Consolidated figures
| Ratio | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | — | — | — | — | — | — | — |
| EBITDA margin % | 25.8% | 25.2% | 26.3% | 25.8% | 27.7% | 27.9% | 29.7% |
| EBIT margin % | 23.6% | 19.1% | 21.7% | 22% | 24.3% | 25.8% | 26.2% |
| PAT margin % | 19.9% | 17.9% | 20.3% | 20.4% | 21% | 21% | 21% |
| Working capital | |||||||
| Receivable days | — | — | 86 | 100 | 80 | 62 | 69 |
| Inventory days | — | — | 0 | 0 | 0 | 0 | 0 |
| Payable days | — | — | 29 | 26 | 23 | 29 | 21 |
| NWC days | — | — | 57 | 74 | 57 | 33 | 48 |
| Leverage | |||||||
| Current ratio | — | — | 1.79 | 1.87 | 2.08 | 1.96 | 1.88 |
| Debt to EBITDA | — | — | 0 | 0 | 0 | 0.27 | 0 |
| Debt to equity | — | — | 0 | 0 | 0 | 0.1 | 0 |
| Interest coverage | 2,138.3 | 32.8 | 65.1 | 117 | 238.1 | 230.9 | 47.9 |
| Asset turnover | — | — | 0.92 | 0.98 | 0.95 | 0.83 | 0.79 |
| Return ratios | |||||||
| Return on assets % | — | — | 18.6% | 19.9% | 19.9% | 17.4% | 16.5% |
| Return on capital employed % | — | — | 34.2% | 41.7% | 41.5% | 36.1% | 33.9% |
| Return on equity % | — | — | 29.5% | 31.5% | 30.1% | 26.7% | 25.3% |
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.