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Total revenue increased from €4,341m to €4,482m, also up 3.1%. EBITDA was broadly stable at €538m, compared with €534m in 2024, while the EBITDA margin declined slightly from 12.3% to 12.0%. The main earnings improvement came below EBITDA: depreciation, amortisation and impairments fell from €652m to €458m, allowing EBIT to move from -€118m to €80m.
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