Corticeira Amorim S.G.P.S.
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Corticeira Amorim S.G.P.S. (COR) investor relations material

Corticeira Amorim S.G.P.S. Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Sales declined by 8.3% year-over-year to €861.0M, reflecting a challenging external environment and weaker demand across all business units; FX had a negative impact of €7.4M on sales.

  • EBITDA margin fell to 16.4% (from 16.8% in FY24), totaling €141.0M, mainly due to product mix and operating deleverage, partially offset by price and efficiency gains.

  • Net income dropped to €55.6M (down 20.3%), reflecting lower operating results and non-recurrent costs.

  • Net debt was significantly reduced to €75.9M (from €195.7M at YE24), driven by strong free cash flow and lower working capital needs.

  • The Board will propose a €0.35/share dividend at the May General Shareholders Meeting.

Financial highlights

  • Gross margin improved to 54.6% of sales (up 1.8 percentage points year-over-year).

  • EBITDA decreased by 10.5% year-over-year; EBIT dropped by 17.9%.

  • Earnings per share fell 20.3% to €0.418.

  • Free cash flow reached €175.9M, a significant improvement from the previous year.

  • Dividend payout ratio increased to 76.6%.

Outlook and guidance

  • Product mix and lower volumes are expected to continue pressuring profitability, though cork consumption prices should remain supportive.

  • Management remains cautious for the coming year, citing ongoing geopolitical tensions, shifts in international trade, and changing alcohol consumption habits.

  • Focus will remain on operational efficiency, cost optimization, and leveraging a solid financial position for market consolidation and innovation.

  • Measures to support a sustainable recovery at Intercap are expected to yield results throughout 2026.

  • Benefits from last year’s reorganization in Cork Solutions are expected to continue supporting profitability.

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Frequently asked questions

Corticeira Amorim S.G.P.S., S.A., established in 1870, is a prominent Portuguese conglomerate with a global leadership position in the cork industry. It operates as a subholding company within the Amorim Group, managing a portfolio of 70 companies focused on the manufacture, research, development, promotion, and sale of cork products and assosciated services. The company is headquartered in Mozelos, Portugal, and its shares are listed on the Euronext Lisbon.

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