Frigoglass (FRIGO) Q1 2026 earnings summary

Executive summary

• Achieved a strong start to 2026 with 29.5% year-over-year sales growth in commercial refrigeration, driven by robust demand across all regions and successful transformation initiatives.

• Completed disposal of glass packaging, Nigerian Glass, and Russian businesses, materially reducing leverage and focusing on core operations.

• Transformation agenda advanced, including digital innovation, customer diversification, cost savings, and expansion into new markets such as Egypt.

Financial highlights

• Sales from continuing operations rose 29.5% year-over-year to €103.8 million, with growth led by Europe and India.

• Comparable adjusted EBITDA increased more than threefold to €13.5 million (13.0% margin), with margin expanding by 750 basis points.

• Gross profit margin improved by 6 percentage points to 19.3%.

• Reported EBIT improved from €2.2 million to €10.5 million year-over-year.

• Adjusted free cash flow from continuing operations improved by €1 million year-over-year, with outflow of €2.1 million reflecting normal seasonality.

Outlook and guidance

• Targeting full-year 2026 sales growth of approximately 15% and EBITDA growth of about 60% year-over-year, with EBITDA margin guidance of 7%-8%.

• Strategic focus on expanding in energy drinks, digital services, and value-added offerings to drive future margin enhancement.

• Management expects continued profitability improvements through geographic expansion and material cost initiatives.