Verallia reported continued volume growth in Q3 2025 despite difficult market conditions impacting profitability.
Q3 revenue was €846 million (down -2.8% compared to Q3 2024) due to lower prices and a deterioration in mix.
In the first nine months of 2025, revenue reached €2,569 million (down -2.5% from 9M 2024).
Adjusted EBITDA reached €181 million in Q3 2025 (21.3% margin), as demand slowed following the momentum seen in Q2.
In the first nine months of the year, adjusted EBITDA amounted to €531 million (20.7% margin), impacted by weaker glass demand in August and September.
Patrice Lucas, Group CEO, said: “Verallia delivered continued organic volume growth in the third quarter.
“Volumes however fell short of our expectations following a sharp drop in consumption in August and September.
“Profitability declined after rebounding in Q2, with a still adverse mix.
“We remain focused on cost control and cash generation which continued to improve in Q3.
“Nevertheless, given the delay in market conditions recovery, we are revising our 2025 outlook while remaining confident in Verallia’s strong fundamentals.”
Revenue
In Q3, revenue was impacted by a market environment that proved less favourable than expected.
Volumes were up compared to Q3 2024, but activity slowed in August and September after a strong July.
Nearly all segments were up versus Q3 2024, with non-alcoholic beverages growing strongly and spirits returning to growth.
Conversely, beer volumes came in below expectations following strong gains in H1.
Overall, trends remained positive over the first 9 months of the year, driven by non-alcoholic beverages, beer and spirits.
By region
In Southern and Western Europe, the group posted strong volume growth in Q3, fuelled by several key segments.
Non-alcoholic beverages posted the strongest growth, followed by still wines.
Beer, on the other hand, was down with consumption declining this summer.
Over 9M, the volume trend was positive, driven by non-alcoholic beverages and to a lesser extent spirits.
In Northern and Eastern Europe, Q3 showed a slight decline in volumes compared to last year after a stable H1, reflecting a less buoyant market environment.
Beer momentum slowed down after a good H1 while food jars continued to grow solidly.
Non-alcoholic beverages and still wines were down.
The situation remains difficult in Germany with demand continuing to contract.
In Latin America, demand momentum weakened in Q3 after a very positive first half, in particular due to low beer consumption.
2025 outlook
Although the group maintained positive organic volume growth in Q3, the market environment deteriorated in August and September and the expected further improvement in profitability in Q3 did not materialise.
In this context, Verallia now aims to generate an adjusted EBITDA of around €700 million in 2025 (previously around €800 million), and a free cash flow of around €150 million (previously more than €200 million).
With a strengthened shareholder base following BWGI's tender offer, the group is focusing in the short term on its action plans to improve profitability and maintain a solid cash generation.
