Origin Enterprises Plc — Earnings Release 2025

Sep 23, 2025

National Storage Mechanism | Additional information

RNS Number : 3337A

Origin Enterprises Plc

23 September 2025

Origin Enterprises plc

Preliminary Results Statement

Strong FY25 performance delivered adjusted EPS growth of 12.8%; Group Operating profit up 10.1%

Dublin, London, 23 September 2025: Origin Enterprises plc ('Origin' or 'the Group'), the international group shaping the future of sustainable agriculture and land use, today announces its preliminary results for the financial year ended 31 July 2025 ('FY25').

FY25 Highlights:

·     Adjusted diluted EPS to 54.21c (FY24: 48.06c); up 12.8%, ahead of guidance.

·     Group operating profit3 increased 10.1% to €99.0m, with strong organic growth across both operating segments and our share of profit from our associates and joint venture.

·     Operating margin6 improved to 4.3% (FY24: 4.1%), supported by a recovery in Agriculture and growth of the higher margin Living Landscapes business.

·     Strategic acquisitions supported earnings diversification and growth, with the addition of five specialist ecology consultancies and a leading online distributor of garden and turf products.

·     Exceptional gains of €2.1m (net of tax), mainly from property revaluation and joint venture asset disposals, net of legacy intangible asset write-downs.

·     Robust balance sheet and strong cash generation and conversion to support future growth.

o Year-end net debt of €70.8m (FY24: €71.7m) with Net Bank Debt/EBITDA at 0.58x (FY24: 0.66x).

o Strong cash generation of €60.8 million (FY24: €6.2 million); Free cash conversion ratio of 117.9% (target: 80%).

·     €19.7 million returned to shareholders via completion of our most recent share buyback programme and €17.8 million in dividends.

·     Proposed final dividend of 14.15c per share; total FY25 dividend 17.30c, an increase of 3% on the prior year, representing a payout ratio of 36.5%.

Origin's Chief Executive Officer, Sean Coyle, commented: "We delivered a very strong performance in FY25 with growth across both our Agriculture and Living Landscapes segments. Total Group Operating profit of €99.0m is up 10.1%, with adjusted diluted EPS of 54.21c, up 12.8% year-on-year. Cash generation was also strong, funding investment, acquisitions and shareholder returns, while maintaining leverage below 1.0x EBITDA.

In Agriculture, operating profit increased 2.5% to €73.4m. Although weather conditions in the key autumn planting timeframe were much improved on the prior year, there were challenges later in the year across the regions, including the driest spring in over 50 years in the UK. With grain and oilseed prices weakening throughout the year, farmers were more selective in their spending on inputs. With a strong focus on customers and our product offering, the Agriculture business remained resilient delivering market share growth over the prior year. We opened a new glasshouse trials facility during the year at Throws Research Centre to fast-track trials and innovation on biosolutions, and we remain on course to deliver our FY32 science-based targets , embedding best practices within agricultural systems while scaling nature-based solutions in Living Landscapes.

Strong growth in Ireland and the UK was supported by improved winter planting areas and increased input demand for animal and soil nutrition. Continental Europe was mixed, with good growth in Poland offset by a reduced contribution from Romania, which was impacted by constrained farmer credit following two years of drought conditions in the region. Underlying performance in our Latin America business was in line with prior year, against a challenging market environment, with reported performance impacted by lower valuation of the Brazilian Real. Our Joint Venture feed business also delivered a very strong year driven by sustained high demand for feed, supported by good output prices for dairy, beef, poultry and eggs.

Living Landscapes now represents 18.4% of Group earnings and had another impressive year, with operating profit up 39.1% to €16.6m. Growth was delivered both through organic expansion, and further acquisitions which broaden our product and service offering across our Sports, Landscapes and Environmental businesses. The division continues to expand its presence in higher-margin, faster growing markets, strengthening its role as a key pillar of the company's future growth.

Origin maintains leading positions in the majority of our key markets, and, with a robust balance sheet and outstanding teams, we are well-positioned to execute our medium-term strategy and deliver sustained value for shareholders."

Financial Summary
	FY25 €'000	FY24 €'000	Change	Constant Currency %
Group revenue	2,109,146	2,045,701	3.1%	2.7%
Operating profit1	89,946	83,516	7.7%	8.7%
Associates and joint venture2	9,048	6,421	40.9%	39.6%
Total group operating profit3	98,994	89,937	10.1%	10.9%
Finance expense, net	(19,960)	(18,566)	7.5%	6.5%
Profit before tax1	79,034	71,371	10.7%	12.1%
Taxation	(18,445)	(16,180)	14.0%
Adjusted net profit	60,589	55,191	9.8%
Basic EPS (cent)	49.59	36.73	35.0%
Adjusted diluted EPS (cent)4	54.21	48.06	12.8%
Return on capital employed (%)	12.0%	11.2%	80bps
Group net debt5	(70,843)	(71,686)	843
Operating margin6 (%)	4.3%	4.1%	20bps
Free cash flow (€'000)	60,764	6,175	54,559
Dividend per ordinary share (cent)	17.30c	16.80c

Adjusted net profit reconciliation	FY25 €'000	FY24 €'000
Reported net profit	52,753	40,428
Amortisation of non-ERP intangible assets	12,758	13,312
Tax on amortisation of non-ERP related intangible assets	(2,815)	(2,864)
Exceptional items (net of tax)	(2,107)	4,315
Adjusted net profit	60,589	55,191

Group revenue

Group revenue increased by 3.1% to €2,109.1 million on a reported basis and 2.7% on a constant currency basis. Excluding crop marketing, revenue increased 4.8%, with volume growth of 4.3%, acquisitions contributing 1.0%, currency 0.3% and pricing -0.8%.

Operating profit1

Operating profit1 increased by 7.7% to €90.0 million (FY24: €83.5 million). Agriculture delivered a 2.5% increase to €73.4 million, while Living Landscapes grew 39.1% to €16.6 million, growing its contribution of operating profit to 18.4% (FY24: 14.2%). Of this Living Landscapes growth, circa. one-third was organic and two-thirds acquisition-led, with a marginal currency benefit. Group operating margin improved by 20bps to 4.3% (FY24: 4.1%), reflecting the increasing contribution from the higher margin Living Landscapes business.

Associates and joint venture2

Origin's share of the profit after tax from its associates and joint venture was €9.0 million (FY24: €6.4 million), with strong performance driven by sustained feed demand across Ireland, supported by firm output pricing in dairy, beef, poultry, pork and eggs.

