Forecast

The statements in this section reflect the current views of our management. Contrary to the forecasts published in the 2017 combined management report (2017 Annual Report) and in the Interim Group Report as of March 31, 2018, we now expect the Group’s adjusted EBITDA for the 2018 financial year to reach around EUR 23.4 billion, up from the previous forecast of around EUR 23.3 billion. This is largely attributable to stronger business performance in the United States operating segment, where we now expect adjusted EBITDA of around USD 11.5 billion, up from around USD 11.4 billion. All other statements made in the 2017 combined management report remain valid. For additional information and recent changes in the economic situation, please refer to the section “The economic environment” in this interim Group management report. Readers are also referred to the Disclaimer at the end of this report.