Additional Information in Accordance with the German Commercial Code (HGB)

Results of operations

 

 

 

 

 

 

Change

€ million

 

2025

 

2024

 

€ million

 

%

Net sales

 

1,754

 

1,624

 

130

 

8.0

Other income

 

101

 

114

 

-13

 

-11.7

Cost of materials

 

-787

 

-693

 

-94

 

13.6

Personnel expenses

 

-542

 

-527

 

-14

 

2.7

Depreciation, amortization and write-downs

 

-133

 

-132

 

-2

 

1.1

Other operating expenses

 

-792

 

-916

 

124

 

-13.6

Operating result

 

-399

 

-530

 

131

 

-24.7

Investment result

 

1,943

 

2,173

 

-229

 

-10.6

Other financial result

 

-511

 

-685

 

175

 

-25.5

Profit before profit transfers and taxes

 

1,034

 

958

 

76

 

7.9

Profit transfers

 

-740

 

-709

 

-31

 

4.4

Taxes

 

-9

 

36

 

-45

 

-126.0

Profit after profit transfers and taxes/net income

 

284

 

284

 

 

Assets

 

 

 

 

 

 

Change

€ million

 

Dec. 31, 2025

 

Dec. 31, 2024

 

€ million

 

%

Fixed assets

 

26,352

 

25,209

 

1,143

 

4.5

Intangible assets

 

196

 

193

 

3

 

1.4

Tangible assets

 

1,413

 

1,276

 

138

 

10.8

Financial assets

 

24,743

 

23,741

 

1,002

 

4.2

Current assets

 

1,251

 

1,795

 

-545

 

-30.3

Inventories

 

32

 

34

 

-2

 

-6.7

Trade accounts receivable

 

59

 

63

 

-4

 

-7.0

Other receivables and other assets

 

1,160

 

1,698

 

-538

 

-31.7

Cash and cash equivalents

 

 

 

 

Prepaid expenses

 

89

 

84

 

5

 

6.2

 

 

27,692

 

27,088

 

604

 

2.2

Equity and liabilities

 

 

 

 

 

 

Change

€ million

 

Dec. 31, 2025

 

Dec. 31, 2024

 

€ million

 

%

Net equity

 

5,481

 

5,481

 

 

Provisions

 

1,893

 

2,067

 

-174

 

-8.4

Provisions for pensions and other post-employment benefits

 

1,190

 

1,313

 

-123

 

-9.3

Other provisions

 

703

 

754

 

-51

 

-6.8

Liabilities

 

20,309

 

19,532

 

777

 

4.0

Financial liabilities

 

2,548

 

2,276

 

272

 

12.0

Trade accounts payable

 

172

 

155

 

17

 

10.7

Other liabilities

 

17,589

 

17,101

 

488

 

2.9

Deferred income

 

10

 

9

 

 

 

 

27,692

 

27,088

 

603

 

2.2

Employees

 

 

2025

 

2024

Administration

 

2,498

 

2,529

Site operations

 

762

 

820

Research

 

281

 

310

Logistics

 

55

 

55

Marketing and sales

 

35

 

36

Other

 

7

 

6

Total

 

3,637

 

3,756

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