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Zignago Vetro
Interim / Quarterly Report • Nov 13, 2025
4402_rns_2025-11-13_373c8585-f421-425a-9c5b-7547a3fa872f.pdf
Interim / Quarterly Report
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Interim Financial Report at 30 September 2025
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Zignago Vetro SpA
Registered office: Fossalta di Portogruaro (VE), Via Ita Marzotto 8 Share capital Euro 8,932,000.00, subscribed and paid-in for Euro 8,931,999.60 Tax and Venice Company Register No.: 00717800247
www.zignagovetro.com
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| Zignago Vetro Group Structure | 5 |
|---|---|
| Company Bodies | 6 |
| Directors' Report | 7 |
| Significant events after 30 September 2025 | 39 |
| Outlook | 39 |
| Consolidated Financial Statements | 41 |
| Statement of financial position | 42 |
| Income Statement | 43 |
| Statement of Comprehensive Income | 44 |
| Statement of Cash Flow | 45 |
| Statement of changes in Equity | 46 |
| Notes to the financial statements | 47 |
| Statement as per art.154 bis, paragraph 2, Legs. Decree No. 58/1998 | 59 |
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Zignago Vetro Group Structure
AT 6 NOVEMBER 2025
ACTIVITIES AND SHAREHOLDINGS
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Company Bodies
in office for the three-year period 2025 - 2027 in office for the three-year period 2025 - 2027
BOARD OF DIRECTORS BOARD OF STATUTORY AUDITORS
Chairperson Statutory auditors
Franco Moscetti
Chief executive officer Laura Faresin
Directors
Alessia Antonelli Supervisory Board
Giacomo Marzotto __________________________________
Gaia Melloni Nicola Campana Barbara Ravera Angelica Ruggeri Emanuele Sacchetti
Nicolò Marzotto Anna Maria Allievi - Chairperson
Carlo Pesce
Vice Chairperson Andrea Manetti
Alternate auditors Biagio Costantini Cecilia Andreoli
Luca Marzotto Alessandro Bentsik - Chairperson
Stefano Marzotto Massimiliano Agnetti
Control & Risks & Sustainability Committee for the 2025 - 2027 period
Alessia Antonelli
Chiara Venezia
Luca Marzotto Gaia Melloni
Whistleblowing Reports Management Committee
Anna Maria Allievi
Barbara Ravera Management
Remuneration Committee Cristiano Bonetto
Franco Moscetti
with Related Parties Andrea Pianca
Alessia Antonelli Barbara Ravera Angelica Ruggeri
Lead Independent Director
Barbara Ravera
Independent Auditors
EY SpA
Group Chief Financial Officer
Stefano Marzotto Group Technical Director Chiara Venezia Roberto Bassarelli
Committee for Transactions Sales directors _____________________________ Stefano Bortoli
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The Zignago Vetro Group
The Zignago Vetro Group operates in the production and marketing of high quality hollow glass containers prevalently for the Food and Beverage, Cosmetics and Perfumery and "Specialty Glass" sectors (highly customised glass containers in small batches, typically used for wine, liquors and oils).
The Group operates in the market with a business-to-business model, supplying containers to its clients, which are then used in their respective industrial activities. Specifically, in the Italian market, the Group is one of the leading producers and distributors of glass containers for the food and beverage sector, while at international level it has a strong market share in the cosmetics and perfumery and specialty glass sectors.
The Interim Financial Report for the period ended 30 September 2025, unaudited, was prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board ("IASB") and approved by the European Union in accordance with Regulation No. 1606/2002 ("IFRS").
The Report at 30 September 2025 was prepared in accordance with IAS 34 "Interim Reporting" and Article 154-ter of the CFA, following the summary form permitted under the standard. This Interim Report therefore does not include all the information published in the annual report and must be read together with the financial statements at 31 December 2024 for full and complete disclosure of the Group accounts.
In particular, the accounting principles adopted for the preparation of the Interim Financial Report for the period ended 30 September 2025 are the same as those utilised for the consolidated financial statements of the Zignago Vetro Group for the year ended 31 December 2024 and were applied consistently for all periods presented, except for the adoption of the new standards, amendments and interpretations approved by the IASB and approved for adoption in Europe and obligatory for accounting periods beginning 1 January 2024.
