Key Figures
Financial Key Figures
In EUR thousands, unless otherwise indicated
| Key figure | 1-9/2025 | 1-9/2024 | 2024 | 2023 | 2022 |
| Unaudited | Unaudited | Audited | Audited | Audited | |
| Revenue | 163 970 | 112 481 | 162 1191) | 151 0701) | 152 4841) |
| Revenue growth % | 45,8 | N/A | 7,3 | -0,9 | N/A |
| Organic revenue growth % | 45,8 | N/A | 7,3 | -0,9 | N/A |
| EBITDA | 35 349 | 19 616 | 35 164 | 35 484 | 28 608 |
| EBITDA margin % | 21,6 | 17,4 | 21,7 | 23,5 | 18,8 |
| Adjusted EBITDA | 43 003 | 22 506 | 38 589 | 34 981 | 33 668 |
| Adjusted EBITDA margin % | 26,2 | 20,0 | 23,8 | 23,2 | 22,1 |
| EBIT | 30 984 | 15 579 | 29 6071) | 31 4551) | 24 0991) |
| EBIT margin % | 18,9 | 13,9 | 18,3 | 20,8 | 15,8 |
| Adjusted EBIT | 38 637 | 18 468 | 33 032 | 30 953 | 29 158 |
| Adjusted EBIT margin % | 23,6 | 16,4 | 20,4 | 20,5 | 19,1 |
| Earnings per share, basic, EUR2) | 0,22 | 0,10 | 0,241) | 0,231) | 0,161) |
| Operating Free Cash Flow | 33 819 | 13 239 | 26 594 | 32 250 | 22 211 |
| Capital Employed | 41 058 | N/A | 35 384 | 33 045 | 30 555 |
| ROCE, % | 129,6 | N/A | 93,4 | 93,7 | 95,4 |
| ROE, % | 80,8 | N/A | 41,8 | 61,6 | 67,6 |
| Investments | 2 405 | 3 008 | 3 8301) | 6 2421) | 4 0851) |
| Net debt | 89 991 | 75 743 | 67 891 | 78 078 | 94 694 |
| Net debt excluding lease liabilities | 83 430 | 71 981 | 64 146 | 73 563 | 91 822 |
| Net debt / Adjusted EBITDA | 1,5 | N/A | 1,8 | 2,2 | 2,8 |
| Cash conversion, % | 78,6 | 58,8 | 68,9 | 92,2 | 66,0 |
| Gross profit | 77 822 | 51 758 | 77 792 | 73 585 | 68 895 |
| Gross margin, % | 47,5 | 46,0 | 48,0 | 48,7 | 45,2 |
| Personnel3) | 489 | 445 | 455 | 435 | 398 |
1) Audited.
2) Framery has amended its Articles of Association in August 2025, as a result of which the Company now has only one share class (ordinary shares, former series A). The earnings per share, basic and diluted, for the nine months ended on 30 September 2025 and 30 September 2024, and for the years ended on 31 December 2024, 31 December 2023, and 31 December 2022, have been retrospectively adjusted for the effects of the share issue without payment, as resolved by the Company’s Board of Directors on 14 November 2025
3) Personnel employed by the Company on the last day of the reporting period.
