Consolidated figures
| Ratio | Dec 2019 | Jan 2020 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | — | — | — |
| EBITDA margin % | 9% | 13.2% | 13.3% | 13.9% | 13.2% | 15% | 14.8% | 15.7% |
| EBIT margin % | 7.2% | 10.3% | 10.4% | 11.5% | 10.9% | 11.8% | 11% | 12.3% |
| PAT margin % | 7.2% | 9.3% | 9.3% | 12.2% | 9.2% | 8.3% | 7.5% | 9.5% |
| Working capital | ||||||||
| Receivable days | 60 | 54 | — | 56 | 62 | 54 | 54 | 77 |
| Inventory days | 0 | 0 | — | 0 | 0 | 0 | 0 | 0 |
| Payable days | 13 | 10 | — | 13 | 10 | 9 | 10 | 25 |
| NWC days | 47 | 44 | — | 43 | 52 | 45 | 44 | 51 |
| Leverage | ||||||||
| Current ratio | 3.15 | — | — | 3.28 | 3.18 | 1.7 | 2.24 | 1.9 |
| Debt to EBITDA | 0.07 | 0.07 | — | 0 | 0.01 | 0.23 | 0.03 | 1.03 |
| Debt to equity | 0.02 | 0.02 | — | 0 | 0 | 0.09 | 0.01 | 0.4 |
| Interest coverage | 46.8 | 18.3 | 18.4 | 35.6 | 35.7 | 23.4 | 23.8 | 20.7 |
| Asset turnover | 1.64 | 4.81 | — | 1.67 | 1.82 | 1.28 | 1.43 | 0.93 |
| Return ratios | ||||||||
| Return on assets % | 11.8% | 44.7% | — | 20.4% | 16.8% | 10.7% | 10.8% | 8.9% |
| Return on capital employed % | 19.9% | 37.6% | — | 33.1% | 30.1% | 26.5% | 21% | 22.7% |
| Return on equity % | 17.2% | 19.2% | — | 30.7% | 25.6% | 22.9% | 21% | 23.5% |
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.