Vetropack Holding Ltd.

Latest Results (26.07.2026):

Vetropack Holding Ltd. — financial year 2025 (annual results, not a quarterly report): Vetropack reported net sales of CHF 778.9 million in FY2025, down 7.5% from CHF 842.1 million in 2024. Reported operating result fell to CHF 21.6 million (margin 2.8%), with adjusted operating result CHF 37.5 million after excluding CHF 15.9 million of one‑off closure and valuation costs. Net profit was CHF 3.8 million (–72.3%), EPS A CHF 0.19, cash flow from operations CHF 107.4 million and investments in tangible assets CHF 53.2 million. The Board proposes a reduced dividend (A shares CHF 0.50). Management expects sales below 2025 levels in 2026 and a slightly improved operating margin subject to market and geopolitical uncertainty.

Revenue and margin performance

Net sales: CHF 778.9m (–7.5% YoY; –5.9% at constant FX). Reported operating result: CHF 21.6m (2.8% margin) vs CHF 34.3m in 2024. Adjusted operating result (excl. CHF 15.9m one‑offs): CHF 37.5m (4.8% margin), down ~36% from the prior year adjusted figure.

One‑off items and net profit

FY2025 included CHF 15.9m of one‑off costs (site closure, asset valuation adjustments and recycling items). After these and higher non‑operating/extraordinary expenses plus higher effective tax burden, consolidated net profit was CHF 3.8m (CHF 0.19 per class A share), a 72% decline vs 2024.

Cash flow, investments and liquidity

Cash flow from operating activities: CHF 107.4m (–20.9% YoY). Capex: CHF 53.2m (–37.8% YoY), focused on energy system modernisations and the new lightweight bottle line. Cash and equivalents rose to CHF 96.8m (from CHF 68.2m), helped by CHF 28.3m short‑term financing inflows.

Operational actions and site developments

Production volumes remained stable but price pressure and overcapacity drove capacity adjustments: closure of St‑Prex completed (machinery relocated/sold), temporary shutdown of one furnace in Chișinău, reactivation of Hostomel furnace mid‑2025, and post‑balance‑sheet consolidation/modernisation announced for Kremsmünster (early decommissioning of one furnace).

Innovation and sustainability

Vetropack advanced its Rezon lightweight glass bottle project (serial production line commissioned for 2026) and published its first ESRS‑aligned sustainability report. The company continues investments in energy efficiency and PV (e.g., third PV system at Hum na Sutli) and increased recycled glass content modestly.

Outlook and shareholder returns

Management expects 2026 net sales below 2025 (stable volumes, continued price pressure) and a slightly improved operating margin from implemented measures, but highlights geopolitical and energy‑price uncertainty. The Board proposes dividends: CHF 0.50 per class A share and CHF 0.10 per class B share (down from CHF 1.00 / CHF 0.20 in 2024).