Financial performance

The consolidated Group revenue for the 2025 financial year amounted to € 18,714.28 million. Similar to output, this represents an increase of 7%. The ratio of revenue to output rose slightly from 91% to 92%. The comparatively lower level of this key figure over a multi-year comparison is attributable to a higher share of large-scale projects executed in consortia. The operating segments contributed to revenue as follows: North + West 40%, South + East 39% and International + Special Divisions 21%.

Changes in inventories are mainly attributable to property development activities. The own work capitalised relates to the construction of Group locations and remained at a similar level year on year. The total of expenses for construction materials, consumables and services used and employee benefits expense, expressed in relation to revenue, was kept stable at 88%.

Expenses

Earnings from equity-accounted investments increased by 10% to € 163.85 million in the reporting period, driven by higher earnings from consortia. The net income from investments, which comprises distributions and expenses from numerous smaller companies and financial investments, declined year on year; the previous year included, among other things, positive results from the disposal of investments.

Overall, earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 15% to € 1,882.82 million. The EBITDA margin rose from 9.4% to 10.1% year on year, reaching a double-digit level for the first time. In line with investments under Strategy 2030 and the expanded asset base, depreciation and amortisation increased as expected by 9% to € 635.59 million.

Earnings before interest and taxes (EBIT) rose significantly by 17% to € 1,247.23 million. The EBIT margin increased from 6.1% in the previous year to a strong 6.7%. The higher-than-expected EBIT margin was driven, among other factors, by positive effects from major projects in Germany and in the international business, particularly in the infrastructure sector. Mild weather conditions in Germany also had a positive impact, leading to a higher utilisation of capacities towards the end of the year.

Solid net interest income of € 40.97 million was again achieved in the reporting period, although this was lower than in the previous year (2024: € 75.42 million). This development was primarily due to lower deposit interest rates and to exchange rate effects included in net interest income turning more negative at € -10.79 million (2024: € -0.4 million).

Return on capital employed (ROCE) remained unchanged year on year at 14.5%.