Financial results

Key figures

    2025|26 2024|25 2023|24 2022|23 2021|22 2020|21
Financial performance1
Revenue €m 3,237.3 3,514.0 3,786.9 3,637.4 2,901.5 2,547.0
EBITDA2 €m 194.8 190.9 291.1 277.1 206.7 191.2
Operating profit before exceptional items and results of equity-accounted joint ventures €m 81.2 76.5 176.7 158.4 86.5 73.1
Share of results of equity-accounted joint ventures €m (3.9) 0.5 1.4 18.7 8.0 17.5
Exceptional items €m (74.1) (36.4) (27.0) (88.8) (69.8) (11.9)
Operating profit [EBIT] €m 3.2 40.5 151.0 88.3 24.7 78.7
EBIT margin % 0.1 1.2 4.0 2.4 0.9 3.1
(Loss)/profit before tax €m (34.3) 3.7 97.7 61.7 8.6 60.2
(Loss)/profit for the period €m (35.6) 0.0 69.4 24.7 (12.2) 55.0
- Attributable to shareholders of the parent €m (40.1) (4.3) 64.9 15.8 (12.6) 59.8
- Attributable to non-controlling interests €m 4.5 4.2 4.5 8.9 0.4 (4.9)
Operating cash flow before changes in working capital €m 162.6 217.6 316.3 282.3 207.2 198.8
Investment3 €m 102.9 113.7 127.3 102.9 82.4 72.3
Return on sales4 % (1.1) 0.1 2.6 1.7 0.3 2.4
Capital employed €m 1,428.8 1,663.9 1,937.7 1,992.6 1,826.8 1,778.6
Return on capital employed5 % 5.7 4.6 9.1 8.0 4.7 4.1
Non-financial metrics6
Number of employees7 8,407 8,980 8,876 8,730 8,691 8,847
Injury rate (LTIR)8 5.8 5.6 1.3 1.6 1.4 1.6
Energy consumption (Scope 1 and 2) Million GJ 12.4 14.5 14.5 14.0 15.6 14.2
Emissions (Scope 1 and 2)9 Tonnes CO2 635,217 754,950 737,042 708,978 778,626 733,853
Share data at last day of February
Closing price 11.75 10.55 13.35 17.00 16.54 17.60
(Loss)/earnings per share (0.64) (0.07) 1.04 0.25 (0.20) 0.96
Dividend per share 0.3510 0.70 0.90 0.90 0.75 0.85
Dividend yield11 % 3.010 6.6 6.7 5.3 4.5 4.8
Dividend payout ratio % Neg.10 Neg. 86.5 360.0 Neg. 88.5
Price/earnings ratio Neg. Neg. 12.8 68.0 Neg. 18.3
Market capitalisation €m 734.2 659.3 834.2 1,062.3 1,033.6 1,099.8
Number of shares '000 62,489.0 62,489.0 62,489.0 62,489.0 62,489.0 62,489.0
Financial strength
Total assets €m 2,438.3 2,710.9 2,889.4 3,003.1 2,643.6 2,472.7
Share capital €m 113.5 113.5 113.5 113.5 113.5 113.5
Core non-current assets12 €m 921.8 980.7 997.6 1,018.7 1,117.9 1,207.5
Equity €m 1,074.5 1,229.7 1,248.4 1,256.6 1,281.5 1,329.1
Equity ratio % 44.1 45.4 43.2 41.8 48.5 53.8
Net debt €m 421.0 436.4 636.1 684.9 532.0 443.5
Gearing ratio13 % 39.2 35.5 51.0 54.5 41.5 33.4

Annual data

Revenue by segment

Revenue by segment in 2025|26

Revenue by segment in 2024|25

EBIT by segment

Investment 2025|26

Investment1   2025|26 2024|25 Change
        % / pp
Food & Beverage Solutions (FBS) €000 64,059 51,950 23.3 %
Agricultural Commodities & Specialities (ACS)
ACS – Starch €000 18,502 33,302 –44.4 %
ACS – Sugar €000 12,383 25,662 –51.7 %
Holding Co. & Other (HCO) €000 7,998 2,754 190.4 %
Group €000 102,942 113,668 –9.4 %
Operating depreciation
and amortisation
€000 113,578 114,436 –0.7 %
Investment coverage % 90.6 99.3 –8.8 %

Investment by segment in 2025|26

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