Vidrala (VID) Q2 2025 earnings summary

Executive summary

• H1 2025 revenues were €750.1M, EBITDA €216.1M, EPS €3.22, and net debt €214.8M, with a leverage ratio of 0.5x EBITDA.

• Results are broadly in line with expectations, reflecting a diversified and agile business profile and proactive cost management.

• Margins improved to 28.8% from 27.1% year-over-year, despite a 6.7% organic sales decline.

• Net profit was €107.8M, with EPS down 10% year-over-year.

• Geographic diversification and industrial footprint reshaping enhanced cost base and customer service.

Financial highlights

• Sales declined 9.7% year-over-year to €750.1M; like-for-like and constant currency sales fell 6.7%.

• EBITDA was €216.1M, down 4.0% year-over-year; margin expanded by 171 bps to 28.8%.

• Free cash flow for the last twelve months was 12.6% of sales; CapEx at 12.8% and working capital at 4.1% of sales.

• EBIT totaled €149.4M, with a stable EBIT margin of 19.9%.

• Net debt as of June 30, 2025 was €214.8M, a 50.4% reduction year-over-year.

Outlook and guidance

• Full-year 2025 EBITDA guidance reiterated at €450M, with free cash flow expected at €200M.

• Second half results are expected to be slightly higher than the first half, assuming no major FX changes.

• Volume recovery in H2 expected to be modest, with full-year volumes slightly positive (0–1%).

• Guidance subject to limited downside risk, mainly from FX fluctuations and macroeconomic uncertainties.

• Focus remains on cost management, capital allocation, and customer partnerships.