Press release
Paris, October 22, 2025
Published at 6:45pm CET


2025 third quarter results:
continued volume growth but profitability down in a more
difficult market than expected leading to an adjustment to
2025 outlook

HIGHLIGHTS
• Continued volume growth in Q3 in a context of declining consumption: revenue
was €846 million (-2.8% compared to Q3 2024) due to lower prices and a
deterioration in mix. Adjusted EBITDA1 reached €181 million or a 21.3% margin,
compared to €210 million and a 24.1% margin in Q3 2024
• Profitability down over 9 months: adjusted EBITDA stood at €531 million in 9M 2025,
with a 20.7% margin compared to 24.3% in 9M 2024 as slower glass demand in
August and September derailed the strong Q2 momentum
• Solid free cash flow generation in Q3, continuing the improvement already noted
in H1. Net debt ratio was stable compared to June 30 at 2.6x last 12-month adjusted
EBITDA
• Strengthened shareholding structure following BWGI's tender offer, enabling the
Group to continue deploying its long-term strategy
• Verallia's Net Zero 2040 trajectory validated by the SBTi, making it the first global
producer of food and beverage glass packaging to commit to this trajectory for
2040
• 2025 outlook revised down, with adjusted EBITDA now expected around €700
million (previously around €800 million) and free cash flow around €150 million
(previously more than €200 million)


Patrice Lucas, Group Chief Executive Officer, said: “Verallia delivered continued
organic volume growth in the third quarter. Volumes however fell short of our
expectations following a sharp drop in consumption in August and September.
Profitability declined after rebounding in Q2, with a still adverse mix. We remain focused
on cost control and cash generation which continued to improve in Q3. Nevertheless,
given the delay in market conditions recovery, we are revising our 2025 outlook while
remaining confident in Verallia’s strong fundamentals.”




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.



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REVENUE
In millions of euros Q3 2025 Q3 2024

Revenue 846.0 870.6

Reported growth -2.8 % -6.6%

Organic growth -0.6 % -4.7%
(-0.7 % excl. Argentina) (-9.7% excl. Argentina)



In millions of euros 9M 2025 9M 2024

Revenue 2,568.6 2,635.2

Reported growth -2.5% -14.3%

Organic growth -2.4% -8.7%
(-2.9% excl. Argentina) (-15.3 % excl. Argentina)



Q3 revenue was €846 million, down -2.8% compared to Q3 2024 on a reported basis. In
the first 9 months of 2025, revenue reached €2,569 million, down from 9M 2024 (-2.5% on
a reported basis).
Foreign exchange impact amounted to €(20) million, or -2.3% in Q3 (€(54) million; -2.1%
in 9M 25). This decrease is mainly due to the sharp depreciation of the Argentine peso
and to a lesser extent the Brazilian real.
Scope effect was not meaningful in Q3 and contributed positively by €51 million, or
+1.9% over 9M 2025 (integration of the Corsico site acquired in July 2024 and fully
included in the comparison basis in Q3).
At constant scope and exchange rates, revenue was down -0.6% in Q3 (-0.7% excluding
Argentina) and -2.4% over 9M (-2.9% excluding Argentina).
In Q3, revenue was penalized by a much less favorable than expected market
environment. Volumes were up compared to Q3 2024 in a market environment that
remained challenging. Activity in August and September proved disappointing after a
good month of July. Nearly all segments were up versus Q3 2024, with non-alcoholic
beverages growing strongly and spirits returning to growth. Conversely, beer volumes
came in below expectations following strong gains in H1.
Trend remained positive over the first 9 months of the year, driven by non-alcoholic
beverages, beer and spirits.

By geographical area:

• In Southern and Western Europe, the Group posted strong volume growth in Q3,
fueled by several key segments. Non-alcoholic beverages posted the strongest
growth, followed by still wines. Beer, on the other hand, was down with
consumption declining this summer. Over 9M, volume trend was positive, driven by
non-alcoholic beverages and to a lesser extent spirits.
• In Northern and Eastern Europe, Q3 showed a slight decline in volumes compared
to last year after a broadly stable H1, reflecting a less buoyant market environment.
Beer momentum slowed down after a good H1 while food jars continued to grow
solidly. Non-alcoholic beverages and still wines were down. The situation remains
difficult in Germany with demand continuing to contract.




