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Consolidated Financial Statements 2025
Zignago Vetro SpA
Registered office: Italy - Fossalta di Portogruaro (VE), Via Ita Marzotto No. 8 Share Capital approved Euro 8,932,000 Share Capital fully paid-in Euro 8,931,999.60
Tax and Venice Company Register No.: 00717800247 Company Duration: 31 December 2100
No name changes occurred
https://www.zignagovetro.com
Zignago Vetro Group Structure | pag. | 5 |
Board of Directors | pag. | 6 |
Directors' Report on the Consolidated & Separate Financial Statements | pag. | 7 |
The Zignago Vetro Group | pag. | 8 |
Subsequent events after 31 December 2025 | pag. | 40 |
Outlook | pag. | 40 |
Consolidated Sustainability Statement | pag. | 41 |
Consolidated Financial Statements | pag. | 151 |
Statement of Financial position | pag. | 152 |
Income statement | pag. | 153 |
Statement of Comprehensive Income | pag. | 154 |
Statement of Cash Flows | pag. | 155 |
Statement of changes in Equity | pag. | 156 |
Notes to the Consolidated Financial Statements | pag. | 157 |
Proposals to the Shareholders' Meeting | pag. | 244 |
Statement of the Consolidated Financial Statements | pag. | 245 |
Shareholders' Meeting Call Notice | pag. | 247 |
Independent Auditors' Report | pag. | 251 |
Separate Financial Statements | pag. | 261 |
AT 12 MARCH 2026
ITALIAN GLASS MOULDS SRL
NRG GLASS MOULDS SRL
PRODUCTION AND REGENERATION
PRODUCTION AND REGENERATION
OF MOULDS FOR HOLLOW GLASS
OF MOULDS FOR GLASSMAKERS
CONTAINERS
100%
GENERAL VETRI SPA
SALE OF HOLLOW GLASS
CONTAINERS
ACTIVITIES AND SHAREHOLDINGS
ZIGNAGO VETRO SpA PRODUCTION AND SALE OF HOLLOW GLASS CONTAINERS | |||||||
100% | 50% | 30% | |||||
VETRI SPECIALI SpA | |||||||
ZIGNAGO VETRO FRANCE SAS | VETRECO SRL | ||||||
PRODUCTION AND DISTRIBUTION OF | |||||||
PRODUCTION AND SALE OF GLASS | SPECIALITY HOLLOW GLASS | TREATMENT AND SALE OF | |||||
CONTAINERS FOR LUXURY | CONTAINERS | RECYCLED GLASS | |||||
FRAGRANCES | |||||||
100% | 100% | 51% | |||||
TRE-VE SRL | VETRO REVET SRL | ||||||
ZIGNAGO VETRO POLSKA SA | |||||||
SALE OF HOLLOW GLASS | TREATMENT AND SALE OF | ||||||
PRODUCTION AND SALE OF | |||||||
CONTAINERS | RECYCLED GLASS | ||||||
HOLLOW GLASS CONTAINERS | |||||||
100% | 100% | 40% | |||||
ZIGNAGO GLASS USA Inc. | VERRERIES DU SUD EST SARL | JULIA VITRUM SPA | |||||
SALES PROMOTION OF GLASS | SALE OF HOLLOW GLASS | TREATMENT AND SALE OF | |||||
BOTTLES | CONTAINERS | RECYCLED GLASS | |||||
100% | 100% | ||||||
Board of Directors Board of Statutory Auditors
in office for the three-year period 2025 - 2027 in office for the three-year period 2025 - 2027
chairperson statutory auditors
Nicolò Marzotto Anna Maria Allievi - chairperson Carlo Pesce
vice chairperson Andrea Manetti
Franco Moscetti
alternate auditors
chief executive officer Laura Faresin
Biagio Costantini Cecilia Andreoli
directors
Alessia Antonelli Supervisory Board
Giacomo Marzotto
Luca Marzotto Alessandro Bentsik - chairperson
Stefano Marzotto Massimiliano Agnetti
Gaia Melloni Nicola Campana
Barbara Ravera Angelica Ruggeri Emanuele Sacchetti Chiara Venezia
Independent Auditors Control and Risks and Sustainability Cte. for the 2025 - 2033 period
EY SpA
Alessia Antonelli Luca Marzotto Gaia Melloni
Whistleblowing Reports Management Management Committee
Anna Maria Allievi Group Chief Financial Officer
Angelica Ruggeri Cristiano Bonetto
Remuneration Committee
Franco Moscetti Group Technical Manager
Marzotto Stefano Roberto Bassarelli Chiara Venezia
Committee for Transactions Group sales directors
with Related Parties Stefano Bortoli Andrea Pianca
Alessia Antonelli Barbara Ravera Angelica Ruggeri
Lead Independent Director
Barbara Ravera
Directors' Report on the Consolidated & Separate Financial Statements The Zignago Vetro GroupThe Zignago Vetro Group (hereafter also the "Group") operates in the production and marketing of high quality hollow glass containers prevalently for the Food and Beverage, Cosmetics and Perfumery and "Specialty Glass" sectors (highly customised glass containers in small batches, typically used for wine, liquors and oils).
The Group operates in the market with a business-to-business model, supplying containers to its clients, which are then used in their respective industrial activities. Specifically, in the Italian market, the Group is one of the leading producers and distributors of glass containers for the food and beverage sector, while at international level it has a strong market share in the cosmetics and perfumery and specialty glass sectors.
* * * * *
The Consolidated Financial Statements at 31 December 2025 are prepared in accordance with International Financial Reporting Standards (IFRS) endorsed by the European Union at the date of the preparation of this document.
We recall that IFRS 11 - Joint arrangements, applicable for the Group from 1 January 2014, replaces IAS 31 Interests in Joint Ventures and SIC 13 Jointly Controlled Entities - Non-Monetary Contributions by Venturers, and identifies, on the basis of the rights and obligations of the participants, two types of agreements - joint operations and joint ventures - and governs the consequent accounting treatment to be adopted for recognition in the financial statements, removing the option to consolidate jointly controlled companies proportionally and requiring jointly controlled companies defined as joint ventures to be recognised using the equity method.
For the consolidated financial statements at 31 December 2025 and the comparative financial statements at 31 December 2024, the Group has therefore recognised the investments held in Vetri Speciali SpA, Vetreco Srl and Julia Vitrum SpA, which are defined as joint ventures, using the equity method.
In the Directors' Report, the figures (and the subsequent comments) are based on the "management view" of the Group business, which provides for the proportional consolidation of joint ventures. These figures however must not be considered as an alternative to those provided for by IFRS, but rather exclusively for supplementary disclosure and reflective of management's view of the business.
For this purpose, the Directors' Report provides reconciliation schedules between the consolidated income statement and the consolidated statement of financial position prepared on the basis of the international accounting standards in force at the reporting date and those consistent with management's view of the business, with the proportional consolidation of the joint ventures in Vetri Speciali SpA (and its subsidiaries), Vetreco Srl and Julia Vitrum SpA.
The Explanatory Notes include the information required by current regulations and accounting standards, appropriately presented with reference to the financial statement formats used.
In accordance with the provisions of Legislative Decree No. 32 of 2 February 2007, which enacted European Directive 2003/51/CoE into Italian legislation, Zignago Vetro SpA avails of the option to prepare the Directors' Report of the Parent and the Consolidated Directors' Report in one single document, included within the Consolidated Financial Statements. Therefore, the present consolidated Directors' Report also contains the disclosures pursuant to Article 2428 of the Civil Code, with reference to the Separate Financial Statements of Zignago Vetro SpA.
Pursuant to CONSOB communication DEM 6064293 of 28 July 2006 and ESMA/2015/1415 recommendations on alternative performance indicators utilised by the Parent and the Group - which although not specifically defined by IAS/IFRS are considered particularly useful to monitor the business performance - we provide the following information:
− net financial debt is defined as the sum of current loans and borrowings and non-current loans and borrowings, net of cash and cash equivalents and current financial assets. It should also be noted that the net financial debt thus defined has the same structure as the net financial position;
− value of production: it is defined as the arithmetical sum of revenues, the change in finished products, semi-finished products, and work-in-progress, in addition to the internal work capitalised and the annual portion of investment grants;
− value added: the Company defines this as the difference between value of production and consumption of goods and services (purchase costs plus or minus the change in raw materials and service costs);
− EBITDA: it is defined as the difference between value added and personnel expense (including those of temporary workers), plus the effect of the measurement of joint ventures using the equity method. EBITDA is a measure used to monitor and evaluate performance, although it is not defined as an accounting measure under IFRS. The measurement criteria of this indicator may not be in line with that utilised by other entities and therefore it may not be entirely comparable.
