Revenue grew 1% year-over-year to €4,779 million, with 5% growth on a constant currency basis, driven by organic growth and seven acquisitions that added €320 million in annualized revenue and 200 employees; a further acquisition in South Korea was completed in January 2026.
Gross profit reached €1,194 million, up 3% on a constant currency basis but down 1% on a reported basis, with margin declining to 25.0% from 25.4%.
Operating EBITA declined 6% to €498 million, mainly due to margin pressure, inflation-driven cost growth, and adverse currency movements.
Net result dropped 22% to €217 million, reflecting lower EBITA, higher finance costs, and one-off organizational adjustments.
Strategic initiatives included the rollout of a Sales Assistant tool, global digitalization efforts, and a 57% increase in employee training hours.
Revenue increased by €51 million (1%) to €4,779 million; gross profit margin slightly decreased to 25.0%.
Operating EBITDA fell 6% to €539 million, with margin down to 11.3%.
Free cash flow rose 3% to €465 million, with a cash conversion margin of 91.4%.
Net finance costs rose to €80 million, mainly due to higher currency exchange losses and lower deferred consideration gains.
Cash earnings per share dropped 18% to €5.19; basic EPS was €3.68, down 24% year-over-year.
Management remains confident in sustaining growth and creating long-term value, despite ongoing macroeconomic, political, and currency uncertainty.
Early 2026 shows more optimism and a building order book, but visibility remains limited and currency headwinds are expected to persist.
Focus remains on earnings growth, service optimization, and market position strengthening.
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