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TKH Group N.V. — Earnings Release 2025
Mar 5, 2026
3889_rns_2026-03-05_60870c5a-5c07-4859-9f0b-493975fdad78.pdf
Earnings Release
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TKH
TKH GROUP N.V. – PRESS RELEASE
Full year 2025 and Q4 2025 results
TKH delivers strong Q4
Highlights fourth quarter 2025
- Turnover increased by 8.7% organically to €483.7 million
- Added value of 52.4%
- Adjusted EBITA increased by 8.1% organically to €70.5 million with a substantial improvement at Electrification
- ROS at 14.6%
Highlights FY 2025
- Turnover increased by 4.9% organically to €1,761.2 million
- Added value of 51.0%
- Adjusted EBITA decreased by 7.2% organically to €189.5 million
- ROS at 10.8%
- Order intake of €1,661.4 million, resulting in order book of €1,027.8 million
- Innovation at 17.0% of turnover
- Proposed dividend of €1.35 for 2025
- Sharpened strategic focus on core activities; separation of Electrification in progress
Outlook 2026
- For 2026, we anticipate organic growth in turnover and Adjusted EBITA, with a weak first quarter
Key figures (in € million unless otherwise stated)
| FY 2025 | FY 2024 | Δ in % | Organic Δ in % | |
|---|---|---|---|---|
| Turnover | 1,761.2 | 1,712.7 | 2.8% | 4.9% |
| Added value | 51.0% | 51.9% | ||
| Adjusted EBITA 1) | 189.5 | 203.9 | -7.1% | -7.2% |
| ROS | 10.8% | 11.9% | ||
| Adjusted net profit 2) | 91.7 | 98.9 | -7.2% | |
| Net profit 3) | 94.3 | 99.5 | -5.3% | |
| EPS (in €) | 2.37 | 2.50 | -5.2% | |
| ROCE | 13.8% | 15.2% |
1) One-off net expenses in 2025 amounted to €16.8 million (2024: €4.0 million), of which €0.5 million net expenses in H2 2025 (H2 2024: one-off expenses of €3.6 million).
2) Adjusted net profit is the net profit before amortization of intangible non-current assets related to acquisitions and one-off income and expenses attributable to shareholders. Amortization of intangible non-current assets related to acquisitions (after taxes) in 2025 of €13.0 million (2024: €13.1 million), of which €6.6 million in H2 2025 (H2 2024: €6.5 million).
3) Includes one-off profit from the divestment of Dewetron of €35.8 million in 2025 (2024: €24.2 million from divestments), of which €35.8 million in H2 2025 (€11.5 million in H2 2024). For further details, see the "Overview of alternative performance indicators" included in the appendix to this press release.
TKH Group
SMART TECHNOLOGIES
TKH GROUP N.V. – PRESS RELEASE
Alexander van der Lof, CEO of technology company TKH: "In line with expectations, we delivered a strong Q4 2025, driven by continued solid performance in Automation and a substantial improvement in Electrification. Within Automation, Vision Technologies performed strongly throughout the year, benefiting from our differentiated and innovative technologies, our focus on providing integrated solutions and our global footprint. Turnover in Automated Machinery was impacted by softer order intake, albeit with lesser impact than initially expected. The growth drivers for Automation remain very strong, on the back of the increasing need for automated hands-off, eyes-off production.
Within Electrification, we have solved the main challenges related to the ramp-up of our new subsea cable facility in Eemshaven. While our results in 2025 were significantly impacted, the production output of offshore inter-array cables gradually increased throughout the year. The type approval tests for larger dimensions were successfully completed during the year. The ramp-up of the larger dimensions in Q4 took longer than anticipated, limiting output. To improve operational output of larger dimensions, a necessary upgrade to a key production line has recently been successfully implemented. The advanced design and production technology of our subsea cables has resulted in a win rate of over 80% and a solid order book underlining the competitiveness of our proposition. In addition, the onshore energy market continues to show strong structural demand, with a large framework contract recently awarded to TKH.
During 2025, we made further progress in sharpening our focus on our core activities. We divested Dewetron in October, generating a one-off profit contribution of €35.8 million. In total, we divested €458 million in turnover since 2019. We remain committed to further portfolio optimization, including the intended divestment of Digitalization, in line with our "Capitalize & Execute 2028" strategy presented at our Capital Markets Day in September 2025.
As we enter 2026, we are actively preparing for the intended separation of Electrification and Automation, with TKH's future focus on Automation. We will run a dual-track process to unlock the value of Electrification, bearing the interests of all stakeholders in mind. This will further sharpen our strategic profile and support sustainable long-term value creation. We are excited about the promising opportunities ahead for TKH, as we continue to build on our unique technologies and our leading market positions."
ESG
Throughout 2025, we continued to strengthen our sustainability performance. We made further progress on our ESG agenda, including reducing our carbon footprint in scopes 1 and 2 to 76.3% compared to 2019. The CDP ESG-rating of TKH has been improved from B to A-, confirming our environmental leadership. We achieved EcoVadis Gold awards for our largest operations in Automation and Electrification, which means a top-5% position of all globally participating companies. The share of turnover linked to United Nations Sustainable Development Goals (SDGs) increased from 71.6% to 75.3%. We also set a new target to reduce our water-intensity ratio by an average of 5% per year from 2026 to 2030. As part of our Capital Markets Day 2028 targets, we raised our safety, employee satisfaction and customer satisfaction targets after outperforming the previous benchmark in 2024.
Dividend proposal
The 2026 General Meeting of Shareholders will be asked to approve the payment of a 2025 cash dividend of €1.35 per (depository receipt for a) share (2024: €1.50), representing a payout ratio of 58.7% of the net profit before amortization and one-off income and expenses attributable to shareholders (2024: 60.5%) and 57.1% of the net profit attributable to shareholders (2024: 60.0%). The dividend will be payable on June 2, 2026.
TKH Group
SMART TECHNOLOGIES
TKH
TKH GROUP N.V. - PRESS RELEASE
Financial developments fourth quarter 2025
| Key figures (in € million unless otherwise stated) | Q4 | Q4 | Δ in % | Organic Δ in % |
|---|---|---|---|---|
| 2025 | 2024 | |||
| Turnover | 483.7 | 452.2 | 7.0% | 8.7% |
| Adjusted EBITA 1) | 70.5 | 66.0 | 6.8% | 8.1% |
| ROS | 14.6% | 14.6% |
1) One-off net expenses in Q4 2025 amounted to €0.3 million (Q4 2024: €3.5 million).
