Verallia has published its financial results for the first nine months of 2023.
Patrice Lucas, Chief Executive Officer of Verallia, noted, “Verallia remains on track to deliver a very good 2023 despite the drop in demand observed since August due to slowing consumption and continued destocking down the value chain.
“Profitability remained robust over the quarter thanks to the commitment shown by all our teams and to the Performance Action Plan (PAP). We are temporarily adjusting production capacity in the fourth quarter as we prepare to begin 2024 under good industrial and economic conditions.
“On the back of this agility and Verallia’s excellent fundamentals, we confirm our 2023 adjusted EBITDA target of over EUR 1.1 billion and continue to implement our decarbonisation roadmap.”
Highlights
- Increase in the first 9 months of revenue to EUR 3,075 million, i.e. +22.1 percent compared with the first 9 months of 2022 (+22.5 percent at constant scope and exchange rates)
- Sharp increase in adjusted EBITDA to EUR 915 million from EUR 654 million in the first 9 months of 2022 (+39.9 percent)
- Expansion in adjusted EBITDA margin to 29.8 percent from 26.0 percent in the first 9 months of 2022 (27.5 percent in Q3 2023 compared with 26.0 percent in Q3 2022)
- Further progress made with ongoing developments in terms of new products, cullet treatment and decarbonisation
- Net leverage ratio of 1.2x last 12 months adjusted EBITDA, compared with 1.3x at 30 June 2023 and 1.1x at 30 September 2022 (prior to the acquisition of Allied Glass)
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