Llodio (Álava), 25 February 2026. Vidrala, a leading glass packaging manufacturer, has reported full-year 2025 results in line with prior expectations, in a year marked by weak demand and intense competition.
Vidrala is the parent company of leading UK glass manufacturer and bottler Encirc.
In 2025, sales reached €1,465.2 million (-5.4%), while EBITDA amounted to €441 million, improving the margin to 30.1%. Net profit exceeded €219.6 million, equivalent to €6.24 per share (a 6.8% decrease, excluding the effects of the accounting gain arising from the sale of the Italian business in 2024).
Strong cash generation, which reached €200.1 million, enabled net debt to be reduced to €105.3 million as at 31 December 2025. As a result, leverage remains at low levels, at 0.2 times EBITDA, reflecting the financial strength of the business and providing a competitive advantage to support investment plans.
These results demonstrate the Group’s ability to generate value even in an unfavourable economic cycle. Vidrala’s CEO, Raúl Gómez, stated that they “are a demonstration of the strength of the business we have built and the decisive impact of the measures adopted to drive
geographic diversification — with our entry into South America — and the vertical integration of our operations. They also reflect our firm commitment to industrial investment and cost reduction, in order to continuously adapt our products and services to the expectations of brand owners and consumers.”
He added: “We are living through a period of change in the consumer landscape, and I am convinced that glass will consolidate its position as the ultimate packaging material: the consumer’s preferred choice, the most sustainable, infinitely and fully recyclable, and the healthiest option. Looking ahead, we will invest with our customers in mind and with the firm purpose of manufacturing our products and delivering our services in the most reliable, competitive and sustainable way possible, while maintaining strict financial discipline. The future belongs to us.”
Sean Murphy, Managing Director at Encirc said: “2025 was a year of real challenge, with market pressures and changes in government policy creating difficult trading conditions across the UK. We acted quickly and decisively, taking tough decisions to protect our competitiveness and ensure we remain positioned for future success.
“These results represent a significant achievement for the Vidrala Group and Encirc is proud to have played our part”
Selective international growth
The company continues to advance its strategic priorities with a disciplined and selective international growth vision, focused on developing a business platform in South America, with the aim of consolidating a more diversified and competitive organisation.
In this regard, the recent entry into the Chilean market through the acquisition of Cristalerías Toro, a glass container manufacturer located in the metropolitan area of Santiago de Chile, is particularly noteworthy. This transaction strengthens Vidrala’s presence in regions with solid fundamentals and long-term growth potential. The company supplies a broad range of customers in the food and beverage segments, many of them global brands that complement Vidrala’s existing commercial base.
The transaction forms part of Vidrala’s international expansion strategy, under which the Group holds leading positions in Southern Europe, the United Kingdom and Ireland and, since 2023, also in Brazil.
Increased shareholder remuneration
In terms of shareholder remuneration, the company has announced a 15% increase in its annual dividend, raising the total expected distribution to €1.7505 per share during 2026, in line with its policy of gradual growth in remuneration and sustainable value creation.
The first interim dividend payment of €1.2318 per share was paid on 13 February 2026. The second payment, in the form of a final dividend, will amount to €0.4687 per share and will be paid
on 15 July 2026. In addition, a €0.05 per share attendance bonus will be offered at the Annual General Meeting.
As an additional extraordinary measure, in December 2025 the company announced a share buyback programme of up to 350,000 shares for a maximum cash amount of €33 million, aimed at supporting shareholder remuneration by increasing earnings per share.
KEY FIGURES
Financial year 2025 Organic change
Revenues (€M) 1.465,2 -5,4%
EBITDA (€M) 441,0 -0,1%
EBITDA margin 30,1% +1,5 p.p.
Net profit (€M) 219,6 -6,8%
Free cash Flow (€M) 200,1 –
Net debt (€M) 105,3 –
Net debt / EBITDA 0,2x –
Financial year 2025 Change *
Ordinary remuneration, cash (€ / share) 1,5959 +15%
Interim (Feb) 1,1198 +15%
Final (Jul) 0,4261 +15%
AGM Attendance bonus (May) 0,0500 –
*Taking into account the effect of the bonus share issue carried out in November 2025.
