V 
41.02
+2.19%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€15.06bn
FY2017FY2026
Net income
€424.7m
FY2017FY2026
Free cash flow
€556.7m
FY2017FY2026
Shareholders' equity
€7.58bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €15.06bn | €15.74bn | €16.68bn | €18.23bn | €14.92bn | €11.27bn | €12.72bn | €13.56bn | €12.90bn | €11.29bn |
| Operating income | €708.9m | €441.4m | €548.2m | €1.52bn | €1.41bn | €108.8m | €320.5m | €765.9m | €1.20bn | €806.0m |
| Net income | €424.7m | €153.5m | €100.8m | €1.06bn | €1.30bn | €42.1m | −€208.8m | €438.5m | €797.7m | €519.3m |
| Diluted earnings per share | 2.48 | 0.90 | 0.59 | 6.21 | 7.34 | 0.24 | -1.17 | 2.49 | 5.09 | 2.95 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €16.00bn | €15.73bn | €16.56bn | €17.02bn | €17.02bn | €14.91bn | €14.97bn | €15.65bn | €15.46bn | €14.71bn |
| Total liabilities | €8.20bn | €8.27bn | €9.06bn | €9.34bn | €9.96bn | €9.26bn | €9.35bn | €8.94bn | €8.90bn | €8.65bn |
| Debt | €1.27bn | €3.42bn | €3.93bn | €4.02bn | €4.34bn | €4.77bn | €5.15bn | €4.33bn | €4.59bn | €4.56bn |
| Shareholders' equity | €7.58bn | €7.22bn | €7.19bn | €7.45bn | €6.91bn | €5.52bn | €5.48bn | €6.54bn | €6.39bn | €5.89bn |
| Shares outstanding | 171m | 171m | 171m | 171m | 177m | 179m | 179m | 176m | 157m | 176m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.54bn | €1.42bn | €1.45bn | €956.2m | €1.24bn | €1.63bn | €1.30bn | €1.17bn | €1.20bn | €1.15bn |
| Capital spending | −€983.4m | −€1.11bn | −€1.08bn | −€752.1m | −€654.0m | −€599.3m | −€747.9m | −€1.05bn | −€850.2m | −€1.07bn |
| Free cash flow | €556.7m | €311.9m | €366.0m | €204.1m | €588.9m | €1.03bn | €556.1m | €120.9m | €344.9m | €82.3m |
| Dividends paid | −€102.9m | −€120.0m | −€257.2m | −€214.2m | −€89.3m | −€35.7m | −€222.0m | −€276.8m | −€223.9m | −€213.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €3.99bn | €3.92bn | €3.55bn | €3.69bn | €3.90bn | €4.00bn | €3.70bn | €3.90bn |
| Operating income | €303.3m | €252.6m | €127.7m | €164.7m | €166.9m | €62.6m | €52.6m | €105.2m |
| Net income | €194.7m | €170.0m | €59.7m | €94.3m | €100.7m | −€29.3m | €22.3m | €25.3m |
| Diluted earnings per share | 1.14 | 0.99 | 0.35 | 0.55 | 0.59 | -0.17 | 0.13 | 0.15 |
| Cash from operations | €344.0m | €439.0m | €317.0m | €339.0m | €444.0m | €702.0m | €372.0m | €131.0m |
| Capital spending | −€273.0m | −€265.0m | −€245.0m | −€214.0m | −€257.0m | −€331.0m | −€269.0m | −€277.0m |
| Free cash flow | €71.0m | €174.0m | €72.0m | €125.0m | €187.0m | €371.0m | €103.0m | −€146.0m |
| Total assets | €15.86bn | €16.00bn | €15.22bn | €15.38bn | €15.55bn | €15.73bn | €15.54bn | €15.33bn |
| Debt | — | €1.27bn | — | — | — | €1.65bn | — | — |
| Shareholders' equity | €7.81bn | €7.58bn | €7.39bn | €7.30bn | €7.28bn | €7.22bn | €7.22bn | €7.18bn |
Financial ratios
Data as of 9 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 5.2% | 3.2% | 4.0% | 9.2% | 9.5% | 3.3% | — | — |
| Net margin | 2.8% | 1.0% | 0.6% | 5.8% | 8.7% | 0.4% | — | — |
| Return on equity | 5.6% | 2.1% | 1.4% | 14.3% | 18.8% | 0.8% | — | — |
| Return on assets | 2.7% | 1.0% | 0.6% | 6.3% | 7.6% | 0.3% | — | — |
| Free cash flow yield | — | — | 32.7% | 22.1% | 23.8% | 27.8% | 25.5% | 27.8% |
| Revenue growth | -4.3% | -5.6% | -8.5% | 22.1% | 32.5% | -11.4% | — | — |
| Earnings growth | 176.7% | 52.3% | -90.5% | -18.1% | 2986.9% | -120.2% | — | — |
| Current ratio | 1.35x | 1.44x | 1.34x | 1.54x | 1.51x | 1.31x | — | — |
| Debt to equity | 0.17x | 0.23x | 0.17x | 0.26x | 0.34x | 0.45x | — | — |
| Equity ratio | 47.4% | 45.9% | 43.4% | 43.7% | 40.6% | 37.1% | — | — |
| Interest coverage | 4.05x | 2.13x | 2.36x | 9.21x | 13.26x | 3.00x | — | — |
| Buybacks as a share of market value | — | — | 0.0% | 3.2% | 0.8% | 0.0% | -1.2% | -12.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.2% | 6.0% | 3.1% |
| Operating income | -22.4% | 45.5% | -0.7% |
| Net income | -26.4% | 58.8% | -3.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 3.7% | 4.9% | 5.2% | 5.6% |
| Net margin | 1.9% | 2.7% | 3.4% | 3.4% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.9 | 42.2 | 31.2 | 4.6 | 3.4 | 135.7 | -25.1 | 10.0 | 5.1 | 16.9 |
| Price to sales | 0.5 | 0.4 | 0.2 | 0.3 | 0.3 | 0.5 | 0.4 | 0.3 | 0.3 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 30 years. Last went ex-dividend on 9 Jul 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.75 | 0.60 | 0.70 | 1.50 | 1.20 | 0.50 | 1.30 | 2.50 |
- 4-for-1 split · 1 Aug 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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