Vidrala (VID) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached €1,124.4 million, down 7.6% year-over-year, with EBITDA at €328.9 million and EPS at €4.93, both slightly lower year-over-year, impacted by the sale of the Italian business.

• Net debt was reduced to €150.3 million, or 0.3x EBITDA, reflecting a strong balance sheet and significant deleveraging.

• Business diversification and strengthened market position were achieved through increased investment in industrial optimization and cost base improvements.

• Focus remained on strategic pillars: customer, cost, and capital discipline, preparing for future growth.

• Despite softer market demand and intense competition, performance remained resilient and guidance for the year was reiterated.

Financial highlights

• EBITDA margin improved to 29.3%, up 150 basis points year-over-year, demonstrating strong profitability.

• Free cash flow generation reached €155.2 million as of September 30, 2025, with a €200 million goal for the full year.

• CapEx for 2025 YTD was 11.9%–12% of sales, supporting organic growth and industrial optimization.

• Organic EBITDA growth was 0.5% year-over-year, despite a 1.4% negative scope effect from the Italian business sale.

• Earnings per share stood at €4.93, down 2.4% year-over-year, adjusted for the sale of Italy and bonus share issue.

Outlook and guidance

• Guidance for the full year was reiterated, with FY 2025 EBITDA expected around €450 million and free cash flow near €200 million, subject to FX variations.

• No significant demand recovery is expected in Q4, but slight volume growth is anticipated; 2026 is expected to see more stable demand.

• CapEx in 2026 is expected to be slightly below 2025 levels, barring major M&A.

• Outlook remains subject to FX fluctuations and macroeconomic risks.