Frigoglass (FRIGO) Q1 2025 earnings summary

Executive summary

• Achieved 25.3% year-over-year sales growth to €130.4 million, led by strong Commercial Refrigeration (+19%) and Glass (+47%) segments, with robust margin expansion from transformation initiatives and operational execution.

• Gross profit more than doubled to €25.6 million, with gross margin up 7.7pp to 19.6%.

• Adjusted EBITDA more than doubled to €20.3 million, margin up 8.5pp to 15.5%.

• Net loss attributable to shareholders narrowed to €1.4 million from €4.6 million in Q1 2024.

Financial highlights

• Group sales rose 25.3% year-over-year to €130.4m in Q1 2025; Adjusted EBITDA more than doubled to €20.3m, with margin up 8.5pp to 15.5%.

• Commercial Refrigeration sales increased 19% year-over-year to €95.8m; Adjusted EBITDA up 67% to €8.1m, margin up 2.4pp to 8.5%.

• Glass sales surged 47% year-over-year to €34.6m; Adjusted EBITDA rose to €12.2m from €2.5m, margin up 24.5pp to 35.1%.

• Adjusted Free Cash Flow improved, though higher working capital outflows offset some benefits due to increased receivables from strong sales.

• Net loss attributable to shareholders: €1.4 million vs. €4.6 million loss year-over-year.

Outlook and guidance

• Expects continued progress and solid performance in 2025, focusing on margin expansion, market share gains, and execution of transformation plans.

• Glass segment expects continued growth, supported by Nigeria's macroeconomic recovery and upcoming furnace rebuild in Q3 2025.

• Commercial Refrigeration to focus on product range, market share, and customer base expansion in high-growth regions.

• Plans to invest €35m in capex, mainly for a furnace rebuild in Glass.

• Full-year contribution from new Egypt facility expected in 2026.