Debt coverage
| Debt coverage / € million | 2025 | 2024 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| EBITDA adjusted | 3,723 | 2,943 | +780 | +26.5 |
| Operating interest balance | –482 | –689 | +207 | –30.0 |
| Original tax expenses | –16 | –28 | +12 | –42.9 |
| Operating cash flow after taxes | 3,225 | 2,226 | +999 | +44.9 |
| Net financial debt as of Dec 31 | 20,694 | 32,574 | –11,880 | –36.5 |
| Pension obligations as of Dec 31 | 2,903 | 3,318 | –415 | –12.5 |
| Hybrid capital 1) as of Dec 31 | 499 | 1,001 | –502 | –50.1 |
| Net debt as of Dec 31 | 24,096 | 36,893 | –12,797 | –34.7 |
| Debt coverage in % | 13.4 | 6.0 | +7.4 | – |
1) As assessed by the rating agencies, half of the hybrid capital shown on the balance sheet is taken into account in the calculation of the net debt.
The debt coverage has increased significantly as of December 31, 2025:
- The operating cash flow after taxes increased significantly, in particular as a result of the improved operating profit.
- The decrease in net debt resulted primarily from the sale of DB Schenker.