Verallia Sas · EURONEXT:VRLA
Verallia Sas — Verallia,Courbevoie — H1 2025 Earnings Presentation
35 slides from Verallia Sas's earnings presentation, Jul 30, 2025
Slide 1: H1 2025 results
H1 2025 results 30 July 2025
Slide 2: Summary
Summary 01 Introduction 02 Key 03 H1 2025 04 2025 guidance highlights financial results H1 2025 RESULTS 30.07.25 2
Slide 3: Introduction
INTRODUCTION Patrice LUCAS CEO H1 2025 RESULTS 30.07.25 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 H1 2025 RESULTS 30.07.25 5
Slide 6: Roll-out of new furnaces supporting both new capacity and decarbonation
Roll-out of new furnaces supporting both new capacity and decarbonation Campo Bom • Brazil Pescia • Italy • New furnace adding 330 tons of • New furnace adding 300 tons of daily glass making capacity daily glass making capacity • Furnace opened since May 2025 • Furnace opened since July 2025 TAPPING
Slide 7: 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 electric energy, using oxygen instead of air for combustion • Up to 55% reduction in CO2 emissions compared to a traditional furnace • Expected to o
Slide 8: Expanding the Verallia Air range with MY AIR
Expanding the Verallia Air range with MY AIR • The new My Air bottle expands Verallia’s ultralight range following the launch of Bordelaise Air and Air Jars • Disruptive weight of 105g • Versatile format targeting the single serve market • Possible uses across Ready-to-Drink, NAB or still wines H1 2
Slide 9: BWGI's successful tender offer for Verallia shares
BWGI's successful tender offer for Verallia shares • As announced on July 28, 2025, following the first stage of its public tender offer for VRLA shares, BWGI owns 70.31% of Verallia’s share capital and 62.81% of its voting rights from the settlement-delivery of the initial Offer • Tender offer succ
Slide 10: H1 2025: higher volumes and stronger cash generation; rebound in profitability in Q2
H1 2025: higher volumes and stronger cash generation; rebound in profitability in Q2 REVENUE ADJUSTED EBITDA Q2 2025: Q2 2025: • -2.5% yoy to €905m • €204m, -10.4% vs. Q2 2024 • -3.0% yoy organic growth (1) • Margin at 22.5% vs. 24.5% in H1 2025: Q2 2024 (-197 bps) • -2.4% yoy to €1,723m H1 2025: •
Slide 11: H1 2025 Financial Results
H1 2025 FINANCIAL RESULTS Nathalie DELBREUVE CFO H1 2025 RESULTS 30.07.25 11
Slide 12: Q2 2025 Consolidated Revenue Variance Analysis
Q2 2025 Consolidated Revenue Variance Analysis REPORTED REVENUE (IN €M) (1) • Organic growth: -3.0% in Q2 25 (-3.6% excluding Argentina) • Positive volume contribution in Q2, broadly in 928 19.5 line with Q1 which enjoyed a low comp base 51.9 > Strong performance in food and beer, all segments showi
Slide 13: H1 2025 Consolidated Revenue Variance Analysis
H1 2025 Consolidated Revenue Variance Analysis REPORTED REVENUE (IN €M) (1) • Organic growth: -3.3% in H1 25 (-3.9% excluding Argentina) • Continued organic growth in volumes driven 43.6 by targeted commercial policy, with nearly all segments contributing positively 1 765 > Continued Latam outperfor
Slide 14: H1 2025 SWE Revenue Evolution
H1 2025 SWE1 Revenue Evolution REPORTED REVENUE (IN €M) -0.3% 1 185 1 182 • Stable revenue in H1 as higher volumes, driven by better demand and Corsico contribution, offset negative impact of H1 2024 H1 2025 lower yoy prices and mix REVENUE AT CONSTANT EXCHANGE RATES & SCOPE (IN €M) • Organically, m
Slide 15: H1 2025 NEE Revenue Evolution
H1 2025 NEE1 Revenue Evolution REPORTED REVENUE (IN €M) -6.4% 382 • Revenue down in H1 on lower selling 357 prices in a market that shows moderate signs of recovery H1 2024 H1 2025 • Volumes up slightly in H1 in most REVENUE AT CONSTANT EXCHANGE RATES segments & SCOPE (IN €M) • Spirits (UK) and stil
Slide 16: H1 2025 LATAM Revenue Evolution
H1 2024 LATAM1 Revenue Evolution REPORTED REVENUE (IN €M) -7.3% 198 • Revenue decline mainly driven by a 184 strongly negative forex impact, H1 2024 H1 2025 particularly in Argentina and Brazil • Strong volume growth in H1 especially in REVENUE AT CONSTANT EXCHANGE RATES & SCOPE (2) (IN €M) Brazil,
Slide 17: Q2 2025 Consolidated Adjusted EBITDA Variance Analysis
Q2 2025 Consolidated Adjusted EBITDA Variance Analysis -197bps ADJUSTED EBITDA (IN €M) (1) Q2 2025 Q2 2024 Adjusted EBITDA margin 22.5% 24.5% 227 15.7 • Activity / Operating leverage 11.1 2.6 3.3 Positive business contribution in Q2, supported by volume 56.4 > 204 growth across all regions 11.9 > Or
Slide 18: H1 2025 Consolidated Adjusted EBITDA Variance Analysis
