June 2026 | June 2025 | Reported change | Organic change | |
Sales (EUR million) | 754.0 | 750.1 | +0.5% | -3.8% |
EBITDA (EUR million) | 225.5 | 216.1 | +4.4% | +1.5% |
Earnings per share (EUR) | 3.36 | 3.06 | +9.9% | |
Debt / EBITDA (multiple) | 0.6x | 0.5x | +0.1x | |
Sales during the first six months of 2026 amounted to EUR 754.0 million, showing an organic variation of -3.8% at constant currency and comparable perimeter.
Operating profit, EBITDA, amounted to EUR 225.5 million representing an operating margin of 29.9%.
Earnings per share reached EUR 3.36 per share in the period, reflecting an increase of +9.9% over the same period last year.
Net debt as of June 30, 2026 stood at EUR 252.3 million, equivalent to 0.6x times last twelve months proforma EBITDA.
Earnings performance Sales
Sales reported by Vidrala during the first six months of 2026 amounted to EUR 754.0 million, representing a growth of +0.5% over the previous year. On a constant currency basis and comparable perimeter, sales declined by -3.8%.
SALES YEAR OVER YEAR CHANGEEUR million
VIDRALA. Management Report. First half 2026. | 2Operating results
Operating profit -EBITDA- obtained in the first six months of 2026 reached EUR 225.5 million. This represents an increase of +4.4% over the figure reported last year and an increase of +1.5% on a constant currency basis and comparable perimeter.
EBITDA margins reached 29.9% over sales which reflects an expansion of +110 basis points over the previous year.
EBITDA YEAR OVER YEAR CHANGEEUR million
EBITDA MARGINS YEAR OVER YEAR CHANGE
As percentage of sales
VIDRALA. Management Report. First half 2026. | 3
Results and financial position
Net profit in the first half amounted to EUR 117.4 million. As a result, earnings per share during the period reached EUR 3.36 per share. This represents a +9.9% growth over the previous period.
Net debt at June 30, 2026 stood at EUR 252.3 million, equivalent to a leverage ratio of 0.6x times last twelve months proforma EBITDA.
DEBT YEAR OVER YEAR EVOLUTION SINCE 2022Debt in EUR million and times EBITDA*
Debt figure and leverage ratio do not include the effect of IFRS 16 Leases, which entails an increase of EUR 47.9 million in debt and EUR 4.0 million in consolidated EBITDA (EUR 50.5 and 4.4 million, respectively, in H1 2025). For the calculation of the leverage ratio in years with M&A activity, proforma EBITDA is used, including the last twelve months' contribution from the acquired business.
VIDRALA. Management Report. First half 2026. | 4Key figures
June 2026 | June 2025 | |
Sales (EUR million) | 754.0 | 750.1 |
EBITDA (EUR million) | 225.5 | 216.1 |
EBITDA margin (as percentage of sales) | 29.9% | 28.8% |
EBIT (EUR million) | 152.6 | 149.4 |
EBIT margin (as percentage of sales) | 20.2% | 19.9% |
Net profit (EUR million) | 117.4 | 107.8 |
Earnings per share (EUR) | 3.36 | 3.06 |
Net debt (at the end of the period, in EUR million) | 252.3 | 214.8 |
Debt / EBITDA (multiple) | 0.6x | 0.5x |
Conclusions and outlook
Our first-half 2026 results reflect the recent strategic decisions and the operational management actions under way, and confirm the strength of our business model.
In an adverse cost environment, we strengthened our margins, proof of the effectiveness of our internal cost-control actions and of our current competitive standing. Against a backdrop of soft demand in Europe, we found pockets of sales recovery in the second quarter and captured the benefits of diversification, underlined by the strong growth in South America. And despite the ambitious investment plan under way, we generated the expected levels of cash and preserved our solid financial position, which will give us an advantage in securing the future we are building. We are evolving, in short, as a partner of choice for our customers, which will translate into higher sales going forward.
On this basis, we today reiterate our guidance for full-year 2026. We expect to achieve EBITDA above 450 million euros, ahead of the prior year, offsetting through our management the significant challenges of the current environment. We expect to report growth of more than 5% in annual profit, driven by the outcome of our operational actions, the contribution of the new perimeter and cost control. And we estimate that we will generate around 200 million euros of free cash flow, consolidating a differential profitability profile, having completed a further stage of ambitious industrial investment.
Beyond these figures, we continue to lay the foundations of our future with conviction, strictly committed to our strategic business pillars: customer, cost and capital. We will invest with our customer in mind and with the firm purpose of manufacturing our products and delivering our services in the most reliable, competitive and sustainable way, while maintaining strict financial discipline. The future belongs to us.
VIDRALA. Management Report. First half 2026. | 6Shareholder remuneration policy
In accordance with the agreement of the last Annual General Meeting, a complementary cash dividend from 2025 results was paid on July 15, 2026 for a gross amount of EUR 46.87 cents per share. This distribution represents an increase of 15% over the same payment of the prior year, considering the effect of the new shares assigned free of charge after the bonus share issue completed in November 2025.
