Verallia has posted first-quarter revenue of €798m ($933.8m), a 2.4% decrease from the same period in 2025 on a reported basis.
The company said the drop in revenue was mainly linked to lower selling prices, although that effect was less marked than in earlier quarters.
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A slightly adverse product mix also had a small impact on revenue.
Adjusted EBITDA came to €159m in the quarter, with margin at 19.9%, an increase of 197 basis points from Q1 2025.
Net financial debt at the end of March 2026 was €1.89bn, compared with €1.82bn a year earlier.
The net debt ratio was 2.7 times adjusted EBITDA over the last 12 months, unchanged from the end of December 2025 and above the 2.3 times recorded at the end of March 2025.
In Southern and Western Europe, volumes increased, continuing the trend seen in 2025.
Beer provided the main support, while food jars also showed a solid performance, especially in Italy following the start-up of the new furnace in Pescia.
Sparkling wine remained weaker, though most segments added to the region’s result.
In Northern and Eastern Europe, volumes fell in the quarter, mainly because of Germany. Spirits recorded growth across the region.
The UK returned to growth after several challenging quarters. Beer and soft drinks declined, in line with the pattern seen over recent quarters.
In Latin America, volumes were flat in the quarter. Strong spirits activity, notably in Brazil with the new furnace in Campo Bom, balanced declines in beer and wine.
In Argentina, business levels stabilised despite what the company described as a still volatile macroeconomic setting.
Verallia maintained its 2026 outlook, while noting higher uncertainty tied to the conflict in the Middle East. It continues to expect adjusted EBITDA of about €700m and free cash flow of about €220m, excluding restructuring cash outflows linked to the group’s industrial footprint optimisation plan.
Verallia group CEO Patrice Lucas said: “The profitability improvement in the first quarter of 2026 marks a first stage in the recovery of Verallia’s performance. In an environment that has recently become tense due to the conflict in the Middle East, the Group is focusing primarily on its internal levers.
“The industrial footprint optimisation plans are progressing in line with our roadmap and should support performance from the second half of the year, while the Performance Action Plan (PAP) continues to deliver solid results and our energy hedging policy provides us with strong visibility on our cost base, with more than 80% of our energy needs covered for the year.”
In February, Verallia Group said it was reviewing changes to its European operations in response to softer demand for glass packaging.
The company is studying potential site closures and production changes in Germany, France and the UK.
