Vidrala (VID) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached EUR 372.5 million, EBITDA EUR 104.6 million, and net income per share EUR 1.42, with net debt at EUR 289.2 million and leverage at 0.7x LTM EBITDA.

• Organic EBITDA grew 1.4% despite a 4% price reduction and lower volumes, reflecting a strong prior-year base and the exclusion of the Italian business.

• EBITDA margin improved by 190 bps to 28.1%, driven by diversification, industrial optimization, and disciplined financial management.

• The business remains resilient amid softer-than-expected demand and macro uncertainties, with a focus on cost competitiveness, strategic investments, and growth in key regions.

• Maintained strong financial discipline and agility, with continued investment in competitive and sustainable operations.

Financial highlights

• Q1 2025 sales reached EUR 372.5 million, down 11.2% year-over-year and 6.6% at constant currency and comparable scope.

• EBITDA was EUR 104.6 million, a 4.8% decrease year-over-year but up 1.4% at constant currency and comparable scope.

• Net profit for the quarter was EUR 47.6 million, with EPS at EUR 1.42, down 9.0% from Q1 2024.

• Net debt as of March 31, 2025 was EUR 289.2 million, a 45.4% reduction year-over-year, with leverage at 0.7x LTM EBITDA.

• EBITDA margin expanded to 28.1%, up 190 bps from Q1 2024.

Outlook and guidance

• Full-year 2025 EBITDA expected to exceed EUR 450 million, above last year's comparable levels, despite ongoing demand softness and macro uncertainties.

• Free cash flow forecasted at EUR 200 million, supported by sustained cash generation and an ambitious organic capex plan (~12% of sales).

• Modest volume recovery expected for the full year, mainly driven by Latin America, with Europe expected to remain flattish.

• CapEx for 2025 guided at 12% of sales, with over half for maintenance and the remainder for productivity, energy efficiency, and vertical integration.

• No significant volume decrease expected for the year; positive contribution likely to be modest.