Finance costs and net bank debt4

Net debt4 at 31 July 2025 was reduced by €0.9 million to €70.8 million (FY24: Net debt4 of €71.7 million). Strong cash generation during the year financed net working capital outflow of €17.8 million, including previously suspended fertiliser payments of €23.5 million, an acquisition spend of €17.8 million, capital expenditure of €29.5 million and returns to shareholders through share buy backs and dividends of €19.7 million.

Net finance costs amounted to €20.0million, which represents an increase of €1.4 million on the prior year, primarily reflecting the impact of increased average debt year-on-year.

On 31 January 2025, the Group agreed a new five-year €440 million sustainability-linked revolving credit facility. The new facility represents an increase of €40 million on the existing facility and extends the facility to 31 January 2030. The facility also has two further extension options of one year each, and a further €100 million uncommitted loan facility.

At year end the Group's key banking covenants were as follows:

	Banking Covenant	FY25	FY24
Net debt to EBITDA	Maximum 3.5	0.58	0.66
EBITDA to net interest	Minimum 3.0	7.21	6.51

Working capital

A working capital outflow of €17.8 million was primarily driven by the payment of €23.5 million relating to supplier amounts which had been previously suspended in accordance with international sanctions imposed by authorities in response to the Russian invasion of Ukraine in 2022. A €5.7 million balance remains to be paid to entities connected to sanctioned parties.

Adjusted diluted earnings per share ('EPS')3

Adjusted diluted EPS3 of 54.21 cent per share (FY24: 48.06 cent), represented an increase of 12.8% on a reported basis and 14.4% on a constant currency basis.

Free cash flow

	FY25 €'m	FY24 €'m
Free cash flow ('FCF')	60.8	6.2
Free cash flow conversion ratio	117.9%	12.7%

The Group generated FCF in the year of €60.8 million (FY24: €6.2 million) representing a FCF conversion of 117.9%, primarily driven by disciplined working capital management, and stronger operating profit in FY25.

FCF is the total of earnings before interest, tax, depreciation (excluding depreciation of IFRS 16 Right of Use leased assets), amortisation of non-ERP related intangible assets and exceptional items of wholly owned businesses ('EBITDA') adjusted to take account of interest, tax, routine capital expenditure, working capital cash flows and dividends received.

FCF conversion ratio is FCF as a percentage of profit after tax of wholly owned businesses, excluding exceptional items and amortisation of non-ERP related intangible assets.

Return on capital employed
	FY25	FY24
Return on capital employed ('ROCE')	12.0%	11.2%

The Group delivered a ROCE of 12.0%, an increase of 80 bps versus FY24 and in line with our target range of 12-15%. This performance was largely driven by improved operating profit in FY25. ROCE is a key performance indicator for the Group and represents Group earnings before interest, tax, and amortisation of non-ERP related intangible assets from continuing operations ('EBITA') taken as a percentage of the Group Net Assets. For the purposes of this calculation:

(i)	EBITA includes the net profit contribution from associates and joint venture (after interest and tax) and excludes the impact of exceptional and non-recurring items; and
(ii)	Group Net Assets means total assets less total liabilities as shown in the annual report excluding net debt, derivative financial instruments, put option liabilities, accumulated amortisation of non-ERP related intangible assets and taxation related balances. Net Assets are also adjusted to reflect the average level of acquisition investment spend and the average level of working capital for the accounting period.

Exceptional items

Exceptional items net of tax amounted to income of €2.1 million in the year (FY24: charge of €4.3 million).

	FY25 €'m	FY24 €'m
Acquisition related items	(2.9)	2.0
Ukraine related costs	(1.1)	(4.5)
Redundancy and restructuring costs	(0.6)	(3.5)
Fair value uplift of investment properties	5.7	-
Write down of intangible assets	(6.5)	-
Arising in associates and joint venture	7.5	1.7
Total exceptional items, net of tax	2.1	(4.3)

Acquisition related items in FY24 include adjustments to the fair value of contingent consideration. Operations in Ukraine were closed in FY24, costs in respect of FY25 relate primarily to costs associated with sanction payments. Redundancy and restructuring costs were largely driven by restructuring within Agrii UK to position the business for future growth. Fair value adjustment relates to the increase in the value of investment properties following external valuations completed in the year. Write down of intangible assets relates to the brand IP connected with legacy UK acquisitions which following review in the year were adjusted to recoverable value. Associates and joint venture income relate primarily to the gain on disposal of property.

Dividends

The Directors propose a final dividend of 14.15 cent per ordinary share for approval at the AGM on 20 November 2025, bringing the total dividend payment for FY25 to 17.30 cent. Subject to shareholder approval at the AGM, the final dividend will be paid on 6 February 2026 to shareholders on the register on 16 January 2026.

Board changes

We are delighted to have further strengthened our Board in FY25, with the addition of two new Non-Executive Directors. Dick Hordijk joined the Board effective 16 October 2024, and Jenny Davis-Peccoud joined the Board on 22 November 2024, each bringing extensive sector experience to Origin. Christopher Richards is currently serving his final term and will retire from the Board 1 October 2025. After almost ten years as a Non-Executive Director, including three years as Group Chairman, Gary Britton has informed the Board of his intention to retire from his role as Group Chairman and step down from the Board of Origin in advance of the 2026 AGM. The process to appoint a suitable successor, led by the Nominations Committee, is in process under the leadership of the Senior Independent Director.

Innovation and Sustainability

In FY25, Origin expanded its environmental services within Living Landscapes, further strengthening its role in biodiversity and nature-based solutions. The Group continued to advance its carbon reduction agenda in line with validated SBTi commitments, supported by investment in data quality and digital platforms to measure and manage emissions. Innovation was accelerated through the opening of a new glasshouse trials facility at Throws Research Centre to fast-track biosolutions.

Corporate development 

During the year, Origin invested €17.8m in the completion of six acquisitions, further expanding the scale and capability of the Living Landscapes segment. In Environmental, the acquisitions of Avian Ecology, Bowland Ecology, Brooks Ecological, GE Consulting and Scott Cawley created one of the UK and Ireland's largest ecological advisory platforms, with 175 ecologists and a combined team of 240 employees providing end-to-end capability from baseline surveys to habitat creation and long-term monitoring. The addition of Elixir Garden Supplies, a leading online distributor of garden and turf products in the UK, broadened the division's reach into consumer markets alongside its strong professional offering.

