Verallia has published its first quarter 2024 results: activity down compared to Q1 2023 as expected, gradual recovery in line with the outlook presented in the full-year results.
Highlights
- Revenue down to EUR 836 million in Q1 2024, or -20.5 percent compared to Q1 2023 (-12.7 percent at constant scope and exchange rates)
- Adjusted EBITDA at EUR 204 million (24.4 percent margin) from EUR 307 million in Q1 2023 (29.2 percent margin)
- Strong net debt ratio maintained at 1.5x last 12-month adjusted EBITDA, compared to 1.3x at March 31, 2023 and 1.2x at December 31, 2023
- Awaiting regulatory approval for the acquisition of Vidrala’s Italian glass business for an enterprise value of EUR 230 million
- Start-up of the 100 percent electric furnace in Cognac, a world première that will reduce CO2 emissions by 60 percent
- Confirming guidance of an adjusted EBITDA of around EUR 1 billion in 2024
Patrice Lucas, Chief Executive Officer of Verallia, commented, “Verallia started the year in line with expectations, with lower activity and prices compared to Q1 2023 which set a high basis of comparison. As expected, we are seeing encouraging signs of recovery from the Q4 2023 low. The continued commitment of our teams and the impact of the Performance Action Plan have enabled us to post a sequentially improving performance in the current market context. We confirm our guidance of an adjusted EBITDA of around €1 billion in 2024, with performance gradually improving over the course of the year. We are also pursuing our targeted external growth policy with the signing at the end of February of an agreement to acquire Vidrala’s glass activities in Italy.”
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