Investors

Outlook and guidance

Guidance for 2025 (updated on 27.1.2026)

• Net sales are expected to grow by mid to high-single digit percentage in constant currency terms.
• Operating result margin expected to see margin expansion between +200bp to +220bp.
• Free cash flow guidance between EUR 4.5 to EUR 5.0 million for the full year.
• Capex as a percentage of net sales is targeted at around 12%.
• Receivable days are expected to range between 130–150.
• Dividend pay-out policy targets 10% of free cash flow.
• Foreign exchange exposure to frontier country risk will be reduced to 10–15% within three years.

The earlier guidance was as follows.

• Net sales are expected to grow by low to high-single digit percentage in constant currency terms.
• Operating result margin expected to see margin expansion of at least +200bp.
• Free cash flow guidance > EUR 4 million for the full year.
• Capex as a percentage of net sales is targeted at 10–12%.
• Receivable days are expected to range between 100–140.
• Dividend pay-out policy targets 10% of free cash flow.
• Foreign exchange exposure to frontier country risk will be reduced to 10–15% within three years.