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In the period 2017-2026, Marel is targeting 12% average annual revenue growth through market penetration and innovation, complemented by strategic partnerships and acquisitions.


Revenue growth

In light of the results delivered in the beginning of the year and robust order book, we expect strong organic revenue growth and good operational results for the full year 2018.

12% average annual revenue growth in 2017-2026*22% YoY6%20%

Innovation investment

To support new product development and ensure continued competitiveness of existing product offering.

~6% of revenues5.6%5.5%6.5%

Earnings per share (euro cent)**

Marel’s management expects Earnings per share to grow faster than revenues

EPS to growfaster thanrevenues16.513.710.6


The leverage ratio is estimated to be in line with the targeted capital structure of the company.

Net debt/ EBITDAx2-3x1.8x1.9x2.3

Dividend policy

Dividend or share buy-back targeted at 20-40% of net profits. Excess capital used to stimulate growth and value creation, as well as paying dividends.

20-40% of netprofit-30%20%

*The third quarter is expected to be softer than other quarters in 2018 due to seasonality and product mix. In the long term*, management expects 4-6% average annual market growth. Marel aims to grow organically faster than the market, driven by innovation and market penetration. Solid operational performance and strong cash flow is expected to support 5-7% revenue growth on average by acquisition.

**Growth will not be linear but based on opportunities and economic fluctuations. Operational results may vary from quarter to quarter due to general economic developments,fluctuations in orders received and timing ofdeliveries of larger systems.***Trailing twelve months, EUR cents