Results for the first nine months of 2023
- Very good financial performance despite a more difficult market environment
- 2023 adjusted EBITDA target confirmed above €1.1 billion
HIGHLIGHTS
- Increase in 9M revenue to €3,075 million, i.e. +22.1% compared with the first
9 months of 2022 (+22.5% at constant scope and exchange rates)[1] - Sharp increase in adjusted EBITDA[2] to €915 million from €654 million in 9M 2022 (+39.9%)
- Expansion in adjusted EBITDA margin to 29.8% from 26.0% in 9M 2022 (27.5% in Q3 2023 compared with 26.0% in Q3 2022)
- Further progress made with ongoing developments in terms of new products, cullet treatment and decarbonisation
- Net leverage ratio of 1.2x last 12 months adjusted EBITDA, compared with 1.3x at 30 June 2023 and 1.1x at 30 September 2022 (prior to the acquisition of Allied Glass)
“Verallia remains on track to deliver a very good 2023 despite the drop in demand observed since August due to slowing consumption and continued destocking down the value chain. Profitability remained robust over the quarter thanks to the commitment shown by all our teams and to the Performance Action Plan (PAP). We are temporarily adjusting production capacity in the fourth quarter as we prepare to begin 2024 under good industrial and economic conditions. On the back of this agility and Verallia’s excellent fundamentals, we confirm our 2023 adjusted EBITDA target of over €1.1 billion and continue to implement our decarbonisation roadmap,” noted Patrice Lucas, Chief Executive Officer of Verallia.
[1] Revenue growth at constant scope and exchange rates excluding Argentina was +18.6% in the first 9 months of 2023 compared with 9M 2022.
[2] Adjusted EBITDA is calculated based on operating profit (loss) adjusted for depreciation, amortisation and impairment, restructuring costs, acquisition and M&A costs, hyperinflationary effects, management share ownership plans, subsidiary disposal-related effects and contingencies, plant closure costs and other items.