Zignago Vetro (ZV) Q4 2025 earnings summary

Executive summary

• 2025 saw a recovery in Beverage and Food container demand, with volumes up on 2024, while Cosmetics and Perfumery remained weak due to ongoing destocking and soft sell-out.

• Production costs, especially energy and raw materials, stabilized, supporting margin recovery in the second half.

• The Group focused on cash generation, debt control, and inventory management amid a competitive environment.

Financial highlights

• Consolidated revenues for 2025 were €596 million, down 3.2% year-over-year.

• EBITDA was €113.5 million (19% margin), down 16.7% from 2024.

• EBIT fell 33.6% to €44.4 million (7.5% margin).

• Net profit dropped 47.3% to €27.3 million (4.6% margin).

• Export revenues were €182 million, representing 30.5% of total sales.

Outlook and guidance

• Beverage and Food container demand recovery is expected to continue, with sales prices stabilizing.

• Cosmetics and Perfumery demand remains uncertain, but positive signals for new products and standard items suggest potential recovery.

• The Group is monitoring geopolitical instability and energy market volatility, which could impact operations.

• Medium- to long-term outlook for glass containers remains positive, with solid fundamentals.