Within this context, a calculation model consistent with the way the core business is conducted was used, the summary representation of which incorporated the effects deriving from the application of IFRS 11. The results deriving from its equity investments in joint ventures as operating items and nonfinancial items of the Group's business, related to a clearly defined investment strategy and as such classified within the Group's operating results, are considered;
− EBIT: it is defined as the difference between Ebitda and depreciation & amortisation of property, plant and equipment and intangible assets and accruals to the provision for impairment;
− operating profit: this performance measure is also contained in IFRS and is defined as the difference between EBIT and the net balance of non-recurring operating costs and income. We point out that this latter item includes incidental income and costs, capital gains and losses on sales of assets, insurance compensation, grants, and other minor positive and negative items;
− free cash flow: it is defined as the sum of the cash flows from operating activities and cash flows from investing activities.
The figures reported in the Directors' Report and in the tables of the Notes are shown in thousands of Euro for greater clarity, except where specified otherwise. The comments in the Report are however expressed in millions of Euro.
* * * * *
The Zignago Vetro Group, according to management's view, operates through eight separate business units, most of which correspond to a similar number of legal entities. The information concerning the operating performance of the various business segments and geographical areas (segment reporting as per IFRS 8) is included in the illustration of the financial reporting data for each company and is an integral part of this Directors' Report.
Segment reporting which coincides mainly with the various legal entities is provided below, independently of the respective consolidation method applied.
Disclosure by region is not considered appropriate for the Group. The operating segments ("Business Units") are identified as follows:
− Zignago Vetro SpA: this Business Unit carries out the production of glass containers for food and beverages and for cosmetics and perfumery;
− Zignago Vetro Polska SA: this Business Unit undertakes the production of a wide range of customised products for cosmetic and perfumery containers and also for food and beverage niche markets worldwide;
− Zignago Vetro France SAS: this Business Unit carries out the production of glass containers for perfumes;
− Vetri Speciali SpA: this Business Unit includes the production of specialty containers, principally for wine, spirits, vinegar and olive oil; Also included are the companies of the Vetri Speciali Group, excluding those identified as a separate Business Unit (Tre-ve Srl, Verreries du Sud Est Sarl, General Vetri SpA and NRG Glass Moulds Srl);
− Zignago Glass USA Inc.: this Business Unit carries out the sales and promotion of glass containers for food and beverages and for cosmetics and perfumery on the American continent;
− Tre-Ve Srl, Verreries du Sud Est Sarl and General Vetri SpA: this Business Unit is engaged in the marketing of glass containers, mainly in Italy;
− Vetreco Srl, Vetro Revet Srl and Julia Vitrum SpA: these Business Units are engaged in the processing of raw glass into secondary raw material ready for use by glassmakers.
− NRG Glass Moulds Srl and Italian Glass Moulds Srl: this Business Unit is engaged in the marketing and regeneration of glass container moulds.
The consolidation scope of the Zignago Vetro Group at 31 December 2025 and at 31 December 2024 was unchanged and was as follows:
− Zignago Vetro SpA (parent)
The companies consolidated using the line-by-line method are as follows:
− Zignago Vetro France SAS
− Zignago Vetro Polska S.A.
− Zignago Glass USA Inc.
− Vetro Revet S.r.l.
− Italian Glass Moulds S.r.l.
The companies valued under the equity method are the following:
− Vetri Speciali SpA and the subsidiaries Tre-Ve Srl, Verreries du Sud Est Sarl, General Vetri SpA and NRG Glass Moulds Srl
− Vetreco Srl
− Julia Vitrum SpA
The basis of consolidation and measurement criteria, including the equity investments held by Zignago Vetro
S.p.A. are outlined in the paragraph "accounting principles and measurement criteria" in the notes to the consolidated financial statements.
In the Directors' Report, as previously stated, the figures are based on the "management view of the Group business", which provides for the proportional consolidation of joint ventures.
Legally-required audit
The appointment for the legally-required audit of the separate and consolidated financial statements of Zignago Vetro SpA for the 2025-2033 period was awarded to the independent audit firm EY SpA, pursuant to Articles 14 and 16 of Legislative Decree No 39 of 27 January 2010.
Significant events in 2025
Investigation by the Competition Authority into the market
As already mentioned in the Directors' Report for FY 2024, we recall that in November 2023 the Antitrust Authority (AGCM) opened an investigation for an alleged agreement restricting competition in the sale of glass bottles, against nine companies, including Zignago Vetro SpA and Vetri Speciali SpA.
The Company has provided the utmost support and cooperation to the Authorities in the course of these proceedings, while also promptly communicating that it has always operated in full compliance with applicable competition rules and regulations, restating that Zignago Vetro SpA's conduct was influenced by the very significant and widespread cost increases for all production inputs, in particular energy and raw materials.
On 22 December 2025, the Antitrust Authority (AGCM) notified the parent company of the resolution to close the proceedings as the reasons for their initiation concerning the nine companies mentioned above, including Zignago Vetro SpA, regarding the violation of Article 101 TFEU, assumed at the start of the proceedings, were no longer valid.
Distribution of dividends
The Shareholders' Meeting of Zignago Vetro SpA on 7 May 2024 approved the distribution of a dividend of Euro 0.45 per share, totalling Euro 39.7 million, with payment date of 14 May 2025.
Treasury shares
On 7 May 2025, the Shareholders' Meeting of Zignago Vetro SpA revoked, for the part not executed, the resolution granted in favour of the Board of Directors to purchase and sell treasury shares, as approved by the Shareholders' Meeting of 29 April 2024 and authorised the Board of Directors to purchase and sell treasury shares for a maximum number not exceeding the total nominal amount, including any shares held by subsidiaries, corresponding to one-fifth of the share capital. The new authorisation is proposed for a period of 18 months, commencing from 7 May 2025. The minimum purchase price shall not be less than 20%, and the maximum price not more than 20%, of the share price registered on the trading day prior to each transaction; the sale price shall not be 20% higher or lower than the share price registered on the trading day prior to each transaction. These price limits will not be applied where the sale of shares is to employees, including management, executive directors and consultants of Zignago Vetro SpA and its subsidiaries in relation to incentive stock option and stock grant plans.
During FY 2025, no shares were purchased and 14,875 shares were granted following the closing of the 2022-2024 stock option plan.
At 31 December 2025, the parent company still had in portfolio 1,054,708 treasury shares, corresponding to 1.181% of the share capital, purchased for Euro 10.4 million.
Share-based payments
The Shareholders' Meeting of 7 May 2025 approved the "2025-2027 Performance Shares Plan" reserved for the Chief Executive Officer and the Senior Executives of the parent company, based on the free granting of rights to receive shares of the company, subject to the achievement of specific financial and sustainability targets. This Plan overall concerns 202,500 ordinary shares of the Parent and has a vesting period from 1 December 2025 to 31 December 2027.
Operating performance
2025 again featured recovering Beverage and Food container demand, with volumes up on 2024. The destocking in the initial months of the year across most market segments in which our Companies operate continues to normalise, with varying dynamics in the individual product categories and within a still competitive environment.
Cosmetic and Perfumery container demand continued to be impacted by destocking throughout the year, related on the one hand to the decision among certain customers to restock inventory with lower volumes than in the past, and by a weak sell-out on the other. Against this backdrop, the Group therefore reports lower sales volumes than in the previous year.
The production factors showed signs of stability during the year and particularly in terms of raw materials and energy - the latter following an initial phase of instability. The stabilisation of the main production costs, together with their control through targeted actions, supported a steady recovery of margins on the first half of the year. The Group also remains focused on cash generation, debt control and inventory management.
Zignago Vetro Group consolidated revenues in 2025, according to management's view, totalled Euro 596 million, decreasing 3.2% on 2024 (Euro 615.7 million).
Materials and external services in 2025, including changes in inventories of semi-finished and finished products and internal production of fixed assets, amounted to Euro 370.6 million, compared to Euro 368.4 million in the previous year (+0.6%). These costs on revenues increased from 59.8% to 62.2%.
The consolidated added value for the year ended 31 December 2025, according to management's view, is Euro 225.4 million, compared to Euro 247.3 million in 2024 (-8.9%). This amounted to 37.8% of revenues, down from 40.2%. The decrease in added value during the year is mainly due to the decline in sales revenues and the increase in direct production costs, which had already begun to rise at the end of the previous year, being partly absorbed by final inventories at 31 December 2024.
Personnel expense of Euro 111.9 million remains stable on the previous year (Euro 111.1 million).
EBITDA in 2025 was Euro 113.5 million, compared to Euro 136.2 million in 2024 (-16.7%), corresponding to 19% and 22.1% of revenues respectively.
EBIT in 2025 totalled Euro 44.4 million, compared to Euro 66.9 million in the previous year (-33.6%). The margin declined to 7.5% from 10.9% in 2024.
The operating profit in 2025 of Euro 47 million was down 31.1% on the previous year (Euro 68.2 million). The revenue margin was 7.9%, compared to 11.1%.
The Group profit in 2025 was Euro 27.3 million, decreasing 47.3% on Euro 51.9 million in 2024. The revenue margin was 4.6%, compared to 8.4% in the previous year. The tax rate increased from 10.4% to 23.4%.
