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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Verallia
Verallia (VRLA) investor relations material
Verallia Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 revenue was €828.5m, down 2.1% YoY; adjusted EBITDA was €171.9m, with a 20.8% margin, as lower summer volumes weighed on activity.
9M adjusted EBITDA was €523.5m, with a 20.7% margin; productivity and restructuring actions offset weaker activity and negative price/mix.
FY 2026 guidance was confirmed at ~€700m adjusted EBITDA and ~€220m free cash flow, excluding footprint-optimization restructuring cash-outs.
Financial highlights
Q3 revenue was €828.5m, down 2.1% reported and 3.1% organically; 9M revenue was €2,527.3m, down 1.6% reported and 1.7% organically.
Q3 adjusted EBITDA was €171.9m versus €180.5m a year earlier; 9M adjusted EBITDA was €523.5m versus €531.3m. Q3 and 9M margins were 20.8% and 20.7%.
Q3 volume weakness drove the revenue decline; price/mix was -€7m and FX +€4m. 9M organic revenue decline was 2.3% excluding Argentina, with FX contributing +€8m.
Q3 adjusted EBITDA was pressured by lower volumes and finished-goods inventory reduction; price/mix-cost spread was negative by €15m.
Performance Improvement Plan cash production cost savings were €11m in Q3 and €37m over 9M, each equal to 2.2%.
Outlook and guidance
FY 2026 targets were confirmed at ~€700m adjusted EBITDA and ~€220m free cash flow, excluding cash-outs for industrial footprint optimization.
Priorities include further Performance Improvement Plan savings, strict cost control, capex at ~8% of sales, cash generation and deleveraging.
Q4 outlook assumes no volume recovery or further price decline; inventory variation is expected to weigh less on EBITDA than in Q3, with full-year indirect electricity CO₂ compensation for Iberia and Germany booked in Q4.
2027 volumes are expected to be broadly flat to slightly positive versus 2026; pricing negotiations are underway, subject to market conditions.
Capital Markets Day is scheduled for November 18, 2026, to present mid-term strategic priorities and a 2029 outlook.
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Latest events from Verallia
- Stable EBITDA and higher cash flow offset lower revenue and net income amid restructuring.VRLA
Q2 2026 - 2025 saw lower profits but strong cash flow, a €1.00 dividend, and progress on sustainability.VRLAAGM 2026
- Profitability improved in Q1 2026, with EBITDA margin up despite lower revenue and guidance reaffirmed.VRLAQ1 2026
- 2025 saw lower revenue and EBITDA but doubled free cash flow; 2026 targets stable EBITDA and cash flow.VRLAQ4 2025
- Q2 profitability and cash flow rebounded, with BWGI now the controlling shareholder.VRLAQ2 2025
- Q3 2024 saw volume growth but lower revenue and margins amid ongoing market softness.VRLAQ3 2024
- Revenue and profit declined sharply, prompting a downward revision of 2024 EBITDA guidance.VRLAQ2 2024
- Revenue and EBITDA declined, but cash flow and decarbonization targets improved.VRLAQ1 2025
- 2024 margins held at 24.4% despite revenue drop; 2025 targets doubled free cash flow.VRLAQ4 2024
Next Verallia earnings date
CMD 202618 Nov, 2026
Verallia
Next Verallia earnings date
CMD 202618 Nov, 2026
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Frequently asked questions
Verallia Société Anonyme is a global leader in glass packaging, specializing in the production and sale of glass bottles and jars for the food and beverage industry. Founded in 1827 and headquartered in Courbevoie, France, Verallia stands as the world's third-largest producer of glass packaging. The company offers a wide range of products for still and sparkling wines, spirits, food products, beers, soft drinks, and mineral water, as well as jars for baby food, dairy products, jams, honey, spreads, condiments, sauces, and preserves. With a strong commitment to sustainability and innovation, Verallia produced around 17 billion glass bottles and jars in 2022. It operates 34 glass production plants, 5 decoration plants, and 12 cullet (used glass) treatment centers worldwide, showcasing its extensive reach and dedication to environmental stewardship. The company is headquartered in Courbevoie, France, and its shares are listed on the Paris Stock Exchange.