Investor Presentaiton
EBIT margin development continues to be a function of
growth, scalability, cost discipline and investment activity
EBIT margin (%)
<30%
Illustrative
>30%
Future drivers of EBIT margin
EBIT will be positively impacted by:
+ Leverage effect on fixed costs e.g.
distribution, admin and R&D costs
especially driven by Europe
EBIT will be negatively impacted by:
Investments in P/L (Commercial & R&D)
Incremental investment of up to
2% of revenue per year
Remainder of
A Gross margin
Strive25
Leverage
effect/scale
Incremental
investments
EBIT margin
beyond 24/252
strategic period
on fixed costs
1)
2)
41
Constant exchange rates
For the remaining Strive25 strategic period running until end 2024/25, the EBIT margin is now expected to remain
below 30%, and assumes dilution of around 100 basis points p.a. from Kerecis (including PPA amortisation)
FY 2021/22 and FY 2022/23 headwind on gross
margin from increasing prices for raw materials,
energy, freight, and wage inflation in Hungary
The acquisition of Kerecis is expected to be short-
term dilutive to the EBIT margin, with around 100
basis points impact p.a. (including PPA amortisation)
in the Strive25 strategic period
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