H1 2025 Consolidated Adjusted EBITDA Variance Analysis ADJUSTED EBITDA (IN €M) (1) -408bps H1 2025 H1 2024 Adjusted EBITDA margin 20.4% 24.4% 34.2 431 • Activity / Operating leverage > Positive contribution reflecting continued recovery in volumes across all regions and segments (except sparkling) •
Slide 19: H1 2025 SWE Adjusted EBITDA Evolution
H1 2024 SWE1 Adjusted EBITDA Evolution ADJUSTED EBITDA (IN €M) -375bps H1 2025 H1 2024 -15.7% Adjusted EBITDA margin 20.6% 24.3% 288 243 • Positive activity contribution with volumes up in most segments H1 2024 H1 2025 • Strongly negative impact of lower selling prices ADJUSTED EBITDA AT CONSTANT FX
Slide 20: H1 2025 NEE Adjusted EBITDA Evolution
H1 2024 NEE1 Adjusted EBITDA Evolution ADJUSTED EBITDA (IN €M) -646bps -36.6% H1 2025 H1 2024 76 Adjusted EBITDA margin 13.6% 20.0% 49 • Positive activity contribution especially in Germany (partly due to low comp base in early H1 2024 H1 2025 2024) ADJUSTED EBITDA AT CONSTANT FX & • Strongly negati
Slide 21: H1 2025 LATAM Adjusted EBITDA Evolution
H1 2024 LATAM1 Adjusted EBITDA Evolution ADJUSTED EBITDA (IN €M) -139bps H1 2025 H1 2024 -11.1% 67 Adjusted EBITDA margin 32.2% 33.6% 59 • EBITDA up at constant FX but down on a H1 2024 H1 2025 reported basis due to Brazilian real and Argentine peso devaluation ADJUSTED EBITDA AT CONSTANT FX & SCOPE
Slide 22: H1 2025 Capex under control
H1 2025 Capex under control TOTAL BOOKED CAPEX AS % OF SALES • H1 recurring capex down due to lighter AND IN € MILLION furnace repair schedule 8.9% • Strategic capex down from 3.3% to 2.6% 58 of sales following the progress or 3.3% 6.0% completion of several key projects 157 2.6% 46 including first
Slide 23: H1 2025 Group Cash-flow Generation
H1 2025 Group Cash-flow Generation • Significant improvement in FCF despite lower In € million H1 2025 H1 2024 yoy EBITDA (+€115m) Adjusted EBITDA 350.8 431.3 • Cash conversion ratio up yoy to 70.5%, Total Capex 103.6 156.8 fueled by lower yoy booked capex Cash Conversion 70.5% 63.6% • Lower operati
Slide 24: 30 June 2025 Group Net Debt Evolution and Leverage
30 June 2025 Group Net Debt Evolution and Leverage In € million 30/06/2025 31/12/2024 30/06/2024 Net Debt 1,947.5 1,797.4 1,645.7 LTM Adjusted EBITDA 762.0 842.5 880.3 Net Debt / LTM Adjusted EBITDA 2.6x 2.1x 1.9x • Net debt at €1,947.5m including rights-of-use for €66.3m • Dividend payment in May 2
Slide 25: 30 June 2025 Financial Structure and Liquidity
30 June 2025 Financial Structure and Liquidity Nominal amount or In € million max. Amount Maturity Nominal rate 30 June 2025 drawable Sustainability-Linked Bond – May 2021(1) 500.0 May 2028 1.625% 499.7 Sustainability-Linked Bond – November 2021(1) 500.0 November 2031 1.875% 500.5 Bond November 2024
Slide 26: 2025 Guidance
2025 GUIDANCE Patrice LUCAS CEO H1 2025 RESULTS 30.07.25 26
Slide 27: Business set up to navigate still uncertain market environment
Business set up to navigate still uncertain market environment 2025 MARKET TRENDS: KEY HIGHLIGHTS • Still soft consumption in Europe in an uncertain environment (slow global economy, rising geopolitical and trade tensions) • Some support to glass demand from the end of destocking in most segments •
Slide 28: 2025 outlook
2025 outlook • Context still characterized by persistent geopolitical and trade tensions • The Group confirms its guidance for 2025 assuming the geopolitical and macroeconomic environment does not deteriorate further: - 2025 adjusted EBITDA around €800 million - 2025 free cash-flow of more than €200
Slide 29: Q&A
Q& A H1 2025 RESULTS 30.07.25 29
Slide 30: Appendix
APPENDIX H1 2025 RESULTS 30.07.25 30
Slide 31: Reconciliation of operating profit to adjusted EBITDA
Reconciliation of operating profit to adjusted EBITDA In €m H1 2025 H1 2024 Operating profit 148.2 244.4 Depreciation and amortisation(1) 178.8 171.2 Restructuring costs 10.6 11.7 IAS 29 Hyperinflation (Argentina)(2) 1.3 (2.0) Management share ownership plan and associated costs 2.2 3.4 Company acqu
Slide 32: Q1 2025 Consolidated Adjusted EBITDA Variance Analysis
Q1 2025 Consolidated Adjusted EBITDA Variance Analysis ADJUSTED EBITDA (IN €M) (1) -641bps Q1 2025 Q1 2024 18.5 Adjusted EBITDA margin 18.0% 24.4% 204 • Activity / Operating leverage 86.2 > Positive impact from activity with sales volumes up organically in all regions in Q1… 2.3 > … Partly offset by
Slide 33: Glossary
Glossary • Activity category: corresponds to the sum of the or to increase the Group’s capacity. It excludes • The segment Northern and Eastern Europe volumes variations plus or minus changes in the purchase of securities. comprises production plants located in Germany, inventories variation. • Recu
Slide 34: 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 35: Thank you
Thank you