Global glass bottle packager Verallia has reported a revenue growth of 40.2% for the first quarter of 2023.

Verallia’s results for the first quarter of 2023 showed an increase in revenue as well as profitable growth in other areas compared to 2022.

Highlights include:

• A substantial increase in revenue in Q1 2023 to €1.052 billion, i.e. +40.2% (+34.7% at constant scope and exchange rates).

• Growth in adjusted EBITDA to €307 million, from €183 million in Q1 2022.

• An improvement in the adjusted EBITDA margin to 29.2%, from 24.4% in Q1 2022.

• Integration of Verallia UK in line with expectations.

• Credit rating upgraded to Investment Grade.

• Banking refinancing in the amount of €1.1 billion, based on environmental and social key performance indicators (Sustainability Linked Loan).

• Net debt ratio reduced to 1.3x adjusted EBITDA for the last 12 months, compared to 1.7x on 31 March 2022 and 1.6x on 31 December 2022.

Patrice Lucas, CEO of Verallia, said: “Verallia has begun 2023 very well. The group is on track to meet its full-year revenue growth target.

“The strong profitability achieved over the quarter was boosted by a positive inflation spread and quality work by the group’s industrial teams in the Performance Action Plan deployment.

“In addition, Verallia successfully refinanced part of its debt on attractive terms. The group also benefited from an upgrade to its credit rating assigned by Moody’s, thereby being promoted to Investment Grade.

“All this is testament to Verallia’s high-quality operating and financial profile. We anticipate an adjusted EBITDA of more than €1 billion in 2023 and pursue our decarbonisation trajectory.”

Despite the uncertainty surrounding global macroeconomic conditions, Verallia believes the glass market in Europe and Latin America should remain supportive in 2023.

The group will continue to invest in developing its production capacity and in deploying its decarbonisation technologies for the coming years.

See Verallia’s Q1 2023 results here.