Accelerating Revenue And Margin ExpansionRevenue growth accelerated to +22.24% in 2025 alongside materially higher margins (EBIT 11.11%, net 8.20%). This trend indicates stronger pricing power and mix improvement, supporting more durable earnings, reinvestment capacity, and scalability of the event/experience business over the medium term.
Significantly Improved Leverage And High ROELeverage has fallen sharply to D/E 0.26 from much higher levels in prior years, while ROE reached 38.31% in 2025. A healthier capital structure reduces insolvency risk, increases financial flexibility for strategic investments or cyclicality, and signals efficient use of shareholder capital.
Strong Cash Generation And ConversionOperating cash flow rose to 2.70B and FCF to 2.65B, nearly matching net income, showing high cash conversion in 2025. Durable cash generation supports dividends, organic growth, and working-capital cushions; it improves resilience versus purely accrual profits in a project-driven services model.