Revenue Growth
Group revenue of EUR 9.2 billion, up 7% reported and up 9% at constant exchange rates year‑on‑year.
EBITDA, Trading Profit and EPS
Group EBITDA of EUR 1.22 billion (up 7% year‑on‑year). Trading profit of EUR 955 million (up 5% reported, up 8% at constant exchange rates). Earnings per share EUR 3.70.
Strong Free Cash Flow and Balance Sheet
Free cash flow of EUR 429 million. Net debt EUR 1.88 billion with net debt/EBITDA leverage of 1.65x. Liquidity includes an undrawn EUR 800 million green RCF and approximately EUR 600 million cash on hand.
Advances Business Momentum
Advances revenue up 12% for the year, backlog ahead 24% at year‑end, and order intake in the Advances product set doubled versus prior year in the first 6 weeks; backlog provides roughly 9 months' visibility and is lengthening.
Insulated Panel Demand
Insulated panel order bank ahead 8% year‑end and intake for the same product group ahead 8% in the first 6 weeks of the new year, supporting near‑term activity.
Scope 1 & 2 Emissions Reduction
Since 2020 the group reports a 70% reduction in internal Scope 1 and 2 emissions, supporting sustainability credentials and green financing profile.
Capital Allocation and M&A Activity
Acquisitions contributed approximately EUR 707 million of incremental revenue year‑over‑year and EUR 49.5 million to trading profit. Deployed EUR 258 million on acquisitions, incurred EUR 168 million deferred consideration, and repurchased 2.2 million shares for EUR 148.6 million. Announced share buyback program ~23% completed.
Investment Pipeline and Growth Guidance
Planned investment pipeline of ~EUR 1.2 billion to unlock ~EUR 2 billion of revenue over time. Management expects around 10% earnings growth in the current year and sees acceleration into 2027–2028; confident in medium‑term Advances targets (e.g., EUR 300m+ EBITDA progression and longer‑term ambition toward EUR 600m).
Roofing Rollout Traction
Initial U.S. roofing build‑outs underway (Oklahoma, Maryland; potential Utah), with management guidance of U.S. roofing sales of approx. $150–200 million in 2027 and c.$300 million in 2028 and margins moving from single digits in 2027 toward group average by 2028.