Vidrala (VID) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached nearly €1.6 billion, with EBITDA at €454 million and EPS of €8.85, including a €50 million capital gain from the Italy sale.

• Strategic refocus on three core regions: divestment from Italy, integration of a large UK bottling facility, and entry into Brazil.

• Business exceeded expectations for EBITDA and cash generation despite a challenging macroeconomic environment and soft demand.

• Portfolio reshaped by major industrial investments in Europe and new manufacturing/logistics facilities in Portugal and Brazil.

• Positioned for future growth with a solid financial base and readiness for further investment.

Financial highlights

• Total sales for 2024 were €1,588.3 million, up 1.9% year-over-year; organic growth at 0.2% on constant currency and comparable scope.

• EBITDA rose 15.3% to €454 million, with organic growth of 10.5%; EBITDA margin expanded to 28.6%.

• Net profit increased 27.8% to €298.3 million; EPS up 28.5% to €8.85.

• Free cash flow generation was €206 million, representing 13% of sales.

• Net debt reduced to €248.3 million, with a leverage ratio of 0.6x annual EBITDA.

Outlook and guidance

• EBITDA for 2025 is expected to remain at similar or higher levels, with free cash flow generation around €200 million considered safe.

• CapEx for 2025 is projected to be slightly higher than 2024, at around 11% of sales, with investments in sustainability and verticalization.

• Management remains committed to financial discipline and long-term strategic guidelines focused on customer, cost, and capital.

• Focus remains on competitive optimization in Iberia, value-added services in the UK, and progress in Brazil.

• Official guidance to be announced at the AGM.