total compensation incl. service cost |
|
8,332 |
|
– |
|
6,785 |
|
6,748 |
|
8,332 |
|
|
Kai Beckmann |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
In the fiscal year |
|
For the fiscal year |
||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||
|
|
€ thousand |
|
in % |
|
€ thousand |
|
€ thousand |
|
€ thousand |
||||
Base salary |
|
1,200 |
|
20.8% |
|
1,200 |
|
1,227 |
|
1,200 |
||||
Additional benefits |
|
16 |
|
0.3% |
|
20 |
|
16 |
|
20 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Profit sharing |
|
|
|
|
|
|
|
|
|
|
||||
Profit sharing 2023 |
|
|
|
|
|
|
|
|
|
|
||||
Payout in cash |
|
– |
|
– |
|
2,222 |
|
– |
|
– |
||||
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
1,111 |
|
– |
|
– |
||||
Profit sharing 2024 |
|
|
|
|
|
|
|
|
|
|
||||
Payout in cash |
|
2,188 |
|
37.9% |
|
– |
|
– |
|
2,188 |
||||
Investment obligation (in shares; 4-year holding period) |
|
1,094 |
|
19.0% |
|
– |
|
– |
|
1,094 |
||||
Profit sharing 2025 |
|
|
|
|
|
|
|
|
|
|
||||
Payout in cash |
|
– |
|
– |
|
– |
|
2,167 |
|
– |
||||
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
– |
|
1,084 |
|
– |
||||
LTIP |
|
|
|
|
|
|
|
|
|
|
||||
LTIP 2021 (2021 to 2024) |
|
1,268 |
|
22.0% |
|
– |
|
– |
|
1,268 |
||||
LTIP 2022 (2022 to 2025) |
|
– |
|
|
– |
|
158 |
|
– |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation awarded or due pursuant to section 162 AktG |
|
5,766 |
|
100.0% |
|
4,553 |
|
– |
|
– |
||||
Compensation for the fiscal year |
|
– |
|
– |
|
– |
|
4,652 |
|
5,770 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Service cost |
|
435 |
|
– |
|
435 |
|
435 |
|
435 |
||||
Total compensation |
|
6,201 |
|
– |
|
4,988 |
|
5,087 |
|
6,205 |
||||
|
||||||||||||||
|
|
Peter Guenter |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
In the fiscal year |
|
For the fiscal year |
||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||
|
|
€ thousand |
|
in % |
|
€ thousand |
|
€ thousand |
|
€ thousand |
||||
Base salary |
|
500 |
|
9.0% |
|
1,200 |
|
500 |
|
1,200 |
||||
Additional benefits1 |
|
8 |
|
0.1% |
|
413 |
|
8 |
|
413 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Profit sharing |
|
|
|
|
|
|
|
|
|
|
||||
Profit sharing 2023 |
|
|
|
|
|
|
|
|
|
|
||||
Payout in cash |
|
– |
|
– |
|
2,475 |
|
– |
|
– |
||||
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
1,237 |
|
– |
|
– |
||||
Profit sharing 2024 |
|
|
|
|
|
|
|
|
|
|
||||
Payout in cash |
|
2,436 |
|
43.8% |
|
– |
|
– |
|
2,436 |
||||
Investment obligation (in shares; 4-year holding period) |
|
1,218 |
|
21.9% |
|
– |
|
– |
|
1,218 |
||||
Profit sharing 2025 |
|
|
|
|
|
|
|
|
|
|
||||
Payout in cash |
|
– |
|
– |
|
– |
|
968 |
|
– |
||||
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
– |
|
484 |
|
– |
||||
LTIP |
|
|
|
|
|
|
|
|
|
|
||||
LTIP 2021 (2021 to 2024) |
|
1,404 |
|
25.2% |
|
– |
|
– |
|
1,404 |
||||
LTIP 2022 (2022 to 2025) |
|
– |
|
|
– |
|
175 |
|
– |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation awarded or due pursuant to section 162 AktG |
|
5,566 |
|
100.0% |
|
5,325 |
|
– |
|
– |
||||
Compensation for the fiscal year |
|
– |
|
– |
|
– |
|
2,135 |
|
6,671 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Service cost |
|
182 |
|
– |
|
436 |
|
182 |
|
436 |
||||
Total compensation |
|
5,748 |
|
– |
|
5,761 |
|
2,317 |
|
7,107 |
||||
|
||||||||||||||
|
|
Matthias Heinzel |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
In the fiscal year |
|
