2026 first half results: Higher cash generation, 2026 outlook confirmed
HIGHLIGHTS
- Stable volumes over the first half compared to H1 2025, with growth in most countries offsetting the expected decline in activity in Germany
- H1 revenue of €1,699 million, down -1.4% compared to H1 2025 (-1.0% at constant scope and exchange rates[1]) mainly due to lower sales prices. In Q2, revenue reached €900 million, stable (-0.5%) compared to Q2 2025
- Adjusted EBITDA[2] stable at €352 million in H1 (€351 million in H1 2025) with a margin of 20.7%, up 33 basis points compared to H1 2025; Q2 margin was down compared to Q2 2025 (21.4% vs. 22.5%) but up sequentially (19.9% in Q1 2026)
- Increase in cash generation: free cash-flow reached €102 million in H1 2026 compared to €66 million in H1 2025, an increase of €36 million
- Slight improvement in net debt ratio to 2.6x last 12-month adjusted EBITDA (2.7x at the end of December 2025 and at the end of March 2026) after a €11 million cash dividend payment. Liquidity[3] remained high at €976 million at June 30, 2026
- Verallia confirms its 2026 outlook, assuming no material deterioration in the Middle East situation, notably:
- Adjusted EBITDA of around €700 million
- Free cash flow of around €220 million (excluding restructuring cash-outs planned in relation to the Group’s industrial footprint optimization project)
Patrice Lucas, Group Chief Executive Officer, said: “In the first half of the year, Verallia delivered a resilient performance in a difficult geopolitical and economic environment in the second quarter. This performance reflects the commitment of our teams and the rigorous control of our costs, which supported profitability and cash generation. It also factors in the first positive effects of our industrial footprint optimization plans, which will support our performance in the second half of the year in a still uncertain environment. We confirm our 2026 targets, subject to no material deterioration in the Middle East situation.”
[1] Revenue growth at constant scope and exchange rates. Revenues at constant exchange rates are calculated by applying the same exchange rates to the financial indicators presented in the two periods being compared (by applying the previous period’s rates to the current period’s indicators). Revenue growth at constant scope and exchange rates excluding Argentina was -1.5% in H1 2026 compared to H1 2025.
[2] Adjusted EBITDA is calculated based on operating profit adjusted for depreciation, amortization and impairment,
restructuring costs, acquisition and M&A costs, hyperinflationary effects, management share ownership plan costs, disposal- related effects and subsidiary contingencies, site closure costs, and other items.
[3] Calculated as available cash + undrawn revolving credit lines – outstanding negotiable debt securities (Neu CP).