Viscofan (VIS) Q4 2024 earnings summary

Executive summary

• Achieved all-time high financial results in 2024, with net profit up 11.4% to €157 million and EBITDA up 6.3% to €285.3 million, driven by operational improvements and cost efficiencies.

• Revenue for 2024 was €1,204.0 million, down 1.8% year-over-year, mainly due to lower energy sales despite growth in casings volumes.

• Expanded global footprint with a new plant in Thailand and acquisitions of Brasfibra, Master Couros, and Pet Mania, enhancing market position and product portfolio.

• Increased shareholder remuneration to €3.10 per share, including a €1.00 extraordinary dividend.

• Net bank debt at year-end was €146.9 million, up from €138.0 million, reflecting higher shareholder remuneration and acquisitions.

Financial highlights

• EBITDA margin improved to 23.7% from 21.9% in 2023, with full-year EBITDA at €285.3 million (+6.3% YoY).

• Net profit rose to €157.0 million, up 11.4% compared to 2023, with a net profit margin of 13.0%.

• Fourth quarter revenue grew 2.1% year-over-year to €305.7 million, with EBITDA up 4.2% to €78.9 million.

• Cash flow from operating activities rose 61.8% to €235.8 million.

• Investment totaled €71.0 million, mainly for the new plant in Thailand and capacity expansion in Mexico.

Outlook and guidance

• 2025 revenue guidance: €1,265–1,300 million (+5% to +8% YoY); EBITDA: €308–320 million (+8% to +12%); net profit: €166–172 million (+6% to +10%).

• Expects higher operating cash flow in 2025, with continued focus on profitable growth, sustainability, and industrial base improvement.

• Planned investments of €75 million in 2025.

• Strategic priorities include leveraging casings market momentum, boosting new business, and continuous operational improvement.