{"id":77360,"date":"2026-02-12T00:04:36","date_gmt":"2026-02-12T00:04:36","guid":{"rendered":"https:\/\/english.saigonbiz.com\/vn\/rexel-erratum-to-the-press-release-q4-sales-fy-2025-results\/"},"modified":"2026-02-12T00:04:36","modified_gmt":"2026-02-12T00:04:36","slug":"rexel-erratum-to-the-press-release-q4-sales-fy-2025-results","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/rexel-erratum-to-the-press-release-q4-sales-fy-2025-results\/","title":{"rendered":"Rexel : Erratum to the Press release Q4 sales &amp; FY 2025 results"},"content":{"rendered":"<div>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:661px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:661px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; text-align: center ;  vertical-align: middle; \"><b>Q4 sales &amp; FY 2025 results<\/b><br \/><b>Sequential sales growth improvement in Q4 in all geographies<\/b><br \/><b>Meeting or exceeding all full-year objectives <\/b><br \/><b>Axelerate 2028 implementation and deeper productivity initiatives bearing fruit<\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\u2192 <b>FY 25 sales of \u20ac19,414.6m<\/b>, boosted by organic growth and acquisitions <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\"><b>Same-day sales increased by +2.5% in FY 2025, with improving trends quarter after quarter <\/b>\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\">Q4 sales of \u20ac4,881.1m, rose +3.8% on a same-day basis (up <b>+4.7% on an actual-day basis), accelerating sequentially <\/b>with positive momentum in all regions <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"><b>Continued market share gains <\/b>boosted by digitalization <b>best-in-class <\/b>services in key countries including France, US, Canada, Austria and Sweden<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"><b>Active acquisitions strategy contributing for +1.8% to FY 25 sales growth<\/b> <\/li>\n<\/ul>\n<p align=\"justify\">\u2192 FY 25 current adjusted EBITA margin at 6.0% up +10bps versus the 5.9% reported in 2024, <b>demonstrating market outperformance and margin resilience in a challenging environment <\/b><\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">Structural cost actions and rapid cost adaptation to mitigate opex inflation: average FTE reduced by (2.3)% while volume increased by +0.7% on actual-day basis\n<\/li>\n<\/ul>\n<p align=\"justify\">\u2192 FY 25 operating income stood at \u20ac1,061.6m (vs \u20ac845.9m in FY 24), including exceptional items (restructuring, asset impairment, capital gains on disposals)<\/p>\n<p align=\"justify\">\u2192 Net income 2025 of \u20ac591.4m up +73%; recurring net income up +2.4% at \u20ac678.5m <\/p>\n<p align=\"justify\">\u2192 <b>Free cash flow conversion at 66.3%,<\/b> or 76.4% excluding the impact of the \u20ac124m French Competition Authority fine paid in April, <b>significantly outpacing our guidance for the third consecutive year <\/b>and confirming our cash-generative model <\/p>\n<p align=\"justify\">\u2192 Delivering on <b>portfolio management strategy and return to shareholders while<\/b> maintaining a <b>robust balance sheet<\/b> with an indebtedness ratio at 2.0x: <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\"><b>M&amp;A: close to \u20ac200 million <\/b>of value-creating acquisitions completed <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"><b>Portfolio management: <\/b>divestment of activities in Finland and New Zealand<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Proposed <b>dividend <\/b>for 2025 of 1.20\u20ac per share, a 52% payout ratio, maintaining a strong track record <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"><b>Share buyback: \u20ac100 million of shares repurchased in 2025;<\/b> \u20ac400 million since mid-2022\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\">296 million outstanding shares at end of 2025 vs 307 million shares mid-2022\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p align=\"justify\">\u2192 <b>2026 outlook<\/b>: 3% to 5% same-day sales growth, current adjusted EBITA margin at c. 6.2% and free cash flow conversion above 65% <\/p>\n<p align=\"justify\">\u2192 Confirmation of Rexel&#8217;s <b>medium-term ambitions<\/b>, with continued market outperformance and <b>execution of Axelerate 2028<\/b> strategic plan <\/p>\n<table style=\"border-collapse: collapse; width:519pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:692px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \"><b>Guillaume TEXIER, Chief Executive Officer, said:<\/b>\u00a0\u00a0 <\/p>\n<p><i>\u201cDespite another year of macroeconomic headwinds, Rexel delivered a very solid performance in 2025, reflecting the commitment of our teams, the strength of the \u2018new Rexel\u2019 and the resilience of our transformed business model. We grew same-day sales by 2.5%, improved our current adjusted EBITA margin to 6% and achieved adjusted free cash flow conversion above 75% for the third straight year, while continuing to outperform markets in our key countries. In North America, we captured strong momentum in high-growth verticals such as datacenters and broadband infrastructure, supported by our key accounts organization and the successful Talley integration. In Europe, we intensified our self-help actions, including significant cost resets in several countries, to adapt to still-demanding conditions and deliver sequential improvement. At the same time, we mobilized the Group behind Axelerate 2028 and launched deeper transformation initiatives across AI, digital platforms, sales excellence and cost efficiency that will yield ongoing benefits over the next three years. In the Mid-term, our disciplined execution, combined with structural electrification and AI-driven opportunities, underpins our confidence in delivering profitable growth and achieving our ambitions.\u201d<\/i><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:661px;;border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>Financial review for the period ended December 31, 2025<\/i><\/b><\/td>\n<\/tr>\n<\/table>\n<ul type=\"circle\">\n<li style=\"margin-top:6pt; text-align:justify;\"><i>This press release presents Rexel&#8217;s consolidated financial statements for the year ended December 31, 2025. The audit procedures by the Statutory Auditors are in progress and their report on the consolidated financial statements for the year ended December 31, 2025 will be issued on February 12, 2026<\/i><\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"><i>The full year 2025 financial report was authorized for issue by the Board of Directors on February 11, 2026<\/i><\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\"><i>The following terms are defined in the Glossary section of this document: Current EBITA; Current adjusted EBITA, EBITDA; EBITDAaL; Recurring net income; Free Cash Flow and Net Debt<\/i><\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\"><i>Unless otherwise stated, all comments are on a constant and adjusted basis and, for sales, at same number of working days<\/i><\/li>\n<\/ul>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:661px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Main FY 2025 figures<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:351px;;vertical-align: middle ; \"><b>Key figures<\/b><sup><b>1<\/b><\/sup><b> (\u20acm) &#8211; Actual<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>YoY change <\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;vertical-align: middle ; \"><b>Sales on a reported basis<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \"><b>19,414.6<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+0.7%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;vertical-align: middle ; \"><i>On a constant and actual-day basis<\/i><\/td>\n<td style=\"width:155px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>+2.0%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>On a constant and same-day basis<\/i><\/td>\n<td style=\"width:155px;;border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>+2.5%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;border-top: solid black 1pt ; vertical-align: middle ; \"><b>Current adjusted EBITA<\/b><sup><b>2<\/b><\/sup><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \"><b>1,157.8<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+1.8%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;border-bottom: solid black 1pt ; vertical-align: middle ; \">As a percentage of sales<\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+6.0%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \">Stable<\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Current EBITA<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>1,163.3<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+2.1%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Operating income<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>1,061.6<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+25.5%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Net income<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>591.4<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+73.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Recurring net income<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>678.5<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+2.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;border-top: solid black 1pt ; vertical-align: middle ; \"><b>FCF before interest and tax<\/b><sup><b>3<\/b><\/sup><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>937.8<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+2.3%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>FCF conversion<\/b><sup><b>3, 4<\/b><\/sup><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>76.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:155px;;border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:351px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Net debt at end of period<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2,631.4<\/b><\/td>\n<td style=\"width:155px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>\u20ac148m increase<\/b><\/td>\n<\/tr>\n<\/table>\n<p><sup>1<\/sup> See definition in the Glossary section of this document <sup>2<\/sup> Change at comparable scope of consolidation<sup> 3<\/sup> Excluding the \u20ac124m French anti-trust fine <br \/> <sup>4 <\/sup>EBITDAaL into FCF before interest and tax <\/p>\n<p align=\"justify\"><b>SALES<\/b><\/p>\n<p align=\"justify\"><b>Q4 sales stable at (0.2)% year-on-year on a reported basis, up +3.8% on a constant and same-day basis<\/b><\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:492pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:252px;;vertical-align: middle ; \"><b>Key figures (\u20acm)<\/b><\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>Q4 2025<\/b><\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>YoY change<\/b><\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>YoY change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:252px;;vertical-align: middle ; \"><b>Sales on a reported basis<\/b><\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>4,881.1<\/b><\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(0.2)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>19,414.6<\/b><\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+0.7%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:252px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: middle ; \"><i>On a constant and actual-day basis<\/i><\/td>\n<td style=\"width:101px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>+4.7%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:101px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>+2.0%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:252px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>On a constant and same-day basis<\/i><\/td>\n<td style=\"width:101px;;border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>+3.8%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:101px;;border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:101px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>+2.5%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><u>In Q4 2025<\/u>, Rexel posted sales of \u20ac4,881.1m, broadly stable (0.2)% on a reported basis with positive organic growth offset by disposals and forex impacts. This includes:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">Constant and same-day sales growth of +3.8% with:\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\">volume growth acceleration (+2.1% contribution) and sequential selling price improvement compared to Q3 25, mainly driven by cable products (+0.8% contribution). The non-cable pricing remains unchanged (+0.9% contribution) compared to Q3 25 with improved situation in North America mainly offset by China <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">a sequential improvement in all geographies compared to Q3 25<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">A positive calendar effect of +0.9%<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">A negative net scope effect of (0.6)%, resulting from the divestment of Rexel&#8217;s New Zealand and Finland operations (respectively deconsolidated from Feb.1<sup>st<\/sup> and Sept.1<sup>st<\/sup>, 2025), offset by the acquisitions in North America (Warshauer, Schwing, Jacmar, Talley, Electrical Supplies Inc) and in Europe (Tecno Bi)<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">A negative currency effect of (4.1)%, mainly due to the depreciation of the US and Canadian dollars, and to a lesser extent the Australian dollar, renminbi and British Pound, against the euro<\/li>\n<\/ul>\n<p align=\"justify\"><b>FY sales up +0.7% year-on-year on a reported basis, +2.5% on a constant and same-day basis<\/b><\/p>\n<p align=\"justify\"><u>In FY 2025<\/u>, Rexel posted sales of \u20ac19,414.6m, up +0.7% on a reported basis, reflecting positive organic and M&amp;A contributions. This performance includes:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Constant and same-day sales growth of +2.5%, with contributions of +1.2% from volume, +0.6% from non-cable selling prices and +0.7% from cable product selling prices<\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">A negative calendar effect of (0.5)%<\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">A positive net scope effect of +0.9%, mainly resulting from acquisitions of Talley, Itesa, Warshauer, Schwing, Electrical Supplies Inc, Jacmar and Tecno Bi, net of the New Zealand and Finland disposals<\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">A negative currency effect of (2.2)%, mainly due to the depreciation of the US and Canadian dollars, and to a lesser extent the Australian dollar and renminbi, against the euro<\/li>\n<\/ul>\n<p align=\"justify\">Digital sales in 2025 increased by +226bps to represent 34% of total Group sales:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Digital accounted for 44% of sales in Europe, up +107bps; 25% in North America, an increase of +347bps driven by rapid adoption of Digital\/AI tools; and 27% in Asia-Pacific, vs 17% in FY 24\n<\/li>\n<\/ul>\n<p align=\"justify\"><b>Europe (48% of Group sales): Stable sales evolution in Q4, down (1.1)% in FY 2025 on a constant and same-day basis <\/b><\/p>\n<p align=\"justify\"><u>In Q4 25,<\/u> sales growth evolution in Europe stood at (1.8)% on a reported basis, including: <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Stable constant and same-day sales <\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">A positive calendar effect of +0.6%<\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">A negative net scope impact of (2.3)%, from the disposal of Finland mitigated by the acquisition of Tecno Bi in Italy<\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">A stable currency effect of (0.1)% <\/li>\n<\/ul>\n<table align=\"center\" style=\"border-collapse: collapse; width:474pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:191px;;vertical-align: middle ; \"><b>Key figures (\u20acm)<\/b><\/td>\n<td style=\"width:89px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>% of the region&#8217;s sales<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \"><b>Q4 2025<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \"><b>YoY change<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \"><b>YoY change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:191px;;border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Europe<\/b><\/td>\n<td