M 
2.98
-1.97%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€1.78bn
FY2016FY2025
Net income
−€156.7m
FY2016FY2025
Free cash flow
€103.6m
FY2016FY2025
Shareholders' equity
€1.59bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €1.78bn | €1.94bn | €1.94bn | €2.48bn | €2.08bn | €1.89bn | €1.93bn | €1.94bn | €1.85bn | €1.72bn |
| Gross profit | −€17.3m | €469.8m | €455.4m | €672.6m | €591.8m | €555.7m | €469.7m | €469.4m | €485.0m | €440.3m |
| Research and development | — | — | €7.3m | €6.1m | €6.0m | €8.6m | €6.4m | €6.3m | €5.5m | €6.3m |
| Operating income | −€170.8m | €62.3m | €123.4m | €531.5m | €375.9m | €227.3m | €180.8m | €246.3m | €207.1m | €132.3m |
| Net income | −€156.7m | €25.3m | €94.8m | €409.9m | €292.1m | €170.1m | €144.6m | €203.4m | €150.5m | €90.4m |
| Diluted earnings per share | -0.44 | 0.07 | 0.27 | 1.16 | 0.81 | 0.48 | 0.45 | 0.57 | 0.42 | 0.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €2.93bn | €2.99bn | €3.06bn | €3.40bn | €2.92bn | €2.30bn | €2.27bn | €2.28bn | €2.23bn | €2.19bn |
| Cash and short-term investments | €309.3m | €182.6m | €291.6m | €356.2m | €524.2m | €214.0m | €134.2m | €109.7m | €215.1m | €220.6m |
| Total liabilities | €1.17bn | €1.09bn | €1.00bn | €1.15bn | €1.08bn | €918.7m | €932.4m | €961.3m | €1.06bn | €1.14bn |
| Debt | €564.6m | €527.4m | €438.2m | €452.6m | €447.0m | €452.4m | €444.9m | €447.2m | €535.9m | €688.1m |
| Shareholders' equity | €1.59bn | €1.74bn | €1.90bn | €2.08bn | €1.70bn | €1.38bn | €1.34bn | €1.32bn | €1.17bn | €1.05bn |
| Shares outstanding | 355m | 365m | 355m | 355m | 363m | 352m | 324m | 359m | 357m | 372m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €239.6m | €37.8m | €342.8m | €232.0m | €329.6m | €307.7m | €200.5m | €150.9m | €236.3m | €77.0m |
| Capital spending | −€136.0m | −€164.0m | −€218.4m | −€274.2m | −€213.7m | −€154.2m | −€94.3m | −€67.7m | −€64.7m | −€133.5m |
| Free cash flow | €103.6m | −€126.2m | €124.4m | −€42.2m | €115.9m | €153.5m | €106.2m | €83.2m | €171.6m | −€56.5m |
| Dividends paid | −€24.9m | −€88.8m | −€229.7m | −€157.1m | −€92.4m | −€85.2m | −€103.1m | −€74.7m | −€67.5m | −€60.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €431.9m | €393.7m | €393.5m | €441.2m | €460.1m | €480.8m | €446.0m | €499.0m |
| Gross profit | €33.9m | €14.6m | −€55.7m | €1.3m | €102.1m | €121.2m | €96.2m | €113.2m |
| Operating income | €6.6m | −€8.8m | −€80.6m | −€29.3m | −€13.0m | −€10.0m | −€2.9m | €41.7m |
| Net income | −€6.1m | −€14.7m | −€89.9m | −€38.0m | −€21.7m | −€7.0m | −€7.3m | €28.7m |
| Diluted earnings per share | -0.02 | -0.04 | -0.25 | -0.11 | -0.06 | -0.02 | -0.02 | 0.08 |
| Cash from operations | €8.0m | −€70.0m | €155.0m | €122.0m | −€10.0m | −€27.0m | €49.0m | €4.0m |
| Capital spending | −€8.0m | −€5.0m | −€73.0m | −€29.0m | −€18.0m | −€15.0m | −€49.0m | −€65.0m |
| Free cash flow | €0 | −€75.0m | €82.0m | €93.0m | −€28.0m | −€42.0m | €0 | −€61.0m |
| Total assets | €2.85bn | €2.81bn | €2.93bn | €2.89bn | €3.06bn | €3.09bn | €2.99bn | €3.01bn |
| Cash and short-term investments | €296.5m | €264.2m | €309.3m | €212.7m | €234.3m | €171.3m | €182.6m | €160.1m |
| Debt | €143.4m | €105.7m | €564.5m | €550.7m | €664.2m | €572.9m | €460.7m | €507.8m |
| Shareholders' equity | €1.48bn | €1.51bn | €1.59bn | €1.69bn | €1.75bn | €1.78bn | €1.74bn | €1.79bn |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | -1.0% | 24.2% | 23.5% | 27.1% | 28.4% | 29.4% | — | — |
| Operating margin | -7.5% | 3.5% | 5.0% | 14.8% | 12.4% | 11.8% | — | — |
| Net margin | -8.8% | 1.3% | 4.9% | 16.5% | 14.0% | 9.0% | — | — |
| Return on equity | -9.9% | 1.5% | 5.0% | 19.7% | 17.2% | 12.3% | — | — |
| Return on assets | -5.4% | 0.8% | 3.1% | 12.0% | 10.0% | 7.4% | — | — |
| Free cash flow yield | 34.2% | 17.9% | 51.1% | 46.1% | 48.4% | 42.4% | — | — |
| Revenue growth | -8.4% | -0.2% | -21.7% | 19.0% | 10.3% | -2.2% | — | — |
| Earnings growth | -719.4% | -73.3% | -76.9% | 40.3% | 71.7% | 17.6% | — | — |
| Current ratio | 1.65x | 1.76x | 2.31x | 2.37x | 2.45x | 2.49x | — | — |
| Debt to equity | 0.35x | 0.26x | 0.23x | 0.21x | 0.26x | 0.32x | — | — |
| Equity ratio | 54.4% | 58.2% | 62.1% | 61.2% | 58.2% | 60.1% | — | — |
| Interest coverage | -8.29x | 4.04x | 7.79x | 77.96x | 32.82x | 18.77x | — | — |
| R&D as a share of sales | — | — | 0.4% | 0.2% | 0.3% | 0.5% | 0.3% | 0.3% |
| Buybacks as a share of market value | 2.8% | -2.9% | -0.1% | 2.2% | -3.0% | -8.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.5% | -1.2% | -1.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.2% | 19.4% | 22.5% | 23.7% |
| Operating margin | -2.9% | 6.7% | 9.5% | 9.8% |
| Net margin | -3.5% | 4.6% | 6.9% | 7.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.0 | 61.2 | 26.9 | 7.6 | 10.7 | 17.9 | 13.4 | 9.0 | 17.0 | 28.0 |
| Price to sales | 0.6 | 0.8 | 1.3 | 1.3 | 1.5 | 1.6 | 1.0 | 0.9 | 1.4 | 1.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 13 years. Last went ex-dividend on 21 Mar 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.07 | 0.25 | 0.58 | 0.41 | 0.10 | 0.10 | 0.10 | 0.21 |
- 1-to-1 reverse split · 8 May 2000
- 5-for-1 split · 23 Apr 1996
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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