Slides
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Q3 2026 results 28 October 2026
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01 28.10.26Q3 2026 RESULTS 2 Introduction 02 Q3 & 9M 2026 financial results 03 2026 outlook Summary
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28.10.26Q3 2026 RESULTS 3 INTRODUCTION Patrice LUCAS CEO
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31% 11% 16% 12% 12% 18% A global leader in glass packaging 28.10.26Q3 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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Strategic partnership with Moët Hennessy to support innovation in next generation glass packaging 28.10.26Q3 2026 RESULTS 5 A long-term R&D partnership with one of Verallia's most iconic premium customers, combining customer expertise and industrial know-how CUSTOMER INTIMACY INNOVATION Development of a new generation of glass packaging targeting a 30% to 50% reduction in bottle weight while maintaining strength and performance DECARBONIZATION A lever to pursue industry's decarbonization path
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Q3 2026: profitability in line with H1 despite lower activity 28.10.26Q3 2026 RESULTS 6 REVENUE • -2.1% yoy to €829m • -3.1% organic growth ADJUSTED EBITDA • €172m, -4.8% vs. Q3 2025 • Margin at 20.8% vs. 21.3% in Q3 2025 (-59 bps) NET DEBT • Leverage: 2.5x LTM adj. EBITDA vs 2.6x end of Jun. 26 and 2.7x end of Dec. 25 • -1.6% yoy to €2,527m • -1.7% organic growth • €523m, -1.5% vs. 9M 2025 • Margin at 20.7% vs. 20.7% in 9M 2025 (+3 bps) Q3 20269M 2026
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28.10.26Q3 2026 RESULTS 7 Q3 & 9M 2026 FINANCIAL RESULTS Cristina RIESGO CFO
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Q3 2026 consolidated revenue variance analysis 28.10.26Q3 2026 RESULTS 8 Organic growth: -3.1% in Q3 26 (-3.9% excluding Argentina) Volumes down in Q3, mainly over July-August • Europe: lower volumes driven by German beer and SWE wines (France, Iberia) • LatAm: volumes up in Brazil led by beer, improving trend in wines in Chile and Argentina* Price / mix • €(7)m negative price/mix impact, confirming yoy price stabilization observed in Q2 FX • €4m positive FX impact, mostly linked to Brazilian real No perimeter effect All above comments exclude Argentina impact unless otherwise stated REVENUE DECLINE PRIMARY DRIVEN BY LOWER SALES VOLUME OVER THE SUMMER 25.0 6.8 4.3 0.0 9.9 Q3 2025 Volumes Price/Mix Exchange Rates Perimeter Argentina Q3 2026 846 Excluding Argentina impact 829 REPORTED REVENUE (IN €M) * As outlined above, Argentina impact is shown separately in a dedicated pillar
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9M 2026 consolidated revenue variance analysis 28.10.26Q3 2026 RESULTS 9 Organic growth: -1.7% in 9M 26 (-2.3% excluding Argentina) Lower volumes mainly driven by Q3 • European volumes up excl. Germany, driven by beer, food jars and spirits • Broadly stable LatAm volumes with improving trends in Argentina* and Chile in Q3 Price/mix • Price/mix impact negative overall but easing materially since Q2 FX • €8m positive impact (mostly Brazilian real) No perimeter effect All above comments exclude Argentina impact unless otherwise stated REVENUE DECLINE DRIVEN BY ADVERSE PRICE/MIX AND EXPECTED LOWER GERMAN VOLUMES 27.2 30.2 7.5 0.0 8.5 9M 2025 Volumes Price/Mix Exchange Rates Perimeter Argentina 9M 2026 2,569 2,527 excluding Argentina impact REPORTED REVENUE (IN €M) * As outlined above, Argentina impact is shown separately in a dedicated pillar
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Q3 2026 consolidated adjusted EBITDA variance analysis 28.10.26Q3 2026 RESULTS 10 -59bps Activity / Operating leverage • Negative contribution driven by lower sales volumes and strong decrease in finished goods inventory in Q3 Negative price-mix / cost spread • Mix of slightly negative price impact and continued adverse mix impact • Neutral inflation impact as energy savings (despite higher spot prices) offset inflation in other cost items Net PAP • 2.2% net cash production cost reduction Other • Mostly relates to the impact of the European footprint optimization program (ca €10m) €2m positive FX impact (mostly BRL) All above comments exclude Argentina impact unless otherwise stated Q3 2026 Q3 2025 Adjusted EBITDA margin 20.8% 21.3% 24.7 16.2 11.0 20.9 1.7 1.3 Q3 2025 Activity Spread price- mix/costs Net Productivity Other Exchange Rates Argentina Q3 2026 181 172 Excluding Argentina impact LOWER ADJUSTED EBITDA AS LOWER SALES VOLUMES AND INVENTORY VARIATION OFFSET INTERNAL ACTION BENEFITS ADJUSTED EBITDA (IN €M)