style=\"width:89px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2,348.3<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>9,403.2<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:191px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; border-top: solid black 1pt ; vertical-align: bottom ; \">o\/w France<\/td>\n<td style=\"width:89px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a042%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">978.9<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+3.0%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">3,756.2<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+1.5%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:191px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; \">DACH<\/td>\n<td style=\"width:89px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">524.6<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4.7)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">2,191.8<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2.9)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:191px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; \">Benelux<\/td>\n<td style=\"width:89px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">412.0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+2.6%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,553.5<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.1%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:191px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; \">UK &amp; Ireland<\/td>\n<td style=\"width:89px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">213.1<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(6.7)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">945.3<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7.7)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:191px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">Nordics<\/td>\n<td style=\"width:89px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">155.2<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">732.2<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<\/table>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">Europe was flat on a same-day basis year-on-year, while improving sequentially compared to (0.5)% in Q3 25, in an environment that remains challenging. More specifically:\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\">Volumes were stable (vs Q3 25) in a soft market affected by political and macro uncertainties<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Pricing in Q4 25 slightly improved versus Q3 25, driven mainly by cable pricing (similar non-cable selling price contribution)<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Excluding Solar (4.5% of sales), same-day sales growth was up +0.5%<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\">By market:\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\">The residential market was flat, excluding Solar, with first sign of recovery in some countries such as in Sweden and in the Netherlands <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Non-residential was flat <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Industry slightly increased<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">Trends by country and cluster (same-day basis):\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\"><b>France<\/b> increased by +3.0% in a challenging environment, achieving further broad-based market-share gains, with a strong contribution from HVAC <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Sequential deterioration in<b> DACH region <\/b>(Germany, Austria, Switzerland), down (4.7)%, on business selectivity particularly in the non-residential segment, amid a difficult macro environment. However, the Group increased market share in Austria<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"><b>Benelux <\/b>increased by +2.6% driven by Dutch ED activity and accelerated Solar growth in Belgium<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"><b>UK &amp; Ireland<\/b> down (6.7)%, with positive momentum in Ireland driven by industry mitigating a tough UK market, except in the London area benefiting from our recent investments<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"><b>Sweden <\/b>was flat, a sequential improvement notably driven by industrial segment and a lower negative impact from Solar (-250bps Q4 contribution vs -650bps in Q3 2025)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p align=\"justify\"><b>North America (46% of Group sales): Strong sales growth of +7.9% in Q4 and +7.0% in FY 2025 on a constant and same-day basis<\/b><\/p>\n<p align=\"justify\"><u>In Q4 25,<\/u> North America sales were up by +2.9% on a reported basis, including: <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">Strong constant and same-day sales growth of +7.9%<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Positive calendar effect of +1.4%<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Positive scope effect of +2.2%, resulting from the acquisitions of Warshauer, Schwing, Talley &amp; Electrical Supplies Inc in the US, and Jacmar in Canada<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Negative currency effect of (8.1)%, due to the depreciation of the US and Canadian dollars against the euro<\/li>\n<\/ul>\n<table align=\"center\" style=\"border-collapse: collapse; width:475.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:183px;;border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Key figures (\u20acm)<\/b><\/td>\n<td style=\"width:91px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>% of the region&#8217;s sales<\/b><\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Q4 2025<\/b><\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>YoY change<\/b><\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>YoY change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:183px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>North America<\/b><\/td>\n<td style=\"width:91px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2,251.2<\/b><\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+7.9%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>8,906.8<\/b><\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+7.0%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:183px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; border-top: solid black 1pt ; vertical-align: middle ; \">o\/w United States<\/td>\n<td style=\"width:91px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a082%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">1,857.2<\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+6.9%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">7,381.9<\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+6.6%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:183px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; border-bottom: solid black 1pt ; vertical-align: middle ; \">Canada<\/td>\n<td style=\"width:91px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \">394.0<\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+12.9%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \">1,524.9<\/td>\n<td style=\"width:90px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+8.5%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">Sales rose +7.9% on a same-day basis, with all three markets positive. In more details: <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">The acceleration was driven by non-residential, particularly datacenter activity in Canada<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">While US was driven by proximity activity, projects were the main growth driver in Canada <\/li>\n<li style=\"margin-top:3pt;\">Non-cable pricing was slightly better compared to Q3 25 thanks to further improvement in piping\/conduit products <\/li>\n<li style=\"margin-top:3pt;\">Backlog remains solid representing 2.7 months of activity at year end, similar to the previous quarter<\/li>\n<\/ul>\n<p align=\"justify\">More specifically: <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\"><b>US <\/b>same-day sales were up +6.9% in Q4 2025\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">High-growth verticals (datacenters and broadband infrastructure) contributed for more than 55% of US growth<\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Industrial automation business accelerated, up +8%, while residential remained positive (driven by the Northwest region)<\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Demand was strong in Solar and EV charging<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\"><b>Canada <\/b>saw significant sales growth acceleration in Q4, up +12.9% on a same-day basis, driven by non-residential activity and market share gains\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\">Strong activity in Datacom <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Demand in datacenter significantly accelerated (Project in the Western region) representing 7.5% of sales in the quarter.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p align=\"justify\"><b>Asia-Pacific (6% of Group sales): Sales increased by +4.5% in Q4 and decreased by (0.4)% in FY 2025 on a constant and same-day basis<\/b><\/p>\n<p align=\"justify\"><u>In Q4 25,<\/u> Asia-Pacific sales decreased by (10.6)% on a reported basis, including:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">Constant and same-day sales increase of +4.5%<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Stable calendar effect of (0.1)%<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Negative scope effect of (6.9)%, resulting from the disposal of Rexel&#8217;s New Zealand activities <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Negative currency effect of (7.4)%, mainly due to the depreciation of the Australian dollar and the renminbi against the euro<\/li>\n<\/ul>\n<table align=\"center\" style=\"border-collapse: collapse; width:475.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:169px;;border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Key figures (\u20acm)<\/b><\/td>\n<td style=\"width:89px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>% of the region&#8217;s sales<\/b><\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Q4 2025<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>YoY change<\/b><\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>YoY change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:169px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Asia-Pacific<\/b><\/td>\n<td style=\"width:89px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>281.6<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+4.5%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,104.7<\/b><\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(0.4)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:169px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; border-top: solid black 1pt ; vertical-align: bottom ; \">o\/w Australia<\/td>\n<td style=\"width:89px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: middle ; \">142.2<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+3.7%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">551.2<\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.9)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:169px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">China<\/td>\n<td style=\"width:89px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a041%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">115.2<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+3.1%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">465.0<\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.6)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:169px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">India<\/td>\n<td style=\"width:89px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">24.2<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+16.9%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">88.5<\/td>\n<td style=\"width:92px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+9.0%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><u>In Asia-Pacific<\/u>, Q4 25 sales increased by +4.5% on a constant and same-day basis<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">In <b>Australia<\/b>, sales growth accelerated in the quarter, up +3.7%, notably boosted by Solar activity (supported by battery subsidies) <\/li>\n<li style=\"margin-bottom:0.1pt; text-align:justify;\">In Asia, <b>China and India sales grew by respectively<\/b> +3.1% and +16.9% supported by industrial automation activity. <\/li>\n<\/ul>\n<p align=\"justify\"><b>PROFITABILITY<\/b><\/p>\n<p align=\"justify\"><b>Current adjusted EBITA margin at 6.0% in 2025, up +10bps versus 5.9% reported in 2024<\/b><\/p>\n<p align=\"justify\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n<p align=\"justify\">For the graph, please open the pdf file by clicking on the link at the end of the press release.<\/p>\n<p align=\"justify\">In a low-growth environment marked by a +2.0% actual-day sales increase in FY 2025, profitability was resilient as reflected by the current adjusted EBITA margin of 6.0% up +10bps versus the 5.9% adjusted EBITA margin reported in 2024 (and stable on a comparable basis)<\/p>\n<p align=\"justify\">More specifically, this margin progression can be split between the different building blocks: <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Portfolio &amp; FX effect contributed for +11bps mainly thanks to accretive portfolio operations with positive contributions from both acquisitions and disposals<\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Calendar effect stood at -5bps<\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Operating leverage stood at -8bps, mainly due to muted environment in Europe; <\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Delta inflation (gap between selling price increase and operating cost inflation) had a negative impact of -19bps, improving vs H1 mainly due to better selling price increase\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Operating-cost inflation stood at +2.2% (+2.9% from wage increases and +2.0% from other operating expenditure including right-of-use depreciation) versus selling price increase up +1.3% <\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">This was more than offset by internal actions on Gross Margin as well as cost savings &amp; productivity initiatives\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Gross Margin was up +9bps representing a robust achievement in a competitive environment. This was supported by active selling price management. <\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Action plans contributed for +33bps, in line with expectations<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt; text-align:justify;\">Finally, opex investments for growth (mainly digital) impacted adjusted Ebita margin by -11bps\n<\/li>\n<\/ul>\n<p align=\"justify\">Compared to previous cycles, Rexel continues to demonstrate its capacity to adapt its cost base in a challenging sales environment. This was achieved in particular through productivity initiatives, with headcount reduction reaching (2.3)% in 2025 (vs 2024), while volume was up +0.7% on an AD growth basis <\/p>\n<p align=\"justify\"> By geography, the change in current adjusted EBITA margin in 2025 can be explained as follows:<\/p>\n<table style=\"border-collapse: collapse; margin-left:0.35pt; width:494.25pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:259px;;vertical-align: middle ; \"><b>FY 2025 (\u20acm)<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>Europe<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>North America<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>Asia Pacific<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>Group<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:259px;;vertical-align: middle ; \"><b>Sales<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>9,403.2<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,906.8<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>1,104.7<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>19,414.6<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:259px;;vertical-align: middle ; \"><i>On a constant and actual-day basis<\/i><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.6)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+6.6%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.7)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+2.0%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:259px;;border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>On a constant and same-day basis<\/i><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+7.0%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.4)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+2.5%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:259px;;border-top: solid black 1pt ; vertical-align: middle ; \"><b>Current adj. EBITA<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>535.2<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>650.8<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>12.6<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>1,158*<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:259px;;vertical-align: middle ; \"><i>% of sales<\/i><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05.7%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.3%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.1%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06.0%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:259px;;border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>Change in bps as a % of sales<\/i><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>-16 bps<\/i><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>27 bps<\/i><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>-110 bps<\/i><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b><i>Stable<\/i><\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">*Including \u20ac(41)m for corporate costs in 2025<\/p>\n<p align=\"justify\">More specifically:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\"><b>Europe was down <\/b>-16 bps at 5.7% of sales, resulting from negative operating leverage, mainly due to the under-absorption of fixed costs notably in underperforming countries, partly mitigated by rapid cost adaptation with a reduction of 4% of the workforce (-600 FTE on average in 2025) <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"><b>North America was up +<\/b>27 bps at 7.3% of sales, thanks to positive sales momentum, effects from tariffs on selling prices and strict operating expenditure discipline (unchanged FTE in a growing environment) <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"><b>Asia-Pacific was down<\/b> -110 bps at 1.1% of sales, in a more competitive environment notably in China.