FY 2025 results
25 February 2026
Summary
01
Introduction
02
FY 2025 RESULTS 25.02.26
2
Key highlights
03
FY 2025
financial results
04
2026 outlook
INTRODUCTIONPatrice LUCAS CEO
FY 2025 RESULTS 25.02.26 3
A global leader in glass packaging
DIVERSIFIED AND BALANCED END-MARKETS
2025 Glass packaging(1) sales split by end-market(2)
customers
~11,000
Food
18%
31%
Still wine
countries(5)
12 ~11,000
employees
Soft drinks
Beer
12%
12%
2025
16%
Spirits
11%
Sparkling wine
decoration
6
plants
glass 35
~ 18 billion
19
bottles/jars
p.a.
cullet
N°1in Europe(3)
88% of 2025 sales
N°2in Latin America(4)
12% of 2025 sales
N°3Globally
plants
67
furnaces
recycling centers
Sources: Companies public information, management estimates and Advancy (IPO related study).
Notes: (1) For bottles and jars only (99% of total Verallia sales). (2) The consolidated financial statements are presented in millions of euros, with amounts rounded up or down to the nearest million. So rounding differences could be present in some graphics or tables, mainly if presented in percentage without digits after the comma. (3) Based on 2024 sales; "Europe" using each company's definition/management estimates. (4) Based on 2024 volumes in Argentina, Brazil and Chile. (5) Countries with an industrial presence.
FY 2025 RESULTS
25.02.26 4KEY HIGHLIGHTS
Patrice LUCAS CEO
FY 2025 RESULTS 25.02.26 5
Verallia continued to invest and innovate through 2025 in a challenging environment
3
1 2 4
VALIDATION OF VERALLIA'S NET ZERO 2040 TRAJECTORY BY
SBTi, making it the first global producer of glass packaging for food and beverages to commit to this trajectory for 2040
TARGETED CAPACITY ADDITIONS AND CONTINUED DECARBONIZATION,
with the commissioning of two new furnaces in 2025 in Campo Bom (Brazil) and Pescia (Italy) and the opening of Verallia's first hybrid furnace in Zaragoza (Spain)
VOLUNTARY TENDER OFFER INITIATED BY
BWGI, with 77.17% of Verallia's share capital and 71.78% of theoretical voting rights held as of 31 December 2025
SUCCESSFUL NEW BOND ISSUANCE OF €850,000,000
Investors' support on this transaction reflects their confidence in Verallia's strategy
CO2emissions on track to meet our 2030 target
2025 "Scope 1 and 2" CO2emissions
+0.7% yoy to 2,375 kt (-23.2% vs. 2019)(1)
Intensity down by -3.1 % from
0.44 tCO2/TPG(2) in 2024 to
0.43 tCO2/TPG(2) in 2025
In line with our trajectory to reduce CO2emissions by 46.2% in absolute terms by 2030 vs 2019
External cullet usage : 57.7 % in 2025 (+1.0 point vs 2024)
Renewable or low carbon electricity share (scope 2) up to 69% from 64% in 2024
Continued rollout of energy consumption
reduction programs
2025
Expressed at constant scope and excluding the contribution from Allied Glass / Verallia UK and Vidrala Italia / Verallia Corsico so as to make them comparable with the starting point of 2019.
