2026 first quarter results: Verallia improves its profitability and confirms its 2026 outlook
HIGHLIGHTS
- Stable volumes over the quarter compared to Q1 2025, with growth in most countries offsetting the decline in activity in Germany
- Q1 revenue of €798 million, down -2.4% compared to Q1 2025 (-1.2% at constant scope and exchange rates[1]), due to lower selling prices
- Adjusted EBITDA[2] up 8% to €159 million (19.9% margin) compared to €147 million in Q1 2025 (18.0% margin)
- Net debt ratio at 2.7x last 12-month adjusted EBITDA (2.7x at the end of December 2025). Liquidity[3] remains high at €856 million as of March 31, 2026
- Verallia confirms its 2026 outlook, while paying close attention to a context marked by strong uncertainties related to the conflict in the Middle East, namely:
- 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 project)
Patrice Lucas, Group Chief Executive Officer, said: “The profitability improvement in the first quarter of 2026 marks a first stage in the recovery of Verallia’s performance. In an environment that has recently become tense due to the conflict in the Middle East, the Group is focusing primarily on its internal levers. The industrial footprint optimization plans are progressing in line with our roadmap and should support performance from the second half of the year, while the Performance Action Plan (PAP) continues to deliver solid results and our energy hedging policy provides us with strong visibility on our cost base, with more than 80% of our energy needs covered for the year. In this context, we confirm our objectives for 2026, whilst paying close attention to the evolution in the market environment.”
[1] Revenue growth at constant scope and exchange rates. Revenue growth at constant exchange rates is calculated by applying the same exchange rates to the financial indicators presented for the two periods being compared (by applying the exchange rates of the previous period to the financial indicators for the current period). Growth in revenue at constant scope and exchange rates excluding Argentina was -2.0% in Q1 2026 compared to Q1 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).