\n<\/li>\n<\/ul>\n<p align=\"justify\">As a result, <u>current adjusted EBITA<\/u> stood at \u20ac1,157.8m (vs \u20ac1,137.2m in 2024 on a comparable basis) and <u>current EBITA<\/u> stood at \u20ac1,163.3m (including a positive one-off copper effect of \u20ac5.5m similar to \u20ac7.4m in 2024).<\/p>\n<p align=\"justify\">Focus on the bridge from reported EBITDA to current EBITA:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; margin-bottom:0.1pt;\">EBITDA margin was up +14bps at 8.0% on a reported basis <\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt;\">Right-of-use depreciation stood at \u20ac(269.8)m vs \u20ac(258.3)m in 2024, mainly resulting from lease inflation and additional investment in logistic capacity notably in the US <\/li>\n<li style=\"margin-top:3pt; margin-bottom:0.1pt;\">Other depreciation and amortization stood at \u20ac(119.3) million, or 0.6% of sales\n<\/li>\n<\/ul>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:316px;;vertical-align: middle ; \"><b>Reported basis (\u20acm)<\/b><\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>FY 2024<\/b><\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>YoY change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:316px;;vertical-align: middle ; \"><b>EBITDA<\/b><\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,515.6<\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,552.5<\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+2.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:316px;;vertical-align: middle ; \"><i>% EBITDA margin<\/i><\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.9%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.0%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:115px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:316px;;vertical-align: middle ; \">Depreciation Right of Use (IFRS 16)<\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(258.3)<\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(269.8)<\/td>\n<td style=\"width:115px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:316px;;vertical-align: middle ; \">Other depreciation and amortization<\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(117.9)<\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(119.3)<\/td>\n<td style=\"width:115px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:316px;;border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Current EBITA<\/b><\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,139.3<\/b><\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,163.3<\/b><\/td>\n<td style=\"width:115px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+2.1%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><b>NET INCOME<\/b><\/p>\n<p align=\"justify\"><b>Net income of \u20ac591.4 million up +73% in FY 2025; recurring net income of \u20ac678.5 million up +2.4%<\/b><\/p>\n<p align=\"justify\"><u>Operating income in the year <\/u>stood at \u20ac1,061.6m (vs \u20ac845.9m in 2024)<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">Amortization of intangible assets resulting from purchase price allocation amounted to \u20ac(45.6)m (vs \u20ac(35.7)m in 2024), explained by recent acquisitions, notably Talley<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Other income and expenses amounted to a net charge of \u20ac(56.2)m (vs a net charge of \u20ac(257.7)m in 2024, including the 124m\u20ac fine booked in 2024) and notably included:\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\">\u20ac(41.1)m in restructuring mainly in Europe<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"circle\">\n<li style=\"margin-top:3pt;\">\u20ac36.0m in capital gains on disposals<\/li>\n<li style=\"margin-top:3pt;\">\u20ac(29.7)m in asset impairment, mainly in the UK <\/li>\n<li style=\"margin-top:3pt;\">\u20ac(20.4)m in other, including integration costs and pension buy-in in Canada<\/li>\n<\/ul>\n<p align=\"justify\"><u>Net financial expenses in the year<\/u> amounted to \u20ac(214.2)m (vs \u20ac(207.7)m in 2024), and can be broken down as follows: <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">\u20ac(141.9)m from financial costs stable compared to \u20ac(141.5)m in 2024, reflecting better cost of debt and higher gross debt. The effective interest rate decreased to 3.96% in 2025 from 4.35% in 2024<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">\u20ac(72.2)m from interest on lease liabilities in 2025 vs \u20ac(66.2)m in 2024, reflecting impact from acquisitions and inflation <\/li>\n<\/ul>\n<p align=\"justify\"><u>Income tax in the year<\/u> represented a charge of \u20ac(256.0)m (vs \u20ac(297.2)m in 2024) <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">The tax rate stood at 30.2% in 2025, including the impact of the exceptional tax in France of \u20ac23.5m<\/li>\n<li style=\"margin-top:3pt;\">The normative tax rate stood at 30% in 2025, or 27% excluding the exceptional tax in France<\/li>\n<\/ul>\n<p><u>As a result, net income in the year <\/u>stood at \u20ac591.4m up +73% (vs \u20ac341.0m in 2024) and <u>recurring net income<\/u> amounted to \u20ac678.5m up +2.4% vs 2024 (see Appendix 3)<\/p>\n<p align=\"justify\"><b>FINANCIAL STRUCTURE<\/b><\/p>\n<p align=\"justify\"><b>Free cash-flow before interest and tax of \u20ac937.8m in 2025, excluding the French Authority fine<\/b><\/p>\n<p align=\"justify\"><b>Indebtedness ratio of 2.03x on December 31, 2025<\/b><\/p>\n<p align=\"justify\"><u>In 2025, free cash flow before interest and tax<\/u> reached \u20ac813.8m (vs \u20ac916.5m in 2024), <b>representing a free cash flow conversion rate (EBITDAaL into FCF before interest and taxes<\/b>) of 66.3%. Excluding the \u20ac124m fine imposed by the French Competition Authority and paid in April 2025, FCF before interest and tax stood at \u20ac937.8m, representing a 76.4% conversion rate, above the average for the last four years<\/p>\n<p align=\"justify\">This included: <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">EBITDAaL of \u20ac1,226.8m of which \u20ac(325.7)m of lease payments in 2025<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Operating cash flow of \u20ac1,189.2m, notably including \u20ac(68.9)m of other operating revenue and costs<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">An outflow of \u20ac(239.1)m from change in working capital (compared to an inflow of \u20ac34.3m in 2024)\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\">The change in trade working capital was an outflow of \u20ac(138.7)m. On a constant basis, trade Working Capital Requirements (TWCR) stood at 15.0% of sales in 2025, (vs 14.6% in 2024), mainly related to the sales growth acceleration in Q4. In number of days, both Inventories &amp; Receivables improved, partly offsetting deterioration in payables. DOI &amp; DSO improved by respectively 1.5 and 1 day<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">The change in non-trade working capital was an outflow of \u20ac(100.4)m, including the \u20ac(124)m French Competition Authority fine paid in April.\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Net capital expenditure of \u20ac(136.2)m (vs \u20ac(125.8)m in 2024). Gross capital expenditure represented 0.7% of sales, a broadly stable level year-on-year, with continued investment in digital, branches and supply-chain.\n<\/li>\n<\/ul>\n<p align=\"justify\">Below FCF before interest and tax, the cash flow statement included:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\"> \u20ac(137.1)m in net interest paid in 2025 (vs \u20ac(129.6)m paid in 2024);<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"> \u20ac(270.6)m in income tax paid in 2025, compared to \u20ac(281.0)m paid in 2024;<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"> \u20ac(161.5)m in financial investment mainly including Warshauer, Schwing, Jacmar and Tecno Bi acquisitions, net of the inflow from disposals (Finland and New Zealand)<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"> \u20ac(354.6)m in dividends paid in 2025 based on 2024 earnings (\u20ac1.20 per share);<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">\u20ac(100.0)m in share buybacks; <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"> \u20ac75.4m in currency effects (vs \u20ac(19.0)m in 2024) mainly due to the USD depreciation<\/li>\n<\/ul>\n<p align=\"justify\"><u>At December 31, 2025:<\/u><\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\"><u>Net financial debt<\/u> increased by \u20ac147.6m year-on-year to \u20ac2,631.4m (vs \u20ac2,483.9m on December 31, 2024), including \u20ac28.6m for an earn-out for Talley and put option for Mavisun and Tecno-BI. <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\"><u>The indebtedness ratio (net financial debt\/EBITDAaL) stood at 2.03x, as c<\/u>alculated under Senior Credit Agreement terms.<\/li>\n<\/ul>\n<table style=\"border-collapse: collapse; margin-left:0.35pt; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:661px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Proposed dividend for 2025 at 1.20\u20ac per share<\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">Rexel will propose to maintain the dividend at 1.20\u20ac per share, to be paid fully in cash. This represents a payout of 52% of the Group\u2019s recurring net income, in a high end of the policy of distributing at least 40% of recurring net income.<\/p>\n<p align=\"justify\">This dividend, payable in cash on May 13<sup>th<\/sup>, 2026 (ex-dividend date on May 11<sup>th<\/sup>), is subject to the approval of the Annual Shareholders\u2019 Meeting to be held in Paris on April 22, 2026.<\/p>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:661px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Outlook<\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">In 2026, we anticipate contrasted trends between the different regions, more specifically:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">Further growth in North America with:\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\">Macro uncertainties following the introduction of tariffs<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Less traction from sustainable electrification solutions<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Further progression in datacenter, lower contribution from broadband infrastructure<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Positive trends in industrial automation supported by new legislation &#8220;One Beautiful Bill&#8221; and reshoring<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Improving trends in Western Europe, especially in H2:\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\">Continued challenging environment with construction market at trough<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Lack of consumer confidence, amid macro and political uncertainties<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Easier comparison base for electrification trends<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Lower interest-rate environment starting to have positive impact on leading indicators in the residential market<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">German infrastructure plan could be materialized in the second part of the year<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Selling prices increase and opex inflation:\n<ul type=\"circle\">\n<li style=\"margin-top:3pt; text-align:justify;\">Opex inflation to remain higher than selling price increase<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Carry-over of 2025 selling pricing in the US <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Potential additional price increases to reflect recent copper price increase\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p align=\"justify\">In this uncertain overall environment, the priority will be to offset the cost inflation headwind and preserve our profitability, notably thanks to <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">The full-year effect of 2025 cost-reduction action plans<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">New 2026 savings actions kicking in<\/li>\n<\/ul>\n<p align=\"justify\">In this context, Rexel&#8217;s expectations for full-year 2026 are as follows:<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">Same-day sales growth between 3% and 5%<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Current adjusted EBITA margin<sup>1<\/sup> at c. 6.2% <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Free cash flow conversion<sup>2<\/sup> above 65%\n<\/li>\n<\/ul>\n<p align=\"justify\">Rexel\u2019s medium-term ambitions remain unchanged <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt; text-align:justify;\">Sales growth potential of between 5% and 8%, with targeted M&amp;A representing between 2% and 3%<\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">Current adjusted EBITA margin above 7% <\/li>\n<li style=\"margin-top:3pt; text-align:justify;\">An average conversion rate of 65% of EBITDAaL into Free Cash Flow before interest and tax\n<\/li>\n<\/ul>\n<p align=\"justify\"><sup><i>1<\/i><\/sup><i> Excluding (i) amortization of PPA and (ii) the non-recurring effect related to changes in copper-based cable prices. <\/i><br \/><sup><i>2<\/i><\/sup><i> FCF Before interest and tax\/EBITDAaL<\/i><\/p>\n<p align=\"justify\"><i>NB: The estimated impacts per quarter of (i) calendar effects by geography, (ii) changes in the consolidation scope and (iii) currency fluctuations (based on assumptions of average rates over the rest of the year for the Group&#8217;s main currencies) are detailed in appendix 6<\/i><\/p>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:661px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>CALENDAR<\/b><\/td>\n<\/tr>\n<\/table>\n<p>April 22, 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Q1 2026 sales<\/p>\n<p>April 22, 2026 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Annual Shareholders&#8217; Meeting<\/p>\n<p>May 11, 2026 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Detachment date of the dividend <\/p>\n<p>May 13, 2026\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dividend payment<\/p>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:661px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>FINANCIAL INFORMATION<\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">Full year 2025 financial report is available on the Group\u2019s website (www.rexel.com).