Slides
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H1 2026 results 29 July 2026
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01 29.07.26H1 2026 RESULTS 2 Introduction 02 H1 2026 financial results 03 2026 outlook Summary
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29.07.26H1 2026 RESULTS 3 INTRODUCTION Patrice LUCAS CEO
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31% 11% 16% 12% 12% 18% A global leader in glass packaging 29.07.26H1 2026 RESULTS 4 2025 Glass packaging(1) sales split by end-market(2) DIVERSIFIED AND BALANCED END-MARKETS Still wine Food Soft drinks Beer Spirits Sparkling wine Sources: Companies public information, management estimates and Advancy (IPO related study). Notes: (1) For bottles and jars only (99% of total Verallia sales). (2) The consolidated financial statements are presented in millions of euros, with amounts rounded up or down to the nearest million. Some rounding differences could be present in some graphics or tables, mainly if presented in percentage without digits after the comma. (3) Based on 2025 sales; “Europe” using each company’s definition/management estimates. (4) Based on 2025 volumes in Argentina, Brazil and Chile. (5) Countries with an industrial presence. (6) All data refer to 31/12/2025, with the exception of glass plant and furnace figures, which are reported as of 30/06/2026. N°1 in Europe(3) 88% of 2025 sales N°2 in Latin America(4) 12% of 2025 sales N°3 Globally 2025 12 ~11,000 ~ 18 billion 19 63 6 34 countries(5) employees bottles/jars p.a. cullet recycling centers Furnaces decoration plants glass plants ~11,000 customers (6)
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France (Châteaubernard) • Non-reconstruction of a furnace nearing its end of life in Châteaubernard (ca 60 headcount) European industrial footprint adjustment plan update 29.07.26H1 2026 RESULTS 5 Germany (Essen) United Kingdom (Knottingley) Project Progress status • Closure of the Essen site (two furnaces, ca 300 headcount) and transfer of production to other German sites of the Group • Shutdown of a furnace in Knottingley, alongside the restart of a more efficient furnace nearby in Leeds Site FOOTPRINT ADAPTATION PROJECTS BEING COMPLETED AND SET TO DELIVER THEIR FULL IMPACT IN H2 • Production has ceased across all projects: March 30 in Germany, April 29 in the UK and June 15 in France • Total cost estimated at ca €60m - €19m cashed out in H1, rest split between H2 26 and FY27 • Run rate annual industrial cost savings estimated at ca €40m (2H26 impact ca €20m)
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H1 2026: higher free cash flow generation 29.07.26H1 2026 RESULTS 6 REVENUE Q2 2026: • -0.5% yoy to €900m • -0.9% yoy organic growth (1) H1 2026: • -1.4% yoy to €1,699m • -1.0% yoy organic growth (1) • FCF: €102m, +€36m vs H1 2025 (€121m excl. restruct.) • Leverage: 2.6x LTM adj. EBITDA vs 2.7x end of Dec. 2025 NET DEBT ADJUSTED EBITDA Q2 2026: • €192m, -5.6% vs. Q2 2025 • Margin at 21.4% vs. 22.5% in Q2 2025 (-116 bps) H1 2026: • €352m, +0.2% vs. H1 2025 • Margin at 20.7% vs. 20.4% in H1 2025 (+33 bps) • €27m, -60.5% vs. H1 2025 (€70m excl. restruct.) • €0.21 EPS(3)/ €0.40 EPS ex-PPA NET INCOME (2) (1) Growth in revenue at constant exchange rates and scope (-1.5% in H1 2026 compared to 2025 when excluding Argentina and -1.1% in Q2 2026 compared to Q2 2025 when excluding Argentina). (2) Net income for H1 2026 includes an amortization expense for customer relationships (PPA) recognized upon the acquisition of Saint-Gobain's packaging business in 2015 and applicable until the end of 2027, of €22m and €0.19 per share (net of taxes). If this expense had not been taken into account, net income would be €49m (group share €47m) and EPS would be €0.40 per share. This expense was €22m and €0.19 per share in H1 2025. H1 2026 net income also includes a one-off impact from restructuring costs relating to Verallia’s footprint optimization plans of 43 M€ after-tax or 0.37 € per share. (3) Net profit/(loss) attributable to Group ordinary shareholders divided by the weighted average number of ordinary shares outstanding excluding treasury shares over the period.
