2025 Full year results
TMICC delivers solid operational performance in 2025
Sales of €7.9 billion, organic sales growth of 4.2%, and volume growth of 1.5%
Amsterdam, 12 February 2026
- FY 2025 revenue of €7.9 billion (FY 2024: €7.9 billion), +4.2% organic sales growth (OSG) year-on-year, with volume growth +1.5% and price growth +2.6%. Reported revenue -0.5% due to forex
- Operating Profit of €599 million (FY 2024: €764 million) reflecting planned net increase of €118 million in separation and restructuring costs in 2025 vs 2024 and forex translation effect
- FY 2025 Adjusted EBITDA margin 15.9% (FY 2024: 16.9%), impacted by forex translation effect (-50bps) and previously allocated depreciation costs, which are charged as a cash cost from H2 2025 due to Transitional Service Agreements (TSAs) (-50bps)
- FY 2025 Adjusted EBIT margin 11.6% (FY 2024: 12.1%), with forex translation effect (-50bps)
- Productivity programme on track, with €180 million savings delivered in 2025 (FY 2024: €70 million)
- Successful and significantly oversubscribed debut €3 billion bond issued, securing long-term funding
- Demerger completed, with listings in Amsterdam, London and New York
| Highlights | ||
| In €, percentage (unaudited) | FY 2025 | FY 2024 |
| Revenue (in € billions) | 7.9 | 7.9 |
| Reported revenue growth | -0.5% | 4.3% |
| Organic Sales Growth | 4.2% | 2.8% |
| Organic Volume Growth | 1.5% | 1.1% |
| Organic Price Growth | 2.6% | 1.7% |
| Operating profit (in € millions) | 599 | 764 |
| Adjusted EBITDA (in € millions) | 1,255 | 1,340 |
| Adjusted EBIT (in € millions) | 917 | 964 |
| Operating profit margin (% revenue) | 7.6% | 9.6% |
| Adjusted EBITDA margin (% revenue) | 15.9% | 16.9% |
| Adjusted EBIT margin (% revenue) | 11.6% | 12.1% |
| Free Cash Flow (FCF, in € millions) | 38 | 803 |
| Diluted Earnings Per Share | (0.5) | 4.3 |
| Effect of acquisitions(b) | (0.1) | - |
| Effect of currency-related items(d) | 4.2 | 2.8 |
| Of which: | ||
| OVG(f) | 1.5 | 1.1 |
| OPG(g) | 2.6 | 1.7 |
(a) Revenue growth is calculated as current year revenue minus prior year revenue divided by prior year revenue.
(b) Effect of acquisitions is calculated using constant exchange rates and is the difference between revenue growth and what revenue growth would have been if the revenue associated with acquisitions was removed from the current year. This excludes the change in revenue of the acquisitions compared to their historical base, if this change has been included in the OSG.
(c) Effect of disposals is calculated using constant exchange rates and is the difference between revenue growth and what revenue growth would have been if the revenue associated with disposals was removed from the prior year.
(d) Effect of currency-related items is comprised of the effect of foreign currency exchange rate movements on revenue growth and price growth in excess of 26%. per year in hyperinflationary economies which is excluded from OSG. The calculation of effect of currency-related items is as follows: Effect of currency-related items = [(1+Effect of exchange rate changes) multiplied by (1+ Effect of extreme price growth in hyperinflationary markets)] minus 1. There may be minor discrepancies between the number arrived at through the application of this calculation and the final figure set out above, which is as a result of rounding.
(e) OSG is revenue growth Adjusted to remove the impacts of acquisitions, disposals and the impact of currency-related items (being movements in exchange rates and extreme price growth in hyperinflationary markets). The calculation of OSG is as follows: (1 plus revenue growth) divided by [(1 plus effect of acquisitions) multiplied by (1 plus effect of disposals) multiplied by (1 plus effect of currency related items)] minus 1. There may be minor discrepancies between the number arrived at through the application of this calculation and the final figure set out above, which is as a result of rounding. The reconciliation of OSG to revenue is as set out in the table above.