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• In Latin America, demand momentum weakened in Q3 after a very positive first
half, in particular due to low beer consumption.


ADJUSTED EBITDA

In millions of euros Q3 2025 Q3 2024

Adjusted EBITDA 180.6 210.0
Adjusted EBITDA margin 21.3% 24.1%



In millions of euros 9M 2025 9M 2024

Adjusted EBITDA 531.3 641.3

Adjusted EBITDA margin 20.7% 24.3%



Adjusted EBITDA reached €181 million in Q3 2025 (21.3% margin), in an environment
characterized by slower demand after Q2’s favorable momentum. It amounted to €531
million in the first nine months of the year (20.7% margin).
Foreign exchange impact amounted to €(6) million in Q3 2025 (-2.9%) and €(17) million
in 9M (-2.7%), mainly related to the depreciation of the Argentine peso and the Brazilian
real.
Positive activity contribution amounted to €8 million or +3.7% in Q3 2025 (€41 million in
9M; +6.3%) driven by organic growth in volumes, despite slower glass demand in August
and September. Inflation spread2 continued to weigh on adjusted EBITDA, with a
negative impact of €(41) million in Q3 and €(186) million over 9M. This pressure has
however eased gradually since the beginning of the year (Q1: €(85) million; Q2: €(60)
million).
Performance Action Plan (PAP) generated a net reduction in cash production costs of
2.0% or €11 million in Q3 and 2.2% over 9 months (€37 million).




2 The spread corresponds to the difference between (i) the increase in selling prices and the mix applied by the Group after
passing any increase in production costs onto these selling prices and (ii) the increase in production costs. The spread is
positive when the increase in selling prices applied by the Group is greater than the increase in its production costs. The
increase in production costs is recorded by the Group at constant production volumes, before industrial variance and taking
into consideration the impact of the Performance Action Plan (PAP).



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BALANCE SHEET
At the end of September 2025, Verallia's net financial debt amounted to €1,920 million,
down €27 million compared to the end of June 2025 and up €123 million compared to
the end of December 2024. Net debt ratio was 2.6x last 12-month adjusted EBITDA,
compared with 2.6x at the end of June 2025 (after dividend payments of €202 million in
May 2025) and 2.1x at the end of December 2024.
The Group had liquidity3 of €835 million as of September 30, 2025.


RESULTS OF THE VOLUNTARY PUBLIC TENDER OFFER INITIATED BY BWGI FOLLOWING ITS
REOPENING PERIOD
The reopening period of the voluntary public tender offer initiated by BWGI (the
“Offer”), acting through Kaon V4, on the Verallia shares that it did not already own,
closed on August 13, 2025. 8,141,380 Verallia shares were tendered to the Offer during
its reopening period, representing 6.74% of Verallia's share capital and 5.72% of its
theoretical voting rights. As of September 30, 2025, following the settlement-delivery of
the reopened Offer, BWGI held 77.05% of Verallia’s share capital and 71.68% of its
theoretical voting rights.
As of September 30, 2025, Verallia's shareholding structure was as follows:

Shareholders Number of % of share Number of % of
shares capital theoretical theoretical
voting rights voting rights
Brasil Warrant
Administração de
93,078,522 77.05% 98,352,126 71.68%
Bens e Empresas S.A.
(BWSA)5
Bpifrance
4,594,944 3.80% 9,189,888 6.70%
Participations
Employees (Verallia
FCPE and direct 4,961,546 4.11% 9,656,546 7.04%
shareholders)
Treasury shares 2,978,796 2.47% 2,978,796 2.17%
Public 15,191,295 12.58% 17,038,987 12.42%
TOTAL 120,805,103 100.00% 137,216,343 100.00%




