Volume Outperformance
Group volume growth of 3% in FY2025 (Q4 2.8%), outperforming end markets by over 300 basis points; multi-year average volume growth of 3.8% over the plan period.
Revenue and EBITDA
Reported group revenue of EUR 6.8 billion and EBITDA of EUR 1.2 billion in FY2025, with EBITDA organic growth of 5.7%.
Margin Expansion
EBITDA margin expansion of 80 basis points in FY2025 to just under 18%; regional margin increases including Americas margin up 60 bps to 20.3% and Europe up 90 bps.
Earnings Per Share Growth and Outlook
Constant currency adjusted EPS growth of 7.5% in 2025 (3% reported); guidance for FY2026 constant currency adjusted EPS growth of 6%–10% and reaffirmed high single-digit plus EPS target to 2028.
Strong Free Cash Flow and Balance Sheet
Free cash flow of EUR 643 million with 81% cash conversion; net debt of EUR 2.2 billion with net debt/EBITDA of 1.9x and weighted average debt maturity of 6.5 years.
Capital Deployment and Shareholder Returns
Net capital investment of EUR 300 million; returned capital via EUR 500 million buybacks and EUR 215 million dividends in FY2025; announced a new EUR 300 million buyback program.
Accelerate Program Progress
Accelerate Operational Excellence completed delivering recurring annual benefits ahead of expectations (Accelerate programs contributed ~40 bps to margin); Accelerate 2.0 initiated and expected to deliver ~EUR 100 million recurring annual savings by 2028 (total net cost ~EUR 140 million).
Innovation, Technology and Footprint Expansion
Opened biotechnology centre in Leipzig; launched new fermentation-derived taste and proactive health solutions; expanded manufacturing presence in Egypt and Rwanda and added innovation centers in Frankfurt, Indonesia and Dubai.
Sustainability and Social Impact
Reported sustainability progress: carbon reduced by 52%, food waste reduced by 54%, and nutritional reach increased to almost 1.5 billion consumers.