Vidrala SA "1H26 Results: Strong execution drives profits and cash flow" (Buy)

研报英文原文证据摘录

Vidrala SA "1H26 Results: Strong execution drives profits and cash flow" (Buy)

Global Research

24 July 2026ab

Vidrala SA Equities

Spain1H26 Results: Strong execution drives profits

and cash flow Containers & Packaging

12-month rating Buy

12m price target €107.00Attractive risk/reward; FY guidance could prove conservative

Despite a soft market backdrop, we view trends as stable to improving versus recent

quarters and believe Vidrala continues to execute well. FY26 guidance could prove Price (23 Jul 2026) €84.60

conservative in our view, although we keep our forecasts unchanged pending greater RIC: VID.MC BBG: VID SM

clarity on demand trends in 2H26. In the meantime, tight cost control continues to

support profitability and cash generation, leaving Vidrala well positioned relative to Trading data and key metrics

peers. In addition, integration of the Chile acquisition remains on track, and we see 52-wk range €99.00-71.70

scope for further shareholder returns and M&A over time. Vidrala continues to trade at a Market cap. €2.98b/US$3.39b

discount to its long-term valuation and, with the vast majority of energy costs hedged Shares o/s 35.2m (ORD)

through 2027, we believe the risk/reward remains attractive. We reiterate our Buy rating Free float 63%

and €107 price target. Avg. daily volume ('000) 48.0

Avg. daily value (m) €3.9

Results vs expectations Common s/h equity (12/26E) €1.47b

Vidrala reported 1H26 revenues of €754m, with organic growth of -3.8%, 1% ahead of P/BV (12/26E) 2.1x

company consensus and UBSe. 1H EBITDA of €226m implies a margin of 29.9%, Net debt to EBITDA (12/26E) 0.4x

+110bps YoY, and EBITDA 3%/5% above cons/UBSe. In Q2, revenues of €387m were

2%/3% above cons /UBSe, while EBITDA of €122m was 7%/9% above cons/UBSe. EPS (UBS, diluted) (EUR)