Economic Results
| (euro million) | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | % 25/24 |
|---|---|---|---|---|---|---|---|
| Revenues | 2,208.6 | 2,777.6 | 3,629.0 | 3,849.2 | 3,840.6 | 3,702.7 | -3.6% |
| Gross operating income % on revenues | 388.7 17.6% | 502.7 18.1% | 625.2 17.2% | 665.8 17.3% | 661.1 17.2% | 612.1 16.5% | -7.4% |
| Net operating income % on revenues | 181.1 8.2% | 288.0 10.4% | 382.8 10.5% | 414.1 10.8% | 393.3 10.2% | 336.5 9.1% | -14.5% |
| Result before taxes % on revenues | 156.0 7.1% | 286.8 10.3% | 382.2 10.5% | 392.0 10.2% | 365.9 9.5% | 295.6 8.0% | -19.2% |
| Net Result % on revenues | 136.5 6.2% | 215.5 7.8% | 292.8 8.1% | 305.0 7.9% | 262.6 6.8% | 209.3 5.7% | -20.3% |
Main Ratios
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|
| Net operating income / revenues | 8.2% | 10.4% | 10.5% | 10.8% | 10.2% | 9.1% |
| Result before taxes / revenues | 7.1% | 10.3% | 10.5% | 10.2% | 9.5% | 8.0% |
| Net Investments / revenues | 6.8% | 7.6% | 7.8% | 10.7% | 10.6% | 11.0% |
| Net financial debt / Equity | 26.0% | 22.9% | 25.8% | 21.7% | 15.5% | 30.9% |
| Adjusted net interest expense** / revenues | 0.8% | 0.3% | 0.4% | 0.5% | 0.7% | 0.9% |
| Adjusted net interest expense** / net operating income | 9.4% | 3.4% | 3.4% | 4.9% | 6.6% | 10.3% |
| R.O.I. | 9.6% | 12.9% | 15.5% | 16.0% | 14.4% | 10.9% |
| R.O.E. | 9.3% | 12.0% | 15.1% | 14.6% | 11.4% | 9.2% |
* Net investments in property, plant, equipment and intangible assets, calculated as the sum total of increases (net of decreases) of property, plant, equipment and intangible assets.
** This item does not include exchange gains and losses.
Personnel And Capital Expediture
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|
| Employees at year-end (No.) | 11,039 | 12,225 | 12,956 | 13,654 | 14,348 | 14,739 |
| Revenues per employee (euro thousand) | 200.1 | 227.2 | 280.1 | 281.9 | 267.7 | 251.2 |
| Net Investments* (euro million) | 150.2 | 210.0 | 282.1 | 412.2 | 408.2 | 407.1 |
| Increases in leased assets (euro million) | 37.6 | 26.4 | 37.5 | 20.7 | 89.3 | 33.6 |
* Net investments in property, plant, equipment and intangible assets, calculated as the sum total of increases (net of decreases) of property, plant, equipment and intangible assets.
Financial Results
| (euro million) | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net invested capital | 1,891.5 | 2,231.3 | 2,472.8 | 2,590.6 | 2,737.5 | 3,078.3 |
| Shareholders' equity | 1,481.0 | 1,796.1 | 1,947.0 | 2,099.4 | 2,329.8 | 2,330.0 |
| Net financial debt | 384.7 | 411.8 | 502.0 | 454.8 | 360.4 | 719.2 |
Last update 31 December 2025