Verallia released their 2024 third quarter results.
Highlights
- Resumption of organic volume growth in the third quarter (Q3) compared to the previous year, complemented by the acquisition in Italy
- Revenue down to EUR 871 million in Q3, down -6.6 percent compared to Q3 2023 on a reported basis (-4.7 percent at constant scope and exchange rates)
- Q3 adjusted EBITDA at EUR 210 million (24.1 percent margin) compared to EUR 256 million in Q3 2023 (27.5 percent margin)
- Net debt ratio up to 2.3x last 12 months adjusted EBITDA, compared to 1.9x at June 30, 2024 and 1.2x at December 31, 2023 (impact of the acquisition of Vidrala’s glass business in Italy for an enterprise value of EUR 230 million)
- Inauguration of the 100 percent electric furnace in Cognac, a world first in the food packaging glass industry and a major step forward for the decarbonization of the sector with 60 percent less CO2 emissions compared to a traditional furnace
- 2024 adjusted EBITDA expected to be around the same level as in 2022
Patrice Lucas, Chief Executive Officer of Verallia, commented, “In a still challenging market environment, Verallia continues to deliver solid profitability despite a very gradual recovery in demand as announced in July 2024. The group is continuing to implement its action plans, with strict discipline on operational management and cost control. Thus, the group is still targeting an adjusted EBITDA for 2024 around that of 2022.
“In addition, the group continues to focus on the future and implement its CSR strategy with the recent inauguration of the Cognac electric furnace, a world first for the food glass packaging industry.”
The full report is available here.