Verallia’s 2024 first half results: solid profitability in a difficult market environment, thanks in particular to the industrial performance action plan (PAP) and the fundamentals of the company business.
“Verallia delivered solid profitability in the first half in a difficult market environment, thanks in particular to our actions to continuously improve our industrial performance (PAP) and despite the adaptation of our production capacities in order to keep a strict control over our inventories,” said Patrice Lucas, Chief Executive Officer of Verallia.
“We saw a continued recovery in demand in the second quarter, but at a slower pace than expected. This has led us to revise our outlook for 2024, although we remain optimistic for the future given the still solid fundamentals of our business. In addition, we are pleased with the success of the recent acquisition of Vidrala’s glass business in Italy. The latter is part of our development strategy in an important market for the Group.”
Highlights
- Revenue down to EUR 1,765 million in H1 2024, or -17.6 percent compared to H1 2023 (-10.4 percent at constant scope and exchange rates)
- Adjusted EBITDA at EUR 431 million (24.4 percent margin, in line with Q1 2024) compared to EUR 659 million in H1 2023 (30.8 percent margin)
- Gradual recovery in volumes in Q2 2024, though slower than expected
- Net debt ratio up to 1.9x last 12-month adjusted EBITDA, compared to 1.2x at December 31, 2023 and 1.3x at June 30, 2023
- Success of the Group’s 9th employee share ownership offer in June 2024
- Completion of the acquisition of Vidrala’s glass business in Italy in early July 2024
- 2024 adjusted EBITDA target revised down and now expected around the same level as in 2022
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