The cash flow generated from the net profit for the year and depreciation/amortisation (a key indicator of the Group's ability to generate cash flow from operating activities) decreased to Euro 95.2 million in 2025 (from Euro 119.6 million in the previous year) and represents 16% of revenues compared to 19.4% in the previous year. For further details on cash flows, reference should be made to the table at page 20 of this report.
The key data of the Zignago Vetro Group reclassified consolidated income statement for 2025 and 2024, according to management's view as described previously, are shown below:
2025 | 2024 | Changes | |||
Euro thou. | % | Euro thou. | % | % | |
Revenues | 596,007 | 100.0% | 615,654 | 100.0% | (3.2)% |
Changes in finished and semi-finished products and work in progress | (8,194) | (1.4)% | (1,363) | (0.2)% | (3.2)% |
Internal production of fixed assets | 3,375 | 0.6% | 4,950 | 0.8% | (31.8)% |
Value of production | 591,188 | 99.2% | 619,241 | 100.6% | (4.5)% |
Cost of goods and services | (365,787) | (61.4)% | (371,943) | (60.4)% | (1.7)% |
Value added | 225,401 | 37.9% | 247,298 | 40.3% | (8.9)% |
Personnel expenses | (111,912) | (18.8)% | (111,099) | (18.0)% | 0.7% |
EBITDA | 113,489 | 19.0% | 136,199 | 22.1% | (16.7)% |
Amortisation and depreciation | (67,874) | (11.4)% | (67,712) | (11.0)% | 0.2% |
Accruals to provisions | (1,211) | (0.2)% | (1,568) | (0.3)% | (22.8)% |
EBIT | 44,404 | 7.5% | 66,919 | 10.9% | (33.6)% |
Non-operating recurring income (charges) | 2,215 | 0.4% | 2,544 | 0.4% | (12.9)% |
Non-recurring income (charges) | 381 | 0.1% | (1,282) | (0.2)% | (129.7)% |
Operating Profit | 47,000 | 7.9% | 68,181 | 11.1% | (31.1)% |
Net financial expenses | (10,789) | (1.8)% | (11,113) | (1.8)% | (2.9)% |
Net exchange rate gains/(losses) | (644) | (0.1)% | 489 | 0.1% | n.a. |
Profit before taxes | 35,567 | 6.0% | 57,557 | 9.3% | (38.2)% |
Income taxes | (8,313) | (1.4)% | (5,998) | (1.0)% | 38.6% |
(Tax-rate 2025: 23.4%) | |||||
(Tax-rate 2024: 10.4%) | |||||
Consolidated Profit | 27,254 | 4.6% | 51,559 | 8.4% | (47.1)% |
(Profit) Loss non-con. int. | 66 | 0.0% | 312 | 0.1% | (78.8)% |
Group Profit | 27,320 | 4.6% | 51,871 | 8.4% | (47.3)% |
The reduced 2024 tax rate compared to the present fiscal year mainly refers to the Patent Box tax relief applied by Zignago Vetro SpA.
The revenues of the Individual companies for FY 2025 and FY 2024 are presented below:
(Euro thousands) | 2025 | 2024 | Change % |
Zignago Vetro SpA | 331,565 | 324,895 | 2.1% |
Zignago Vetro France S.a.s. | 51,044 | 63,982 | (20.2)% |
Gruppo Vetri Speciali (*) | 144,466 | 150,261 | (3.9)% |
Zignago Vetro Polska S.a. | 86,562 | 84,124 | 2.9% |
Zignago Glass USA Inc. | 5,477 | 4,465 | 22.7% |
Vetro Revet Srl | 10,899 | 18,961 | (42.5)% |
Vetreco Srl (*) | 7,545 | 10,646 | (29.1)% |
Julia Vitrum SpA (*) | 10,152 | 12,760 | (20.4)% |
Italian Glass Moulds Srl | 3,937 | 4,315 | (8.8)% |
Total aggregate | 651,647 | 674,409 | (3.4)% |
Elimination of inter-company revenues | (55,640) | (58,755) | (5.3)% |
Total consolidated revenues | 596,007 | 615,654 | (3.2)% |
(*) For Group share |
Group revenues outside Italy amounted to Euro 182 million (Euro 184.6 million in 2024; -1.4%) and account for 30.5% of total revenues (30% in 2024). Specifically:
(Euro thousands) | 2025 | 2024 | Change % |
Zignago Vetro SpA | 52,494 | 44,239 | 18.7% |
Zignago Vetro France S.a.s. | 47,910 | 54,690 | (12.4)% |
Zignago Vetro Polska S.a. | 53,193 | 54,320 | (2.1)% |
Zignago Glass USA Inc. | 4,432 | 3,663 | 21.0% |
Vetri Speciali Group (*) | 23,459 | 26,822 | (12.5)% |
Italian Glass Moulds Srl | 554 | 805 | (31.2)% |
Julia Vitrum SpA (*) | 0 | 12 | n.a. |
Total | 182,042 | 184,551 | (1.4)% |
% of total revenues | 30.5% | 30.0% | |
(*) For Group share | |||
Breakdown of foreign sales: | |||
(Euro thousands) | 2025 | 2024 | Change % |
E.U. | 145,055 | 150,422 | (3.6)% |
Other countries | 36,987 | 34,129 | 8.4% |
Total | 182,042 | 184,551 | (1.4)% |
The EBITDA of the Individual companies for FY 2025 and FY 2024 is presented below:
(Euro thousands) | 2025 | 2024 | Change % |
Zignago Vetro SpA | 58,754 | 62,133 | (5.4)% |
Zignago Vetro France Sas | 2,799 | 6,699 | (58.2)% |
Vetri Speciali Group (*) | 33,192 | 39,810 | (16.6)% |
Zignago Vetro Polska Sa | 16,134 | 23,350 | (30.9)% |
Zignago Glass USA Inc. | 406 | 362 | 12.2% |
Vetro Revet Srl | 859 | 6 | n.a. |
Vetreco Srl (*) | 439 | 749 | (41.4)% |
Julia Vitrum SpA (*) | 1,182 | 2,095 | (43.6)% |
Italian Glass Moulds Srl | (375) | 48 | n.a. |
Total aggregate | 113,390 | 135,252 | (16.2)% |
Consolidation adjustments | 99 | 947 | n.a. |
Consolidated EBITDA | 113,489 | 136,199 | (16.7)% |
(*) For Group share | |||
The EBIT of the Individual companies for FY 2025 and FY 2024 is presented below: | |||
(Euro thousands) | 2025 | 2024 | Change % |
Zignago Vetro SpA | 23,222 | 24,848 | (6.5)% |
Zignago Vetro France Sas | (1,522) | 1,496 | (201.7)% |
Vetri Speciali Group (*) | 19,561 | 28,082 | (30.3)% |
Zignago Vetro Polska Sa | 5,905 | 13,014 | (54.6)% |
Zignago Glass USA Inc. | 400 | 356 | 12.4% |
Vetro Revet Srl | 369 | (299) | n.a. |
Vetreco Srl (*) | (144) | (669) | (78.5)% |
Julia Vitrum SpA (*) | 662 | 1,381 | (52.1)% |
Italian Glass Moulds Srl | (1,401) | (853) | 64.2% |
Total aggregate | 47,052 | 67,356 | (30.1)% |
Consolidation adjustments | (52) | 825 | n.a. |
Consolidated EBIT | 47,000 | 68,181 | (31.1)% |
(*) For Group share | |||
The net profit in 2025 and 2024 is composed of: | |||
(Euro thousands) | 2025 | 2024 | Change % |
Zignago Vetro SpA | 26,563 | 48,828 | (45.6)% |
Zignago Vetro France Sas | (2,247) | 822 | n.a. |
Vetri Speciali Group (*) | 12,053 | 21,925 | (45.0)% |
Zignago Vetro Polska Sa | 4,614 | 10,482 | (56.0)% |
Zignago Glass USA Inc. | 282 | 222 | 27.0% |
Vetro Revet Srl | (135) | (637) | (78.8)% |
Vetreco Srl (*) | (366) | (862) | (57.5)% |
Julia Vitrum SpA (*) | 350 | 740 | (52.7)% |
Italian Glass Moulds Srl | (1,553) | (875) | 77.5% |
Total aggregate | 39,561 | 80,645 | (50.9)% |
Consolidation adjustments | (12,241) | (28,774) | (57.5)% |
Consolidated net profit | 27,320 | 51,871 | (47.3)% |
(*) For Group share | |||
The key data of the reclassified consolidated IFRS income statement of the Zignago Vetro Group in 2025 and the previous year, applying IFRS 11, are presented below.