<\/p>\n<p align=\"justify\">A slideshow of the fourth quarter sales and full year 2025 results publication is also available on the Group\u2019s<br \/>website.<\/p>\n<table style=\"border-collapse: collapse; width:499.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:666px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>ABOUT REXEL GROUP<\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">Rexel, worldwide expert in the multichannel professional distribution of products and services for the energy world, addresses three main markets: residential, non-residential, and industrial. The Group supports its residential, non-residential, and industrial customers by providing a tailored and scalable range of products and services in energy management for construction, renovation, production, and maintenance. Rexel operates through a network of 1,876 branches in 17 countries, with 26,306 employees. The Group\u2019s sales were \u20ac19.4 billion in 2025.<br \/>Rexel is listed on the Eurolist market of Euronext Paris (compartment A, ticker RXL, ISIN code FR0010451203). It is included in the following indices: MSCI World, CAC Next 20, SBF 120, CAC Large 60, CAC SBT 1.5 NR, CAC AllTrade, CAC AllShares, FTSE EuroMid, and STOXX600. Rexel is also part of the following SRI indices: FTSE4Good, Dow Jones Sustainability Index Europe, Euronext Sustainable Europe 120 and S&amp;P Global Sustainability Yearbook 2025, in recognition of its performance in terms of Corporate Social Responsibility (CSR).<br \/>For more information, visit www.rexel.com\/en.<\/p>\n<table style=\"border-collapse: collapse; width:499.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:666px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>CONTACTS<\/b><\/td>\n<\/tr>\n<\/table>\n<p><b>FINANCIAL ANALYSTS \/ INVESTORS<\/b><\/p>\n<table style=\"border-collapse: collapse; width:500.25pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:222px;;vertical-align: top ; \">Ludovic DEBAILLEUX<\/td>\n<td style=\"width:220px;;vertical-align: top ; \">+33 1 42 85 76 12<\/td>\n<td style=\"width:225px;;vertical-align: top ; \"><a href=\"mailto:ludovic.debailleux@rexel.com\" rel=\"nofollow\" target=\"_blank\" title=\"\"><u>ludovic.debailleux@rexel.com<\/u><\/a><\/td>\n<\/tr>\n<\/table>\n<p><b>PRESS<\/b><\/p>\n<table style=\"border-collapse: collapse; width:501pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:222px;;vertical-align: top ; \">Brunswick: Laurence FROST<\/td>\n<td style=\"width:221px;;vertical-align: top ; \">+33 6 31 65 57 06<\/td>\n<td style=\"width:225px;;vertical-align: top ; \"><u>lfrost@brunswickgroup.com<\/u><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:499.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:666px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>GLOSSARY<\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><b>CURRENT EBITA <\/b>(Earnings Before Interest, Taxes and Amortization) is defined as operating income before amortization of intangible assets recognized upon purchase price allocation and before other income and other expenses. <\/p>\n<p align=\"justify\"><b>CURRENT ADJUSTED EBITA<\/b> is defined as current EBITA excluding the estimated non-recurring net impact from changes in copper-based cable prices.<br \/><b>EBITDA <\/b>(Earnings Before Interest, Taxes, Depreciation and Amortization) is defined as operating income before depreciation and amortization and before other income and other expenses. <\/p>\n<p align=\"justify\"><b>EBITDAaL<\/b> is defined as EBITDA after deduction of lease payment following the adoption of IFRS16. <\/p>\n<p align=\"justify\"><b>RECURRING NET INCOME<\/b> is defined as net income restated for non-recurring copper effect, other expenses and income, non-recurring financial expenses, net of tax effect associated with the above items. <\/p>\n<p align=\"justify\"><b>FREE CASH FLOW<\/b> is defined as cash from operating activities minus net capital expenditure.<\/p>\n<p align=\"justify\"><b>NET DEBT<\/b> is defined as financial debt less cash and cash equivalents. Net debt includes debt hedge derivatives.<\/p>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:661px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>APPENDIX<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:499.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:666px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \"><b>Appendix 1: Q4 and FY 2025 sales and current adjusted Ebita bridge<\/b><\/td>\n<\/tr>\n<\/table>\n<p><b>SALES BRIDGE<\/b><\/p>\n<table style=\"border-collapse: collapse; width:491.25pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:308px;;vertical-align: middle ; \"><b>Q4<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>Europe<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>North America<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>Asia-Pacific<\/b><\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>Group<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;vertical-align: top ; \"><b>Reported sales 2024<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>2,390.3<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>2,187.7<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>315.1<\/b><\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>4,893.1<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;vertical-align: top ; \">+\/- Net currency effect<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7.4)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;vertical-align: top ; \">+\/- Net scope effect<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2.3)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+2.2%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(6.9)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.6)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b> = Comparable sales 2024<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>2,333.6<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>2,058.1<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>269.8<\/b><\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>4,661.4<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>+\/- Actual-day organic growth, of which:<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+0.6%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+9.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+4.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+4.7%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;vertical-align: top ; \"><b>Constant-same day excl. Cable price effect<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(0.3)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+6.5%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+4.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+3.0%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-bottom: solid black 1pt ; vertical-align: top ; \">Cable price effect<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.3%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+1.4%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.2%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.8%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Constant-same day incl. Cable price effect<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>0%<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+7.9%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+4.5%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+3.8%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-bottom: solid black 1pt ; vertical-align: top ; \">Calendar effect<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.6%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+1.4%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.9%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-top: solid black 1pt ; vertical-align: top ; \"><b> = Reported sales 2025<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>2,348.3<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>2,251.2<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>281.6<\/b><\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>4,881.1<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-bottom: solid black 1pt ; vertical-align: top ; \">YoY change<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.8)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+2.9%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(10.6)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:491.25pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:308px;;vertical-align: middle ; \"><b>FY<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>Europe<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>North America<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>Asia-Pacific<\/b><\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>Group<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;vertical-align: top ; \"><b>Reported sales 2024<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>9,550.6<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>8,461.8<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>1,272.7<\/b><\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>19,285.1<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;vertical-align: top ; \">+\/- Net currency effect<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.2%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4.5)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2.2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;vertical-align: top ; \">+\/- Net scope effect<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+3.3%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7.5)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.9%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b> = Comparable sales 2024<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>9,557.1<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>8,357.5<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>1,112.0<\/b><\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>19,026.6<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>+\/- Actual-day organic growth, of which:<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(1.6)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+6.6<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(0.7)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+2.0%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;vertical-align: top ; \"><b>Constant-same day excl. Cable price effect<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(1.3)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+5.7<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(0.6)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+1.8%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-bottom: solid black 1pt ; vertical-align: top ; \">Cable price effect<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+1.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.7%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Constant-same day incl. Cable price effect<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(1.1)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+7.0<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(0.4)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+2.5%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-bottom: solid black 1pt ; vertical-align: top ; \">Calendar effect<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.5)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.4)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.3)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.5)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-top: solid black 1pt ; vertical-align: top ; \"><b> = Reported sales 2025<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>9,403.2<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>8,906.8<\/b><\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>1,104.7<\/b><\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>19,414.6<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:308px;;border-bottom: solid black 1pt ; vertical-align: top ; \">YoY change<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.5)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+5.3%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:88px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13.2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:83px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.7%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><b>CURRENT EBITA BRIDGES:<\/b><br \/><b>FROM FY 2024 CURRENT ADJUSTED EBITA TO FY 2024 ON A COMPARABLE BASIS<\/b><\/p>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:92px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:99px;;text-align: center ;  vertical-align: middle; vertical-align: top ; text-align: center ;  vertical-align: middle; \"><b>FY 2024 current adjusted EBITA <\/b><\/p>\n<p>\u00a0<\/td>\n<td style=\"width:4px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:76px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \">FY 2024 copper effect @FY 2024 FX<\/td>\n<td style=\"width:4px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2024 current EBITA<\/b><\/td>\n<td style=\"width:4px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:67px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \">FY 2025 FX Impact<\/td>\n<td style=\"width:4px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:61px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \">FY 2025 scope impact<\/td>\n<td style=\"width:4px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:77px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \">FY 2024 copper effect @FY 2025 FX<\/td>\n<td style=\"width:4px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:106px;;text-align: center ;  vertical-align: middle; vertical-align: top ; text-align: center ;  vertical-align: middle; \"><b>FY 2024<\/b><br \/><b>comparable current adjusted EBITA<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:92px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Rexel Group<\/b><\/td>\n<td style=\"width:99px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1,131.7<\/td>\n<td style=\"width:4px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:76px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">7.6<\/td>\n<td style=\"width:4px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1,139.3<\/td>\n<td style=\"width:4px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:67px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(26.7)<\/td>\n<td style=\"width:4px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:61px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">32.0<\/td>\n<td style=\"width:4px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:77px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(7.4)<\/td>\n<td style=\"width:4px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:106px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1,137.2<\/td>\n<\/tr>\n<\/table>\n<p><b>TO CURRENT ADJUSTED EBITA FROM FY 2024 TO FY 2025<\/b><\/p>\n<table style=\"border-collapse: collapse; width:383.25pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:92px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:111px;;text-align: center ;  vertical-align: middle; vertical-align: top ; text-align: center ;  vertical-align: middle; \"><b>FY 2024 comparable current adjusted EBITA<\/b><\/p>\n<p>\u00a0<\/td>\n<td style=\"width:9px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:63px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \">Organic growth<\/td>\n<td style=\"width:7px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:89px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2025 current adjusted EBITA<\/b><\/td>\n<td style=\"width:7px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:63px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \">FY 2025 copper effect<\/td>\n<td style=\"width:7px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:63px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2025 current EBITA<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:92px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Rexel Group<\/b><\/td>\n<td style=\"width:111px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1,137.2<\/td>\n<td style=\"width:9px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:63px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">20.6<\/td>\n<td style=\"width:7px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:89px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1,157.8<\/td>\n<td style=\"width:7px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:63px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">5.5<\/td>\n<td style=\"width:7px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:63px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1,163.3<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:499.