Verallia Sas · EURONEXT:VRLA
Verallia Sas — Verallia,Courbevoie — Q3 2025 Earnings Presentation
26 slides from Verallia Sas's earnings presentation, Oct 23, 2025
Slide 1: Q3 2025 results
Q3 2025 results 23 October 2025
Slide 2: Summary
Summary 01 Introduction 02 Key 03 Q3 & 9M 2025 04 2025 outlook highlights financial results Q3 2025 RESULTS 23.10.25 2
Slide 3: Introduction
INTRODUCTION Patrice LUCAS CEO Q3 2025 RESULTS 23.10.25 3
Slide 4: A global leader in glass packaging
A global leader in glass packaging customers DIVERSIFIED AND BALANCED END-MARKETS 2024 Glass packaging(1) sales split by end-market(2) ~10,000 countries(5) employees Food 12 ~11,000 17% Still wine 32% Soft drinks 11% 2024 decoration 16+ bottles/jars plants 6 billion p.a. 12% Beer 12% 16% Sparkling w
Slide 5: Key Highlights
KEY HIGHLIGHTS Patrice LUCAS CEO Q3 2025 RESULTS 23.10.25 5
Slide 6: Strengthened shareholding structure following BWGI's tender offer
Strengthened shareholding structure following BWGI’s tender offer VERALLIA: SHAREHOLDING AS OF SEPTEMBER 30, 2025 3.8% BWSA 2.5% Brasil Warrant Administração de Bens e 4.1% Empresas S.A.(1) • As announced on August 14, 2025, following 12.6% Public the reopening period of its public tender 120,805,10
Slide 7: CSR roadmap update: acceleration of our decarbonation plan
CSR roadmap update: acceleration of our decarbonation plan In September 2025, the SBTi publicly validated Verallia’s Net Zero 2040 target FIRST GLOBAL GLASS PACKAGING MANUFACTURER TO COMMIT TO A NET ZERO 2040 TARGET Emission reduction relative to the 2019 base year Q3 2025 RESULTS 23.10.25 7
Slide 8: Verallia's first hybrid furnace: a step forward in our decarbonation roadmap
Verallia’s first hybrid furnace: a step forward in our decarbonation roadmap Zaragoza hybrid furnace • Spain • Replaces up to 70% of fossil energy with Low Carbon Electricity, using oxygen instead of air for combustion • Up to 55% reduction in CO2 emissions compared to a traditional furnace • Furnac
Slide 9: Q3 2025: continued volume growth but declining profitability in a difficult demand environment
Q3 2025: continued volume growth but declining profitability in a difficult demand environment REVENUE ADJUSTED EBITDA NET DEBT • €181m, -14.0% vs. • -2.8% yoy Q3 2025 Q3 2024 to €846m • Margin at 21.3% • -0.6% yoy organic vs. 24.1% in Q3 growth • Leverage: 2024 (-279 bps) 2.6x LTM adj. EBITDA vs 2.
Slide 10: Q3 & 9M 2025 Financial Results
Q3 & 9M 2025 FINANCIAL RESULTS Nathalie DELBREUVE CFO Q3 2025 RESULTS 23.10.25 10
Slide 11: Q3 2025 consolidated revenue variance analysis
Q3 2025 consolidated revenue variance analysis REPORTED REVENUE (IN €M) (1) • Organic growth: -0.6% in Q3 25 (-0.7% excluding Argentina) • Volumes up year-on-year despite a still challenging market environment 37.3 43.4 > Activity softened in August and September after 871 4.9 a good month of July 0
Slide 12: 9M 2025 consolidated revenue variance analysis
9M 2025 consolidated revenue variance analysis REPORTED REVENUE (IN €M) (1) • Organic growth: -2.4% in 9M 25 (-2.9% excluding Argentina) • Continued organic volume growth supported by 80.9 targeted commercial initiatives despite a softer market environment in August-September 2,635 154.4 > Volumes u
Slide 13: Q3 2025 consolidated adjusted EBITDA variance analysis
Q3 2025 consolidated adjusted EBITDA variance analysis -279bps ADJUSTED EBITDA (IN €M) (1) Q3 2025 Q3 2024 Adjusted EBITDA margin 21.3% 24.1% 210 7.9 • Activity / Operating leverage > Solid Q3 performance, driven by volume growth in both Europe and Latam 40.6 3.0 • Negative price/mix-cost spread 1.4
Slide 14: 9M 2025 consolidated adjusted EBITDA variance analysis
9M 2025 consolidated adjusted EBITDA variance analysis -365bps 9M 2025 9M 2024 ADJUSTED EBITDA (IN €M) (1) Adjusted EBITDA margin 20.7% 24.3% • Activity / Operating leverage 42.1 641 > Growth across all regions, with continued volume growth despite a challenging Summer 183.2 • Negative price/mix-cos
Slide 15: 30 September 2025 Group net debt evolution and leverage
30 September 2025 Group net debt evolution and leverage In € million 31/12/2024 30/06/2025 30/09/2025 Net Debt 1,797.4 1,947.5 1,920.4 LTM Adjusted EBITDA 842.5 762.0 732.5 Net Debt / LTM Adjusted EBITDA 2.1x 2.6x 2.6x • Net debt at €1,920.4m including rights-of-use for €63.0m vs €1,797.4m as of Dec
Slide 16: 30 September 2025 financial structure and liquidity
30 September 2025 financial structure and liquidity Nominal amount or In € million max. Amount Maturity Nominal rate 30 Sept. 2025 drawable Sustainability-Linked Bond – May 2021(1) 100.3 May 2028 1.625% 100.7 Sustainability-Linked Bond – November 2021(1) 70.2 November 2031 1.875% 70.3 Bond November
Slide 17: 2025 Outlook
2025 OUTLOOK Patrice LUCAS CEO Q3 2025 RESULTS 23.10.25 17
Slide 18: European off-trade consumption has deteriorated sharply in the last two months
European off-trade consumption has deteriorated sharply in the last two months (1) Beer Spirits Carbonated Soft Drinks 7,6% • Soft off-trade consumption trends across most categories 4,7% 4,1% (with beer and CSD accounting 1,4% 1,2% 0,5% for the bulk of volumes) 0,3% • Mixed Q2 with beer and CSD up
Slide 19: Outlook assumptions
Outlook assumptions LATEST MARKET & ACTIVITY TRENDS • Poor Summer (August / September) despite a good month of July • Softer market environment in Brazil / Latam after a strong H1, amid a soft consumption backdrop • Continued negative mix and spread impact after a negative H1 • Still difficult situa
Slide 20: 2025 outlook
2025 outlook • Continued organic volume growth in Q3 despite deterioration in market conditions in August and September • Delay in market conditions recovery • 2025 full year outlook revised as follows: Adjusted EBITDA Free cash-flow around €700m around €150m Short term focus on profitability impr
Slide 21: Q&A
Q& A Q3 2025 RESULTS 23.10.25 21
Slide 22: Appendix
APPENDIX Q3 2025 RESULTS 23.10.25 22
Slide 23: Reconciliation of operating profit to adjusted EBITDA
Reconciliation of operating profit to adjusted EBITDA In €m 9M 2025 9M 2024 Operating profit 230.2 362.7 Depreciation and amortisation(1) 268.1 257.5 Restructuring costs 14.6 12.7 IAS 29 Hyperinflation (Argentina)(2) 2.7 (1.7) Management share ownership plan and associated costs 3.5 4.7 Company acqu
Slide 24: 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 25: 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 26: Thank you
Thank you