D.8. Income taxes

Income taxes include income taxes paid and payable as well as deferred taxes (+income tax expense/–income tax benefit).

**Income taxes**
	2024/25	2025/26

Current tax expense	56.1	143.3
Effective tax expense	102.3	131.4
Adjustments of taxes from previous periods	−46.2	12.1
Recognition of tax losses from previous periods	0.0	−0.2

Deferred tax expense	35.8	19.0
Origination/reversal of temporary differences	72.0	29.7
Adjustments of taxes from previous periods	−27.6	−8.9
Impact of changes in tax rates	0.5	−0.7
Recognition of tax losses from previous periods	−9.1	−1.1

	91.9	162.3

In millions of euros

The following reconciliation shows the difference between the Austrian corporate tax rate of 23.0% and the effective Group tax rate:

**Reconciliation**
	2024/25		2025/26

Profit before tax		270.5		586.6
Income tax expense (+)/benefit (−) using the Austrian corporate tax rate	23.0%	62.2	23.0%	134.9
Difference to foreign tax rates	−6.7%	−18.2	−1.0%	−5.7
Non-taxable income	−5.1%	−13.8	−2.9%	−17.1
Non-taxable income from equity investments	−0.6%	−1.5	−0.3%	−1.5
Effects of depreciation of equity investments and utilization of previously unincluded loss carryforwards and non-recognition of loss carryforwards	27.4%	74.0	4.7%	27.3
Effects of non-recognition and subsequent recognition of deductible temporary differences	5.8%	15.8	−1.0%	−6.0
Taxes from previous periods	−27.3%	−73.8	0.6%	3.2
Non-tax-effective impairment	9.9%	26.7	0.0%	0.0
Non-deductible expenses and other differences	7.6%	20.5	4.6%	27.2
Effective Group tax rate (%)/ income tax expense (+)/income tax benefit (−)	34.0%	91.9	27.7%	162.3

In millions of euros

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