In the fourth quarter of 2025, turnover increased organically by 8.7% and Adjusted EBITA by 8.1% compared to Q4 2024 reflecting higher output levels. Electrification recorded strong organic turnover growth of 29.0%, driven by increased output levels of offshore inter-array cables at the Eemshaven factory and continued strong demand in onshore energy. Turnover at Vision Technologies grew by 1.8%, against a strong comparison base in Q4 2024. As expected, Automated Machinery's turnover declined by 6.9% organically, reflecting lower order intake earlier in the year. The Adjusted EBITA of Electrification increased very strongly, benefiting from higher turnover and improving yields. Moreover, the excellent operational performance of projects nearing completion in Tire Building systems had a positive impact in Q4 2025. ROS reached 14.6% for the quarter.
Financial developments full year 2025
Turnover reached €1,761.2 million in 2025, representing organic growth of 4.9% (2024: €1,712.7 million), with Electrification (Smart Connectivity systems) showing the highest organic growth rate at 15.5%. Vision Technologies (Smart Vision systems) recorded organic turnover growth of 6.7%, while Automated Machinery (Smart Manufacturing systems) declined by 8.6%. Acquisitions accounted for +0.4% and divestments accounted for -1.9% of total turnover.
The order intake in 2025 amounted to €1,661.4 million (2024: €1,911.4 million), resulting in an order book of €1,027.8 million at year-end (2024 €1,135.0 million). As expected, the order book at Automated Machinery declined to €380.9 million at year-end 2025 (2024: €501.5 million), reflecting lower intake from Tier 1 customers and ongoing geopolitical uncertainty. Vision Technologies also reported declines in their order book of 6.7% partly due to the progress made on large projects. In Electrification, the order book grew with 4.6% due to the winning of new contracts for offshore inter-array cables.
Added value reached 51.0% in 2025 (2024: 51.9%), with added value in both Automated Machinery and Vision Technologies increasing to 54.3% (2024: 51.5%) and 62.0% (2024: 60.6%), respectively. Added value at Electrification declined to 40.0% (2024: 44.0%), due to a higher share of outsourced services in the sales mix.
Operating expenses (excluding one-off income and expenses, amortization, and impairments) increased by 3.6% year over year, mainly due to higher depreciation costs resulting from the commissioning of the strategic capex program. As a result, Adjusted EBITA decreased organically by 7.2% to €189.5 million in 2025. ROS decreased to 10.8% (2024: 11.9%), impacted by lower yields, and the ramp-up and start-up costs at the Eemshaven facility.
In 2025, one-off expenses at EBITA level amounted to €16.8 million (2024: €4.0 million), related to acquisitions and divestments, one-off transportation costs due to the delayed ramp-up of Eemshaven, and restructuring costs, primarily within the Telecom activities.
TKH Group
SMART TECHNOLOGIES
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TKH GROUP N.V. - PRESS RELEASE
Amortization increased slightly to €61.0 million (2024: €60.8 million) due to the higher amortization of capitalized R&D. Impairments amounted to €8.7 million (2024: €8.5 million), mainly related to underutilized right-of-use and fibre optic network assets.
Net financial expenses decreased to €28.4 million (2024: €29.3 million), reflecting lower average interest rates. The results from associates and subsidiaries amounted to €34.2 million (2024: €24.5 million) including the one-off profit from the divestment of Dewetron of €35.8 million (2024: divestment of HE System Electronic and EKB Groep of €24.6 million).
The normalized effective tax rate decreased to 22.1% in 2025 (2024: 24.4%) partly due to R&D tax facilities in several countries.
Net profit before amortization of intangible non-current assets related to acquisitions and one-off income and expenses attributable to shareholders decreased by 7.2% to €91.7 million (2024: €98.9 million). Net profit decreased to €94.3 million (2024: €99.5 million). Earnings per share before amortization, one-off income, and expenses amounted to €2.30 (2024: €2.48). Ordinary earnings per share were €2.37 (2024: €2.50).
Net bank debt according to bank covenants decreased from €496.0 million at year-end 2024 to €461.4 million at year-end 2025. The main items affecting the debt level include net investments in property, plant, and equipment of €69.0 million (2024: €98.7 million, including €49.0 million related to the strategic investment program), investments in intangible assets (€60.1 million), and dividends paid (€59.9 million). Divestments amounted to €54.2 million in 2025, including the €35.8 million one-off profit. Cash flow from operating activities amounted to €192.4 million (2024: €196.2 million). Working capital improved to 17.0% of turnover (2024: 17.9%). The net debt/EBITDA ratio, calculated according to TKH's bank covenant, was 1.9, well within the financial ratio agreed with our banks. Solvency improved to 41.8% (2024: 39.9%).
At year-end 2025, TKH employed a total of 6,759 FTEs (2024: 6,640), including 455 temporary employees (2024: 351 FTEs).
Developments per segment
AUTOMATION
In Automation, we aim to be a global market leader in Vision Technologies and Automated Machinery, enhancing Automation through state-of-the-art AI-integrated solutions.
Vision Technologies (Smart Vision systems)
| Key figures (in € million unless otherwise stated) | FY 2025 | FY 2024 | Δ in % | Organic Δ in % |
|---|---|---|---|---|
| Turnover | 522.6 | 498.6 | 6.8% | 6.7% |
| Added value | 62.0% | 60.6% | ||
| Adjusted EBITA 1) | 93.7 | 77.7 | 20.5% | 19.6% |
| ROS | 17.9% | 15.9% | ||
| Order book | 130.5 | 139.9 | -6.7% | |
| ROCE | 16.5% | 13.3% |
1) One-off net expenses for Vision Technologies amounted to €1.0 million in 2025 (2024: €2.6 million), of which €0.7 million in Q4 2025 (Q4 2024: €2.6 million).
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SMART TECHNOLOGIES
TKH
TKH GROUP N.V. - PRESS RELEASE
In 2025, turnover in Vision Technologies increased by 6.7% organically to €522.6 million. Added value improved to 62.0%, up from 60.6% in 2024, reflecting the differentiated and high-margin nature of our vision portfolio. Operating leverage from higher turnover, combined with realized cost savings, resulted in strong organic growth of 19.6% in Adjusted EBITA and a ROS of 17.9%
Vision Technology (88% of segment turnover) – Growth in 2025 was mainly driven by Machine Vision. In 2D Machine Vision, growth was achieved in the United States and Asia-Pacific across most end markets, while Europe, in particular Germany, remained challenging. Further progress was made in the defense sector, in particular in situational awareness applications. During the year, we consolidated our 2D Vision brands under the Allied Vision brand. The unified brand structure supports increasing demand for integrated solutions and enhances our one-stop-shop proposition. With a strong focus on solutions and software, 3D Machine Vision secured project wins in battery manufacturing and consumer electronics, mainly in Asia, and achieved growth in factory automation and wood processing in the Americas. Vision solutions for vision-guided robotics in material handling and automotive applications also recorded continued growth.
