The actuarial assumptions used to calculate these obligations take into account the economic conditions specific to each country or Group company. The main weighted average assumptions for the Group are as follows:
| In % | 31.12.2025 | 31.12.2024 | 31.12.2023 |
|---|---|---|---|
| Discount rate (commitment) |
Discount rate (commitment) 31.12.2025 4.5 % |
Discount rate (commitment) 31.12.2024 4.2 % |
Discount rate (commitment) 31.12.2023 3.9 % |
| Discount rate (service cost)* |
Discount rate (service cost) *31.12.2025 4.8 % |
Discount rate (service cost) *31.12.2024 4.3 % |
Discount rate (service cost) *31.12.2023 4.1 % |
| Salary increases |
Salary increases 31.12.2025 3.9 % |
Salary increases 31.12.2024 3.9 % |
Salary increases 31.12.2023 3.9 % |
|
31.12.2025 |
31.12.2024 |
31.12.2023 |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| Initial rate | Final rate | Application of final rate | Initial rate | Final rate | Application of final rate | Initial rate | Final rate | Application of final rate | |
| Expected rate of health care inflation |
5.8% |
4.1% |
2035 |
5.4% |
4.1% |
2031 |
5.6% |
4.1% |
2031 |
The discount rates are obtained by reference to market yields on high quality corporate bonds having term dates equivalent to those of the obligations.
Bond quality is assessed by reference to the AA-/Aa3 minimum rating provided by one of the three main credit-rating agencies. Discount rates can be broken down by region as follows:
| In % | 2025 | 2024 | 2023 |
|---|---|---|---|
| Weighted average (all countries) based on the benefit obligation |
Weighted average (all countries) based on the benefit obligation 2025 4.5 % |
Weighted average (all countries) based on the benefit obligation 2024 4.2 % |
Weighted average (all countries) based on the benefit obligation 2023 3.9 % |
| Of which: | |||
| EURO ZONE | |||
| Discount rate (commitment)(1) |
Discount rate (commitment) (1)2025 4.1 % |
Discount rate (commitment) (1)2024 3.4 % |
Discount rate (commitment) (1)2023 3.3 % |
| Discount rate (service cost)* |
Discount rate (service cost) *2025 4.2 % |
Discount rate (service cost) *2024 3.5 % |
Discount rate (service cost) *2023 3.4 % |
| USA | |||
| Discount rate (commitment) |
Discount rate (commitment) 2025 5.3 % |
Discount rate (commitment) 2024 5.3 % |
Discount rate (commitment) 2023 4.8 % |
| Discount rate (service cost)* |
Discount rate (service cost) *2025 5.8 % |
Discount rate (service cost) *2024 5.5 % |
Discount rate (service cost) *2023 5.0 % |
| UNITED KINGDOM | |||
| Discount rate (commitment) |
Discount rate (commitment) 2025 5.5 % |
Discount rate (commitment) 2024 5.5 % |
Discount rate (commitment) 2023 4.5 % |
| Discount rate (service cost)* |
Discount rate (service cost) *2025 5.8 % |
Discount rate (service cost) *2024 5.5 % |
Discount rate (service cost) *2023 4.5 % |
A 50 basis point decrease in the discount rates would increase the projected defined benefit obligations by €129.2 million for the euro zone, €44.2 million for the United States and €27.9 million for the United Kingdom.
The expected returns on plan assets are based on the discount rates used.
The breakdown of plan assets is as follows:
| In % | 31.12.2025 | 31.12.2024 | 31.12.2023 |
|---|---|---|---|
| Equity securities(1) |
Equity securities (1)31.12.2025 36.8% |
Equity securities (1)31.12.2024 30.6% |
Equity securities (1)31.12.2023 28.2% |
| Bonds |
Bonds 31.12.2025 60.5% |
Bonds 31.12.2024 60.4% |
Bonds 31.12.2023 61.2% |
| Property assets(2) |
Property assets (2)31.12.2025 2.0% |
Property assets (2)31.12.2024 3.7% |
Property assets (2)31.12.2023 4.7% |
| Monetary instruments |
Monetary instruments 31.12.2025 0.2% |
Monetary instruments 31.12.2024 0.7% |
Monetary instruments 31.12.2023 0.9% |
| Other |
Other 31.12.2025 0.5% |
Other 31.12.2024 4.6% |
Other 31.12.2023 5.0% |
| TOTAL |
TOTAL 31.12.2025 100% |
TOTAL 31.12.2024 100% |
TOTAL 31.12.2023 100% |
The allocation of plan assets has to comply with specific investment limits for the different classes of assets and meet minimum rating criteria for monetary instruments and bonds.
