Impairment losses and reversal of impairment losses

The general descriptions of plans and models – as specified in Note D.11. Impairment losses and reversal of impairment losses of the Annual Report 2024/25 – still apply.

The assessment of the recoverability of intangible assets, goodwill, and property, plant and equipment is based on forward-looking assumptions. The determination of recoverable amounts as part of impairment testing relies on several assumptions, such as future cash flows, discount rates, or fair values less costs to sell of the individual assets, which are continuously reviewed.

As part of this review as of the interim reporting date, the trigger analysis of the CGUs considered not only the market capitalization, which remains below the carrying amount of equity, but also current developments in the first half of the business year 2025/26. While uncertainties related to U.S. tariffs had already been reflected in the impairment tests as of March 31, 2025, the tariffs on steel products were subsequently increased to 50 %. As a result of the trigger analysis performed, selected CGUs were subjected to impairment testing as of September 30, 2025. This review was conducted based on updated assumptions, which particularly include progress in restructuring, revised U.S. tariffs, and the initial consideration of country risk for the United States due to the loss of its AAA rating when determining the WACC.

As of September 30, 2025, no impairments were recognized for goodwill-allocated CGUs or for CGUs without goodwill. For all other disclosures in this context, please refer to the Consolidated Financial Statements 2024/25.