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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.Executive summary
Achieved record H1 2025 results with group sales up 19.5% year-over-year to €276.4 million, driven by successful transformation initiatives and robust market demand in both Commercial Refrigeration and Glass segments.
Group Adjusted EBITDA reached €44 million, up 91% year-over-year, with record LTM performance and strong margin expansion.
Significant improvement in operating cash flow, with €28 million generated versus €3.8 million used in H1 2024, driven by profitability and inventory reduction.
Net loss attributable to shareholders narrowed to €1 million from €6.4 million in H1 2024, despite higher finance costs and non-recurring advisory expenses.
Strong sales growth in Europe and Asia, with Glass operations showing significant volume and pricing gains.
Financial highlights
Group sales rose 19.5% year-over-year to €276.4 million; Adjusted EBITDA up 91.4% to €43.5 million, with margin expanding 5.9pp to 15.7%.
Commercial Refrigeration sales increased 14.6% to €213.4 million; Adjusted EBITDA up 37% to €21.5 million, margin up 1.6pp to 10.1%.
Glass sales grew 39.3% to €63 million (up 60.5% currency-neutral); Adjusted EBITDA increased to €22 million, margin up 19.4pp to 35%.
Adjusted free cash flow improved to an inflow of €6.8 million from an outflow of €9.8 million in the prior year, driven by higher operating profitability and reduced inventory.
Capital expenditures rose to €21.2 million, mainly for equipment and furnace rebuilds.
Outlook and guidance
Confident in sustaining solid performance for the remainder of 2025, supported by strong first half results and ongoing transformation program.
2025 capex expected at approximately €35 million, mainly for a Glass furnace rebuild.
Expect further market share gains and profitability improvements, particularly in Nigeria, through pricing and cost optimization.
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.
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