Zignago Vetro (ZV) Q2 2025 earnings summary

Executive summary

• Beverage and Food container demand recovered in H1 2025, while Cosmetics and Perfumery remained weak due to destocking and market turbulence.

• Consolidated revenues fell 6.2% year-over-year to €308.5m, with EBITDA down 30.5% and net profit down 66.5%.

• Operating margins contracted in Q1 due to energy cost spikes but improved in Q2.

• Exports comprised 30.6% of total sales.

• Strong cash generation and improved liquidity supported continued investments despite higher net financial debt.

Financial highlights

• H1 2025 revenues: €308.5m (–6.2% YoY); EBITDA: €51.3m (–30.5% YoY); EBIT: €16.2m (–57.9% YoY).

• Net profit: €8.8m (2.9% margin, –66.5% YoY); profit before taxes: €10.7m (–68.2%).

• Q2 EBITDA up 33.2% from Q1 but down 32.3% YoY; Q2 revenues stable sequentially.

• Free cash flow before investments: €68.3m (up from €49.4m in H1 2024); after investments and dividends: €0.7m.

• Net financial debt: €300.4m (stable YoY); liquidity improved to €96.2m.

Outlook and guidance

• Beverage and Food container demand is recovering and sales prices are stabilizing.

• Cosmetics and Perfumery demand remains weak but may recover later in the year.

• Geopolitical and trade tensions could negatively impact 2025; cost control and production flexibility are priorities.

• Medium- to long-term prospects for glass containers remain positive.