For the fiscal year |
||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||
|
|
€ thousand |
|
in % |
|
€ thousand |
|
€ thousand |
|
€ thousand |
Base salary |
|
500 |
|
9.6% |
|
1,200 |
|
500 |
|
1,200 |
Additional benefits |
|
13 |
|
0.2% |
|
12 |
|
13 |
|
12 |
|
|
|
|
|
|
|
|
|
|
|
Profit sharing |
|
|
|
|
|
|
|
|
|
|
Profit sharing 2023 |
|
|
|
|
|
|
|
|
|
|
Payout in cash |
|
– |
|
– |
|
2,475 |
|
– |
|
– |
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
1,237 |
|
– |
|
– |
Profit sharing 2024 |
|
|
|
|
|
|
|
|
|
|
Payout in cash |
|
2,436 |
|
46.7% |
|
– |
|
– |
|
2,436 |
Investment obligation (in shares; 4-year holding period) |
|
1,218 |
|
23.3% |
|
– |
|
– |
|
1,218 |
Profit sharing 2025 |
|
|
|
|
|
|
|
|
|
|
Payout in cash |
|
– |
|
– |
|
– |
|
2,340 |
|
– |
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
– |
|
1,170 |
|
– |
LTIP |
|
|
|
|
|
|
|
|
|
|
LTIP 2021 (2021 to 2024) |
|
1,053 |
|
20.2% |
|
– |
|
– |
|
1,053 |
LTIP 2022 (2022 to 2025) |
|
– |
|
|
– |
|
175 |
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation awarded or due pursuant to section 162 AktG |
|
5,220 |
|
100.0% |
|
4,924 |
|
– |
|
– |
Compensation for the fiscal year |
|
– |
|
– |
|
– |
|
4,198 |
|
5,919 |
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
446 |
|
– |
|
447 |
|
446 |
|
447 |
Total compensation |
|
5,666 |
|
– |
|
5,371 |
|
4,644 |
|
6,366 |
|
|
Helene von Roeder |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
In the fiscal year |
|
For the fiscal year |
||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||
|
|
€ thousand |
|
in % |
|
€ thousand |
|
€ thousand |
|
€ thousand |
||||
Base salary |
|
1,200 |
|
27.9% |
|
1,200 |
|
1,200 |
|
1,200 |
||||
Additional benefits1 |
|
19 |
|
0.4% |
|
276 |
|
19 |
|
19 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Profit sharing |
|
|
|
|
|
|
|
|
|
|
||||
Profit sharing 2023 |
|
|
|
|
|
|
|
|
|
|
||||
Payout in cash |
|
– |
|
– |
|
1,044 |
|
– |
|
– |
||||
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
522 |
|
– |
|
– |
||||
Profit sharing 2024 |
|
|
|
|
|
|
|
|
|
|
||||
Payout in cash |
|
2,055 |
|
47.8% |
|
– |
|
– |
|
2,055 |
||||
Investment obligation (in shares; 4-year holding period) |
|
1,027 |
|
23.9% |
|
– |
|
– |
|
1,027 |
||||
Profit sharing 2025 |
|
|
|
|
|
|
|
|
|
|
||||
Payout in cash |
|
– |
|
– |
|
– |
|
1,971 |
|
– |
||||
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
– |
|
985 |
|
– |
||||
LTIP |
|
|
|
|
|
|
|
|
|
|
||||
LTIP 2021 (2021 to 2024) |
|
– |
|
– |
|
– |
|
– |
|
– |
||||
LTIP 2022 (2022 to 2025) |
|
– |
|
|
– |
|
– |
|
– |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation awarded or due pursuant to section 162 AktG |
|
4,301 |
|
100.0% |
|
3,043 |
|
– |
|
– |
||||
Compensation for the fiscal year |
|
– |
|
– |
|
– |
|
4,175 |
|
4,301 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Service cost |
|
464 |
|
– |
|
479 |
|
464 |
|
479 |
||||
Total compensation |
|
4,765 |
|
– |
|
3,522 |
|
4,639 |
|
4,780 |
||||
|
||||||||||||||
|
|
Khadija Ben Hammada |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
In the fiscal year |
|
For the fiscal year |
||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||
|
|
€ thousand |
|
in % |
|
€ thousand |
|
€ thousand |
|
€ thousand |
Base salary |
|
1,000 |
|
99.0% |
|
– |
|
1,000 |
|
– |
Additional benefits |
|
10 |
|
1.0% |
|
– |
|
10 |
|
– |
Compensation for pension contribution 2025 |
|
– |
|
– |
|
– |
|
375 |
|
– |
|
|
|
|
