1.14 Shareholders’ equity

1.14.1. Share capital

Share capital is designated as shareholders’ equity. The Group has issued no preference shares. Transaction costs for issuing shares are taken to shareholders’ equity. The issue of shares ‘at a premium’ raises the share premium reserve.

1.14.2 Dividends

Dividends are recognised as an obligation in the period in which they are set by the shareholders’ meeting.

1.14.3 Statement of changes in shareholders’ equity

For the statement of changes in shareholders’ equity and notes to certain equity components, please refer to the “Consolidated statement of changes in shareholders’ equity” and section 1.38.

1.14.4 Earnings per share

Ordinary earnings per share (continued and/or discontinued operations) are based on the result after taxes to be allocated to holders of ordinary shares and depositary receipts for shares, and the weighted average of ordinary shares outstanding in 2025.

The diluted earnings per share are calculated by dividing the result after tax by the average number of outstanding shares during the financial year, including all conditionally awarded shares in the context of share-related remuneration.