ST. LOUIS, Nov. 5, 2025 /PRNewswire/ -- Emerson (NYSE: EMR) today reported results1 for its fourth quarter and fiscal year ended September 30, 2025. Emerson also declared a 5% quarterly cash dividend increase to $0.555 per share of common stock payable December 10, 2025 to stockholders of record November 14, 2025. Additionally, Emerson announced that its Board of Directors authorized the company to repurchase up to 50 million shares of its common stock. This is in addition to the authorization approved in March 2020, to repurchase 60 million shares of common stock, which has approximately 20 million shares remaining.
| (dollars in millions, except per share) | | 2024 Q4 | 2025 Q4 | Change | | 2024 | 2025 | Change |
| Underlying Orders2 | | | | 6 % | | | | 4 % |
| Net Sales | | $4,619 | $4,855 | 5 % | | $17,492 | $18,016 | 3 % |
| Underlying Sales3 | | | | 4 % | | | | 3 % |
| Pretax Earnings | | $679 | $796 | | | $2,020 | $2,934 | |
| Margin | | 14.7 % | 16.4 % | 170 bps | | 11.5 % | 16.3 % | 480 bps |
| Adjusted Segment EBITA4 | | $1,210 | $1,333 | | | $4,552 | $4,975 | |
| Margin | | 26.2 % | 27.5 % | 130 bps | | 26.0 % | 27.6 % | 160 bps |
| GAAP Earnings Per Share | | $0.97 | $1.12 | 15 % | | $2.82 | $4.03 | 43 % |
| Adjusted Earnings Per Share5 | | $1.48 | $1.62 | 9 % | | $5.49 | $6.00 | 9 % |
| Operating Cash Flow | | $1,073 | $1,011 | (6) % | | $3,317 | $3,676 | 11 % |
| Free Cash Flow | | $905 | $843 | (7) % | | $2,898 | $3,245 | 12 % |
Management Commentary
"Emerson delivered a solid fiscal 2025, marked by continued margin expansion, robust cash generation and strong execution. The dedication of our global teams was instrumental in driving our performance and advancing Emerson's position as the leading automation company," said Emerson President and Chief Executive Officer Lal Karsanbhai. "We are proud of the meaningful progress we have made integrating AspenTech and of completing the Test & Measurement integration – delivering on our commitment to achieve $200M of run-rate cost synergies."
Karsanbhai continued, "Our portfolio is aligned with long-term secular trends positioned to drive sustainable growth into the future. These trends have driven mid-single-digit underlying orders growth for three consecutive quarters, supporting our sales expectations for 2026 and beyond. We remain confident in our operational execution and ability to return cash to shareholders, accelerating further value creation."
2026 Outlook
The following tables summarize the fiscal year 2026 guidance framework. As we pivot capital allocation to returning cash to shareholders, the 2026 outlook assumes returning ~$2.2B through ~$1B of share repurchases and ~$1.2B of dividends.
| | 2026 Q1 | 2026 |
| Net Sales Growth | ~4% | ~5.5% |
| Underlying Sales Growth | ~2% | ~4% |
| Earnings Per Share | ~$0.98 | $4.73 - $4.93 |
| Amortization of intangibles | ~$0.35 | ~$1.42 |
| Restructuring and related costs | ~$0.05 | ~$0.15 |
| Acquisition/divestiture fees and related costs | ~$0.02 | ~$0.05 |
| Adjusted Earnings Per Share | ~$1.40 | $6.35 - $6.55 |
| Operating Cash Flow | | $4.0B - $4.1B |
| Free Cash Flow | | $3.5B - $3.6B |
| Share Repurchase | | ~$1.0B |
| |
| 1 Results are presented on a continuing operations basis. |
| 2 Underlying orders do not include AspenTech. |
| 3 Underlying sales exclude the impact of currency translation, and significant acquisitions and divestitures. |
| 4 Adjusted segment EBITA represents segment earnings less restructuring and intangibles amortization expense. |
| 5 Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, acquisition/divestiture gains, losses, fees and related costs, and discrete taxes. |
Conference Call
Today, beginning at 7:30 a.m. Central Time / 8:30 a.m. Eastern Time, Emerson management will discuss the fourth quarter and fiscal year 2025 results during an investor conference call. Participants can access a live webcast available at https://ir.emerson.com at the time of the call. A replay of the call will be available for 90 days. Conference call slides will be posted in advance of the call on the company website.
