25 July 2023

2023 first half results: excellent half-year enabling the annual EBITDA target to be raised


  • 7% increase in revenue to €2,143 million (+28.6% at constant exchange rates and scope[1]) compared with H1 2022
  • Strong growth in adjusted EBITDA to €659 million in H1 2023, compared with €425 million in H1 2022 (+54.9%)
  • Significant improvement in adjusted EBITDA margin to 30.8% in H1 2023 from 26.0% in H1 2022 (+480 bp vs H1 2022)
  • Net income[2] attributable to shareholders of €311 million, compared with €174 million in H1 2022 (+78.8% vs H1 2022), and earnings per share2 of €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


“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.” said Patrice Lucas, CEO of Verallia.


[1] Excluding Argentina, revenue growth at constant exchange rates and scope was 25.7% in H1 2023 compared with H1 2022.

[2] Net income for H1 2023 includes an amortisation expense for customer relationships, recognised upon the acquisition of Saint-Gobain’s packaging business in 2015, in the amounts of €22 million and €0.19 per share (net of taxes). This expense will remain in place until 2027. If it had not been taken into account, net income attributable to shareholders would have been €333 million and €2.84 per share. It was €23 million and €0.20 per share in H1 2022.

2023 first half results
25 July 2023