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:666px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \"><b>Appendix 2: Segment reporting \u2013 Constant and adjusted basis*<\/b><\/td>\n<\/tr>\n<\/table>\n<p>* <i>Constant and adjusted = at comparable scope of consolidation and exchange rates, excluding the non-recurring effect related to changes in copper-based cable prices and before amortization of purchase price allocation.<\/i><\/p>\n<p><i>The non-recurring effect related to changes in copper-based cable prices was, at the EBITA level:<\/i><\/p>\n<table style=\"border-collapse: collapse; width:368.25pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:331px;;vertical-align: top ; \"><b>Constant basis (\u20acm)<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2024<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2025<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:331px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Non-recurring copper effect at current EBITA level<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>7.4<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>5.5<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:492.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>GROUP<\/b><\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>Constant and adjusted basis (\u20acm)<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q4 2024<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q4 2025<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Change<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2024<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>Sales<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">4,661.4<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>4,881.1<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+4.7%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">19,026.6<\/td>\n<td style=\"width:73px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \"><b>19,414.6<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+2.0%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+3.8%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+2.5%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Gross profit<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">4,752.4<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>4,867.7<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+2.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a % of sales<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>25.0%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>25.1%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>9 bps<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Distribution &amp; adm. expenses (incl. depreciation)<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(3,615.2)<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(3,709.9)<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+2.6%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Current adj. EBITA<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">1,137.2<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>1,157.8<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+1.8%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a % of sales<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>6.0%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>6.0%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>-1 bps<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>FTE (end of period)<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">26,860<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>26,306<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(2.1)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:492.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>EUROPE<\/b><\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>Constant and adjusted basis (\u20acm)<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q4 2024<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q4 2025<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Change<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2024<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>Sales<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">2,333.6<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>2,348.3<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+0.6%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">9,557.1<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>9,403.2<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(1.6)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b><i>0%<\/i><\/b><\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(1.1)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>France<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">935.7<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>978.9<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+4.6%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">3,714.5<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>3,756.2<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+1.1%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+3.0%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+1.5%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>DACH<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">547.6<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>524.6<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(4.2)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">2,270.0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>2,191.8<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(3.4)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(4.7)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(2.9)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Benelux<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">403.1<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>412.0<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+2.2<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">1,561.2<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>1,553.5<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(0.5)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+2.6<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+0.1<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>UK &amp; Ireland<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">229.5<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>213.1<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(7.1)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">1,029.3<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>945.3<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(8.2)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(6.7)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(7.7)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Nordics<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">155.7<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>155.2<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(0.3)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">763.6<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>732.2<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(4.1)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(0.2)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(3.1)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Gross profit<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">2,535.7<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>2,514.8<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(0.8)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a % of sales<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>26.5%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>26.7%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>21 bps<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Distribution &amp; adm. expenses (incl. depreciation)<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(1,976.7)<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(1,979.6)<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.1%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Current adj. EBITA<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">559.0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>535.2<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(4.3)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a % of sales<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>5.8%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>5.7%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>-16 bps<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>FTE (end of period)<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">14,489<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>13,865<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(4.3)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:492.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>NORTH AMERICA<\/b><\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>Constant and adjusted basis (\u20acm)<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q4 2024<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q4 2025<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Change<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2024<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>Sales<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">2,058.1<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>2,251.2<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+9.4%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">8,357.5<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>8,906.8<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+6.6%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+7.9%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+7.0%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>United States<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">1,709.3<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>1,857.2<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+8.7%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">6,947.1<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>7,381.9<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+6.3%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+6.9%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+6.6%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Canada<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">348.8<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>394.0<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+13.0%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">1,410.3<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>1,524.9<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+8.1%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+12.9%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+8.5%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Gross profit<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">2,027.2<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>2,174.8<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+7.3%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a % of sales<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>24.3%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>24.4%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>16 bps<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Distribution &amp; adm. expenses (incl. depreciation)<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(1,438.7)<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(1,524.0)<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+5.9%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Current adj. EBITA<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">588.4<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>650.8<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+10.6%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a % of sales<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>7.0%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>7.3%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>27 bps<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>FTE (end of period)<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">10,028<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>10,165<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+1.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:492.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>ASIA-PACIFIC<\/b><\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>Constant and adjusted basis (\u20acm)<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q4 2024<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q4 2025<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Change<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2024<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;vertical-align: top ; \"><b>Sales<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0269.8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>281.6<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+4.4%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">1,112.0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>1,104.7<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(0.7)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+4.5%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(0.4)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>China<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0111.8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>115.2<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+3.1%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">472.4<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>465.0<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(1.6)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+3.1%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(1.6)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Australia<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0137.0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>142.2<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+3.8%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">558.2<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>551.2<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(1.2)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+3.7%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>(0.9)<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Inde<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021.0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>24.2<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+15.1%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">81.5<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>88.5<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+8.6%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>on a constant basis and same days<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+16.9%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b><i>+9.0%<\/i><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Gross profit<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">189.6<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>178.0<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(6.1)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a % of sales<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>17.0%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>16.1%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>-93 bps<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Distribution &amp; adm. expenses (incl. depreciation)<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(164.6)<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(165.4)<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.5%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Current adj. EBITA<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">24.9<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \"><b>12.6<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(49.4)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a % of sales<\/i><\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>2.2%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>1.1%<\/i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>-110 bps<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:219px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>FTE (end of period)<\/b><\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:73px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">2,086<\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>2,027<\/b><\/td>\n<td style=\"width:73px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(2.8)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:499.