5 January 2026
282
281
245
246
271
ICM sales excl. Frigoglass Eurasia (in mil. €) YTD September ICM sales excl. Frigoglass Eurasia (in mil. €)
233
196
200
2023 2024 2025 Bdg LTM Sept. 2025 2025e 2023 2024 2025
ICM Adjusted(1)EBITDA excl. Frigoglass Eurasia (in mil. €) YTD September ICM Adjusted(1)EBITDA excl. Frigoglass Eurasia (in mil. €)-5
2
14
14
14
15 | |||||
1 | 3 | ||||
2023 | 2024 | 2025 | |||
2023 2024 2025 Bdg LTM Sep. 2025 2025e
101
112
120
123
122
Same level of sales vs 2023 despite
Naira's 59% devaluation
Glass sales (in mil. €) YTD September Glass sales (in mil. €)
98
91
71
2023 2024 2025 Bdg LTM Sept. 2025 2025e 2023 2024 2025
Glass Adjusted(1)EBITDA (in mil. €) YTD September Glass Adjusted(1)EBITDA (in mil. €)24
25
29
41
42
33
15
23
2023 2024 2025 Bdg LTM Sept. 2025 2025e 2023 2024 2025
59% devaluation
€/NGN = 707
€/NGN = 1,725
€/NGN = 1,550 €/NGN = 1,702
9% devaluation
Increases in market share in Europe through compelling value proposition via new products (e.g., brewers, energy drinks, Class-A coolers)
Key DriversContinued expansion of asset performance services network with entry in new regions
Launching new products in selected markets, differentiated from competitors, to further enhance presence in Southeast Asia and Egypt
Development of offering for unattended retail through vending commercial coolers
Strategic sourcing and procurement initiatives to drive material cost reduction and productivity savings, resulting in EBITDA margin enhancement
Remain cautious about macroeconomic challenges and currencies volatility
ts(3) | €m Actual Projections (Subject to budget finalization) | |||||||
igh | 2024A | 2025E | 2026E | 2026 vs 2025 | ||||
cial Highl | ICM(1) Sales | 245 | 281 | 315 | 12% | |||
inan | Adjusted EBITDA(2) | 2 | 14 | 21 | 58% | |||
F | EBITDA Margin (%) | 1% | 5% | 7% | 2pp | |||
Notes: | ||||||||
Excluding its Russian subsidiary Frigoglass Eurasia LLC
Adjusted ICM EBITDA excludes €2.15m allocation of Head Office expenses to Glass Division 5
The assumptions involve known and unknown risks, uncertainties, and other factors outside the control of the Company Group. The principal risks and uncertainties set out in the Strategic Report, Board of Directors Report and Financial
Statements for the period ending December 2024 should also be considered
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