Operating income ¹

EBITDA

In millions of euros

EBIT

In millions of euros

As on the sales side, the development on the earnings side was also unable to match the record figures of the previous year. In addition to the economic slowdown, this was also due to one-off effects in both reporting periods. In the previous business year 2022/23, EBITDA included positive one-off effects of EUR 101 million. By contrast, the previous year’s EBIT reported one-off effects of EUR –72 million. Specifically, these consisted of positive effects from a land sale and negative effects from impairment losses in the Steel Division and the High Performance Metals Division.

The earnings figures for the business year 2023/24 also included one-off effects. Impairment losses as a result of the initiated sales process at Buderus Edelstahl had a negative impact of EUR 181 million on EBIT, of which EUR 92 million also affected EBITDA. In the High Performance Metals Division, goodwill impairments in the High Performance Metals Production cash-generating unit amounting to EUR 179 million also had a negative impact on the development of EBIT in the current reporting period. EBIT in the Metal Forming Division in the business year 2023/24 includes non-recurring effects in the form of impairment losses of EUR 68 million due to the adjustment of planning assumptions in the Automotive Components business segment.

In addition to these significant effects, the operating income (EBITDA) and consequently the profit from operations (EBIT) for the business year 2023/24 were also affected by positive and negative one-off effects of medium and small magnitude, which almost completely canceled each other out in total. On the positive side, these include government support payments, and on the negative side, for example, the valuation of the gas storage facility.

Based on the IFRS reporting figures, and thus including one-off effects, EBITDA fell by more than a third from EUR 2,543.9 million in the business year 2022/23 to EUR 1,666.1 million in the business year 2023/24. While the Metal Engineering Division was even able to slightly exceed the record results of the previous year, EBITDA decreased in the other three divisions. EBIT weakened by 64.9% year-on-year from EUR 1,622.8 million to EUR 569.3 million.

¹ Business year 2022/23, and 1st to 3rd quarter 2023/24, retroactively adjusted.