Deviations from the forecast
| Outlook for the 2025 financial year / € billion | 2024 | 2025 (Mar 2025 forecast) | 2025 (Jul 2025 forecast) | 2025 |
|---|---|---|---|---|
| Gross capital expenditures | 18.2 | >20 | >20 | 21.9 |
| DB-financed net capital expenditures 1) | 5.9 | >6 | >6 | 5.9 |
| Net financial debt as of Dec 31 | 32.6 | 26–28 | 26–28 | 20.7 |
| Bond issues (senior) | 1.1 | – | – | – |
1) Excluding additional equity increases by the Federal Government for infrastructure financing.
The development in 2025 deviated in part from our forecast in the Integrated Interim Report January to June 2025:
- In particular, DB-financed net capital expenditures were slightly below our expectations, mainly due to delays in construction projects.
- Net financial debt developed significantly better than forecast. This was mainly due to the loan from the Federal Government, lower working capital and risks in connection with the Government funding that did not materialize.