Security Vision recorded modest growth, supported by the demand for high end mission critical systems. Furthermore, the delivery of automated parking guidance systems, with camera-based smart sensors in the United States, combining efficiency and security functionalities also contributed to the growth in turnover.
Automated Machinery (Smart Manufacturing systems)
| Key figures (in € million unless otherwise stated) | FY 2025 | FY 2024 | Δ in % | Organic Δ in % |
|---|---|---|---|---|
| Turnover | 522.6 | 608.8 | -14.2% | -8.6% |
| Added value | 54.3% | 51.5% | ||
| Adjusted EBITA 1) | 101.2 | 116.1 | -12.8% | -12.5% |
| ROS | 19.4% | 19.1% | ||
| Order book 2) | 380.9 | 501.5 | -24.1% | -23.5% |
| ROCE | 80.9% | 88.1% |
1) One-off net income for Automated Machinery amounted to €1.0 million in 2025 (2024: nil), of which €0.1 million in Q4 2025 (Q4 2024: nil).
2) The order book as of December 31, 2024, includes the order book of the divested company, Dewetron, totaling €3.5 million.
In line with expectations, turnover at Automated Machinery declined organically by 8.6% in 2025, reflecting a strong comparison base with 2024 and lower order intake in tire building systems during the year. The divestment of Dewetron (2024 turnover of €29.4 million) accounted for 5.4% of the reported turnover decline. The order book decreased organically by 23.5% year on year to €380.9 million, primarily due to lower order intake from Tier 1 customers. Ongoing geopolitical uncertainty also delayed order placements by Tier 2 and Tier 3 customers. Added value increased further to 54.3% (from 51.5% previously), driven by an improved product mix and continued efficiency improvements. The excellent operational performance on projects nearing completion in Tire Building systems had a positive impact in Q4 2025. Adjusted EBITA was down organically by 12.5% to €101.2 million, while ROS improved to 19.4%.
In 2025, the first full UNIX platform was successfully delivered, with repeat orders subsequently secured. We also secured the first order for UNIX Moto, expanding the platform into radial motorcycle tires assembly. Service revenues continued to grow, further supporting margin resilience. The structural drivers for tire building systems remain very strong, as the need for greater production
TKH Group
SMART TECHNOLOGIES
TKH
TKH GROUP N.V. - PRESS RELEASE
flexibility, increased sustainability demands, and higher levels of automation will fuel future demand for more advanced tire building systems.
ELECTRIFICATION
The Electrification segment consists of connectivity systems for onshore and offshore activities, with unique technologies and a strong sustainability and service offering.
Electrification (Smart Connectivity systems)
Key figures (in € million unless otherwise stated)
| FY 2025 | FY 2024 | Δ in % | Organic Δ in % | |
|---|---|---|---|---|
| Turnover | 728.8 | 631.9 | +15.3% | 15.5% |
| Added value | 40.0% | 44.0% | ||
| Adjusted EBITA 1) | 17.0 | 30.9 | -45.0% | -44.6% |
| ROS | 2.3% | 4.9% | ||
| Order book | 516.5 | 493.6 | 4.6% | |
| ROCE | 2.6% | 5.2% |
1) One-off net expenses for Electrification amounted to €12.8 million in 2025 (2024: €0.5 million), of which €-0.3 million in Q4 2025 (Q4 2024: net expenses of €0.5 million).
Turnover in this segment increased organically by 15.5% to €728.8 million in 2025. Added value as a percentage of turnover decreased from 44.0% to 40.0% in 2025, partly due to a higher share of outsourced services in offshore energy. Adjusted EBITA decreased organically by 44.6% to €17.0 million, mainly due to lower production output and yields during the ramp-up of the Eemshaven facility, as well as continued weakness in Digitalization. In Q4 2025, there was a marked improvement in Electrification results, with turnover growing by 29.0% and a very strong growth of Adjusted EBITA. ROS amounted to 2.3% for 2025. The order book increased to €516.5 million due to the winning of new contracts for offshore inter-array cables.
Electrification (72% of segment turnover) – In Q4 2025, Electrification delivered strong turnover growth. Offshore energy benefited from the contribution from outsourced services and accessories. The ramp-up of the new subsea cable facility in Eemshaven encountered output challenges, impacting results in 2025. These technical issues were gradually resolved during the year, with production output of offshore inter-array cables increasing. Significant upgrades to production processes were made and type approval tests for larger dimensions were successfully completed during the year. The ramp-up of the larger dimensions in Q4 took longer than anticipated, limiting output. To improve the operational output of larger dimensions, a further necessary upgrade to a key production line has recently been successfully implemented, with continued optimization steps planned for 2026. During the year, new offshore wind contracts were signed for the supply of inter-array cables in the coming years. The sales funnel remains strong.
Onshore energy recorded turnover growth, supported by strong structural higher demand that is expected to continue in the coming years. A large, multi-year framework contract was recently signed with Distribution System Operator ('DSO') Alliander with a value of approximately €650 million for the coming 8 years. There are framework agreements with various DSO's in place but not reflected in the order book. These framework agreements provide a basis for substantial growth in the years ahead.
TKH Group
SMART TECHNOLOGIES
TKH
TKH GROUP N.V. – PRESS RELEASE
Industrial specialty cables showed solid performance during the year, although lower than in 2024, due to the ongoing challenges in the German industrial market.
Digitalization (25% of segment turnover) – Turnover at Digitalization dropped in 2025, impacted by a significant decline in demand due to the continued low levels of investment in the rollout of fibre optic networks in Europe. Pricing pressure, combined with ramp-up costs, significantly impacted results in 2025. The consolidation of fibre optic cable manufacturing at the Polish facility has been completed, resulting in lower operating expenses from 2026 onwards.
Outlook
TKH’s strong building blocks with leading technologies and strong market positions, forms a strong foundation for 2026. Barring unforeseen circumstances, we expect on balance organic growth in turnover and Adjusted EBITA in 2026, albeit with a weak first quarter.
You can follow the presentation of the full-year results on March 5, 2026, at 10:00 CET via video webcast (www.tkhgroup.com).
Haaksbergen, March 5, 2026
For further information:
Jacqueline Lenterman
Investor Relations
[email protected]
Tel: +31(0)53 5732901
Calendar
May 12, 2026 Market Update Q1 2026
May 13, 2026 General Meeting of Shareholders
May 15, 2026 Ex-dividend date
May 18, 2026 Dividend record date
June 2, 2026 Payment of dividend
August 11, 2026 Publication Interim Results 2026
November 10, 2026 Market Update Q3 2026
About TKH
TKH is a leading technology company specializing in the creation of innovative, customer-centric systems that drive success within Automation and Electrification.