We recall that IFRS 11 - Joint arrangements, applicable for the Group from 1 January 2014, replaces IAS 31 Interests in Joint Ventures and SIC 13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers, and identifies, on the basis of the rights and obligations of the participants, two types of agreements - joint operations and joint ventures - and governs the consequent accounting treatment to be adopted for recognition in the financial statements, removing the option to consolidate jointly controlled companies proportionally and requiring jointly controlled companies defined as joint ventures to be recognised using the equity method.
In the Consolidated Financial Statements to the Interim Report for the period ended 30 September 2025 and for the comparative financial statements at 30 September 2024 and the annual financial statements at 31 December 2024, the Group recognised the investments held in Vetri Speciali, Vetreco and Julia Vitrum, which are classified as joint ventures, under the equity method, instead of the proportional consolidation method. However, in the Directors' Report to the Interim Report (and subsequent comments) the figures are based on the management view of the Group business, which provides for the proportional consolidation of the joint venture, in continuity with the accounting policies adopted until 31 December 2013. These figures however must not be considered as an alternative to those provided for by IFRS, but rather exclusively for supplementary disclosure and reflective of management's view of the business.
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For this purpose, a reconciliation of the Statement of Financial Position and of the Income Statement, prepared according to IFRS in force from 1 January 2014 and those in force at 31 December 2013 in line with management's view, is provided in the Interim Report.
Pursuant to CONSOB communication DEM 6064293 of 28 July 2006 and ESMA/2015/1415 recommendations on alternative performance indicators utilised by the Parent - which although not specifically defined by IAS/IFRS are considered particularly useful to monitor the business performance - we provide the following information:
- − net financial debt is defined by the Company as the sum of current loans and borrowings, liquidity and non-current loans and borrowings. This net figure is the same as the net financial position as per CONSOB communication No. DEM/6064293 of 28 July 2006;
- − value of production: the Company defines this as the arithmetical sum of revenues, the change in finished products, semi-finished products, and work-in-progress and the internal work capitalised;
- − value added: the Company defines this as the difference between value of production and raw materials consumed (purchase costs plus or minus the change in raw materials and service costs);
- − EBITDA: the Company defines this as a difference between value added and personnel expense (including those of temporary workers), plus the effect of the measurement of joint ventures using the equity method. EBITDA is a measure utilised by the issuer to monitor and measure operating performance although not an accounting measure as per IFRS. The measurement criteria of this indicator may not be in line with that utilised by other entities and therefore it may not be entirely comparable. Within this context the issuer utilised a calculation model in line with its core business which included the effects deriving from the application of IFRS 11. The Company considers the results deriving from its equity investments in joint ventures as operating items and non-financial items of the Group's business, related to a clearly defined investment strategy and as such classified within the Group's interim operating results;
- − EBIT: the Company defines this as the difference between EBITDA and depreciation & amortisation of tangible assets plus provisions & write-downs, including allowance for bad debts;
- − Operating profit: this performance measure is also contained in IFRS and is defined as the difference between EBIT and the net balance of non-recurring operating costs and income. We point out that this latter item includes incidental income and costs, capital gains and losses on sales of assets, insurance compensation, grants, and other minor positive and negative items;
- − free cash flow: the Company defines this as the sum of the cash flows from operating activities and cash flows from investing activities.
The figures reported in this Interim Report, if not otherwise stated, are expressed in thousands of Euro in the financial statements and in millions of Euro in the Explanatory Notes, excepted where otherwise stated.
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The Zignago Vetro Group, according to management's view, operates through seven Business Units, each being a separate legal entity. Given this, information concerning the operating performance of the various operating and geographical segments (segment reporting under IFRS 8) is included in the illustration of the financial reporting data for each company and is an integral part of this Directors' Report.
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Segment reporting which coincides with the various legal entities is provided below, independently of the respective consolidation method applied.
Disclosure by region is not considered appropriate for the Group.
The operating segments ("Business Units") are identified as follows:
- Zignago Vetro SpA: this Business Unit carries out the production of glass containers for food and beverages and for cosmetics and perfumery;
- Zignago Vetro Polska SA: this Business Unit undertakes the production of a wide range of customised products for cosmetic and perfumery containers and also for food and beverage niche markets worldwide;
- Zignago Vetro France SAS: this Business Unit carries out the production of glass containers for perfumes;
- Vetri Speciali SpA: this Business Unit includes the production of specialty containers, principally for wine, spirits, vinegar and olive oil;
- Zignago Glass USA Inc.: this Business Unit is engaged in the marketing of glass containers, mainly in the USA;
- Tre-Ve Srl, Verreries du Sud Est Sarl and General Vetri Spa: this Business Unit is engaged in the marketing of glass containers, mainly in Italy;
- Vetreco Srl, Vetro Revet Srl and Julia Vitrum SpA: these Business Units are engaged in the processing of raw glass into secondary raw material ready for use by glassmakers.
