Viohalco (VIO) H2 2025 earnings summary

Executive summary

• Revenue grew 9% year-over-year to EUR 7.2 billion, with adjusted EBITDA up 20% to EUR 727 million, driven by strong performance in aluminium, cables, steel pipes, and steel.

• Profit before tax increased 45% to EUR 398 million, with net debt reduced to EUR 1.496 billion and net debt/EBITDA improving to 1.9x.

• Sustained strategic investments and disciplined working capital management supported robust results, with CapEx at EUR 428 million.

• Major expansion projects and acquisitions in cables and steel pipes, and completion of flagship real estate projects, are set to drive future growth.

• Proposed gross dividend of EUR 0.27 per share for 2025.

Financial highlights

• Revenue: EUR 7,229 million (+9% YoY); Adjusted EBITDA: EUR 727 million (+20% YoY); Profit before tax: EUR 398 million (+45% YoY).

• Net debt: EUR 1,496 million; net debt/EBITDA improved to 1.9x; CapEx: EUR 428 million.

• Revenue CAGR (2021–2025): 7.7%; Adjusted EBITDA CAGR: 14.3%; PBT CAGR: 9.6%.

• Gross margin: EUR 861 million; earnings per share: EUR 0.91.

• Interest rate costs decreased, supporting profitability.

Outlook and guidance

• Entering 2026 with confidence despite geopolitical tensions, high energy costs, and supply chain risks; ongoing monitoring of these factors.

• Aluminium: Long-term outlook positive, but 2026 expected to be challenging due to energy costs and supply constraints.

• Copper: Sales volume growth expected from capacity expansion and portfolio diversification.

• Cables: New growth phase in 2026, with US plant operations set for 2027 and strong order backlog.

• Real estate: Growth to accelerate in 2026 with new office completions and robust demand for premium properties.