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VAA-Vista Alegre Atlantis, SGPS, S.A.
Earnings Release • Aug 29, 2025
1917_iss_2025-08-29_d6a4cb4e-3bf3-46fd-af53-85693776e9ff.pdf
Earnings Release
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CUMULATIVE RESULTS UP TO 1 ST SEMESTER 2025
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Results of the 1st Semester 2025
Highlights
- Consolidated sales of 70.2 million euros, an increase of 9.6% compared to the first semester of 2024;
- EBITDA 14.9 million euros represents an increase of 0.7%;
- Positive net result of 3.6 million euros;
- Energy costs increased by 35% (an increase of approximately 1.4 million euros) compared to the same period in 2024;
- Foreign markets represented 76% of turnover;
- Consolidated net debt fell by 3.2 million euros compared to December 2024.
Operating performance
Grupo Vista Alegre's consolidated turnover in the first 6 months of the year reached 70.2 million euros, reflecting an increase of 9.6% compared to the same period last year.
Vista Alegre and Bordallo Pinheiro brands maintained solid performance in domestic and international retail, both in physical stores and online, contributing to a 5.5% increase in sales compared to the first semester of 2024.
In terms of segments, there was significant growth of 20.3% in sales of Stoneware products, as well as an increase of 8.8% in Porcelain and Complementary lines.
Crystal and Glass sales fell 11.6%, due to the downturn in the premium beverages market.
International markets continue to be the main driver of growth, recording sales of 53.4 million euros in the first half of 2025, representing 76% of turnover.
| Segments | 6M 2025 | 6M 2024 | Variation 6M (%) |
|---|---|---|---|
| Porcelain and related products | 22.3 | 20.5 | 8.8% |
| Earthenware | 9.2 | 9.4 | -2.5% |
| Stoneware | 32.3 | 26.8 | 20.3% |
| Crystal and Glass | 6.4 | 7.3 | -11.6% |
| Total | 70.2 | 64.0 | 9.6% |
Financial results
Grupo Vista Alegre's EBITDA in the first semester of 2025 totalled 14.9 million euros, an increase of 0.7% compared to the same period last year. The EBITDA margin was 21.2%, negatively impacted by the increase in energy costs, which rose by approximately 1.4 million euros compared to same period in 2024.
Operating profit stood at 7.9 million euros, slightly below that recorded in the same semester of 2024, representing a decrease of 2.5%, due to increased amortisation. Net income for the first six months of the year was 3.6 million euros, a decrease of 0.3 million euros, compared to 2024. If energy costs had remained unchanged, net income would have been approximately 1 million euros higher than in 2024.
| Headings | 6M 2025 | 6M 2024 | Var. 6M | ||
|---|---|---|---|---|---|
| Amount | % | ||||
| Turnover | 70.2 | 64.0 | 6.2 | 9.6% | |
| EBITDA | 14.9 | 14.8 | 0.1 | 0.7% | |
| Operating Income | EBITDA Margin | 21.2% | 23.1% | 0.0% | -1.9 pp |
| 7.9 | 8.1 | -0.2 | -2.5% | ||
| Operating Margin | 11.2% | 12.6% | 0 | -1.4 pp | |
| Income before taxes | 4.6 | 5.3 | -0.7 | -13% | |
| Income tax | -1.1 | -1.4 | 0.3 | ||
| Net income | 3.6 | 3.9 | -0.3 | -8% |
Investment and Sustainability
Cumulative investment for the period amounted to 7.5 million euros, with a particular focus on decarbonisation projects. The aim of these investments is to improve production efficiency and reinforce the commitment to environmental sustainability.
The Vista Alegre Group remains strongly committed to environmental and social responsibility, contributing to building a more sustainable future for the next generations.
Debt
In the first semester of 2025, consolidated net debt, considering the value of grants received by the Vista Alegre Group, decreased by 3.2 million euros compared to December 2024.
In the financial year under review, the net debt to EBITDA ratio had a slight reduction compared to December 2024.
| M € | 31-06-2025 | 31-12-2024 | Variation JUN 2025/ DEC 2024 |
|---|---|---|---|
| Loans obtained | 82.5 | 77.8 | 4.6 |
| Lease liabilities | 9.6 | 11.0 | -1.4 |
| Consolidated debt | 92.0 | 88.8 | 3.2 |
| Cash and cash equivalents | -9.0 | -11.8 | 2.8 |
| Treasury loans | -12.3 | -5.3 | -7.0 |
| Consolidated net debt | 70.7 | 71.8 | -1.0 |
| Non-reimbursable incentives receivable | -2.2 | 0.0 | -2.2 |
| Consolidated net debt after grants receivable | 68.5 | 71.8 | -3.2 |
| EBITDA LTM | 27.5 | 27.4 | 0.1 |
| Net debt / EBITDA LTM | 2.5x | 2.6x | -0.13x |
Consolidated Income Statement 30th of June 2025 and 2024
| Headings | 30-06-2025 | T € 30-06-2024 |
|---|---|---|
| Sales and services provided | 70 186 | 64 010 |
| Cost of goods sold and material consumed | -23 489 | -19 736 |
| Production variation | 2 223 | 6 063 |
| Own work capitalized | 483 | 288 |
| Supplies and external services | -11 535 | -10 501 |
| Staff costs | -26 576 | -26 230 |
| Amortisation and depreciation | -7 103 | -6 854 |
| Impairment of accounts receivable | 3 | 125 |
| Other operating expenses and losses | -515 | -753 |
| Impairment of depreciable tangible fixed assets | 8 9 | 2 7 |
| Other profit and operating income | 4 119 | 1 652 |
| Interest and similar expenses incurred | -3 473 | -3 023 |
| Interest and similar income obtained | 218 | 228 |
| Result before taxes | 4 630 | 5 295 |
| Income tax | -1 052 | -1 388 |
| Consolidated income for the financial year | 3 577 | 3 908 |
Announcement – Accumulated results
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