Vetropack Holding Ltd.

Latest Results (24.03.2026):

Vetropack Holding Ltd. — results for Q4 and full-year 2024 (year ended 31 December 2024): Net sales for the Vetropack Group fell to CHF 842.1 million (-6.3% y/y). Consolidated profit dropped to CHF 13.7 million (2023: CHF 63.3 million), with operating result falling to CHF 34.3 million (2023: CHF 91.3 million). Earnings per share A were CHF 0.69 (2023: CHF 3.19). Operating cash flow improved to CHF 135.8 million and the Group invested CHF 85.5 million in tangible assets; liquid funds declined to CHF 68.2 million at year-end. The 2024 result included CHF 24.3 million of costs related to the announced closure of the St‑Prex production site and a CHF 2.7 million Pillar Two top‑up tax provision.

Revenue and profitability

Net sales: CHF 842.1m (–6.3% vs 2023). Operating result: CHF 34.3m (2023: CHF 91.3m). Consolidated profit: CHF 13.7m (2023: CHF 63.3m), a large year‑on‑year decline driven by higher energy costs, depreciation and one‑off closure costs.

Costs and operating drivers

Energy expenses fell from CHF 241.7m to CHF 172.9m but remained a material cost line; depreciation rose to CHF 77.2m. Material expenses were stable (CHF 146.6m). The 2024 income statement includes CHF 24.3m in costs related to the St‑Prex plant closure (personnel, impairments, inventory write‑downs).

Cash flow and investments

Cash flow from operations improved to CHF 135.8m (2023: CHF 72.4m). CapEx (investments in tangible assets) was CHF 85.5m (well below 2023’s CHF 235.6m). Liquid funds decreased to CHF 68.2m (2023: CHF 82.2m), driven by investment and financing flows.

Balance sheet and leverage

Total assets: CHF 1,237.7m (31.12.2024). Shareholders’ equity: CHF 758.2m (slight increase vs CHF 750.7m). Financial debts declined to CHF 219.1m (2023: CHF 255.7m) with a reduction in long‑term borrowings.

EPS, dividend and shareholder metrics

Consolidated profit per share: A = CHF 0.69 (2023: CHF 3.19); B = CHF 0.14 (2023: CHF 0.64). A dividend of CHF 19.8m was paid (unchanged vs prior year). Market capitalisation fell with the year‑end A‑share price at CHF 25.50 (2023: CHF 39.10).

One‑offs and non‑recurring items

The result includes CHF 24.3m costs related to closing the St‑Prex plant (personnel, impairments, inventory write‑downs). Minor extraordinary items relate to remediation/repairs at Gostomel and tax/insurance recoveries.

Taxes and regulatory items

Income taxes: CHF 11.0m (2023: CHF 15.8m). Weighted average tax rate based on ordinary result: 6.9% (2023: 16.5%). A Pillar Two top‑up tax provision of CHF 2.7m was recognised for 2024.

Geographic / segment mix

Main markets: Switzerland/Austria largest supplier region (CHF 304.8m), followed by Croatia, Czech/Slovakia, Italy and Ukraine/Moldova. The Speciality glass segment is small (CHF 11.8m). Management reports only one significant business segment (“Glass packaging”).