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VAA-Vista Alegre Atlantis, SGPS, S.A.
Earnings Release • Nov 30, 2025
1917_iss_2025-11-30_2d533129-dc6c-4039-b395-27099c9d6089.pdf
Earnings Release
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Results of the 3rd Quarter of 2025
Highlights
- Consolidated sales of 104 million euros, an increase of 6.8% compared to the third quarter of 2024
- EBITDA 19.2 million euros represents a decrease of 3.7%
- Positive net result of 2.5 million euros
- Energy costs increased by 26.1% (an increase of approximately 1.6 million euros) compared to the same period in 2024
- Foreign markets represented 74% of turnover
- Consolidated gross debt decreased by 0.2 million euros compared to December 2024
Operating performance
In the third quarter of 2025, Vista Alegre Group's consolidated turnover reached 104 million euros, a growth of 6.8% 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 5.2% increase in sales compared to the same period of 2024.
In terms of segments, there was significant growth of 15.1% in sales of Stoneware products, as well as an increase of 4.3% and 2.6% in Porcelain and Earthenware lines, respectively.
Crystal and Glass sales fell 12.3%, due to a downturn in the global premium beverages market.
International markets continue to be the main driver of growth, recording sales of 76.7 million euros in the first nine months of 2025, representing 74% of turnover.
| Segments | 9M 2025 | 9M 2024 | Variation 9M (%) |
|---|---|---|---|
| Porcelain and related products | 33.4 | 32.0 | 4.3% |
| Earthenware | 14.1 | 13.7 | 2.6% |
| Stoneware | 46.8 | 40.6 | 15.1% |
| Crystal and Glass | 9.4 | 10.7 | -12.3% |
| Total | 103.6 | 97.0 | 6.8% |
30th of November 2025
Financial results
Vista Alegre Group's EBITDA in the third quarter of 2025 totalled 19.2 million euros, a reduction of 3.7% compared to the same period last year. The EBITDA margin was 18.5%, negatively impacted by the increase in energy costs, which rose by approximately 1.6 million euros compared to same period in 2024.
Operating income stood at 8.1 million euros, a reduction of 1.7 million euros, compared to the same period in 2024, representing a 17% decrease due to higher depreciation and amortisation (up 8% compared to the third quarter of the previous year). Net income for the first nine months of the year was 2.5 million euros, a decrease of 1.3 million euros compared to the same period in 2024.
| 9M 2025 | 9M 2024 | Var. 9M | |||
|---|---|---|---|---|---|
| Amount | % | ||||
| Turnover | 103.6 | 97.0 | 6.6 | 6.8% | |
| EBITDA | 19.2 | 19.9 | -0.7 | -3.7% | |
| Operating income | EBITDA Margin | 18.5% | 20.5% | -2.0 pp | |
| 8.1 | 9.8 | -1.7 | -17.0% | ||
| Operating margin | 7.8% | 10.1% | -2.2 pp | ||
| Result before taxes | 3.4 | 5.2 | -1.9 | -36.0% | |
| Income tax | -0.9 | -1.5 | 0.6 | ||
| Net income | 2.5 | 3.7 | -1.3 | -33.8% |
30th of November 2025
Investment and Sustainability
Cumulative investment for the period amounted to 10.7 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 future generations.
Debt
Consolidated net debt, in the third quarter of 2025 decreased by 0.2 million euros compared to December 2024, considering the amount of non-refundable incentives receivable by the Vista Alegre Group.
On the 30th of September 2025, the net debt-to-EBITDA ratio increased slightly compared to December 2024.
| M € | 30-09-2025 | 31-12-2024 | Variation Set 2025/ Dec 2024 |
|---|---|---|---|
| Loans obtained | 80.8 | 77.8 | 3.0 |
| Lease liabilities | 9.8 | 11.0 | -1.2 |
| Consolidated debt | 90.6 | 88.8 | 1.8 |
| Cash and cash equivalents | -5.0 | -11.8 | 6.8 |
| Treasury loans | -11.9 | -5.3 | -6.6 |
| Consolidated net debt | 73.7 | 71.8 | 2.0 |
| Non-reimbursable incentives receivable | -2.2 | 0.0 | -2.2 |
| Consolidated net debt after grants receivable | 71.5 | 71.8 | -0.2 |
| EBITDA LTM | 26.7 | 27.4 | -0.7 |
| Net debt / EBITDA LTM | 2.68x | 2.62x | 0.06x |
30th of November 2025
Consolidated Income Statement
30th of September 2025 and 2024
| T € | ||
|---|---|---|
| Headings | 30-09-2025 | 30-09-2024 |
| Sales and services provided | 103,604 | 97,024 |
| Cost of goods sold and material consumed | -32,244 | -29,310 |
| Production variation | -950 | 3,491 |
| Own work capitalised | 683 | 847 |
| Other profit and operating income | 4,853 | 2,188 |
| External supplies and services | -17,729 | -16,304 |
| Staff costs | -38,291 | -36,912 |
| Other operating expenses and losses | -772 | -1,126 |
| Amortisation and depreciation | -11,174 | -10,303 |
| Impairment of depreciable tangible fixed assets | 134 | 4 0 |
| Impairment of accounts receivable | -9 | 134 |
| Interest and similar expenses incurred | -5,158 | -5,269 |
| Interest and similar income obtained | 409 | 740 |
| Result before taxes | 3,354 | 5,239 |
| Income tax | -895 | -1,524 |
| Consolidated income for the financial year | 2,458 | 3,716 |
VAA - VISTA ALEGRE ATLANTIS SGPS, S.A.
Investor Relations Ricardo Reis [email protected]
