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VAA-Vista Alegre Atlantis, SGPS, S.A.
Investor Presentation • May 30, 2025
1917_iss_2025-05-30_6c882f3d-c8da-422e-a9db-5ecf29ca3b32.pdf
Investor Presentation
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2025 1 ST QUARTER CUMULATIVE RESULTS
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30th of May 2025
Results of the 1st Quarter 2025
Highlights
Turnover reached 36 million euros, an increase of 18% compared to the previous year.
EBITDA of 6.6 million euros, representing a growth of 0.9%, compared to the same period of 2024.
Positive net result of 1.0 million euros.
Foreign markets represent 78.3% of turnover.
Activity
Consolidated turnover as of the first quarter of 2025 reached 36.3 million euros, representing a growth of 18% compared to the same period of 2024.
In the first three months of 2025, Vista Alegre and Bordallo Pinheiro brand products maintained their growth trajectory in retail (physical and online) at national and international levels, resulting in a growth of 7.7%, compared to the same period in 2024.
In terms of segments, we would like to highlight the 31% growth in sales of Stoneware and the 14.1% growth in sales of Porcelain and other products, compared to the same period in the previous year.
| Segments | 3M 2025 | 3M 2024 | Variation 3M (%) |
|---|---|---|---|
| Porcelain and related products | 10.9 | 9.5 | 14.1% |
| Earthenware | 4.4 | 4.5 | -1.5% |
| Stoneware | 17.5 | 13.3 | 31.0% |
| Crystal and Glass | 3.5 | 3.4 | 3.6% |
| Total | 36.3 | 30.7 | 18.0% |
Foreign markets represented 78.3% of Vista Alegre's turnover, with 28.4 million euros of sales.
In the markets where the Group has a consolidated presence, sales in the Netherlands and Italy grew by 129% and 99%, respectively.
Results
Turnover reached 36.3 million euros, an increase of 18% compared to the previous year.
Vista Alegre Group's EBITDA in the first quarter of 2025 totalled 6.6 million euros, a growth of 0.9% compared to the same period last year.
The 27% year-on-year increase in energy costs negatively affected the EBITDA margin by 3 percentage points. The investment that the Group is making in decarbonisation will allow for greater energy efficiency in the production process, in order to reduce energy costs in the short term.
| Headings | 3M 2025 | 3M 2024 | Var. 3M | ||
|---|---|---|---|---|---|
| Amount | % | ||||
| Turnover | 36.3 | 30.7 | 5.5 | 18.0% | |
| E B I T D A | 6.6 | 6.5 | 0.1 | 0.9% | |
| EBITDA Margin | 18.2% | 21.3% | -3.1 pp | ||
| Operating Income | 3.1 | 3.1 | -0.1 | -1.9% | |
| Operating Margin | 8.5% | 10.2% | -1.7 pp | ||
| Income before taxes | 1.5 | 1.9 | -0.4 | -22% | |
| Income tax | -0.4 | -0.4 | |||
| Net income | 1.0 | 1.5 | -0.4 | -29% |
The Group recorded an operating profit of 3.1 million euros, in line with the same period last year. Net profit was down on the same period last year, namely due to the increase in depreciation due to the investments that have been made and the increase in energy costs.
Investment
Accumulated investment in the first quarter of 2025 was 3.5 million euros, mostly directed towards decarbonisation projects, which reflects the Vista Alegre group's commitment to sustainability and social and environmental responsibility.
Debt
In the first three months of 2025, consolidated net debt increased slightly, essentially due to typical seasonality of the business. Considering the amount Vista Alegre Group projects financed by PRR grants, consolidated debt fell by 2.2 million euros compared to December 2024. In the first three months of 2025, the net debt to EBITDA ratio fell by 0.1x to 2.5x.
| M € | 31-03-2025 | 31-12-2024 | Variation MAR 2025/ DEC 2024 |
|---|---|---|---|
| Loans obtained | 80.5 | 77.8 | 2.7 |
| Lease liabilities | 10.5 | 11.0 | -0.5 |
| Consolidated debt | 91.0 | 88.8 | 2.2 |
| Cash and cash equivalents | -13.7 | -11.8 | -1.9 |
| Treasury loans | -5.4 | -5.3 | -0.1 |
| Consolidated net debt | 71.9 | 71.8 | 0.1 |
| Non-reimbursable incentives receivable | -2.4 | 0.0 | -2.4 |
| Consolidated net debt after grants receivable | 69.5 | 71.8 | -2.2 |
| EBITDA LTM | 27.5 | 27.4 | 0.1 |
| Net debt / EBITDA LTM | 2.5x | 2.6x | -0.09x |
30th of May 2025
Consolidated Income Statement 31st of March 2025 and 2024
| T € | ||
|---|---|---|
| Headings | 31-03-2025 | 31-03-2024 |
| Sales and services provided | 36 271 | 30 741 |
| Cost of goods sold and material consumed | -10 975 | -9 583 |
| Production variation | -422 | 2 832 |
| Supplies and external services | -5 888 | -5 363 |
| Staff costs | -13 058 | -12 565 |
| Amortisation and depreciation | -3 561 | -3 411 |
| Impairment of accounts receivable | 7 | 0 |
| Other operating expenses and losses | -287 | -414 |
| Impairment of depreciable tangible fixed assets | 3 8 | 1 3 |
| Other profit and operating income | 962 | 897 |
| Interest and similar expenses incurred | -1 694 | -1 379 |
| Interest and similar income obtained | 7 5 | 116 |
| Result before taxes | 1 468 | 1 883 |
| Income tax | -437 | -432 |
| Consolidated income for the financial year | 1 031 | 1 451 |
Press Release
st Quarter Cumulative Results
2025 1
VAA - VISTA ALEGRE ATLANTIS SGPS SA Head Office: Lugar da Vista Alegre, 3830-292 Ílhavo [Portugal]
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