Zignago Vetro (ZV) investor relations material

Executive summary

• H1 2026 saw significant volatility in volumes due to consumer uncertainty from international conflicts, impacting order regularity and forecasting.

• Demand for Beverages and Food containers was initially weak but recovered, while Cosmetics and Perfumery, especially luxury perfumes, showed growth and mixed recovery signals.

• The Group focused on value generation, margin maintenance, and cash generation, with strict cost control and inventory management, consolidating earnings strength from Q1.

Financial highlights

• Consolidated revenues for H1 2026 were €303.9m, down 1.5% year-over-year; EBITDA rose 14.3% to €58.7m (19.3% margin); EBIT increased 52% to €24.6m (8.1% margin); net profit nearly doubled to €16.4m (5.4% margin).

• Free cash flow was €15.6m; net financial debt at period-end was €272.4m, up slightly from December 2025 but down from June 2025; liquidity at €76m.

• Dividend of €0.22/share (€19.4m total) paid in May 2026.

• Capital expenditure in H1 2026 was €36.3m, up from €26.6m in H1 2025.

Outlook and guidance

• Demand for glass containers is expected to ensure high production capacity utilization in coming months.

• The Group aims to consolidate margins by optimizing production and product mix, balancing investments and cash generation amid ongoing geopolitical and market uncertainties.

• Geopolitical instability and its impact on production factors and consumption are being closely monitored.