​Main conclusions of the January-September 2025 results

• Revenue for 9M25 reached €936.9 million, a 4.3% increase year-over-year, with volumes accelerating in the third quarter.

• Revenue for 3Q25 was €318.1 million, representing a 4.3% increase compared to 3Q24 and a 7.5% increase on a like-for-like basis.

• €218.2 million in EBITDA in 9M25, up 5.7% compared to 9M24 and 7.3% on a like-for-like basis.

• EBITDA of €73.1 million in 3Q25, a decrease of -2.3% significantly impacted by foreign exchange, compared to like-for-like growth of 6.5%.

• The reported EBITDA margin for 9M25 reached 23.3%, an improvement of 0.3 percentage points compared to the same period last year. In 3Q25, the reported EBITDA margin was 23.0% (-1.5 p.p. vs. 3Q24).

• €108.6 million in Net profit in 9M25, 2.2% higher than the previous year, and 3.7% higher in the third quarter.

• Net bank debt as of September 2025 stood at €185.5 million, a decrease of €43.2 million in the quarter thanks to strong cash generation and a reduction in working capital.

• For José Antonio Canales, CEO of the Viscofan Group:

“In a year of marked market recovery, the Viscofan Group has led volume growth in key casing technologies, achieving a new all-time high in terms of volume and revenue.

This growth has found us at a time when operating plants are at a high level of efficiency and productivity, supporting the improvement in operating margins and offsetting the significant impact of currency weakness against the euro. It is precisely this weakness that makes it difficult to achieve the expected results for the year, despite being operationally above our expectations and growing in all key financial metrics. Had the US$/Euro remained at the expected 1.05 range, results for the year would have been within the medium-high range of the guidance published in February for revenue, EBITDA, and Net profit.”

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