Upcoming Event
Emerson will hold an in-person and virtual investor conference on Thursday, Nov. 20 in New York City. A live webcast of the investor conference will begin at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time. A link to register and attend the webcast is available at https://ir.emerson.com/. The webcast will remain available for 90 days.
About Emerson
Emerson (NYSE: EMR) is a global industrial technology leader that provides advanced automation. With an unmatched portfolio of intelligent devices, controls systems, and industrial software, Emerson delivers solutions that automate and optimize business performance. Headquartered in Saint Louis, Missouri, Emerson combines innovative technology with proven operational excellence to power the future of automation. For more information, visit Emerson.com.
Forward-Looking and Cautionary Statements
Statements in this press release that are not strictly historical may be "forward-looking" statements, which represent management's expectations, based on currently available information. Actual results, performance or achievements could differ materially from those expressed in any forward-looking statement. Any forward-looking statements in this press release speak only as of the date of this press release. Emerson undertakes no obligation to update any such statements to reflect new information or later developments. Examples of risks and uncertainties that may cause our actual results or performance to be materially different from those expressed or implied by forward looking statements include the scope, duration and ultimate impacts of the Russia-Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The outlook contained herein represents the Company's expectation for its consolidated results, other than as noted herein.
Emerson uses our Investor Relations website, https://ir.emerson.com, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts and social media. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
| Contacts | | |
| | | |
| Investors: | Media: | |
| Colleen Mettler | Joseph Sala / Greg Klassen / Connor Murphy | |
| (314) 553-2197 | Joele Frank, Wilkinson Brimmer Katcher | |
| | (212) 355-4449 | |
(tables attached)
| | | | | | | | Table 1 |
| EMERSON AND SUBSIDIARIES | |||||||
| CONSOLIDATED OPERATING RESULTS | |||||||
| (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED) | |||||||
| | | | | | | | |
| | Quarter Ended | | Year Ended | ||||
| | | ||||||
| | 2024 | | 2025 | | 2024 | | 2025 |
| | | | | | | | |
| Net sales | $ 4,619 | | $ 4,855 | | $ 17,492 | | $ 18,016 |
| Costs and expenses: | | | | | | | |
| Cost of sales | 2,248 | | 2,335 | | 8,607 | | 8,497 |
| SG&A expenses | 1,315 | | 1,330 | | 5,142 | | 5,103 |
| Gain on subordinated interest | — | | — | | (79) | | — |
| Loss on Copeland note receivable | — | | — | | 279 | | — |
| Other deductions, net | 359 | | 302 | | 1,434 | | 1,245 |
| Interest expense, net | 18 | | 92 | | 175 | | 237 |
| Interest income from related party1 | — | | — | | (86) | | — |
| Earnings from continuing operations before income taxes | 679 | | 796 | | 2,020 | | 2,934 |
| Income taxes | 149 | | 160 | | 415 | | 696 |
| Earnings from continuing operations | 530 | | 636 | | 1,605 | | 2,238 |
