Zignago Vetro (ZV) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw a recovery in Beverage and Food container demand, with volumes up year-over-year, while Cosmetics and Perfumery remained weak due to ongoing destocking and slow sell-out.

• Group revenues for Q3 2025 were €141.9M, down 2% year-over-year; 9M 2025 revenues were €450.3M, down 4.9%.

• Margins were supported by cost control and production factor stability, but overall profitability declined due to lower sales and negative mix effects.

• Q3 2025 saw continued margin recovery and sales volume improvement compared to H1, though year-over-year figures remain down.

Financial highlights

• Q3 2025 EBITDA: €27M (margin 19%), down 6.4% year-over-year; 9M 2025 EBITDA: €78.3M (margin 17.4%), down 23.7%.

• Q3 2025 EBIT: €8.8M (margin 6.2%), down 20.4%; 9M 2025 EBIT: €25M (margin 5.5%), down 49.5%.

• Q3 2025 net profit: €4.4M (margin 3.1%), down 26.7%; 9M 2025 net profit: €13.2M (margin 2.9%), down 59.1%.

• Cash flow from profit and depreciation in 9M 2025: €65.8M (14.6% of revenue), down from €84.3M (17.8%) in 2024.

• Free cash flow before investments: €105M; after investments: €65M.

Outlook and guidance

• Beverage and Food container demand recovery is consolidating, with sales prices stabilizing.

• Cosmetics and Perfumery demand remains weak, with slow recovery expected.

• The Group is focused on optimizing production capacity, cost control, and maintaining solid cash generation.

• Geopolitical instability and protectionist measures contribute to a volatile environment.

• Medium- to long-term outlook for glass containers remains positive despite current market uncertainties.