2025 first half results: higher volumes and improved cash generation in H1; recovery in profitability in Q2

Confirmed recovery in volume growth in H1: revenue of €1,723 million, down -2.4% compared to H1 2024 mainly reflecting lower selling prices. Adjusted EBITDA[1] was €351 million, or a 20.4% margin, compared to €431 million and a 24.4% margin in H1 2024
Strong sequential improvement in profitability in Q2: adjusted EBITDA for the quarter reached €204 million with a margin of 22.5%, up sequentially (+€57 million and +457 bps) compared to Q1 25 (adjusted EBITDA of €147 million and margin of 18.0%) thanks to stronger activity and a less negative inflation spread than in Q1
Significant increase in cash generation: free cash-flow reached €66 million in H1 2025 compared to €(49) million in H1 2024, an increase of €115 million
Net debt ratio at 6x last 12-month adjusted EBITDA (2.1x at the end of December 2024) after the payment of €202 million in dividends; liquidity[2] at €810 million as of June 30, 2025
Successful outcome of BWGI’s voluntary public tender offer

[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] Calculated as available cash + undrawn revolving credit facilities – outstanding commercial paper (Neu CP). Certain funds Bridge Loan is excluded from Liquidity as available only to refinance the existing bonds in the event of a change of control in the context of the BWGI Offer.

06.08.2025, Verallia

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