Vidrala SA

Latest Results (27.11.2025):

Vidrala SA — Q3 2025 (nine months ended September 30, 2025): Sales of EUR 1,124.4m (reported -7.6%; organic -5.1%), EBITDA EUR 328.9m (margin 29.3%, +150 bps vs. prior year; organic EBITDA +0.5%), net profit EUR 165.2m and adjusted earnings per share EUR 4.93 (-2.4%). Strong cash generation (free cash flow EUR 155.2m) reduced net debt to EUR 150.3m, a 0.3x LTM EBITDA leverage (excluding IFRS 16). Management reaffirms 2025 guidance of ~EUR 450m EBITDA and ~EUR 200m free cash flow, subject to limited FX variation.

Sales

Vidrala SA reported 9M 2025 sales of EUR 1,124.4m (reported -7.6% year‑over‑year). On a like‑for‑like, constant currency basis sales fell -5.1% versus 9M 2024.

EBITDA and margins

EBITDA for the nine months was EUR 328.9m (‑2.6% reported; +0.5% organic). EBITDA margin expanded to 29.3%, up 150 basis points year‑over‑year, reflecting improved cost discipline and operational performance.

Profitability and EPS

Net profit for 9M 2025 was EUR 165.2m. Adjusted earnings per share were EUR 4.93 (‑2.4% on a like‑for‑like basis, adjusted for the 2024 Italy disposal and the November 2024 bonus share issue).

Cash generation and balance sheet

Free cash flow amounted to EUR 155.2m in the period, supporting net debt reduction to EUR 150.3m (Debt/EBITDA 0.3x, excluding IFRS 16). The report notes IFRS 16 would add ~EUR 49.0m of lease debt if included.

Segment performance

Iberia & Rest of Europe: 9M sales EUR 562.7m, EBITDA margin 31.1%; UK & Ireland: 9M sales EUR 436.0m, margin 23.3%; Brazil: 9M sales EUR 125.8m, margin 41.4%. Most segments saw lower sales but maintained or improved margins.

Outlook

Despite softer demand, management reiterates 2025 targets: roughly EUR 450m EBITDA and EUR 200m free cash flow, subject to limited FX fluctuations, while emphasizing focus on customer, cost and capital discipline.