| Discontinued operations, net of tax | 438 | | 1 | | 350 | | 8 |
| Net earnings | 968 | | 637 | | 1,955 | | 2,246 |
| Less: Noncontrolling interests in subsidiaries | (28) | | — | | (13) | | (47) |
| Net earnings common stockholders | $ 996 | | $ 637 | | $ 1,968 | | $ 2,293 |
| | | | | | | | |
| Earnings common stockholders | | | | | | | |
| Earnings from continuing operations | $ 558 | | $ 636 | | $ 1,618 | | $ 2,285 |
| Discontinued operations | 438 | | 1 | | 350 | | 8 |
| Net earnings common stockholders | $ 996 | | $ 637 | | $ 1,968 | | $ 2,293 |
| | | | | | | | |
| Diluted avg. shares outstanding | 573.9 | | 565.5 | | 574.0 | | 566.7 |
| | | | | | | | |
| Diluted earnings per share common stockholders | | | | | | | |
| Earnings from continuing operations | $ 0.97 | | $ 1.12 | | $ 2.82 | | $ 4.03 |
| Discontinued operations | 0.76 | | — | | 0.61 | | 0.01 |
| Diluted earnings per common share | $ 1.73 | | $ 1.12 | | $ 3.43 | | $ 4.04 |
| | | | | | | | |
| | | | | | | | |
| | Quarter Ended | | Year Ended | ||||
| | | ||||||
| | 2024 | | 2025 | | 2024 | | 2025 |
| Other deductions, net | | | | | | | |
| Amortization of intangibles | $ 266 | | $ 208 | | $ 1,077 | | $ 884 |
| Restructuring costs | 58 | | 66 | | 228 | | 136 |
| Other | 35 | | 28 | | 129 | | 225 |
| Total | $ 359 | | $ 302 | | $ 1,434 | | $ 1,245 |
| | |||||||
| 1 Represents interest on the Copeland note receivable. |
| | | | Table 2 |
| EMERSON AND SUBSIDIARIES | |||
| CONSOLIDATED BALANCE SHEETS | |||
| (DOLLARS IN MILLIONS, UNAUDITED) | |||
| | | | |
| | Year Ended Sept 30, | ||
| | 2024 | | 2025 |
| Assets | | | |
| Cash and equivalents | $ 3,588 | | $ 1,544 |
| Receivables, net | 2,927 | | 3,101 |
| Inventories | 2,180 | | 2,213 |
| Other current assets | 1,497 | | 1,725 |
| Total current assets | 10,192 | | 8,583 |
| Property, plant & equipment, net | 2,807 | | 2,871 |
| Goodwill | 18,067 | | 18,193 |
| Other intangible assets | 10,436 | | 9,458 |
| Other | 2,744 | | 2,859 |
| Total assets | $ 44,246 | | $ 41,964 |
| | | | |
| Liabilities and equity | | | |
| Short-term borrowings and current | | | |
| maturities of long-term debt | $ 532 | | $ 4,797 |
| Accounts payable | 1,335 | | 1,384 |
| Accrued expenses | 3,875 | | 3,616 |
| Total current liabilities | 5,742 | | 9,797 |
| Long-term debt | 7,155 | | 8,319 |
| Other liabilities | 3,840 | | 3,550 |
| Equity | | | |
| Common stockholders' equity | 21,636 | | 20,282 |
| Noncontrolling interests in subsidiaries | 5,873 | | 16 |
| Total equity | 27,509 | | 20,298 |
| Total liabilities and equity | $ 44,246 | | $ 41,964 |
| | | | | Table 3 | |
| EMERSON AND SUBSIDIARIES | | ||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | | ||||
| (DOLLARS IN MILLIONS, UNAUDITED) | | ||||
| | | | | | |
| | Year Ended Sept 30, | | |||
| | | 2024 | | 2025 | |
| Operating activities | | | | | |
| Net earnings | | $ 1,955 | | $ 2,246 | |
| Earnings from discontinued operations, net of tax | | (350) | | (8) | |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | | | | | |
| Depreciation and amortization | | 1,689 | | 1,518 | |
| Stock compensation | | 260 | | 263 | |
| Amortization of acquisition-related inventory step-up | | 231 | | — | |
| Pension expense (income) | | (79) | | (12) | |
| Pension funding | | (38) | | (46) | |
