Viscofan (VIS) Q4 2025 earnings summary

Executive summary

• Achieved record highs in revenue (€1,252M, +4.0% YoY), EBITDA (€290M, +1.6% YoY), and net profit (€159.9M, +1.8% YoY) despite adverse forex and cost pressures, driven by strong volume growth and successful execution of the Beyond'25 plan.

• Launched new Beat'30 strategic plan targeting accelerated growth, profitability, and sustainable value creation.

• Expanded market share and substantial volume growth across all casing technologies and regions, with strong momentum in cellulose and collagen casings.

• High cash generation enabled increased shareholder remuneration, including a 77% higher dividend versus 2021 and a proposed €3.25/share (+3.5% vs. 2024), with flexible options and share cancellation to avoid dilution.

• Concluded Beyond25 plan with all-time financial records and expanded operating cash flow.

Financial highlights

• Like-for-like revenue growth of 6.1% and EBITDA growth of 6.2% year-over-year, excluding forex and consolidation impacts.

• EBITDA margin stable at 23.2% (0.0 p.p. like-for-like), despite inflation in collagen hides cost; like-for-like margin at 23.7%.

• 4Q25 revenue up 3.1% YoY, EBITDA down 9.1% YoY, but like-for-like EBITDA up 3.2%.

• Net profit for 2025 reached €159.9M (+1.8% YoY), supported by recovery of tax losses in the US and a lower effective tax rate (10.1%).

• Net bank debt increased to €206.1M (from €146.9M), mainly due to higher shareholder remuneration and share buybacks.

Outlook and guidance

• Beat 30 strategy targets €1,800M revenue and €450M EBITDA by 2030, with a 25% EBITDA margin.

• 2026 guidance: revenue €1,310–1,340M (+5–7%), EBITDA €305–314M (+5–8%), net profit €165–170M (+3–6%), despite expected adverse currency environment.

• Focused growth capex of €300M (2026–2030), progressive dividend policy, and increased shareholder returns.