Frigoglass (FRIGO) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 results with group sales up 19.5% year-over-year to €276.4 million, driven by successful transformation initiatives and robust market demand in both Commercial Refrigeration and Glass segments.

• Group Adjusted EBITDA reached €44 million, up 91% year-over-year, with record LTM performance and strong margin expansion.

• Significant improvement in operating cash flow, with €28 million generated versus €3.8 million used in H1 2024, driven by profitability and inventory reduction.

• Net loss attributable to shareholders narrowed to €1 million from €6.4 million in H1 2024, despite higher finance costs and non-recurring advisory expenses.

• Strong sales growth in Europe and Asia, with Glass operations showing significant volume and pricing gains.

Financial highlights

• Group sales rose 19.5% year-over-year to €276.4 million; Adjusted EBITDA up 91.4% to €43.5 million, with margin expanding 5.9pp to 15.7%.

• Commercial Refrigeration sales increased 14.6% to €213.4 million; Adjusted EBITDA up 37% to €21.5 million, margin up 1.6pp to 10.1%.

• Glass sales grew 39.3% to €63 million (up 60.5% currency-neutral); Adjusted EBITDA increased to €22 million, margin up 19.4pp to 35%.

• Adjusted free cash flow improved to an inflow of €6.8 million from an outflow of €9.8 million in the prior year, driven by higher operating profitability and reduced inventory.

• Capital expenditures rose to €21.2 million, mainly for equipment and furnace rebuilds.

Outlook and guidance

• Confident in sustaining solid performance for the remainder of 2025, supported by strong first half results and ongoing transformation program.

• 2025 capex expected at approximately €35 million, mainly for a Glass furnace rebuild.

• Expect further market share gains and profitability improvements, particularly in Nigeria, through pricing and cost optimization.

• Full-year contribution from new Egypt operations expected in 2026, supporting growth in the Middle East and North Africa.

• Glass segment well positioned for long-term growth, leveraging Nigeria’s macroeconomic recovery and structural demand drivers.