Solid Q4 and Full-Year Profitability
Q4 revenue of EUR 5.8 billion and underlying EBITDA of EUR 191 million (3.3% margin). Full-year 2025 adjusted EBITDA of EUR 720 million with a 3.1% margin, demonstrating resilience in a challenging market environment.
Strong Cash Generation and Deleveraging
Underlying free cash flow of approximately EUR 600 million for FY 2025 (up ~EUR 260 million year-over-year). Net debt decreased by EUR 274 million year-over-year and leverage at 1.3x; DSO stable at 56.7 days.
Meaningful Cost Discipline and Structural Savings
EUR 181 million lower costs in 2025 vs 2024, a recovery ratio of 71% for the year, and net structural savings north of EUR 100 million achieved in 2025; underlying OpEx of EUR 880 million with one-offs paying back faster than the 12-month reference.
Digital Marketplace Scale and Productivity Gains
Digital marketplaces annualized at ~EUR 4 billion. Q4 saw ~1.4 million self‑scheduled shifts (up 30% quarter-on-quarter). Productivity improved with ~3% gains in Q4 and ~1% for the full year; North America Operational grew 6%, driven by the marketplace model.
Improved Mix: More of the Business in Growth
Over 50% of the business is now in growth versus ~25% at the end of 2024, with continued momentum in Operational specializations and digital adoption supporting future leverage.
Geographic and Segment Growth Pockets
Notable growth in specific markets and segments: Poland +7%, Switzerland +6%, Japan +6%, India double-digit growth, Italy Operational +6%, Iberia +5% (Spain +6%), and France in-house +13%.
Strong Capital Allocation and Shareholder Return
Proposed regular dividend of EUR 1.62 per share (EUR 284 million), representing 64% of adjusted net earnings in line with capital allocation policy while maintaining deleveraging progress.
Organizational Strengthening and Engagement
Appointment of a Chief Digital Growth Officer to accelerate digital-first strategy; employee engagement remained above benchmark at 7.7 and company-wide AI readiness training deployed.