Vidrala, S.A.

For 1H 2026, Vidrala reported revenues of EUR 754 million, EBITDA of EUR 225.5 million, and EPS of EUR 3.36. EBITDA margin was 29.9%, up 110 basis points year over year. Organic sales were down 3.8% at constant exchange on a comparable perimeter, with pricing down 1.8%. Net debt at June 30 was EUR 252 million, equal to 0.6x net debt/EBITDA, and this included the Chile acquisition at an enterprise value of EUR 75 million. Management reiterated full-year 2026 guidance for EBITDA above EUR 450 million, EPS growth above 5%, and underlying free cash flow of around EUR 200 million excluding restructuring costs.

Raul Merino said the first half showed more than just solid numbers: it reflected the resilience of Vidrala’s model, supported by industrial execution, operational excellence, and a clearer geographic strategy. He emphasized the company’s three pillars — customer, cost, and capital — and said Vidrala will keep investing selectively, protecting competitiveness, and returning value to shareholders. His tone was confident, but he repeatedly framed the environment as complex, with competition and energy costs still active headwinds.

Iñigo de la Rica highlighted that net debt of EUR 252 million was low despite the Chile acquisition, the interim dividend, the investment program, and the buyback. He said the Chile deal was consolidated from January 1, 2026 and was bought at an enterprise value of EUR 75 million. He also detailed shareholder returns: the dividend was raised 15% to more than EUR 62 million, the buyback was expanded to 3% of share capital for a maximum of EUR 90 million, and total cash returned to shareholders will be more than EUR 150 million this year.

Analysts asked about Q2 volume recovery, summer trading, 2027 pricing, South America growth, U.K. import pressure, working capital, Chile performance, and capital allocation. Management said Q2 volume trends gave confidence to reaffirm the full-year outlook, with Europe’s peak season performing as expected and South America still benefiting from stronger demand and some market-share recovery. On pricing, they said they do not foresee negative pricing movement for the rest of 2026 or margin degradation in 2027, while on capital allocation they described a mix of higher dividends, buybacks, and selective M&A rather than a strict either/or choice.