3 Calculated as available cash + undrawn revolving credit facilities – outstanding commercial paper (Neu CP). Bridge Loan
undrawn amounts are 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.
4 BWGI is acting as the investment manager of Kaon V, a sub-fund of Kaon Investment Fund ICAV and direct shareholder of

Verallia.
5 BWSA, which is controlled by the Moreira Salles family, holds 99.965% of BW Gestão de Investimentos Ltda. (“BWGI”), which

is the independent investment manager of Kaon V, the investment vehicle which holds the Verallia shares. BWSA directly
holds 1,000 Verallia shares, and BWGI also directly holds 1,000 Verallia shares.



www.verallia.com 4|14
THE SBTi VALIDATES VERALLIA’S NET ZERO 2040 TRAJECTORY, MAKING IT THE FIRST
PRODUCER OF GLASS PACKAGING FOR BEVERAGES AND FOOD PRODUCTS TO COMMIT
TO THIS TRAJECTORY FOR 2040
The Science Based Targets initiative (SBTi) has validated Verallia's Net Zero 2040
trajectory, in line with the SBTi Net-Zero Standard6. This acknowledgement strengthens
the credibility of the Group's climate strategy, the result of constant investments and
concrete actions aimed at reducing its environmental impact.
By 2040, Verallia commits to reducing its CO₂ emissions from scopes 1 & 2 by 90% and
offsetting the remaining 10% compared to the 2019 base year. Verallia thus confirms its
pioneering role on this front in the food and beverage glass packaging industry.
The SBTi’s validation is part of a broader approach driven by Verallia’s purpose:
Reimagine glass for a sustainable future.

INAUGURATION OF THE OXY-COMBUSTION FURNACE IN CAMPO BOM (BRAZIL)
Verallia has inaugurated a new oxy-combustion furnace at its Campo Bom site (Rio
Grande do Sul state), integrating the HeatOx™ technology developed by Air Liquide.
This innovative process improves energy efficiency by preheating oxygen and natural
gas from flue gases, resulting in a reduction in CO₂ emissions of up to 20% compared to
conventional furnaces. An electrical supercharging system completes the system,
reducing the consumption of fossil fuels.
This €111 million investment marks a major milestone in Verallia’s growth strategy in Brazil.
It increases the site's capacity to 820 tons of glass per day with the addition of three
production lines.
To support this expansion, Verallia has created 108 new jobs to date, including 21
women and 7 people with disabilities, demonstrating its strong commitment to diversity
and inclusion. The combined Campo Bom 1 and Campo Bom 2 sites now employ 267
people. This project demonstrates Verallia’s commitment to combine advanced
technology, environmental performance, and local development.

RESULTS OF THE EXERCISE OF THE PUT OPTION IN RESPECT OF THE 2028 NOTES 7 AND 2031
NOTES8
Following the change of control resulting from the Offer initiated by BWGI, the holders
of the 2028 Notes and the 2031 Notes (the “Notes”) had the option to request the
redemption of their Notes at par value plus accrued interest, exercisable from 1 August
to 25 August 2025 (included).
The put option was validly exercised by holders of the 2028 Notes for an aggregate
nominal amount of €399.7 million.
The put option was validly exercised by holders of the 2031 Notes for an aggregate
nominal amount of €429.8 million.
Amounts due in respect of the relevant Notes were repaid by Verallia on 8 September
2025, by utilization of the bridge loan made available through the “certain funds”
bridge facility agreement entered into with a banking syndicate on 23 April 2025 for this
purpose.



6 Net Zero corresponding to 90% reduction and 10% offset in 2040 for scopes 1 and 2 and in 2050 for scope 3 compared to
2019 base year.
7 €500,000,000 / 1.625 per cent Sustainability Linked Notes due 14 May 2028.
8 €500,000,000 / 1.875 per cent Sustainability Linked Notes due 10 November 2031.




www.verallia.com 5|14
As a result, €100.3 million of the 2028 Notes and €70.2 million of the 2031 Notes remain
outstanding.
Verallia intends to refinance the amounts drawn under the bridge loan by arranging
one or more bank and/or bond financing(s).