The Definitions and Reasons for the Use of Key Figures
| Key figure | Definition | Reason for use |
| Revenue Growth | Revenue for the period – Revenue for the previous period / Revenue for the previous period x 100 | Framery reports revenue growth as a critical measure of its revenue growth trajectory. |
| Organic revenue1) | Revenue adjusted by excluding the revenue generated from business acquisitions or divestments. | Organic revenue is Framery’s medium-term financial targets, which is used to describe Framery’s ability to generate revenue without the impact of business acquisitions or divestments. |
| Items affecting comparability | Items affecting comparability are defined as unusual significant items outside the ordinary course of business. Items affecting comparability include e.g. costs related to changes in group structure, non-recurring consulting and legal expenses, people related non-recurring expenses such as top management recruitment expenses, expenses related to pre-listing share based incentive programmes (including the change in the value of redemption liability for own shares), non-recurring expenses related to new product launch and strategic growth, non-recurring component quality costs and related insurance compensations, and costs related to preparations for and the implementation of the Company’s listing on the stock exchange. | Items affecting comparability are items that are not directly related to Framery’s normal recurring operations and they are adjusted in order to improve the comparability of the underlying performance between the reporting periods. |
| EBITDA | Operating profit + depreciation, amortisation and impairments | EBITDA tracks the profitability of Framery’s business operations before depreciation, amortisation and impairment charges. |
| EBITDA margin, % | EBITDA / Revenue x 100 | |
| Adjusted EBITDA | Operating profit + depreciation, amortisation and impairments +/– items affecting comparability | Adjusted EBITDA is presented in addition to EBITDA to enhance understanding of the underlying comparable profitability of Framery’s business operations. This measure is also a component of both the cash conversion ratio and net debt to EBITDA. |
| Adjusted EBITDA margin, % | Adjusted EBITDA / Revenue x 100 | |
| EBIT | Operating profit | EBIT reflects profit generated from Framery’s business operations before deducting interest and taxes. |
| EBIT margin, % | EBIT / Revenue x 100 | |
| Adjusted EBIT | Operating profit +/– items affecting comparability | Adjusted EBIT is presented in addition to EBIT to enhance understanding of the comparable profit generated from Framery’s business before interest and taxes as items affecting comparability are excluded. |
| Adjusted EBIT margin, % | Adjusted EBIT / Revenue x 100 | |
| Investments | Purchases of property, plant and equipment and intangible rights derived from the Group’s consolidated statement of cash flows. | Investments indicate how much Framery is allocating its resources that are not recognised on income statement towards future growth. This measure is also a component of the operating free cash flow measure. |
| Net working capital | Inventories + trade receivables + other receivables less financing agreement related accruals and income tax receivables – trade payables – contract liabilities – other payables less other current liabilities related to share-based payments and income tax payable | Net working capital is a useful indicator which is used to monitor Framery’s short-term capital efficiency. |
| Operating Free Cash Flow | Adjusted EBITDA – repayments of lease liabilities derived from the Group’s consolidated statement of cash flows – investments + change in net working capital | Operating free cash flow gives information on cash flows that Framery generates from its normal business operations after capital expenditure available for repaying debt or dividends. |
| Capital Employed | Other intangible assets + right-of-use assets + property, plant and equipment + net working capital (on average, rolling 12 months) | Capital employed indicates the total resources used by Framery to generate profits. |
| Return on capital employed (ROCE) | Adjusted EBIT (12 months rolling) / Capital employed x 100 | Return on capital employed demonstrates how well Framery converts its capital employed into profits. |
| Return on equity (ROE) | Profit for the period (12 months rolling) / Total equity (average of opening and closing balance of the previous 12 months) x 100 | Return on equity demonstrates how much Framery can generate returns using equity. |
| Net debt | Bank loans + lease liabilities + shareholder loans + series P shares – cash and cash equivalents | Net debt is a liquidity measure presented to portray the total amount of the Framery’s external debt financing less cash and cash equivalents. |
| Net debt excluding lease liabilities | Bank loans + shareholder loans + series P shares – cash and cash equivalents | |
| Net debt / Adjusted EBITDA, ratio | Net debt / Adjusted EBITDA (12 months rolling) x 100 | Net debt to Adjusted EBITDA helps to demonstrate the level of risk related to external financing and is a useful indicator of Framery’s ability to pay its debts. |
| Cash conversion, % | Operating free cash flow / Adjusted EBITDA x 100 | Cash conversion represents how effectively Framery is able to convert its EBITDA into cash. |
| Gross profit | Revenue – materials and services – direct labour costs – data and platform costs – exchange rate differences | The purpose of gross profit is to measure the profitability of Framery’s products and services. |
| Gross margin, % | Gross profit / Revenue x 100 | |
| Personnel | Personnel employed by Framery on the last day of the reporting period | Personnel data displays the size of Framery’s workforce on the last day of the reporting period. |
1) Framery’s revenue growth in the periods presented in the Offering Circular is entirely organic, therefore it is not necessary to report a separate key figure. Any possible business acquisitions and divestments during the target period for financial targets, which would have a direct impact on the Company’s reported revenue, are adjusted to the amount of revenue in the following manner: i) Current period acquisitions: Revenue generated from acquisitions is subtracted from the current period’s revenue ii) Comparison period acquisitions: Adjusted from the current period’s revenue for the time during which the acquired business is not consolidated into the company’s financial statements in the previous period iii) Current period divested businesses: Adjusted by eliminating the revenue generated by the divested businesses from both the current and previous period reported revenue iv) Previous period divested businesses: Adjusted by eliminating the revenue of divested businesses from the previous period until the date of disposal.