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:666px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \"><b>Appendix 3: Consolidated Financial Statement<\/b><\/td>\n<\/tr>\n<\/table>\n<p><b>Consolidated Income Statement<\/b><\/p>\n<table style=\"border-collapse: collapse; width:494.25pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:368px;;vertical-align: top ; \"><b>Reported basis (\u20acm)<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>FY 2024<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Sales<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>19,285.1<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>19,414.6<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+0.7%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Gross profit<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>4,795.8<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>4,873.2<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+1.6%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a % of sales<\/i><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024.9%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a025.1%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:97px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">Operating expenses (excl. depreciation)<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(3,280.2)<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(3,320.7)<\/td>\n<td style=\"width:97px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">Depreciation<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(376.3)<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(389.2)<\/td>\n<td style=\"width:97px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Current EBITA<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>1,139.3<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>1,163.3<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+2.1%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a % of sales<\/i><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05.9%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06.0%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:97px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">Amortization of intangibles resulting from purchase price allocation<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(35.7)<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(45.6)<\/td>\n<td style=\"width:97px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Operating income bef. other inc. and exp.<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>1,103.6<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>1,117.7<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+1.3%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a % of sales<\/i><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05.7%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05.8%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:97px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">Other income and expenses<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(257.7)<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(56.2)<\/td>\n<td style=\"width:97px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Operating income<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>845.9<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,061.6<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+25.5%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">Net financial expenses<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(207.7)<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(214.2)<\/td>\n<td style=\"width:97px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Net income (loss) before income tax<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>638.2<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>847.4<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+32.8%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">Income tax<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(297.2)<\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(256.0)<\/td>\n<td style=\"width:97px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:368px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Net income (loss)<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>341.0<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>591.4<\/b><\/td>\n<td style=\"width:97px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+73.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><b>Bridge between Operating Income on a reported basis and current adjusted EBITA<\/b> <\/p>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:461px;;vertical-align: bottom ; \"><b>in \u20acm<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>FY 2024<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>FY 2025<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:461px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Operating income on a reported basis<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>845.9<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,061.6<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:461px;;border-top: solid black 1pt ; vertical-align: bottom ; \">Other Incomes &amp; expenses<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">257.7<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">56.2<\/td>\n<\/tr>\n<tr>\n<td style=\"width:461px;;vertical-align: bottom ; \">Amortization of intangibles assets<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">35.7<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">45.6<\/td>\n<\/tr>\n<tr>\n<td style=\"width:461px;;vertical-align: bottom ; \">Change in scope of consolidation<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">32.0<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<\/tr>\n<tr>\n<td style=\"width:461px;;vertical-align: bottom ; \">Foreign exchange effects<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(26.7)<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<\/tr>\n<tr>\n<td style=\"width:461px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Current EBITA<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,144.6<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,163.3<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:461px;;border-top: solid black 1pt ; vertical-align: bottom ; \">Non-recurring effect related to copper<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(7.4)<\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(5.5)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:461px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Current adjusted EBITA on a constant basis<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,137.2<\/b><\/td>\n<td style=\"width:100px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,157.8<\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><b>Recurring Net Income <\/b><\/p>\n<table style=\"border-collapse: collapse; width:494.25pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:419px;;vertical-align: top ; \"><b> in \u20acm<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>FY 2024<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:419px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Net income (as reported)<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>341.0<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>591.4<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+73.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:419px;;border-top: solid black 1pt ; vertical-align: top ; \">Non-recurring copper effect<\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(7.6)<\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(5.5)<\/td>\n<td style=\"width:80px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:419px;;vertical-align: top ; \">Other expense &amp; income<\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">257.7<\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">56.2<\/td>\n<td style=\"width:80px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:419px;;vertical-align: top ; \">Financial expense<\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.0<\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.0<\/td>\n<td style=\"width:80px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:419px;;border-bottom: solid black 1pt ; vertical-align: top ; \">Tax expense<\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">71.2<\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">36.4<\/td>\n<td style=\"width:80px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:419px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Recurring net income<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>662.3<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>678.5<\/b><\/td>\n<td style=\"width:80px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>+2,4%<\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><b>Sales and Profitability By Segment<\/b><\/p>\n<table style=\"border-collapse: collapse; width:494.25pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:347px;;vertical-align: top ; \"><b>Reported basis (\u20acm)<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>FY 2024<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FY 2025<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;vertical-align: top ; \"><b>Sales<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>19,285.1<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>19,414.6<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+0.7%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: top ; \">Europe<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,550.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,403.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.5)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: top ; \">North America<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,461.8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,906.8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+5.3%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; border-bottom: solid black 1pt ; vertical-align: top ; \">Asia-Pacific<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,272.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,104.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13.2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Gross profit<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>4,795.8<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>4,873.2<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+1.6%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: top ; \">Europe<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,526.4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,515.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.4)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: top ; \">North America<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,044.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,180.0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+6.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; border-bottom: solid black 1pt ; vertical-align: top ; \">Asia-Pacific<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0224.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0178.0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(20.8)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Current EBITA<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>1,139.3<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>1,163.3<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+2.1%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: top ; \">Europe<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0556.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0535.5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3.8)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: top ; \">North America<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0597.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0656.0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+9.8%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: top ; \">Asia-Pacific<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(37.7)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 25.0px; border-bottom: solid black 1pt ; vertical-align: top ; \">Other<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(35.2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(40.8)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(16.0)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><b>Consolidated Balance Sheet<\/b><sup><b>1<\/b><\/sup><\/p>\n<table style=\"border-collapse: collapse; width:495pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:424px;;vertical-align: middle ; \"><b>Assets (reported basis in \u20acm)<\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>December 31, 2024<\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>December 31, 2025<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Goodwill<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,978.4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,907.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Intangible assets<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,675.1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,659.3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Property, plant &amp; equipment<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0368.3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0353.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Right-of-use assets<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,381.4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,342.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Long-term investments<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a067.1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Deferred tax assets<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023.3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Total non-current assets<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>7,493.5<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>7,355.2<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \">Inventories<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,485.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,364.1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Trade receivables<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,694.4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,682.0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Other receivables<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0818.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0927.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Assets classified as held for sale <\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032.5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Cash and cash equivalents<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0883.3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,037.5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Total current assets<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>6,914.6<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>7,011.3<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Total assets<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>14,408.2<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>14,366.6<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:495pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:424px;;vertical-align: middle ; \"><b>Liabilities (reported basis in \u20acm)<\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>December 31, 2024<\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>December 31, 2025<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Total equity<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>5,569.9<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>5,405.7<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \">Long-term debt<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,330.0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,934.