Verallia published its 2025 third quarter results.
- Continued volume growth in Q3 in a context of declining consumption: revenue was EUR 846 million (-2.8 percent compared to Q3 2024) due to lower prices and a deterioration in mix. Adjusted EBITDA reached EUR 181 million or a 21.3 percent margin, compared to EUR 210 million and a 24.1 percent margin in Q3 2024.
- Profitability down over 9 months: adjusted EBITDA stood at EUR 531 million in 9M 2025, with a 20.7 percent margin compared to 24.3 percent in 9M 2024 as slower glass demand in August and September derailed the strong Q2 momentum.
- Solid free cash flow generation in Q3, continuing the improvement already noted in H1. Net debt ratio was stable compared to June 30 at 2.6 times the last 12-month adjusted EBITDA.
- Strengthened shareholding structure following BWGI’s tender offer, enabling the Group to continue deploying its long-term strategy.
- Verallia’s Net Zero 2040 trajectory validated by the SBTi, making it the first global producer of food and beverage glass packaging to commit to this trajectory for 2040.
- 2025 outlook revised down, with adjusted EBITDA now expected around EUR 700 million (previously around EUR 800 million) and free cash flow around EUR 150 million (previously more than EUR 200 million).
Patrice Lucas, Verallia Group Chief Executive Officer, said, “Verallia delivered continued organic volume growth in the third quarter. Volumes however fell short of our expectations following a sharp drop in consumption in August and September. Profitability declined after rebounding in Q2, with a still adverse mix. We remain focused on cost control and cash generation which continued to improve in Q3. Nevertheless, given the delay in market conditions recovery, we are revising our 2025 outlook while remaining confident in Verallia’s strong fundamentals.”
The full report is available here.