TPG = Tonne of Packed Glass, Expressed at constant scope and excluding the contribution from Allied Glass / Verallia UK and Vidrala Italia / Verallia
Contemplated adjustments to Verallia's European industrial
footprint
Demand dynamics in Europe
Contemplated projects
Continued weak demand across Germany and Benelux with no signs of material mid-term recovery
Overcapacity in extra-flint glass with no meaningful rebound expected in Cognac volumes
Market downturn in the UK, especially in spirits, a key segment for Verallia
Germany: closure of one site in Essen (two furnaces, ca 300 headcount) and transfer of production to other German sites of the Group
France: non-reconstruction of a furnace nearing its end of life in Châteaubernard (ca 60 headcount)
UK: shutdown of a furnace in Knottingley, alongside the restart of a more efficient furnace nearby in Leeds
ADAPTING TO GLASS DEMAND DYNAMICS THROUGH TARGETED FOOTPRINT ADAPTATION PROJECTS
Continued organic volume growth, free cash-flow generation up twofold vs 2024
REVENUE
Q4 2025:
-7.1% yoy to €763m
-4.2% yoy organic growth (1)
FY 2025:
-3.6% yoy to €3,331m
-2.8% yoy organic growth (1)
NET DEBT
Leverage:
2.7x LTM adj. EBITDA
vs 2.6x end of Sep. 25 and
2.1x end of Dec. 24
After €200m of dividends in Q2
2025
ADJUSTED EBITDA
Q4 2025:
€161m, -20.0% vs. Q4 2024
Margin at 21.1% vs. 24.5% in Q4 2024 (-341 bps)
FY 2025:
€692m, -17.8% vs. FY 2024
Margin at 20.8% vs. 24.4% in FY 2024 (-360 bps)
PROPOSED DIVIDEND TO AGM
Dividend per share of €1.00 (3)
Option for payment in cash or
new Verallia shares
BWGI and BPI commitment to opt for share payment
Maximum cash out of €20m
NET INCOME & EPS (2)
Net Income: €93m (-60.8% vs. 2024) reflecting €(27)m non-cash, after-tax impact of exceptional asset depreciation (especially in Germany)
EPS: €0.77 / €1.14 EPS ex-PPA
(after €(0.23) per share impact
of write-offs)
EXTRA-FINANCIAL INDICATORS
CO2 emissions (4) (scope 1&2):
+0.7 % vs. 2024 to 2,375 kt
CO2; -23.2 % vs. 2019
External cullet (4) usage: 57.7%
(+1.0 point vs. 2024)
Growth in revenue at constant exchange rates and scope (-3.4% in 2025 compared to 2024 when excluding Argentina and -5.0% in Q4 2025 compared to Q4 2024 when excluding Argentina).
Net income for 2025 includes an amortisation expense for customer relationships recognised upon the acquisition of Saint-Gobain's packaging business in 2015 and applicable until 2027, of
€44m and €0.37 per share (net of taxes). If this expense had not been taken into account, net income would be €137m and €1.14 per share. This expense was €44m and €0.37 per share in 2024.
Subject to approval of the Annual General Meeting of Shareholders to be held on April 24, 2026.
Cullet = recycled glass; the external cullet rate and amount of CO2 emissions are expressed at constant scope and exclude the contribution from
David PLACET Head of IR
FY 2025 RESULTS 25.02.26 10
Q4 2025 consolidated revenue variance analysis
821
3.4
REPORTED REVENUE (IN €M)
18.8
35.7
0.1 0.0
763
Organic growth: -4.2% in Q4 25
(-5.0% excluding Argentina)
Volumes up year-on-year in a still difficult market environment
Q4 volume growth positive but slower than in Q3
Negative net impact from volume leg linked to the non-recurrence of a Q4 2024 one-off
Negative price/mix (€(36)m), mainly driven by
lower yoy prices
Price/mix still negative but gradually abating (was
€(59)m in Q1 2025)
No FX / perimeter effect
