Verallia Reports Excellent First Half 2023 Results, EBITDA Target Raised
In a notable accomplishment, Verallia, a leading glass packaging manufacturer, has reported outstanding financial performance for the first half of 2023. The results have been nothing short of impressive, showcasing the company’s resilience and adaptability in a rapidly evolving market landscape. With a 7% increase in revenue to EUR 2,143 million, the company’s growth trajectory has been strong, further solidified by an impressive 54.9% surge in adjusted EBITDA, reaching EUR 659 million.
A Promising Growth Trajectory
Verallia’s relentless pursuit of excellence has yielded significant rewards, with its adjusted EBITDA margin rising to 30.8% in H1 2023, a substantial improvement compared to 26.0% in H1 2022. This notable expansion in EBITDA margin, totaling 480 basis points, reflects the company’s prudent financial management and cost optimization strategies.
Boost in Net Income and Decrease in Net Debt Ratio
The company’s net income attributable to shareholders has soared to EUR 311 million, a remarkable 78.8% increase compared to the same period in 2022, leading to an impressive earnings per share of EUR 2.65. Verallia’s solid financial performance is further underscored by the easing of its net debt ratio to 1.3x adjusted EBITDA for the last 12 months, compared to 1.5x at the end of June 2022. This favorable debt position reflects Verallia’s sound financial management practices and strategic approach to debt reduction.
Testament to Resilience and Agility
Patrice Lucas, CEO of Verallia, lauded the remarkable first-half results and emphasized the company’s unwavering commitment to sustainable profitability and EBITDA growth, irrespective of economic conditions. Verallia’s extraordinary performance is a testament to the agility and entrepreneurial spirit of its teams, allowing them to generate a positive price-mix/cost spread and efficiently manage expenses.
Raising the Bar: EBITDA Guidance for 2023
Building on the momentum of continuous improvement, Verallia has raised its adjusted EBITDA guidance for 2023, expressing confidence in the company’s ability to achieve further success in the latter half of the year. The organization remains steadfast in its commitment to deliver exceptional results, underpinned by its robust business model and unwavering focus on operational excellence.
Paving the Way for a Sustainable Future
Verallia is not only committed to financial growth but also to environmental responsibility. The company is actively implementing its decarbonization action plan, undertaking innovative projects like the development of electric and hybrid furnaces. By aligning its operations with sustainable practices, Verallia aims to reduce its carbon footprint and contribute positively to the environment.
With another quarter of substantial improvement behind them, Verallia is poised to make significant strides in the glass packaging industry. As sales grow, the company anticipates driving strong operating leverage and delivering exceptional value to its stakeholders.
For more detailed insights and a comprehensive overview of Verallia’s first-half 2023 results, click here to access the full report.
Source: Verallia with additional information added by Apazone