| Changes in operating working capital | | (151) | | (9) | |
| Gain on subordinated interest | | (79) | | — | |
| Loss on Copeland note receivable | | 279 | | — | |
| Other, net | | (400) | | (276) | |
| Cash from continuing operations | | 3,317 | | 3,676 | |
| Cash from discontinued operations | | 15 | | (578) | |
| Cash provided by operating activities | | 3,332 | | 3,098 | |
| | | | | | |
| Investing activities | | | | | |
| Capital expenditures | | (419) | | (431) | |
| Purchases of businesses, net of cash and equivalents acquired | | (8,342) | | (37) | |
| Proceeds from subordinated interest | | 79 | | — | |
| Other, net | | (114) | | (125) | |
| Cash from continuing operations | | (8,796) | | (593) | |
| Cash from discontinued operations | | 3,436 | | — | |
| Cash used in investing activities | | (5,360) | | (593) | |
| | | | | | |
| Financing activities | | | | | |
| Net increase (decrease) in short-term borrowings | | (15) | | 1,110 | |
| Proceeds from short-term borrowings greater than three months | | 322 | | 8,008 | |
| Payments of short-term borrowings greater than three months | | (327) | | (4,918) | |
| Proceeds from long-term debt | | — | | 1,544 | |
| Payments of long-term debt | | (547) | | (503) | |
| Dividends paid | | (1,201) | | (1,192) | |
| Purchases of common stock | | (435) | | (1,167) | |
| AspenTech purchases of common stock | | (208) | | — | |
| Purchase of noncontrolling interest | | — | | (7,244) | |
| Repurchase of AspenTech share awards | | — | | (76) | |
| Other, net | | (44) | | (72) | |
| Cash used in financing activities | | (2,455) | | (4,510) | |
| | | | | | |
| Effect of exchange rate changes on cash and equivalents | | 20 | | (39) | |
| Decrease in cash and equivalents | | (4,463) | | (2,044) | |
| Beginning cash and equivalents | | 8,051 | | 3,588 | |
| Ending cash and equivalents | | $ 3,588 | | $ 1,544 | |
| Table 4 | ||||||||
| EMERSON AND SUBSIDIARIES | ||||||||
| SEGMENT SALES AND EARNINGS | ||||||||
| (AMOUNTS IN MILLIONS, UNAUDITED) | ||||||||
| | ||||||||
| The following tables show results for the Company's segments on an adjusted segment EBITA basis and are intended to | ||||||||
| | ||||||||
| | Quarter Ended Sept 30, | | ||||||
| | 2024 | | 2025 | | Reported | | Underlying | |
| | | | | | | | | |
| Sales | | | | | | | | |
| Final Control | $ 1,167 | | $ 1,215 | | 4 % | | 3 % | |
| Measurement & Analytical | 1,119 | | 1,152 | | 3 % | | 2 % | |
| Discrete Automation | 643 | | 676 | | 5 % | | 4 % | |
| Safety & Productivity | 352 | | 360 | | 2 % | | 1 % | |
| Intelligent Devices | $ 3,281 | | $ 3,403 | | 4 % | | 3 % | |
| | | | | | | | | |
| Control Systems & Software | 995 | | 1,067 | | 7 % | | 6 % | |
| Test & Measurement | 360 | | 408 | | 13 % | | 12 % | |
| Software and Control | $ 1,355 | | $ 1,475 | | 9 % | | 8 % | |
| | | | | | | | | |
| Eliminations | (17) | | (23) | | | | | |
| Total | $ 4,619 | | $ 4,855 | | 5 % | | 4 % | |
| | |
| Sales Growth by Geography | |
| | Quarter Ended |
| Americas | 6 % |
| Europe | 3 % |
| Asia, Middle East & Africa | 2 % |
| | |||||||
| Table 4 cont. | |||||||
| | |||||||
| | Year Ended Sept 30, | ||||||
| | 2024 | | 2025 | | Reported | | Underlying |
| | | | | | | | |
| Sales | | | | | | | |
| Final Control | $ 4,204 | | $ 4,380 | | 4 % | | 4 % |
