Personnel cost ratio

Expenses for employee benefits in Q1 2026 totaled EUR 69.4 million, 6.1% below the same quarter of the previous year (Q1 2025: EUR 73.8 million). This decline stems mainly from the reduction in the number of employees that was brought about by the ongoing transformation. Furthermore, net termination payments to Management Board members who have left office have fallen substantially year over year. The personnel cost ratio – defined as the ratio of personnel expenses to revenue – was almost at the previous year’s level in Q1 2026 at 33.2% (Q1 2025: 33.4%). This is due to the fact that personnel costs developed less dynamically compared with the decline in revenue.