- NRG Glass Moulds Srl and Italian Glass Moulds Srl: this Business Unit is engaged in the marketing and regeneration of glass container moulds.
The consolidation scope of the Zignago Vetro Group at 30 September 2025, 31 December 2024 and 30 September 2024 was as follows:
Zignago Vetro SpA (parent)
The companies consolidated using the line-by-line method are as follows:
- Zignago Vetro France SAS
- Zignago Vetro Polska S.A.
- Zignago Glass USA Inc.
- Vetro Revet S.r.l.
- Italian Glass Moulds S.r.l.
The companies valued under the equity method are the following:
- Vetri Speciali SpA and its subsidiaries Tre-Ve Srl, Verreries du Sud Est Sarl, NRG Glass Moulds Srl and General Vetri Spa;
- Vetreco Srl;
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- Julia Vitrum SpA;
The consolidation and accounting principles, including the holdings of Zignago Vetro S.p.A. are outlined in the paragraph "IFRS accounting standards used for the preparation of the Interim Financial Report at 30 September 2025".
In the Directors' Report, as previously stated, the figures are based on the "management view of the Group business", which provides for the proportional consolidation of joint ventures, in continuity with the accounting policies adopted until 31 December 2013.
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Events in the first nine months of 2025
Investigation by the Competition Authority into the market
As outlined in the annual report in the previous year, we recall that in November 2023 the Italian Competition Authority (AGCM) opened an investigation for an alleged agreement restricting competition in the sale of glass bottles, against nine companies, including Zignago Vetro and Vetri Speciali.
The Company has provided the utmost support and cooperation to the Authorities in the course of these proceedings, while also promptly communicating that it has always operated in full compliance with applicable competition rules and regulations, restating that Zignago Vetro's conduct was influenced by the very significant and widespread cost increases for all production inputs, in particular energy and raw materials.
On 27 January 2025, the hearing of representatives of Zignago Vetro was held in the presence of the party's lawyers and consultants. At the hearing, the dynamics of the 2022 - 2023 - 2024 prices were described with regards to raw materials, energy and sales prices.
The Directors, supported by their legal advisors, do not consider as of the preparation date of the quarterly consolidated financial statements that factors exist which reasonably identify a contingent liability. The maximum penalty that the Competition Authority may impose for antitrust violations is 10% of the consolidated revenues under investigation.
The closure of the proceedings, initially set by 31 December 2024, has been extended to 31 December 2025.
Distribution of dividends
The Shareholders' Meeting of Zignago Vetro SpA on 7 May 2025 approved the distribution of a dividend of Euro 0.45 per share, totalling Euro 39.7 million, with payment date of 14 May 2025.
Treasury shares
On 7 May 2025, the Shareholders' Meeting of Zignago Vetro SpA revoked, for the part not executed, the resolution granted in favour of the Board of Directors to purchase and sell treasury shares, as approved by the Shareholders' Meeting of 29 April 2024 and authorised the Board of Directors to purchase and sell treasury shares for a maximum number not exceeding the total nominal amount, including any shares held by subsidiaries, corresponding to one-fifth of the share capital. The new authorisation is proposed for a period of 18 months, commencing from 7 May 2025. The minimum purchase price shall not be less than 20%, and the maximum price not more than 20%, of the share price registered on the trading day prior to each transaction; the sale price shall not be 20% higher or lower than the share price registered on the trading day prior to each transaction. These price limits will not be applied where the sale of shares is to employees, including management, executive directors and consultants of Zignago Vetro and its subsidiaries in relation to incentive stock option and stock grant plans.
In the first nine months of 2025, no treasury shares were purchased.
In addition, on 7 May 2025 Zignago Vetro S.p.A.'s share portfolio reduced by 14,785 shares as a result of the allocation to the beneficiaries of the "2022-2024 Performance Share Plan", and thus totalled 1,054,708 shares
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at the reporting date, corresponding to 1.1808% of the share capital, the purchase price of which was Euro 10.4 million.