|
|
|
|
|
|
|
Profit sharing |
|
|
|
|
|
|
|
|
|
|
Profit sharing 2025 |
|
|
|
|
|
|
|
|
|
|
Payout in cash |
|
– |
|
– |
|
– |
|
1,652 |
|
– |
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
– |
|
826 |
|
– |
|
|
|
|
|
|
|
|
|
|
|
Compensation awarded or due pursuant to section 162 AktG |
|
1,010 |
|
100.0% |
|
– |
|
– |
|
– |
Compensation for the fiscal year |
|
– |
|
– |
|
– |
|
3,863 |
|
– |
|
|
Jean-Charles Wirth |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
In the fiscal year |
|
For the fiscal year |
||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||
|
|
€ thousand |
|
in % |
|
€ thousand |
|
€ thousand |
|
€ thousand |
Base salary |
|
700 |
|
98.9% |
|
– |
|
700 |
|
– |
Additional benefits |
|
8 |
|
1.1% |
|
– |
|
8 |
|
– |
Compensation for pension contribution 2025 |
|
– |
|
– |
|
– |
|
263 |
|
– |
|
|
|
|
|
|
|
|
|
|
|
Profit sharing |
|
|
|
|
|
|
|
|
|
|
Profit sharing 2025 |
|
|
|
|
|
|
|
|
|
|
Payout in cash |
|
– |
|
– |
|
– |
|
1,372 |
|
– |
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
– |
|
686 |
|
– |
|
|
|
|
|
|
|
|
|
|
|
Compensation awarded or due pursuant to section 162 AktG |
|
708 |
|
100.0% |
|
– |
|
– |
|
– |
Compensation for the fiscal year |
|
– |
|
– |
|
– |
|
3,029 |
|
– |
|
|
Dan Pinhas Bar Zohar |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
In the fiscal year |
|
For the fiscal year |
||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||
|
|
€ thousand |
|
in % |
|
€ thousand |
|
€ thousand |
|
€ thousand |
Base salary |
|
700 |
|
96.6% |
|
– |
|
700 |
|
– |
Additional benefits |
|
25 |
|
3.4% |
|
– |
|
25 |
|
– |
Compensation for pension contribution 2025 |
|
– |
|
– |
|
– |
|
263 |
|
– |
|
|
|
|
|
|
|
|
|
|
|
Profit sharing |
|
|
|
|
|
|
|
|
|
|
Profit sharing 2025 |
|
|
|
|
|
|
|
|
|
|
Payout in cash |
|
– |
|
– |
|
– |
|
1,372 |
|
– |
Investment obligation (in shares; 4-year holding period) |
|
– |
|
– |
|
– |
|
686 |
|
– |
|
|
|
|
|
|
|
|
|
|
|
Compensation awarded or due pursuant to section 162 AktG |
|
725 |
|
100.0% |
|
– |
|
– |
|
– |
Compensation for the fiscal year |
|
– |
|
– |
|
– |
|
3,046 |
|
– |
Compensation awarded or due to former members of the Executive Board in the fiscal year
The compensation awarded or due to former members of the Executive Board during the fiscal year is also presented below. Tranches of the LTIP already allocated before a member of the Executive Board left the company continue to run until the end of the originally contractually agreed term and are settled and paid out after the end of the performance period. In addition, some members who have already left the Executive Board receive fixed payments from pension plans.
The following tables show the compensation awarded or due to former members of the Executive Board in fiscal 2025 in accordance with section 162 (1) AktG and the respective relative share of total compensation. Compensation awarded or due includes all amounts received by the former members of the Executive Board in the fiscal year (compensation awarded) or all amounts legally due but not yet received (compensation due). For former members of the Executive Board who left the Executive Board in the last ten years, the information is indicated by name. In accordance with the provisions of section 162 (5) AktG, no personal information is provided on former members of the Executive Board who left the Executive Board more than ten years ago, i.e. before December 31, 2014.
