Vidrala (VID) Q2 2026 earnings summary

Executive summary

• H1 2026 revenues reached €754 million, with EBITDA up 4.4% to €225.5 million and EPS rising 9.9% to €3.36; net debt stood at €252.3 million with a leverage ratio of 0.6x, reflecting strong cash generation and disciplined capital allocation.

• Organic sales declined 3.8% year-over-year at constant exchange and comparable perimeter, mainly due to price adjustments and gradual volume recovery, especially in Europe and South America.

• Margins remained robust across all business units, supported by operational excellence, cost discipline, and strategic focus on customer, cost, and capital.

• Quarterly trends improved, driven by recovery in Southern Europe and sustained momentum in South America.

• Net profit increased 8.9% to €117.4 million.

Financial highlights

• EBITDA margin expanded to 29.9%, up 110 basis points year-over-year, with EBITDA at €225.5 million (+4.4% reported, +1.5% organic).

• EPS rose 9.9% year-over-year to €3.36.

• Free cash flow for H1 was nearly €30 million, with full-year guidance of €200 million reiterated.

• Dividend increased by 15% to over €62 million, with share buybacks expanded to 3% of share capital, totaling more than €150 million returned to shareholders in 2026.

• Net profit: €117.4 million (+8.9% year-over-year).

Outlook and guidance

• Full-year 2026 EBITDA expected above €450 million, with EPS growth projected above 5% and free cash flow around €200 million, excluding restructuring costs.

• Guidance reaffirmed despite challenging macroeconomic and competitive conditions.

• CapEx expected to remain elevated through 2027 before normalizing, supporting cost competitiveness and margin resilience.