Collectively, these acquisitions enhance the technical depth of our offering, extend our geographic coverage, and reinforce Living Landscapes' position as a leading UK provider of integrated, nature-based solutions - directly supporting the Group's ambition to diversify its earnings base and increase the profit contribution from structurally higher-margin businesses.

Investor relations

Origin's strategy is to create long-term shareholder value, supported by regular and transparent communication with capital market participants. Engagement with institutional investors is led by the executive management team, including the Chief Executive Officer, Chief Financial Officer, the Managing Director of Living Landscapes, and the Head of Investor Relations. In FY25, the Group engaged with 147 institutional investors through in-person and virtual conferences, roadshows and dedicated meetings, ensuring broad access to management across the shareholder, and prospective shareholder, base.

Annual General Meeting (AGM)

The AGM is scheduled to be held on 20 November 2025 at 11.00am (UK/Ireland time) in the InterContinental Dublin, Simmonscourt Road, Dublin 4, Ireland. 

1	Before amortisation of non-ERP intangible assets and exceptional items
2	Profit after interest and tax before exceptional items
3	Before amortisation of non-ERP intangible assets and exceptional items and excluding the contribution from associates and joint venture
4	Before amortisation of non-ERP intangible assets, net of related deferred tax (2025: €9.9m, 2024: €10.4m) and exceptional items, net of tax (2025: gain €2.1m, 2024: loss €4.3m)
5	Group net debt before impact of IFRS 16 Leases
6	Operating margin represents operating profit as a percentage of Group Revenue

Cautionary statement

This Preliminary Results Statement contains forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of the preparation of this document. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward-looking information, actual results may differ materially from those expressed or implied by these forward-looking statements.

The Directors undertake no obligation to update any forward-looking statements contained in this document, whether as a result of new information, future events or otherwise.

Conference Call and Webcast details:

The management team will host a live conference call and webcast, for analysts and institutional investors today, 23 September 2025, at 08:30 (Irish/UK time). Registration details for the Conference Call and Webcast can be accessed at: www.originenterprises.com

Alternatively, please contact FTI Consulting by email at [email protected]

Participants are requested to dial in 5 to 10 minutes prior to the scheduled start time.

Enquiries:
Origin Enterprises plc
Colm Purcell
Chief Financial Officer	Tel:  +353 (0)1 563 4900
Brendan Corcoran
Head of Investor Relations	Tel:  +353 (0)1 563 4900
Goodbody (Euronext Growth (Dublin) Adviser) Jason Molins	Tel:  +353 (0)1 641 9278
Davy (Nominated Adviser)
Anthony Farrell	Tel:  +353 (0)1 614 9993
Berenberg (C orporate B roker)
Clayton Bush	Tel:  +44 (0)20 3207 7800
FTI Consulting (Communications Advisers)
Jonathan Neilan / Patrick Berkery	Tel:  +353 (86) 602 5988

About Origin Enterprises plc
Origin Enterprises plc champions sustainable land use through technically-led solutions, empowering our customers to enrich their land so it can achieve its true potential. The Group has leading market positions in Ireland, the United Kingdom, Brazil, Poland and Romania, and is listed on the Euronext Growth Dublin market and the AIM market of the London Stock Exchange.
Euronext Growth (Dublin) ticker symbol:               OIZ
AIM ticker symbol:                                                 OGN
Website:                                                                www.originenterprises.com

Divisional Review

Group Overview

	FY25 Revenue €'m	FY25 Operating profit1 €'m	FY25 Operating margin %	FY24 Revenue €'m	FY24 Operating profit €'m	FY24 Operating margin %
Agriculture:
Ireland and the UK	1,231.1	43.8	3.6%	1,208.6	39.0	3.2%
Continental Europe	563.1	16.6	3.0%	557.7	17.5	3.1%
Latin America	128.5	13.0	10.1%	130.1	15.1	11.6%
Total	1,922.7	73.4	3.8%	1,896.4	71.6	3.8%
Living Landscapes	186.4	16.6	8.9%	149.3	11.9	8.0%
Group	2,109.1	90.0	4.3%	2,045.7	83.5	4.1%

1	Before amortisation of non-ERP intangible assets and exceptional items

Agriculture

Agriculture revenue and operating profit increased by 1.4% and 2.5% respectively in FY25, with growth in Ireland and the UK more than offsetting lower contributions from Continental Europe and Latin America.

Ireland and the UK

				Change on the prior year4
		FY25 €'m	FY24 €'m	Change %	Constant Currency3 %
Revenue		1,231.1	1,208.6	1.9%	0.3%
Operating profit1		43.8	39.0	12.5%	10.5%
Operating margin1		3.6%	3.2%	40bps	40bps
Associates and joint venture2		9.0	6.4	40.9%	39.6%

1	Before amortisation of non-ERP intangible assets and exceptional items
2	Profit after interest and tax before exceptional items
3	Excluding currency movements
4	Percentage variances are based on actual unrounded numbers

Operating profit increased 12.5% to €43.8 million, with margin up 40 bps to 3.6% (from 3.2%). The increase in operating profit was driven by both the recovery in winter planting area following the weather-impacted prior year, and strong momentum in Soil Nutrition and Animal Nutrition. Revenue increased by 1.9% to €1,231.1 million reflecting underlying volume growth of 2.2%, which was partially offset by a pricing headwind of (-1.8%) and currency 1.5%.

Sustainable Agronomy

Improved autumn conditions supported a recovery in UK winter cropping versus the prior year, with the area of winter wheat up 24% year-on-year to 1.67 million hectares. Total plantings were broadly stable at c.4.0 million hectares, with an improved mix of winter versus spring cropping. Despite the impact of the driest spring in five decades on crop development, and the resulting early harvest with variable yields, agronomy activity levels recovered compared with the prior year. Our agronomists helped growers manage input spend carefully, favouring targeted programmes which was necessary as grain and oilseed prices weakened through the year.

Soil Nutrition

Fertiliser demand was strong in FY25, led by Ireland where robust dairy and beef prices supported sustained applications across grassland. In the UK, a larger winter cropping area supported demand, while effective stock management and a well-positioned order book ensured availability at the right times. Overall, volumes increased year-on-year, with average pricing broadly stable versus FY24.

Animal Nutrition

Significant feed demand in FY25, compared to a strong prior year, was supported by firm dairy, beef, poultry, pork and egg prices.