2025 | 2024 | Changes | |||
Euro thou. | % | Euro thou. | % | % | |
Revenues | 444,837 | 100.0% | 454,519 | 100.0% | (2.1)% |
Changes in finished and semi-finished products and work in progress | (6,316) | (1.4)% | (2,171) | (0.5)% | n.a. |
Internal production of fixed assets | 3,375 | 0.8% | 4,908 | 1.1% | (31.2)% |
Value of production | 441,896 | 99.3% | 457,256 | 100.6% | (3.4)% |
Cost of goods and services | (277,701) | (62.4)% | (278,953) | (61.4)% | (0.4)% |
Value added | 164,195 | 36.9% | 178,303 | 39.2% | (7.9)% |
Personnel expense | (85,519) | (19.2)% | (84,758) | (18.6)% | 0.9% |
Equity-accounted Joint Ventures | 12,037 | 2.7% | 21,803 | 4.8% | (44.8)% |
EBITDA | 90,713 | 20.4% | 115,348 | 25.4% | (21.4)% |
Amortisation and depreciation | (51,785) | (11.6)% | (54,397) | (12.0)% | (4.8)% |
Accruals to provisions | (664) | (0.1)% | (427) | (0.2)% | 55.5% |
EBIT | 38,264 | 8.6% | 60,524 | 13.3% | (36.8)% |
Other income (charges) | 694 | 0.2% | 666 | 0.1% | 4.2% |
Operating Profit | 38,958 | 8.8% | 61,190 | 13.5% | (36.3)% |
Net financial expense | (6,879) | (1.5)% | (10,424) | (2.3)% | (34.0)% |
Net exchange rate gains/(losses) | (552) | (0.1)% | 481 | 0.1% | n.a. |
Profit before taxes | 31,527 | 7.1% | 51,247 | 11.3% | (38.5)% |
Income taxes | (4,273) | (1.1)% | 312 | 0.1% | n.a. |
(Tax-rate 2025: 13.6%) | |||||
(Tax-rate 2024: -0.6 %) | |||||
Consolidated Profit | 27,254 | 6.0% | 51,559 | 11.3% | (47.1)% |
(Profit) Loss non-con. int. | 66 | (0.1)% | 312 | 0.1% | n.a. |
Group Profit | 27,320 | 6.1% | 51,871 | 11.4% | (47.3)% |
For a better understanding of the performances for 2025, stated in accordance with management's view, a reconciliation is provided below of the reclassified income statement between that presenting the joint ventures at equity and that based on their proportional consolidation.
Proportional consolidation
2025 IFRS
Vetri Speciali Group
Vetreco Srl Julia Vitrum SpA
Adjustment to Parent principles
Neutralisati on JV using the equity criteria
2025
(manageme nt view)
Euro thou. | Euro thou. | Euro thou. | Euro thou. | Euro thou. | Euro thou. | Euro thou. | |
Revenues | 444,837 | 144,466 | 7,545 | 10,152 | (10,993) | 0 | 596,007 |
Changes in finished and semi-finished products and work in progress | (6,316) | (1,908) | (38) | 68 | 0 | 0 | (8,194) |
Internal production of fixed assets | 3,375 | 0 | 0 | 0 | 0 | 0 | 3,375 |
Value of production | 441,896 | 142,558 | 7,507 | 10,220 | (10,993) | 0 | 591,188 |
Cost of goods and services | (277,701) | (84,207) | (6,489) | (8,383) | 10,993 | 0 | (365,787) |
Value added | 164,195 | 58,351 | 1,018 | 1,837 | 0 | 0 | 225,401 |
Personnel expense | (85,519) | (25,159) | (579) | (655) | 0 | 0 | (111,912) |
Equity-accounted Joint Ventures | 12,037 | 0 | 0 | 0 | 0 | (12,037) | 0 |
EBITDA | 90,713 | 33,192 | 439 | 1,182 | 0 | (12,037) | 113,489 |
Amortisation and depreciation | (51,785) | (14,667) | (500) | (922) | 0 | 0 | (67,874) |
Accruals to provisions | (664) | (452) | (83) | (12) | 0 | 0 | (1,211) |
EBIT | 38,264 | 18,073 | (144) | 248 | 0 | (12,037) | 44,404 |
Other income (charges) | 694 | 1,488 | 0 | 414 | 0 | 0 | 2,596 |
Operating Profit | 38,958 | 19,561 | (144) | 662 | 0 | (12,037) | 47,000 |
Net financial expense | (6,879) | (3,579) | (116) | (215) | 0 | 0 | (10,789) |
Net exchange rate gains/(losses) | (552) | (92) | 0 | 0 | 0 | 0 | (644) |
Profit before taxes | 31,527 | 15,890 | (260) | 447 | 0 | (12,037) | 35,567 |
Income taxes | (4,273) | (3,837) | (106) | (97) | 0 | 0 | (8,313) |
Consolidated profit | 27,254 | 12,053 | (366) | 350 | 0 | (12,037) | 27,254 |
(Profit) loss non-con. int. | 66 | 0 | 0 | 0 | 0 | 0 | 66 |
Group Profit for the period | 27,320 | 12,053 | (366) | 350 | 0 | (12,037) | 27,320 |
The reclassified statement of financial position of the Zignago Vetro Group, prepared according to management's view as described previously, at 31 December 2025 and 31 December 2024 are summarised below:
31.12.2025 | 31.12.2024 | |||
Euro thou. | % | Euro thou. | % | |
Trade receivables | 138,759 | 139,384 | ||
Other receivables | 32,865 | 40,679 | ||
Inventories | 172,351 | 196,980 | ||
Current non-financial payables | (145,686) | (150,077) | ||
Payables on fixed assets | (14,265) | (9,059) | ||
A) Working capital | 184,024 | 29.2% | 217,907 | 32.4% |
Net tangible and intangible assets | 399,941 | 408,742 | ||
Goodwill | 53,488 | 53,479 | ||
Other eq. invest. & non-current assets | 11,541 | 13,497 | ||
Non-current provisions and non-financial payables | (19,681) | (21,617) | ||
B) Net fixed capital | 445,289 | 70.8% | 454,101 | 67.6% |
A+B= Net capital employed | 629,313 | 100.0% | 672,008 | 100.0% |
Financed by: | ||||
Current loans and borrowings | 132,350 | 135,404 | ||
Cash and cash equivalents | (85,963) | (55,218) | ||
Current net debt | 46,387 | 7.4% | 80,186 | 11.9% |
Non-current loans and borrowings | 223,447 | 35.5% | 221,134 | 32.9% |
C) Net financial debt | 269,834 | 42.9% | 301,320 | 44.8% |
Opening Group equity | 370,289 | 388,708 | ||
Dividends paid | (39,719) | (66,376) | ||
Other equity changes | 1,256 | (3,914) | ||
Group Profit for the year | 27,320 | 51,871 | ||
D) Closing equity | 359,146 | 57.1% | 370,289 | 55.1% |
E) Non-controlling interest equity | 333 | 0.1% | 399 | 0.1% |
D+E) Total Consolidated Equity | 359,479 | 57.1% | 370,688 | 55.2% |
C+D+E = Total financial debt and equity | 629,313 | 100.0% | 672,008 | 100.0% |
Working capital decreased overall by Euro 33.9 million compared to 31 December 2024, amounting to Euro 184 million compared to Euro 217.9 million in 2024. The movement in working capital at 31 December 2025, compared to 31 December 2024, was mainly due to inventory management, which decreased by Euro 24.6 million. In addition, other receivables decreased Euro 7.8 million, mainly influenced by the settlement of receivables from the parent company Zignago Holding SpA for the 2024 tax consolidation, the movement in receivables for advances paid on income taxes, and the VAT settlement for the period. These impacts were partially offset by movements in trade payables and payables to suppliers of fixed assets (+Euro 0.8 million). Inventory levels, as indicated above, decreased (Euro 24.6 million, -12.5%) due to the lower volume of cullet stored in 2025 compared to 2024, with reference to raw materials, and due to the valuation at weighted average cost reflecting lower purchase and production prices, regarding finished products.
Net fixed capital decreased from Euro 454.1 million at 31 December 2024 to Euro 445.3 million at 31 December 2025 (Euro 8.8 million). In particular, net property, plant and machinery and intangible assets decreased by Euro 8.8 million, following lower capex than the amortisation and depreciation allocated (Euro 67.9 million). Other investments and non-current assets decreased Euro 2 million.
Capital expenditures of the companies of the Zignago Vetro Group at 31 December 2025 amounted to Euro
59.1 million (Euro 86.2 million at 31 December 2024). This principally concerns:
− Zignago Vetro SpA, for Euro 20.8 million (Euro 20.6 million in 2024), mainly for the upgrading and extraordinary maintenance of industrial plants, kiln refurbishment and for equipment and moulds;
− Zignago Vetro France SaS, for Euro 2.6 million (Euro 2.9 million in 2024), principally for the renewal of industrial equipment, including the purchase of moulds;
− Zignago Vetro Polska SA, for Euro 10.7 million (net of the exchange rate effect), (Euro 19.3 million in 2024), principally for the refurbishment of kilns and for the upgrading and expansion of finished goods warehouses;
− Vetri Speciali SpA (for its share) for Euro 23.3 million (Euro 42.3 million in 2024), principally for the renewal of production plant, buildings, new production plants and the acquisition of new moulds and equipment;
− Cullet treatment business unit, for its share of Euro 0.3 million (Euro 1.5 million in 2024), mainly concerning the installation of new sections of production plant;
− Italian Glass Moulds Srl, for Euro 0.4 million, related to the replacement of part of the industrial equipment and the renovation of the production building (Euro 0.4 million in 2024).
