Revenue Growth
Full-year sales of EUR 964 million, up 2% year-over-year reported and up 4% at constant currency.
Profitability and EBITDA
EBITDA of EUR 125 million, representing a 13% EBITDA margin. Management reports recurring EBITDA growth of approximately EUR 30 million after adjusting for one-offs, FX and tariffs.
Earnings Per Share and Capital Returns
Earnings per share increased to EUR 0.85, up 20% year-over-year. Company returned approximately EUR 120 million to shareholders (including a EUR 44 million dividend and completed share buybacks) and the Board proposes an increased dividend of EUR 0.55 per share and cancellation of ~6% of outstanding shares.
Entertainment Segment Outperformance
Entertainment sales grew ~11% with profit growth of 27%, driven by Cinema and Immersive Experience. Cinema capture rate >60%, >50 HDR systems installed in 2025 and >100 systems in the 2026 pipeline; total contract value of HDR-signed contracts ~EUR 89 million. Management highlights shift to recurring revenue model (Cinema as a Service) and lifetime value 8x–10x vs one-off projector sales.
Regional Strength in EMEA
EMEA region delivered double-digit growth, reported at approximately +11% for sales and orders, supporting group performance.
Operational Discipline and Cost Control
OpEx disciplined execution: operating expenses were ~4% below prior year; R&D normalized to ~12.6% following heavy 2024 product development; management cites automation and process optimisation as levers to protect margins.
Cash Generation and Balance Sheet Metrics
Free cash flow of EUR 57 million (6% of sales), net cash position EUR 186 million at year-end. Inventory levels flat year-over-year with inventory turns improving to ~2.2x; DSO 65 days.
Sustainability & Customer Metrics
Eco-labeled product revenues reached 67% (up 8% year-over-year) surpassing the company target. Employee engagement score 67 (up year-over-year) and Net Promoter Score of 60 (up ~6% year-over-year), with strong product quality and aftersales service feedback.