Vidrala Sa · BME:VID
Vidrala Sa — Investor Presentation (March 2025)
30 slides from Vidrala Sa's investor presentation, March 2025
Slide 1: Company Presentation March 2025
COMPANY PRESENTATION MARCH 2025
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. AROUND 53% 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 fil
Slide 5: Main figures FY 2024
MAIN FIGURES FY 2024 SALES EBITDA 1,588.3 EUR million 454.0 EUR million +0.2% YoY organic 28.6% EBITDA margin FREE CASH FLOW NET DEBT 206.1 EUR million 248.3 EUR million 13.0% of sales 0.6x 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 STRATEGIC DIVERS
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 2020-2024 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 2018, EUR million and times EBITDA. 600 3x 472 411 400 2x 335 1.7x 248 233 200 1.2x 167 1x 1.1x 0.8x 97 0.6x 0.6x 0.4x 0 0x Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 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 2024* 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 *2024 adjusted EPS, excluding the impact of the capital gain from the sale of our Italian operations. 10
Slide 11: Dividend policy 2025e
DIVIDEND POLICY CASH DIVIDENDS. Since 2000, EUR million. 60 +15% 45 30 15 0 2006 2007 2000 2001 2002 2003 2004 2005 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e A DIVIDEND POLICY FOCUSED ON LONG-TERM STABILITY ANNUAL GROWTH, COHERENT WITH PREVAILING BUSI
Slide 12: Shareholder remuneration
SHAREHOLDER REMUNERATION EXPECTED 2025 DIVIDEND PAYMENTS SHAREHOLDER REMUNERATION Proposed FY 2024 results distribution Since 2020, EUR million Dividend* Share buy-back February 14th, 2025 100 Interim dividend EUR 1.1198 per share 75 July 15th, 2025 Complementary dividend 50 EUR 0.4261 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
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 Cost Competitiveness Unique 360 Filling Model Strong Global Customer Relationships ≈35% ≈20% ≈30% Player #1 Vidrala Vidrala Player #2 Player #1 Player #2 Player #3 Player #4 Player #3 Players
Slide 19: Financials
FINANCIALS Latest earnings release 19
Slide 20: Sales
SALES YEAR OVER YEAR CHANGE EUR million 1.750 +1.9% YoY +1.6% +0.2% +0.1% 1,588.3 1.500 1,558.8 1.250 1.000 FY 2023 Scope Organic FX FY 2024 change change effect Scope refers to the combined effect of the consolidation of Vidroporto’s results for the first 11 months of 2023 and the exclusion of Vidr
Slide 21: EBITDA
EBITDA YEAR OVER YEAR CHANGE EUR million +15.3% 500 YoY -0.7% +5.5% +10.5% 454.0 400 393.7 300 200 FY 2023 Scope Organic FX FY 2024 change change effect Scope refers to the combined effect of the consolidation of Vidroporto’s results for the first 11 months of 2023 and the exclusion of Vidrala Itali
Slide 22: Operating margin
OPERATING MARGIN YEAR OVER YEAR CHANGE As percentage of sales 30% 28.6% 25.3% 20% +330 bps 10% 0% FY 2023 FY 2024 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 159 199 81 56 609 632 116 146 799 237 222 740 FY 2023 FY 2024 FY
Slide 24: Cash profile
CASH PROFILE FY 2024 FREE CASH FLOW GENERATION EUR million / as percentage of sales 500 400 28.6% -10.6% 300 -5.0% 200 13.0% 100 0 EBITDA Capex WC & Others FCF 24
Slide 25: Net debt
NET DEBT QUARTERLY EVOLUTION, SINCE DECEMBER 2023 EUR million and times EBITDA 600 3,0x 530 472 433 400 2,0x 299 1.2x 248 1.1x 1.0x 200 0.7x 1,0x 0.6x 0 0,0x Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Important: Debt figure and leverage ratio do not include the effect of IFRS 16 Leases. 25
Slide 26: FY 2024 Results | Main highlights
FY 2024 RESULTS | Main highlights EXPANSION INTO BRAZIL AND DIVESTMENT OF ITALY Business performance, supported by the contribution of recent corporate strategic actions EXCEEDING EXPECTATIONS DESPITE SOFT DEMAND Better-than-expected EBITDA and cash generation in 2024, demonstrating resilience in ch
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, 2024 ≈0.6x ≈3 years ≈1.0% annual ≈14.0% annual 750 Maturity profile of long-term available resources. Per year, EUR million. 500 Sho
Slide 29: Annex II. Return on capital employed
ANNEX II. Return on capital employed. 20% 16.9% 15% 15.6% 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 FOCUS ON BUSINESS PROFITABILITY RoCE is calculated as EBIT post-tax divided by capital employed. See use
Slide 30: Vidrala Investor Relations
VIDRALA, S.A. Investor Relations Tel: +34 94 671 97 50 investors@vidrala.com www.vidrala.com