Consolidated equity amounted to Euro 359.5 million (at 31 December 2024 totalling Euro 370.7 million; -3.0%). The decrease of Euro 11.2 million mainly concerns the consolidated profit for the year (Euro 27.3 million), lower than the dividend distributed (Euro 39.7 million), the recognition of the effects of the IFRS 2 reserve concerning the 2025-2027 stock option plan, as outlined in the explanatory notes, and the recognition of the effects of the foreign currency translation reserve.
The net financial position according to the management view at 31 December 2025 corresponds to a net financial debt of Euro 269.8 million, a decrease of Euro 31.5 million (-10.4%) compared to 31 December 2024.
A portion of the Group's long-term financial debt is subject to compliance with specific financial and nonfinancial covenants, mainly regarding the parent company Zignago Vetro SpA. At 31 December 2025, these requirements are met for all covenants except for one ESG indicator, which did not result in the worsening of contractual conditions.
The reclassified statement of financial position of the individual companies of the Zignago Vetro Group at 31 December 2025 and 2024 is reported below:
31.12.2025 | Zignago Vetro SpA | Zignago Vetro France Sas | Vetri Speciali Group SpA (*) | Zignago Vetro Polska Sa | Zignago Glass USA Inc. | Vetro Revet Srl | Vetreco Srl (*) | Julia Vitrum Spa (*) | Italian Glass Moulds Srl | ||||||
(Euro | |||||||||||||||
Working capital | 103,945 | 16,578 | 40,385 | 23,024 | (130) | 571 | (1,749) | 1,484 | 52 | ||||||
Net fixed capital | 203,887 | 12,307 | 182,596 | 63,315 | 41 | 7,828 | 4,255 | 9,598 | 5,059 | ||||||
Total Assets | 307,832 | 28,885 | 222,981 | 86,339 | (89) | 8,399 | 2,506 | 11,082 | 5,111 | ||||||
Net financial debt | 131,691 | 10,364 | 97,494 | 9,652 | (513) | 6,978 | 1,239 | 7,782 | 4,934 | ||||||
Equity | 176,141 | 18,521 | 125,487 | 76,687 | 424 | 1,421 | 1,267 | 3,300 | 177 | ||||||
Total | 307,832 | 28,885 | 222,981 | 86,339 | (89) | 8,399 | 2,506 | 11,082 | 5,111 | ||||||
31.12.2024 | Zignago Vetro SpA | Zignago Vetro France Sas | Vetri Speciali Group SpA (*) | Zignago Vetro Polska Sa | Zignago Glass USA Inc. | Vetro Revet Srl | Vetreco Srl (*) | Julia Vitrum Spa (*) | Italian Glass Moulds Srl | ||||||
(Euro | |||||||||||||||
Working capital | 136,115 | 18,179 | 38,440 | 24,523 | (682) | 701 | (1,074) | 1,386 | 372 | ||||||
Net fixed capital | 219,623 | 14,067 | 174,311 | 61,482 | 61 | 8,395 | 4,642 | 10,766 | 6,034 | ||||||
Total Assets | 355,738 | 32,246 | 212,751 | 86,005 | (621) | 9,096 | 3,568 | 12,152 | 6,406 | ||||||
Net financial debt | 166,880 | 11,478 | 84,036 | 14,864 | (792) | 7,540 | 1,935 | 9,557 | 5,676 | ||||||
Equity | 188,858 | 20,768 | 128,715 | 71,141 | 171 | 1,556 | 1,633 | 2,595 | 730 | ||||||
Total | 355,738 | 32,246 | 212,751 | 86,005 | (621) | 9,096 | 3,568 | 12,152 | 6,406 | ||||||
(*) For Group share | |||||||||||||||
The main statement of financial position changes include, for Zignago Vetro SpA, the decrease in working capital by Euro 32.2 million, relating to the reduction in other receivables for Euro 12.5 million, the use of the tax receivables for offsetting, and the reduced value of inventory (decreasing Euro 20.7 million), due to the lower volume of cullet stored in 2025 compared to 2024, with reference to raw materials, and due to the valuation at weighted average cost reflecting lower purchase and production prices, regarding finished products. It is also noted that the net debt of Vetri Speciali SpA increased by Euro 13.5 million on the previous year. This reflects the investments related to the final stages of completion of the new production plant and the payment of dividends relating to FY 2024.
The reclassified statement of financial position of the Zignago Vetro Group at 31 December 2025, according to IFRS in force at the reporting date of the consolidated financial statements at 31 December 2025, is reported below and compared with that at 31 December 2024:
31.12.2025 | 31.12.2024 | |||
Euro thou. | % | Euro thou. | % | |
Trade receivables | 107,747 | 107,110 | ||
Other receivables | 15,111 | 27,201 | ||
Inventories | 138,024 | 161,434 | ||
Current non-financial payables | (107,579) | (108,249) | ||
Payables on fixed assets | (9,399) | (8,341) | ||
A) Working capital | 143,904 | 27.5% | 179,155 | 31.1% |
Net tangible and intangible assets | 251,065 | 267,291 | ||
Goodwill | 2,745 | 2,736 | ||
Equity investments measured using the equity method | 130,054 | 132,943 | ||
Other eq. invest. & non-current assets | 6,663 | 8,164 | ||
Non-current provisions and non-financial payables | (11,633) | (13,809) | ||
B) Net fixed capital | 378,894 | 72.5% | 397,325 | 68.9% |
A+B= Net capital employed | 522,798 | 100.0% | 576,480 | 100.0% |
Financed by: | ||||
Current loans and borrowings | 94,266 | 91,403 | ||
Cash and cash equivalents | (83,436) | (48,614) | ||
Current net debt | 10,830 | 2.1% | 42,789 | 7.4% |
Non-current loans and borrowings | 152,489 | 29.2% | 163,003 | 28.3% |
C) Net financial debt | 163,319 | 31.2% | 205,792 | 35.7% |
Opening Group equity | 370,289 | 388,708 | ||
Dividends paid | (39,719) | (66,376) | ||
Other equity changes | 1,256 | (3,914) | ||
Group Profit for the year | 27,320 | 51,871 | ||
D) Closing equity | 359,146 | 68.7% | 370,289 | 64.2% |
E) Non-controlling interest equity | 333 | 0.1% | 399 | 0.1% |
D)+E) Group Equity | 359,479 | 68.8% | 370,688 | 64.3% |
C+D+E = Total financial debt and equity | 522,798 | 100.0% | 576,480 | 100.0% |
For a better understanding of the statement of financial position at December 31, 2025, stated in accordance with management's view, a reconciliation is provided below of the version which values the investments in joint ventures using the equity method with that applying proportional consolidation:
Proportional consolidation
31.12.2025
IFRS
Vetri
Speciali SpA
Vetreco
Srl
Julia Vitrum Spa Adjustment
to Parent principles
Neutralisati
on JV using the equity criteria
31.12.2025
(manageme nt view)
Euro thou. Euro thou.
Euro thou.
Euro thou. Euro thou. Euro thou. Euro thou.
