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25.55
+0.20%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€223.9m
FY2016FY2025
Net income
€68.1m
FY2016FY2025
Free cash flow
€84.9m
FY2016FY2025
Shareholders' equity
€1.75bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €223.9m | €205.8m | €184.3m | €133.6m | €95.0m | €71.8m | €54.6m | €36.4m | €21.7m | €12.9m |
| Gross profit | €157.4m | €144.5m | €134.4m | €94.7m | €69.4m | €53.2m | €40.4m | €27.6m | €16.4m | €10.3m |
| Research and development | — | — | €0 | €1 | €1 | €1 | €0 | €1 | €1 | €0 |
| Operating income | €129.1m | €134.3m | €41.6m | €40.6m | €100.7m | −€31.3m | €31.0m | €29.0m | €15.0m | €8.7m |
| Net income | €68.1m | €66.1m | −€9.9m | €186.2m | €81.2m | −€42.0m | €7.5m | €16.1m | €11.0m | €5.0m |
| Diluted earnings per share | 1.47 | 1.56 | -0.26 | 5.36 | 2.92 | -2.06 | 0.43 | 1.22 | 1.35 | 0.96 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €3.73bn | €3.52bn | €3.40bn | €3.22bn | €2.08bn | €1.62bn | €1.28bn | €861.8m | €504.0m | €273.5m |
| Cash and short-term investments | €4.8m | €9.5m | €13.8m | €7.8m | €10.8m | €9.9m | €4.3m | €1.7m | €815,000 | €4.1m |
| Total liabilities | €1.98bn | €1.89bn | €1.88bn | €1.73bn | €1.07bn | €960.8m | €650.7m | €451.7m | €280.7m | €141.9m |
| Debt | €1.77bn | €1.70bn | €1.69bn | €1.56bn | €919.6m | €823.5m | €502.1m | €402.8m | €263.7m | €131.3m |
| Shareholders' equity | €1.75bn | €1.63bn | €1.52bn | €1.49bn | €984.4m | €641.2m | €610.4m | €410.0m | €223.3m | €131.6m |
| Shares outstanding | 46m | 42m | 38m | 35m | 28m | 20m | 18m | 13m | 8m | 5m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €86.1m | €56.5m | €26.1m | €7.3m | €27.0m | €3.3m | −€45.8m | −€24.8m | €2.8m | −€15.3m |
| Capital spending | −€1.2m | −€1.9m | −€2.3m | −€3.7m | −€413,000 | −€282,000 | −€305,000 | −€426,000 | −€156,000 | −€51,000 |
| Free cash flow | €84.9m | €54.6m | €23.8m | €3.6m | €26.6m | €3.0m | −€46.1m | −€25.2m | €2.6m | −€15.3m |
| Dividends paid | −€49.0m | −€46.5m | −€49.7m | −€24.6m | −€26.8m | −€19.5m | −€7.8m | −€8.2m | −€5.7m | −€5.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €56.1m | €57.5m | €66.5m | €49.9m | €55.8m | €51.6m | €84.9m | €44.3m |
| Gross profit | €41.4m | €34.1m | €46.1m | €36.9m | €41.5m | €32.8m | €21.2m | €31.3m |
| Operating income | €35.4m | €23.3m | €93.0m | €10.8m | −€50.7m | €20.9m | €41.4m | €16.2m |
| Net income | €30.8m | €48.6m | −€511,000 | €3.5m | €23.7m | €42.0m | €25.1m | −€30.0m |
| Diluted earnings per share | 0.66 | 1.04 | -0.01 | 0.08 | 0.51 | 0.91 | 0.59 | -0.71 |
| Cash from operations | — | — | — | — | — | — | €56.0m | — |
| Capital spending | — | — | — | — | — | — | −€1.0m | — |
| Free cash flow | — | — | — | — | — | — | €55.0m | — |
| Total assets | €3.83bn | €3.79bn | €3.73bn | €3.71bn | €3.70bn | €3.61bn | €3.52bn | €3.49bn |
| Cash and short-term investments | €5.0m | €5.3m | €4.8m | €10.1m | €6.3m | €6.8m | €9.5m | €8.3m |
| Debt | €1.85bn | €132.9m | €1.74bn | €113.5m | €1.70bn | €139.2m | €1.69bn | €76.7m |
| Shareholders' equity | €1.74bn | €1.80bn | €1.75bn | €1.75bn | €1.75bn | €1.76bn | €1.63bn | €1.61bn |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 70.3% | 70.2% | 72.9% | 70.9% | 73.1% | 74.1% | — | — |
| Operating margin | 57.7% | 65.3% | 12.8% | 30.4% | 29.0% | 40.0% | — | — |
| Net margin | 30.4% | 32.1% | -5.4% | 139.4% | 85.5% | -58.5% | — | — |
| Return on equity | 3.9% | 4.0% | -0.7% | 12.5% | 8.2% | -6.6% | — | — |
| Return on assets | 1.8% | 1.9% | -0.3% | 5.8% | 3.9% | -2.6% | — | — |
| Free cash flow yield | 7.5% | 5.5% | 3.0% | 1.3% | 3.9% | 0.7% | — | — |
| Revenue growth | 8.8% | 11.6% | 38.0% | 40.6% | 32.3% | 31.4% | — | — |
| Earnings growth | 2.9% | -768.2% | -105.3% | 129.4% | -293.3% | -657.6% | — | — |
| Current ratio | 0.24x | 0.56x | 0.20x | 0.28x | 0.41x | 0.43x | — | — |
| Debt to equity | 0.99x | 1.03x | 1.11x | 1.05x | 0.91x | 1.28x | — | — |
| Equity ratio | 47.0% | 46.4% | 44.7% | 46.2% | 47.4% | 39.6% | — | — |
| Interest coverage | 2.97x | 2.30x | 0.59x | 3.33x | 3.10x | 3.92x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -9.3% | -10.8% | -10.0% | -25.1% | -36.5% | -15.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.8% | 25.6% | 78.4% |
| Operating income | 47.1% | — | — |
| Net income | -28.5% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 70.2% | 71.0% | 71.5% | 72.0% |
| Operating margin | 61.3% | 46.2% | 45.4% | 47.9% |
| Net margin | 31.2% | 41.5% | 38.2% | 37.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 19.4 | 19.0 | -114.7 | 5.4 | 16.8 | -23.8 | 118.7 | 30.1 | 26.7 | 32.3 |
| Price to sales | 5.9 | 6.1 | 6.2 | 7.5 | 14.3 | 13.9 | 16.4 | 13.3 | 13.5 | 12.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 10 years. Last went ex-dividend on 22 May 2026.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.768 | 3.014 | 1.768 | 1.656 | 1.44 | 1.197 | 1.323 | 1.071 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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