With a workforce of more than 7,000 people, we pursue sustainable growth in a culture of entrepreneurship, working closely with customers to create one-stop-shop, plug-and-play innovations. By integrating hardware, software, and AI with customer-focused insight, our highly differentiated technologies provide unique answers to real-world challenges. In doing so, we work to make the world better by creating ever more efficient and more sustainable systems.
Listed on Euronext Amsterdam (TICKER: TWEKA), we operate globally and focus our growth across Europe, North America, and Asia.
For further information, please visit www.tkhgroup.com.
TKH Group
SMART TECHNOLOGIES
TKH
TKH GROUP N.V. – PRESS RELEASE
Consolidated profit and loss account
| in thousands of euros | 2025 | 2024 |
|---|---|---|
| Total turnover | 1,761,167 | 1,712,735 |
| Raw materials, consumables, trade products and subcontracted work | 873,818 | 824,229 |
| Personnel expenses | 487,393 | 477,618 |
| Other operating expenses | 166,620 | 158,965 |
| Depreciation and result on divestment of property, plant and equipment | 60,654 | 52,003 |
| Amortization | 60,994 | 60,808 |
| Impairments | 8,659 | 8,504 |
| Total operating expenses | 1,658,138 | 1,582,127 |
| Operating result | 103,029 | 130,608 |
| Financial income | 1,307 | 1,351 |
| Financial expenses | -29,723 | -30,669 |
| Exchange differences | 1,385 | -2,962 |
| Share in result of associates | -1,571 | 249 |
| Result on sale of associates and subsidiaries | 35,774 | 24,221 |
| Fair value changes of financial liability for earn-out and put options of shareholders of non-controlling interests | 868 | 733 |
| Result before tax | 111,069 | 123,531 |
| Tax on result | 16,770 | 24,000 |
| Net result | 94,299 | 99,531 |
| Attributable to: | ||
| Shareholders of the company | 94,372 | 99,561 |
| Non-controlling interests | -73 | -30 |
| 94,299 | 99,531 | |
| Earnings per share attributable to shareholders | ||
| Basic earnings per share (in €) | 2.37 | 2.50 |
| Diluted earnings per share (in €) | 2.37 | 2.50 |
| Basic earnings per share before amortization and one-off income and expenses (in €) | 2.30 | 2.48 |
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SMART TECHNOLOGIES
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TKH GROUP N.V. – PRESS RELEASE
Consolidated statement of comprehensive income
| in thousands of euros | 2025 | 2024 |
|---|---|---|
| Net result | 94,299 | 99,531 |
| Items that may be reclassified subsequently to profit or loss (net of tax) | ||
| Currency translation differences | -25,782 | 12,587 |
| Currency translation differences in other associates | -78 | 19 |
| Effective part of changes in fair value of cash flow hedges (after tax) | 5,491 | -1,391 |
| -20,369 | 11,215 | |
| Items that will not be reclassified subsequently to profit or loss (net of tax) | ||
| Actuarial gains/(losses) | -103 | -234 |
| -103 | -234 | |
| Other comprehensive income (net of tax) | -20,472 | 10,981 |
| Comprehensive income for the period (net of tax) | 73,827 | 110,512 |
| Attributable to: | ||
| Shareholders of the company | 73,917 | 110,552 |
| Non-controlling interests | -90 | -40 |
| Total comprehensive income for the period (net of tax) | 73,827 | 110,512 |
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SMART TECHNOLOGIES
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TKH GROUP N.V. - PRESS RELEASE
Consolidated balance sheet
| in thousands of euros | 31-12-2025 | 31-12-2024 |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Intangible assets and goodwill | 597,686 | 611,082 |
| Property, plant and equipment | 501,105 | 486,166 |
| Right-of-use assets | 77,783 | 78,006 |
| Associates | 27,664 | 29,738 |
| Other receivables | 628 | 842 |
| Deferred tax assets | 16,797 | 16,949 |
| Total non-current assets | 1,221,663 | 1,222,783 |
| Current assets | ||
| Inventories | 342,316 | 398,563 |
| Trade and other receivables | 253,496 | 250,044 |
| Contract assets | 198,467 | 165,861 |
| Contract costs | 5,549 | 10,325 |
| Current income tax | 5,554 | 12,939 |
| Cash and cash equivalents | 125,325 | 125,629 |
| Total current assets | 930,707 | 963,361 |
| Assets held for sale | 0 | 27,197 |
| Total assets | 2,152,370 | 2,213,341 |
| Equity and liabilities | ||
| Group Equity | ||
| Shareholders' equity | 899,830 | 882,979 |
| Non-controlling interests | 83 | 108 |
| Total group equity | 899,913 | 883,087 |
| Non-current liabilities | ||
| Interest-bearing loans and borrowings | 565,599 | 620,085 |
| Deferred tax liabilities | 53,798 | 58,985 |
| Retirement benefit obligation | 2,630 | 3,070 |
| Other non-current financial liabilities | 3,001 | 3,825 |
| Provisions | 11,816 | 13,093 |
| Total non-current liabilities | 636,844 | 699,058 |
| Current liabilities | ||
| Interest-bearing loans and borrowings | 109,894 | 90,270 |
| Trade payables and other payables | 341,863 | 327,684 |
| Contract liabilities | 137,632 | 176,645 |
| Current income tax liabilities | 8,197 | 5,815 |
| Other financial liabilities | 1,839 | 1,939 |
| Provisions | 16,188 | 19,824 |
| Total current liabilities | 615,613 | 622,177 |
| Liabilities directly associated with assets held for sale | 0 | 9,019 |
| Total equity and liabilities | 2,152,370 | 2,213,341 |
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SMART TECHNOLOGIES
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TKH GROUP N.V. – PRESS RELEASE
Consolidated statement of changes in group equity
| in thousands of euros | Total shareholders equity | Non-controlling interests | Total group equity |
|---|---|---|---|
| Balance on January 1, 2024 | 835,565 | 148 | 835,713 |
| Net result | 99,561 | -30 | 99,531 |
| Other comprehensive income | 10,991 | -10 | 10,981 |
| Total comprehensive income | 110,552 | -40 | 110,512 |
| Dividends | -67,884 | -67,884 | |
| Share and option schemes | 3,827 | 3,827 | |
| Purchased shares for share and option schemes | -2,108 | -2,108 | |
| Sold shares for share and option schemes | 3,027 | 3,027 | |
| Balance on December 31, 2024 | 882,979 | 108 | 883,087 |