The Group's 50% associate, John Thompson & Sons Limited, also reported a strong performance, reflecting consistent feed demand across its core markets.

Continental Europe

				Change on prior year3
		FY25 €'m	FY24 €'m	Change %	Constant Currency2 %
Revenue		563.1	557.7	1.0%	(0.2%)
Revenue (excl. crop marketing)		409.2	378.2	8.2%	7.4%
Operating profit1		16.6	17.5	(5.4%)	(6.5%)
Operating profit1 (excl. crop marketing)		16.0	16.5	(3.5%)	(4.5%)
Operating margin1		3.0%	3.1%	(20bps)	(20bps)
Operating margin1 (excl. crop marketing)		3.9%	4.4%	(50bps)	(50bps)

1	Before amortisation of non-ERP intangible assets and exceptional items
2	Excluding currency movements
3	Percentage variances are based on actual unrounded numbers

Continental Europe ('CE') delivered a solid performance in FY25, with operating profit of €16.0 million (excluding crop marketing), a decrease of 3.5% on FY24, with margin decreasing by 50bps to 3.9%. The reduction was largely driven by weaker farm liquidity and an adverse product mix in Romania, where grower investment remained cautious after several challenging drought-impacted seasons. This was partly offset by a strong performance in Poland, supported by stable cropping conditions and continued demand for higher-value inputs.

Overall revenue, excluding crop marketing, increased by 8.2% in the year, driven by a 7.9% increase in volumes.

Poland

Poland delivered a strong performance in FY25, supported by a stable cropping area of approximately 9.0 million hectares and broadly favourable weather conditions. Timely establishment of winter crops provided a solid foundation for yields, which tracked at, or above, average in most regions.

Demand for agronomy services was ahead of the prior year, reinforcing the positive contribution to divisional performance. Farm margins remained comparatively resilient, underpinned by more stable pricing conditions and a balanced supply-demand environment relative to neighbouring markets. This supported continued investment in crop protection and nutrition, with demand weighted toward higher-value input programmes and services.

Romania

Romania delivered a solid performance in FY25, though profitability remained constrained by prolonged pressure on farm balance sheets. Planting areas were broadly unchanged year-on-year at c.8.9 million hectares, however growers adopted more cautious cropping strategies, favouring winter crops such as barley and rapeseed for resilience over spring planted maize.

Overall volumes increased by 6.6% on the prior year, supported by a stronger production base, however, farm investment remained focused on cost-efficient inputs. This shift in product mix diluted margins.

Latin America

					Change on prior year3
			FY25 €'m	FY24 €'m	Change %	Constant Currency2  %
Revenue			128.5	130.1	(1.2%)	13.2%
Operating profit1			13.0	15.1	(14.2%)	0.1%
Operating margin1			10.1%	11.6%	(150bps)	(135bps)

1	Before amortisation of non-ERP intangible assets and exceptional items
2	Excluding currency movements
3	Percentage variances are based on actual unrounded numbers

Latin America delivered a solid performance in FY25, with operating profit of €13.0 million compared with €15.1 million in FY24. The year-on-year reduction was primarily attributable to a €2.2 million adverse currency translation impact from the devaluation of the Brazilian Real. Excluding this, profitability was broadly in line with the prior year, representing strong delivery against a challenging market backdrop.

Revenue of €128.5 million declined by 1.2% on a reported basis but increased by 13.2% at constant currency, with underlying volumes up 11.6%. Growth was broad-based across product categories, led by the Physiology & Nutrition portfolio and Controlled-Release Fertilisers ('CRF'). F1rst AgBiotech also contributed, with volumes doubling year-on-year as its early-stage portfolio gained further traction.

Performance was delivered against challenges in the Agricultural retail channel and at farm level, where several Brazilian distributors have entered judicial reorganisation in recent years due to legacy stock imbalances and tighter credit conditions. These dynamics and competitive market pricing contributed to a reduction in operating margin. Established customer relationships, a disciplined credit approach and a diversified portfolio supported further consistent volume growth and market share gains.

Living Landscapes

					Change on prior year3
			FY25 €'m	FY24 €'m	Change %	Constant Currency2 %
Revenue			186.4	149.3	24.8%	22.8%
Operating profit1			16.6	11.9	39.1%	36.3%
Operating margin1			8.9%	8.0%	90bps	90bps
1	Before amortisation of non-ERP intangible assets and exceptional items
2	Excluding currency movements
3	Percentage variances are based on actual unrounded numbers

Living Landscapes delivered another year of strong progress in FY25, contributing 18.4% of Group operating profit at €16.6 million, compared with 14.2% in FY24. The increase in operating profit reflected both organic growth in the segment (circa. one-third) and earnings from recent acquisitions (circa. two thirds), with a marginal currency benefit. Operating margin improved by 90bps to 8.9%.

Revenue increased 24.8% to €186.4 million, with acquisitions contributing 12.4% and organic growth of 10.4%. During the year, in addition to our ongoing focus on integration and synergy realisation, the division further strengthened its organisational structure, appointing Managing Directors for Sports and Landscapes, further enhancing leadership capability alongside the existing Managing Director for Environmental.  

Sports

Our Sports sector delivered solid growth, supported by favourable trading conditions that extended application windows and sustained demand from investment in both professional and grassroots facilities. The addition of Elixir Garden Supplies in May, a leading online distributor, further extended the sector's reach across both professional and consumer markets.

Landscapes

Our Landscapes sector continued to benefit from structural investment in urban greening, afforestation and infrastructure projects. The portfolio was strengthened by the full year contributions of Groundtrax, the UK's leading provider of ground protection and reinforcement systems, and Suregreen, a supplier of forestry, tree protection and landscaping products with in-house manufacturing and national delivery capacity in the UK.

Environmental

Our Environmental sector delivered strong earnings momentum, broadening its geographic reach and technical expertise to meet increasing demand for ecological surveys, biodiversity net gain (BNG) and environmental planning services. With 175 ecologists and a total team of 240 employees, the sector now operates one of the UK and Ireland's largest dedicated ecological platforms. Acquisitions including Avian Ecology, Bowland Ecology, Brooks Ecological, GE Consulting and Scott Cawley have created an end-to-end capability spanning baseline assessment to habitat creation and long-term monitoring.

