Vetropack Holding Ltd.

Latest Results (07.02.2026):

Vetropack Holding Ltd. — reporting full‑year 2024 results (year ended 31 December 2024; includes Q4 2024). The group recorded a weaker operating year: consolidated net sales fell 6.3% to CHF 842.1 million and operating result dropped to CHF 34.3 million, leading to consolidated profit of CHF 13.7 million (2023: CHF 63.3 million). Cash flow from operating activities strengthened to CHF 135.8 million despite the profit decline, while the company incurred one‑off closure costs for the St‑Prex plant and recognized additional impairments and provisions related to restructuring and Pillar Two top‑up tax.

Revenue

Net sales decreased 6.3% year‑on‑year to CHF 842.1 million (2023: CHF 898.8 million). Sales by supplying country show declines in most markets (notably Ukraine/Republic of Moldova –16.0%); Italy was roughly stable (+0.9%).

Profitability

Operating result (EBIT) fell to CHF 34.3 million from CHF 91.3 million in 2023. Consolidated profit was CHF 13.7 million (2023: CHF 63.3 million). Earnings per share A were CHF 0.69 (2023: CHF 3.19); share B CHF 0.14 (2023: CHF 0.64).

One‑off / Restructuring items

Costs related to the closure of the St‑Prex production site amounted to CHF 24.3 million in 2024 (personnel costs, impairments of tangible assets and inventories, and other items). Impairments and related non‑recurring items also affected 2024 results.

Cash flow and investment

Operating cash flow improved to CHF 135.8 million (2023: CHF 72.4 million). Investments in tangible assets decreased to CHF 85.5 million (2023: CHF 235.6 million). Net change in liquid funds was –CHF 14.0 million, leaving CHF 68.2 million in cash at year end.

Balance sheet and liquidity

Total assets were CHF 1,237.7 million (2023: CHF 1,263.8 million). Shareholders’ equity rose slightly to CHF 758.2 million (2023: CHF 750.7 million). Financial debts declined to CHF 219.1 million (2023: CHF 255.7 million), improving the balance between debt and cash.

Costs and margins drivers

Energy expenses fell materially year‑on‑year to CHF 172.9 million (2023: CHF 241.7 million), which partially offset margin pressure from lower volumes and restructuring costs. Depreciation rose modestly to CHF 77.2 million.

Tax and regulatory items

Income tax expense for 2024 was CHF 11.0 million (2023: CHF 15.8 million). Vetropack recognised a Pillar Two top‑up tax provision of CHF 2.7 million for 2024.

Capital distribution and governance

A dividend of CHF 19.8 million was paid in 2024 (same amount as 2023). Major shareholder group Cornaz holds 71.6% of voting rights; listed registered share A closed 2024 at CHF 25.50 (market cap ~CHF 505.5 million).