Global economic growth declines
The global economy grew by a low single-digit percentage in 20251, remaining remarkably resilient amid trade policy uncertainties.
Currency development
In 2025, negative currency effects impacted Group sales by €1,742 million, EBITDA before special items by €491 million, and core earnings per share by €0.31. By contrast, net financial debt included positive currency effects of €1,370 million. The effects on sales and EBITDA before special items pertained to the currencies shown in the following table.
|
|
Average end-of-day |
|
€ million |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
2024 |
|
2025 |
|
Fx effect |
|
Fx effect |
|||||
AUD |
|
1.64 |
|
1.75 |
|
(48) |
|
(19) |
|||||
BRL |
|
5.80 |
|
6.31 |
|
(241) |
|
(170) |
|||||
CAD |
|
1.48 |
|
1.58 |
|
(92) |
|
(33) |
|||||
CNY |
|
7.80 |
|
8.11 |
|
(110) |
|
(39) |
|||||
JPY |
|
163.69 |
|
168.63 |
|
(33) |
|
(38) |
|||||
MXN |
|
19.70 |
|
21.67 |
|
(113) |
|
(33) |
|||||
RUB |
|
100.13 |
|
94.24 |
|
57 |
|
5 |
|||||
TRY |
|
35.47 |
|
44.30 |
|
(198) |
|
(23) |
|||||
USD |
|
1.08 |
|
1.13 |
|
(581) |
|
66 |
|||||
Other currency areas and effects1 |
|
|
|
|
|
(383) |
|
(207) |
|||||
Total |
|
|
|
|
|
(1,742) |
|
(491) |
|||||
|
|||||||||||||
1 Source: International Monetary Fund (as of January 2026)