Sustained Margin ExpansionMaterial margin improvement over 2023–2025 demonstrates durable operating leverage, pricing power and cost efficiency. Stronger margins support recurring profitability even if revenues are soft, improving cash flow potential and ROCE, and underpin medium-term resilience of core earnings.
Record Cash Generation And Strong BacklogHigh cash generation and a record EUR 4.9bn backlog provide multi-month visibility into profitable project activity and fund CapEx and returns. Reliable OCF combined with a deep pipeline reduces earnings volatility and funds strategic investments without immediate financing pressure.
Electronics Momentum And Targeted M&AGrowing electronics exposure and bolt-on M&A strengthen positions in a high-margin, secular growth end-market. Successful conversion of opportunities into CapEx and selective acquisitions deepen local density and recurring revenue streams, supporting sustainable high-margin growth over the medium term.