- Production reached 10,380 million euros, a 4.8% increase from 2024.
- EBITA increased to 793 million euros, with a margin of 7.6%.
- Free cash flow was 524 million euros, with a cash conversion rate of 108%.
- Nine bolt-on acquisitions in 2025, with two more announced for early 2026.
Production and Growth
In 2025, production reached 10,380 million euros, marking a 4.8% increase from the previous year. This growth was driven by a combination of acquisitions contributing 3.2% and organic growth at 2.0%. Germany played a significant role as the main growth driver with a 5.3% increase, supported by the North-Western Europe segment at 4.3%.
Financial Performance
EBITA saw a strong increase to 793 million euros, reflecting an 11.4% rise, with a record margin of 7.6%. This was achieved through pricing discipline, selectivity, operational excellence, and the accretive effect of acquisitions. Adjusted net income rose to 458 million euros, a 9% increase from 2024.
Cash Flow and Balance Sheet
The company generated a free cash flow of 524 million euros, with a cash conversion rate of 108%, surpassing the target of 100%. This was achieved through optimal management of working capital, reducing production days by 34. The balance sheet remains solid, with leverage reduced to 1.3x.
Mergers and Acquisitions
In 2025, the company announced nine bolt-on acquisitions, contributing to an annual turnover of approximately 347 million euros. Early 2026 saw the announcement of two more operations, including an agreement to acquire ROFA Industrial AG, enhancing the industrial services segment in Germany with an annual turnover of approximately 430 million euros and a high-single-digit EBITA margin.