Q4 2024 Volumes Price/Mix Exchange Rates Perimeter Argentina Q4 2025
Excluding Argentina impact
Neutral FX impact excluding Argentina but strong peso headwind weighing on Argentina contribution
SLIGHT POSITIVE VOLUME MORE THAN OFFSET BY NEGATIVE PRICE/MIX IMPACT
FY 2025 consolidated revenue variance analysis
3,456
REPORTED REVENUE (IN €M)
77.6
44.2
49.4
188.9
18.4
3,331
Organic growth: -2.8% in FY 25
(-3.4% excluding Argentina)
Steady organic volume growth through the year, supported by solid food jar and non-alcoholic beverage activity in a still subdued environment
Positive organic volume growth in both Europe and Latam despite H2 slowdown (NEE, Latam)
Price / mix
Strongly negative price impact linked to the carryover from 2024 price reductions as well as 2025 price decreases
Adverse mix through FY25 but more subdued in H2
FX / perimeter effect
Adverse FX impact mainly driven by the
FY 2024 Volumes Price/Mix Exchange Rates Perimeter Argentina FY 2025
Excluding Argentina impact
depreciation of the Brazilian real
Perimeter effect linked to the acquisition of Vidrala's
glass operations in Italy (H1 only)
REVENUE DOWN YEAR-ON-YEAR DESPITE POSITIVE VOLUME DEVELOPMENTS
FY 2025 SWE1 Revenue Evolution
REPORTED REVENUE (IN €M)
FY 2024 FY 2025
FY 2024 FY 2025
Revenue down year-on-year in 2025 with organic volume growth and perimeter impact more than offset by lower selling prices and mix
-3.8%
2 269
2 182
-1.6%
2 269
2 232
REVENUE AT CONSTANT EXCHANGE RATES & SCOPE (IN €M)
Strong performance in NAB and positive volume trends across all end-markets except sparkling wines; solid activity throughout the year with good food momentum in Italy (Pescia)
Slightly negative mix contribution over the period
Scope effect reflects the acquisition of Vidrala Italy in July 2024
POSITIVE ORGANIC VOLUME GROWTH BUT LOWER PRICING AND MIX
Southern and Western Europe comprises France, Italy, Spain and Portugal.
FY 2025 NEE1 Revenue Evolution
REPORTED REVENUE (IN €M)
FY 2024 FY 2025
FY 2024 FY 2025
Revenue down on a mix of lower volumes and selling prices, mainly in Germany
-5.7%
759
716
Slight overall volume decline with strong food jar activity offset by declines in most other
end-markets
REVENUE AT CONSTANT EXCHANGE RATES & SCOPE (IN €M)
Q4 slowdown in activity especially in Germany
-6.0%
759
713
(beer and sparkling wines)
Spirits still under pressure in the UK amid soft domestic demand and exports
Positive impact from reopening of second
Ukrainian furnace (esp food)
STILL DIFFICULT MARKET CONDITIONS ESPECIALLY IN GERMANY
Northern and Eastern Europe comprises Germany, UK, Poland, Ukraine and Russia.
FY 2025 LATAM1 Revenue Evolution
REPORTED REVENUE (IN €M)
428
-10.4%
384
Revenue down in 2025 despite higher sales volumes - decline entirely related to FX impact (Brazilian real and Argentine peso)
FY 2024 FY 2025
REVENUE AT CONSTANT EXCHANGE RATES & SCOPE(2) (IN €M)
+8.5%
Strong volume growth especially in Brazil despite softer trends in H2 especially in beer; continued wine & spirits momentum supported by Campo Bom furnace opening
428
465
Positive price and mix impact mainly supported by Argentina
FY 2024 FY 2025
POSITIVE VOLUME GROWTH MORE THAN OFFSET BY NEGATIVE FX
Latin America comprises production plants located in Brazil, Argentina and Chile and Verallia's operations in the USA.
At constant exchange rates and scope, organic growth in Latam excluding Argentina would be +7.3%.