| Net result | 94,372 | -73 | 94,299 |
| Other comprehensive income | -20,455 | -17 | -20,472 |
| Total comprehensive income | 73,917 | -90 | 73,827 |
| Capital contribution | 65 | 65 | |
| Dividends | -59,932 | -59,932 | |
| Share and option schemes | 3,792 | 3,792 | |
| Purchased shares for share and option schemes | -1,019 | -1,019 | |
| Sold shares for share and option schemes | 93 | 93 | |
| Balance on December 31, 2025 | 899,830 | 83 | 899,913 |
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TKH GROUP N.V. – PRESS RELEASE
Consolidated cash flow statement
| in thousands of euros | 2025 | 2024 |
|---|---|---|
| Cash flow from operating activities | ||
| Operating result | 103,029 | 130,608 |
| Depreciation, amortization and impairment | 130,415 | 121,652 |
| Share and option schemes not resulting in a cash flow | 3,792 | 3,827 |
| Result on disposals | -157 | -337 |
| Changes in provisions | -2,809 | -14 |
| Changes in working capital | -32 | 13,910 |
| Cash flow from operations | 234,238 | 269,646 |
| Interest received | 1,307 | 1,351 |
| Interest paid | -30,175 | -29,490 |
| Income taxes paid | -12,989 | -45,296 |
| Net cash flow from operating activities (A) | 192,381 | 196,211 |
| Cash flow from investing activities | ||
| Investments in intangible assets | -60,191 | -61,696 |
| Divestments in intangible assets | 116 | |
| Purchases of property, plant and equipment | -70,129 | -100,714 |
| Disposals of property, plant and equipment | 1,132 | 1,992 |
| Dividends received from associates | 30 | 60 |
| Repayments on loans | 214 | -90 |
| Acquisition of subsidiaries less cash and cash equivalents acquired | -38,640 | |
| Divestment of associates and subsidiaries classified as held-for-sale less transferred cash | 54,161 | 60,259 |
| Net cash flow from investing activities (B) | -74,667 | -138,829 |
| Cash flow from financing activities | ||
| Dividends paid | -59,932 | -67,884 |
| Settlement of financial liabilities regarding put options of non-controlling interests and earn-out | -56 | -447 |
| Purchased shares for share and option schemes | -1,019 | -2,108 |
| Sold shares for share and option schemes | 93 | 3,027 |
| Payment of lease liabilities | -17,198 | -16,005 |
| Proceeds from long-term debts | 75,000 | 44,086 |
| Repayments on long-term debts | -130,791 | |
| (Repayments)/proceeds from other long-term debts | -965 | -631 |
| Change in short-term borrowings | 21,597 | 15,849 |
| Net cash flow from financing activities (C) | -113,271 | -24,113 |
| Net increase/(decrease) in cash and cash equivalents (A+B+C) | 4,443 | 33,269 |
| Exchange differences | -6,397 | 256 |
| Change in cash and cash equivalents | -1,954 | 33,525 |
| Cash and cash equivalents at January 1 | 127,279 | 93,754 |
| Cash and cash equivalents on December 31 | 125,325 | 127,279 |
TKH Group
SMART TECHNOLOGIES
TKH
TKH GROUP N.V. - PRESS RELEASE
Notes to the financial statements
Information by segment
| Smart Vision systems | Smart Manufacturing systems | Smart Connectivity systems | Other and eliminations | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In thousands euros | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| First half year | ||||||||||
| Turnover | 254,200 | 232,606 | 260,878 | 315,888 | 349,802 | 328,508 | -6,736 | -9,787 | 858,144 | 867,215 |
| Added value | 157,504 | 140,137 | 138,755 | 160,613 | 138,545 | 148,188 | 28 | 119 | 434,832 | 449,057 |
| Added value in % | 62.0% | 60.2% | 53.2% | 50.8% | 39.6% | 45.1% | 50.7% | 51.8% | ||
| Adjusted EBITDA | 51,561 | 38,721 | 50,029 | 61,135 | 19,137 | 32,641 | -10,790 | -10,812 | 109,937 | 121,685 |
| Adjusted EBITA | 42,833 | 30,396 | 45,473 | 56,428 | 3,439 | 20,392 | -11,516 | -11,455 | 80,229 | 95,761 |
| ROS | 16.9% | 13.1% | 17.4% | 17.9% | 1.0% | 6.2% | 9.3% | 11.0% | ||
| One-off income and expenses | 365 | 572 | -13,276 | -3,928 | -430 | -16,267 | -430 | |||
| Amortization | -21,535 | -22,125 | -5,614 | -5,552 | -2,991 | -2,817 | -101 | -6 | -30,241 | -30,500 |
| Impairments | -310 | -896 | -34 | -4,049 | -4,393 | -896 | ||||
| Operating result | 21,352 | 7,375 | 40,396 | 50,876 | -16,877 | 17,575 | -15,543 | -11,892 | 29,328 | 63,934 |
| Second half year | ||||||||||
| Turnover | 268,446 | 256,991 | 261,744 | 292,955 | 379,029 | 303,392 | -6,196 | -7,818 | 903,023 | 845,520 |
| Added value | 166,522 | 156,607 | 144,923 | 152,739 | 152,839 | 129,974 | -167 | 129 | 464,117 | 439,449 |
| Added value in % | 62.0% | 60.9% | 55.4% | 52.1% | 40.3% | 42.8% | 51.4% | 52.0% | ||
| Adjusted EBITDA | 59,246 | 55,549 | 60,358 | 64,280 | 31,776 | 23,162 | -10,220 | -8,757 | 141,160 | 134,234 |
| Adjusted EBITA | 50,871 | 47,336 | 55,769 | 59,685 | 13,552 | 10,528 | -10,940 | -9,394 | 109,252 | 108,155 |
| ROS | 19.0% | 18.4% | 21.3% | 20.4% | 3.6% | 3.5% | 12.1% | 12.8% | ||
| One-off income and expenses | -1,412 | -2,639 | 344 | 438 | -513 | 98 | -414 | -532 | -3,566 | |
| Amortization | -22,365 | -20,826 | -5,180 | -6,041 | -3,107 | -3,434 | -101 | -7 | -30,753 | -30,308 |
| Impairments | -3,942 | -5,402 | -999 | -434 | 675 | -1,772 | -4,266 | -7,608 | ||
| Operating result | 23,153 | 18,469 | 49,935 | 53,210 | 11,558 | 4,809 | -10,945 | -9,814 | 73,701 | 66,674 |
| Full year | ||||||||||
| Turnover | 522,646 | 489,597 | 522,622 | 608,843 | 728,831 | 631,900 | -12,932 | -17,605 | 1,761,167 | 1,712,735 |
| Added value | 324,026 | 296,744 | 283,678 | 313,352 | 291,384 | 278,162 | -139 | 248 | 898,949 | 888,506 |
| Added value in % | 62.0% | 60.6% | 54.3% | 51.5% | 40.0% | 44.0% | 51.0% | 51.9% | ||
| Adjusted EBITDA | 110,807 | 94,270 | 110,387 | 125,415 | 50,913 | 55,803 | -21,010 | -19,569 | 251,097 | 255,919 |
| Adjusted EBITA | 93,704 | 77,732 | 101,242 | 116,113 | 16,991 | 30,920 | -22,456 | -20,849 | 189,481 | 203,916 |
| ROS | 17.9% | 15.9% | 19.4% | 19.1% | 2.3% | 4.9% | 10.8% | 11.9% | ||
| One-off income and expenses | -1,047 | -2,639 | 916 | -12,838 | -513 | -3,830 | -844 | -16,799 | -3,996 | |
| Amortization | -43,900 | -42,951 | -10,794 | -11,593 | -6,098 | -6,251 | -202 | -13 | -60,994 | -60,808 |
