Liebherr annual report 2025: Financial statements

Consolidated balance sheet

Assets in € m	31/12/2025	%	31/12/2024	%
Intangible assets	29	0.2	34	0.2
Property, plant and equipment	4,304	24.6	4,151	24.3
Investments accounted for using the equity method	2	0.0	6	0.0
Non-current financial assets	157	0.9	135	0.8
Deferred tax assets	285	1.6	299	1.7
Non-current assets	4,777	27.3	4,625	27.0
Inventories	6,341	36.3	6,405	37.5
Receivables	3,116	17.8	2,857	16.7
Prepaid income taxes	105	0.6	90	0.5
Current financial assets	1,568	9.0	1,590	9.3
Cash and cash equivalents	1,579	9.0	1,532	9.0
Current assets	12,709	72.7	12,474	73.0
Total assets	17,486	100.0	17,099	100.0
Equity and liabilities in € m
Share capital	62	0.4	62	0.4
Other reserves and retained earnings	9,276	53.0	8,820	51.6
Equity attributable to Liebherr shareholders	9,338	53.4	8,882	52.0
Non-controlling interests	16	0.1	20	0.1
Equity	9,354	53.5	8,902	52.1
Non-current financial liabilities	1,683	9.6	1,747	10.2
Post-employment benefits	791	4.5	902	5.3
Deferred tax liabilities	104	0.6	74	0.4
Non-current provisions	25	0.1	34	0.2
Other non-current liabilities	31	0.2	34	0.2
Non-current liabilities	2,634	15.0	2,791	16.3
Current financial liabilities	1,215	7.0	962	5.6
Advance Payments	896	5.1	962	5.6
Income tax liabilities	144	0.8	236	1.4
Current provisions	839	4.8	821	4.8
Other current liabilities	2,404	13.8	2,425	14.2
Current liabilities	5,498	31.5	5,406	31.6
Total equity and liabilities	17,486	100.0	17,099	100.0

Consolidated income statement

in € m	31/12/2025	%	31/12/2024	%
Revenue	14,772	95.5	14,622	95.0
Increase or decrease of work in progress and finished goods	-28	-0.2	105	0.7
Other own work capitalised	317	2.1	298	1.9
Other operating income	402	2.6	375	2.4
Operating income	15,463	100.0	15,400	100.0
Cost of materials	-8,067	-52.2	-8,181	-53.1
Personnel expenses	-4,226	-27.3	-4,014	-26.1
Depreciation and amortization expenses	-587	-3.8	-589	-3.8
Other operating expenses	-2,170	-14.0	-1,942	-12.6
Operating expenses	-15,050	-97.3	-14,726	-95.6
Operating result	413	2.7	674	4.4
Finance income	1,043	6.7	829	5.4
Finance expenses	-1,015	-6.6	-886	-5.8
Share of net profit of associates and joint ventures accounted for using the equity method	-4	0.0	0	0.0
Finance result	24	0.1	-57	-0.4
Result before tax	437	2.8	617	4.0
Income taxes	-165	-1.1	-359	-2.3
Result after tax	272	1.7	258	1.7
attributable to Liebherr	272	1.7	254	1.7
attributable to non-controlling interests	0	0.0	4	0.0

Consolidated statement of comprehensive income

in € m	31/12/2025	31/12/2024
Result after tax	272	258
Post-employment benefits	147	-56
Deferred taxes	-18	0
Items that will not be reclassified to profit or loss	129	-56
Foreign exchange translation differences	-29	-39
Changes of fair value in cash flow hedges	160	-139
Deferred taxes	-24	31
Items that may be reclassified to profit or loss	107	-147
Other comprehensive income	236	-203
Comprehensive income	508	55
attributable to Liebherr	510	51
attributable to non-controlling interests	-2	4

Consolidated statement of changes in equity

in € m	Share capital	Financial assets at OCI	Foreign exchange translation differences	Other reserves and retained earnings	Equity Liebherr	Non-controlling interests	Equity
31/12/2023	62	63	9	8,749	8,883	18	8,901
Result after tax				254	254	4	258
Other comprehensive income		-108	-39	-56	-203	0	-203
Comprehensive income		-108	-39	198	51	4	55
Dividends				-52	-52	-2	-54
31/12/2024	62	-45	-30	8,895	8,882	20	8,902
Result after tax				272	272	0	272
Other comprehensive income		136	-29	131	238	-2	236
Comprehensive income		136	-29	403	510	-2	508
Dividends				-52	-52	-4	-56
Changes under company law				-2	-2	2	0
31/12/2025	62	91	-59	9,244	9,338	16	9,354

Consolidated cash flow statement

in € m	31/12/2025	31/12/2024
Result after tax	272	258
Depreciation and amortization expenses	587	589
Fair value changes in marketable securities (current assets)	-55	-73
Gain / loss on disposal of non-current assets	0	4
Change in provisions and post-employment benefits	47	39
Other non-cash items	147	-59
Change in stock	-59	-5
Change in receivables and other current assets	-214	-146
Change in other liabilities	-107	627
Change in rental fleet	-88	-63
Net cash flow from operating activities	530	1,171
Payment for investments in intangible assets	-8	-24
Payment for investments in tangible assets	-698	-608
Payment for investments in financial assets	0	-9
Payment for investments in marketable securities in current assets	-20	-44
Proceeds from sales of tangible assets	50	5
Proceeds from sales of marketable securities (current assets)	95	72
Other proceeds from investing activities	11	12
Net cash flow from investing activities	-570	-596
Dividends paid, other distributions and equity capital repaid	-56	-54
Proceeds from current or non-current financial liabilities	606	777
Repayment of current or non-current financial liabilities	-437	-851
Other payments on financial activities	0	0
Net cash flow from financing activities	113	-128
Net decrease / increase in cash and cash equivalents	73	447
Effects of exchange rate changes on cash and equivalents	-26	-4
Cash and cash equivalents at beginning of period	1,532	1,089
Cash and cash equivalents at end of period	1,579	1,532
Income tax paid and reimbursed	-276	-325
Interest paid	-106	-134
Interest received	83	77

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Annual report 2025

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