Q4 2025 consolidated adjusted EBITDA variance analysis
201
ADJUSTED EBITDA (IN €M)
17.6
8.4
9.9
52.9
0.2 6.3
161
-341bps
Q4 2025 Q4 2024
Adjusted EBITDA margin 21.1% 24.5%
Activity / Operating leverage
Performance supported by a mix of volume growth in both Europe and LatAm and inventory build-up
Negative price/mix-cost spread
Continued negative price/mix-cost spread mainly driven
by lower prices and adverse mix
Net productivity
1.8% cash production cost reduction
Other
SG&A reduction more than offset by one-offs (positive Q4 2024 items not recurring)
FY 2024 Activity Spread
Price/Mix-Cost
Net Productivity Other Exchange
Rates
Argentina FY 2025
Almost neutral FX impact excluding Argentina
Excluding Argentina impact
Q4 PROFITABILITY SEQUENTIALLY IMPROVING, HIGHER THAN 9M 2025
FY 2025 consolidated adjusted EBITDA variance analysis
842
ADJUSTED EBITDA (IN €M)
59.7
236.0
2.0 6.9
45.4
14.4
692
-360bps
FY 2025
FY 2024
Adjusted EBITDA margin 20.8% 24.4%
Positive activity / operating leverage
Broad-based growth driven by NAB and food, volumes up organically each quarter, combined with some positive inventory variation
Negative price/mix-cost spread
Strongly negative spread driven by lower average selling prices and, to a lesser extent, an unfavorable mix
Net productivity
Continued positive contribution from PAP, driving a 2.1% decrease in cash production costs over 2025
Other
Includes perimeter effect, SG&A reduction and some
FY 2024 Activity Spread Price/Mix-Cost
Net Productivity Other Exchange
Rates
Argentina FY 2025
negative one-offs
€(7)m negative FX effect, mostly linked to the
Excluding Argentina impact
Brazilian real
CONTINUED POSITIVE ACTIVITY AND PRODUCTIVITY OFFSET BY STRONGLY NEGATIVE SPREAD
2025 SWE1 Adjusted EBITDA Evolution
ADJUSTED EBITDA (IN €M)
548
-15.8%
461
2025 | 2024 |
20.7% | 24.1% |
-348 bps
Adjusted EBITDA margin
FY 2024 FY 2025
Activity up YoY with a positive organic volume contribution and to a lesser extent some inventory build-up
ADJUSTED EBITDA AT CONSTANT FX & SCOPE (IN €M)
Strongly negative price/cost spread impact (albeit
moderating gradually through the year)
548
-17.3%
453
PAP performance in line with Group's objective
Perimeter effect linked to the acquisition of Vidrala Italia (H1 impact only)
FY 2024 FY 2025
STILL SOLID PROFITABILITY DESPITE NEGATIVE SPREAD IMPACT
Southern and Western Europe comprises France, Italy, Spain and Portugal.
2025 NEE1 Adjusted EBITDA Evolution
ADJUSTED EBITDA (IN €M)
-491bps
2025
2024
FY 2024 FY 2025
Adjusted EBITDA margin 14.5% 19.4%
-29.6%
147
104
Positive activity contribution despite lower volumes thanks to fixed cost reduction in Germany
-30.1%
147
103
ADJUSTED EBITDA AT CONSTANT FX & SCOPE (IN €M)
Strongly negative spread (mainly Germany) mostly driven by negative price / mix
PAP continues to deliver solid results, reducing cash
production costs by 2.4%
Slightly positive FX impact
FY 2024 FY 2025
SHARP DECLINE IN EBITDA DRIVEN BY LOWER VOLUMES (ESPECIALLY GERMANY) AND NEGATIVE SPREAD
2025 LATAM1 Adjusted EBITDA Evolution
ADJUSTED EBITDA (IN €M)
147
-13.7%
127
-127bps
Adjusted EBITDA margin
33.1%
34.4%
Positive activity contribution mainly coming from Brazil,
thanks to higher volumes but negative inflation spread
PAP performance in line with Group's objective
Negative FX impact (Argentinian peso and Brazilian real)
Still solid margin (>33% adjusted EBITDA)
2024
2025
FY 2024 FY 2025
ADJUSTED EBITDA AT CONSTANT FX & SCOPE2 (IN €M)
+3.0%
147
152
FY 2024 FY 2025
STILL STRONG ACTIVITY AND PROFITABILITY DESPITE ADVERSE FX
(1) Latin America comprises production plants located in Brazil, Argentina and Chile