(f) OVG and OPG are multiplied on a compounded basis to arrive at OSG through application of the following formula: OSG equals (1 plus OVG) multiplied by (1 plus OPG) minus 1.
(g) OPG in excess of 26% per year in hyperinflationary economies has been excluded when calculating the OSG in the tables above, and an equal and opposite amount is shown as extreme price growth in hyperinflationary markets.
Adjusting items
Several non-IFRS measures are Adjusted to exclude items defined as adjusting. Management considers adjusting items to be significant, or unusual or non-recurring in nature and so believe that separately identifying them helps in understanding the financial performance of the Group from period to period.
Adjusting items within operating profit are:
- gains or losses on business disposals which arise from business disposal projects;
- restructuring costs which are costs that are directly attributable to a restructuring project. Management defines a restructuring project as a strategic, major initiative that delivers cost savings and materially changes either the scope of the business or the manner in which the business is conducted;
- impairments of assets which includes impairments of goodwill, intangible assets, and property, plant and equipment; and
- other approved items which are any additional matters considered by management to be significant and outside the course of normal operations;
- acquisition and disposal-related costs which are costs that are directly attributable to a business acquisition or disposal project.
Adjusting items not in operating profit but within net profit are net monetary gain/(loss) arising from hyperinflationary economies and significant and unusual items in net finance cost and taxation.
Several non-IFRS measures are Adjusted to exclude items defined as adjusting. The following table sets out the calculation of adjusting items for FY2025 and FY2024.
| In millions of € | FY2025 | FY2024 |
| Acquisition and disposal-related costs(a) | (302) | (64) |
| Restructuring costs(b) | (10) | (137) |
| Other | (6) | 1 |
| Total adjusting items within operating profit | (318) | (200) |
| Net monetary loss | (31) | - |
| Total adjusting items not in operating profit | (31) | , |
(a) FY2025 and FY2024 comprises the charge relating to the separation and establishment.
(b) FY2025 comprises a net release of €40 million related to the restructuring provision, which was offset by charges of €50 million related to supply chain projects and other corporate initiatives. The release was driven by a significantly higher redeployment of employees in 2025 that were due to exit at the end of 2024. FY2024 includes restructuring costs of €54 million relating to the separation, and a cost of €16 million for supply chain transformation projects.
Adjusted EBIT, Adjusted EBITDA, Adjusted EBIT margin, Adjusted EBITDA margin
Adjusted EBIT is defined as operating profit before the impact of adjusting items within operating profit. Adjusted EBITDA is defined as Adjusted EBIT before the impact of depreciation, amortisation. Adjusted EBITDA margin and Adjusted EBIT margin is calculated as Adjusted EBITDA and Adjusted EBIT divided by revenue for the period. Those measures are used to evaluate the performance of the Group and its segments. Items are classified as adjusting due to their nature and/or frequency of occurrence. The Group's management believes this measure provides useful information in understanding and evaluating the Group's operating results.
The following table sets out a reconciliation of net profit to Adjusted EBIT and Adjusted EBITDA for FY2025 and FY2024 as well as Revenue to Adjusted EBIT margin and Adjusted EBIDA margin.
| In millions of € | FY2025 | FY2024 |
| Revenue | 7,910 | 7,947 |
| Net profit | 307 | 595 |
| Net finance costs | 121 | 17 |
| Net monetary loss arising from hyperinflationary economies | 31 | - |
| Taxation | 140 | 152 |
| Operating profit | 599 | 764 |
| Adjusting items 'within operating profit' | 318 | 200 |
| Adjusted EBIT | 917 | 964 |
| Adjusted EBIT margin | 11.6% | 12.1% |
| Depreciation and amortisation | 338 | 376 |
| Adjusted EBITDA | 1,255 | 1,340 |
| Adjusted EBITDA margin | 15.9% | 16.9% |
Adjusted Earnings per Share (Adjusted EPS)
Adjusted earnings per share (Adjusted EPS) is calculated as profit attributable to shareholders' equity net of adjusting items divided by the diluted average number of ordinary shares. In?calculating profit attributable to shareholders' equity net of adjusting items, net profit attributable to shareholders' equity is Adjusted to eliminate the post-tax impact of adjusting items. This measure removes the impact of non-recurring, one-off items from earnings per share and provides better visibility of the underlying performance.
