M 
791.00p
-0.08%
Close of 9 Nov 2026, in pence
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At a glance
Figures in EUR, from our data supplier.
Revenue
€7.66bn
FY2016FY2025
Net income
€165.0m
FY2016FY2025
Free cash flow
€213.1m
FY2016FY2025
Shareholders' equity
€4.73bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €7.66bn | €7.42bn | €7.33bn | €8.90bn | €6.97bn | €6.66bn | €7.27bn | €7.48bn | €7.10bn | €6.66bn |
| Gross profit | €3.11bn | €3.08bn | €2.74bn | €3.43bn | €2.76bn | €2.98bn | €3.27bn | €3.42bn | €3.12bn | €2.91bn |
| Research and development | €32.0m | €31.0m | €30.0m | €22.0m | — | €23.0m | €25.0m | €22.0m | €23.0m | €19.0m |
| Operating income | €391.0m | €456.0m | €763.0m | €1.69bn | €789.0m | €868.0m | €1.22bn | €1.19bn | €969.0m | €944.0m |
| Net income | €165.0m | €218.0m | −€153.0m | €1.45bn | €756.0m | €582.0m | €812.0m | €824.0m | €668.0m | €638.0m |
| Diluted earnings per share | 0.38 | 0.49 | -0.35 | 3.29 | 1.71 | 1.32 | 1.84 | 1.87 | 1.37 | 1.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €10.16bn | €9.34bn | €9.96bn | €10.85bn | €9.26bn | €8.37bn | €8.54bn | €8.04bn | €7.38bn | €7.31bn |
| Cash and short-term investments | €296.4m | €278.0m | €1.61bn | €1.07bn | €473.0m | €383.0m | €74.0m | €52.0m | €39.0m | €406.0m |
| Total liabilities | €4.95bn | €3.99bn | €3.87bn | €4.59bn | €4.37bn | €3.98bn | €4.16bn | €4.22bn | €3.37bn | €3.61bn |
| Debt | €2.88bn | €2.02bn | €2.02bn | €2.07bn | €2.23bn | €2.18bn | €2.28bn | €2.27bn | €1.55bn | €1.77bn |
| Shareholders' equity | €4.73bn | €4.86bn | €5.66bn | €5.79bn | €4.50bn | €4.00bn | €4.01bn | €3.48bn | €3.68bn | €3.39bn |
| Shares outstanding | 440m | 447m | 441m | 441m | 441m | 441m | 441m | 441m | 486m | 519m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €923.0m | €851.0m | €1.36bn | €1.45bn | €1.15bn | €1.32bn | €1.39bn | €1.41bn | €1.21bn | €1.23bn |
| Capital spending | −€709.9m | −€994.0m | −€894.0m | −€569.0m | −€635.0m | −€691.0m | −€817.0m | −€762.0m | −€660.0m | −€510.0m |
| Free cash flow | €213.1m | −€143.0m | €465.0m | €879.0m | €515.0m | €627.0m | €571.0m | €645.0m | €553.0m | €719.0m |
| Dividends paid | −€299.5m | −€1.08bn | −€345.0m | −€321.0m | −€298.0m | −€237.0m | −€396.0m | −€793.0m | −€273.0m | −€274.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €3.98bn | €3.75bn | €3.91bn | €3.68bn | €3.74bn | €3.45bn | €3.88bn | €4.40bn |
| Gross profit | €1.52bn | €1.50bn | €1.60bn | €1.53bn | €1.55bn | €1.31bn | €1.44bn | €1.66bn |
| Operating income | −€178.0m | €88.0m | €303.0m | €128.0m | €328.0m | €303.0m | €460.0m | €691.0m |
| Net income | −€255.0m | −€5.0m | €170.0m | €19.0m | €199.0m | −€458.0m | €305.0m | €584.0m |
| Diluted earnings per share | -0.58 | -0.01 | 0.39 | 0.04 | 0.44 | -1.04 | 0.69 | 1.32 |
| Cash from operations | €245.0m | €619.0m | €188.0m | €550.0m | €301.0m | €737.0m | €622.0m | €362.0m |
| Capital spending | −€240.0m | −€361.0m | −€186.0m | −€574.0m | −€420.0m | −€546.0m | −€332.0m | −€142.0m |
| Free cash flow | €5.0m | €258.0m | €2.0m | −€24.0m | −€119.0m | €191.0m | €290.0m | €220.0m |
| Total assets | €10.05bn | €10.16bn | €10.07bn | €9.34bn | €9.44bn | €9.96bn | €10.27bn | €10.85bn |
| Cash and short-term investments | €169.9m | €296.4m | €168.0m | €278.0m | €426.0m | €1.61bn | €867.0m | €1.07bn |
| Debt | €2.66bn | €2.74bn | €2.67bn | €1.91bn | €1.91bn | €1.92bn | €1.94bn | €2.08bn |
| Shareholders' equity | €4.53bn | €4.73bn | €4.76bn | €4.86bn | €4.93bn | €5.66bn | €5.63bn | €5.79bn |
Financial ratios
Data as of 17 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 40.5% | 41.5% | 37.4% | 38.6% | 39.6% | 44.8% | — |
| Operating margin | 5.3% | 7.3% | 7.3% | 14.2% | 11.3% | 13.4% | — |
| Net margin | 2.2% | 2.9% | -2.1% | 16.3% | 10.8% | 8.7% | — |
| Return on equity | 3.5% | 4.5% | -2.7% | 25.1% | 16.8% | 14.5% | — |
| Return on assets | 1.6% | 2.3% | -1.5% | 13.4% | 8.2% | 7.0% | — |
| Free cash flow yield | 0.5% | 0.5% | 0.7% | 0.6% | 0.5% | 0.6% | — |
| Revenue growth | 3.3% | 1.2% | -17.7% | 27.6% | 4.7% | -8.3% | — |
| Earnings growth | -24.3% | -242.5% | -110.5% | 92.1% | 29.9% | -28.3% | — |
| Current ratio | 1.53x | 1.87x | 2.09x | 2.48x | 1.68x | 1.63x | — |
| Debt to equity | 0.58x | 0.39x | 0.34x | 0.34x | 0.45x | 0.50x | — |
| Equity ratio | 46.6% | 52.0% | 56.8% | 53.4% | 48.6% | 47.8% | — |
| Interest coverage | 3.46x | 6.10x | 4.80x | 9.23x | 9.70x | 9.63x | — |
| R&D as a share of sales | 0.4% | 0.4% | 0.4% | 0.2% | — | 0.3% | 0.3% |
| Buybacks as a share of market value | 1.6% | -1.4% | 0.0% | 0.1% | -0.1% | -0.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.9% | 2.8% | 1.2% |
| Operating income | -38.5% | -14.7% | -8.0% |
| Net income | -51.6% | -22.3% | -12.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 41.0% | 39.5% | 40.3% | 42.0% |
| Operating margin | 5.6% | 10.5% | 11.0% | 12.7% |
| Net margin | 2.5% | 5.4% | 6.7% | 8.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 28.0 | 28.0 | -56.3 | 5.4 | 13.6 | 16.5 | 12.2 | 11.1 | 18.0 | 17.1 |
| Price to sales | 0.6 | 0.8 | 1.2 | 0.9 | 1.5 | 1.4 | 1.4 | 1.2 | 1.7 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 20 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.381 | 0.633 | 0.599 | 2.19 | 0.623 | 0.58 | 0.193 | 0.79 |
- 11-to-10 reverse split · 29 Jan 2024
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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