2013

2014

2015

2016

2017

20181

H1 2019

Long-term ambition

Organic growth

3%

6%

4%

4%

3%

5+%

5%

5+%

Adjusted EBITDA margin

11.2%

11.6%

12.5%

13.3%

13.0%

12.8%

13.5%

14+%

Adjusted EBIT margin

7.4%

7.8%

8.7%

9.4%

9.0%

8.1%

8.8

10+%

Adjusted ROI

12.1%

12.6%

14.7%

14.7%

13.6%

11.6%

11.5%

15+%

Adjusted ROE

15.8%

16.1%

18.1%

17.7%

17.0%

14.5%

14.8%

18%

Capex/EBITDA

50%

49%

43%

52%

55%

49%

35%

40%

Net debt/EBITDA

1.6

1.0

1.6

1.8

1.8

2.3

2.4

2-3

Free cash flow, MEUR

56

65

91

100

56

80

34.2

150

Dividend payout ratio

47%

47%

40%

40%

42%

49%

n/a

40-50%

All figures excluding IAC.
1 FY 2018 figures restated for IFRS 16 impact.

In addition to organic growth, Huhtamaki aims for 5+% acquisitive growth (p.a. in average) in the long-term.