| Measurement & Analytical | 4,061 | | 4,143 | | 2 % | | 2 % |
| Discrete Automation | 2,506 | | 2,521 | | 1 % | | 1 % |
| Safety & Productivity | 1,390 | | 1,356 | | (2) % | | (3) % |
| Intelligent Devices | $ 12,161 | | $ 12,400 | | 2 % | | 2 % |
| | | | | | | | |
| Control Systems & Software | 3,935 | | 4,205 | | 7 % | | 7 % |
| Test & Measurement | 1,464 | | 1,486 | | 2 % | | 1 % |
| Software and Control | $ 5,399 | | $ 5,691 | | 5 % | | 5 % |
| | | | | | | | |
| Eliminations | (68) | | (75) | | | | |
| Total | $ 17,492 | | $ 18,016 | | 3 % | | 3 % |
| | |
| Sales Growth by Geography | |
| | Year Ended |
| Americas | 5 % |
| Europe | (2) % |
| Asia, Middle East & Africa | 3 % |
| | |||||||
| Table 4 cont. | |||||||
| | |||||||
| | Quarter Ended Sept 30, | | Quarter Ended Sept 30, | ||||
| | 2024 | | 2025 | ||||
| | As | | Adjusted | | As | | Adjusted |
| Earnings | | | | | | | |
| Final Control | $ 271 | | $ 305 | | $ 310 | | $ 335 |
| Margins | 23.2 % | | 26.1 % | | 25.6 % | | 27.6 % |
| Measurement & Analytical | 295 | | 326 | | 317 | | 348 |
| Margins | 26.4 % | | 29.2 % | | 27.5 % | | 30.2 % |
| Discrete Automation | 144 | | 154 | | 134 | | 154 |
| Margins | 22.3 % | | 23.9 % | | 19.9 % | | 22.9 % |
| Safety & Productivity | 78 | | 90 | | 77 | | 89 |
| Margins | 22.2 % | | 25.4 % | | 21.0 % | | 24.3 % |
| Intelligent Devices | $ 788 | | $ 875 | | $ 838 | | $ 926 |
| Margins | 24.0 % | | 26.6 % | | 24.6 % | | 27.2 % |
| | | | | | | | |
| Control Systems & Software | 98 | | 239 | | 181 | | 291 |
| Margins | 9.8 % | | 24.0 % | | 17.0 % | | 27.3 % |
| Test & Measurement | (45) | | 96 | | (4) | | 116 |
| Margins | (12.4) % | | 26.7 % | | (1.1) % | | 28.5 % |
| Software and Control | $ 53 | | $ 335 | | $ 177 | | $ 407 |
| Margins | 3.9 % | | 24.7 % | | 12.0 % | | 27.6 % |
| | | | | | | | |
| Corporate items and interest expense, net: | | | | | | | |
| Stock compensation | $ (57) | | $ (52) | | $ (65) | | $ (55) |
| Unallocated pension and postretirement costs | 37 | | 37 | | 27 | | 27 |
| Corporate and other | (124) | | (60) | | (89) | | (34) |
| Interest (expense) income, net | (18) | | — | | (92) | | — |
| | | | | | | | |
| Pretax Earnings / Adjusted EBITA | $ 679 | | $ 1,135 | | $ 796 | | $ 1,271 |
| Margins | 14.7 % | | 24.6 % | | 16.4 % | | 26.2 % |
| | | | | | | | |
| Supplemental Total Segment Earnings: | | | | | | | |
| Adjusted Total Segment EBITA | | | $ 1,210 | | | | $ 1,333 |
| Margins | | | 26.2 % | | | | 27.5 % |
| | |||||||
| | Year Ended Sept 30, | | Year Ended Sept 30, | ||||
| | 2024 | | 2025 | ||||
| | As | | Adjusted | | As | | Adjusted |
| Earnings | | | | | | | |
| Final Control | $ 977 | | $ 1,081 | | $ 1,081 | | $ 1,176 |
| Margins | 23.2 % | | 25.7 % | | 24.7 % | | 26.9 % |
| Measurement & Analytical | 1,056 | | 1,137 | | 1,112 | | 1,182 |
| Margins | 26.0 % | | 28.0 % | | 26.9 % | | 28.5 % |
| Discrete Automation | 466 | | 535 | | 469 | | 531 |
| Margins | 18.6 % | | 21.3 % | | 18.6 % | | 21.0 % |
| Safety & Productivity | 308 | | 341 | | 291 | | 323 |
| Margins | 22.2 % | | 24.5 % | | 21.5 % | | 23.8 % |
| Intelligent Devices | $ 2,807 | | $ 3,094 | | $ 2,953 | | $ 3,212 |
| Margins | 23.1 % | | 25.4 % | | 23.8 % | | 25.9 % |
| | | | | | | | |
| Control Systems & Software | 572 | | 1,107 | | 895 | | 1,388 |
