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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 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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