10. Basic/Diluted Earnings per Share

Earnings per share for 2024 amounted to €4.25 (previous year: €4.05). The basis for calculation is profit after tax excluding profit attributable to non-controlling interests.

When calculating earnings per share for financial year 2025, we used a weighted average of the shares in circulation due to the share buyback program and the necessary retirement of treasury shares. We determined this weighted average on the basis of the share buybacks. The number of shares in circulation as of January 1, 2025 amounted to 223,214,380. As of December 31, 2025, the number of shares issued less treasury shares totaled 218,523,759. Based on the share buybacks, a weighted average of 221,028,422 shares outstanding was calculated. In the previous year, the weighted average number of the shares in circulation totaled 224,959,424.

As there are no outstanding financial instruments that can be exchanged for shares, there is no difference between diluted and basic earnings per share.