N 
18.94
+2.71%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€709.1m
FY2016FY2025
Net income
€123.3m
FY2016FY2025
Free cash flow
€208.8m
FY2016FY2025
Shareholders' equity
€1.16bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €709.1m | €486.7m | €590.6m | €765.3m | €914.3m | €572.8m | €488.9m | €380.0m | €220.4m | €228.6m |
| Gross profit | €198.0m | €153.2m | €186.0m | €209.0m | €243.0m | €155.9m | €158.3m | €119.4m | −€13.9m | €19.9m |
| Research and development | — | — | €0 | €0 | €0 | €0 | €0 | €0 | €2,000 | €0 |
| Operating income | €72.9m | €67.8m | €125.2m | €139.1m | €141.8m | €96.6m | €90.3m | €51.1m | −€18.3m | €9.0m |
| Net income | €123.3m | €62.0m | €90.6m | €96.3m | €103.0m | €70.1m | €63.7m | €46.0m | −€25.9m | €1.1m |
| Diluted earnings per share | 1.32 | 0.83 | 1.24 | 1.30 | 1.34 | 0.95 | 0.95 | 0.58 | -0.33 | 0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €3.93bn | €1.73bn | €1.65bn | €1.78bn | €1.97bn | €1.56bn | €1.47bn | €1.42bn | €1.28bn | €1.02bn |
| Cash and short-term investments | €802.7m | €375.2m | €188.7m | €227.8m | €283.3m | €270.2m | €186.2m | €113.8m | €76.8m | €45.3m |
| Total liabilities | €2.55bn | €863.6m | €667.6m | €851.0m | €1.02bn | €698.1m | €679.6m | €645.0m | €556.5m | €384.8m |
| Debt | €1.54bn | €517.2m | €385.2m | €470.1m | €262.7m | €336.2m | €368.0m | €380.0m | €417.2m | €306.9m |
| Shareholders' equity | €1.16bn | €858.7m | €975.4m | €927.2m | €943.4m | €860.6m | €789.4m | €772.7m | €722.4m | €631.0m |
| Shares outstanding | 93m | 74m | 73m | 74m | 77m | 74m | 67m | 79m | 79m | 117m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €209.1m | €102.6m | €10.5m | €151.6m | €225.2m | €134.7m | €145.8m | €90.6m | −€186.4m | €30.7m |
| Capital spending | −€305,000 | −€1.5m | −€630,000 | −€3.3m | −€738,000 | −€812,000 | −€1.8m | −€6.7m | −€1.2m | −€1.1m |
| Free cash flow | €208.8m | €101.1m | €9.9m | €148.3m | €224.5m | €133.9m | €144.0m | €83.8m | −€187.7m | €29.6m |
| Dividends paid | −€154.7m | −€114.1m | −€35.0m | −€95.0m | −€37.2m | −€37.2m | −€37.2m | −€37.2m | −€141.1m | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €679.9m | €558.4m | €146.2m | €73.1m | €316.3m | €158.2m | €172.9m | €85.2m |
| Gross profit | €159.2m | €139.3m | €55.9m | €27.5m | €96.7m | €47.8m | €48.5m | €24.7m |
| Operating income | €63.1m | €151.7m | €12.9m | €6.4m | €59.3m | €29.6m | €13.2m | €3.6m |
| Net income | €12.4m | €120.1m | €3.2m | €1.6m | €52.3m | €26.1m | €9.7m | €4.9m |
| Diluted earnings per share | 0.13 | 1.29 | 0.03 | 0.02 | 0.70 | 0.35 | 0.13 | 0.07 |
| Cash from operations | €72.0m | €212.0m | −€3.0m | €3.0m | €60.0m | €29.0m | €30.0m | €21.0m |
| Capital spending | −€1.0m | −€1.0m | −€1.0m | — | — | — | — | — |
| Free cash flow | €71.0m | €211.0m | −€4.0m | — | — | — | — | — |
| Total assets | €3.49bn | €3.93bn | €1.82bn | €1.82bn | €1.73bn | €1.73bn | €1.65bn | €1.65bn |
| Cash and short-term investments | €547.1m | €802.7m | €469.6m | €468.5m | €375.2m | €390.3m | €224.2m | €233.1m |
| Debt | €1.53bn | €1.53bn | €174.0m | €158.9m | €196.0m | €154.9m | €400.0m | €202.9m |
| Shareholders' equity | €1.05bn | €1.16bn | €989.8m | €989.8m | €858.7m | €858.7m | €945.1m | €945.1m |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 27.9% | 31.5% | 31.5% | 27.3% | 26.6% | 27.2% | — | — |
| Operating margin | 23.2% | 20.5% | 21.2% | 15.2% | 15.7% | 17.1% | — | — |
| Net margin | 17.4% | 12.7% | 15.3% | 12.6% | 11.3% | 12.2% | — | — |
| Return on equity | 10.6% | 7.2% | 9.3% | 10.4% | 10.9% | 8.1% | — | — |
| Return on assets | 3.1% | 3.6% | 5.5% | 5.4% | 5.2% | 4.5% | — | — |
| Free cash flow yield | 13.2% | 8.2% | 0.9% | 12.3% | 17.4% | 10.8% | — | — |
| Revenue growth | 45.7% | -17.6% | -22.8% | -16.3% | 59.6% | 17.2% | — | — |
| Earnings growth | 98.8% | -31.6% | -5.9% | -6.6% | 46.9% | 10.0% | — | — |
| Current ratio | 4.41x | 2.93x | 2.75x | 3.04x | 2.56x | 2.43x | — | — |
| Debt to equity | 1.32x | 0.23x | 0.39x | 0.50x | 0.59x | 0.39x | — | — |
| Equity ratio | 29.5% | 49.8% | 59.3% | 52.1% | 48.0% | 55.2% | — | — |
| Interest coverage | 6.06x | 4.35x | 4.87x | 5.18x | 6.94x | 15.43x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -25.4% | -1.9% | 1.7% | 3.0% | -3.9% | -9.3% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.5% | 4.4% | 10.7% |
| Operating income | -19.4% | -5.5% | — |
| Net income | 8.6% | 11.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 29.4% | 29.2% | 28.4% | 26.2% |
| Operating margin | 11.8% | 15.9% | 15.9% | 12.4% |
| Net margin | 15.5% | 14.6% | 13.5% | 9.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.3 | 20.3 | 8.5 | 6.3 | 7.8 | 11.5 | 11.6 | 22.3 | -55.6 |
| Price to sales | 2.5 | 2.6 | 1.3 | 0.8 | 0.9 | 1.4 | 1.5 | 2.7 | 6.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 4 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Paid in the year | 1.712 | 1.24 | 1.83 | 1.001 | 1.064 | 0.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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