This is consistent with the shareholder remuneration policy defined at Vidrala, focused on the progressive increase in cash dividends, sustainable in the long term, and the combination of additional remuneration measures that are appropriate based on prevailing business conditions.
Overall, cash dividends received by shareholders during 2026, including the AGM attendance bonus, amounted to EUR 1.7505 per share.
Furthermore, as an extraordinary measure complementary to the cash dividend, the Board of Directors has decided to expand the share buyback programme, up to 3% of share capital, with the aim of cancelling the shares acquired. This expansion brings the amount allocated to shareholder remuneration to over 150 million euros. This decision reflects the Board's confidence in the strength of the industrial model and in the company's intrinsic value, and confirms that Vidrala can simultaneously reconcile investment in the service of customers, international expansion, and attractive and growing shareholder remuneration.
VIDRALA. Management Report. First half 2026. | 7Annex I. Reportable Segment Information.
Iberia and rest of Europe | Q2 2025 | H1 2025 |
Sales | 194.5 | 382.7 |
EBITDA | 60.4 | 117.3 |
EBITDA margin | 31.1% | 30.7% |
Q2 2026 | H1 2026 |
189.0 | 363.6 |
62.0 | 113.8 |
32.8% | 31.3% |
United Kingdom and Ireland | Q2 2025 | H1 2025 |
Sales | 143.1 | 280.6 |
EBITDA | 34.3 | 63.0 |
EBITDA margin | 24.0% | 22.5% |
Q2 2026 | H1 2026 |
130.3 | 249.8 |
33.7 | 58.8 |
25.9% | 23.5% |
South America (2025 proforma) | Q2 2025 | H1 2025 |
Sales | 58.2 | 123.4 |
EBITDA | 20.0 | 41.7 |
EBITDA margin | 34.4% | 33.8% |
Q2 2026 | H1 2026 |
67.1 | 140.6 |
25.8 | 52.9 |
38.5% | 37.6% |
Figures in the tables may not match due to rounding.
VIDRALA. Management Report. First half 2026. | 8Annex II. Alternative Performance Measures (APM).
Vidrala publishes this information in order to promote comparability and interpretation of its financial information and in compliance with the Directive of the European Securities and Markets Authority (ESMA) on Alternative Performance Measures (APM).
See below, the alternative performance measures used by Vidrala, as well as its basis of calculation. For further detail, please check the reference document published on the corporate website:
https://www.vidrala.com/default/documentos/746_es-medidas_alternativas_de_rendimiento_apm.pdf
EBITDA. Vidrala calculates EBITDA as earnings before interest, taxes, depreciation and amortisation (as reported in the consolidated income statement). Consolidated net debt. Vidrala calculates consolidated net debt as the sum of all long-term liabilities and short-term obligations, and then subtracting cash and cash equivalents (as reported in the consolidated balance sheet). Reported net debt excludes the impact of IFRS 16 Leases (see note 19 of the consolidated financial statements for further details). Free cash flow. Vidrala calculates free cash flow by adding -to the real variation in net debt balances (as reported in the consolidated balance sheet)- payments during the period dedicated to dividends and net treasury stock purchases (as reported in the consolidated statement of cash flows).Other magnitudes referred to in this report:
EBITDA margin is calculated as accumulated EBITDA during the reported period divided by net sales.
Organic refers to the variation on a like-for-like (comparable perimeter) and constant currency basis.
Debt/EBITDA ratio is calculated as consolidated net debt at the end of the reported period divided by EBITDA obtained in the last 12 months.
EBITDA
EUR '000 | H1 2026 | Source of data |
Profit before income tax from continuing operations | 153,827 | Consolidated Income Statement |
Amortisation and depreciation | +72,241 | Consolidated Income Statement |
Finance income | -18,224 | Consolidated Income Statement |
Finance costs | +16,997 | Consolidated Income Statement |
Impairment of non-current assets | +700 | Consolidated Income Statement |
Participation accounted through equity method | +3 | Consolidated Income Statement |
EBITDA | 225,544 | N/A |
NET DEBT
EUR '000 | H1 2026 | Source of data |
Loans and borrowings (non-current liabilities) | 169,551 | Consolidated Balance Sheet |
Loans and borrowings (current liabilities) | +240,053 | Consolidated Balance Sheet |
Cash and cash equivalents | -109,403 | Consolidated Balance Sheet |
IFRS 16 Leases impact | -47,880 | Note 19 - Financial Liabilities |
Consolidated net debt | 252,321 | N/A |
Annex III. 2026 events calendar. Past events
February 13, 2026
Payment of a first interim cash dividend from 2025 results
February 28, 2026
FY 2025 Earnings Release (8:00h CET)
April 29, 2026
Q1 2026 Earnings Release (10:00h CET)
April 29, 2026
Annual General Meeting (12:00h CET)
July 15, 2026
Payment of a complementary cash dividend from 2025 results
July 23, 2026
Q2 2026 Earnings Release (8:00h CET)
Upcoming eventsOctober 28, 2026
Q3 2026 Earnings Release (8:00h CET)
VIDRALA. Management Report. First half 2026. | 11
