Deviations from the forecast
| Outlook for the 2025 financial year | 2024 | 2025 (Mar 2025 forecast) | 2025 (Jul 2025 forecast) | 2025 |
|---|---|---|---|---|
| Revenues adjusted (€ billion) | 26.2 | >27 | >27 | 27.0 |
| EBIT adjusted (€ billion) | –0.3 | >0 | >0 | 0.3 |
| Personnel expense ratio (%) | 51.6 | <53 | <53 | 52.4 |
| ROCE (%) | –0.6 | >0 | >0 | 0.6 |
| Debt coverage (%) | 6.0 | 11 | 11 | 13.4 |
The income development was largely in line with the forecast in the Integrated Interim Report January –June 2025:
- Revenue development was slightly below our expectations, as economic stimuli were weaker than expected. In addition, the weak operating quality continued to weigh more heavily on development than expected.
- Debt coverage improved more significantly than expected, as net financial debt fell more sharply than assumed.