Viscofan (VIS) investor relations material

Executive summary

• 9M26 revenue rose 3.1% to €965.4m and net profit increased 2.9% to €111.8m; reported EBITDA fell 4.9% to €207.7m, while like-for-like revenue and EBITDA grew 4.5% and 1.6%.

• 3Q26 revenue reached a quarterly record of €335.7m (+5.5%); EBITDA was €73.2m (+0.1%) and net profit was €40.4m (+4.1%).

• Pricing actions and improved currency conditions helped offset higher costs; revenue and net profit guidance were reiterated, while EBITDA guidance was set at €290m–€295m.

Financial highlights

• 9M26 operating profit declined 6.9% to €143.2m; profit before tax rose 8.6% to €139.3m.

• 3Q26 operating profit was €51.4m, down 1.0%; the net financial result improved to -€2.6m from -€7.4m in 3Q25.

• 9M26 net financial result improved to -€3.9m from -€25.5m, supported by positive exchange-rate differences of €4.5m versus -€19.3m in 9M25.

• 9M26 consumption costs rose 6.3% to €317.7m; personnel expenses increased 5.5% to €231.7m and other operating expenses rose 4.5% to €222.1m.

Outlook and guidance

• FY26 revenue and net profit guidance were reiterated; EBITDA guidance is €290m–€295m after a €10m–€15m adjustment to expected EBITDA.

• Casings volumes are expected to improve versus the prior quarter amid a more favourable currency environment.

• Energy hedges are in place for coming months; Spanish energy costs are expected to have a negative net impact of more than €5m in 4Q26.

• FY26 investment spending is on track toward the €100m target; 9M26 investment was €54.2m.