D.13. Deferred taxes

The tax effects of temporary differences, tax losses carried forward, and tax credits that result in the recognition of deferred tax assets and deferred tax liabilities include the following items:

Deferred taxes are calculated using the currently applicable tax rates. For the calculation of deferred taxes of Austrian companies, the tax rate is 23.0%.

Deferred tax assets on loss carryforwards in the amount of EUR 21.9 million (March 31, 2025: EUR 29.1 million) were recognized. As of March 31, 2026, unused tax losses of approximately EUR 1,929.6 million (corporate income tax) (March 31, 2025: approximately EUR 1,765.2 million¹), for which no deferred tax asset has been recognized, are available. Approximately EUR 220.0 million (March 31, 2025: approximately EUR 245.7 million) in tax loss carryforwards (corporate income tax) can only be used for a limited time.

Deferred tax assets totaling EUR 11.4 million (March 31, 2025: EUR 17.4 million) were not recognized for deductible temporary differences amounting to EUR 36.5 million (March 31, 2025: EUR 57.2 million).

Deferred tax assets of EUR 53.9 million (March 31, 2024: EUR 19.7 million)—which are instrumental to the recognition of future taxable income in excess of the effects on earnings from the reversal of taxable temporary differences—were recognized for Group companies that incurred a tax loss in the reporting period or previous business year. The recognized amount is based on the tax-related planning for the respective company or tax group.

No deferred tax liabilities are shown for EUR 2,028.0 million (March 31, 2025: EUR 2,035.7 million) in taxable temporary differences from equity investments in subsidiaries, joint ventures, and associates, because the parent company can control the timing of the reversal of the temporary differences, and because no reversal of the temporary differences is expected for the foreseeable future.

The change in the difference between deferred tax assets and deferred tax liabilities amounts to EUR −29.8 million (March 31, 2025: EUR −57.6 million). This essentially corresponds to the deferred tax expense of EUR −19.0 million (March 31, 2025: deferred tax expense of EUR −35.8 million); to the change in deferred tax assets recognized in other comprehensive income in the amount of EUR −13.8 million (March 31, 2025: EUR −12.4 million); to the change in deferred taxes due to differences from foreign currency translation in the amount of EUR 2.2 million (March 31, 2025: EUR −4.4 million); and the change in deferred taxes from first-time consolidations and deconsolidations in the amount of EUR −0.5 million (March 31, 2025: EUR −4.9 million).

Additional disclosures pursuant to IAS 12.81 (ab):

1 Comparative information restated – The unutilized tax losses reported as of March 31, 2025, amounting to EUR 1,536.3 million, were increased by the tax loss carryforwards of voestalpine Metal Forming GmbH from investments in German partnerships, amounting to EUR 228.9 million.