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29.07.26H1 2026 RESULTS 7 H1 2026 FINANCIAL RESULTS Cristina RIESGO CFO
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2.0 7.7 5.0 0.0 0.5 Q2 2025 Volumes Price/Mix Exchange Rates Perimeter Argentina Q2 2026 Q2 2026 Consolidated Revenue Variance Analysis 29.07.26H1 2026 RESULTS 8 BROADLY STABLE REVENUE IN Q2, WITH PRICE/MIX HEADWIND EASING FURTHER REPORTED REVENUE (IN €M) • Organic growth: -0.9% in Q2 26 (-1.1% excluding Argentina) • Volumes down marginally year-on-year > Volumes up yoy excluding Germany > Europe: broadly stable volumes, supported by strong growth in spirits and food > LatAm: slightly lower volumes with lower activity in Chile and Argentina (wine) offsetting pickup in Brazil volumes (beer) • Price / mix > €(8)m negative price/mix impact, easing vs Q1 (price/mix impact negative by less than 1% in Q2) • FX > €5m positive FX impact, mostly linked to Brazilian real • No perimeter effect 905 900 Excluding Argentina impact All above comments exclude Argentina impact unless otherwise stated
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2.2 23.4 3.2 0.0 1.4 H1 2025 Volumes Price/Mix Exchange Rates Perimeter Argentina H1 2026 H1 2026 Consolidated Revenue Variance Analysis 29.07.26H1 2026 RESULTS 9 REPORTED REVENUE (IN €M) • Organic growth: -1.0% in H1 26 (-1.5% excluding Argentina) • Volumes down marginally year-on-year > Entirely reflects expected volume decrease in Germany (volumes up yoy otherwise) > Strong momentum in SWE with growth across all countries, volumes down in NEE (Germany) > Slightly softer LatAm volumes despite Brazil pickup in Q2 • Price/mix > Negative price/mix effect, primarily relating to Q1 • FX > €3m positive impact, mainly linked to Brazilian real • No perimeter effect 1 723 1 699 Excluding Argentina impact REVENUE DECLINE IN H1 DRIVEN BY LOWER PRICE/MIX All above comments exclude Argentina impact unless otherwise stated
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H1 2026 SWE1 Revenue Evolution 29.07.26H1 2026 RESULTS 10 (1) Southern and Western Europe comprises France, Italy, Spain and Portugal. 1 182 1 172 H1 2025 H1 2026 1 182 1 172 H1 2025 H1 2026 REPORTED REVENUE (IN €M) REVENUE AT CONSTANT EXCHANGE RATES & SCOPE (IN €M) -0.8% • Broadly stable revenue with volume growth across countries offsetting negative price/mix effects • Sustained growth in food jars (new Pescia furnace) and beer, with spirits growth also accelerating in Q2 • Slightly adverse sales mix -0.8% BROADLY STABLE YOY REVENUE SUPPORTED BY VOLUME RECOVERY
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H1 2026 NEE1 Revenue Evolution 29.07.26H1 2026 RESULTS 11 (1) Northern and Eastern Europe comprises Germany, UK, Poland, Ukraine and Russia. REVENUE DOWN IN NEE DUE TO EXPECTED LOWER GERMAN VOLUMES 357 339 H1 2025 H1 2026 357 338 H1 2025 H1 2026 REPORTED REVENUE (IN €M) REVENUE AT CONSTANT EXCHANGE RATES & SCOPE (IN €M) -5.4% -5.1% • Revenue down year-on-year primarily due to lower volumes in Germany • Lower beer and to a lesser extent NAB volumes not fully offset by higher spirits activity • Positive price/mix effect reflecting better capacity utilization • Strong recovery in Ukraine
