Zignago Vetro (ZV) investor relations material

Executive summary

• Q1 2026 revenue declined 5.5% year-over-year to €146.8 million, but EBITDA rose 27.8% to €28.2 million, with margin improvement to 19.2% from 14.2% in Q1 2025.

• Net profit surged to €6.2 million from €1.1 million in Q1 2025, with margin up to 4.3% from 0.7% year-over-year.

• Demand for food and beverage containers was subdued but showed late-quarter recovery; cosmetics and luxury perfumery segments saw increased demand as destocking ended.

• The Group prioritized value generation, margin improvement, and cost control amid heightened competition and geopolitical uncertainties.

• Production costs remained stable, and cost control measures preserved margins.

Financial highlights

• Revenues: €146.8 million in Q1 2026, down 5.5% from €155.4 million in Q1 2025.

• EBITDA: €28.2 million, up 27.8% year-over-year (margin: 19.2% vs. 14.2%).

• EBIT: €10.0 million, up 128.1% (margin: 6.8% vs. 2.8%).

• Net profit: €6.2 million, up 444.2% (margin: 4.3% vs. 0.7%).

• Cash flow from net profit and depreciation: €24.0 million, up 29.3%.

Outlook and guidance

• Beverage and food container demand is recovering, with strong sales and high production capacity utilization expected in coming months.

• Cosmetics and perfumery demand remains mixed, but new product development and luxury segments are buoyant.

• The Group will focus on margin optimization, production flexibility, and balancing capex with cash generation amid ongoing macroeconomic uncertainty.

• Geopolitical and economic uncertainties persist, but prospects for glass containers remain solid.