Improved ProfitabilityMargins meaningfully recovered in 2025 (net margin ~6.3%, EBITDA ~15.2%), reflecting better pricing, mix and operating leverage. Sustained margin improvement increases cash convertible from sales and supports reinvestment, dividends and resilience through industry cycles.
Deleveraging TrendDebt has trended down since 2022 with debt-to-equity falling to ~1.04x in 2025, indicating deliberate deleveraging. A sustained reduction in leverage enhances financial flexibility, lowers refinancing pressure and improves ability to weather cyclical downturns over coming quarters.
Stronger Cash GenerationOperating cash flow rebounded and FCF rose to ~€606M in 2025 (up +12.4%), covering ~66% of net income. Improved, positive free cash flow supports capex, dividends and further debt paydown, providing a durable source of internal funding for strategic initiatives.