ENDS

Origin Enterprises plc

Consolidated Income Statement

For the financial year ended 31 July 2025

		Pre-						Pre-
		exceptional		Exceptional		Total		exceptional		Exceptional		Total
		2025		2025		2025		2024		2024		2024
		€'000		€'000		€'000		€'000		€'000		€'000
	Notes			(Note 3)						(Note 3)
Revenue	2	2,109,146		-		2,109,146		2,045,701		-		2,045,701
Cost of sales		(1,750,806)		-		(1,750,806)		(1,701,665)		-		(1,701,665)
Gross profit		358,340		-		358,340		344,036		-		344,036
Operating costs		(281,152)		(7,089)		(288,241)		(273,832)		(7,318)		(281,150)
Share of profit of associates and joint venture		9,048		7,493		16,541		6,421		1,653		8,074
Operating profit		86,236		404		86,640		76,625		(5,665)		70,960
Finance income		4,991		-		4,991		3,386		-		3,386
Finance expense		(24,951)		-		(24,951)		(21,952)		-		(21,952)
Profit before income tax		66,276		404		66,680		58,059		(5,665)		52,394
Income tax (expense)/credit		(15,630)		1,703		(13,927)		(13,316)		1,350		(11,966)
Profit for the year		50,646		2,107		52,753		44,743		(4,315)		40,428
Earnings per share for the year						2025						2024
Basic earnings per share		4				49.59c						36.73c
Diluted earnings per share		4				47.20c						35.21c

Origin Enterprises plc

Consolidated Statement of Comprehensive Income

For the financial year ended 31 July 2025

	2025		2024
	€'000		€'000
Profit for the year	52,753		40,428
Other comprehensive (expense) / income
Items that will not be reclassified subsequently to the Consolidated Income Statement:
Group/Associate defined benefit pension obligations
-remeasurements on Group's defined benefit pension schemes	(18)		3,154
-deferred tax effect of remeasurements	(36)		(836)
-share of remeasurements on associate's defined benefit pension schemes	(290)		(79)
-share of deferred tax effect of remeasurements - associates	72		20
Items that may be reclassified subsequently to the Consolidated Income Statement:
Group foreign exchange translation details
-exchange difference on translation of foreign operations	(13,430)		(12,089)
Group/Associate cash flow hedges
-effective portion of changes in fair value of cash flow hedges	(4,426)		(3,068)
-fair value of cash flow hedges transferred to operating costs and other income	2,447		(414)
-deferred tax effect of cash flow hedges	19		250
-share of associates and joint venture cash flow hedges	(742)		295
-deferred tax effect of share of associates and joint venture cash flow hedges	93		(37)
Other comprehensive expense for the year, net of tax	(16,311)		(12,804)
Total comprehensive income for the year attributable to equity shareholders	36,442		27,624

Origin Enterprises plc

Consolidated Statement of Financial Position

As at 31 July 2025

		2025		2024
	Notes	€'000		€'000
ASSETS
Non-current assets
Property, plant and equipment	5	134,499		132,665
Right-of-use-asset		68,020		59,834
Investment properties		8,500		2,270
Goodwill and intangible assets	6	318,638		308,852
Investments in associates and joint venture	7	47,312		44,484
Other financial assets		892		913
Post employment benefit scheme surplus	9	6,805		6,715
Derivative financial instruments		314		2,760
Deferred tax assets		6,203		6,866
Total non-current assets		591,183		565,359
Current assets
Assets classified as held for sale		5,800		5,800
Inventory		228,854		228,132
Trade and other receivables		469,450		477,851
Derivative financial instruments		2,109		634
Cash and cash equivalents	11	169,778		124,540
Total current assets		875,991		836,957
TOTAL ASSETS		1,467,174		1,402,316

Origin Enterprises plc

Consolidated Statement of Financial Position (continued)

As at 31 July 2025

		2025		2024
	Notes	€'000		€'000
EQUITY
Called up share capital presented as equity	12	1,197		1,253
Share premium		160,526		160,526
Retained earnings and other reserves		262,531		243,151
TOTAL EQUITY		424,254		404,930
LIABILITIES
Non-current liabilities
Interest bearing loans and borrowings	11	240,551		196,225
Lease liabilities		56,040		47,184
Deferred tax liabilities		22,961		21,732
Provisions for liabilities	8	10,767		9,419
Put option liability		4,522		-
Derivative financial instruments		817		538
Total non-current liabilities		335,658		275,098
Current liabilities
Interest bearing loans and borrowings	11	70		1
Lease liabilities		12,257		14,348
Trade and other payables		674,702		693,992
Corporation tax payable		10,323		6,538
Put option liability		416		-
Provisions for liabilities	8	9,282		6,455
Derivative financial instruments		212		954
Total current liabilities		707,262		722,288
TOTAL LIABILITIES		1,042,920		997,386
TOTAL EQUITY AND LIABILITIES		1,467,174		1,402,316

Origin Enterprises plc

Consolidated Statement of Changes in Equity

For the financial year ended 31 July 2025

													Share-				Foreign
							Capital		Cash flow				based				currency
	Share		Share		Treasury		redemption		hedge		Revaluation		payment		Re-organisation		translation		Retained
	capital		Premium		shares		reserve		reserve		reserve		reserve		reserve		reserve		earnings		Total
	€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000
At 1 August 2024	1,253		160,526		(67,569)		145		(105)		12,843		7,602		(196,884)		(57,417)		544,536		404,930
Profit for the year	-		-		-		-		-		-		-		-		-		52,753		52,753
Other comprehensive expense for the year	-		-		-		-		(2,609)		-		-		-		(13,430)		(272)		(16,311)
Total comprehensive (expense) / income for the year	-		-		-		-		(2,609)		-		-		-		(13,430)		52,481		36,442
Share-based payment charge Share buy-back Cancellation of treasury shares Re-issue of treasury shares	- - (56) -		- - - -		- (1,850) 20,128 2,325		- - 56 -		- - - -		- - - -		2,564 - - -		- - -		- - - -		- - (20,128) (2,325)		2,564 (1,850) - -
Dividend paid to shareholders Transfer of share-based payment reserve to retained earnings	- -		- -		- -		- -		- -		- -		- (1,696)		- -		- -		(17,832) 1,696		(17,832) -
At 31 July 2025	1,197		160,526		(46,966)		201		(2,714)		12,843		8,470		(196,884)		(70,847)		558,428		424,254

