Verallia (VRLA) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw continued volume growth despite a challenging market, with revenue at €846 million, down 2.8% year-over-year, and adjusted EBITDA at €181 million, down 14%, as profitability declined due to lower prices and adverse mix.

• BWGI completed a successful voluntary tender offer, increasing its stake to 77% of share capital, strengthening the shareholding structure.

• The group advanced its decarbonization strategy, with SBTI validation of a Net Zero 2040 target and the commissioning of the first hybrid furnace in Zaragoza, Spain.

• Free cash flow generation remained solid in Q3, and the net debt ratio was stable at 2.6x last 12-month adjusted EBITDA.

Financial highlights

• Q3 2025 revenue declined 2.8% year-over-year to €846 million; organic growth was -0.6%.

• Adjusted EBITDA for Q3 2025 was €181 million (21.3% margin), down 14% year-over-year; 9M 2025 adjusted EBITDA was €531 million (20.7% margin), down 17.1%.

• 9M 2025 revenue was €2,569 million, down 2.5% year-over-year; organic growth -2.4%.

• Net financial debt at September 2025 was €1,920.9 million; net debt ratio 2.6x last 12-month adjusted EBITDA.

• Free cash flow guidance for 2025 revised to around €150 million.

Outlook and guidance

• 2025 adjusted EBITDA guidance revised down to around €700 million; free cash flow expected at about €150 million.

• Market recovery is delayed; focus remains on cost control, profitability improvement, and cash generation.

• Mid-term strategy to be presented at January 2026 Capital Markets Day.

• No major price cuts expected in Q4; mix is expected to remain negative.