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9M 2026 consolidated adjusted EBITDA variance analysis 28.10.26Q3 2026 RESULTS 11 Activity / Operating leverage • Negative contribution mostly reflecting Q3 impact (H1 broadly flat, together with sales volumes) Negative price-mix / cost spread • Negative spread driven by lower selling prices (mostly Q1) and negative mix impact • Slight cost deflation entirely related to Q1 (lower energy costs driven by end of costly 2022 hedges), with costs broadly stable yoy since Net PAP • 2.2% net cash production cost reduction Other • Footprint optimization savings partly offset (esp in H1) by extra costs from new furnaces €4m favorable FX (mostly Brazilian real) All above comments exclude Argentina impact unless otherwise stated 25.8 36.3 35.3 18.3 3.6 2.9 9M 2025 Activity Spread price- mix/costs Net Productivity Other Exchange Rates Argentina 9M 2026 531 523 excluding Argentina impact BROADLY STABLE ADJUSTED EBITDA SUPPORTED BY NET PRODUCTIVITY AND RESTRUCTURING ACTIONS ADJUSTED EBITDA (IN €M) +3bps 9M 2026 9M 2025 Adjusted EBITDA margin 20.7% 20.7%
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30 September 2026 Group net debt evolution and leverage: continued deleveraging 28.10.26Q3 2026 RESULTS 12 • Net debt at €1,736.2m including rights-of-use for €61.6m vs €1,860.8m as of December 31st, 2025 In € million 30/09/2026 30/06/2026 31/12/2025 30/09/2025 Net Debt 1,736.2 1,778.9 1,860.8 1,920.4 LTM Adjusted EBITDA 684.4 693.0 692.2 732.5 Net Debt / LTM Adjusted EBITDA 2.5x 2.6x 2.7x 2.6x
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30 September 2026 Financial Structure and Liquidity 28.10.26Q3 2026 RESULTS 13 (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 (61.6m€) (4) Calculated as Cash + Undrawn Revolving Credit Facilities – Outstanding Commercial Paper. In € million Nominal amount or max. Amount drawable Maturity Nominal rate 30 Sept. 2026 Sustainability-Linked Bond – May 2021(1) 100.3 May 2028 1.750% 100.8 Sustainability-Linked Bond – November 2021(1) 70.2 November 2031 1.875% 70.7 Bond – November 2025(1) – 4Y 350.0 November 2029 3.500% 358.6 Bond – November 2024(1) – 8Y 600.0 November 2032 3.875% 614.8 Bond – November 2025 (1) – 8Y 500.0 November 2033 4.375% 513.5 Term Loan B (TLB)(1) 200.0 April 2028 Euribor+1.983%(2) 200.7 Revolving Credit Facility - RCF 23 550.0 April 2030 Euribor+1.483%(2) - Revolving Credit Facility - RCF 27 250.0 December 2028 + 1-year extension Euribor+0.925%(2) - Negotiable Commercial Paper Neu CP(1) 500.0 239.6 Other debt(3) 125.1 Total borrowings 2,223.8 Cash and cash equivalents (487.6) Net Debt 1,736.2 • A significant part of the Group’s floating rate exposure is hedged through interest rate CAPs • Total available liquidity(4) reached €1,048.0 million as of September 30th, 2026 NO SIGNIFICANT MATURITY BEFORE 2028, LIQUIDITY ABOVE €1BN
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28.10.26Q3 2026 RESULTS 14 2026 OUTLOOK Patrice LUCAS CEO
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2026 outlook confirmed 28.10.26Q3 2026 RESULTS 15 • On the back of the first effects of its capacity adjustment plan, the strict control of its costs and focus on cash generation, Verallia remains confident in its ability to deliver its 2026 objectives • 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 at approximately 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 1628.10.26Q3 2026 RESULTS
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28.10.26Q3 2026 RESULTS 17 APPENDIX
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Reconciliation of operating profit to adjusted EBITDA 28.10.26Q3 2026 RESULTS 18 (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 9M 2026 9M 2025 Operating profit 171.0 230.2 Depreciation and amortisation(1) 278.9 268.1 Restructuring costs 60.9 14.6 IAS 29 Hyperinflation (Argentina)(2) (0.9) 2.7 Management share ownership plan and associated costs 4.0 3.5 Company acquisition costs and earn-outs 0.4 7.1 Other 9.2 5.2 Adjusted EBITDA 523.5 531.3
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Glossary 28.10.26Q3 2026 RESULTS 19 • 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 CO 2 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. 28.10.26Q3 2026 RESULTS 20
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Thank you