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Frigoglass (FRIGO) investor relations material

Frigoglass Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Achieved record H1 2025 results with strong top-line growth, 91% EBITDA increase, and robust margin expansion, driven by transformation initiatives and strong demand in both Commercial Refrigeration and Glass segments.

  • Group sales rose 19.5% year-over-year to €276.4 million, with both segments contributing to results and significant gains in Europe and Asia.

  • Net loss attributable to shareholders narrowed to €1.0 million from €6.4 million in H1 2024, despite higher finance costs and non-recurring advisory expenses.

  • Operating cash flow improved to €28.0 million from an outflow of €3.8 million in H1 2024, driven by profitability and inventory reduction.

  • Transformation over the past two years has fundamentally strengthened financial performance.

Financial highlights

  • Group Adjusted EBITDA reached €44M, up 91% year-over-year; margin expanded by 5.9pp to 15.7%.

  • Group sales rose 19.5% to €276.4M; Commercial Refrigeration sales up 14.6% to €213.4M, Glass sales up 39.3% to €63.0M.

  • Adjusted free cash flow improved to a net inflow of $6.8M (or €21M improvement), driven by higher profitability and reduced inventory.

  • Gross profit increased 58.7% to €54.7M, with gross margin up 4.9pp to 19.8%.

  • Capital expenditure rose to €21.2M, mainly for equipment and furnace rebuild.

Outlook and guidance

  • Confident in delivering solid performance for the remainder of 2025, supported by strong H1 results and ongoing transformation.

  • 2025 capex guidance reaffirmed at approximately €35M, primarily for a Glass furnace rebuild.

  • Full-year contribution from new Egypt operations expected in 2026, supporting growth in the Middle East and North Africa.

  • Glass segment well positioned for long-term growth, leveraging Nigeria’s macroeconomic recovery and structural demand drivers.

  • Ongoing commercial initiatives in Nigeria to address FX and inflation; cost reduction and productivity measures to enhance margins.

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