Essentra ended 2025 with net debt of £60.7 million , down from £68.2 million the prior year, and net-debt-to-adjusted EBITDA of 1.4x , remaining within the group’s stated range of below 1.5x. Adjusted operating cash conversion was 137.5% (Baker also cited 138%), benefiting from the sale of the Kidlington warehouse (Building Block B); excluding that sale, he said cash conversion would still have been 120% . CapEx-to-sales was 3.6% , slightly below the company’s guided range, which Baker attributed to cash di ...