Vidrala Sa (VDRFF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the conference call organized by Vidrala to present its 2025 first half results. Vidrala will be represented in this meeting by Raúl Gómez, CEO, Íñigo Mendieta, Corporate Finance Director, and Leonid Álvarez, Investor Relations. The presentation will be held in English. In the Q&A session, questions will be also answered in Spanish. Nevertheless, it is strongly recommended to post questions in English in order to facilitate understanding of everyone. In the company website, www.vidrela.com, you will find available a presentation that will be used as supporting material to cover this call, as well as a link to access the webcast. Mr. Adair, you now have the floor. Thank you. Good morning, everyone, and thank you for joining this call. As announced, Vidrela published its 2025 first hour results this morning. We also shared a presentation to support today's call. We will start by quickly explaining the main numbers in the presentation. After that, we will spend time answering your questions about the business. Now, Niño will explain the key financial performance for the first half. Thank you Niño. So let's begin with a quick overview of the main financial figures. For the first half of 2025, Vidrala delivered revenues of 750 million euros an EBITDA of 216 million euros, and a net income equivalent to an EPS of 3.22 euros. At the end of June, net debt stood at almost 215 million euros, which translates to a leverage ratio of 0.5 times over the last 12 months EBITDA. Just a quick reminder at this stage, Italy contributed to revenue and EBITDA in the first two months of 2024, but was reclassified as discontinued from March onwards. So this impacts year-on-year comparisons and we will try to focus on like-for-like trends as we go. Let's take a cl...