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Lease liabilities (non-current part)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,277.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,248.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Deferred tax liabilities<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0295.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0309.4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-bottom: solid black 1pt ; vertical-align: top ; \">Other non-current liabilities<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0219.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0315.5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Total non-current liabilities<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>4,122.5<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>4,807.4<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \">Interest bearing debt &amp; accrued int.<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0890.8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0691.1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Lease liabilities (current part)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0243.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0240.1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Trade payables<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,305.4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,170.9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Other payables<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,239.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,051.3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-bottom: solid black 1pt ; vertical-align: top ; \">Liabilities rel. to assets held for sale<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Total current liabilities<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>4,715.7<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>4,153.5<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Total liabilities<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>8,838.2<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>8,960.9<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Total equity &amp; liabilities<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>14,408.2<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>14,366.6<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><sup><i>1<\/i><\/sup><i> Including:<\/i><\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:0.1pt;\"><i>Debt hedge derivatives for \u20ac16.5m at December 31, 2025 and for \u20ac21.3m at December 31, 2024 ; and<\/i><\/li>\n<li style=\"margin-bottom:0.1pt;\"><i>Accrued interest receivables for \u20ac(1.4)m at December 31, 2025 and for \u20ac(2.7)m at December 31, 2024.<\/i><\/li>\n<\/ul>\n<p><b>Change in Net Debt<\/b><\/p>\n<table style=\"border-collapse: collapse; width:495pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:424px;;vertical-align: middle ; \"><b>Reported basis (\u20acm)<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>FY 2024<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>FY 2025<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>EBITDA<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,515.6<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,552.5<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \">Lease payments<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(311.3)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(325.7)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>EBITDAaL<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,204.3<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,226.8<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">Other operating revenues &amp; costs<sup>1,2<\/sup><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(196.3)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(37.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Operating cash-flow<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,008.0<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,189.2<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \">Change in working capital<sup>1<\/sup><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">34.3<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(239.1)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Net capital expenditure, of which:<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(125.8)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(136.2)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><i>Gross capital expenditure<\/i><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(135.9)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(143.1)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>Disposal of fixed assets<\/i><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">6.2<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">9.2<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Free cash-flow before int. &amp; tax<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>916.5<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>813.8<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b><i>Free cash flow conversion (% of EBITDAaL)<\/i><\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>76%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>66%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \">Net interest paid \/ received<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(129.6)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(137.1)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-bottom: solid black 1pt ; vertical-align: top ; \">Income tax paid<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(281.0)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(270.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Free cash-flow after int. &amp; tax<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>506.0<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>406.1<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \">Net financial investment<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(439.6)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">(161.5)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Dividends paid<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(357.2)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(354.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Net change in equity<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(102.0)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(96.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \">Other<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(110.6)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(16.3)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-bottom: solid black 1pt ; vertical-align: top ; \">Currency exchange variation<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(19.0)<\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">75.4<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Decrease (increase) in net debt<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>(522.3)<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>(147.5)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Net debt at the beginning of the period<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>1,961.5<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2,483.9<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Net debt at the end of the period<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2,483.9<\/b><\/td>\n<td style=\"width:118px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2,631.4<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:118px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:118px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><sup><i>1<\/i><\/sup><i> Includes the impact of the \u20ac124m of the French Competition fine recognized in P&amp;L in 2024 and paid in 2025<\/i><br \/><sup><i>2<\/i><\/sup><i> Includes restructuring and integration outflows of \u20ac35.3m in 2025 vs \u20ac17.1m in 2024<\/i><\/p>\n<table style=\"border-collapse: collapse; width:499.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:666px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \"><b>Appendix 4: Working Capital Analysis<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:495pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:424px;;vertical-align: middle ; \"><b>Constant basis<\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>December 31, 2024<\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>December 31, 2025<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;vertical-align: top ; \"><b>Net inventories<\/b><\/td>\n<td style=\"width:118px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:118px;;vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b><i>as a % of sales 12 rolling months<\/i><\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>12.5%<\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>12.4%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a number of days<\/i><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">58.3<\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">56.7<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Net trade receivables<\/b><\/td>\n<td style=\"width:118px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:118px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b><i>as a % of sales 12 rolling months<\/i><\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>13.4%<\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>13.7%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a number of days<\/i><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">47.3<\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">46.2<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Net trade payables<\/b><\/td>\n<td style=\"width:118px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:118px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b><i>as a % of sales 12 rolling months<\/i><\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>11.4%<\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>11.2%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>as a number of days<\/i><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">47.7<\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">45.6<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Trade working capital<\/b><\/td>\n<td style=\"width:118px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:118px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b><i>as a % of sales 12 rolling months<\/i><\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>14.6%<\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>15.0%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Total working capital<\/b><\/td>\n<td style=\"width:118px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:118px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:424px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: top ; \"><b><i>as a % of sales 12 rolling months<\/i><\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>12.8%<\/b><\/td>\n<td style=\"width:118px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>14.3%<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:499.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:666px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \"><b>Appendix 5: Headcount and branches by geography<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:416.25pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:240px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>FTEs at end of period comparable<\/b><\/td>\n<td style=\"width:105px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>December 31, 2024<\/b><\/td>\n<td style=\"width:105px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>December 31, 2025<\/b><\/td>\n<td style=\"width:105px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Year-on-Year Change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Europe<\/b><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>14,489<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>13,865<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(4.3)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;border-top: solid black 1pt ; vertical-align: top ; \"><i>USA<\/i><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,873\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,900\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+0.3%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;vertical-align: top ; \"><i>Canada<\/i><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,155\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,265\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+5.1%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>North America<\/b><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>10,028<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>10,165<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>+1.4%<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Asia-Pacific<\/b><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>2,086<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>2,027<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(2.8)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Other<\/b><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>258<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>249<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(3.5)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Group<\/b><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>26,860<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>26,306<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(2.1)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:416.25pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:240px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Branches<\/b><\/td>\n<td style=\"width:105px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>December 31, 2024<\/b><\/td>\n<td style=\"width:105px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>December 31, 2025<\/b><\/td>\n<td style=\"width:105px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Year-on-Year Change<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Europe<\/b><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>1,047<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>1,031<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(1.5)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;border-top: solid black 1pt ; vertical-align: top ; \"><i>USA<\/i><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0468\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0463\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;vertical-align: top ; \"><i>Canada<\/i><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0193\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0197\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0+2.1%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>North America<\/b><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>661<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>660<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(0.2)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Asia-Pacific<\/b><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>189<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>185<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(2.1)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:240px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>Group<\/b><\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>1,897<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>1,876<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:105px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(1.1)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:499.5pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:666px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \"><b>Appendix 6: Calendar, scope and currency effects on sales<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:494.25pt; border-collapse:collapse ;\">\n<tr>\n<td colspan=\"6\" style=\"width:659px;;vertical-align: top ; \">Based on the