Vidrala Sa · BME:VID
Vidrala Sa — Investor Presentation (March 2026)
30 slides from Vidrala Sa's investor presentation, March 2026
Slide 1: Company Presentation March 2026
COMPANY PRESENTATION MARCH 2026
Slide 2: Disclaimer
DISCLAIMER This presentation includes or may include representations or estimations concerning the future about intentions, expectations or forecasts of VIDRALA or its management. which may refer to the evolution of its business performance and its results. These forward-looking statements refer to
Slide 3: Index
INDEX 1. GENERAL OVERVIEW 2. BUSINESS FUNDAMENTALS 3. FINANCIALS 4. ANNEXES 3
Slide 4: Vidrala, at a glance
VIDRALA, AT A GLANCE SUPPLIER OF REFERENCE IN THE PACKAGING INDUSTRY Vidrala is a consumer packaging company. OVER 55% We make glass containers for food and 5,000 USE OF RECYCLED EMPLOYEES GLASS beverages products and offer a wide range of packaging services that include logistic solutions and filli
Slide 5: Main figures FY 2025
MAIN FIGURES FY 2025 SALES EBITDA 1,465.2 EUR million 441.0 EUR million -5.4% YoY organic 30.1% EBITDA margin FREE CASH FLOW NET DEBT 200.1 EUR million 105.3 EUR million 13.7% of sales 0.2x leverage ratio CREATING VALUE AND FUTURE IN A SUSTAINABLE WAY 5
Slide 6: Our history
OUR HISTORY The origin of Vidrala 1965 - Vidrala begins operations in Alava (Spain) Vidrala goes public 1985 - IPO Madrid and Bilbao stock exchanges Domestic expansion 1989 - Second greenfield in Albacete (Spain) Internationalisation 2003 - Acquisition of one plant in Portugal 2005 - Acquisition of
Slide 7: Operating profile
OPERATING PROFILE NET SALES. EBITDA MARGIN. Since 2011, EUR million. Since 2011, as percentage of sales. 2.000 30% 1.500 20% 1.000 10% 500 0 0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 STRATE
Slide 8: Cash profile
CASH PROFILE EBITDA. FREE CASH FLOW. Since 2011, EUR million. 5-year accumulated average rates, as percentage of sales. 500 400 >25% ≈40% CASH CONVERSION OF EBITDA 2021-2025 300 >10% >10% 200 >4% <1% 100 0 EBITDA Capex WC & Financial FCF 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 9: Financial profile
FINANCIAL PROFILE FINANCIAL SOLVENCY. Year-over-year evolution of debt since 2019, EUR million and times EBITDA. 600 3x 472 400 2x 335 248 233 200 1.2x 167 1x 1.1x 97 105 0.8x 0.6x 0.6x 0.4x 0.2x 0 0x Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 ON THE BASIS OF A SOLVENT FINANCIAL STRUCTURE Debt
Slide 10: Earnings profile
EARNINGS PROFILE EARNINGS PER SHARE. Since 2011, EUR per share. 8,0 6,0 4,0 2,0 0,0 2022 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2023 2025 2024* 10 *2024 adjusted for Italy’s contribution to 2024 results and the capital gain from its sale.
Slide 11: Dividend policy 2026e
DIVIDEND POLICY CASH DIVIDENDS. Since 2000, EUR million. 75 +15% 60 45 30 15 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e A DIVIDEND POLICY FOCUSED ON LONG-TERM STABILITY ANNUAL GROWTH, COHERENT WITH PREVAIL
Slide 12: Shareholder remuneration
SHAREHOLDER REMUNERATION EXPECTED 2026 DIVIDEND PAYMENTS SHAREHOLDER REMUNERATION Proposed FY 2025 results distribution Since 2021, EUR million Dividend* Share buy-back February 13th, 2026 100 Interim dividend EUR 1.2318 per share 75 July 15th, 2026 Complementary dividend 50 EUR 0.4687 per share 25
Slide 13: Business fundamentals
BUSINESS FUNDAMENTALS Understanding the glass packaging industry 13
Slide 14: Industry fundamentals
INDUSTRY FUNDAMENTALS 1 LOGISTICS. Local sales nature. Natural characteristics of hollow glass containers limit logistics. Customers’ packaging activity demands service on time and supply flexibility. Proximity to the customer and service quality determines sales capabilities. 2 CONTINUOUS PROCESS.
