Record Net Sales
Net sales reached a company record of around EUR 3.5 billion (+5.3% currency-adjusted year-over-year; Q4 +8.7%), slightly above guidance and ~EUR 25 million above 2020 levels.
Strong Order Intake
Orders increased 7.7% to ~EUR 3.6 billion (Q4 orders +5.6%), with contributions from both divisions and all major regions.
Substantial EBIT and Margin Improvement
EBIT rose by more than 20% to around EUR 233 million; Group EBIT margin increased by roughly 1 percentage point to 6.7% (from 5.8%).
Improved Gross Margin
Group gross margin rose slightly by 0.3 percentage points to 45.2%, driven by Medical division product/country mix and price measures.
Medical Division Turnaround
Medical: order intake ~+9%; net sales +7.4% (Q4 +13%); gross margin +0.6 pp to 43.6%; EBIT roughly doubled to EUR 57 million and EBIT margin improved from 1.5% to 2.9%; Q4 EBIT ~+40% (~EUR 80 million).
Safety Division Resilience
Safety: order intake +6%+, net sales +2.6%; gross margin stable at 47.3%; EBIT +6.4% to ~EUR 176 million and EBIT margin up to 11.9% (Q4 EBIT +33% to ~EUR 77 million; Q4 EBIT margin 16.5%).
Improved Cash Generation and Balance Sheet
Operating cash flow improved by ~EUR 71 million to ~EUR 238 million; free cash flow ~EUR 140 million (+~EUR 60 million); cash conversion ~100%; cash & equivalents increased by ~EUR 22 million to EUR 282 million.
Lower Net Financial Debt and Leverage
Net financial debt declined ~25% to ~EUR 123 million; net financial debt/EBITDA ratio fell from 0.5 to 0.3, indicating low leverage.
Earnings per Share Recovery
Earnings per common share improved from ~-EUR 3.50 in 2022 to ~EUR 7.40 in 2025; preferred shares to ~EUR 7.50, demonstrating a multi-year profitability recovery.
Dividend Increase & Share Performance
Proposed dividend up significantly to EUR 2.21 (common) and EUR 2.27 (preferred) reflecting ~30% payout policy; common shares rose >33% and preferred shares ~+50%, preferred included in TecDAX.
Strategic Wins & Innovation
Progress on connectivity/systems: launched SDC-based solutions and Silent Care Package; won Paris Fire Department for fire ground monitoring; PSS AirBoss SCBA approved in North America; defense business growth trajectory confirmed after crossing EUR 100 million, target >EUR 300 million by 2028.