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Strong Ebitda Growth

Gross Profit (MTL)

Gross Margin
  • High potential for further margin improvement
    • Optimized merchandising mix (lower tobacco, increase focus on higher-margin products)
    • Focus on growing and profitable HORECA & Corporate & Individual segments
    • Maintain and reinforce rigorous cost discipline
    • Leverage economies of scale in opex

Operational Expenses–Opex (MTL)


Adjusted* Ebitda (MTL)

Adjusted Margin

(*) Excluding other income/expense

(**) Including IFRS16 Adjustment