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184 194 H1 2025 H1 2026 H1 2026 LATAM1 Revenue Evolution 29.07.26H1 2026 RESULTS 12 (1) Latin America comprising production plants located in Brazil, Argentina and Chile and Verallia’s operations in the USA. (2) At constant exchange rates and scope, organic growth in Latam excluding Argentina would be +1.7%.. HIGHER REVENUE FUELED BY POSITIVE PRICE/MIX 184 189 H1 2025 H1 2026 REPORTED REVENUE (IN €M) REVENUE AT CONSTANT EXCHANGE RATES & SCOPE (2) (IN €M) +2.8% • Revenue up on positive price/mix, mostly in Brazil and Argentina • Strong momentum in spirits, beer and sparkling wines, partly offset by lower still wine volumes (Argentina and Chile); stronger momentum in Q2 in Brazil • Net negative FX impact with Brazilian real revaluation offset by Argentine peso devaluation +5.5%
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9.8 21.2 12.8 5.1 2.0 0.3 Q2 2025 Activity Spread price- mix/costs Net Productivity Other Exchange Rates Argentina Q2 2026 Q2 2026 Consolidated Adjusted EBITDA Variance Analysis 29.07.26H1 2026 RESULTS 13 FOCUS ON SELF-HELP MEASURES (PRODUCTIVITY AND RESTRUCTURING) IN A DIFFICULT ENVIRONMENT ADJUSTED EBITDA (IN €M) • Activity / Operating leverage > Negative activity contribution driven by slightly lower sales volumes & inventory revaluation • Negative price-mix / cost spread > Cost deflation in Q1 turned into slight inflation in Q2 > Energy costs down yoy but less than in Q1, with Middle East crisis also weighing on other costs (eg freight, packaging) • Net PAP > 2.3% net cash production cost reduction • Other > Includes impact from restructuring actions initiated earlier this year (ca +€8m, mainly Essen) as well as new furnaces’ ramp- up costs (Pescia, Campo Bom and Zaragoza) • €2.0m positive FX impact (mostly BRL) -116bps Q2 2026 Q2 2025 Adjusted EBITDA margin 21.4% 22.5% 204 192 Excluding Argentina impact All above comments exclude Argentina impact unless otherwise stated
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H1 2026 Consolidated Adjusted EBITDA Variance Analysis 29.07.26H1 2026 RESULTS 14 ADJUSTED EBITDA MAINTAINED IN A DIFFICULT ENVIRONMENT IN Q2 ADJUSTED EBITDA (IN €M) • Activity / Operating leverage > Slight negative activity contribution reflecting slightly lower sales volumes • Negative price-mix / cost spread > Negative spread driven by lower selling prices (mostly Q1) and negative mix impact > Slight deflation fueled by lower energy costs (end of costly 2022 hedges) despite adverse Middle East conflict impact in Q2 • Net PAP > 2.2% net cash production cost reduction • Other > Includes impact from restructuring actions initiated earlier this year (ca +€8m, mainly Essen) as well as new furnaces’ ramp-up costs (Pescia, Campo Bom and Zaragoza) • €1.8m favorable FX (mostly Brazilian real) +33bps H1 2026 H1 2025 Adjusted EBITDA margin 20.7% 20.4% 1.0 20.1 24.3 2.7 1.8 1.6 H1 2025 Activity Spread price- mix/costs Net Productivity Other Exchange Rates Argentina H1 2026 351 352 Excluding Argentina impact All above comments exclude Argentina impact unless otherwise stated (1) Q1 adjusted EBITDA bridge has been restated compared with previously reported figures. Restated bridge is presented in appendix. Overall adjusted EBITDA numbers are not affected.
