Annual Report 2025

Annual Report 2025

Segment Reporting

(in € million)

 

 

 

Consumer

 

tesa

 

Group

 

 

 

2024

 

2025

 

2024

 

2025

 

2024

 

2025

Net sales

 

 

8,162

 

8,176

 

1,688

 

1,676

 

9,850

 

9,852

Change (nominal)

(in %)

 

4.9

 

0.2

 

1.2

 

-0.7

 

4.3

 

0.0

Change (organic)

(in %)

 

7.5

 

2.5

 

1.9

 

1.8

 

6.5

 

2.4

Share of Group sales

(in %)

 

82.9

 

83.0

 

17.1

 

17.0

 

100.0

 

100.0

EBITDA

 

 

1,300

 

1,323

 

351

 

325

 

1,651

 

1,648

EBITDA (excluding special factors)

 

 

1,367

 

1,362

 

360

 

344

 

1,727

 

1,706

Operating result (EBIT)

 

 

1,027

 

1,069

 

267

 

251

 

1,294

 

1,320

as % of sales

 

 

12.6

 

13.1

 

15.8

 

15.0

 

13.1

 

13.4

Operating result
(EBIT, excluding special factors)
1,3

 

1,094

 

1,108

 

276

 

270

 

1,370

 

1,378

as % of sales

 

 

13.4

 

13.6

 

16.3

 

16.1

 

13.9

 

14.0

Gross operating capital1

 

 

6,152

 

6,203

 

1,227

 

1,263

 

7,379

 

7,466

Operating liabilities1

 

 

3,172

 

2,946

 

306

 

328

 

3,478

 

3,274

EBIT return on net operating capital1

(in %)

 

34.5

 

32.8

 

28.9

 

26.8

 

33.2

 

31.5

Gross cash flow

 

 

1,007

 

852

 

262

 

223

 

1,269

 

1,075

Capital expenditure2

 

 

374

 

397

 

63

 

66

 

437

 

463

Depreciation and amortization

 

 

273

 

253

 

84

 

75

 

357

 

328

Research and development expenses

 

 

270

 

276

 

84

 

89

 

354

 

365

Employees4

(as of Dec. 31)

 

17,043

 

17,083

 

5,224

 

5,316

 

22,267

 

22,399

1

See the disclosures contained in the section entitled “Notes to the Segment Reporting.”

2

Figures comprise investments in intangible assets and property, plant, and equipment including acquisitions.

3

The special factors in the Consumer Business Segment amounted to €-39 million in 2025 (previous year: €-67 million) and in the tesa Business Segment to €-19 million (previous year: €-9 million). The detailed breakdown of special factors by segment is presented in the management report.

4

Starting with the 2025 Annual Report, figures are disclosed on a headcount basis instead of full-time equivalents (FTE). Furthermore, the scope of employee groups considered has been revised. To ensure comparability, the 2024 value was adjusted accordingly. The originally reported prior-year figures on an FTE basis were: Group 22,791; Consumer 17,386; tesa 5,405.

The cost of sales amounted to €3,248 million (previous year: €3,185 million) in the Consumer Business Segment and €918 million (previous year: €905 million) in the tesa Business Segment. The Consumer Business Segment accounted for €3,139 million (previous year: €3,136 million) of marketing and sales costs. The tesa Business Segment accounted for €315 million (previous year: €325 million).

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