Verallia Sas · EURONEXT:VRLA
Verallia Sas — Verallia,Courbevoie — FY 2025 Earnings Presentation
33 slides from Verallia Sas's earnings presentation, Feb 25, 2026
Slide 1: FY 2025 results
FY 2025 results 25 February 2026
Slide 2: Summary
Summary 01 Introduction 02 Key 03 FY 2025 04 2026 outlook highlights financial results FY 2025 RESULTS 25.02.26 2
Slide 3: Introduction
INTRODUCTION Patrice LUCAS CEO FY 2025 RESULTS 25.02.26 3
Slide 4: A global leader in glass packaging
A global leader in glass packaging customers DIVERSIFIED AND BALANCED END-MARKETS 2025 Glass packaging(1) sales split by end-market(2) ~11,000 countries(5) employees Food 12 ~11,000 18% Still wine 31% Soft drinks 12% 2025 decoration ~ 18 bottles/jars plants 6 billion p.a. 12% 11% Beer 16% Sparkling
Slide 5: Key highlights
KEY HIGHLIGHTS Patrice LUCAS CEO FY 2025 RESULTS 25.02.26 5
Slide 6: Verallia continued to invest and innovate through 2025 in a challenging environment
Verallia continued to invest and innovate through 2025 in a challenging environment 1 2 3 4 VALIDATION OF TARGETED CAPACITY VOLUNTARY TENDER SUCCESSFUL NEW VERALLIA’S NET ZERO ADDITIONS AND OFFER INITIATED BY BOND ISSUANCE 2040 TRAJECTORY BY CONTINUED BWGI, with 77.17% of OF €850,000,000 SBTi, makin
Slide 7: CO2 emissions on track to meet our 2030 target
CO2 emissions on track to meet our 2030 target 2025 "Scope 1 and 2" CO2 emissions +0.7% yoy to 2,375 kt (-23.2% vs. 2019)(1) In line with our trajectory to reduce CO2 emissions by 46.2% in absolute terms by 2030 vs 2019 Intensity down by -3.1 % from External cullet usage : 57.7 % in 0.44 tCO2/TPG(2)
Slide 8: Contemplated adjustments to Verallia's European industrial footprint
Contemplated adjustments to Verallia’s European industrial footprint Demand dynamics in Europe Contemplated projects • Continued weak demand across • Germany: closure of one site in Essen Germany and Benelux with no signs of (two furnaces, ca 300 headcount) and material mid-term recovery transfer of
Slide 9: Continued organic volume growth, free cash-flow generation up twofold vs 2024
Continued organic volume growth, free cash-flow generation up twofold vs 2024 REVENUE ADJUSTED EBITDA NET INCOME & EPS (2) Q4 2025: Q4 2025: • Net Income: €93m (-60.8% vs. • -7.1% yoy to €763m • €161m, -20.0% vs. Q4 2024 2024) reflecting €(27)m non- cash, after-tax impact of • -4.2% yoy organic grow
Slide 10: FY 2025 Financial Results
FY 2025 FINANCIAL RESULTS David PLACET Head of IR FY 2025 RESULTS 25.02.26 10
Slide 11: Q4 2025 consolidated revenue variance analysis
Q4 2025 consolidated revenue variance analysis REPORTED REVENUE (IN €M) 821 3.4 • Organic growth: -4.2% in Q4 25 (-5.0% excluding Argentina) • Volumes up year-on-year in a still difficult 35.7 market environment > Q4 volume growth positive but slower than in Q3 0.1 0.0 > Negative net impact from vol
Slide 12: FY 2025 consolidated revenue variance analysis
FY 2025 consolidated revenue variance analysis REPORTED REVENUE (IN €M) • Organic growth: -2.8% in FY 25 (-3.4% excluding Argentina) • Steady organic volume growth through the year, 77.6 supported by solid food jar and non-alcoholic 3,456 beverage activity in a still subdued environment 188.9 > Posi
Slide 13: FY 2025 SWE Revenue Evolution
FY 2025 SWE1 Revenue Evolution REPORTED REVENUE (IN €M) -1.6% 2 269 2 232 • Revenue down year-on-year in 2025 with organic volume growth and perimeter impact more than offset by lower selling prices and mix FY 2024 FY 2025 • Strong performance in NAB and positive volume REVENUE AT CONSTANT EXCHANGE
Slide 14: FY 2025 NEE Revenue Evolution
FY 2025 NEE1 Revenue Evolution REPORTED REVENUE (IN €M) -5.7% • Revenue down on a mix of lower volumes and 759 selling prices, mainly in Germany 716 • Slight overall volume decline with strong food jar activity offset by declines in most other FY 2024 FY 2025 end-markets REVENUE AT CONSTANT EXCHANGE
Slide 15: FY 2025 LATAM Revenue Evolution
FY 2025 LATAM1 Revenue Evolution REPORTED REVENUE (IN €M) -10.4% • Revenue down in 2025 despite higher sales 428 volumes - decline entirely related to FX impact 384 (Brazilian real and Argentine peso) FY 2024 FY 2025 • Strong volume growth especially in Brazil despite softer trends in H2 especially
Slide 16: Q4 2025 consolidated adjusted EBITDA variance analysis
Q4 2025 consolidated adjusted EBITDA variance analysis -341bps ADJUSTED EBITDA (IN €M) Q4 2025 Q4 2024 Adjusted EBITDA margin 21.1% 24.5% 17.6 201 • Activity / Operating leverage > Performance supported by a mix of volume growth in 52.9 both Europe and LatAm and inventory build-up • Negative price/m
