Appendices<\/span><\/b><\/p>\nGlossary<\/b><\/p>
\nWorking capital requirement:<\/b> Working capital requirement is defined as the sum of trade receivables, inventories, other current assets, income tax receivables and short-term deferred tax assets, less the sum of trade payables, other current liabilities, income tax payables, short-term provisions and short-term deferred tax liabilities.<\/p>
\nFree cash flow:<\/b> Free cash flow is defined as the sum of net cash from operating activities and net proceeds from sales of fixed and financial assets, less capital expenditure and capitalized development costs.<\/p>
\nOrganic growth:<\/b> Organic growth is defined as the change in sales at constant structure (scope of consolidation) and exchange rates.<\/p>
\nNet financial debt:<\/b> Net financial debt is defined as the sum of short-term borrowings and long-term borrowings, less cash and cash equivalents and marketable securities.<\/p>
\nEBITDA:<\/b> EBITDA is defined as operating profit plus depreciation and impairment of tangible assets, amortization and impairment of intangible assets (including capitalized development costs) and impairment of goodwill.<\/p>
\nCash flow from operations:<\/b> Cash flow from operations is defined as net cash from operating activities excluding changes in working capital requirement.<\/p>
\nAdjusted operating profit:<\/b> Adjusted operating profit is defined as operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions, and where applicable, impairment of goodwill.<\/p>
\nCSR:<\/b> Corporate Social Responsibility.<\/p>
\nPayout:<\/b> Payout is defined as the ratio between the proposed dividend per share for a given year, divided by the net profit attributable to the Group per share of the same year, calculated on the basis of the average number of ordinary shares at December 31 of that year, excluding shares held in treasury.<\/p>
\nCalculation of working capital requirement<\/b><\/p>\n\n\nIn \u20ac millions<\/b><\/p><\/td> | \nH1 2025<\/b><\/p><\/td> | \nH1 2026<\/b><\/p><\/td><\/tr>\n\n\nTrade receivables<\/p><\/td> | \n1,310.7<\/p><\/td> | \n1,741.2<\/p><\/td><\/tr>\n | \n\nInventories<\/p><\/td> | \n1,410.7<\/p><\/td> | \n1,754.9<\/p><\/td><\/tr>\n | \n\nOther current assets<\/p><\/td> | \n321.4<\/p><\/td> | \n391.9<\/p><\/td><\/tr>\n | \n\nIncome tax receivables<\/p><\/td> | \n178.0<\/p><\/td> | \n145.4<\/p><\/td><\/tr>\n | \n\nShort-term deferred tax assets \/ (liabilities)<\/p><\/td> | \n132.8<\/p><\/td> | \n165.8<\/p><\/td><\/tr>\n | \n\nTrade payables<\/p><\/td> | \n(1,026.6)<\/p><\/td> | \n(1,309.9)<\/p><\/td><\/tr>\n | \n\nOther current liabilities<\/p><\/td> | \n(980.4)<\/p><\/td> | \n(1,226.1)<\/p><\/td><\/tr>\n | \n\nIncome tax payables<\/p><\/td> | \n(85.1)<\/p><\/td> | \n(86.7)<\/p><\/td><\/tr>\n | \n\nShort-term provisions<\/p><\/td> | \n(156.4)<\/p><\/td> | \n(162.8)<\/p><\/td><\/tr>\n | \n\nWorking capital required<\/b><\/p><\/td> | \n1,105.1<\/b><\/p><\/td> | \n1,413.7<\/b><\/p><\/td><\/tr>\n<\/table> \nCalculation of net financial debt<\/b><\/p>\n\n\nIn \u20ac millions<\/b><\/p><\/td> | \nH1 2025<\/b><\/p><\/td> | \nH1 