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 June 30, 2018, we now expect to post stronger-than-expected increases in the Group’s adjusted EBITDA and free cash flow for the 2018 financial year. The previous forecast was for adjusted EBITDA to grow to EUR 23.4 billion from the prior-year figure of around EUR 22.2 billion. We now expect to post adjusted EBITDA of around EUR 23.6 billion for full-year 2018. This is largely attributable to stronger-than-expected business performance in the United States operating segment, where we now anticipate adjusted EBITDA of around USD 11.7 billion, up from around USD 11.5 billion. Due to our raised guidance for adjusted EBITDA, we are also raising our forecast for full-year free cash flow from the previous figure of around EUR 6.2 billion to around EUR 6.3 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.