2025 annual results: organic volume growth, free cash flow generation up twofold
HIGHLIGHTS
- Back to organic volume growth in 2025 despite a slowdown in Q4: 2025 revenue was €3,331 million, down -3.6% compared to 2024 due to a negative price effect
- Profitability down compared to 2024, in line with revised 2025 target: 2025 adjusted EBITDA[1] reached €692 million with a 20.8% margin, compared with €842 million and a 24.4% margin in 2024. Q4 adjusted EBITDA was €161 million, representing a 21.1% margin compared to 24.5% in Q4 2024
- Free cash flow up twofold compared to 2024: free cash flow amounted to €166 million in 2025 compared to €83 million in 2024, above the revised target of around €150 million; net debt ratio as of December 2025 reached 2.7x last 12-month adjusted EBITDA, compared to 2.1x as of December 2024
- Proposal for the payment of a €1.00 per share dividend for the 2025 financial year[2], with the option for each shareholder to receive this dividend in either cash or new Verallia shares. BWGI and BPI France having already made known their intention to opt for a payment in shares, the impact on the Group’s cash position will not exceed €20 million
- Projects to adapt the Group’s industrial footprint in Europe to reinforce its competitiveness: the closure of a site in Germany (Essen), the shutdown of a furnace in France (Châteaubernard) and the shutdown of a furnace in the United Kingdom (Knottingley) in parallel with the restart of a more efficient one nearby (Leeds) are envisaged
Patrice Lucas, Group Chief Executive Officer, said: “In 2025, in an environment where end consumption remained soft, Verallia managed to return to a positive momentum in volumes. Our profitability, although down compared to last year, remains solid and our cash generation doubled compared to 2024. Our priority for 2026 is to continue to reinforce the Group’s competitiveness and financial structure in a still challenging environment. The measures envisaged to adapt our production footprint and an increased ambition of our Performance Improvement Plan (PAP) will strengthen our competitiveness. In addition, the commitment of BWGI and BPI France to receive a dividend in shares will contribute to the improvement of the Group’s net debt ratio.”
[1] Adjusted EBITDA is calculated based on operating profit adjusted for depreciation, amortisation and impairment, restructuring costs, acquisition and M&A costs, hyperinflationary effects, management share ownership plans, disposal related effects and subsidiary contingencies, site closure costs, and other items.
[2] Subject to approval of the Annual General Meeting of Shareholders to be held on April 24, 2026.