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SEA FORWARD: value indication

Line	Code	2024	2025	Change	%
Total assets	20/58	€3,255,858	€3,618,153	+€362,294	+11.1%
Fixed assets	21/28	€45,535	€464,016	+€418,481	+919%
Intangible fixed assets	21	€0	-	=
Tangible fixed assets	22/27	€44,375	€462,856	+€418,481	+943%
Land and buildings	22	-	€412,974	+€412,974
Plant, machinery and equipment	23	€5,036	€7,519	+€2,483	+49.3%
Furniture and vehicles	24	€39,339	€42,363	+€3,024	+7.7%
Financial fixed assets	28	€1,160	€1,160	=	0.0%
Current assets	29/58	€3,210,323	€3,154,137	-€56,186	-1.8%
Amounts receivable after more than one year	29	€250,000	€160,000	-€90,000	-36.0%
Other amounts receivable	291	€250,000	€160,000	-€90,000	-36.0%
Amounts receivable within one year	40/41	€1,393,634	€1,430,628	+€36,994	+2.7%
Trade receivables	40	€1,336,664	€1,388,417	+€51,752	+3.9%
Other amounts receivable	41	€56,969	€42,211	-€14,758	-25.9%
Cash at bank and in hand	54/58	€1,557,967	€1,560,515	+€2,548	+0.2%
Deferred charges and accrued income	490/1	€8,722	€2,993	-€5,729	-65.7%
Total equity and liabilities	10/49	€3,255,858	€3,618,153	+€362,294	+11.1%
Equity	10/15	€2,137,880	€2,572,233	+€434,353	+20.3%
Contributions	10/11	€8,200	€8,200	=	0.0%
Reserves	13	€2,107,117	€2,541,470	+€434,353	+20.6%
Distributable reserves	133	€2,107,117	€2,541,470	+€434,353	+20.6%
Profit (loss) carried forward	14	€22,563	€22,563	=	0.0%
Amounts payable	17/49	€1,117,978	€1,045,919	-€72,059	-6.4%
Amounts payable within one year	42/48	€1,117,978	€1,045,919	-€72,059	-6.4%
Trade debts	44	€870,449	€922,888	+€52,439	+6.0%
Suppliers	440/4	€870,449	€922,888	+€52,439	+6.0%
Taxes, remuneration and social security	45	€247,528	€121,003	-€126,526	-51.1%
Taxes	450/3	€237,565	€110,135	-€127,430	-53.6%
Remuneration and social security	454/9	€9,964	€10,868	+€904	+9.1%
Other amounts payable	47/48	€0	€2,028	+€2,028
Remuneration, social security and pensions	62	€53,387	€55,098	+€1,711	+3.2%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€20,926	€56,241	+€35,314	+169%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)	631/4	-€20,970	€0	+€20,970
Other operating charges	640/8	€23,219	€3,011	-€20,208	-87.0%
Non-recurring operating charges	66A	-	€841	+€841
Gross operating margin	9900	€1,049,617	€1,003,253	-€46,364	-4.4%
Operating profit (loss)	9901	€973,054	€888,062	-€84,992	-8.7%
Financial income	75/76B	€3,850	€3,664	-€187	-4.9%
Recurring financial income	75	€3,850	€3,664	-€187	-4.9%
Financial charges	65/66B	€193	€118,589	+€118,396	+61,237%
Recurring financial charges	65	€193	€118,589	+€118,396	+61,237%
Profit (loss) for the period before taxes	9903	€976,711	€773,137	-€203,574	-20.8%
Income taxes	67/77	€309,862	€244,904	-€64,957	-21.0%
Profit (loss) for the period	9904	€666,849	€528,232	-€138,617	-20.8%
Profit (loss) for the period to be appropriated	9905	€666,849	€528,232	-€138,617	-20.8%

SEA FORWARD: value indication

SEA FORWARD: value indication

Position among the sector peers

What moved between 2024 and 2025

Largest movements

Change in the result, 2024 to 2025

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

Limits of the indication

Next steps