The reconciliation of net profit attributable to shareholders' equity to profit attributable to shareholders' equity net of adjusting items is as follows:
| In millions of € | FY2025 |
| Net Profit | 307 |
| Non-controlling interests | (14) |
| Net profit attributable to shareholders' equity - used for basic and diluted earnings per share | 293 |
| Post-tax impact of adjusting items | 281 |
| Profit attributable to shareholders' equity net of adjusting items - used for Adjusted earnings per share | 574 |
| Diluted average number of shares (millions of share units) | 616 |
| Diluted EPS (€) | 0.48 |
| Adjusted EPS - diluted | 0.93 |
Free Cash Flow (FCF)
FCF is defined as net cash flow from operating activities, less net capital expenditure and net interest payments. It does not represent residual cash flows entirely available for discretionary purposes; for example, the repayment of principal amounts borrowed is not deducted from FCF. FCF reflects an additional way of viewing the Group's liquidity that management believes is useful to investors because it represents cash flows that could be used for distribution of dividends, repayment of debt or to fund the Group's strategic initiatives, including acquisitions, if any.
The following table sets out a reconciliation of net cash flow from operating activities to FCF for FY2025 and FY 2024:
| In millions of € | FY2025 | FY2024 |
| Net cash flow from operating activities | 483 | 1,113 |
| Net capital expenditure | (330) | (299) |
| Net interest paid | (115) | (11) |
| FCF | 38 | 803 |
| Net cash flow (used in)/from investing activities | (315) | (359) |
| Net cash flow used in financing activities | 205 | (737) |
Net Debt
Net Debt is defined as the excess of total financial liabilities over cash and cash equivalents, other current financial assets and non-current financial asset derivatives that relate to financial liabilities. Management believes Net Debt provides valuable additional information on the summary presentation of the Group's net financial liabilities and is a measure in common use elsewhere.
The following table sets out a reconciliation of total financial liabilities to Net Debt for FY2025 and FY2024:
| In millions of € | FY2025 | FY2024 |
| Total financial liabilities | (3,416) | (333) |
| - Current | (105) | (85) |
| - Non-current | (3,311) | (248) |
| Cash and cash equivalents | 441 | 70 |
| Other current financial assets | 8 | - |
| Net debt | (2,967) | (263) |
Adjusted Effective Tax Rate (Adjusted ETR)
The Adjusted effective tax rate is calculated by dividing taxation excluding the tax impact of adjusting items by profit before tax excluding the impact of adjusting items. This measure reflects the Adjusted effective tax rate in relation to profit before tax excluding adjusting items before tax.
This is shown in the table below:
| in millions of € | FY2025 | FY2024 | |||
| Taxation | 140 | 152 | |||
| Tax impact of: | |||||
| Adjusting items within operating profit (a) | 75 | 50 | |||
| Adjusting items not in operating profit but within net profit (b) | (8) | 6 | |||
| Taxation before tax impact of adjusting items | 207 | 208 | |||
| Profit before taxation | 447 | 747 | |||
| Adjusting items within operating profit before tax (c) | 318 | 200 | |||
| Adjusting items not in operation profit but within net profit before tax (d) | 31 | - | |||
| Profit before tax excluding adjusting items before tax | 796 | 947 | |||
| Effective tax rate(%) | 31.3% | 20.3% | |||
| Adjusted effective tax rate (%) | 26.0% | 21.9% | |||
(a) Tax impact of adjusting items within operating profit is the sum of the tax on each adjusting item, based on the applicable country tax rates and tax treatment
(b) Deferred tax effect of hyperinflationary adjustments
(c) See Note "Adjusting items"
(d) Net monetary loss