2025 OUTLOOK
Although the Group maintained positive organic volume growth in Q3, market
environment deteriorated in August and September and the expected further
improvement in profitability in Q3 did not materialize.
In this context and given the delay in market conditions recovery, Verallia now aims to
generate an adjusted EBITDA of around €700 million in 2025 (previously around €800
million), and a free cash flow of around €150 million (previously more than €200 million).
With a strengthened shareholder base that demonstrates its confidence in Verallia's
solid fundamentals, the Group is focusing in the short term on its action plans to improve
profitability and maintain a solid cash generation. Mid-term strategy will be presented
during the January 2026 Capital Markets Day.




www.verallia.com 6|14
An analysts’ conference call will be held at 9.00am (CET) on Thursday, 23 October 2025
via an audio webcast service (live and replay) and the earnings presentation will be
available on www.verallia.com.


FINANCIAL CALENDAR
• 21 January 2026: Capital Markets Day.
• 3 February 2026: beginning of the quiet period.
• 24 February 2026: Q4 and full-year 2025 financial results - Press release after
market close and conference call/presentation the following day at 9:00 a.m.
CET.
• 1 April 2026: beginning of the quiet period.
• 22 April 2026: Q1 2026 financial results - Press release after market close and
conference call/presentation the following day at 9:00 a.m. CET.
• 24 April 2026: Annual General Shareholders’ Meeting.
• 7 July 2026: beginning of the quiet period.
• 28 July 2026: 2026 half-year results - Press release after market close and
conference call/presentation the following day at 9:00 a.m. CET.
• 6 October 2026: beginning of the quiet period.
• 27 October 2026: Q3 2026 financial results - Press release after market close and
conference call/presentation the following day at 9:00 a.m. CET.


About Verallia
At Verallia, our purpose is to re-imagine glass for a sustainable future. We want to redefine how glass is
produced, reused and recycled, to make it the world’s most sustainable packaging material. We work
together with our customers, suppliers and other partners across the value chain to develop new, beneficial
and sustainable solutions for all.
With almost 11,000 employees and 35 glass production facilities in 12 countries, we are the European leader
and world's third-largest producer of glass packaging for beverages and food products. We offer innovative,
customised and environmentally friendly solutions to over 10,000 businesses worldwide. Verallia produced
more than 16 billion glass bottles and jars and recorded revenue of €3.5 billion in 2024.
Verallia’s CSR strategy has been recognized with the Platinum Ecovadis medal, placing the Group in the Top
1% of companies assessed by Ecovadis. In September 2025, SBTi officially validates Verallia’s long-term Net
Zero 2040 target according to its Net-Zero Standard. By 2040, Verallia commits to reducing its CO₂ emissions
from scopes 1 & 2 by 90% and offsetting the remaining 10% compared to 2019 base year. This target is aligned
with the 1.5°C climate trajectory set by the Paris Agreement.
Verallia is listed on compartment A of the regulated market of Euronext Paris (Ticker: VRLA – ISIN:
FR0013447729) and trades on the following indices: CAC SBT 1.5°, SBF 120, CAC Mid 60, CAC Mid & Small and
CAC All-Tradable.

Press contacts
Sara Natij
verallia@comfluence.fr | +33 (0)7 68 68 83 22

Investor relations contacts
David Placet | david.placet@verallia.com
Raphaël Rolland | raphael.rolland@verallia.com
Benoit Grange & Tristan Roquet-Montégon
verallia@brunswickgroup.com



www.verallia.com 7|14
Disclaimer
Certain information included in this press release is not historical data but forward-looking statements. These
forward-looking statements are based on estimates, forecasts and assumptions including, but not limited to,
assumptions about Verallia's present and future strategy and the economic environment in which Verallia
operates. They involve known and unknown risks, uncertainties and other factors, which may cause Verallia's
actual results and performance to differ materially from those expressed or implied in such forward-looking
statements. These risks and uncertainties include those detailed and identified in Chapter 4 "Risk Factors" of
the Verallia universal registration document filed with the Autorité des marchés financiers ("AMF") on 27 March
2025 and available on the Company’s website (www.verallia.com) and that of the AMF (www.amf-
france.org). These forward-looking statements and information are not guarantees of future performance.
This press release includes summarized information only and does not purport to be exhaustive.
This press release does not contain, nor does it constitute, an offer of securities or a solicitation to invest in
securities in France, the United States, or any other jurisdiction.