Slide 15: Demand fundamentals: glass packaging production
DEMAND FUNDAMENTALS The glass packaging market in Europe Our key geographical regions SOLID AND STABLE STRATEGIC MARKETS FOR THE SECTOR Glass containers demand in Europe vs GDP. Glass packaging production vs GDP per capita. Annual variation (accumulated), base year 2000. PER CAPITA (KG) GLASS PACKAG
Slide 16: Product fundamentals
PRODUCT FUNDAMENTALS Environmentally friendly Glass is a 100% recyclable material that can be shaped over and over again without losing any of its properties or advantages. The healthiest type of packaging It is a completely hygienic material, impervious to gases, vapour, and liquid, thereby protect
Slide 17: Vidrala fundamentals
VIDRALA FUNDAMENTALS Vidrala’s commercial positioning is focused on geographic regions and product segments of long-term strategic value. Vidrala sells its products to a strong customer base composed of a solid balance between blue chip customers, multinational brand owners and domestic packagers. 2
Slide 18: Competitive landscape
COMPETITIVE LANDSCAPE ESTIMATED MARKET SHARES, BY BUSINESS UNIT IBERIA & REST OF EUROPE UK & IRELAND BRAZIL & CHILE ≈35% ≈20% ≈30% Player #1 Vidrala Vidrala Player #2 Player #1 Player #2 Player #3 Player #4 Player #3 Players #4-5 Vidrala Players #4-5 LEADERSHIP POSITIONS IN KEY REGIONS WITH DISCIPLI
Slide 19: Financials
FINANCIALS Latest earnings release 19
Slide 20: Sales
SALES YEAR OVER YEAR CHANGE EUR million 1.700 -1.1% -5.4% -6.8% 1,588.3 -1.4% YoY 1.500 1,571.3 1,465.2 1.300 1.100 900 700 FY 2024 Scope FY 2024 Organic FX FY 2025 change proforma change effect Scope change refers to the effect of perimeter change due to the sale of Vidrala Italia in 2024. 20
Slide 21: EBITDA
EBITDA YEAR OVER YEAR CHANGE EUR million 500 -1.9% -1.0% -0.1% -1.8% YoY 454.0 449.4 441.0 400 300 200 100 FY 2024 Scope FY 2024 Organic FX FY 2025 change proforma change effect Scope change refers to the effect of perimeter change due to the sale of Vidrala Italia in 2024. For comparability purpose
Slide 22: Operating margin
OPERATING MARGIN YEAR OVER YEAR CHANGE As percentage of sales 35% 30.1% 28.6% 25% +152 bps 15% 5% FY 2024 FY 2025 22
Slide 23: Main figures, by business unit
MAIN FIGURES, BY BUSINESS UNIT NEW PERIMETER, INCLUDING THE CONTRIBUTION OF VIDROPORTO AND EXCLUDING THE RESULTS OF VIDRALA ITALIA EUR million SALES EBITDA Iberia & Rest of EU UK & Ireland Brazil Iberia & Rest of EU UK & Ireland Brazil 199 81 75 178 632 146 135 574 740 222 231 714 FY 2024 FY 2025 FY
Slide 24: Cash profile
CASH PROFILE FY 2025 FREE CASH FLOW GENERATION EUR million / as percentage of sales 500 30.1% 400 -12.9% 300 -3.6% 200.1 200 13.7% 100 0 EBITDA Capex WC & Others FCF 24
Slide 25: Net debt
NET DEBT QUARTERLY EVOLUTION, SINCE DECEMBER 2024 EUR million and times EBITDA 400 6,0x 289 248 4,0x 215 200 150 105 2,0x 0.6x 0.5x 0.6x 0.4x 0.2x 0 0,0x Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Important: Debt figure and leverage ratio do not include the effect of IFRS 16 Leases. 25
Slide 26: FY 2025 Results: Main highlights
FY 2025 RESULTS | Main highlights RESILIENT BUSINESS PERFORMANCE In a challenging market environment, we maintained disciplined execution and strategic clarity, adapting our industrial footprint and further enhancing cost competitiveness STRONG FREE CASH FLOW GENERATION A solid financial position, e
Slide 27: Annexes
ANNEXES Financial position & Return on capital employed 27
Slide 28: Annex I. Financing structure
ANNEX I. Financing structure. Current financing structure Debt / EBITDA ratio Average maturity Estimated EUR cost, all-in Estimated BRL cost, all-in As at December 31, 2025 ≈0.2x ≈2.5 years ≈1.0% annual ≈17.5% annual 750 Maturity profile of long-term available resources. Per year, EUR million. 500 B
Slide 29: Annex II. Return on capital employed
ANNEX II. Return on capital employed. 20% 16.9% 15% 15.6% 15.2% 14.5% 14.1% 13.5% 12.5% 11.5% 11.9% 11.4% 10% 10.3% 9.4% 9.4% 7.9% 5% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 FOCUS ON BUSINESS PROFITABILITY RoCE is calculated as EBIT post-tax divided by capital employ
Slide 30: Vidrala, S.A. Investor Relations
VIDRALA, S.A. Investor Relations Tel: +34 94 671 97 50 investors@vidrala.com www.vidrala.com