October-December 2025
- Orders received increased by 6.3% to EUR 2,253.4 (10-12/2024: 2,119.0) million. At comparable exchange rates, orders increased by 12.2%.
- Sales decreased by 0.5% to EUR 2,960.8 (2,975.6) million. At comparable exchange rates, sales increased by 4.3%.
- Operating profit (EBIT) was EUR 387.1 (332.5) million, or 13.1% (11.2%) of sales. Adjusted operating profit (adjusted EBIT) was EUR 401.9 (386.5) million, or 13.6% (13.0%) of sales.*
- Cash flow from operations (before financial items and taxes) was EUR 465.9 (533.7) million.
January-December 2025
- Orders received increased by 3.8% to EUR 9,087.4 (1-12/2024: 8,758.9) million. At comparable exchange rates, orders increased by 6.8%.
- Sales increased by 1.3% to EUR 11,245.2 (11,098.4) million. At comparable exchange rates, sales increased by 4.0%.
- Operating profit (EBIT) was EUR 1,336.2 (1,249.0) million, or 11.9% (11.3%) of sales. Adjusted operating profit (adjusted EBIT) was EUR 1,369.3 (1,303.0) million, or 12.2% (11.7%) of sales.*
- Cash flow from operations (before financial items and taxes) was EUR 1,761.3 (1,589.3) million.
- Dividend proposal: EUR 1.80 per class B share and EUR 1.7975 per class A share.
The growth in orders is sweet for the market, but from a stock picker’s perspective, this is already quite “challengingly priced,” as always. At today’s share price, the dividend yield is under 3%.