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H1 2026 SWE1 Adjusted EBITDA Evolution 29.07.26H1 2026 RESULTS 15 • Margin flat yoy at 20.6% • Positive activity contribution fueled by volume growth across the region • Negative inflation spread driven by lower selling prices and adverse mix 243 242 H1 2025 H1 2026 243 242 H1 2025 H1 2026 ADJUSTED EBITDA (IN €M) ADJUSTED EBITDA AT CONSTANT FX & SCOPE (IN €M) +5bps H1 2026 H1 2025 Adjusted EBITDA margin 20.6% 20.6% ADJUSTED EBITDA MAINTAINED WITH POSITIVE ACTIVITY OFFSETTING NEGATIVE PRICE/MIX (1) Southern and Western Europe comprises France, Italy, Spain and Portugal. -0.6% -0.6%
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H1 2026 NEE1 Adjusted EBITDA Evolution 29.07.26H1 2026 RESULTS 16 • Profitability up 219 bps thanks primarily to footprint optimization impact • Negative activity contribution driven by expected lower German volumes • Positive inflation spread, supported by positive price/mix impact • Strong industrial performance, delivering a 3.2% net reduction in cash costs alongside the footprint optimization plans +219bps H1 2026 H1 2025 Adjusted EBITDA margin 15.8% 13.6% 49 53 H1 2025 H1 2026 49 53 H1 2025 H1 2026 ADJUSTED EBITDA (IN €M) ADJUSTED EBITDA AT CONSTANT FX & SCOPE (IN €M) (1) Northern and Eastern Europe comprises Germany, UK, Poland, Ukraine and Russia. +9.9% +9.5% PROFITABILITY IMPROVEMENT SUPPORTED BY GERMAN FOOTPRINT OPTIMIZATION
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H1 2026 LATAM1 Adjusted EBITDA Evolution 29.07.26H1 2026 RESULTS 17 • Profitability down yoy but still strong at 30.0% in H1 2026 • Slightly negative activity contribution due to slightly lower volumes (Chile, Argentina) • PAP delivering with a 2.3% net cash cost reduction 59 55 H1 2025 H1 2026 59 57 H1 2025 H1 2026 ADJUSTED EBITDA (IN €M) ADJUSTED EBITDA AT CONSTANT FX & SCOPE (IN €M) -223bps H1 2026 H1 2025 Adjusted EBITDA margin 30.0% 32.2% LOWER PROFITABILITY PRIMARILY DRIVEN BY WEAKER ACTIVITY IN ARGENTINA AND CHILE (1) Latin America comprising production plants located in Brazil, Argentina and Chile and Verallia’s operations in the USA. -4.2% -7.1%
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58 80 46 11 H1 2025 H1 2026 H1 2026 Capex 29.07.26H1 2026 RESULTS 18 • 1H26 recurring capex up yoy against a light furnace repair schedule in 2025 • Strategic capex down from 2.6% to 0.6% of sales, as 1H25 included significant bookings in relation to the final stages of the Campo Bom, Pescia and Zaragoza furnaces • Total capex down to 5.3% of sales in 1H 26 still expected around 8% in FY26 • Continued rollout of decarbonation plan (Saint- Romain hybrid furnace opening in H2 26) • No new capacity planned in the near future RECURRING INVESTMENTS TO MAINTAIN A HIGH-QUALITY ASSET BASE 104 91 6.0% 5.3% TOTAL BOOKED CAPEX AS % OF SALES AND IN € MILLION Recurring Capex (€m) Strategic Capex (€m) 0.6% 2.6%
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H1 2026 Group Cash-flow Generation 29.07.26H1 2026 RESULTS 19 • Significant improvement in FCF in 1H26 (€102m FCF, up €36m yoy) • Cash conversion ratio up to 74.2% In 1H26 • Higher FCF driven by a mix of lower capex and capex WCR variation, together with lower cash tax • Other operating and financing impacts together up slightly thanks to lower cash interest (timing), with other items largely offsetting each other • €102m H1 FCF includes ca €19m cash outs linked to footprint optimization plan (so would be €121m excluding such cash outs) Source: Company. Notes: Cash conversion = (Adjusted EBITDA-Capex) / Adjusted EBITDA. Free Cash-Flow defined as the Operating Cash Flow - Other operating impact - Interest paid & other financing costs - Cash Tax. STRONG IMPROVEMENT IN H1 FCF In € million H1 2026 H1 2025 Adjusted EBITDA 351.6 350.8 Total Capex (90.7) (103.6) Cash Conversion 74.2% 70.5% Change in operating working capital (85.5) (93.9) of which Capex WCR (33.2) (42.9) Operating Cash-Flow 175.4 153.2 Other operating impact (26.5) (43.2) Interest paid & other financing costs (35.3) (23.8) Cash Tax (12.6) (20.0) Free Cash-Flow 102.0 66.2
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30 June 2026 Group Net Debt Evolution and Leverage 29.07.26H1 2026 RESULTS 20 • Net debt at €1,778.9m including rights-of-use for €60.9m • Cash dividend payment to Verallia’s shareholders in June 2026 for €11m In € million 30/06/2026 31/12/2025 30/06/2025 Net Debt 1,778.9 1,860.8 1,947.5 LTM Adjusted EBITDA 693.0 692.2 762.0 Net Debt / LTM Adjusted EBITDA 2.6x 2.7x 2.6x
