I 
15.42
-1.34%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€1.45bn
FY2016FY2025
Net income
−€123.0m
FY2016FY2025
Free cash flow
€51.0m
FY2016FY2025
Shareholders' equity
€3.88bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €1.45bn | €1.45bn | €1.53bn | €1.57bn | €1.66bn | €1.44bn | €1.52bn | €1.77bn | €1.65bn | €1.49bn |
| Research and development | — | — | €1 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Operating income | €276.3m | −€315.0m | €256.1m | −€79.8m | €800.6m | €157.6m | €342.4m | €292.2m | €291.1m | €306.0m |
| Net income | −€123.0m | −€275.9m | −€1.25bn | €54.1m | €400.1m | €24.2m | €300.2m | €154.9m | €170.3m | €44.7m |
| Diluted earnings per share | -1.62 | -3.64 | -16.50 | 0.71 | 5.28 | 0.33 | 4.06 | 2.09 | 2.30 | 0.61 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €9.56bn | €10.52bn | €11.60bn | €18.22bn | €17.61bn | €17.20bn | €12.51bn | €11.76bn | €11.31bn | €10.04bn |
| Cash and short-term investments | €858.5m | €1.23bn | €1.62bn | €1.08bn | €655.7m | €1.19bn | €767.1m | €634.6m | €420.3m | €272.4m |
| Total liabilities | €5.66bn | €6.16bn | €6.53bn | €9.53bn | €8.97bn | €9.05bn | €8.42bn | €7.82bn | €7.18bn | €5.94bn |
| Debt | €4.35bn | €4.74bn | €5.13bn | €8.02bn | €7.68bn | €7.72bn | €6.91bn | €6.29bn | €5.98bn | €4.85bn |
| Shareholders' equity | €3.88bn | €4.32bn | €4.99bn | €6.59bn | €6.72bn | €6.46bn | €3.17bn | €3.19bn | €3.35bn | €3.44bn |
| Shares outstanding | 76m | 76m | 76m | 76m | 76m | 74m | 74m | 74m | 74m | 74m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €356.5m | €366.4m | €322.9m | €312.9m | €529.1m | €650.1m | €369.0m | €356.3m | €337.4m | €215.0m |
| Capital spending | −€305.5m | −€200.2m | −€304.6m | −€547.1m | −€1.03bn | −€530.6m | −€785.9m | −€525.4m | −€677.9m | −€829.7m |
| Free cash flow | €51.0m | €166.2m | €18.3m | −€234.2m | −€497.6m | €119.5m | −€416.9m | −€169.1m | −€340.5m | −€614.7m |
| Dividends paid | −€326.7m | −€366.7m | −€328.1m | −€317.8m | −€196.1m | −€296.5m | −€340.0m | −€317.8m | −€295.6m | −€275.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €688.7m | €707.0m | €623.5m | €749.6m | €792.6m | €696.8m | €869.8m | €787.1m |
| Operating income | €95.9m | €140.1m | €136.2m | €99.8m | €158.0m | −€222.0m | −€827.7m | €142.7m |
| Net income | −€155.9m | −€31.3m | −€91.7m | €25.8m | −€95.4m | −€180.5m | −€773.4m | −€349.0m |
| Diluted earnings per share | -2.06 | -0.41 | -1.21 | 0.34 | -1.26 | -2.38 | -10.21 | -4.61 |
| Cash from operations | €94.0m | €248.0m | €108.0m | — | €328.0m | €105.0m | €174.0m | €148.0m |
| Capital spending | −€95.0m | −€184.0m | — | — | −€104.0m | −€95.0m | −€140.0m | −€164.0m |
| Free cash flow | −€1.0m | €64.0m | — | — | €224.0m | €10.0m | €34.0m | −€16.0m |
| Total assets | €8.95bn | €9.56bn | €10.13bn | — | €10.52bn | €10.82bn | €11.60bn | €17.53bn |
| Cash and short-term investments | €780.9m | €858.5m | €1.06bn | — | €1.23bn | €1.15bn | €1.62bn | €667.2m |
| Debt | €540.5m | €4.35bn | €4.67bn | — | €4.74bn | €4.76bn | €5.08bn | €5.46bn |
| Shareholders' equity | €3.57bn | €3.88bn | €3.90bn | — | €4.32bn | €4.44bn | €4.99bn | €5.78bn |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -1.8% | -18.4% | 16.8% | -6.5% | 37.2% | 10.2% | — | — |
| Net margin | -8.5% | -19.0% | -81.8% | 3.4% | 24.1% | 1.7% | — | — |
| Return on equity | -3.2% | -6.4% | -25.1% | 0.8% | 6.0% | 0.4% | — | — |
| Return on assets | -1.3% | -2.6% | -10.8% | 0.3% | 2.3% | 0.1% | — | — |
| Free cash flow yield | 59.4% | 50.9% | 56.4% | 77.4% | 139.9% | 108.7% | — | — |
| Revenue growth | -0.1% | -5.0% | -2.6% | -5.6% | 15.3% | -5.5% | — | — |
| Earnings growth | -55.4% | -77.9% | -2411.1% | -86.5% | 1553.3% | -91.9% | — | — |
| Current ratio | 1.33x | 1.84x | 2.49x | 1.12x | 0.86x | 0.93x | — | — |
| Debt to equity | 1.11x | 1.08x | 1.02x | 1.21x | 1.11x | 1.19x | — | — |
| Equity ratio | 40.5% | 41.1% | 43.0% | 36.2% | 38.2% | 37.6% | — | — |
| Interest coverage | -0.32x | -3.54x | 2.78x | -1.29x | 2.95x | 1.25x | — | — |
| 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 | -0.2% | -0.0% | -0.1% | 0.1% | -2.3% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.6% | 0.1% | 0.1% |
| Operating income | — | 11.9% | 2.7% |
| Net income | — | — | -4.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -1.3% | 2.3% | 12.0% | 15.0% |
| Net margin | -13.7% | -26.6% | -12.9% | -4.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -13.5 | -6.3 | -2.1 | 56.3 | 11.9 | 192.3 | 23.9 | 31.9 | 35.6 | 112.0 |
| Price to sales | 1.1 | 1.2 | 1.8 | 1.9 | 2.9 | 3.2 | 4.7 | 2.8 | 3.7 | 3.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 23 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.92 | 5.56 | 4.84 | 2.67 | 3.29 | 2.41 | 4.01 | 4.60 |
- 1-to-1 reverse split · 10 Jul 2013
- 10-for-1 split · 9 May 2005
- 1-to-1 reverse split · 7 Jun 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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