|
|
Peter Guenter |
||||
|---|---|---|---|---|---|---|
|
|
2025 |
|
2024 |
||
|
|
€ thousand |
|
in % |
|
€ thousand |
Other (retirement capital and severence payment) |
|
6,028 |
|
100.0% |
|
– |
Compensation awarded or due pursuant to section 162 AktG |
|
6,028 |
|
100.0% |
|
– |
|
|
Matthias Heinzel |
||||
|---|---|---|---|---|---|---|
|
|
2025 |
|
2024 |
||
|
|
€ thousand |
|
in % |
|
€ thousand |
Base salary |
|
700 |
|
29.3% |
|
– |
Other (severence payment) |
|
1,688 |
|
70.7% |
|
– |
Compensation awarded or due pursuant to section 162 AktG |
|
2,388 |
|
100.0% |
|
– |
|
|
Marcus Kuhnert |
||||
|---|---|---|---|---|---|---|
|
|
2025 |
|
2024 |
||
|
|
€ thousand |
|
in % |
|
€ thousand |
Profit Sharing 2023 |
|
|
|
|
|
|
Payout in cash |
|
– |
|
– |
|
1,044 |
Investment (in shares) |
|
– |
|
– |
|
522 |
LTIP |
|
|
|
|
|
|
LTIP 2021 (2021 to 2024) |
|
1,035 |
|
36.6% |
|
– |
Other (waiting allowance) |
|
1,794 |
|
63.4% |
|
2,266 |
Compensation awarded or due pursuant to section 162 AktG |
|
2,829 |
|
100.0% |
|
3,832 |
|
|
Stefan Oschmann |
||||
|---|---|---|---|---|---|---|
|
|
2025 |
|
2024 |
||
|
|
€ thousand |
|
in % |
|
€ thousand |
LTIP |
|
|
|
|
|
|
LTIP 2021 (2021 to 2024) |
|
556 |
|
45.8% |
|
– |
Pensions |
|
659 |
|
54.2% |
|
642 |
Compensation awarded or due pursuant to section 162 AktG |
|
1,215 |
|
100.0% |
|
– |
Former members of the Executive Board who only received pension payments in fiscal 2025 are shown in the following table. The compensation awarded or due in fiscal 2025 in accordance with section 162 (1) AktG consists entirely of non-performance-related compensation elements.
€ thousand |
|
2025 |
|
2024 |
|---|---|---|---|---|
Karl-Ludwig Kley |
|
768 |
|
768 |
Bernd Reckmann |
|
521 |
|
521 |
Payments to former members of the Executive Board and their surviving dependents
Payments to former members of the Executive Board and their surviving dependents may be made in the form of pension payments, as a temporary continuation of the basic salary in the event of death, as part of the profit sharing and the LTIP, and as a waiting allowance for a post-contractual non-competition clause. In fiscal 2025, they amounted to € 13.0 million (previous year: € 18.3 million). Provisions for defined benefit pension commitments in accordance with IAS 19 amounted to € 108.7 million as of December 31, 2025 (December 31, 2024: € 121.5 million).
Compliance with the defined maximum compensation
The maximum compensation limits the compensation awarded or due in the fiscal year, i.e. the total of all non-performance-related and performance-related compensation elements awarded or due in a fiscal year. Pension payments are not included in the maximum compensation.
The maximum compensation for the fiscal year is € 11,500,000 for the Chair of the Executive Board and € 9,500,000 each for ordinary members of the Executive Board. The sum of the compensation awarded or due in accordance with section 162 AktG minus any pension and severance payments and plus service cost is below the defined maximum compensation in accordance with section 87a AktG for all members of the Executive Board.
In addition to the maximum compensation, there is a separate contractually agreed payment cap for each of the performance-related compensation elements. An individual maximum amount has been set for the amount of profit sharing for all members of the Executive Board. It amounts to € 4,810 thousand for Belén Garijo, € 3,900 thousand for Peter Guenter, Matthias Heinzel, Dan Pinhas Bar Zohar, and Jean-Charles Wirth, € 3,500 thousand for Kai Beckmann (effective September 25, 2025: € 3,900 thousand), and € 3,300 thousand for Helene von Roeder and Khadija Ben Hammada. The payout from the LTIP cannot exceed 2.5 times the individual award value, even in cases of exceptional performance.
In addition, there is a contractually agreed maximum limit on the direct compensation, i.e. the sum of base salary, profit-sharing and LTIP. In this context, it is stipulated that capping compensation, if necessary, shall be applied first to the LTIP and then to the profit sharing.
Compliance with the defined maximum compensation is ensured by the Personnel Committee setting the amounts of the variable compensation components by resolution. The defined maximum compensation and the maximum limit for the direct compensation of the members of the Executive Board are shown in the following table.
€ thousand |
|
Maximum limit for Direct Compensation |
|
Maximum compensation pursuant to section 87a AktG |
|---|---|---|---|---|
Belén Garijo |
|
9,800 |
|
11,500 |
Kai Beckmann |
|
8,000 |
|
9,500 |
Peter Guenter |
|
8,000 |
|
9,500 |
Matthias Heinzel |
|
8,000 |
|
9,500 |
Helene von Roeder |
|
8,000 |
|
9,500 |
Khadija Ben Hammada |
|
8,000 |
|
9,500 |
Jean-Charles Wirth |
|
8,000 |
|
9,500 |
Dan Pinhas Bar Zohar |
|
8,000 |
|
9,500 |