Corticeira Amorim: sales down 4.3% over nine months, EBITDA margin stable at 17.5%
Corticeira Amorim published its nine-month accounts on 2 November 2026, in which operating profitability is maintained despite the decline in activity.
Consolidated revenue fell 4.3% to €647.7 million, while recurring EBITDA decreased 3.4% to €113.5 million. The recurring EBITDA margin thus rose 0.1 point to 17.5%.
Net income follows a different trajectory. It fell 22.4% to €35.4 million, due to non-recurring costs linked to the restructuring of the flooring business and measures to align the cost structure with the current level of activity.
Lower costs offset volume and mix effects on margin
The group attributes the decline in recurring EBITDA to a deterioration in product mix and an unfavourable operating leverage effect. Two factors offset these effects: changes in consumer prices of raw cork materials and control of current operating costs, down 3.5% to €283.9 million.
This combination is reflected in gross margin, which gained 0.6 point to 54.8% of sales, while its absolute value fell 3.2% to €354.7 million. Recurring EBIT fell 2.1% to €70.8 million, a decline smaller than that of revenue.
Net income, by contrast, includes non-recurring items and impairments, mainly stemming from the final restructuring plan for the flooring segment. Earnings per share thus went from €0.343 to €0.267 over one year.
Lower volumes across all divisions and an unfavourable dollar
The sales decline reflects lower volumes across all divisions and an unfavourable product mix, particularly at Amorim Cork, still penalised by a difficult market environment. The depreciation of the US dollar also weighed: excluding this effect, the decline in revenue would have been 3.7%.
Amorim Cork Solutions saw its revenue rise 1.3% despite the currency effect, driven by aeronautical, sealing and sports applications. Its EBITDA margin gained 4.2 points to 14.2%, mainly thanks to changes in product mix, as well as lower operating costs and cork consumer prices.
A stronger third quarter and net debt reduced to €56 million
The third quarter on its own shifts the reading of the cumulative figures. Sales fell 0.8% to €201.9 million, while recurring EBITDA rose 2.2% to €31.4 million, and its margin gained 0.5 point to 15.5%. Quarterly net income increased 16.2% to €10.3 million.
Interest-bearing net debt stood at €56.0 million at the end of September, down €19.9 million from the end of December 2025. This reduction was achieved despite dividend payments (€46.6 million), capital expenditure (€23.1 million), acquisitions made (€18.0 million) and the share buyback programme (€9.0 million).
Relative to the recurring EBITDA of the last four quarters, net bank debt fell from 0.67 to 0.41 times over one year. The group also created the joint venture Scott Premium Closures and opened a subsidiary, Amorim Top Series, in Kentucky to strengthen its presence in the United States.
According to António Rios de Amorim, Chairman and CEO, the contraction in wine consumption appears to be slowing, with no significant recovery expected in the short term. The group thus approaches the end of the year with its recurring EBITDA margin maintained over nine months and reduced indebtedness, in a wine market where management does not anticipate a rapid recovery.
