Standalone figures
| Ratio | Mar 2020 | Dec 2020 | Mar 2021 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 49.3% | 68.3% | 74.1% | 63.9% | 88.7% | 49.3% | 50.2% | 64.5% |
| EBITDA margin % | -8.6% | -5.4% | -0.6% | -4.4% | -17.1% | -2.4% | -0.4% | 9.4% |
| EBIT margin % | -9.4% | -6.7% | -2.2% | -5.5% | -18.3% | -2.8% | -0.9% | 8.9% |
| PAT margin % | 49.2% | 57.3% | 65.4% | 58.2% | 51.3% | 42.7% | 27.5% | 7.2% |
| Working capital | ||||||||
| Receivable days | — | — | — | 119 | 77 | 49 | 45 | 37 |
| Inventory days | — | — | — | 0 | 0 | 0 | 0 | 0 |
| Payable days | — | — | — | 239 | 311 | 39 | 40 | 61 |
| NWC days | — | — | — | -120 | -234 | 10 | 5 | -24 |
| Leverage | ||||||||
| Current ratio | — | — | — | 1.27 | 0.67 | 8.38 | 0.23 | 0.53 |
| Debt to EBITDA | — | — | — | — | — | — | — | 13.87 |
| Debt to equity | — | — | — | 0.22 | 0.18 | 0.24 | 0.18 | 0.19 |
| Interest coverage | 3 | 3.9 | 4.6 | 5.8 | 5 | 4.7 | 3.3 | 1.6 |
| Asset turnover | — | — | — | 0.05 | 0.05 | 0.11 | 0.13 | 0.12 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 2.8% | 2.6% | 4.6% | 3.5% | 0.9% |
| Return on capital employed % | — | — | — | 4.5% | 4.1% | 7.4% | 6.1% | 2.5% |
| Return on equity % | — | — | — | 3.4% | 3.1% | 5.8% | 4.2% | 1% |
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.