Verallia reports the 2023 first half results: an excellent half-year enabling the annual EBITDA target to be raised.
Highlights
- 7 percent increase in revenue to EUR 2,143 million (+28.6 percent at constant exchange rates and scope) compared with H1 2022
- Strong growth in adjusted EBITDA to EUR 659 million in H1 2023, compared with EUR 425 million in H1 2022 (+54.9 percent)
- Significant improvement in adjusted EBITDA margin to 30.8 percent in H1 2023 from 26.0 percent in H1 2022 (+480 bp vs H1 2022)
- Net income attributable to shareholders of EUR 311 million, compared with EUR 174 million in H1 2022 (+78.8 percent vs H1 2022), and earnings per share of EUR 2.65
- The net debt ratio eased to 1.3x adjusted EBITDA for the last 12 months, compared with 1.3x at the end of March 2023 and 1.5x at the end of June 2022
Patrice Lucas, CEO of Verallia, said, “Our first-half results are excellent and demonstrate our ability to continue to sustainably improve our profitability and EBITDA, regardless of the economic environment. This remarkable performance stems from the agility and entrepreneurial spirit of our teams, our ability to generate a positive price-mix/cost spread in any circumstances and our operational excellence programme geared towards reducing expenses.
“These strengths are part of the Group’s business model and will continue to spur the regular improvement in Verallia’s results. On the strength of another quarter of improvement, we are raising our adjusted EBITDA guidance for 2023. We are also continuing to implement our decarbonisation action plan through innovative and pioneering projects such as the electric and hybrid furnaces currently under construction.”
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