M 
60.00
0.00%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€11.48bn
FY2016FY2025
Net income
€647.5m
FY2016FY2025
Free cash flow
€220.1m
FY2016FY2025
Shareholders' equity
€3.30bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €11.48bn | €12.19bn | €13.32bn | €16.63bn | €10.27bn | €6.12bn | €9.37bn | €9.49bn | €7.84bn | €6.36bn |
| Gross profit | €1.05bn | €1.10bn | €1.59bn | €2.01bn | €660.5m | €415.0m | €654.4m | €666.9m | €819.0m | €727.0m |
| Operating income | — | €640.7m | €1.13bn | €1.53bn | €312.5m | −€44.5m | €347.1m | €398.3m | €560.3m | €483.1m |
| Net income | €647.5m | €283.4m | €805.7m | €968.0m | €201.8m | −€107.8m | €224.9m | €257.4m | €315.2m | €298.2m |
| Diluted earnings per share | 5.98 | 2.61 | 7.45 | 8.89 | 1.83 | -0.97 | 2.03 | 2.32 | 2.84 | 2.69 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €8.04bn | €7.28bn | €7.57bn | €7.20bn | €4.83bn | €3.41bn | €3.47bn | €2.85bn | €2.90bn | €2.86bn |
| Cash and short-term investments | — | — | — | €1.20bn | €656.7m | €587.5m | — | — | — | — |
| Total liabilities | €4.68bn | €4.52bn | €4.80bn | €5.16bn | €3.64bn | €2.42bn | €2.28bn | €1.74bn | €1.88bn | €2.04bn |
| Debt | €2.02bn | €2.86bn | €2.84bn | €2.96bn | €2.11bn | €1.51bn | €1.05bn | €929.9m | €994.1m | €1.18bn |
| Shareholders' equity | €3.30bn | €2.72bn | €2.66bn | €2.04bn | €1.18bn | €978.2m | €1.18bn | €1.11bn | €1.01bn | €821.9m |
| Shares outstanding | 108m | 108m | 108m | 109m | 110m | 111m | 111m | 111m | 111m | 111m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €799.9m | €334.1m | €813.6m | €1.13bn | €273.5m | −€131.9m | €480.0m | €326.4m | €301.0m | €466.2m |
| Capital spending | −€579.8m | −€315.0m | −€318.1m | −€257.6m | −€322.3m | −€281.6m | −€159.2m | −€135.5m | −€100.5m | −€87.9m |
| Free cash flow | €220.1m | €19.0m | €495.6m | €871.6m | −€48.8m | −€413.5m | €320.8m | €190.9m | €200.5m | €378.3m |
| Dividends paid | −€158.4m | −€155.7m | −€177.8m | −€121.9m | −€22.2m | −€88.6m | −€144.3m | −€149.7m | −€110.8m | −€77.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €4.17bn | €3.36bn | €3.01bn | €3.21bn | €2.59bn | €2.68bn | €2.82bn | €3.13bn |
| Gross profit | €545.6m | €609.9m | €335.5m | €371.2m | €153.4m | €186.6m | €216.6m | €171.9m |
| Operating income | €413.4m | €475.5m | — | — | €28.2m | €70.7m | €71.1m | €62.0m |
| Net income | €353.7m | €332.2m | €196.9m | €288.5m | €77.5m | €84.6m | €63.1m | −€138.7m |
| Diluted earnings per share | 3.26 | 3.07 | 1.82 | 2.66 | 0.72 | 0.78 | 0.58 | -1.29 |
| Cash from operations | €364.0m | €426.0m | €398.0m | €380.0m | €233.0m | −€211.0m | €255.0m | −€118.0m |
| Capital spending | −€121.0m | −€70.0m | −€176.0m | −€201.0m | −€126.0m | −€75.0m | −€128.0m | −€64.0m |
| Free cash flow | €243.0m | €356.0m | €222.0m | €179.0m | €107.0m | −€286.0m | €127.0m | −€182.0m |
| Total assets | €8.74bn | €8.92bn | €8.04bn | €7.91bn | €7.47bn | €7.31bn | €7.28bn | €7.31bn |
| Debt | €2.18bn | €1.80bn | €2.02bn | €2.17bn | €2.60bn | €2.69bn | €2.41bn | €2.38bn |
| Shareholders' equity | €3.88bn | €3.65bn | €3.30bn | €3.15bn | €2.83bn | €2.85bn | €2.72bn | €2.69bn |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 9.1% | 9.0% | 11.9% | 12.1% | 6.4% | 6.8% | — | — | — |
| Operating margin | 8.2% | 6.3% | 8.7% | 9.2% | 3.1% | -0.7% | — | — | — |
| Net margin | 5.6% | 2.3% | 6.1% | 5.8% | 2.0% | -1.8% | — | — | — |
| Return on equity | 19.6% | 10.4% | 30.2% | 47.4% | 17.1% | -11.0% | — | — | — |
| Return on assets | 8.1% | 3.9% | 10.6% | 13.4% | 4.2% | -3.2% | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | 6.3% | 4.3% | 3.9% |
| Revenue growth | -5.8% | -8.5% | -19.9% | 62.0% | 67.7% | -34.7% | — | — | — |
| Earnings growth | 128.5% | -64.8% | -16.8% | 379.6% | -287.3% | -147.9% | — | — | — |
| Current ratio | 1.66x | 2.00x | 1.87x | 1.53x | 1.56x | 1.54x | — | — | — |
| Debt to equity | 0.61x | 0.88x | 0.91x | 1.17x | 1.47x | 1.06x | — | — | — |
| Equity ratio | 41.0% | 37.4% | 35.2% | 28.4% | 24.4% | 28.7% | — | — | — |
| Interest coverage | 8.43x | 6.16x | 9.49x | 81.53x | 4.93x | -0.84x | — | — | — |
| Buybacks as a share of market value | — | — | — | — | — | — | 0.1% | -0.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.6% | 13.4% | 5.0% |
| Net income | -12.5% | — | 12.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 9.1% | 10.7% | 9.7% | 9.4% |
| Net margin | 3.9% | 5.0% | 4.0% | 3.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.3 | 7.9 | 3.2 | 2.5 | 7.5 | -12.1 | 10.2 | 9.0 | 6.6 | 4.9 |
| Price to sales | 0.3 | 0.2 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 26 years. Last went ex-dividend on 26 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.428 | 1.483 | 2.061 | 1.633 | 1.811 | 0.201 | 0.818 | 0.968 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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