Viscofan (VIS) investor relations material

Executive summary

• Revenue for Q1 2026 was €304.8 million, down 0.8% year-over-year due to currency effects, but up 4.6% like-for-like, driven by higher casing volumes and prices.

• EBITDA declined 7.9% to €63.4 million, but grew 9.3% like-for-like, with margin improvement to 23.4% on a like-for-like basis.

• Net profit increased 7.4% to €33.7 million, supported by operational efficiencies.

• Strategic investment projects initiated, focusing on food, packaging, and wellbeing segments.

• Net bank debt rose to €234.4 million, reflecting share buybacks and investments.

Financial highlights

• Gross margin improved by 0.4 percentage points to 69.1% as lower natural gas costs offset higher raw material prices.

• EBITDA margin was 20.8%, down 1.6 p.p. year-over-year, but up 1.0 p.p. like-for-like to 23.4%.

• Operating profit was €42.2 million, down 10.0% year-over-year.

• Effective tax rate decreased to 20.8% from 22.5% in Q1 2025.

• Investments totaled €14.4 million, focused on capacity expansion and environmental management.

Outlook and guidance

• Full-year 2026 outlook remains unchanged, with expectations of continued volume and price growth and operational efficiency improvements.

• Growth and profitability targets under the Beat'30 plan remain unchanged despite geopolitical uncertainties.

• Ongoing geopolitical instability in the Middle East could increase input costs, particularly energy and transport, potentially requiring further price increases.