Net Sales

-0.7% (Q1 2025 vs Q1 2024)

Net sales declined slightly (from USD 1,591,626 thousand to USD 1,579,977 thousand) largely due to seasonal factors such as fewer selling days and marginal category-specific volume declines, a contrast to previous periods when pricing actions and product mix shifts helped boost sales. " "

Operating Income

-12% (Q1 2025 vs Q1 2024)

Operating income fell by approximately 12% (from USD 215,406 thousand to USD 189,820 thousand) driven by the impact of two fewer selling days, higher selling, delivery and administrative expenses (along with inflationary pressures), and a lower net sales base compared to the prior period. " "

Net Income & EPS

-37.5% Decline in Net Income; EPS from 17.68 to 11.88

Net income dropped by 37.5% (from USD 165,741 thousand to USD 103,611 thousand), with a corresponding decline in EPS, as the Q1 2025 performance was adversely affected by lower operating income and less favorable fair value adjustments compared to the benefits seen in Q1 2024. " "

Balance Sheet – Assets & Liabilities

Assets: +26%; Liabilities: +45%; Equity: -6%

Total assets grew by 26% due to strong operational inflows, but liabilities surged by nearly 45%—primarily from increased long-term and current debt—leading to a reduction in equity by about 6%, in contrast to previous periods where the liability growth was more balanced with asset increases. " "

Operating Cash Flow

+2% (Q1 2025 vs Q1 2024)

Operating cash flow increased modestly (from USD 194,273 thousand to USD 198,171 thousand) despite lower net income, as favorable non-cash adjustments (notably fair value adjustments of acquisition-related contingent consideration) and working capital changes helped offset the income decline observed in Q1 2025 relative to Q1 2024. " "