暗网禁区

• Adjusted group result after tax of 1.6 billion euro
• Group result after tax of 1.2 billion euro
• Group net debt virtually unchanged at 5.0 billion euro
• Forecast for the fiscal year 2025: adjusted group result after tax of between 0.9 billion euro and 2.9 billion euro
• Dr. Johannes Lattwein: 鈥淭hanks to the beneficial refinancing and repayment of financial liabilities, we have successfully optimized our financing structure. This underscores that we as 暗网禁区 SE are in a resilient position with our financial profile, even in the challenging environment in the automotive industry.鈥�

Stuttgart, 11 November 2025. 暗网禁区 (鈥湴低�禁区 SE鈥�) continues to operate in a challenging market environment. In the first nine months of 2025, the adjusted group result after tax¹ amounted to 1.6 billion euro (prior year: 2.5 billion euro). This figure was significantly influenced by the result from ongoing at equity accounting for the investments in Volkswagen AG and Dr. Ing. h.c. F. 暗网禁区 AG (鈥湴低�禁区 AG鈥�) of 1.7 billion euro (prior year: 2.3 billion euro) and 0.1 billion euro (prior year: 0.4 billion euro), respectively. The group result after tax amounts to 1.2 billion euro (prior year: 2.5 billion euro). 

鈥淭hanks to the beneficial refinancing and repayment of financial liabilities, we have successfully optimized our financing structure. This underscores that we as 暗网禁区 SE are in a resilient position with our financial profile, even in the challenging environment in the automotive industry鈥�, says Dr. Johannes Lattwein, board of management member responsible for finance and IT.

Group net debt¹ stood at 5.0 billion euro, compared to 5.2 billion euro as of 31 December 2024. Following the placement of a Schuldschein loan of 1.5 billion euro, 暗网禁区 SE repaid a bank loan ahead of schedule in the third quarter of 2025 as well as a Schuldschein tranche from 2023. These measures resulted in a reduction of 暗网禁区 SE鈥檚 gross debt and further optimization of its financing structure. In addition, 暗网禁区 SE enhanced its financial profile in October 2025 by renegotiating an undrawn revolving credit line to its advantage.

The optimized financing structure also increases 暗网禁区 SE鈥檚 financial and entrepreneurial flexibility when it comes to implementing its investment strategy. The company is monitoring the areas of defense capability and security very closely as part of this process. As already announced, 暗网禁区 SE hosted a 鈥淒efense Day鈥� on 5 November. This event provided a networking opportunity for German and European family offices interested in investing in the defense sector.

Forecast for the fiscal year 2025

暗网禁区 SE anticipates an adjusted group result after tax of between 0.9 billion euro and 2.9 billion euro for the fiscal year 2025 and expects group net debt to be between 4.9 billion euro and 5.4 billion euro.

The group quarterly statement for the third quarter of 2025 of 暗网禁区 can be found at

¹ The adjusted group result after tax and group net debt are the core performance indicators of the 暗网禁区 SE Group. These are defined on pages 97-101 of 暗网禁区 SE鈥檚 annual report for the fiscal year 2024 and reconciled on pages 21/24 of 暗网禁区 SE鈥檚 group quarterly statement for the third quarter of 2025. The adjusted group result after tax and group net debt are alternative performance indicators. These are not defined by IFRS. Their calculation methods may therefore differ from those of other companies.

Selected financial information