Slide 17: FY 2025 consolidated adjusted EBITDA variance analysis
FY 2025 consolidated adjusted EBITDA variance analysis -360bps FY 2025 FY 2024 ADJUSTED EBITDA (IN €M) Adjusted EBITDA margin 20.8% 24.4% 59.7 • Positive activity / operating leverage 842 > Broad-based growth driven by NAB and food, volumes up organically each quarter, combined with some positive in
Slide 18: 2025 SWE Adjusted EBITDA Evolution
2025 SWE1 Adjusted EBITDA Evolution ADJUSTED EBITDA (IN €M) -348 bps -15.8% 2025 2024 548 Adjusted EBITDA margin 20.7% 24.1% 461 • Activity up YoY with a positive organic volume contribution and to a lesser extent some inventory build-up FY 2024 FY 2025 • Strongly negative price/cost spread impact (
Slide 19: 2025 NEE Adjusted EBITDA Evolution
2025 NEE1 Adjusted EBITDA Evolution ADJUSTED EBITDA (IN €M) -491bps -29.6% 2025 2024 147 Adjusted EBITDA margin 14.5% 19.4% 104 • Positive activity contribution despite lower volumes thanks to fixed cost reduction in Germany FY 2024 FY 2025 • Strongly negative spread (mainly Germany) mostly ADJUSTED
Slide 20: 2025 LATAM Adjusted EBITDA Evolution
2025 LATAM1 Adjusted EBITDA Evolution ADJUSTED EBITDA (IN €M) -127bps -13.7% 2025 2024 147 Adjusted EBITDA margin 33.1% 34.4% 127 • Positive activity contribution mainly coming from Brazil, FY 2024 FY 2025 thanks to higher volumes but negative inflation spread ADJUSTED EBITDA AT CONSTANT FX & SCOPE
Slide 21: FY 2025 Capex Evolution
FY 2025 Capex Evolution TOTAL BOOKED CAPEX AS % OF SALES AND IN €M • FY 2025 booked capex down €(65)m yoy (-20%) 9.4% reflecting strict control on capex spend and a fairly 7.8% light repair schedule 117 3.4% • Total capex to sales ratio down to 7.8% (9.4% in 2024) 2.9% 97 • Strategic capex down from
Slide 22: 2025 Group Cash-flow Generation
2025 Group Cash-flow Generation • FCF bounced back from low 2024 level thanks to lower capex and a more contained WCR increase than in In € million FY 2025 FY 2024 2024 Adjusted EBITDA 692.2 842.5 • Cash conversion is up slightly and remains above 60% Total Capex (258.9) (323.4) thanks to strict cap
Slide 23: December 2025 Group Net Debt Evolution and Leverage
31 December 2025 Group Net Debt Evolution and Leverage In € million 31/12/2025 30/09/2025 30/06/2025 31/12/2024 Net Debt 1,860.8 1,920.4 1,947.5 1,797.4 LTM Adjusted EBITDA 692.2 732.5 762.0 842.5 Net Debt / LTM Adjusted EBITDA 2.7x 2.6x 2.6x 2.1x • Net debt at €1,861m including rights-of-use for €6
Slide 24: December 2025 financial structure and liquidity
31 December 2025 financial structure and liquidity Nominal amount or In € million max. Amount Maturity Nominal rate 31 Dec. 2025 drawable Sustainability-Linked Bond – May 2021(1) 100.3 May 2028 1.625% 101.1 Sustainability-Linked Bond – November 2021(1) 70.2 November 2031 1.875% 69.4 Bond – November
Slide 25: 2026 Outlook
2026 OUTLOOK Patrice LUCAS CEO FY 2025 RESULTS 25.02.26 25
Slide 26: Continued soft market environment in 2026
Continued soft market environment in 2026 MIXED CUSTOMER SENTIMENT… …POINTING TO STABILITY IN 2026 “We also expect that the volatile and uncertain environment will stay with us • Continued soft end consumption for some time due to the geopolitical situation and that will impact consumer backdrop in
Slide 27: 2026 outlook
2026 outlook • 2026 market environment expected to be broadly stable against a subdued consumption backdrop and uncertain geopolitical environment • Focus will be on pursuing improvement in competitiveness, cash generation and deleveraging Based on expected market conditions, VRLA aims to generate t
Slide 28: Q&A
Q& A FY 2025 RESULTS 25.02.26 28
Slide 29: Appendix
APPENDIX FY 2025 RESULTS 25.02.26 29
Slide 30: Reconciliation of operating profit to adjusted EBITDA
Reconciliation of operating profit to adjusted EBITDA In €m FY 2025 FY 2024 Operating profit 246.3 459.2 Depreciation and amortisation(1) 405.2 356.6 Restructuring costs 21.5 14.1 IAS 29 Hyperinflation (Argentina)(2) 2.3 (4.4) Management share ownership plan and associated costs 4.0 2.5 Company acqu
Slide 31: Glossary
Glossary • Activity category: corresponds to the sum of the • Recurring investments: Recurring Capex represent • The segment Latin America comprises production volumes variations plus or minus changes in acquisitions of property, plant and equipment and plants located in Brazil, Argentina and Chile
Slide 32: Disclaimer
Disclaimer Certain information included in this presentation are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding Verallia's present and future bu
Slide 33: Thank you
Thank you