| Impairments | -4,252 | -6,298 | -1,033 | -434 | -3,374 | -1,772 | -8,659 | -8,504 | ||
| Operating result | 44,505 | 25,844 | 90,331 | 104,086 | -5,319 | 22,384 | -26,488 | -21,706 | 103,029 | 130,608 |
| Other information | ||||||||||
| Employees (FTE) | 2,103 | 2,122 | 1,770 | 1,751 | 2,312 | 2,297 | 119 | 119 | 6,304 | 6,289 |
| Order book | 130,503 | 139,861 | 380,859 | 501,506 | 516,483 | 493,638 | 1,027,845 | 1,135,004 | ||
| ROCE | 16.5% | 13.3% | 80.9% | 88.1% | 2.6% | 5.2% | 13.8% | 15.2% |
TKH Group
SMART TECHNOLOGIES
TKH
TKH GROUP N.V. - PRESS RELEASE
Order book
The following table shows the expected future revenue regarding contractual performance obligations that have not (or have only partially) been completed on the balance sheet date:
| in thousands of euros | December 31, 2025 | June 30, 2025 | December 31, 2024 |
|---|---|---|---|
| Expected to be recognized as revenue within 1 year | 825,100 | 841,066 | 840,121 |
| Expected to be recognized as revenue between 1 and 2 years | 169,832 | 201,698 | 208,961 |
| Expected to be recognized as revenue after 2 years | 32,913 | 37,400 | 85,922 |
| Total | 1,027,845 | 1,080,164 | 1,135,004 |
| in thousands of euros | December 31, 2025 | June 30, 2025 | December 31, 2024 |
| --- | --- | --- | --- |
| Smart Vision systems | 130,503 | 144,809 | 139,861 |
| Smart Manufacturing systems | 380,859 | 438,578 | 501,506 |
| Smart Connectivity systems | 516,483 | 496,778 | 493,638 |
| Total | 1,027,845 | 1,080,164 | 1,135,004 |
Annual report
The consolidated balance sheet, consolidated profit and loss account, consolidated statement of comprehensive income, consolidated statement of changes in group equity, and consolidated cash flow statement included in this press release are based on the 2025 Financial Statements, which have not yet been published, in accordance with statutory requirements. The financial figures have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and are prepared in accordance with the principles that are applied in the Financial Statements for the year ended December 31, 2025. Further disclosures and a description of the accounting principles as required under IFRS are not included in these financial figures. For a full understanding, this press release should be read in conjunction with the 2025 Financial Statements of TKH Group N.V. The Annual Report will be published no later than March 31, 2026. The Annual Report will be submitted to the General Meeting of Shareholders on May 13, 2026 for approval.
In accordance with Section 2:293 and 395 of the Dutch Civil Code, we report that our auditor, Deloitte Accountants B.V. has issued an unqualified auditor's report on the Financial Statements. For a proper understanding of the financial position of TKH Group N.V. and the results of its operations, and for a proper understanding of the scope of the audit by Deloitte Accountants B.V., this press release should be read in conjunction with the Financial Statements from which this press release has been derived, together with the auditor's report thereon issued by Deloitte Accountants B.V.
Disclaimer
Statements included in this press release that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements. These statements are only predictions and are not guarantees. Actual events or the results of our operations could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are typically identified by the use of terms such as "may," "will", "should", "expect", "could", "intend", "plan", "anticipate", "estimate", "believe", "continue", "predict", "potential," or the negative of such terms and other comparable terminology.
The forward-looking statements are based upon our current expectations, plans, estimates, assumptions, and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements.
TKH Group
SMART TECHNOLOGIES
TKH
TKH GROUP N.V. – PRESS RELEASE
Appendix: Alternative performance measures (APM)
TKH uses alternative performance measures to measure and monitor its financial and operational performance. These measures used are not defined in any law or in the International Financial Reporting Standards (IFRS). As far as non-IFRS financial measures are not used in the financial statements they have not been audited or reviewed by our external auditors.
We consider these measures important supplemental measures of TKHs' performance and believe they are widely used in the industries in which TKH operates as a means of evaluating a company's performance. TKH believes that an understanding of its turnover development, profitability, financial strength and funding requirements is enhanced by reporting the following non-IFRS measures.
Added value
Total turnover less the cost of 'Raw materials, consumables, trade products and subcontracted work' for products sold and services delivered, excluding one-off income and expenses. Added value is presented as an absolute value, as well as a percentage from turnover. Reference is made to the consolidated financial statements for a reconciliation and calculation. TKH deems this a relevant performance measure as it is an indicator of the pricing power TKH has in its specific markets and the ability to create added value for its customers.
Adjusted EBITA and Adjusted EBITDA and ROS (return on sales)
Adjusted EBITA Earnings before interest, taxes, impairments, and amortization, excluding one-off income and expenses.
Adjusted EBITDA Earnings before interest, taxes, impairments, depreciation, and amortization, excluding one-off income and expenses.
ROS Adjusted EBITA divided by total turnover as a percentage.
Reference is made to the 'Notes to the financial statement – Segmented information' for a reconciliation and calculation. One-off income and expenses are excluded when using a measure to improve insight in the underlying operational performance of our activities.
Capital employed and ROCE
Capital employed: Group equity plus Interest-bearing loans and borrowings current and non-current, less total lease liabilities and less cash and cash equivalents.