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30 June 2026 Financial Structure and Liquidity 29.07.26H1 2026 RESULTS 21 (1) Including accrued interest (2) Based on leverage margin grid for Term Loan & RCF 23 and on rating margin grid for RCF 27 (3) o/w IFRS16 leasing (60.9m€) (4) Calculated as Cash + Undrawn Revolving Credit Facilities – Outstanding Commercial Papers. In € million Nominal amount or max. Amount drawable Maturity Nominal rate 30 June 2026 Sustainability-Linked Bond – May 2021(1) 100.3 May 2028 1.750% 100.4 Sustainability-Linked Bond – November 2021(1) 70.2 November 2031 1.875% 70.4 Bond – November 2025(1) – 4Y 350.0 November 2029 3.500% 355.3 Bond – November 2024(1) – 8Y 600.0 November 2032 3.875% 608.6 Bond – November 2025 (1) – 8Y 500.0 November 2033 4.375% 507.8 Term Loan B (TLB)(1) 200.0 April 2028 Euribor+2.00%(2) 202.3 Revolving Credit Facility 2023 (RCF 23) 550.0 April 2030 Euribor+1.50%(2) - Revolving Credit Facility 2024 (RCF 27) 250.0 December 2028 + 1-yr extension Euribor+0.925%(2) - Negotiable Commercial Paper Neu CP(1) 500.0 237.9 Other debt(3) 110.0 Total borrowings 2,192.8 Cash and cash equivalents (413.9) Net Debt 1,778.9 • A significant part of the Group’s floating rate exposure is hedged through interest rate CAPs • Total available liquidity(4) reached €976.0 million as of June 30th, 2026 NO SIGNIFICANT MATURITY BEFORE 2028, LIQUIDITY REMAINS SOLID
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29.07.26H1 2026 RESULTS 22 2026 OUTLOOK Patrice LUCAS CEO
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2026 outlook confirmed 29.07.26H1 2026 RESULTS 23 • On the back of a first half in line with expectations despite a still difficult environment and the progress of its footprint adaptation plan initiated in early 2026, Verallia remains confident in its ability to meet its 2026 guidance • Assuming no significant deterioration in the Middle East environment, the Group aims to generate the following in 2026: With its capacity adaptation plan completed, the Group remains focused on strengthening its competitiveness, cash generation and deleveraging by: delivering enhanced PAP savings keeping capex under strict control around 8% of sales An adjusted EBITDA around €700m A free cash-flow around €220m excluding restructuring cash-outs planned in relation to the Group’s industrial footprint optimization project
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Q&A 2429.07.26H1 2026 RESULTS
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29.07.26H1 2026 RESULTS 25 APPENDIX
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Reconciliation of operating profit to adjusted EBITDA 29.07.26H1 2026 RESULTS 26 (1) Includes depreciation and amortization of intangible assets and property, plant and equipment, amortization of intangible assets acquired through business combinations and impairment of property, plant and equipment. (2) The Group has applied IAS 29 (Hyperinflation) since 2018. In €m H1 2026 H1 2025 Operating profit 98.9 148.2 Depreciation and amortisation(1) 185.2 178.8 Restructuring costs 59.3 10.6 IAS 29 Hyperinflation (Argentina)(2) (0.3) 1.3 Management share ownership plan and associated costs 2.4 2.2 Company acquisition costs and earn-outs 0.4 5.4 Other 5.7 4.3 Adjusted EBITDA 351.6 350.8
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0.6 2.0 11.5 0.6 0.1 1.2 Q2 2025 Activity Spread price- mix/costs Net Productivity Other Exchange Rates Argentina Q2 2026 8.7 1.1 11.5 7.8 0.1 1.2 Q2 2025 Activity Spread price- mix/costs Net Productivity Other Exchange Rates Argentina Q2 2026 Q1 2026 Consolidated Adjusted EBITDA Variance Analysis – Restated(1) 29.07.26H1 2026 RESULTS 27 Q1 2026 ADJUSTED EBITDA VARIANCE (IN €M, VS Q1 2025) 147 159 1) Q1 adjusted EBITDA bridge has been restated compared with the figures previously communicated. The detailed breakdown of this restated bridge is presented on this slide. Excluding Argentina impact Excluding Argentina impact As presented during Q1 2026 results Restated version 147 159
