Corticeira Amorim S.G.P.S. (COR) Q1 2026 earnings summary

Executive summary

• Sales declined by 8.0% year-over-year to €211.0M in Q1 2026, mainly due to lower volumes, unfavorable product mix, and negative FX impacts.

• Net income/profit decreased by 6.5% year-over-year to €15.4M.

• EBITDA margin improved to 17.3% (from 17.1% in 1Q25), despite lower sales.

• Strategic joint venture with Scott Laboratories launched, transferring closure operations to Scott Premium Closures.

• Recognized as a Sustainability Yearbook Member and Industry Mover by S&P Global for strong ESG performance.

Financial highlights

• EBITDA totaled €36.6M, down from €39.3M in 1Q25, but margin improved.

• Gross margin increased to 54.9% year-over-year.

• Net debt reduced significantly to €42.5M at quarter-end, down €33.4M from December 2025.

• Capex for the quarter was €5.6M.

• Dividend of €0.35 per share approved, a 9.4% increase year-over-year.

Outlook and guidance

• Full consolidation of Scott Premium Closures expected in 2Q26, with an anticipated FY2026 sales impact of €15M.

• Cork purchasing campaign delayed by adverse weather, but prices expected to stabilize.

• Management expects ongoing adaptation to global challenges, leveraging product diversity and market reach.