Debt coverage
| Debt coverage / € million | H1 | Change | ||
|---|---|---|---|---|
| 2026 | 2025 | absolute | % | |
| EBITDA adjusted 1) | 2,129 | 1,398 | +731 | +52.3 |
| Operating interest balance 1) | –197 | –269 | +72 | –26.8 |
| Original tax expenses 1) | –17 | –10 | –7 | +70.0 |
| Operating cash flow after taxes 1) | 1,915 | 1,119 | +796 | +71.1 |
| Net financial debt as of Jun 30 | 21,571 | 22,047 | –476 | –2.2 |
| Pension obligations as of Jun 30 | 2,942 | 3,043 | –101 | –3.3 |
| Hybrid capital 2) as of Jun 30 | 503 | 503 | – | – |
| Net debt as of Jun 30 | 25,016 | 25,593 | –577 | –2.3 |
| Debt coverage (%) | 15.3 | 8.7 | +6.6 | – |
| Target (%) | ≥15 | ≥15 | – | – |
1) Figures extrapolated to the full year for calculation of key figures.
2) As assessed by the rating agencies, half of the hybrid capital shown on the balance sheet is taken into account in the calculation of the net debt.
Debt coverage increased significantly as of June 30, 2026, primarily due to the profit development as well as slightly lower net debt:
- The operating cash flow after taxes increased due to the significant improvement in operating profit in particular.
- The slight decrease in net debt compared with June 30, 2025, was driven by changes in net financial debt as well as pension obligations.