Protection of personal data
You may unsubscribe from the distribution list of our press releases at any time by sending your request to the
following email address: investors@verallia.com. Press releases will still be available via the website
https://www.verallia.com/en/investors/.
Verallia SA, as data controller, processes personal data for the purpose of implementing and managing its
internal and external communication. This processing is based on legitimate interests. The data collected (last
name, first name, professional contact details, profiles, relationship history) is essential for this processing and
is used by the relevant departments of the Verallia Group and, where applicable, its subcontractors. Verallia
SA transfers personal data to its service providers located outside the European Union, who are responsible
for providing and managing technical solutions related to the aforementioned processing. Verallia SA ensures
that the appropriate guarantees are obtained in order to supervise these data transfers outside of the
European Union. Under the conditions defined by the applicable regulations for the protection of personal
data, you may access and obtain a copy of the data concerning you, object to the processing of this data
and request for it to be rectified or erased. You also have a right to restrict the processing of your data. To
exercise any of these rights, please contact the Group Financial Communication Department at
investors@verallia.com. If, after having contacted us, you believe that your rights have not been respected
or that the processing does not comply with data protection regulations, you may submit a complaint to the
CNIL (Commission nationale de l'informatique et des libertés — France’s regulatory body).




www.verallia.com 8|14
APPENDIX - Key figures
In millions of euros Q3 2025 Q3 2024
Revenue 846.0 870,6
Reported growth -2.8% -6.6%
Organic growth -0.6% -4.7%
Organic growth excluding Argentina -0.7% -9.7%

Adjusted EBITDA 180.6 210.0
Group margin 21.3% 24.1%
Net debt at end of period 1,920.4 1,888.0
Last 12-month adjusted EBITDA 732.5 834.2
Net debt/last 12-month adjusted EBITDA 2.6x 2.3x
2,6x 2,3x

In millions of euros 9M 2025 9M 2024
Revenue 2,568.6 2,635.2
Reported growth -2.5% -14.3%
Organic growth -2.4% -8.7%
Organic growth excluding Argentina -2.9% -15.3%

Adjusted EBITDA 531.3 641.3
Group margin 20.7% 24.3%
Net debt at end of period 1,920.4 1,888.0
Last 12-month adjusted EBITDA 732.5 834.2
Net debt/last 12-month adjusted EBITDA 2.6x 2.3x
1.2x

New presentation of the bridges (Argentina impact)
The group, up until H1 2024, presented its financial bridges including the impact of
Argentina under each heading as represented below in the column "Group analysis".
Due to Argentina's economic situation (hyper-inflation and sharp currency devaluation)
and in order to present the group's performance more clearly, we outline below a
second version (since Q3 2024) of the bridges isolating in a separate section the net
impact of Argentina on changes in revenue and adjusted EBITDA from one period to
the next ("Analysis excluding Argentina" column). This new presentation makes it easier
to understand Verallia's performance in terms of volume, price/mix, spread, etc.




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Change in revenue by type in millions of euros in Q3 2025

In millions of euros Group Analysis excluding
analysis Argentina9

Q3 2024 revenue 870.6
Volumes +34.0 +37.3
Price / Mix -38.9 -43.4
Foreign exchange impact -19.7 -4.9
Scope effect +0.1 +0.1
Argentina -13.6

Q3 2025 revenue 846.0



Change in revenue by type in millions of euros in 9M 2025

In millions of euros Group Analysis excluding
analysis Argentina9
9M 2024 revenue 2,635.2
Volumes +75.0 +80.9
Price / Mix -137.7 -154.4
Foreign exchange impact -54.5 -18.3
Scope effect +50.5 +50.5
Argentina -25.4
9M 2025 revenue 2,568.6




9The column "Analysis excluding Argentina" presents all the data in the bridge excluding Argentina, its net impact over the
period being reported in the "Argentina" row only.



