Zignago Vetro (ZV) Q4 2024 earnings summary

Executive summary

• Revenues declined 12% year-over-year to €615.7 million, with sales volumes increasing but margins falling from 2023's record levels.

• EBITDA dropped 37.9% to €136.2 million (22.1% margin), and EBIT fell 55.7% to €66.9 million (10.9% margin).

• Group net profit decreased 57.6% to €51.9 million (8.4% margin).

• Export revenues comprised 30.1% of total, down from 32.1% in 2023.

• Proposed dividend of €0.45 per share, a 40% reduction, with a payout ratio of 76.6%.

Financial highlights

• Revenues: €615.7 million (-12% year-over-year).

• EBITDA: €136.2 million (-37.9%), margin 22.1%.

• EBIT: €66.9 million (-55.7%), margin 10.9%.

• Net profit: €51.9 million (-57.6%), margin 8.4%.

• Free cash flow before investments: €90.3 million (14.7% of revenues); after investments: -€1.0 million.

Outlook and guidance

• Gradual recovery in sales volumes expected to continue, with market normalization anticipated in 2025.

• Cosmetics and Perfumery demand remains weak but may recover in H2 2025.

• Group aims to maintain balanced production costs and selling prices amid volatile energy markets.

• Medium-term outlook for glass container market remains positive due to consumer trends.