Net sales fell 11.9% to €2,601.4m, while total revenue declined 15.9% to €2,682.4m, reflecting a sharp reduction in other operating income. Meanwhile, staff and other operating costs continued to rise, widening the EBITDA loss to €1,010.9m and reducing the margin from −8.6% to −37.7%. The EBIT loss reached €1,117.0m, while the net loss more than tripled to €1,321.2m.
Operating cash flow remained negative at €108.1m, although this improved from a
€367.4m outflow in 2024. Free cash flow also improved but remained negative at
€150.0m. The accumulation of losses pushed equity further into negative territory, while total liabilities almost doubled during the year.
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