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Verallia: 2025 First Half results

Patrice Lucas, Verallia Group Chief Executive Officer, said, “In the second quarter, Verallia confirmed its organic volume growth and posted materially stronger profitability that in Q1. The increase in activity, the contribution of the Performance Action Plan (PAP) and strict cost discipline across the Group helped offset a still adverse inflation spread. These levers also drove a significant free cash flow improvement, in line with our annual target of over EUR 200 million.

“Finally, together with the entire management team, we are delighted with the success of the public tender offer initiated by BWGI and we believe that, with the commitment to keep Verallia listed and a strong stake of circa 30 percent of minority shareholders, BWGI has now the right shareholder basis to support Verallia in the execution of its strategic plan and creation of long-term value for all shareholders.”

Highlights

  • Confirmed recovery in volume growth in H1: revenue of EUR 1,723 million, down -2.4 percent compared to H1 2024 mainly reflecting lower selling prices. Adjusted EBITDA was EUR 351 million, or a 20.4 percent margin, compared to EUR 431 million and a 24.4 percent margin in H1 2024
  • Strong sequential improvement in profitability in Q2: adjusted EBITDA for the quarter reached EUR 204 million with a margin of 22.5 percent, up sequentially (+EUR 57 million and +457 bps) compared to Q1 25 (adjusted EBITDA of EUR 147 million and margin of 18.0 percent) thanks to stronger activity and a less negative inflation spread than in Q1
  • Significant increase in cash generation: free cash-flow reached EUR 66 million in H1 2025 compared to EUR (49) million in H1 2024, an increase of EUR 115 million
  • Net debt ratio at 6x last 12-month adjusted EBITDA (2.1x at the end of December 2024) after the payment of EUR 202 million in dividends; liquidity at EUR 810 million as of June 30, 2025
  • Successful outcome of BWGI’s voluntary public tender offer

The full report is available nere.

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