February 12th, 2026

The call presents a constructive operational story: solid top-line performance (4.2% organic growth), positive volume growth, brand-led innovation and clear execution (market share gains and expanded cabinets), backed by a productivity program that has already delivered meaningful savings and a staged plan to reinvest for growth. Offsetting these positives are significant near-term headwinds and technical impacts: exceptional commodity inflation (380 bps) in 2025, TSA-related margin effects and separation/demerger cash costs that materially depressed reported EBITDA and free cash flow in the near term, plus acquisition-related perimeter dilution from India. Management frames most negatives as transitional or non-recurring (TSAs, separation costs, commodity normalization expected) while highlighting 2026 guidance for 3–5% organic growth and a 40–60 bps comparable adjusted EBITDA margin improvement. Given the balance of durable operational strengths and clear mitigation plans versus largely transitional and explainable near-term financial impacts, the overall tone is positive but pragmatic and execution-focused.

Company Guidance

Management guided 2026 organic sales growth of 3–5% (industry growth 3–4%) with adjusted EBITDA margin improvement of 40–60 bps on a comparable perimeter (0–20 bps reported including the India/Portugal acquisition impact), an adjusted effective tax rate around 27%, expected net finance cost ~€180m and adjusting items of €425–450m; they said commodity inflation that hit 380 bps in 2025 should normalize to low single digits with benefits weighted to H2, TSAs/RTSA exit planned by end‑2027, and the €500m productivity program has delivered cumulative savings of ~€250m to date (€70m H2‑24 + €180m in 2025) helping deliver 170 bps of supply‑chain savings vs. 230 bps pricing contribution and an operational (ex‑FX) gross‑margin improvement of +20 bps while reported gross margin was -30 bps; 2025 metrics cited include revenue €7.9bn, organic growth 4.2% (price ≈+2.6 p.p., volume +1.5%), adjusted EBIT at constant FX +€48m, adjusted EBITDA -100 bps (50 bps FX translation, 50 bps TSA), US share +24 bps with US organic +1.7% (volume +1.8%), Europe/ANZ OSG 3.3% (+37 bps share), EMEA +10.9% (volume +4.5%), Yasso >30% growth, cabinet fleet ~3 million (cabinet CapEx +~10%), net debt/adjusted EBITDA 2.4x, comparable free cash flow €602m in 2025 vs. €660m in 2024, and net free cash flow €38m after €564m of separation/transition costs.