Verallia: revenue down 2.1% in third quarter, 700 million euro EBITDA target confirmed
Verallia published on October 27, 2026 a quarterly revenue decline, due to a fall in volumes in Europe, while maintaining its adjusted EBITDA margin over nine months at the 2025 level.
The group confirmed its target for adjusted EBITDA of approximately 700 million euros for 2026, an amount identical to that of the guidance published with the annual accounts on March 15, 2026.
The publication sets in opposition two lines evolving differently: revenues oriented downward and profitability preserved over the cumulative period. According to management, an unfavorable summer in Europe weighed on volumes, following a stable first half.
In a context of rising energy and input costs, the industrial footprint adaptation plan, presented as now completed, and cost discipline made it possible to preserve first-half profitability.
Quarterly revenue down 2.1%, at 829 million euros
In the third quarter of 2026, the glass packaging manufacturer achieved revenue of 829 million euros, compared to 846 million euros a year earlier, a decline of 2.1%. At constant perimeter and exchange rates, the decline reaches 3.1%, and 3.9% excluding Argentina. The group attributes this change to a fall in volumes.
Over the first nine months of the fiscal year, revenue stands at 2,527 million euros, down 1.6% compared to the same period in 2025. The group notes that, over nine months, volumes remain in slight growth if the expected decline in Germany is excluded.
Adjusted EBITDA amounts to 172 million euros in the third quarter, compared to 181 million euros a year earlier. Over nine months, it reaches 523 million euros, compared to 531 million euros over the same period in 2025.
Adjusted EBITDA margin stable at 20.7% over nine months
The adjusted EBITDA margin stands at 20.8% in the third quarter, compared to 21.3% in the third quarter of 2025. Over nine months, it comes in at 20.7%, a level stable compared to the same period in 2025.
This quarterly level sits between the two reference points communicated during the half-year publication of July 28, 2026: the group had then reported a sequential margin improvement, from 19.9% in the first quarter to 21.4% in the second quarter. The third quarter thus follows on from the first half, in line with the title of the press release.
Patrice Lucas, Chief Executive Officer, indicated that the industrial footprint adaptation plan "is beginning to bear fruit, particularly in Germany".
In July, the group had cited among its risks an expected decline in activity in this country, and among its opportunities the first positive effects of its industrial optimization plans. The mechanism described is that of an adjusted cost base that partially offsets the effect of volume decline on EBITDA.
Debt at 2.5 times EBITDA, 2026 targets confirmed
The net debt ratio was brought down to 2.5 times adjusted EBITDA for the last twelve months at the end of September 2026, compared to 2.7 times at the end of December 2025 and 2.6 times at the end of June 2026.
The group indicates that this debt reduction is supported by cash generation described as "still strong". Liquidity, calculated as available cash plus undrawn renewable credit lines and reduced by negotiable debt securities outstanding, reaches 1,048 million euros on September 30, 2026.
Verallia reaffirmed its 2026 outlook, in particular adjusted EBITDA of approximately 700 million euros and free cash flow of approximately 220 million euros, excluding cash outflows related to the industrial footprint adaptation project.
Over nine months, cumulative adjusted EBITDA reaches 523 million euros. During the publication of July 28, 2026, the group had mentioned a possible deterioration of the situation in the Middle East among the conditions of its annual targets.
Management will present its medium-term strategic guidance during its Capital Markets Day, scheduled for November 18. At this stage, the structuring element of the publication remains the confirmation of the adjusted EBITDA target of approximately 700 million euros for 2026, combined with a net debt ratio reduced to 2.5 times.