Trade receivables | 107,747 | 29,691 | 700 | 2,725 | (2,104) | 0 | 138,759 |
Other receivables | 15,111 | 17,053 | 381 | 320 | 0 | 0 | 32,865 |
Inventories | 138,024 | 32,514 | 851 | 962 | 0 | 0 | 172,351 |
Current non-financial payables | (107,579) | (34,022) | (3,666) | (2,523) | 2,104 | 0 | (145,686) |
Payables on fixed assets | (9,399) | (4,851) | (15) | 0 | 0 | 0 | (14,265) |
A) Working capital | 143,904 | 40,385 | (1,749) | 1,484 | 0 | 0 | 184,024 |
Net tangible and intangible assets | 251,065 | 134,569 | 3,980 | 10,327 | 0 | 0 | 399,941 |
Goodwill | 2,745 | 50,743 | 0 | 0 | 0 | 0 | 53,488 |
Equity investments measured using | |||||||
the equity method | 130,054 | 0 | 0 | 0 | 0 | (130,054) | 0 |
Other eq. invest. & non-current | |||||||
assets | 6,663 | 3,838 | 385 | 655 | 0 | 0 | 11,541 |
Non-current provisions and non- | |||||||
financial payables | (11,633) | (6,554) | (110) | (1,384) | 0 | 0 | (19,681) |
B) Net fixed capital | 378,894 | 182,596 | 4,255 | 9,598 | 0 | (130,054) | 445,289 |
A+B= Net capital employed | 522,798 | 222,981 | 2,506 | 11,082 | 0 | (130,054) | 629,313 |
Financed by: | |||||||
Current loans and borrowings | 94,266 | 37,732 | 375 | 1,227 | (1,250) | 0 | 132,350 |
Cash and cash equivalents | (83,436) | (2,717) | (261) | (799) | 1,250 | 0 | (85,963) |
Current net debt | 10,830 | 35,015 | 114 | 428 | 0 | 0 | 46,387 |
Non-current loans and borrowings | 152,489 | 62,479 | 1,125 | 7,354 | 0 | 0 | 223,447 |
C) Net financial debt | 163,319 | 97,494 | 1,239 | 7,782 | 0 | 0 | 269,834 |
Opening equity | 370,289 | 128,715 | 1,633 | 2,595 | 0 | (132,943) | 370,289 |
Dividends | (39,719) | (15,094) | 0 | 0 | 0 | 15,094 | (39,719) |
Other equity changes | 1,256 | (187) | 0 | 355 | 0 | (168) | 1,256 |
Profit for the year | 27,320 | 12,053 | (366) | 350 | 0 | (12,037) | 27,320 |
D) Closing equity | |||||||
359,146 | 125,487 | 1,267 | 3,300 | 0 | (130,054) | 359,146 | |
E) Non-controlling interest equity | 333 | 0 | 0 | 0 | 0 | 0 | 333 |
D)+E) Group Equity | 359,479 | 125,487 | 1,267 | 3,300 | 0 | (130,054) | 359,479 |
C+D+E = Total financial | |||||||
debt & equity | 522,798 | 222,981 | 2,506 | 11,082 | 0 | (130,054) | 629,313 |
The cash flow movements in the consolidated net financial position, based on the management view of the Zignago Vetro Group at 31 December 2025 and at 31 December 2024, were as follows:
(Euro thousands) | 2025 | 2024 |
Net financial debt at 1 January | (301,320) | (227,905) |
Self-financing: | ||
- Group profit for the year | 27,320 | 51,871 |
- amortisation & depreciation | 67,874 | 67,712 |
- net change in provisions | (1,936) | (1,997) |
- net gains (losses) from sale of property, plant and equipment | 91 | 6 |
93,349 | 117,592 | |
Decrease (increase) in working capital | 28,677 | (33,853) |
Net investments in property, plant and equipment | (53,979) | (93,105) |
Net investments in intangible assets | (9) | (26) |
Decrease (increase) of other medium/long term assets | 1,956 | 6,474 |
Sales prices of property, plant and equipment | 21 | 105 |
(23,334) | (120,405) | |
Free cash flow | 70,015 | (2,813) |
Dividends distributed | (39,719) | (66,376) |
Investments | (1,263) | 0 |
Treasury shares | 0 | (3,087) |
Effect on equity of currency conversion of financial statements | ||
of foreign companies and other changes | 2,453 | (1,139) |
(38,529) | (70,602) | |
Decrease (increase) of net financial debt | 31,486 | (73,415) |
Net financial debt at 31 December | (269,834) | (301,320) |
The principal equity and financial indicators taken from the Consolidated Financial Statements of the Zignago Vetro Group for the years ended 31 December 2025 and 2024, stated in accordance with management's view, are summarised in the table below:
Performance & financial indicators | FY 2025 | FY 2024 |
ROE | ||
Profit for the year/Average Consolidated Equity for the year | 7.49% | 13.67% |
ROI | ||
Operating margin (Ebit)/Average capital employed for the year | 6.82% | 10.38% |
ROS Operating margin (Ebit)/Revenues | 7.45% | 10.87% |
Rotation of Capital Employed Revenues/Average capital employed for the year | 0.92 | 0.95 |
(Euro thousands) Gross Operating Margin (EBITDA) | 113,489 | 136,198 |
Net financial debt | 269,834 | 301,320 |
Net financial debt/EBITDA | 2.38 | 2.21 |
Free cash flow | 70.0 | (1.0) |
The Zignago Vetro Group workforce at 31 December 2025 numbered 2,733, compared to 2,807 at 31 December 2024. The employees of Vetri Speciali SpA (and subsidiaries), Julia Vitrum SpA and Vetreco Srl have been fully incorporated.
The breakdown of the Group workforce at 31 December 2025 is shown below.
Composition | Executives | White-collars | Blue-collars |
Workforce | 38 | 597 | 2,098 |
Average age | 54 | 44 | 43 |
Years of service in Group Companies | 13 | 15 | 14 |
In addition to the workforce indicated in the table, the Group also utilises workers hired under temporary contracts.
Related party transactions
The Zignago Vetro Group has undertaken commercial and service transactions with related parties during the year, as detailed in the Notes, to which reference should be made.
Research, development and advertising costs
The companies of the Zignago Vetro Group undertook research and development focused on process and product innovation which resulted in, among other developments, the use of new materials, the introduction of new products and the application of new technical-production solutions for the "food and beverages", "cosmetics and perfumery" and "special containers" sectors.
Zignago Vetro SpA also carried out research and development for the design and introduction of new information management systems, including improvements to the process IT set up, in order to create more efficient and effective operating instruments.
Therefore, Zignago Vetro SpA avails of the tax credit under Law 190/2014, establishing this amount according to the methodologies communicated in the Tax Agency Circular.
Environmental information
In 2025, the commitment of the Zignago Vetro Group continued in the protection of the environment with the continual improvement of the policies of territorial protection and management of environmental issues with actions aimed to reduce atmospheric emissions and energy consumption, reducing the utilisation of natural resources and optimising the production cycle, with a continued strong focus on new and future technology developed internationally.
Risks related to personnel, safety and management
The Companies of the Zignago Vetro Group implement plant management policies to minimise the risk of accidents ensuring high levels of security in line with best industrial practices, utilising insurance to guarantee an extensive degree of protection for company structures, third party risks and interruptions in production activity. The company trains and motivates the workforce to guarantee efficiency and normal operational continuity.
Personal data security and protection
With regards to the obligations under Regulation (EU) 679/2016 (European General Data Protection ("GDPR")), the Group companies adopted the technical and organisational measures necessary to ensure the confidentiality and protection of processed data as set out in Article 32 of the Regulation.
Sustainability Statement
The Zignago Vetro Group began preparing the Consolidated Sustainability Statement from FY 2024, which fully replaces the Consolidated Non-Financial Statement prepared in previous years.
The data and information contained in the Consolidated Sustainability Statement have been processed and managed in compliance with the European Sustainability Reporting Standards (ESRS) introduced by the European Commission through Delegated Regulation 2023/2772 and have undergone independent verification by an independent audit firm.
All information included in the Consolidated Sustainability Statement refers to the situation at 31 December 2025 - or the financial year ending on that date, in line with the Consolidated Financial Statements - and covers the entire consolidation scope of the Zignago Vetro Group (pursuant to IFRS 11).
Financial instruments: Group objectives & policies and description of risks
With regard to point No. 6 bis, paragraph 3 of Article 2428 of the Civil Code and Article 40, paragraph 2, lett.
d) bis of Legs. Decree 127/1991, the main financial instruments used by Zignago Vetro SpA, the Parent, and the Zignago Vetro Group companies consist of trade receivables and payables, cash & cash equivalents, loans and borrowings, leasing contracts and derivative contracts.
As regards the Zignago Vetro Group's financial management, the cash flow from operating activities are considered to be consistent with objectives for repayment of existing debt and such as to assure appropriate financial balance and adequate return on equity via dividend flows.
The Zignago Vetro Group has a number of amortised Interest Rate Swap (IRS) operations in place in order to hedge the interest rate risk on medium and long-term funding, a number of hedges against exchange rate risk, and a number against the price fluctuation risk of certain commodities, particularly electricity and natural gas. The characteristics of the derivative contracts, their notional value and the market value at 31 December 2025 are as follows:
Company | Bank | Underlying | Date | Notional | Expiry | Market value |
of | at the | at | ||||
Signing | reporting date | 31.12.2025 | ||||
Zignago Vetro SpA | Unicredit | Loan 01/03/2022 | 7,200,000 | 01/02/2027 | 92,166 | |
Zignago Vetro SpA | BPER | Loan 27/05/2025 | 27,500,000 | 27/05/2031 | 169,116 | |
Zignago Vetro SpA | BNL | Loan 07/08/2025 | 30,000,000 | 05/08/2030 | 91,682 | |
Zignago Vetro SpA | BNL | Loan | 29/12/2021 | 7,058,824 | 28/12/2026 | 94,775 |
Zignago Vetro SpA | Intesa SanPaolo | Commodity hedges | 04/04/2025 | 7,124,999 | 31/12/2026 | (489,940) |
Zignago Vetro SpA | Unicredit | Commodity hedges | 29/04/2025 | 4,685,604 | 31/12/2026 | (41,501) |
Zignago Vetro SpA | Intesa SanPaolo | Loan 01/06/2021 | 4,500,000 | 29/05/2026 | 53,670 | |
Zignago Vetro SpA | Intesa SanPaolo | Loan 08/02/2024 | 13,125,000 | 30/09/2027 | (125,013) | |
Zignago Vetro SpA | Mediobanca | Loan | 29/10/2021 | 9,200,000 | 27/10/2026 | 153,380 |
Zignago Vetro Polska | Bank Polski | Foreign currency hedges | 10/09/2025 | 2,180,000 | 31/10/2026 | 21,642 |
Zignago Vetro Polska | Bank Polski | Foreign currency hedges | 31/10/2025 | 450,000 | 05/01/2026 | 3,939 |
Zignago Vetro Polska BNP Loan 05/05/2021 280,030 31/03/2026 1,894
Total 113,304,457 25,809
The above-mentioned operations were undertaken for hedging purposes. However, these transactions do not comply with all the requirements of IFRS to qualify for hedge accounting. Therefore, the Zignago Vetro Group does not use the so-called hedge accounting method and records the economic effects of hedging directly to profit or loss.
