The company announced on Thursday that this corresponds to up to 5.6 percent of the share capital.
The share price trend over the past few months reflects the market’s expectation of a significant economic downturn and the risks from the Ukraine war that are still difficult to quantify. From the company’s point of view, the resulting uncertainty “is easier to assess today than it was a few months ago,” it said in a press release. Just last week, management raised the forecast for earnings before interest, taxes, depreciation and amortization (EBITDA) for the 2022/23 financial year from EUR 2 billion to a range of “EUR 2.3 to 2.4 billion”. In the past financial year 2021/22, 2.3 billion euros were achieved.
The Executive Board decided today to make use of the authorization to buy back own shares granted at the Annual General Meeting on July 7, 2021. According to the company, the consideration to be paid for the repurchase is based on the average closing price of the last three trading days before the acquisition of the shares, whereby the lowest price is no more than 20 percent below and the highest price is no more than 10 percent above the average closing price of the last stock market three trading days.