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Glossary 29.07.26H1 2026 RESULTS 28 • Activity category: corresponds to the sum of the volumes variations plus or minus changes in inventories variation. • Organic growth: corresponds to revenue growth at constant exchange rates and scope. Revenue growth at constant exchange rates is calculated by applying the average exchange rates of the comparative period to revenue for the current period of each Group entity, expressed in its reporting currency. • Adjusted EBITDA: This is a non-IFRS financial measure. It is an indicator for monitoring the underlying performance of businesses adjusted for certain expenses and/or non-recurring items liable to distort the company’s performance. The Adjusted EBITDA is calculated based on operating profit adjusted for depreciation, amortisation and impairment, restructuring costs, acquisition and M&A costs, hyperinflationary effects, management share ownership plans, subsidiary disposal-related effects and contingencies, plant closure costs and other items. • Capex: Short for “capital expenditure”, this represents purchases of property, plant and equipment and intangible assets necessary to maintain the value of an asset and/or adapt to market demand or to environmental and health and safety constraints, or to increase the Group’s capacity. It excludes the purchase of securities. • Recurring investments: Recurring Capex represent acquisitions of property, plant and equipment and intangible assets necessary to maintain the value of an asset and/or adapt to market demands and to environmental, health and safety requirements. It mainly includes furnace renovation and maintenance of IS machines. • Strategic investments: Strategic investments represent the acquisitions of strategic assets that significantly enhance the Group's capacity or its scope (for example, the acquisition of plants or similar facilities, greenfield or brownfield investments), including the building of additional new furnaces. Since 2021, they have also included investments related to the implementation of the plan to reduce CO2 emissions. • Cash conversion: refers to the ratio between cash flow and adjusted EBITDA. Cash flow refers to adjusted EBITDA less Capex. • Free Cash-Flow: defined as the Operating Cash Flow - Other operating impact - Interest paid & other financing costs - Cash Tax. • The segment Southern and Western Europe comprises production plants located in France, Spain, Portugal and Italy. It is also denominated as “SWE”. • The segment Northern and Eastern Europe comprises production plants located in Germany, UK, Russia, Ukraine and Poland. It is also denominated as “NEE”. • The segment Latin America comprises production plants located in Brazil, Argentina and Chile and, since January 1, 2023, Verallia’s operations in the USA • Liquidity: calculated as the Cash + Undrawn Revolving Credit Facilities – Outstanding Commercial Papers. • Amortisation of intangible assets acquired through business combinations: Corresponds to the amortisation of customer relations recorded during the acquisition. • Net debt ratio: is calculated as net debt divided by adjusted EBITDA for the last 12 months. • Net financial debt: includes all financial liabilities and derivatives on current and non-current financial liabilities, minus the amount of cash and cash equivalents. • Earnings per share (EPS): net profit/(loss) attributable to Group ordinary shareholders divided by the weighted average number of ordinary shares outstanding excluding treasury shares over the period.
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Disclaimer Certain information included in this presentation are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding Verallia's present and future business strategies and the economic environment in which Verallia operates. They involve known and unknown risks, uncertainties and other factors, which may cause actual performance and results to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include those discussed and identified in Chapter 4 "Risk Factors" in the Verallia Universal Registration Document approved by the AMF and available on the Company's website (www.verallia.com) and the AMF's website (www.amf-france.org). These forward-looking information and statements are no guarantee of future performance. This presentation includes only summary information and does not purport to be comprehensive. 29.07.26H1 2026 RESULTS 29
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Thank you