Liabilities
Shareholders’ equity down by EUR 236m
Shareholders’ equity came to EUR 11,376m as of 31 December 2025, which was EUR 236m less than in the previous year (31 December 2024: EUR 11,612m). The fall in equity is chiefly due to the dividend of EUR 359m paid in the financial year. This was offset by a capital increase of EUR 7m and the conversion right under the convertible bond for EUR 72m issued in the financial year.
The equity ratio declined by 0.4 percentage points to 24.7% (31 December 2024: 25.1%). The information required on the portfolio development of treasury shares in accordance with Section 160 Paragraph 1 No. 2 AktG is provided in the Notes ↗ Note 33.
Non-current liabilities increase by EUR 395m
The Company’s non-current liabilities grew by EUR 395m to EUR 13,884m (31 December 2024: EUR 13,489m). This is mainly due to higher pension provisions linked to the negative market performance of the plan assets available to meet retirement benefit obligations and, on the other hand, to the purchase of long-term bonds.
Lower equity and current liabilities were not offset by the rise in non-current liabilities. The composition of the statement of financial position did not change significantly year-on-year. Total assets increased and long-term funding (equity and non-current liabilities) accounted for 55% of total assets as of 31 December 2025, slightly more than the previous year (31 December 2024: 54%). Non-current funds covered 81% of non-current assets as of 31 December 2025 (31 December 2024: 80%).
Current liabilities down by EUR 363m
At EUR 20,837m as of 31 December 2025, current liabilities were EUR 363m lower than at year-end 2024 (31 December 2024: EUR 21,200m). The drop in other liabilities was not offset by the increase in provisions.
Net debt up by EUR 161m
Net balance sheet debt was up by EUR 161m to EUR 3,286m (31 December 2024: EUR 3,125m). The decline in bonds (EUR -313m) and liabilities to banks (EUR -26m) was more than offset by lower cash and cash equivalents (EUR -121m) and securities (EUR -312m).