Verallia: Recovery in Activity Confirmed but Slower Than Anticipated; 2024 adjusted EBITDA revised, now expected around the same level as in 2022

PARIS--(BUSINESS WIRE)--Regulatory News:

After 2024 started in line with our expectations, recovery in demand was confirmed in the second quarter in most markets in which Verallia (Paris:VRLA) operates.

This recovery is however slower than anticipated and we estimate that activity in the second half should continue to improve at a slower pace than we initially expected.

In this context, we have decided to update our target of 2024 adjusted EBITDA (previously set at around €1bn), which is now expected around the same level as in 2022 (as a reminder, €866m).

The cost reduction trajectory generated by the Performance Action Plan remains fully in line with our expectations. We are resolutely pursuing our action plan to adapt our capacities, keep our inventories under control and reduce our costs.

We will provide further information when presenting first half results on 25 July.

About Verallia

At Verallia, our purpose is to re-imagine glass for a sustainable future. We want to redefine how glass is produced, reused and recycled, to make it the world’s most sustainable packaging material. We work together with our customers, suppliers and other partners across the value chain to develop new, beneficial and sustainable solutions for all.

With almost 11,000 employees and 34 glass production facilities in 12 countries, we are the European leader and world's third-largest producer of glass packaging for beverages and food products. We offer innovative, customised and environmentally friendly solutions to over 10,000 businesses worldwide. Verallia produced more than 16 billion glass bottles and jars and recorded revenue of €3.9 billion in 2023.

Verallia's CSR strategy has been awarded the Ecovadis Platinum Medal, placing the Group in the top 1% of companies assessed by Ecovadis. Our CO₂ emissions reduction target of -46% on scopes 1 and 2 between 2019 and 2030 has been validated by SBTI (Science Based Targets Initiative). It is in line with the trajectory of limiting global warming to 1.5° C set by the Paris Agreement.

Verallia is listed on compartment A of the regulated market of Euronext Paris (Ticker: VRLA – ISIN: FR0013447729) and trades on the following indices: CAC SBT 1.5°, STOXX600, SBF 120, CAC Mid 60, CAC Mid & Small and CAC All-Tradable.

Disclaimer

Certain information included in this press release is not historical data but forward-looking statements. These forward-looking statements are based on estimates, forecasts and assumptions including, but not limited to, assumptions about Verallia's present and future strategy and the economic environment in which Verallia operates. They involve known and unknown risks, uncertainties and other factors, which may cause Verallia's actual results and performance to differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties include those detailed and identified in Chapter 4 "Risk Factors" of the universal registration document approved by the AMF and available on the Company's website (www.verallia.com) and that of the AMF (www.amf-france.org). These forward-looking statements and information are not guarantees of future performance. This press release includes summarized information only and does not purport to be exhaustive.

The historical financial information relating to the acquired businesses presented in this press release has not been prepared by Verallia and has not been audited by its statutory auditors.