K 
25.50
-0.62%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€12.47bn
FY2016FY2025
Net income
€404.2m
FY2016FY2025
Free cash flow
€220.5m
FY2016FY2025
Shareholders' equity
€2.80bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €12.47bn | €11.92bn | €11.78bn | €11.81bn | €11.30bn | €10.67bn | €10.72bn | €10.38bn | €10.68bn | €10.18bn |
| Operating income | €534.6m | €579.5m | €695.4m | €816.5m | €775.2m | €600.2m | €447.8m | €307.9m | €324.6m | €146.8m |
| Net income | €404.2m | €379.1m | €495.6m | €609.9m | €571.8m | €433.4m | €339.2m | €158.0m | €257.8m | €98.6m |
| Diluted earnings per share | 1.02 | 0.95 | 1.25 | 1.54 | 1.44 | 1.09 | 0.86 | 0.40 | 0.65 | 0.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €8.82bn | €8.47bn | €7.75bn | €7.47bn | €6.97bn | €6.64bn | €6.90bn | €4.30bn | €4.47bn | €4.41bn |
| Cash and short-term investments | €166.2m | €488.1m | €227.3m | €314.1m | €387.7m | €306.0m | €169.0m | €249.2m | €397.9m | €391.4m |
| Total liabilities | €6.00bn | €5.74bn | €5.00bn | €4.73bn | €4.44bn | €4.45bn | €4.76bn | €2.10bn | €2.24bn | €2.28bn |
| Debt | €3.57bn | €3.40bn | €2.79bn | €2.42bn | €2.30bn | €2.62bn | €3.04bn | €2.70bn | €533.9m | €514.7m |
| Shareholders' equity | €2.80bn | €2.72bn | €2.76bn | €2.74bn | €2.53bn | €2.19bn | €2.03bn | €2.09bn | €2.13bn | €2.03bn |
| Shares outstanding | 398m | 398m | 398m | 395m | 397m | 396m | 396m | 397m | 394m | 400m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €879.7m | €1.01bn | €1.05bn | €915.2m | €1.15bn | €1.15bn | €896.6m | €413.8m | €301.7m | €170.2m |
| Capital spending | −€659.2m | −€491.4m | −€539.2m | −€352.4m | −€239.4m | −€203.9m | −€377.6m | −€224.1m | −€319.9m | −€277.4m |
| Free cash flow | €220.5m | €516.8m | €510.3m | €562.8m | €912.6m | €948.5m | €519.0m | €189.7m | −€18.2m | −€107.2m |
| Dividends paid | −€370.2m | −€320.3m | −€430.3m | −€406.7m | −€297.8m | −€249.9m | −€232.0m | −€225.4m | −€203.8m | −€249.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €3.38bn | €3.03bn | €3.23bn | €3.23bn | €3.19bn | €2.83bn | €3.04bn | €3.03bn |
| Operating income | €188.7m | €101.9m | €164.0m | €200.6m | €177.9m | €89.4m | €149.4m | €202.1m |
| Net income | €128.2m | €51.2m | €99.5m | €139.1m | €117.1m | €48.4m | €74.9m | €138.8m |
| Diluted earnings per share | 0.32 | 0.13 | 0.25 | 0.35 | 0.29 | 0.12 | 0.19 | 0.35 |
| Cash from operations | €362.0m | €77.0m | €292.0m | €287.0m | €323.0m | −€24.0m | €301.0m | €285.0m |
| Capital spending | −€103.0m | −€112.0m | −€129.0m | −€141.0m | −€257.0m | −€131.0m | −€38.0m | −€102.0m |
| Free cash flow | €259.0m | −€35.0m | €163.0m | €146.0m | €66.0m | −€155.0m | €263.0m | €183.0m |
| Total assets | €9.57bn | €9.23bn | €8.82bn | €8.83bn | €8.92bn | €8.64bn | €8.47bn | €8.23bn |
| Cash and short-term investments | €376.3m | €169.3m | €166.2m | €97.4m | €190.5m | €147.5m | €488.1m | €219.9m |
| Debt | €2.11bn | €2.01bn | €3.57bn | €3.54bn | €3.64bn | €3.56bn | €3.40bn | €3.09bn |
| Shareholders' equity | €2.65bn | €2.51bn | €2.80bn | €2.68bn | €2.52bn | €2.44bn | €2.72bn | €2.63bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 3.3% | 5.0% | 6.0% | 7.1% | 7.0% | 5.8% |
| Net margin | 3.2% | 3.2% | 4.2% | 5.2% | 5.1% | 4.1% |
| Return on equity | 14.4% | 13.9% | 18.0% | 22.2% | 22.6% | 19.8% |
| Return on assets | 4.6% | 4.5% | 6.4% | 8.2% | 8.2% | 6.5% |
| Free cash flow yield | 16.6% | 16.2% | 17.2% | 13.8% | 15.1% | 14.7% |
| Revenue growth | 4.7% | 1.2% | -0.2% | 4.5% | 5.9% | -0.5% |
| Earnings growth | 6.6% | -23.5% | -18.7% | 6.7% | 31.9% | 27.8% |
| Current ratio | 0.97x | 0.97x | 1.02x | 1.00x | 0.98x | 0.97x |
| Debt to equity | 0.65x | 0.65x | 0.41x | 0.30x | 0.27x | 0.41x |
| Equity ratio | 31.7% | 32.1% | 35.6% | 36.7% | 36.3% | 33.0% |
| Interest coverage | 2.95x | 4.70x | 7.24x | 13.96x | 10.44x | 6.61x |
| Buybacks as a share of market value | -0.0% | -0.0% | -0.7% | 0.5% | -0.1% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.8% | 3.2% | 3.7% |
| Operating income | -13.2% | -2.3% | 10.6% |
| Net income | -12.8% | -1.4% | 14.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 4.6% | 5.5% | 5.7% | 4.5% |
| Net margin | 3.2% | 3.9% | 4.1% | 3.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 19.0 | 19.1 | 14.4 | 13.3 | 20.4 | 19.3 | 18.4 | 29.6 | 17.3 | 48.1 |
| Price to sales | 0.6 | 0.6 | 0.6 | 0.7 | 1.0 | 0.8 | 0.6 | 0.5 | 0.4 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 14 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.68 | 0.90 | 1.02 | 1.08 | 1.06 | 0.75 | 0.63 | 0.585 |
- 4-for-1 split · 29 Apr 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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