Revenue increased by 6.1 % in 2025, marking a solid rise from EUR 476,034 thousand to EUR 505,079 thousand. During the reporting period, the Group saw a modest uptick in revenue across all market segments: core, growth, and aspirant markets. The primary drivers for the core markets were derived from Uzin Utz Nederland B.V. Uzin Utz North America, Inc. contributed significantly to the growth in sales revenue in the key markets. Additionally, the greatest increases in sales revenue were observed at Uzin Utz Polska Sp. z o.o. and Uzin Utz Polska Sp. z o.o. in the aspirant markets.

The main sources of the Group's earnings can be found in the segment reporting section in the notes to the consolidated financial statements.

Total international revenue increased from EUR 307,643 thousand in the previous year to EUR 328,882 thousand. Consequently, the share of international revenue increased slightly to 65.1% (64.6). The objective is to achieve revenue growth not only in Germany but also in the other core and growth markets. The share of revenue not invoiced in euros decreased to approximately 33.6 % (34.1). This slight decline is primarily attributable to the fact that revenue invoiced in euros increased at a significantly higher rate than revenue not invoiced in euros.

Information regarding the performance of currencies relevant to the Group outside the eurozone can be found in the "Segment Reporting of the Group" section of the notes to the consolidated financial statements.

In the 2025 fiscal year, selling prices remained stable. Due to the ongoing intense competitive pressure in the construction industry and largely stable price trends in raw material procurement, we were able to maintain our selling prices at a constant level. The slight growth in revenue was driven primarily by a modest increase in sales volumes, which grew by an average of 8.0 %. This growth can be attributed to the high demand for dry mortar products.

Due to the batch-oriented production process and the typically very short time between order and delivery, production generally takes place for an anonymous market. Deliveries are made from inventory, which averaged approximately 1.8 months' sales across the Group (1.7). This figure has increased slightly compared to the previous year. We are committed to adjusting our inventory levels in response to market conditions and continuously working to enhance our optimization strategies.

In 2025, the Group's inventory of finished and work-in-progress goods increased by EUR 5,467 thousand, following a reduction of EUR 1,886 thousand in the previous year. In response to the surge in sales volume, we have augmented our inventory of finished and work-in-progress goods to bolster delivery capacity in the face of heightened demand.

Total revenue increased steadily by 7.7% to EUR 510,547 thousand (474,147). This growth is primarily attributable to an increase in sales revenue and a build-up of finished and work-in-progress inventories. The market's stability in the relevant procurement markets resulted in stable prices. Furthermore, the material usage ratio, adjusted for changes in inventory, was maintained at a consistently low level by sustaining sales of high-margin products.

As in the previous year, the ratio of personnel expenses to total revenue increased by a further 0.5 percentage points to 27.7 % (27.2). In absolute terms, personnel expenses increased from EUR 128,910 thousand to EUR 141,543 thousand. This increase is mainly due to the rise in the number of employees and the salary adjustment under the collective bargaining agreement.

Depreciation and amortization decreased slightly by 2.2% from EUR 21,460 thousand to EUR 20,995 thousand. The decline in depreciation and amortization is primarily attributable to the one-time special effect of the partial write-down of the goodwill of the cash-generating unit Sifloor AG in the prior year. After adjusting for this one-time effect, depreciation and amortization increased slightly compared to the previous year, primarily due to Pallmann GmbH's investment in a new filling plant.

Compared to the previous year, other operating expenses increased by approximately 10.6%, reaching EUR 102,699 thousand (92,891). This moderate increase results primarily from higher sales and advertising expenses, particularly due to increased outbound freight costs resulting from the rise in revenue and higher advertising expenses, as well as higher costs for maintenance, repairs, and servicing. Additionally, administrative expenses increased due to higher consulting costs related to ongoing strategic projects. Additionally, substantially higher foreign exchange losses had a detrimental effect on earnings.

In the reporting year, earnings before interest and taxes (EBIT) amounted to EUR 40,432 thousand. This figure represented a decrease of EUR 2,383 thousand compared to the previous year's EUR 42,815 thousand. This development is largely due to higher personnel expenses, accompanied by a slight increase in the personnel expense ratio, as well as to a rise in other operating expenses. Additionally, the U.S. tariffs that took effect during the fiscal year resulted in an additional cost burden.
 

Sales by segment

During the reporting year, external revenue saw growth in all segments, with the exception of the "All Other Segments" group. The segments of Germany, the Netherlands, and the U.S. made the largest absolute contributions to revenue growth. Across the Group, the increase in external revenue is primarily attributable to higher sales volumes, while pricing effects had no significant impact on revenue performance during the reporting year.

Revenue growth was achieved across all sub-segments within the German segment. The Installation Systems division demonstrated the most substantial absolute growth, with external revenue increasing by EUR 9,545 thousand. The Surface Care and Finishing sub-segment demonstrated the highest percentage increase in revenue, with a growth of 10.2 %. Additionally, demand for machinery and tools exhibited a modest uptick, contributing to a 3.0 % revenue growth.

The Netherlands segment reported an increase in external sales across both sub-segments. The Installation Systems sub-segment demonstrated notable growth of 13.8 %, signifying an absolute increase in external sales of EUR 7,704 thousand. After a decline in the previous year, the Wholesale sub-segment again achieved slight revenue growth of 4.1 %.

The U.S. segment also performed well, with revenue growth of EUR 4,726 thousand, or 6.5 %. The rise in external revenue can be attributed chiefly to higher sales of UZIN brand products.

The Southern/Eastern Europe segment reported positive revenue growth. The primary contributors to this growth were Uzin Utz Polska Sp. z o.o., which experienced an external revenue increase of 11.7 %, and Uzin Utz Česká republika s.r.o., which achieved a growth of 16.0 %.