Five years in figures

Millions of euros	2025	2024*	2023*	2022	2021
Continuing operations*

Net sales	1,267	1,288	1,264	1,458	1,071
Operating result	117	77	77	111	82
Adjusted EBITDA ¹	204	175	140	184	136
Result after taxes	75	46	43	90	78
Earnings per share in euros ²	1.29	0.79	0.73	1.53	1.33
Diluted earnings per share in euros ²	1.27	0.77	0.72	1.51	1.32
Depreciation/amortization (in)tangible fixed assets	86	86	78	76	64
Adjusted EBITDA margin % ³	16.1	13.6	11.1	12.6	12.7
Result after taxes/net sales %	5.9	3.6	5.0	6.2	7.3

Total operations
Statement of financial position
Non-current assets	837	1,033	1,107	1,051	837
Current assets	535	464	510	596	462
Non-interest-bearing current liabilities	207	236	215	261	228
Covenant net debt position ⁴	302	360	616	602	362
Total net debt position ⁵	402	460	715	701	461
Provisions	19	25	37	44	39
Equity	743	773	636	626	554

Key data per ordinary share
Number of issued ordinary shares	58,250,309	58,250,309	59,242,792	59,242,792	59,242,792
Number of ordinary shares with dividend rights	57,626,739	58,133,092	59,090,949	59,012,918	58,950,269
Weighted average number of outstanding ordinary shares	57,987,740	58,429,164	59,062,628	58,991,788	58,926,368
Price as at 31 December	18.57	21.60	19.38	31.84	41.44
Highest price in calendar year	23.50	25.88	37.32	42.00	53.60
Lowest price in calendar year	16.26	15.99	15.77	24.34	37.72
Market capitalization as at 31 December	1,070	1,256	1,145	1,879	2,443
Other key data
Capital expenditure on (in)tangible fixed assets	69	79	140	231	165
Cash flow from operating activities	161	184	165	39	22
Cash flow from operating activities per ordinary share, in euros ²	2.77	3.15	2.80	0.66	0.38
Number of employees at closing date (FTE)	2,408	2,399	2,727	2,601	2,493
Equity per share in euros ⁶	12.89	13.29	10.77	10.60	9.40
Regular dividend in euros per ordinary share (reporting year)	0.64	0.64	0.61	0.56	0.56
Special dividend in euros per ordinary share (reporting year)	0.36

Ratios
Covenant net debt position/ Covenant EBITDA ⁷	1.5	2.1	3.1	3.0	2.6
Interest cover ⁸	19.3	11.3	7.9	14.2	14.6
Balance sheet total : equity	1:0.5	1:0.5	1:0.4	1:0.4	1:0.4
Net debt position : equity	1:1.8	1:1.7	1:0.9	1:0.9	1:1.2
Current assets : current liabilities	1:0.5	1:0.9	1:1	1:0.9	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.}