2026 third quarter results: profitability in line with H1 despite lower activity, 2026 outlook confirmed
HIGHLIGHTS
- Volumes down in Q3, after a stable H1, reflecting an unfavorable Summer in Europe. Over the first nine months, volumes remained slightly up excluding the expected decline in Germany
- Q3 revenue of €829 million (Q3 2025: €846 million), down 2.1% (-3.1% at constant scope and exchange rates[1]) due to lower volumes. Over the first 9 months, revenue was €2,527 million (-1.6% compared to 9M 2025)
- Adjusted EBITDA[2] margin of 20.8% in Q3 (21.3% in Q3 2025) and 20.7% over 9 months, stable compared to 9M 2025. Adjusted EBITDA amounted to €172 million in Q3 (€181 million in Q3 2025) and €523 million over 9 months (€531 million in 2025)
- Continued deleveraging, with a net debt ratio improving to 2.5x last 12-month adjusted EBITDA at the end of September (2.7x at the end of December 2025 and 2.6x at the end of June 2026), supported by continued strong cash generation. Liquidity[3] increased to €1,048 million as of September 30, 2026
- Verallia confirms its 2026 outlook, 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: “After a stable H1, our business was affected by an unfavorable Summer in Europe, leading to lower volumes in the third quarter. In the context of an inflationary environment for energy and input costs, we continued our efforts to improve operational performance. Our industrial footprint adaptation plan has now been implemented and is starting to deliver results, especially in Germany. Combined with strict cost discipline, these actions allowed us to maintain profitability in line with H1 while pushing ahead with our cash generation and deleveraging effort. We confirm our 2026 outlook and our Capital Markets Day on November 18 will provide us with the opportunity to present our mid-term strategic priorities.”
[1] Revenue growth at constant scope and exchange rates. Revenue at constant exchange rates is calculated by applying the same exchange rates to the financial indicators presented in the two periods being compared (by applying the prior period’s rates to the current period’s indicators). Revenue growth at constant scope and exchange rates excluding Argentina was -3.9% in Q3 2026 compared to Q3 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 facilities – outstanding commercial paper (Neu CP).