Stronger Cash Generation (2025)A pronounced FCF rebound in 2025 (OCF €44.5M, FCF €36.6M) materially strengthens internal funding for dividends, R&D and capex. Sustained higher cash conversion reduces dependence on external financing and underpins long-term capital allocation and balance-sheet resilience.
Conservative, Improving LeverageMuch lower net debt and rising equity leave a conservative capital structure, providing durable financial flexibility. Reduced leverage limits refinancing and solvency risk, enabling sustained investment in product development, targeted M&A or maintaining distributions through cycles.
Vertical, Mission-critical Solution ModelA solution-focused mix of software, hardware and recurring services for specific professional verticals creates sticky customer relationships and recurring revenue characteristics. This specialization supports stable demand, higher retention and long-term commercial defensibility across cycles.