Origin Enterprises plc

Consolidated Statement of Cash Flows

For the financial year ended 31 July 2025

	2025		2024
	€'000		€'000
Cash flows from operating activities
Profit before tax	66,680		52,394
Exceptional items	(404)		5,665
Finance income	(4,991)		(3,386)
Finance expense	24,951		21,952
Profit on disposal of property, plant and equipment	(856)		(79)
Share of profit of associates and joint venture	(9,048)		(6,421)
Depreciation of property, plant and equipment	10,624		8,822
Depreciation of right of use assets	16,316		14,320
Amortisation of intangible assets	16,133		15,002
Employee share-based payment charge	2,564		2,439
Pension contributions in excess of service costs and administration costs	115		(803)
Settlement of non-trade related item	-		(7,205)
Payment of exceptional Ukraine related costs	(1,261)		(4,043)
Payment of exceptional acquisition and disposal related costs	(3,096)		(4,669)
Operating cash flow before changes in working capital	117,727		93,988
Movement in inventory	(3,680)		3,809
Movement in trade and other receivables	2,766		(40,449)
Movement in trade and other payables	(16,861)		(26,249)
Cash generated from operating activities	99,952		31,099
Interest paid	(15,985)		(14,466)
Income tax paid	(11,946)		(16,064)
Cash inflow from operating activities	72,021		569

Origin Enterprises plc

Consolidated Statement of Cash Flows (continued)

For the financial year ended 31 July 2025

	2025		2024
	€'000		€'000
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	2,802		924
Purchase of property, plant and equipment	(16,148)		(23,542)
Purchase of intangible assets	(13,349)		(19,831)
Consideration relating to acquisitions (net of cash acquired)	(15,666)		(5,302)
Payment of contingent acquisition consideration	(1,712)		(8,084)
Investment in associates	(386)		-
Payment of put option liability	-		(30,912)
Dividends received from associates	12,642		16,596
Cash outflow from investing activities	(31,817)		(70,151)
Cash flows from financing activities
Drawdown of bank loans	232,485		423,226
Repayment of bank loans	(186,647)		(325,966)
Lease liability payments	(18,041)		(15,955)
Share buy-back	(1,850)		(18,150)
Proceeds from re-issue of treasury shares	-		1,608
Payment of dividends to equity shareholders	(17,832)		(18,540)
Cash inflow from financing activities	8,115		46,223
Net decrease in cash and cash equivalents	48,319		(23,359)
Translation adjustment	(3,150)		(2,241)
Cash and cash equivalents at start of year	124,539		150,139
Cash and cash equivalents at end of year (Note 11)	169,708		124,539

Origin Enterprises plc

Notes to the preliminary results statement

For the financial year ended 31 July 2025

1       Basis of preparation

The financial information included on pages 11 to 30 of this preliminary results statement has been extracted from the Group financial statements for the year ended 31 July 2025 on which the auditor has issued an unqualified audit opinion.

The financial information has been prepared in accordance with the accounting policies set out in the Group's consolidated financial statements for the year ended 31 July 2025, which were prepared in accordance with International Financial Reporting Standards as adopted by the EU.

The consolidated financial information is presented in Euro, rounded to the nearest thousand, which is the functional currency of the parent.

2       Segment information

IFRS 8, 'Operating Segments', requires operating segments to be identified on the basis of internal reports that are regularly reviewed by the Chief Operating Decision Maker ('CODM') in order to allocate resources to the segments and to assess their performance.

The Group performed a review of operating segments during the prior year. Given the recent acquisitions in the Ecology and Environmental sector and the Group's strategic objective to expand further into this sector, the Group has determined there are two operating segments as follows:

Agriculture

This segment includes the Group's wholly owned Business-to-Business Agri-Inputs operations, Integrated Agronomy and On-Farm Services operations in Ireland, the United Kingdom, Poland, Romania, and Brazil. In addition, this segment includes the Group's associate and joint venture undertakings.

Living Landscapes

This segment includes the Group's wholly owned Amenity, Environmental and Ecology operations, providing a range of consultancy, inputs and technical solutions in sports turf management, landscaping, and environmental conservation.

Information regarding the results of each reportable segment is included below. Performance is measured based on segment operating profit as included in the internal management reports that are reviewed by the Group's CODM, being the Origin Executive Directors. Segment operating profit is used to measure performance, as this information is the most relevant in evaluating the results of the Group's segments.

Segment results, assets and liabilities include all items directly attributable to a segment.

Segment capital expenditure is the total amount incurred during the period to acquire segment assets that are expected to be used for more than one accounting period.

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

2              Segment information (continued)

(i) Segment revenue and results

		Agriculture					Living Landscapes				Total Group
		2025		2024		2025			2024		2025		2024
		€'000		€'000		€'000			€'000		€'000		€'000
Revenue
Ireland & UK		1,231,103		1,208,575		186,378			149,288		1,417,481		1,357,863
Continental Europe		563,120		557,742		-			-		563,120		557,742
Latin America		128,545		130,096		-			-		128,545		130,096
Total		1,922,768		1,896,413		186,378			149,288		2,109,146		2,045,701
Segment Result
Ireland & UK		43,830		38,957		16,554			11,898		60,384		50,855
Continental Europe		16,573		17,523		-			-		16,573		17,523
Latin America		12,989		15,138		-			-		12,989		15,138
Total		73,392		71,618		16,554			11,898		89,946		83,516
Profit from associate & joint venture		9,048		6,421		-			-		9,048		6,421
Amortisation of non-ERP intangible assets		(9,392)		(10,603)		(3,366)			(2,709)		(12,758)		(13,312)
Operating profit before exceptional items		73,048		67,436		13,188			9,189		86,236		76,625
Exceptional items		3,329		(7,528)		(2,925)			1,863		404		(5,665)
Operating profit		76,377		59,908		10,263			11,052		86,640		70,960

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

2       Segment information (continued)

(ii) Segment earnings before financing costs and tax is reconciled to reported profit before tax and profit after tax as follows:

	2025		2024
	€'000		€'000
Operating profit	86,640		70,960
Finance income	4,991		3,386
Finance expense	(24,951)		(21,952)
Reported profit before tax	66,680		52,394
Income tax	(13,927)		(11,966)
Reported profit after tax	52,753		40,428

3        Exceptional items

Exceptional items are those that, in management's judgement, should be separately presented and disclosed by virtue of their nature or amount.  Such items are included within the Consolidated Income Statement caption to which they relate.  The following exceptional items arose during the year:

	2025		2024
	€'000		€'000
Fair value adjustment of investment properties (i)	(6,230)		-
Write-down of intangible assets (ii)	8,556		-
Ukraine-related costs (iii)	1,251		4,755
Acquisition, disposal and other related costs / (credit) (iv)	2,925		(1,951)
Redundancy & restructuring costs (v)	587		4,514
Exceptional costs before tax and before associates and joint venture	7,089		7,318
Tax credit on exceptional items	(1,703)		(1,350)
Exceptional costs before associates and joint venture	5,386		5,968
Arising in associates and joint venture, net of tax (vi)	(7,493)		(1,653)
Total exceptional (credit) / costs after tax	(2,107)		4,315

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

3        Exceptional items (continued)

(i)   Fair value adjustment of investment properties

During the financial year, the Directors commissioned an independent valuations expert to conduct a valuation of the Group's investment properties. Following this assessment, an uplift of €6.2 million was reflected. The tax impact of this exceptional item in the year was a tax charge of €0.5 million.

