Improved ProfitabilityMargins have meaningfully recovered from the 2022 trough, with net margin roughly doubling by 2025. This reflects better pricing, cost control and operational leverage that support sustainable earnings power and resilience across cycles even if top-line growth slows.
Strong Free Cash Flow & DeleveragingConsistent positive free cash flow and recent net-debt reduction improve financial flexibility. Strong cash conversion funds capex, cost programs and deleveraging, lowering refinancing risk and enabling strategic initiatives without immediate reliance on equity markets.
Material Cost & Portfolio ActionsLarge, multi-year SG&A and Industrial Excellence programs provide structural cost base reduction. Realized role eliminations, site closures and divestments create lasting margin tailwinds, helping EBITDA resilience if volumes remain weak.