Verallia has published the 2026 first half results: Higher cash generation, the outlook for 2026 is confirmed.
Highlights
- Stable volumes over the first half compared to H1 2025, with growth in most countries offsetting the expected decline in activity in Germany
- H1 revenue of EUR 1,699 million, down -1.4 percent compared to H1 2025 (-1.0 percent at constant scope and exchange rates) mainly due to lower sales prices. In Q2, revenue reached EUR 900 million, stable (-0.5 percent) compared to Q2 2025
- Adjusted EBITDA stable at EUR 352 million in H1 (EUR 351 million in H1 2025) with a margin of 20.7 percent, up 33 basis points compared to H1 2025; Q2 margin was down compared to Q2 2025 (21.4 percent vs. 22.5 percent) but up sequentially (19.9 percent in Q1 2026)
- Increase in cash generation: free cash-flow reached EUR 102 million in H1 2026 compared to EUR 66 million in H1 2025, an increase of EUR 36 million
- Slight improvement in net debt ratio to 2.6x last 12-month adjusted EBITDA (2.7x at the end of December 2025 and at the end of March 2026) after a EUR 11 million cash dividend payment. Liquidity remained high at EUR 976 million at June 30, 2026
- Verallia confirms its 2026 outlook, assuming no material deterioration in the Middle East situation, notably:
- Adjusted EBITDA of around EUR 700 million
- Free cash flow of around EUR 220 million (excluding restructuring cash-outs planned in relation to the Group’s industrial footprint optimisation project)
Patrice Lucas, Group Chief Executive Officer, said, “In the first half of the year, Verallia delivered a resilient performance in a difficult geopolitical and economic environment in the second quarter. This performance reflects the commitment of our teams and the rigorous control of our costs, which supported profitability and cash generation. It also factors in the first positive effects of our industrial footprint optimisation plans, which will support our performance in the second half of the year in a still uncertain environment. We confirm our 2026 targets, subject to no material deterioration in the Middle East situation.”
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