We consider that the Zignago Vetro Group is not exposed to credit risk any higher than the industry average, given that most receivables relate to customers of well-established commercial reliability. In addition, a significant portion of these receivables are backed by default risk insurance coverage, taken out with a leading company specialising in trade receivables insurance, recognised for its solidity and reliability internationally. At the accounting level, adequate allowance for impairment has in any case been made to cover against any residual credit risks. We specify that such allowances were made in the period and in previous periods, mainly
against specific positions involved in procedures and/or with longer past-due status than the Group companies' average collection times.
The currency risk is currently not considered significant, as transactions are almost exclusively carried out in Euro.
In relation to the currency risk, the Group subscribed to currency hedging instruments and, in accordance with the Group policy to date, derivative financial instruments are not taken out for trading purposes. Therefore, the Zignago Vetro Group remains exposed to the currency risk on the assets and liabilities in foreign currencies at year-end, which are not, however, considered significant compared to the Group's main balance sheet figures. A number of subsidiaries of the Zignago Vetro Group are located in countries not within the Eurozone: the United States and Poland. As the Zignago Vetro Group's functional currency is the Euro, the income statements of these companies are translated into Euro at the average exchange rate and, on like-for-like basis for revenues and profit in the local currency, changes in the exchange rate may impact the value in Euro of revenues, costs and profit (loss). Similarly, statement of financial position items related to entities operating in the United States and Poland are also converted at the exchange rate at period-end, resulting in changes to the statement of financial position that are reflected in the change in the translation reserve.
The Group is exposed to fluctuations in some commodity prices, in particular those relating to energy factors, such as natural gas and electricity utilised in the production process. Where considered appropriate, in order to neutralise the price effect, the Companies may undertake hedging operations through the use of derivative financial instruments.
During the year, the Group companies entered into some commodity swap contracts to hedge against the risk of fluctuations in energy factors maturing from 31 December 2025.
The Zignago Vetro Group's present reference market does not involve areas possibly requiring country-risk management. Trade transactions substantially take place in western countries, primarily in the Euro and USD areas.
Pursuant to the Bank of Italy/Consob/Isvap document No. 2 of 6 February 2009 and IAS 1.25-26, it is considered, based on the Group's strong profitability and solid financial position, despite the current macroeconomic scenario, that there are no uncertainties and/or risks approximately concerning its going concern.
It is considered that the information provided, together with the information illustrated below and relating to the performance of the individual companies, represents a true, balanced and exhaustive analysis of the situation of the Zignago Vetro Group and of the results of operations, for the overall operations and in the various sectors, in accordance with the size and complexity of the Group's business operations.
Reconciliation between the Group and Zignago Vetro SpA profit for the year and equity
The reconciliation of the equity and profit of Zignago Vetro SpA and the consolidated accounts at 31 December 2025 and 2024 are disclosed below as per Consob communication No. DEM/6064293 of 28 July 2006.
Reconciliation at 31 December 2025.
(Euro thousands)
Net result 2025 | Equity 31/12/2025 | |
Financial statements of the Parent | 26,563 | 176,141 |
Consolidation adjustments: | ||
Interests in joint ventures measured using equity method | 12,037 | 102,912 |
Inter-company dividends | (15,094) | 0 |
Intercompany Profit Goodwill on acquisition of ZVP SA and adjustment to year-end | (60) | (235) |
exchange rate | 0 | 728 |
Consolidation effect of the investee Vetro Revet | 0 | 1,275 |
IFRS 16 | 2 | 5 |
ZVP Loan | 20 | (31) |
(3,095) | 104,654 | |
Carrying amount of equity investments: | ||
Zignago Vetro France Sas | 0 | (4,000) |
Zignago Glass USA Inc. | 0 | (189) |
Zignago Vetro Polska Sa | 0 | (10,327) |
Vetro Revet Srl | 0 | (3,030) |
Italian Glass Moulds Srl | 2,825 | (1,000) |
2,825 | (18,546) | |
Profit/(loss) and equity of the subsidiaries: | ||
Zignago Vetro France Sas | (2,247) | 18,521 |
Zignago Glass USA Inc. | 282 | 424 |
Zignago Vetro Polska Sa | 4,614 | 76,687 |
Vetro Revet Srl | (69) | 1,088 |
Italian Glass Moulds Srl | (1,553) | 177 |
1,027 | 96,897 | |
Profit (loss) non-con. int. | (66) | 333 |
Consolidated Financial Statements | 27,254 | 359,479 |
Reconciliation at 31 December 2024.
(Euro thousands)
Net result 2024 | Equity 31/12/2024 | |
Financial statements of the Parent | 48,828 | 188,858 |
Consolidation adjustments: | ||
Interests in joint ventures measured using equity method | 21,803 | 106,064 |
Inter-company dividends | (29,684) | 0 |
Intercompany Profit Goodwill on acquisition of ZVP SA and adjustment to year-end | 576 | (175) |
exchange rate | 0 | 719 |
Consolidation effect of the investee Vetro Revet | 0 | 1,275 |
IFRS 16 | 2 | 3 |
ZVP Loan | 20 | (51) |
(7,283) | 107,835 | |
Carrying amount of equity investments: | ||
Zignago Vetro Brosse Sas | 0 | (4,000) |
Zignago Glass USA Inc. | 0 | (189) |
Zignago Vetro Polska Sa | 0 | (10,327) |
Italian Glass Moulds Srl | 0 | (3,030) |
Vetro Revet Srl | 0 | (2,825) |
0 | (20,371) | |
Profit/(loss) and equity of the subsidiaries: | ||
Zignago Vetro Brosse Sas | 822 | 20,768 |
Zignago Glass USA Inc. | 222 | 171 |
Zignago Vetro Polska Sa | 10,482 | 71,141 |
Vetro Revet Srl | (325) | 1,157 |
Italian Glass Moulds Srl | (875) | 730 |
10,326 | 93,967 | |
Profit (loss) non-con. int. | (312) | 399 |
Consolidated Financial Statements | 51,559 | 370,688 |
In the following pages, we review and comment upon the results of Zignago Vetro SpA, the parent company.
Zignago Vetro SpA - Italy
2025 Again featured recovering Beverage and Food container demand, with volumes up on 2024. The destocking in the initial months of the year across most market segments in which the Company operates continues to normalise, with varying dynamics in the individual product categories and within a still competitive environment.
Cosmetic and Perfumery container demand continued to be impacted by destocking throughout the year, related on the one hand to the decision among certain customers to restock inventory with lower volumes than in the past, and by a weak sell-out on the other. Against this backdrop, the Company therefore reports lower sales volumes than in the previous year.
The production factors showed signs of stability during the year and particularly in terms of raw materials and energy - the latter following an initial phase of instability. The stabilisation of the main production costs, together with their control through targeted actions, supported a steady recovery of margins. The Company also remains focused on cash generation, debt control and inventory management.
The reclassified income statement of Zignago Vetro SpA in 2025 and 2024 is shown below:
2025 | 2024 | Changes | |||
Euro thou. | % | Euro thou. | % | % | |
Revenues | 331,565 | 100.0% | 324,895 | 100.0% | 2.1% |
Changes in finished and semi-finished products and work in progress | (2,826) | (0.9)% | (479) | (0.1)% | n.a. |
Internal production of fixed assets | 256 | 0.1% | 1,331 | 0.4% | (80.8)% |
Value of production | 328,995 | 99.2% | 325,747 | 100.3% | 1.0% |
Cost of goods and services | (224,210) | (67.6)% | (216,740) | (66.7)% | 3.4% |
Value added | 104,785 | 31.6% | 109,007 | 33.6% | (3.9)% |
Personnel expenses | (46,031) | (14.0)% | (46,874) | (14.5)% | (1.8)% |
EBITDA | 58,754 | 17.7% | 62,133 | 19.1% | (5.4)% |
Amortisation and depreciation | (35,726) | (10.8)% | (38,065) | (11.7)% | (6.1)% |
Accruals to provisions | (300) | (0.1)% | (341) | (0.1)% | (12.0)% |
EBIT | 22,728 | 6.9% | 23,727 | 7.3% | (4.2)% |
Other income (charges) | 494 | 0.1% | 1,121 | 0.3% | (55.9)% |
Operating Profit | 23,222 | 7.0% | 24,848 | 7.6% | (6.5)% |
Investment income | 15,094 | 4.7% | 29,684 | 9.2% | (49.2)% |
Net financial expense | (8,617) | (2.6)% | (8,895) | (2.7)% | (3.1)% |
Net exchange rate gains/(losses) | (303) | (0.1)% | 66 | 0.0% | n.a. |
Profit before taxes | 29,396 | 8.9% | 45,703 | 14.1% | (35.7)% |
Income taxes | (2,833) | (0.9)% | 3,125 | 1.0% | n.a. |
(Tax-rate 2025: 9.6%) | |||||
(tax-rate 2024: -6.8 %) | |||||
Profit for the year | 26,563 | 8.0% | 48,828 | 15.0% | (45.6)% |
Revenues of Euro 331.6 million increased 2.1% on the previous year (Euro 324.9 million). Sales of glass containers and accessories (the latter referring to Zignago Vetro SpA's services on the market) amounted to Euro 315.9 million, up 1.3% on Euro 311.9 million in 2024.
