Viscofan (VIS) Q3 2025 earnings summary

Executive summary

• Achieved all-time high financial figures in 9M25, with revenue at €936.9 million (+4.3% y-o-y) and record volumes driven by strong demand and execution of the Beyond 25 strategy.

• EBITDA for 9M25 was €218.2 million (+5.7% y-o-y), and net profit rose 2.2% to €108.6 million.

• Operational and production efficiencies offset adverse forex and increased raw material costs, particularly collagen hides.

• High cash flow generation and working capital reduction led to lower net bank debt, with no significant shareholder remuneration outflows during the period.

Financial highlights

• 9M25 revenue reached €936.9 million, up 4.3% year-over-year; like-for-like growth was 5.5%.

• EBITDA for 9M25 was €218.2 million, up 5.7% year-over-year; EBITDA margin improved to 23.3%.

• Net profit for 9M25 was €108.6 million, a 2.2% increase year-over-year.

• 3Q25 revenue was €318.1 million (+4.3% y-o-y), EBITDA €73.1 million (-2.3% y-o-y), and net profit €38.9 million (+3.7% y-o-y).

• Net bank debt at September 2025: €185.5 million, reduced by €43.2 million in Q3.

Outlook and guidance

• Full-year 2025 revenue expected between €1,215 million and €1,250 million, EBITDA between €290 million and €302 million, and net profit between €154 million and €160 million, reflecting forex headwinds.

• Expectations remain at the medium-to-high range of guidance after updating for forex impacts.