7. Equity attributable to shareholders of the Company

At year-end 2025, the authorised capital of the Group was 400 million ordinary shares (2024: 400 million) and 600 million preference shares (2024: 600 million), all with a nominal value of €0.10 per share (2024: €0.10 per share). All issued shares have been paid in full.

Movements in shareholders’ equity are as follows:

Movements in shareholders’ equity are as follows:

Attributable to the shareholders of the Company

Issued and paid capital

Share premium

Legal reserves

Retained earnings

Net result

Total

As at 1 January 2024

28,404

810,907

79,488

(173,295)

174,991

920,495

Net result for the year

-

-

-

-

82,248

82,248

Appropriation of result

-

-

-

174,991

(174,991)

-

Dividend payment

-

-

-

(25,840)

-

(25,840)

Remeasurements of post-employment benefit obligations

-

-

-

(12,735)

-

(12,735)

Movements in cash flow hedges

-

-

(26,345)

-

-

(26,345)

Repurchase of ordinary shares

-

-

-

(65,525)

-

(65,525)

Share-based payments

-

-

-

2,709

-

2,709

Exchange rate differences

-

-

20,506

-

-

20,506

Transfers

-

-

(93,535)

93,535

-

-

As at 31 December 2024

28,404

810,907

(19,886)

(6,160)

82,248

895,513

Net result for the year

-

-

-

-

210,990

210,990

Appropriation of result

-

-

-

82,248

(82,248)

-

Dividend payment

-

-

-

(65,998)

-

(65,998)

Remeasurements of post-employment benefit obligations

-

-

-

(11,472)

-

(11,472)

Movements in cash flow hedges

-

-

-

-

-

-

Repurchase of ordinary shares

-

-

-

(50,036)

-

(50,036)

Cancelation of shares

(1,204)

-

-

1,204

-

-

Share-based payments

-

-

-

2,573

-

2,573

Exchange rate differences

-

-

(23,523)

-

-

(23,523)

Transfers

4,116

(4,116)

-

-

As at 31 December 2025

27,200

810,907

(39,293)

(51,757)

210,990

958,047

On 8 May 2025, the annual general meeting approved a cash dividend of €0.25 per ordinary share with a scrip alternative (2024: €0.20 per ordinary share). On 6 June 2025, the Group paid €66.0 million in cash (2024: €25.8 million in cash and distributed 7.2 million shares to shareholders that opted for stock dividend)

During 2025, the Group repurchased 7.2 million own shares for a total consideration of €50.0 million (2024: €65.5 million). This comprises the repurchase programme of the €50 million share buyback (6.8 million shares) and the repurchase from employees (0.4 million shares) of a part of the shares that vested under the performance share plan and special incentive plan to settle their wage tax and social security premiums.

7.1 Share premium, legal reserves, retained earnings and net result

Legal reserves comprise the reserves for (cash flow) hedging, translation differences and the Group’s non-distributable reserve relating to undistributed profits accumulated in joint ventures and associates. These legal reserves are required by Dutch law and are not distributable.

The hedging reserve amounts to nil (2024: nil) and the translation reserve amounts to €90 million negative (2024: €66 million negative). The Group’s non-distributable reserve relating to undistributed profits accumulated in joint ventures and associates amounts to €51 million (2024: €46 million). The sum of share premium retained earnings and net result are in principle distributable except for an amount of €90 million, which is to cover the negative translation reserve.

7.2 Dividends per share

The net result for 2025 amounting to €211 million has been attributed to shareholders’ equity. The Company proposes to declare a cash dividend over 2025 of €0.30 per ordinary share.