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Annual Report 2025

Key figures 2025

Effective June 2, 2025, the former Strategic Business Units (SBUs) Baumaschinen Deutschland & Österreich and Baumaschinen International were merged to form the new SBU Construction Industry & Mining. To facilitate comparison, the key figures presented for all reported fiscal years are shown based on this new organizational structure.

EUR million 2025 2024 2023 2022 2021
Construction Industry & Mining SBU 2,404 2,086 2,312 2,329 2,424
Rental SBU 820 805 739 666 576
Power Systems SBU 862 553 461 442 437
Plant Engineering SBU 437 472 518 493 340
Total for the Group11 4,440 3,820 3,935 3,838 3,696
1 Including employees of the companies Zeppelin GmbH, klickrent GmbH, Zeppelin Lab GmbH; as at December 31, 2025; percentage change compared with December 31, 2024.
SHARE OF GROUP SALES
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2025
Construction Industry & Mining SBU 53.1%
Rental SBU 18.1%
Power Systems SBU 19.1%
Plant Engineering SBU 9.7%
Average for the year (FTEs)1 including trainees 2025 2024 2023 2022 2021
Construction Industry & Mining SBU 5,606 4,744 4,855 5,470 5,648
Rental SBU 2,465 2,462 2,219 1,982 1,811
Power Systems SBU 2,175 1,096 1,023 1,041 1,057
Plant Engineering SBU 1,692 1,794 1,884 1,699 1,614
Total for the Group2 12,314 10,490 10,361 10,557 10,458
1 FTE: Full-time equivalent
2
Including employees of the companies Zeppelin GmbH, klickrent GmbH, Zeppelin Lab GmbH; as at December 31, 2025; percentage change compared with December 31, 2024.
EUR million 2025 2024 2023 2022 2021
Additions 415.1 508.3 595.9 465.4 382.5
Changes in consolidated companies 653.0 -10.4 185.8 20.3 6.9
Amortization 376.1 308.9 286.9 267.0 250.5
as a percentage of additions 91 61 48 57 65
of which rental assets
Additions 291.4 357.6 446.7 380.1 289.0
Changes in consolidated companies 159.3 0.0 130.9 0.5 5.6
Amortization 271.9 220.9 197.8 175.5 162.1
1 Financial assets, companies valued according to the equity method, intangible assets, and property, plant and equipment.
EUR million 2025 2024 2023 2022 2021
NET PROFIT BEFORE TAX 135.2 107.7 153.8 134.6 159.5



NET GROUP INCOME 94.3 74.9 100.1 104.4 118.0



CASH FLOW1 410.5 294.2 -9.0 -42.8 240.1
1 Cash flow from operating activities.
in Mio. Euro 2025 2024 2023 2022 2021
EQUITY 1,284.2 1,233.0 1,183.0 1,128.5 1,009.3
thereof
subscribed capital 300.0 100.0 100.0 100.0 100.0
capital reserves 60.0 60.0 60.0 60.0 60.0
retained earnings 915.9 1,059.5 1,018.4 937.8 858.4
accumulated other comprehensive income -0.7 1.0 -7.0 15.7 -23.0
shares held by non-controlling interests 9.0 12.5 11.6 15.0 13.9

WORK FORCE FIGURES

EMPLOYEES BY COUNTRY
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Number of employees by headcount1 2024 2025 Change
Armenia 133 156 17%
Austria 324 322 -1%
Belgium 17 25 47%
Brazil 113 108 -4%
China 131 138 5%
Czech Republic 514 513 0%
Denmark 448 468 4%
Estonia 11 11 0%
France 21 38 81%
Germany 6.405 6.326 -1%
Greenland 6   4 -33%
India 259 242 -7%
Italy 54 56 4%
Netherlands 0 1.132
Nigeria 0 77
Norway 0 764
Poland 161 170 6%
Russia 106 97 -8%
Saudi Arabia 21 24 14%
Singapore 14 13 -7%
Slowak Republic 174 179 3%
Sweden 648 648 0%
Switzerland 17 18 6%
Tajikistan 12 11 -8%
Turkmenistan 43 47 9%
Ukraine 451 384 -15%
United Kingdom 21 17 -19%
United States of America 104 104 0%
Usbekistan 60 59 -2%
1 Excluding trainees; as at December 31
LENGTH OF SERVICE
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Average in years 2024 2025 Change
(relative)
SBU Construction Industry & Mining 10.7 10.6 -1.1%
SBU Rental 8.1 8.4 3.5%
SBU Power Systems 10.1 10.8 7.1%
SBU Plant Engineering 11.7 12.0 2.8%
Holding 6.9 7.7 11.5%
Entire Group1 10.0 10.3 2.6%
1 Including employees of klickrent GmbH, Zeppelin Lab GmbH
HEALTH EXPENDITURE
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2024 2025 Change
(relative)
SBU Construction Industry & Mining 96.2% 96.0% -0.2%
SBU Rental 93.7% 95.1% 1.5%
SBU Power Systems 95.9% 95.5% -0.3%
SBU Plant Engineering 96.3% 96.9% 0.6%
Holding 96.5% 96.3% -0.2%
Entire Group1 95.6% 95.9% 0.3%
1 Including employees of klickrent GmbH, Zeppelin Lab GmbH
PROPORTION OF WOMEN
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Proportion of women by headcount1 2024 2025 Change
(relative)
SBU Construction Industry & Mining 15% 15% -3%
SBU Rental 19% 19% -2%
SBU Power Systems 15% 14% -5%
SBU Plant Engineering 19% 19% 0%
Holding 42% 42% 0%
Entire Group2 18% 17% -5%
1 Excluding Management Board, excluding trainees; as at December 31
2
Including employees of klickrent GmbH, Zeppelin Lab GmbH

Read more in the full 2025 Annual Report

Annual Report 2025 (PDF)