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Change in adjusted EBITDA by type in millions of euros in Q3 2025

In millions of euros Group Analysis excluding
analysis Argentina10

Q3 2024 Adjusted EBITDA 210.0
Activity contribution +7.7 +7.9
Price-mix / Cost spread -41.0 -40.6
Net productivity +11.4 +11.0
Foreign exchange impact -6.2 -1.4
Other -1.3 -3.0
Argentina -3.5
Q3 2025 Adjusted EBITDA 180.6



Change in adjusted EBITDA by type in millions of euros in 9M 2025

In millions of euros Group Analysis excluding
analysis Argentina10

9M 2024 Adjusted EBITDA 641.3
Activity contribution +40.6 +42.1
Price-mix / Cost spread -185.7 -183.2
Net productivity +37.0 +35.5
Foreign exchange impact -17.2 -6.7
Other +15.3 +10.5
Argentina -8.1

9M 2025 Adjusted EBITDA 531.3




The column "Analysis excluding Argentina" presents all the data in the bridge excluding Argentina, its net impact over the
10

period being reported in the "Argentina" row only.



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Reconciliation of operating profit/(loss) to adjusted EBITDA

in millions of euros 9M 2025 9M 2024
Operating profit/(loss) 230.2 362.7
Depreciation and amortisation11 268.1 257.5
Restructuring costs 14.6 12.7
IAS 29 Hyperinflation (Argentina)12 2.7 (1.7)
Management share ownership plan and associated costs 3.5 4.7
Company acquisition costs and earn-outs 7.1 1.9
Other 5.2 3.5
Adjusted EBITDA 531.3 641.3


Adjusted EBITDA and cash conversion are alternative performance indicators within the
meaning of AMF position n°2015-12.
Adjusted EBITDA and cash conversion are not standardized accounting aggregates
that meet a single definition generally accepted by IFRS. They should not be considered
as a substitute for operating income, cash flows from operating activities that are
measures defined by IFRS or a liquidity measure. Other issuers may calculate adjusted
EBITDA and cash conversion differently from the Group's definition.

IAS 29: Hyperinflation in Argentina
Since 2018, the Group has been applying IAS 29 in Argentina. The application of this
standard requires the revaluation of non-cash assets and liabilities and the income
statement to reflect changes in purchasing power in the local currency. These
remeasurements may lead to a gain or loss on the net money position included in the
financial result.
In addition, the financial assets of the Argentine subsidiary are translated into euros at
the closing exchange rate of the relevant period.
In the first nine months of 2025, the net impact on revenue was €(10.2) million. The
impact of hyperinflation is excluded from consolidated adjusted EBITDA as presented
in the "Operating income to adjusted EBITDA transition table".




11 Includes depreciation and amortisation of intangible assets and property, plant and equipment, amortisation of
intangible assets acquired through business combinations, and impairment of property, plant and equipment.
12 The Group has applied IAS 29 (Hyperinflation) since 2018.




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Financial structure

In millions of euros Nominal or max. Final September
Nominal rate
drawable amount maturity 30, 2025

Sustainability-Linked Bond
100.3 1.625 % May 2028 100.7
May 202113
Sustainability-Linked Bond
70.2 1.875 % Nov. 2031 70.3
November 202113
Bond November 202413 600.0 3.875 % Nov. 2032 613.7
Term Loan B – TLB13 200.0 Euribor +2.00%14 Apr. 2028 200.1
Revolving credit facility – RCF
550.0 Euribor +1.50%14 Apr. 2030 -
2023
Revolving credit facility – RCF Dec. 2027
2027 250.0 Euribor +0.80%14 + 1 yr + 1 yr -
extension
Bridge loan Apr. 2026 +
1,600.0 Euribor +0.60%15 6m + 6m 838.4
extension
Negotiable commercial paper
500.0 332.8
(Neu CP)13
Other debt16 132.2

Total debt 2,288.2
Cash and cash equivalents17 (367.8)
Net debt 1,920.4



As of 30/09/2025, total financial debt18 amounted to €2,271.3 million, compared to
€2,303.0 million as of 30/06/2025.
The €31.7 million increase that took place in Q3 2025 is mainly due to the increase in
NeuCP outstanding amounts, carried out in line with the ongoing management of the
program and associated maturities.