assumption, that exchange rates (as of February 4<sup>th<\/sup>) remain unchanged until year end:<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u20ac<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">1.00<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">=<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">USD<\/td>\n<td style=\"width:79px;;vertical-align: bottom ; \">1.18<\/td>\n<td style=\"width:79px;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u20ac<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">1.00<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">=<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">CAD<\/td>\n<td style=\"width:79px;;vertical-align: bottom ; \">1.61<\/td>\n<td style=\"width:79px;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u20ac<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">1.00<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">=<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">AUD<\/td>\n<td style=\"width:79px;;vertical-align: bottom ; \">1.68<\/td>\n<td style=\"width:79px;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">\u20ac<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">1.00<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">=<\/td>\n<td style=\"width:79px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">GBP<\/td>\n<td style=\"width:79px;;vertical-align: bottom ; \">0.86<\/td>\n<td style=\"width:79px;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" style=\"width:659px;;vertical-align: top ; \">and based on acquisitions\/divestments to date, 2025 sales should take into account the following estimated impacts to be comparable to 2026:<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:79px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:79px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:79px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:79px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:79px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q1e<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q2e<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q3e<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>Q4e<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: top ; \"><b>FYe<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;vertical-align: top ; \"><b>Scope effect at Group level<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>-0.8<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>-37.5<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>-38.5<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>0.0<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>-76.8<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;border-bottom: solid black 1pt ; vertical-align: top ; \">as % of 2025 sales<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.8)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.8%)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.4%)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Currency effect at Group level<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>-221.4<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>-80.6<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>5.0<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>-7.8<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><b>-304.8<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;border-bottom: solid black 1pt ; vertical-align: top ; \">as % of 2025 sales<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4.6)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.6)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.6)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;border-top: solid black 1pt ; vertical-align: top ; \"><b>Calendar effect at Group level<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>(0.9)<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>0.1<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>0.5<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>1.0<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>0.2<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<b>%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;vertical-align: top ; \">Europe<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.5)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;vertical-align: top ; \">USA<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.7)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;vertical-align: top ; \">Canada<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;vertical-align: top ; \">North America<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1.4)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;vertical-align: top ; \">Asia<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;vertical-align: top ; \">Pacific<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:264px;;border-bottom: solid black 1pt ; vertical-align: top ; \">Asia-Pacific<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<td style=\"width:79px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:661px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \"><b>Appendix 7: Historical copper price evolution<\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">For the graph, please open the pdf file by clicking on the link at the end of the press release.<\/p>\n<table style=\"border-collapse: collapse; width:495pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:110px;;vertical-align: top ; \"><b>USD\/t<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>Q1<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>Q2<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>Q3<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>Q4<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>FY<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;vertical-align: top ; \">2023<\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,959<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,476<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,401<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,249<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,523<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;vertical-align: top ; \">2024<\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,540<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9,873<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9,340<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9,318<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9,266<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9,419<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9,472<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9,865<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>11,104<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9,973<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;vertical-align: top ; \">2023 vs 2022<\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>(10)%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>(11)%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>3%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>(3)%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;vertical-align: top ; \">2024 vs 2023<\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>(5)%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>17%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>11%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>13%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2025 vs 2024<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>10%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>(4)%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>6%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>19%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>8%<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:495pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:110px;;vertical-align: top ; \"><b>\u20ac\/t<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>Q1<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>Q2<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>Q3<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>Q4<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>FY<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;vertical-align: top ; \">2023<\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,348<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>7,784<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>7,718<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>7,672<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>7,883<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;vertical-align: top ; \">2024<\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>7,865<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9,171<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,507<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,721<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,564<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,949<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,354<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,445<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9,543<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>8,826<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;vertical-align: top ; \">2023 vs. 2022<\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>(6)%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>(13)%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>1%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>(2)%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>(5)%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;vertical-align: top ; \">2024 vs. 2023<\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>(6)%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>18%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>10%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>14%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><b>9%<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:110px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2025 vs.2024<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>14%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>(9)%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>(1)%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>9%<\/b><\/td>\n<td style=\"width:110px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>3%<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:495.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:661px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><b>DISCLAIMER<\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><i>The Group is exposed to fluctuations in copper prices in connection with its distribution of cable products. Cables accounted for approximately 16% of the Group&#8217;s sales and copper accounts for approximately 60% of the composition of cables. This exposure is indirect since cable prices also reflect copper suppliers&#8217; commercial policies and the competitive environment in the Group&#8217;s markets. Changes in copper prices have an estimated so-called &#8220;recurring&#8221; effect and an estimated so called &#8220;non-recurring&#8221; effect on the Group&#8217;s performance assessed as part of the monthly internal reporting process of the Rexel Group: i) the recurring effect related to the change in copper-based cable prices corresponds to the change in value of the copper part included in the sales price of cables from one period to another. This effect mainly relates to the Group\u2019s sales; ii) the non-recurring effect related to the change in copper-based cable prices corresponds to the effect of copper price variations on the sales price of cables between the time they are purchased and the time they are sold, until all such inventory has been sold (direct effect on gross profit). Practically, the non-recurring effect on gross profit is determined by comparing the historical purchase price for copper-based cable and the supplier price effective at the date of the sale of the cables by the Rexel Group. Additionally, the non-recurring effect on current EBITA corresponds to the non-recurring effect on gross profit, which may be offset, when appropriate, by the non-recurring portion of changes in the distribution and administrative expenses.<\/i><br \/><i>The impact of these two effects is assessed for as much of the Group\u2019s total cable sales as possible, over each period. Group procedures require that entities that do not have the information systems capable of such exhaustive calculations to estimate these effects based on a sample representing at least 70% of the sales in the period. The results are then extrapolated to all cables sold during the period for that entity. Considering the sales covered. the Rexel Group considers such estimates of the impact of the two effects to be reasonable.<\/i><br \/><i>This document may contain statements of future expectations and other forward-looking statements. By their nature, they are subject to numerous risks and uncertainties, including those described in the Universal Registration Document registered with the French Autorit\u00e9 des March\u00e9s Financiers (AMF) on March 10, 2025 under number D.25-0084. These forward-looking statements are not guarantees of Rexel&#8217;s future performance, Rexel&#8217;s actual results of operations, financial condition and liquidity as well as development of the industry in which Rexel operates may differ materially from those made in or suggested by the forward-looking statements contained in this release. The forward-looking statements contained in this communication speak only as of the date of this communication and Rexel does not undertake, unless required by law or regulation, to update any of the forward-looking statements after this date to conform such statements to actual results to reflect the occurrence of anticipated results or otherwise.<\/i><br \/><i>The market and industry data and forecasts included in this document were obtained from internal surveys, estimates, experts and studies, where appropriate, as well as external market research, publicly available information and industry publications. Rexel, its affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only. <\/i><br \/><i>This document includes only summary information and must be read in conjunction with Rexel\u2019s Universal Registration Document registered with the AMF on March 10, 2025 under number D.25-0084, as well as the financial statements and consolidated result and activity report for the 2025 fiscal year which may be obtained from Rexel\u2019s website (www.rexel.com).<\/i><\/p>\n<p id=\"gnw_attachments_section-header\">\n    <strong>Attachment<\/strong>\n<\/p>\n<ul id=\"gnw_attachments_section-items\">\n<li>\n        <a target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/Tracker?data=NTB_lhbwuvZXezydpBvaY2mb4mqCm3eMFG6fADZMuCsgxzRiRWGVgNBRMFIGKg9-XgdcQq1IsAe3gdKrGS7jSfWhB0EQ3vV7o59Q5CzXVgcf9vwIpVsfl2rwfhdkWsDmjJpEL0pH1MkuA_3GqUXXq6-Vg4LCsW38zX7m0_vkYBPGeOiENxoMQuzk4qbe-G1R\" title=\"PR -  Q4 sales &amp; FY 2025 results\" rel=\"nofollow\">PR &#8211;  Q4 sales &amp; FY 2025 results<\/a>\n      <\/li>\n<\/ul>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/ml-eu.globenewswire.com\/media\/YTJlYjNlYTMtNzYyMy00ODQ2LWI4NjQtN2ExMjNjYzc2YWYyLTEwMTA5MjAtMjAyNi0wMi0xMS1lbg==\/tiny\/Rexel-D-veloppement-SAS.png\" referrerpolicy=\"no-referrer-when-downgrade\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Q4 sales &amp; FY 2025 resultsSequential sales growth improvement in Q4 in all geographiesMeeting or exceeding all full-year objectives Axelerate 2028 implementation and deeper productivity initiatives bearing fruit \u2192 FY 25 sales of \u20ac19,414.6m, boosted by organic growth and acquisitions Same-day sales increased by +2.5% in FY 2025, with improving trends quarter after quarter [&#8230;]\n","protected":false},"author":1,"featured_media":79226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-77360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-people"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v21.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rexel : Erratum to the Press release Q4 sales &amp; FY 2025 results - Biz and Live in Saigon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.saigonbiz.com\/vn\/rexel-erratum-to-the-press-release-q4-sales-fy-2025-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rexel : Erratum to the Press release Q4 sales &amp; 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