2026<\/b><\/p><\/td><\/tr>\n\n\nShort-term borrowings<\/p><\/td> | \n525.1<\/p><\/td> | \n1,013.4<\/p><\/td><\/tr>\n | \n\nLong-term borrowings<\/p><\/td> | \n5,466.0<\/p><\/td> | \n6,711.0<\/p><\/td><\/tr>\n | \n\nCash and cash equivalents<\/p><\/td> | \n(2,697.1)<\/p><\/td> | \n(1,969.1)<\/p><\/td><\/tr>\n | \n\nNet financial debt<\/b><\/p><\/td> | \n3,294.0<\/b><\/p><\/td> | \n5,755.3<\/b><\/p><\/td><\/tr>\n<\/table> \nReconciliation of adjusted operating profit with profit for the period<\/b><\/p>\n\n\nIn \u20ac millions<\/b><\/p><\/td> | \nH1 2025<\/b><\/p><\/td> | \nH1 2026<\/b><\/p><\/td><\/tr>\n\n\nProfit for the period<\/b><\/p><\/td> | \n629.8<\/b><\/p><\/td> | \n701.4<\/b><\/p><\/td><\/tr>\n\n\nShare of profits \/ (losses) of equity-accounted entities<\/p><\/td> | \n0.0<\/p><\/td> | \n0.0<\/p><\/td><\/tr>\n | \n\nIncome tax expense<\/p><\/td> | \n244.8<\/p><\/td> | \n265.7<\/p><\/td><\/tr>\n | \n\nExchange (gains) \/ losses<\/p><\/td> | \n17.8<\/p><\/td> | \n1.6<\/p><\/td><\/tr>\n | \n\nFinancial income<\/p><\/td> | \n(38.0)<\/p><\/td> | \n(39.0)<\/p><\/td><\/tr>\n | \n\nFinancial expense<\/p><\/td> | \n76.6<\/p><\/td> | \n100.8<\/p><\/td><\/tr>\n | \n\nOperating profit<\/b><\/p><\/td> | \n931.0<\/b><\/p><\/td> | \n1,030.5<\/b><\/p><\/td><\/tr>\n\n\nAmortization & depreciation of revaluation of assets at the time of acquisitions and other P&L impacts relating to acquisitions<\/p><\/td> | \n72.4<\/p><\/td> | \n93.1<\/p><\/td><\/tr>\n | \n\nImpairment of goodwill<\/p><\/td> | \n0.0<\/p><\/td> | \n0.0<\/p><\/td><\/tr>\n | \n\nAdjusted operating profit<\/b><\/p><\/td> | \n1,003.4<\/b><\/p><\/td> | \n1,123.6<\/b><\/p><\/td><\/tr>\n<\/table> \nReconciliation of EBITDA with profit for the period<\/b><\/p>\n\n\nIn \u20ac millions<\/b><\/p><\/td> | \nH1 2025<\/b><\/p><\/td> | \nH1 2026<\/b><\/p><\/td><\/tr>\n\n\nProfit for the period<\/b><\/p><\/td> | \n629.8<\/b><\/p><\/td> | \n701.4<\/b><\/p><\/td><\/tr>\n\n\nShare of profits \/ (losses) of equity-accounted entities<\/p><\/td> | \n0.0<\/p><\/td> | \n0.0<\/p><\/td><\/tr>\n | \n\nIncome tax expense<\/p><\/td> | \n244.8<\/p><\/td> | \n265.7<\/p><\/td><\/tr>\n | \n\nExchange (gains) \/ losses<\/p><\/td> | \n17.8<\/p><\/td> | \n1.6<\/p><\/td><\/tr>\n | \n\nFinancial income<\/p><\/td> | \n(38.0)<\/p><\/td> | \n(39.0)<\/p><\/td><\/tr>\n | \n\nFinancial expense<\/p><\/td> | \n76.6<\/p><\/td> | \n100.8<\/p><\/td><\/tr>\n | \n\nOperating profit<\/b><\/p><\/td> | \n931.0<\/b><\/p><\/td> | \n1,030.5<\/b><\/p><\/td><\/tr>\n\n\nDepreciation and impairment of tangible assets (including right-of-use assets)<\/p><\/td> | \n118.4<\/p><\/td> | \n129.9<\/p><\/td><\/tr>\n | \n\nAmortization and impairment of intangible assets (including capitalized development costs)<\/p><\/td> | \n80.1<\/p><\/td> | \n102.2<\/p><\/td><\/tr>\n | \n\nImpairment of goodwill<\/p><\/td> | \n0.0<\/p><\/td> | \n0.0<\/p><\/td><\/tr>\n | \n\nEBITDA<\/b><\/p><\/td> | \n1,129.5<\/b><\/p><\/td> | \n1,262.6<\/b><\/p><\/td><\/tr>\n<\/table> \nReconciliation of cash flow from operations and free cash flow with profit for the period<\/b><\/p> | | | | | | | | | | | |