IFRS vs HGB
IFRS and HGB are different accounting standards. IFRS is the international set, closer to market values. HGB is German commercial law, built on prudence and creditor protection.
Most owner-led DACH companies report under HGB. HGB is built on prudence, allows hidden reserves, and treats pensions and depreciation differently from IFRS. The same company can therefore show a different EBITDA under each standard. The usual gaps are leasing (IFRS 16 capitalises; HGB often expenses), goodwill (IFRS runs an impairment test; HGB amortises), and pensions (IFRS uses a market-aligned discount rate; HGB uses a trailing average). Valuing on HGB figures is standard in DACH deals, and it does not bias the result against multiples that were themselves compiled on HGB. If the company reports under IFRS, a reconciliation is sometimes worth doing.