(ii)  Write-down of intangible assets

Following a strategic review during the financial year, intangible assets related to legacy acquisitions within the Agriculture segment were written down by €8.6 million. The tax impact of this exceptional item in the year was a tax credit of €2.0 million.

(iii) Ukraine-related costs

Ukraine-related costs comprise of costs associated with international sanctions imposed by authorities in response to the Russian invasion of Ukraine. The tax impact of this exceptional item in the year was a tax credit of €0.2 million. In the prior year, this exceptional item had also included costs attributable to termination payments from restructuring programmes in Ukraine.

(iv) Acquisition, disposal and other related costs / (credit)

Acquisition and other related costs principally comprised of transaction costs incurred in relation to the acquisitions completed during the current year. In the prior year, this exceptional item had included a credit for the release of deferred consideration no longer payable.

(v)  Redundancy & restructuring costs

Redundancy & restructuring costs relate to termination payments from restructuring during the year.

(vi) Arising in associates and joint venture

During the financial year, R&H Hall Limited disposed of a property. A credit of €8.3 million, net of tax, represents the gain on disposal. Also included is a redundancy charge of €0.8 million.

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

4      Earnings per share

Basic earnings per share

	2025		2024
	€'000		€'000
Profit for the year attributable to equity shareholders	52,753		40,428
	'000		'000
Weighted average number of ordinary shares for the year	106,371		110,068
	Cent		Cent
Basic earnings per share	49.59		36.73

Diluted earnings per share

	2025		2024
	€'000		€'000
Profit for the year attributable to equity shareholders	52,753		40,428
	'000		'000
Weighted average number of ordinary shares used in basic calculation	106,371		110,068
Impact of shares with a dilutive effect	4,507		3,927
Impact of the SAYE scheme with a dilutive effect	885		832
Weighted average number of ordinary shares (diluted) for the year	111,763		114,827
	Cent		Cent
Diluted earnings per share	47.20		35.21

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

4      Earnings per share (continued)

	2025		2024
	'000		'000
Adjusted basic earnings per share
Weighted average number of ordinary shares for the year	106,371		110,068

	2025		2024
	€'000		€'000
Profit for the year	52,753		40,428
Adjustments:
Amortisation of non-ERP related intangible assets (Note 6)	12,758		13,312
Tax on amortisation of non-ERP related intangible assets	(2,815)		(2,864)
Exceptional items, net of tax	(2,107)		4,315
Adjusted profit for the year	60,589		55,191
	Cent		Cent
Adjusted basic earnings per share	56.96		50.14

Adjusted diluted earnings per share

	2025		2024
	'000		'000
Weighted average number of ordinary shares used in basic calculation	106,371		110,068
Impact of shares with a dilutive effect	4,507		3,927
Impact of the SAYE scheme with a dilutive effect	885		832
Weighted average number of ordinary shares (diluted) for the year	111,763		114,827

	2025		2024
	€'000		€'000
Adjusted profit for the year (as above)	60,589		55,191
	Cent		Cent
Adjusted diluted earnings per share	54.21		48.06

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

5    Property, plant and equipment

	2025		2024
	€'000		€'000
At 1 August	132,665		118,107
Arising on acquisition (Note 10)	563		799
Additions	15,927		23,519
Disposals	(1,946)		(812)
Depreciation charge for the year	(10,624)		(8,822)
Translation adjustments	(2,086)		(126)
At 31 July	134,499		132,665

6    Goodwill and intangible assets

	2025		2024
	€'000		€'000
At 1 August	308,852		299,906
Arising on acquisition (Note 10)	28,121		7,165
Additions	13,349		19,835
Disposals / retirements	(20)		(20)
Write-off of intangible assets	(8,556)		-
Amortisation of non-ERP intangible assets	(12,758)		(13,312)
ERP intangible amortisation	(3,375)		(1,690)
Translation adjustments	(6,975)		(3,032)
At 31 July	318,638		308,852

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

7    Investments in associates and joint venture

	2025		2024
	€'000		€'000
At 1 August	44,484		52,387
Share of profits after tax, before exceptional items	9,048		6,421
Share of exceptional items, net of tax (Note 3)	7,493		1,653
Dividends received	(12,642)		(16,596)
Investment in associate	386		-
Share of other comprehensive (expense) / income	(867)		199
Translation adjustments	(590)		420
At 31 July	47,312		44,484
Split as follows:
Total associates	25,058		25,359
Total joint venture	22,254		19,125
	47,312		44,484

8    Provisions for liabilities

The estimate of provisions is a key judgement in the preparation of the financial statements.

	2025                   €'000		2024                   €'000
At 1 August	15,874		23,318
Arising on acquisition (Note 10)	6,562		2,001
Provided in year	2,870		2,458
Paid / utilised in year	(4,132)		(9,385)
Released in the year	(702)		(2,703)
Translation adjustments	(423)		185
At 31 July	20,049		15,874
Split as follows:
Current liabilities	9,282		6,455
Non-current liabilities	10,767		9,419
	20,049		15,874

Provisions primarily relate to contingent acquisition consideration arising on a number of acquisitions completed during the current and prior years.

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

9    Post-employment benefit obligations

The Group operates a number of defined benefit pension schemes and defined contribution schemes with assets held in separate trustee administered funds. All of the defined benefit schemes are closed to new members.

The valuations of the defined benefit schemes used for the purposes of the following disclosures are those of the most recent actuarial valuations carried out at 31 July 2025 by an independent, qualified actuary.  The valuations have been performed using the projected unit method.

