Consolidated figures
| Ratio | Mar 2019 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 55.6% | 55.6% | 57.8% | 55% | 53.2% | 54.6% | 56.5% | 56.3% |
| EBITDA margin % | 20% | 20% | 18.3% | 18.5% | 20.8% | 22.1% | 23% | 22.7% |
| EBIT margin % | 13.2% | 13.2% | 10.3% | 12.5% | 16.2% | 17.9% | 18.4% | 17.2% |
| PAT margin % | 6.5% | 6.5% | 5.5% | 8.3% | 11.6% | 12.9% | 12.9% | 13.8% |
| Working capital | ||||||||
| Receivable days | 9 | — | — | 9 | 8 | 8 | 15 | 21 |
| Inventory days | 100 | — | — | 131 | 116 | 106 | 114 | 111 |
| Payable days | 0 | — | — | 64 | 48 | 37 | 64 | 53 |
| NWC days | 108 | — | — | 76 | 76 | 77 | 66 | 79 |
| Leverage | ||||||||
| Current ratio | 0.75 | — | — | 0.84 | 0.86 | 1.02 | 1.74 | 1.94 |
| Debt to EBITDA | 1.95 | — | — | 1.48 | 1.33 | 1.5 | 0.6 | 0.5 |
| Debt to equity | 0.85 | — | — | 0.6 | 0.72 | 0.78 | 0.17 | 0.13 |
| Interest coverage | 3.2 | 3.2 | 2.5 | 6.4 | 11.9 | 11.2 | 8.6 | 24.7 |
| Asset turnover | 0.86 | — | — | 0.93 | 1.15 | 1.07 | 0.88 | 0.87 |
| Return ratios | ||||||||
| Return on assets % | 5.6% | — | — | 7.8% | 13.3% | 13.8% | 11.4% | 12% |
| Return on capital employed % | 19.2% | — | — | 18.2% | 31.1% | 32.2% | 26.2% | 20.9% |
| Return on equity % | 14.2% | — | — | 18.3% | 30.4% | 30.3% | 15.9% | 15.6% |
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.