European market leader
Leading position in attractive market
#1 European
industrial MRO distributor
2x size
of closest competitor
€100bn addressable market
driven by maintenance and opex spend
Natural consolidator
#1 with only 3% market share
European distributor of choice
Extensive omni-channel platform
900 locations and multiple digital channels
1,000 key account customers
food & beverage, utilities, automotive, metals, business services, chemicals, packaging, aerospace and pharmaceutical
Robust financial profile
2025
€3.4bn
Proforma revenue
€390m
Proforma EBITDA
€387m
Cash headroom
Solid 2025 performance
Our scale, unique multi-specialist value proposition, and strong customer relationships helped us deliver a solid performance in 2025, despite the challenging operating environment.
Revenue
€3.04bn
EBITDA
€320m
Operating cash flow
€213m
| 2025 Proforma | 2025 | 2024 | |
|---|---|---|---|
| Revenue | €3,396m | €3,041m | €3,054m |
| EBITDA | €390m | €320m | €322m |
| Operating cash flow | €213m | €287m | |
| Operating cash conversion | 67% (78% 2 yr average) |
89% |
Notes
-
- EBITDA and Proforma EBITDA before exceptional costs and acquisition related costs.
- EBITDA less capex less lease payments less working capital
- 2025 Proforma revenue and EBITDA reflects full-year effect of businesses acquired during 2025
Solid revenue base despite a challenging environment
Annual revenue of €3.04bn demonstrates the company’s resilience in an evolving market. Despite macroeconomic challenges and a slowdown in European Industrial Production, the company maintained its sales performance through strategic initiatives and continued customer engagement. The focus on operational efficiency and market positioning has ensured a robust performance.
EBITDA of €320m
EBITDA of €320m, reflecting a -0.7% growth before one offs, maintaining stable margins at 10.5% outperforming other distributor types. This margin maintenance was driven by effective cost control measures, efficiency programmes and successful execution of key operational strategies.
Two year average cash conversion of 78%
Operating cash flow was €213m. Our cash conversion rate was 67% reflecting the pull through of exceptional actions taken in 2024. Our two year average cash conversion of 78% reflects disciplined working capital management and ability to generate liquidity for future investments.
Robust financial position and strategic funding
The company continues to maintain a solid financial foundation, leveraging a well structured combination of funding sources. With a leverage ratio of 3.75x, headroom of €387m the company is well-positioned to support future growth initiatives. The company funded its acquisition of Eriks UK & Ireland (annualised revenue of €340m and EBITDA of €61m) through a €500m minority equity injection reflecting its attractiveness to investors.
Strong funding position
We have continued to maintain our strong funding position and robust balance sheet with the ongoing support of our shareholder (Advent International) and our long term debt providers.
Headroom
€387m
As at December 2025
Leverage
3.75x
As at December 2025
FY 2025 key documents: