Vidrala (VID) Q4 2024 earnings summary

Executive summary

• Portfolio reshaped through the Italy exit, entry into Brazil and integration of the Bristol bottling facility; operations focused on three core regions.

• EBITDA and cash generation exceeded initial expectations despite softer demand and macroeconomic headwinds.

Financial highlights

• 2024 sales were €1,588.3 million, up 1.9% year-over-year and 0.2% on a constant-currency, comparable-scope basis.

• EBITDA rose 15.3% to €454.0 million; margin expanded 330 bps to 28.6%.

• Net profit increased 27.8% to €298.3 million, including a €50 million gain from the Italy sale; EPS rose 28.5% to €8.85.

• Free cash flow reached €206.1 million, up from €153.5 million and equal to 13.0% of sales.

• Net debt fell to €248.3 million from €472.2 million; leverage improved to 0.6x from 1.1x EBITDA.

Outlook and guidance

• 2025 EBITDA expected at similar or higher levels than 2024; free cash flow of ~€200 million considered safe, with cautious outlook amid macro uncertainty.

• 2025 CapEx projected at ~11% of sales, slightly above 2024’s €168.8 million, including sustainability and verticalization investments.

• Priorities include Iberia optimization, UK packaging services and progress in Brazil, with financial discipline focused on customer, cost and capital.