Vidrala (VID) Q4 2025 earnings summary

Executive summary

• Resilient performance amid challenging conditions, supported by industrial footprint adaptation and improved cost competitiveness.

• Strong free cash flow supported accelerated investment and deleveraging.

• Selective international expansion broadened the business profile, with entry into Chile through the Cristalerías Toro acquisition.

• Strategic actions included exiting Italy and Belgium and focusing on three divisions across three geographies.

Financial highlights

• Sales were €1,465.2 million, down 7.8% reported and 5.4% on a comparable scope year-over-year.

• EBITDA was €441.0 million, down 2.8% reported and 0.1% on a comparable scope excluding restructuring costs.

• EPS was €6.24, down 26% reported and 6.8% on a comparable scope excluding restructuring costs; net profit was €219.6 million.

• EBITDA margin improved to 30.1%, up 152 basis points year-over-year.

• Free cash flow totaled €200.1 million, or 14% of sales.

Outlook and guidance

• FY 2025 guidance was substantially achieved: reported EBITDA of €441 million versus €450 million outlook and free cash flow of €200 million matching guidance.

• At guidance exchange rates, EBITDA would have been €445 million; guidance used EUR/GBP 0.84 and EUR/BRL 6.20.

• Sales volumes are expected to turn positive in 2026; price moderation of ~2% is anticipated, with half of sales under multi-annual agreements with price adjustment formulas.

• 2026 CapEx is expected at €170–180 million, slightly below 2025’s €189 million.

• 2026 guidance, including Chilean operations, is expected to be announced at the AGM in April.