13 Including accrued interest
14 Based on leverage margin grid for Term Loan & RCF 23 and on rating margin grid for RCF 27
15 Initial margin at 0.60% then 0.15% increase p.a. every 3 months after the Signing Date. up to maximum 1.65%
16 o/w IFRS16 leasing (€63.0m)
17 Post acquisition of Bopreal (Argentine government bonds) for an amount of €27.9m, which will be repaid in three tranches

between November 2025 and May 2026
18 Total debt of €2,288.2m includes €16.9m of financing derivatives, thus a total financial debt of €2,271.3m.




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GLOSSARY
Activity: corresponds to the sum of the change in volumes plus or minus the change in inventories.
Organic growth: corresponds to 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).
Adjusted EBITDA: this is a non-IFRS financial measure. It is an indicator for monitoring the underlying
performance of businesses adjusted for certain expenses and/or income which are non-recurring or liable to
distort the Company’s performance. Adjusted EBITDA is calculated on the basis of operating profit adjusted
for depreciation, amortisation and impairment, restructuring costs, acquisition and M&A costs,
hyperinflationary effects, management share ownership plans, subsidiary disposal-related effects and
subsidiary contingencies, site closure costs, and other items.
Capex: short for “capital expenditure”, this corresponds to purchases of property, plant and equipment and
intangible assets necessary to maintain the value of an asset and/or adapt to market demand and to
environmental, health and safety requirements, or to increase the Group’s capacity. The acquisition of
securities is excluded from this category.
Recurring capex: recurring capex corresponds to purchases of property, plant and equipment and intangible
assets necessary to maintain the value of an asset and/or adapt to market demand and to environmental,
health and safety requirements. It mainly includes furnace renovations and maintenance of IS machines.
Strategic capex: strategic capex corresponds to purchases of strategic assets that significantly enhance the
Group’s capacity or its scope (for example, the acquisition of plants or similar facilities, greenfield or
brownfield investments), including the building of additional new furnaces. Since 2021 it has also included
investments associated with implementing the plan to reduce CO2 emissions.
Cash conversion: refers to the ratio between cash flow and adjusted EBITDA. Cash flow refers to adjusted
EBITDA less capex.
Free cash flow: defined as operating cash flow - other operating impacts - interest paid & other financing
costs - taxes paid.
The Southern and Western Europe segment comprises production sites located in France, Spain, Portugal and
Italy. It is also designated by its acronym “SWE”.
The Northern and Eastern Europe segment comprises production sites located in Germany, the United
Kingdom, Russia, Ukraine and Poland. It is also designated by its acronym “NEE”.
The Latin America segment comprises production sites located in Brazil, Argentina and Chile and, since
January 1, 2023, Verallia’s operations in the USA.
Liquidity: calculated as available cash + undrawn revolving credit facilities – outstanding negotiable
commercial paper (Neu CP). Bridge Loan undrawn amounts are 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.
Amortisation of intangible assets acquired through business combinations: corresponds to the amortisation
of customer relationships recognised upon acquisition.
Net debt ratio (leverage): is calculated as net debt divided by adjusted EBITDA for the last 12 months.
Net financial debt: includes all financial liabilities and derivatives on current and non-current financial
liabilities, minus the amount of cash and cash equivalents.
Earnings per share (EPS): net profit/(loss) attributable to Group ordinary shareholders divided by the weighted
average number of ordinary shares outstanding excluding treasury shares over the period.




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