Corticeira Amorim: sales down 5.8% in first half, EBITDA margin maintained
The Portuguese cork stopper manufacturer reported half-year sales down 5.8% at €445.8 million, against a backdrop of lower volumes across all divisions.
Net profit attributable to shareholders declined 31.7% to €25.2 million, due to €14.7 million in non-recurring charges related to the restructuring of the flooring segment. The EBITDA margin remained at the same level as a year earlier.
Sales at €445.8m, net profit down nearly one-third due to restructuring charges
Over the first six months of 2026, Corticeira Amorim's consolidated turnover stood at €445.8m, down 5.8% compared to the same period in 2025. Excluding the impact of US dollar depreciation, the decline would have been 4.6%. The group attributes this performance to lower volumes across all business units and an unfavorable product mix at Amorim Cork, particularly in the still wine stopper segment.
Current EBITDA amounted to €82.1m, compared to €86.9m a year earlier, a decline of 5.5%. Current operating profit (EBIT) reached €52.3m, down 4.8%. Net profit attributable to shareholders came in at €25.2m, down 31.7% from €36.8m in the first half of 2025. Earnings per share fell from €0.277 to €0.189.
This result includes €14.7m in non-recurring charges, primarily related to the restructuring of the Amorim Cork Solutions flooring segment: portfolio simplification, discontinuation of product lines, downsizing of production and sales structures, and reorganization of operations in Germany.
EBITDA margin maintained at 18.4% thanks to lower cork material costs
Despite the decline in activity and an unfavorable mix, the EBITDA margin remained at 18.4%, unchanged from the first half of 2025. The group attributes this to lower consumption costs for cork raw material and better control of operating costs. Gross margin also improved from 54.3% to 55.2%.
Personnel expenses decreased by approximately €3.9m, or 3.8%, linked to a reduction in average headcount, while supplies and external services fell by 3.0%. At divisional level, Amorim Cork reported sales of €366.8m (-7.2%) and an EBITDA margin of 18.3%, compared to 18.5% a year earlier. Amorim Cork Solutions recorded sales of €81.7m, broadly stable, with EBITDA increasing to €10.4m from €7.1m, and an improvement in the second quarter (+5.3%).
Net banking debt stood at €63.6m at end-June, compared to €75.9m at end-December 2025, a reduction of €12.3m. This change occurred after the payment of dividends (€46.6m), capital expenditures (€13.7m), payments related to completed acquisitions (€8.3m) and implementation of the share buyback program (€4.6m).
The group aims to recover part of the activity in the second half
For the second half of 2026, Corticeira Amorim states that the environment will remain marked by strong macroeconomic uncertainty, linked to geopolitical tensions, market volatility and questions about the trajectory of monetary policies. The group notes that this context could weigh on its performance, while setting the objective of recovering part of the decline in activity.
On the operational front, the group announced on July 28, 2026 that one of its subsidiaries signed an agreement to acquire the 25% minority stake in Amorim Bartop, a company that holds the interests of the spirits segment of Amorim Cork, for a price of €24.6m. Following this transaction, Corticeira Amorim would hold the entire capital of Amorim Bartop.
