Pierce’s board of directors has adopted the following financial targets that form the overall basis for the business plan.

Net revenue growth: In the medium to long term (3-5 years), grow net revenue by 15-20% annually.

Adjusted EBIT margin: In the medium to long term (3-5 years), reach an Adjusted EBIT margin of around 8%.

Capital structure: Net debt/Adjusted EBITDA* not exceeding 2.0x, subject to temporary flexibility for strategic initiatives.

Dividend policy: Over the next few years, unrestricted cashflows** are planned to be used for continued development*** of the Company and thus not distributed to the shareholders.

* Net debt in relation to last twelve month adjusted EBITDA, excluding IFRS 16 effects.
** Unrestricted cashflow refers to cashflow from ongoing operations and investment activities.
*** Development means investments in, for instance, IT-hardware, IT-development, expansion of distribution warehouse, marketing, customer acquisitions, business acquisitions and acquisition of net assets.