Financial highlights

INDEX

Key ratios

(thousand Euros)

Economic data

Economic data	2024	2023	2022	2021	2020
Revenue	2,295,938	2,117,983	1,891,114	1,483,803	1,250,191
Growth rate	8.4%	12.0%	27.5%	18.7%	5.7%
Gross operating income (EBITDA)	410,611	352,093	340,312	262,784	207,936
EBITDA margin	17.9%	16.6%	18.0%	17.7%	16.6%
Operating income (EBIT)	330,421	292,745	285,473	209,283	169,531
EBIT margin	14.4%	13.8%	15.1%	14.1%	13.6%
Group net income	211,139	186,699	191,016	150,672	123,598
Group net margin	9.2%	8.8%	10.1%	10.2%	9.9%
Tax rate	31.8%	30.6%	27.5%	28.5%	23.4%

Financial figures

Financial figures	2024	2023	2022	2021	2020
Group shareholder's equity	1,300,188	1,114,840	971,869	815,895	675,039
Non controlling interest	2,773	1,883	1,579	2,625	918
Total assets	2,630,935	2,373,980	2,228,150	1,857,597	1,506,568
Net working capital	52,711	83,818	46,590	(42,614)	(21,565)
Cash flow	349,438	249,794	184,573	207,578	229,028

Data per single share (in Euros)

Data per single share (in Euros)	2024	2023	2022	2021	2020
Net result per share	5.65	5.01	5.13	4.03	3.30
Shareholders' equity per share	34.75	29.80	25.94	21.74	18.04

Other information

Other information	2024	2023	2022	2021	2020
Number of employees	15,667	14,798	13,467	10,579	9,059

Income statements

(thousand Euros)

Consolidated income statements

Consolidated income statements	2024	2023	2022	2021	2020
Revenues	2,295,938	2,117,983	1,891,114	1,483,803	1,250,191
Other income	33,456	23,947	19,452	17,631	19,405
Purchases	(46,350)	(29,364)	(27,328)	(21,500)	(21,510)
Personnel	(1,237,370)	(1,139,331)	(986,744)	(759,567)	(621,362)
Services and other costs	(603,917)	(619,657)	(606,853)	(462,779)	(419,235)
Amortization, depreciation and write-downs	(84.933)	(75,205)	(58,612)	(48,391)	(42,441)
Other unusual (cost)/income	(26.403)	14,373	54,445	85	4,484
Operating income	330,421	292,745	285,473	209,283	169,531
(Loss)/gain on investments	(20.000)	(13,877)	(12,102)	8,164	1,240
Financial income/(expenses)	2,812	(7,287)	(4,676)	(4,168)	(8,717)
Income before taxes	313,232	271,581	268,695	213,279	162,054
Income taxes	(99.464)	(83,122)	(76,511)	(60,871)	(37,848)
Net income	213,768	188,459	192,184	152,408	124,206
Not controlling interest	(2.630)	(1,760)	(1,168)	(1,735)	(608)
Group net result	211,139	186,699	191,016	150,672	123,598

Balance sheets

(thousand Euros)

Consolidated statement of financial position

Consolidated statement of financial position	2024	2023	2022	2021	2020
Tangible assets	132,343	108,197	98,068	80,919	51,782
Goodwill	693,210	626,481	630,255	445,345	330,749
Other intangible assets	95,802	81,509	105.173	83.386	25,758
RoU Assets	107,055	114,758	112,341	119,549	137,645
Equity investments	19,809	41,373	51,049	66,361	56,421
Financial assets	9,055	7,448	11,706	8,556	9,577
Deferred tax assets	66,557	66,693	61,979	68,889	52,921
Non-current assets	1,123,832	1,046,457	1,070,572	873,006	664,852
Work in progress	68,369	43,061	83,880	86,787	79,784
Trade receivables	757,558	739,474	657,568	471,560	344,700
Other current assets	115,901	124,373	101,828	65,402	81,306
Credits for income taxes purposes	27,675	22,541
Financial assets	45,767	32,872	30,608	31,791	2,108
Cash and cash equivalents	491,834	388,742	283,695	329,051	333,819
Current assets	1,507,103	1,327,523	1,157,578	984,592	841,716
Total assets	2,630,935	2,373,980	2,228,150	1,857,597	1,506,568
Share capital	4,863	4,863	4,863	4,863	4,863
Other reserves	1,084,186	923,277	774,411	657,733	546,578
Net result of the period	211,138	186,699	191,016	150,672	123,598
Group shareholders' equity	1,300,188	1,114,840	970,291	813,269	675,039
Non-controlling interest	2,773	1,883	1,579	2,625	918
Net equity	1,302,960	1,116,723	971,869	815.895	675,957
Due to minority shareholders	57,478	86,523	112,827	107,493	53,010
Financial liabilities	48,910	52,291	74,533	23,313	20,387
Financial liabilities from RoU	84,695	95,101	97,624	102,129	118,796
Employee benefits	84,248	69,677	42,831	48,601	46,112
Deferred tax liabilities	33,443	41,605	44,964	34,690	16,117
Provisions	47,497	20,644	15,242	16,925	10,753
Non-current liabilities	356,271	365,841	388,021	333,150	265,174
Due to minority shareholders and earn-out	52,121	27,845	28,675	22,066	18,370
Financial liabilities	19,748	32,655	43,745	15,681	13,629
Financial liabilities from RoU	35,163	31,670	27,829	26,508	24,453
Trade payables	183,233	191,001	168,835	139,921	114,149
Other current liabilities	640,928	574,723	598,557	502,990	394,110
Deferred tax liabilities	39,155	32,982
Provisions	1,355	539	619	1,387	724
Current liabilities	971,703	891,415	868,260	708,552	565,437
Total liabilities	1,327,974	1,257,256	1,256,281	1,041,702	830,611
Total shareholder's equity and liabilities	2,630,935	2,373,980	2,228,150	1,857,597	1,506,568

Net financial position and cash flow statement

(thousand Euros)

Financial position

Financial position	2024	2023	2022	2021	2020
Short-term financial position	482,689	352,290	242,729	318,653	297,844
M/L term financial position	(133,604)	(147,392)	(172.157)	(125.442)	(139.183)
Total net financial position	349,084	204,898	70,572	193,212	158,661

Cash and cash equivalents

Cash and cash equivalents	2024	2023	2022	2021	2020
Net cash flows from operating activities (A)	349,438	249,794	184,573	207,578	229,028
Net cash flows from investment activities (B)	(150,575)	(40,692)	(234,350)	(160,092)	(76,550)
Net cash flows from financing activities (C)	(90,757)	(88,746)	(1,651)	(65,305)	(59,549)
Net cash flows (D)=(A+B+C)	108,105	120,356	(51,428)	(17,819)	92,929
Cash and cash equivalents at period end	491,713	383,608	263,252	314,680	332,500
Total change in cash and cash equivalents (D)	108,105	120,356	(51,428)	(17,819)	92,929