Viscofan (VIS) Q2 2025 earnings summary

Executive summary

• Achieved accelerated growth in casings volume and higher operating revenue, supported by commercial discipline, production efficiencies, and recovery in new business, despite negative impact from US dollar depreciation.

• Results aligned with 2025 operating guidance, with all-time high EBITDA in a second quarter.

• Net profit for 1H25 was €69.8 million, up 1.3% year-over-year, with a lower effective tax rate due to activation of US tax loss carryforwards.

• Net bank debt rose to €228.7 million at June 2025, mainly due to increased shareholder remuneration, share repurchases, and investments.

Financial highlights

• 2Q25 revenue reached €311.5 million, up 2.7% year-over-year; 1H25 revenue was €618.8 million, up 4.3% year-over-year.

• 2Q25 EBITDA rose 9.0% to €76.3 million; 1H25 EBITDA increased 10.3% to €145.2 million.

• 2Q25 net profit was €38.4 million, up 3.1% year-over-year; 1H25 net profit reached €69.8 million, up 1.3%.

• 1H25 EBIT increased 13.9% to €101.8 million.

• Gross margin for 1H25 improved by 2.0 p.p. to 69.6%, driven by productivity gains and lower energy costs.

Outlook and guidance

• Results in line with 2025 guidance in operating terms, with continued focus on growth, efficiency, and capacity investments.