Profit before and after tax

Profit after tax

In millions of euros
Before deduction of non-controlling interests.

EPS – Earnings per share

In euros

The net financial result remained stable in the 2024/25 business year at EUR –184.6 million (previous year: EUR –185.9 million), since finance income and finance expenses declined by the same amount. As a result, earnings before tax for the reporting period amounted to EUR 270.5 million, representing a 29.4% decrease compared to EUR 383.4 million in the 2023/24 business year. The tax rate of 34.0%, while lower than the previous year’s rate of 43.8%, remains significantly above the long-term average. The high tax burden relative to pre-tax earnings in 2024/25 is primarily due to the fact that the impairments described under one-off effects did not result in any tax relief. Similarly, the impairments recorded in 2023/24 had no tax-reducing effect. Against this backdrop, profit after tax in the 2024/25 business year amounted to EUR 178.6 million, down 13.8% from EUR 207.1 million.