| Margins | 14.5 % | | 28.1 % | | 21.3 % | | 33.0 % |
| Test & Measurement | (290) | | 351 | | (68) | | 375 |
| Margins | (19.8) % | | 24.0 % | | (4.5) % | | 25.3 % |
| Software and Control | $ 282 | | $ 1,458 | | $ 827 | | $ 1,763 |
| Margins | 5.2 % | | 27.0 % | | 14.5 % | | 31.0 % |
| | | | | | | | |
| Corporate items and interest expense, net: | | | | | | | |
| Stock compensation | (260) | | (202) | | (263) | | (216) |
| Unallocated pension and postretirement costs | 144 | | 144 | | 109 | | 109 |
| Corporate and other | (664) | | (168) | | (455) | | (175) |
| Gain on subordinated interest | 79 | | — | | — | | — |
| Loss on Copeland note receivable | (279) | | — | | — | | — |
| Interest (expense) income, net | (175) | | — | | (237) | | — |
| Interest income from related party1 | 86 | | — | | — | | — |
| | | | | | | | |
| Pretax Earnings / Adjusted EBITA | $ 2,020 | | $ 4,326 | | $ 2,934 | | $ 4,693 |
| Margins | 11.5 % | | 24.7 % | | 16.3 % | | 26.0 % |
| | | | | | | | |
| Supplemental Total Segment Earnings: | | | | | | | |
| Adjusted Total Segment EBITA | | | $ 4,552 | | | | $ 4,975 |
| Margins | | | 26.0 % | | | | 27.6 % |
| | | | | | | | |
| 1 Represents interest on the Copeland note receivable. | |||||||
| | |||||||
| Table 4 cont. | |||||||
| | |||||||
| | Quarter Ended Sept 30, | | Quarter Ended Sept 30, | ||||
| | 2024 | | 2025 | ||||
| | Amortization of Intangibles1 | | Restructuring and Related Costs2 | | Amortization of Intangibles1 | | Restructuring and Related Costs2 |
| Final Control | $ 22 | | $ 12 | | $ 22 | | $ 3 |
| Measurement & Analytical | 12 | | 19 | | 12 | | 19 |
| Discrete Automation | 8 | | 2 | | 8 | | 12 |
| Safety & Productivity | 7 | | 5 | | 7 | | 5 |
| Intelligent Devices | $ 49 | | $ 38 | | $ 49 | | $ 39 |
| | | | | | | | |
| Control Systems & Software | 126 | | 15 | | 101 | | 9 |
| Test & Measurement | 141 | | — | | 107 | | 13 |
| Software and Control | $ 267 | | $ 15 | | $ 208 | | $ 22 |
| | | | | | | | |
| Corporate | — | | 11 | | — | | 20 |
| Total | $ 316 | | $ 64 | | $ 257 | | $ 81 |
| | | | | | | | |
| 1 Amortization of intangibles includes $49 and $49 reported in cost of sales for the three months ended September 30, 2024 and 2025, respectively. | |||||||
| 2 Restructuring and related costs includes $6 and $15 of restructuring-related costs for the three months ended September 30, 2024 and 2025, respectively. | |||||||
| | |||||||
| | Year Ended Sept 30, | | Year Ended Sept 30, | ||||
| | 2024 | | 2025 | ||||
| | Amortization of Intangibles1 | | Restructuring and Related Costs2 | | Amortization of Intangibles1 | | Restructuring and Related Costs2 |
| Final Control | $ 87 | | $ 17 | | $ 86 | | $ 9 |
| Measurement & Analytical | 55 | | 26 | | 45 | | 25 |
| Discrete Automation | 34 | | 35 | | 32 | | 30 |
| Safety & Productivity | 26 | | 7 | | 27 | | 5 |
| Intelligent Devices | $ 202 | | $ 85 | | $ 190 | | $ 69 |
| | | | | | | | |
| Control Systems & Software | 512 | | 23 | | 468 | | 25 |
| Test & Measurement | 560 | | 81 | | 425 | | 18 |
| Software and Control | $ 1,072 | | $ 104 | | $ 893 Für dich aus unserer Redaktion zusammengestelltDein Kommentar zum Artikel im Forum Jetzt anmelden und diskutieren
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