Verallia (VRLA) Q3 2026 earnings summary

Executive summary

• Q3 revenue was €828.5m, down 2.1% YoY; adjusted EBITDA was €171.9m, with a 20.8% margin, as lower summer volumes weighed on activity.

• 9M adjusted EBITDA was €523.5m, with a 20.7% margin; productivity and restructuring actions offset weaker activity and negative price/mix.

• FY 2026 guidance was confirmed at ~€700m adjusted EBITDA and ~€220m free cash flow, excluding footprint-optimization restructuring cash-outs.

Financial highlights

• Q3 revenue was €828.5m, down 2.1% reported and 3.1% organically; 9M revenue was €2,527.3m, down 1.6% reported and 1.7% organically.

• Q3 adjusted EBITDA was €171.9m versus €180.5m a year earlier; 9M adjusted EBITDA was €523.5m versus €531.3m. Q3 and 9M margins were 20.8% and 20.7%.

• Q3 volume weakness drove the revenue decline; price/mix was -€7m and FX +€4m. 9M organic revenue decline was 2.3% excluding Argentina, with FX contributing +€8m.

• Q3 adjusted EBITDA was pressured by lower volumes and finished-goods inventory reduction; price/mix-cost spread was negative by €15m.

• Performance Improvement Plan cash production cost savings were €11m in Q3 and €37m over 9M, each equal to 2.2%.

Outlook and guidance

• FY 2026 targets were confirmed at ~€700m adjusted EBITDA and ~€220m free cash flow, excluding cash-outs for industrial footprint optimization.

• Priorities include further Performance Improvement Plan savings, strict cost control, capex at ~8% of sales, cash generation and deleveraging.

• Q4 outlook assumes no volume recovery or further price decline; inventory variation is expected to weigh less on EBITDA than in Q3, with full-year indirect electricity CO₂ compensation for Iberia and Germany booked in Q4.

• 2027 volumes are expected to be broadly flat to slightly positive versus 2026; pricing negotiations are underway, subject to market conditions.

• Capital Markets Day is scheduled for November 18, 2026, to present mid-term strategic priorities and a 2029 outlook.