Return on capital employed (ROCE): Adjusted EBITA for the last 12 months divided by the average of capital employed at the beginning and at the end of the period.
| in thousands of euros (unless stated otherwise) | 2025 | 2024 |
|---|---|---|
| Group equity | 899,913 | 883,087 |
| Add: Interest-bearing loans and borrowings, non-current | 565,599 | 620,085 |
| Add: Interest-bearing loans and borrowings, current | 109,894 | 90,270 |
| Less: Total lease liabilities | -89,049 | -87,725 |
| Less: Cash and cash equivalents | -125,325 | -125,629 |
| Capital employed current year | 1,361,032 | 1,380,088 |
| Capital employed previous year | 1,380,088 | 1,303,094 |
| Average capital employed | 1,370,560 | 1,341,591 |
| Adjusted EBITA | 189,481 | 203,916 |
| ROCE | 13.8% | 15.2% |
TKH Group
SMART TECHNOLOGIES
TKH
TKH GROUP N.V. - PRESS RELEASE
Dividend payout ratio 'Adjusted net profit'
This ratio indicates the portion of net profit that is paid out to shareholders: (dividend / net profit before amortization and one-off income and expenses attributable to shareholders) times 100.
| in euros (unless stated otherwise) | 2025 | 2024 |
|---|---|---|
| Proposed dividend per share | 1.35 | 1.50 |
| Ordinary earnings per share before amortization and one-off income and expenses (in €) | 2.30 | 2.48 |
| Payout ratio ‘Adjusted net profit’ | 58.7% | 60.5% |
Dividend payout ratio 'Net profit'
This ratio indicates the portion of net result that is paid out to shareholders ((dividend/net result) times 100).
| in euros | 2025 | 2024 |
|---|---|---|
| Proposed dividend per share | 1.35 | 1.50 |
| Ordinary earnings per share (in €) | 2.37 | 2.50 |
| Payout ratio Net profit | 57.1% | 60.0% |
Innovations %
Last 12 months turnover from new products launched in the previous two years, divided by last 12 months turnover. This measure provides useful information of the ability of TKH to bring innovations to the market and translate these in turnover.
| in thousands of euros (unless stated otherwise) | 2025 | 2024 |
|---|---|---|
| Turnover from innovations | 299,292 | 300,889 |
| Total Turnover | 1,761,167 | 1,712,735 |
| Turnover from innovations % | 17.0% | 17.6% |
Net interest bearing debt and Debt leverage ratio
Net interest bearing debt: Bank loans reported under non-current liabilities, plus lease liabilities, plus borrowings reported under current liabilities less cash and cash equivalents.
Debt leverage ratio: Net interest bearing debt according to bank covenants, divided by EBITDA according to the bank covenants.
| in thousands of euros (unless stated otherwise) | 2025 | 2024 |
|---|---|---|
| Net interest bearing debt | 548,000 | 581,768 |
| Adjustment according to bank covenants | -86,552 | -85,741 |
| Net interest bearing debt according to bank covenants | 461,448 | 496,027 |
| EBITDA | 251,097 | 255,919 |
| Adjustment according to bank covenants | -14,042 | -13,077 |
| EBITDA according to bank covenants | 237,055 | 242,842 |
| Debt leverage ratio | 1.9 | 2.0 |
The 'adjustments according to bank covenants' mainly relate to the exclusion of lease liabilities from the calculation of the net interest bearing debt and some adjustments in determining EBITDA. All based on specific arrangements as included in the credit facilities with our banks.
TKH Group
SMART TECHNOLOGIES
TCH
TKH GROUP N.V. – PRESS RELEASE
Net profit before amortization of intangible non-current assets related to acquisitions (after tax) and one-off income and expenses attributable to shareholders (summarized as: ‘Adjusted net profit’)
| in thousands of euros (unless stated otherwise) | 2025 | 2024 |
|---|---|---|
| Net profit | 94,299 | 99,531 |
| Less: Non-controlling interests | 73 | 30 |
| Net profit attributable to the shareholders of the company | 94,372 | 99,561 |
| Amortization of intangible non-current assets from acquisitions | 17,738 | 17,684 |
| Taxes on amortization | -4,689 | -4,565 |
| Net profit before amortization from continuing operations attributable to the shareholders of the company | 107,421 | 112,680 |
| One-off income and expenses | 16,799 | 3,996 |
| Results from divestments and purchase price allocations in the result of associates | -33,931 | -22,454 |
| Impairments | 8,659 | 8,504 |
| Fair value changes of financial liability for earn-out and put options of shareholders of non-controlling interests | -868 | -733 |
| Tax impact on one-off expenses and benefits | -6,364 | -3,125 |
| Net profit before amortization and one-off income and expenses attributable to the shareholders of the company | 91,716 | 98,868 |
Normalized effective tax rate
Tax on result divided by Result before tax less the impact of Share in result of associates, Result on sale of associates and subsidiaries and Fair value changes of financial liability for earn-out and put options of shareholders of non-controlling interests.
| in thousands of euros (unless stated otherwise) | 2025 | 2024 |
|---|---|---|
| Result before tax | 111,069 | 123,531 |
| Less: Share in result of associates | 1,571 | -249 |
| Less: Result on sale of associates and subsidiaries | -35,774 | -24,221 |
| Less: Fair value changes of financial liability for earn-out and put options of shareholders of non-controlling interests | -868 | -733 |
| Normalized result before tax | 75,998 | 98,328 |
| Tax on result | 16,770 | 24,000 |
| Normalized effective tax rate | 22.1% | 24.4% |
One-off income and expenses
Income and expense items of such nature, size and/or frequency of occurrence that their disclosure is relevant to explain TKH performance, including impairments, restructuring costs, one-off transportation costs and related expenditures due to the delayed ramp-up of the Eemshaven facility, and results from acquisitions and disposals. One-off income and expenses are identified both within the operating result, result of associates, result from divestments and fair value changes of financial liability for earn-out and put options of shareholders of non-controlling interests.
TKH Group
SMART TECHNOLOGIES
TCH
TKH GROUP N.V. – PRESS RELEASE
One-off income and expenses are excluded when using as a measure to improve insight in the underlying performance of our activities.
| in thousands of euros | Segment | Category | 2025 | 2024 |
|---|---|---|---|---|
| Acquisitions and divestments | Other | Other operating expenses | 3,828 | 844 |
| One-off transportation costs due to the delayed ramp-up of Eemshaven | Smart Connectivity systems | Raw materials, consumables, trade products and subcontracted work | 11,600 | 0 |
| Restructuring costs | Smart Connectivity systems (mainly) | Personnel expenses | 2,332 | 3,152 |
| Cancellation of depreciation on 'held for sale' | Smart Manufacturing systems | Depreciation | -961 | 0 |
| One-off income and expenses | 16,799 | 3,996 |
Operating expenses excluding one-off expenses, amortization and impairments
This relates to the operating expenses excluding one-off expenses, amortization and impairments. This is used when reconciling between Added value and Adjusted EBITA.
