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)
OPEX/Sales
Adjusted* Ebitda (MTL)
Adjusted Margin
(*) Excluding other income/expense
(**) Including IFRS16 Adjustment