Movement in net asset recognised in the Consolidated Statement of Financial Position

		2025		2024
		€'000		€'000
	At 1 August	6,715		2,579
	Current service cost	(113)		(150)
	Administrative expenses paid from plan assets	(135)		(246)
	Employer contributions	133		1,199
	Other finance income	309		124
	Remeasurements	(18)		3,154
	Translation adjustments	(86)		55
	At  31 July	6,805		6,715

10 Acquisition of subsidiary undertakings

On 30 August 2024, the Group acquired 100% of the share capital of Bowland Ecology Limited, specialising in terrestrial and freshwater ecology, delivering a full range of ecological technical solutions.

On 2 September 2024, the Group acquired 100% of the share capital of Avian Ecology Limited, a company providing a broad range of services, particularly specialising in the areas of ornithology and renewable energy issues.

On 25 October 2024, the Group acquired 100% of the share capital of Brooks Ecological Limited, a company providing expertise in ecology and biodiversity alongside additional specialisms in arboriculture and landscape architecture.

On 25 October 2024, the Group acquired 100% of the share capital of GE Consulting Services (UK) Limited, a company providing ecological and arboricultural consulting services and practical land management solutions.

On 1 April 2025, the Group acquired Scott Cawley Limited, a company that provides ecological survey and impact assessment services to the planning and development sectors in Ireland.

On 9 May 2025, the Group acquired 100% of the share capital of Elixir Garden Supplies Limited, a UK-based industry leader in online gardening supplies with extensive expertise in fertilisers, feeds and garden care.

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

10        Acquisition of subsidiary undertakings - continued

		Fair
		value
		€'000
Assets
Non-current
Property, plant & equipment		563
Intangible assets		11,795
Total non-current assets		12,358
Current assets
Inventory		1,863
Trade and other receivables (i)		4,468
Cash and cash equivalents		10,143
Total current assets		16,474
Liabilities
Trade and other payables		(3,890)
Corporation tax		(1,418)
Deferred tax liability		(2,541)
Total liabilities		(7,849)
Total identifiable net assets at fair value		20,983
Goodwill arising on acquisition		16,326
Total net assets acquired		37,309
Consideration satisfied by:
Cash consideration		25,809
Put option arising from acquisition		4,938
Contingent consideration arising from acquisition		6,562
Total consideration related to acquisitions		37,309
Net cash outflow - arising on acquisitions
Cash consideration		25,809
Less cash and cash equivalents acquired		(10,143)
Total consideration related to acquisitions		15,666

Details of the net assets acquired and goodwill arising from the business combinations are as follows:

(i)   Trade Receivables acquired were €4.5 million. All amounts deemed recoverable.

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

11   Analysis of net cash / (debt)

		2024		Cash flow		Non-cash movements		Translation adjustments		2025
		€'000		€'000		€'000		€'000		€'000
	Cash	124,540		48,388		-		(3,150)		169,778
	Overdrafts	(1)		(69)		-		-		(70)
	Cash and cash equivalents	124,539		48,319		-		(3,150)		169,708
	Loans	(196,225)		(45,838)		(655)		2,167		(240,551)
	Net (debt) / cash	(71,686)		2,481		(655)		(983)		(70,843)
	Lease liabilities	(61,532)		20,774		(29,341)		1,802		(68,297)
	Net debt including lease liabilities	(133,218)		23,255		(29,996)		819		(139,140)

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

12   Share capital

	2025		2024
	€'000		€'000
Authorised
250,000,000 ordinary shares of €0.01 each (i)	2,500		2,500
Allotted, called up and fully paid
119,741,531 (2024: 125,320,375) ordinary shares of €0.01 each (i) (ii)	1,197		1,253

	Number of treasury shares		Nominal value of shares		Carrying value of shares
			€		€'000
Treasury shares in issue
At 1 August 2024	18,689,635		186,896		67,569
Share buy-back (ii)	550,839		5,508		1,850
Cancellation of treasury shares (iii)	(5,578,844)		(55,788)		(20,128)
Re-issue of treasury shares (iv)	(644,326)		(6,443)		(2,325)
At July 2025	13,017,304		130,173		46,966

(i)     Ordinary shareholders are entitled to dividends as declared and each ordinary share carries equal voting rights at meetings of the Company.

(ii)    During the financial year, the Group completed a share buy-back programme. The total number of ordinary shares purchased by the Group during the financial year was 550,839 for a total consideration before expenses of €1.9 million. The re-purchased shares are held as treasury shares.

(iii)   On 26 June 2025, the G r oup cancelled 5,578,844 treasury shares.

(iv)   During the financial year, the Group re-issued 644,326 treasury shares to satisfy the exercise of share options granted under the Company's Long-Term Incentive Plan (2015).

Origin Enterprises plc

Notes to the preliminary results statement (continued)

For the financial year ended 31 July 2025

13    Return on capital employed

Return on capital employed is a key performance indicator for the Group and represents Group earnings before interest, tax and amortisation of non-ERP related intangible assets taken as a percentage of Group net assets and is consistent with the definition approved as part of the 2015 Long Term Incentive Plan.

		2025 €'000		2024 €'000
Total assets		1,467,174		1,402,316
Total liabilities		(1,042,920)		(997,386)
Adjusted for:
Net debt		139,140		133,218
Tax, put option and derivative financial instruments, net		30,625		19,419
Accumulated amortisation of non-ERP related intangible assets		73,619		96,590
Capital employed		667,638		654,157
Average capital employed		827,467		800,653
Operating profit (excluding exceptional items)		77,187		70,204
Amortisation of non-ERP intangible assets		12,758		13,312
Share of profit of associates and joint venture		9,048		6,421
Return		98,993		89,937
Return on capital employed		12.0%		11.2%

In years where the Group makes significant acquisitions or disposals, the return on invested capital calculation is adjusted accordingly to ensure that the impact of the acquisition or disposal is time apportioned appropriately.

14     Related party transactions

Related party transactions occurring in the year were similar in nature to those described in the 2024 Annual Report.

15     Dividend

The Directors are proposing a final dividend of 14.15 cent per ordinary share for approval at the AGM in November 2025, bringing the total dividend payment to 17.30 cent. Subject to shareholder approval at the AGM, this final dividend will be paid on 6 February 2026 to shareholders on the register on 16 January 2026.

16     Subsequent events

There have been no material events subsequent to 31 July 2025 that would require adjustment to or disclosure in this report.

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