5. Segment information

The Group’s activities are grouped into two divisions, one dedicated to the Netherlands, which also includes the Group’s activities in Denmark, and the other to the United Kingdom and Ireland. The Group allocates resources and analyses performance and identified three reportable segments: Division Netherlands (‘division NL’), Division United Kingdom and Ireland (‘division UK&I’) and, up to the divestment in Q1 2025, Invesis. Belgium, Germany and International are considered individual operating segments that are not individually reportable, and thus combined. The performance of the segments division NL, division UK&I and Invesis is separately reported to and reviewed by the Executive Board. The Executive Board is considered the Chief Operating Decision Maker.

2025

Division NL

Division UK&I

Belgium, Germany and International

Invesis

Other including eliminations

Total

Revenue and results

Revenue

3,487,468

3,432,592

119,890

-

(50)

7,039,900

Adjusted EBITDA1

249,630

160,018

(8,801)

-

(538)

400,309

Adjusted items

(1,974)

(6,021)

105

-

-

(7,890)

EBITDA

247,656

153,997

(8,696)

-

(538)

392,419

Depreciation and amortisation

(93,086)

(61,794)

(2,286)

-

(625)

(157,791)

Impairments

5,746

1,304

-

-

-

7,050

Impairments in joint ventures and associates

(180)

(3,303)

-

-

-

(3,483)

Finance income and expense

(10,206)

17,934

2,843

-

(218)

10,353

Result before tax

149,930

108,138

(8,139)

-

(1,381)

248,548

Balance sheet

Assets

1,751,563

1,928,517

226,538

-

14,245

3,920,863

Equity-accounted investees

144,380

29,915

6,345

-

-

180,640

Total assets

1,895,943

1,958,432

232,883

-

14,245

4,101,503

Liabilities

1,786,083

1,526,973

109,829

-

(279,823)

3,143,062

Group equity

109,860

431,459

123,054

-

294,068

958,441

Equity and liabilities

1,895,943

1,958,432

232,883

-

14,245

4,101,503

2024

Division NL

Division UK&I

Belgium, Germany and International

Invesis2

Other including eliminations

Total

Revenue and results

Revenue

3,230,707

3,112,407

112,562

-

(725)

6,454,951

Adjusted EBITDA1

160,803

114,068

6,405

29,806

2,198

313,280

Adjusted items

(5,796)

(6,440)

-

-

-

(12,236)

EBITDA

155,007

107,628

6,405

29,806

2,198

301,044

Depreciation and amortisation

(82,668)

(42,351)

(2,027)

(723)

(127,769)

Impairments

(4,433)

-

(4,433)

Impairments in joint ventures and associates

(3,056)

(106,994)

(110,050)

Finance income and expense

(6,148)

19,500

5,264

-

(10,078)

8,538

Result before tax

58,702

84,777

9,642

(77,188)

(8,603)

67,330

Balance sheet

Assets

1,520,741

1,797,700

241,148

80,389

74,018

3,713,996

Equity-accounted investees

134,569

32,922

8,953

-

570

177,014

Total assets

1,655,310

1,830,622

250,101

80,389

74,588

3,891,010

Liabilities

1,603,748

1,373,418

112,337

-

(94,032)

2,995,471

Group equity

51,562

457,204

137,764

80,389

168,620

895,539

Equity and liabilities

1,655,310

1,830,622

250,101

80,389

74,588

3,891,010
1 Adjusted EBITDA is the main segment performance measure. Refer to 9.3 Glossary for definition and reconciliation.
2 A breakdown of Invesis’ result is included in note 22. Adjusted EBITDA includes Invesis’ operational result up to held-for-sale classification of negative €1.5 million and reclassification of reserves of €31.3 million.

Division NL

Division UK&I

Belgium, Germany and International

Other including eliminations

Total

Other disclosures

2025

Additions to property, plant and equipment, right-of-use assets and intangible assets

111,021

113,416

2,276

368

227,081

Share in result of joint ventures and associates

25,968

(8,817)

6,027

(570)

22,608

Average number of FTE

6,684

6,320

219

100

13,323

Number of FTE at year-end

6,737

6,387

220

99

13,443

2024

Additions to property, plant and equipment, right-of-use assets and intangible assets

116,132

68,210

2,525

672

187,539

Share in result of joint ventures and associates

20,064

(680)

153

-

19,537

Average number of FTE

6,606

6,254

211

101

13,172

Number of FTE at year-end

6,560

6,229

213

101

13,103