| in thousands of euros | 2025 | 2024 |
|---|---|---|
| Total Operating expenses | 1,658,138 | 1,582,127 |
| Less: One-off income and expenses | -5,199 | -3,996 |
| Less: Raw materials, consumables, trade products and subcontracted work | -873,818 | -824,229 |
| Less: Amortization | -60,994 | -60,808 |
| Less: Impairments | -8,659 | -8,504 |
| Operating expenses (excluding one-off expenses, amortization and impairments) | 709,468 | 684,590 |
Order book and order intake
Expected future turnover with respect to contractual performance obligations that have not yet (or partially) been satisfied at balance sheet date. Performance obligations are only included when contracts are signed or orders are received and there is a high degree of certainty that these assignments will be executed and therefore contribute to turnover for the group. The order intake is calculated as follows:
| In thousands euros | Smart Vision systems | Smart Manufacturing systems | Smart Connectivity systems | Total | ||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Order book at 1 January | 139,861 | 124,035 | 501,506 | 631,285 | 493,638 | 214,784 | 1,135,004 | 970,105 |
| Acquisitions and divestments | 343 | -7,353 | -37,231 | 3,144 | -7,353 | -33,745 | ||
| Turnover | -522,646 | -489,597 | -522,622 | -608,843 | -728,831 | -631,900 | -1,761,167 | -1,712,735 |
| Order intake | 513,288 | 505,080 | 409,328 | 516,295 | 751,676 | 907,611 | 1,661,361 | 1,911,379 |
| Order book at 31 December | 130,503 | 139,861 | 380,859 | 501,506 | 516,483 | 493,638 | 1,027,845 | 1,135,004 |
Organic turnover growth
Growth of turnover corrected for the impact of acquisitions, divestments and foreign exchange effects from translating turnover in foreign currencies. The correction for divestments is determined by adjusting 'Turnover growth' for the turnover of the previous year period for which the divested company was no longer part of the consolidation in the current year. The correction for acquisitions is determined by adjusting 'Turnover growth' for the turnover of the current year period for which the acquired company was not yet part of the consolidation in the previous year.
TKH Group
SMART TECHNOLOGIES
TKH
TKH GROUP N.V. – PRESS RELEASE
| in thousands of euros (unless stated otherwise) | Smart Vision Systems | in % | Smart Manufacturing Systems | in % | Smart Connectivity Systems | in % | Other & eliminations | Total 2025 | in % |
|---|---|---|---|---|---|---|---|---|---|
| Turnover current year | 522,646 | 522,622 | 728,831 | -12,932 | 1,761,167 | ||||
| Turnover previous year | 489,597 | 608,843 | 631,900 | -17,605 | 1,712,735 | ||||
| Turnover growth | 33,049 | 6.8% | -86,221 | -14.2% | 96,931 | 15.3% | 4,673 | 48,432 | 2.8% |
| Impact of acquisitions & divestments | -6,313 | -1.3% | 33,158 | 5.4% | 26,845 | 1.6% | |||
| Impact of foreign exchange effects | 6,310 | 1.3% | 866 | 0.1% | 1,196 | 0.2% | 8,372 | 0.5% | |
| Organic turnover growth | 33,046 | 6.7% | -52,197 | -8.6% | 98,127 | 15.5% | 4,673 | 83,649 | 4.9% |
Organic Adjusted EBITA growth
Growth of Adjusted EBITA corrected for the impact of acquisitions, divestments and foreign exchange effects from translating Adjusted EBITA in foreign currencies. The correction for divestments is determined by adjusting 'EBITA growth' for the EBITA of the previous year period for which the divested company was no longer part of the consolidation in the current year. The correction for acquisitions is determined by adjusting 'EBITA growth' for the Adjusted EBITA of the current year period for which the acquired company was not yet part of the consolidation in the previous year.
| in thousands of euros (unless stated otherwise) | Smart Vision Systems | in % | Smart Manufacturing Systems | in % | Smart Connectivity Systems | in % | Other & eliminations | Total 2025 | in % |
|---|---|---|---|---|---|---|---|---|---|
| Adjusted EBITA current year | 93,704 | 101,242 | 16,991 | -22,456 | 189,481 | ||||
| Adjusted EBITA previous year | 77,732 | 116,113 | 30,920 | -20,849 | 203,916 | ||||
| Adjusted EBITA growth | 15,972 | 20.5% | -14,871 | -12.8% | -13,929 | -45.0% | -1,607 | -14,435 | -7.1% |
| Impact of acquisitions & divestments | -1,835 | -2.4% | -255 | -0.2% | -2,090 | -1.0% | |||
| Impact of foreign exchange effects | 1,094 | 1.4% | 614 | 0.5% | 124 | 0.4% | 1,832 | 0.9% | |
| Organic Adjusted EBITA growth | 15,231 | 19.6% | -14,512 | -12.5% | -13,805 | -44.6% | -1,607 | -14,693 | -7.2% |
The Adjusted EBITA in the table above is excluding the one-off income and expenses
Solvency
Percentage of the Total group equity relative to the Total equity and liabilities.
| in thousands of euros (unless stated otherwise) | 2025 | 2024 |
|---|---|---|
| Total group equity | 899,913 | 883,087 |
| Total equity and liabilities | 2,152,370 | 2,213,341 |
| Solvency | 41.8% | 39.9% |
TKH Group
SMART TECHNOLOGIES
TKH
TKH GROUP N.V. – PRESS RELEASE
Turnover related to the Sustainable Development Goals
Total of TKH's portfolio's turnover linked to one of the 17 SDGs (Sustainable Development Goals), adopted by all United Nations Member States in 2015. This is calculated by allocating TKH's portfolio based on internal reporting of turnover by end-market combined with portfolio information included in quarterly reports of operating companies.
| in thousands of euros (unless stated otherwise) | 2025 | 2024 |
|---|---|---|
| Turnover linked to SDGs | 1,325,953 | 1,226,631 |
| Total Turnover | 1,761,167 | 1,712,735 |
| Turnover linked to SDGs % | 75.3% | 71.6% |
Working capital ratio
Working capital ratio is calculated by dividing working capital by turnover.
| in thousands of euros (unless stated otherwise) | 2025 | 2024 |
|---|---|---|
| Current assets | 930,707 | 963,361 |
| Less: Cash and cash equivalents | -125,325 | -125,629 |
| Current liabilities | -615,613 | -622,177 |
| Add: Current interest-bearing loans and borrowings | 109,894 | 90,270 |
| Working capital | 299,663 | 305,825 |
| Turnover | 1,761,167 | 1,712,735 |
| Working capital ratio | 17.0% | 17.9% |
TKH Group
SMART TECHNOLOGIES