Five years in figures

Millions of euros	2024*	2023*	2022	2021	2020
Continuing operations*

Net sales	1,288	1,264	1,458	1,071	987
Operating result	77	77	111	82	104
Adjusted EBITDA ¹	175	140	184	136	159
Result after taxes	46	43	90	78	73
Earnings per share in euros ²	0.79	0.73	1.53	1.33	1.24
Diluted earnings per share in euros ²	0.77	0.72	1.51	1.32	1.23
Depreciation/amortization (in)tangible fixed assets	86	78	76	64	60
Adjusted EBITDA margin % ³	13.6	11.1	12.6	12.7	16.1
Result after taxes/net sales %	3.6	5.0	6.2	7.3	7.4

Total operations
Statement of financial position
Non-current assets	1,033	1,107	1,051	837	689
Current assets	464	510	596	462	334
Non-interest-bearing current liabilities	236	215	261	228	174
Covenant net debt position ⁴	360	616	602	362	284
Total net debt position ⁵	460	715	701	461	284
Provisions	25	37	44	39	30
Equity	773	636	626	554	516

Key data per ordinary share
Number of issued ordinary shares	58,250,309	59,242,792	59,242,792	59,242,792	59,242,792
Number of ordinary shares with dividend rights	58,133,092	59,090,949	59,012,918	58,950,269	58,871,671
Weighted average number of outstanding ordinary shares	58,429,164	59,062,628	58,991,788	58,926,368	58,851,367
Price as at 31 December	21.60	19.38	31.84	41.44	46.15
Highest price in calendar year	25.88	37.32	42.00	53.60	46.70
Lowest price in calendar year	15.99	15.77	24.34	37.72	22.54
Market capitalization as at 31 December	1,256	1,145	1,879	2,443	2,717
Other key data
Capital expenditure on (in)tangible fixed assets	79	140	231	165	90
Cash flow from operating activities	184	165	39	22	109
Cash flow from operating activities per ordinary share, in euros ²	3.15	2.80	0.66	0.38	1.85
Number of employees at closing date (FTE)	2,399	2,727	2,601	2,493	2,267
Equity per share in euros ⁶	13.29	10.77	10.60	9.40	8.76
Regular dividend in euros per ordinary share (reporting year)	0.64	0.61	0.56	0.56	0.56

Ratios
Covenant net debt position/ Covenant EBITDA ⁷	2.1	3.1	3.0	2.6	1.7
Interest cover ⁸	11.3	7.9	14.2	14.6	16.5
Balance sheet total : equity	1:0.5	1:0.4	1:0.4	1:0.4	1:0.5
Net debt position : equity	1:1.7	1:0.9	1:0.9	1:1.2	1:1.8
Current assets : current liabilities	1:0.9	1:1	1:0.9	1:0.6	1:0.6

^{* Only 2024 and 2023 have been presented at continuing operations, the previous years have not been restated for discontinued operations later on.
1. Adjusted EBITDA is the operating result before depreciation, amortization, impairment of (in)tangible fixed assets and after adjustments.
2. Per ordinary share in euros after deduction of dividend on financing preference shares.
3. Adjusted EBITDA margin % is adjusted EBITDA as defined above divided by net sales x 100.
4. Covenant net debt position comprises borrowings (excluding}

^{subordinated loans) less cash and cash equivalents, including third-party guarantees which are required to be included under the debt covenants.
5. Total net debt position comprises borrowings less cash and cash equivalents, including third-party guarantees which are required to be included under the debt covenants.
6. Equity per share is equity divided by the number of shares with dividend rights.
7. Covenant EBITDA is adjusted EBITDA as defined above, increased by cash dividend of joint ventures received and annualization effect of newly acquired subsidiaries.
8. Interest cover is covenant EBITDA as defined above divided by net interest income and charges.}