Exports in 2025 decreased 6.6% on 2024, accounting for 18.3% of containers and accessories revenues (20.0%
in 2024).
Revenues by geographic segment | |||
(Euro thousands) | 2025 | 2024 | Change % |
Italy | 270,837 | 259,868 | 4.2% |
EU Europe (Italy excluded) | 42,209 | 49,450 | (14.6)% |
Other areas | 18,519 | 15,576 | 18.9% |
Total | 331,565 | 324,894 | 2.1% |
of which export | 60,728 | 65,026 | (6.6)% |
% | 18.3% | 20.0% | |
Materials and external services, net of changes in inventories and internal production, increased from Euro
215.9 million in 2024 to Euro 226.8 million in 2025 (+5.0%) - from 66.4% to 68.4% of revenues.
Personnel expense decreased 1.8%.
The cost also includes the actuarial measurement of post-employment benefits, excluding actuarial gains/losses (included in the statement of comprehensive income), and any amounts due for temporary staff. These costs accounted for 14.0% of revenues in 2025, compared to 14.5% in 2024.
EBITDA in 2025 was Euro 58.8 million, compared to Euro 62.1 million in 2024 (-5.4%). The EBITDA margin was 17.7% in 2025 (19.1% in 2024).
EBIT in 2025 reduced 4.2% compared to the previous year (Euro 22.7 million compared to Euro 23.7 million). The margin was 6.9% in 2025 (7.3% in 2024).
Investment income amounted to Euro 15.1 million (Euro 29.7 million in 2024) and solely concerned dividends from Vetri Speciali SpA. It should be noted, in fact, that all investments in joint ventures in the separate financial statements are carried at cost.
Net financial expense of Euro 8.6 million reflects the contractual conditions applied. In 2024, they totalled Euro
8.9 million (-3.1%).
A net profit of Euro 26.6 million is reported for 2025 (Euro 48.8 million in 2024; -45.6%) following the recognition of income taxes of -Euro 2.8 million (+Euro 3.1 million in 2024).
The cash flow generated from the net profit and depreciation/amortisation (a key indicator of the Company's ability to generate cash flows from operating activities) amounted to Euro 62.3 million in 2025, compared to Euro 86.9 million in 2024 (-28.3%) and represents 18.8% of revenues (26.7% in 2024).
The reclassified statement of financial position of Zignago Vetro SpA at 31 December 2025 and 2024 was as follows:
31.12.2025 | 31.12.2024 | Changes | |||
Euro thou. | % | Euro thou. | % | Euro thou. | |
Trade receivables | 91,389 | 89,048 | 2,341 | ||
Other receivables | 10,978 | 23,523 | (12,545) | ||
Inventories | 100,431 | 121,099 | (20,668) | ||
Current non-financial payables | (93,184) | (90,849) | (2,335) | ||
Payables on fixed assets | (5,669) | (6,706) | 1,037 | ||
A) Working capital | 103,945 | 33.8% | 136,115 | 38.3% | (32,170) |
Net tangible and intangible assets | 163,976 | 178,956 | (14,980) | ||
Investments | 45,688 | 47,250 | (1,562) | ||
Other eq. invest. & non-current assets | 2,963 | 3,666 | (703) | ||
Non-current provisions and non-financial payables | (8,740) | (10,249) | 1,509 | ||
B) Net fixed capital | 203,887 | 66.2% | 219,623 | 61.7% | (15,736) |
A+B= Net capital employed | 307,832 | 100.0% | 355,738 | 100.0% | (47,906) |
Financed by: | |||||
Current loans and borrowings | 86,039 | 82,725 | 3,314 | ||
Cash and cash equivalents | (105,205) | (74,420) | (30,785) | ||
Current net debt | (19,166) | (6.2)% | 8,305 | 2.3% | (27,471) |
Non-current loans and borrowings | 150,857 | 49.0% | 158,575 | 44.6% | (7,718) |
C) Net financial debt | 131,691 | 42.8% | 166,880 | 46.9% | (35,189) |
Opening equity | 188,858 | 210,129 | |||
Dividends paid | (39,719) | (66,376) | |||
Profit for the year | 26,563 | 48,828 | |||
Other changes | 439 | (3,723) | |||
D) Closing equity | 176,141 | 57.2% | 188,858 | 53.1% | (12,717) |
C+D = Total Financial Debt and Equity | 307,832 | 100.0% | 355,738 | 100.0% | (47,906) |
Working capital at 31 December 2025 decreased Euro 32.2 million, following a reduction in other receivables (Euro 12.5 million), due to the use of tax receivables as offsets, and the decrease in inventories (Euro 20.7 million).
Net fixed capital at 31 December 2025 reduced by Euro 18.5 million compared to 31 December 2024, mainly due to depreciation and amortisation in the year in excess of investments.
Investments in the year amounted to Euro 20.8 million (Euro 20.6 million in 2024), mainly for the replacement of plant, machinery and equipment, including moulds.
The decrease in equity at 31 December 2025, amounting to Euro 12.7 million, stems from the net profit for the year (+Euro 26.6 million), the dividends distributed (-Euro 39.7 million) and the change in other reserves (+Euro 0.4 million) related to the recognition of the Performance Shares Plan and the actuarial effects on the defined benefit plans reserve (IAS 19).
The net financial debt at 31 December 2025 was Euro 131.7 million, a decrease of Euro 35.2 million (-21.1%) compared to 31 December 2024, due to the dynamics affecting working capital outlined above. Cash and cash equivalents were Euro 105.2 million, compared to Euro 74.4 million at December 31, 2024.
The average company headcount at 31 December 2025 was 734, broken down as follows: 12 executives, 174 white-collars and 548 blue-collars. At 31 December 2024, employees numbered 732: 12 executives, 167 white-collars and 553 blue-collars.
The table below shows the composition of the Zignago Vetro SpA workforce at 31 December 2025.
Composition | Executives | White-collars | Blue-collars |
Workforce | 12 | 174 | 548 |
Average age | 54 | 41 | 42 |
Years of service in the Company | 14 | 13 | 14 |
Atypical and/or unusual transactions
Pursuant to Consob Communication DEM/6064293, it is specified that there were no atypical and/or unusual transactions for the period ended 31 December 2025.
Current year operating performance
The production factors showed signs of stability during the year and particularly in terms of raw materials and energy - the latter following an initial phase of instability. The stabilisation of the main production costs, together with their control through targeted actions, supported a steady recovery of margins.
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Subsequent events after 31 December 2025Recent geopolitical developments, particularly in terms of the conflict in the Persian Gulf, have seen the energy markets re-enter an inflationary phase featuring continued volatility. The Company is therefore monitoring the evolving situation by assessing potential impacts on its operating activities and economic and financial outlook.
OutlookThe recovery in demand and the volume growth of Beverages and Food glass containers emerging in the first half of the year continued to consolidate throughout 2025, resulting in - despite the still highly competitive environment - a stabilisation of sales prices.
Cosmetics and Perfumery container market demand is still impacted by the slowdown emerging at the end of the previous year. Uncertainty in terms of end consumption, destocking and the challenges for supply chains to rebalance procurement have impacted Group performances in terms of both volumes and margins. A number of positive signals for the development of new products and for the sale of standard items emerging towards the end of the year suggest that demand will recover.
The Group is closely monitoring the development of a market shaped by geopolitical instability and the introduction of protectionist measures, seeking to tap into any emerging growth opportunities in new business areas.
The Group companies are committed to maintaining balanced dynamics between production costs and sales prices through streamlining production capacity and cost control, while however maintaining a good degree of flexibility. These factors are critical for the recovery of Group margins and liquidity generation.
Although current market conditions limit visibility on an economic recovery, the medium-to-long-term outlook for glass containers is considered positive and the Group's fundamentals solid.
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