Share-based payments
The fair value at the grant date of the incentives recognised in equity-settled share-based payments granted to employees is usually recognised as a cost, with a corresponding increase in equity, over the period during which employees obtain the right to the incentives. The amount recognised as an expense is adjusted to reflect the actual number of incentives for which the conditions for remaining in service have matured and consequentially non-market results, so that the final amount recognised as an expense is based on the number of incentives that meet the above conditions on the vesting date. In the case of incentives recognised in share-based payments whose conditions are not to be considered as vesting, the fair value at the grant date of the share-based payment is measured to reflect these conditions. With reference to the non vesting conditions, any differences between the assumptions at the grant date and the effective date will not produce any impact in the financial statements.
The Share incentive plan (approved by the Shareholders' Meeting of 28 July 2022) concluded on 31 December 2024, called the "2022-2024 Performance Shares Plan", reserved for the Chief Executive Officer and the senior executives of the company, based on the free granting of options to receive shares of the company, subject to the achievement of specific operating result and sustainability targets. This Plan overall concerned 109,500 ordinary shares of the company and has a vesting period from 1.1.2022 to 31.12.2024. As outlined above, on 7 May 2025, the final allocation was made to the beneficiaries for the portion of objectives achieved for a total of 14,785 shares.
At the date of this report, the Shareholders' Meeting approved an additional plan, called the "2025-2027 Performance Shares Plan", reserved for the Chief Executive Officer and the senior executives of the company, based on the free granting of options to receive shares of the company, subject to the achievement of specific operating result and sustainability targets. This Plan overall concerned 202,500 ordinary shares of the company and has a vesting period from 1.1.2025 to 31.12.2027.
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Operating performance
Q3 2025 again featured recovering Beverage and Food container demand, with volumes up on Q3 2024. The destocking in the initial months of the year across most market segments in which our Companies operate continues to normalise, with varying dynamics in the individual product categories and within a still competitive environment.
Cosmetic and Perfumery container demand continues, again in the third quarter, to reflect the destocking and a sell-out that has not yet recovered. The Group reports reduced sales volumes on Q3 of the previous year, with a negative mix effect.
The production factors showed signs of stability in Q3. This - together with cost control - has supported margins, which were substantially in line with the second quarter. The Group remains focused on cash generation, which continued to improve in the third quarter, and inventory management.
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Consolidated revenues of the Zignago Vetro Group for the third quarter of 2025 amounted to Euro 141.9 million, decreasing 2% on the same period of the previous year: Euro 144.7 million); in the first nine months of 2025 revenues amounted to Euro 450.3 million, reducing 4.9% on the same period of 2024 (Euro 473.7 million).
Material costs and external services, including changes in inventories and internal production of fixed assets, in the third quarter of 2025 amounted to Euro 87.2 million (61.4% of revenues), -2.3% compared to Euro 89.2 million (61.6% of revenues) in Q3 2024; in the first nine months of 2025, these costs amounted to Euro 288.7 million, compared to Euro 286.3 million (+0.8%), with an increased percentage on revenues from 60.4% to 64.1%.
The consolidated added value in the third quarter of 2025 decreased 1.5% (Euro 54.7 million compared to Euro 55.5 million for the same period of the preceding year) and the added value margin increased from 38.4% to 38.6%. In the first nine months of 2025, this indicator amounted to Euro 161.7 million, decreasing 13.7% on the same period of the previous year (Euro 187.4 million). The margin decreased from 39.6% to 35.9%.
Personnel expense in the third quarter of 2025 totalled Euro 27.7 million, compared to Euro 26.7 million in 2024 (+3.7%), accounting for 19.6% of revenue compared to 18.5%. In 9M 2025, this expense totalled Euro 83.4 million, compared to Euro 84.7 million (-1.6%) in the same period of the previous year, increasing from 17.9% of revenue in 2024 to 18.5% in 2025.
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The Consolidated EBITDA in the third quarter of 2025 was Euro 27 million, compared to Euro 28.8 million in the third quarter of 2024 (-6.4%) – a margin of 19% compared to 19.9% in Q3 2024. The 9M consolidated EBITDA amounted to Euro 78.3 million, compared to Euro 102.6 million in the first nine months of 2024 (- 23.7%). The revenue margin was 17.4%, compared to 21.7% in 2024.
The Consolidated EBIT in the third quarter of 2025 amounted to Euro 8.8 million, compared to Euro 11 million in Q3 2024 (-20.4%). In the first nine months of 2025, consolidated EBIT totalled Euro 25 million, compared to Euro 49.5 million in the same period of the previous year (-49.5%). The margin decreased from 7.6% to 6.2% in the third quarter and from 10.4% to 5.5% in the first nine months of 2025 compared to 2024.
The consolidated operating profit in the third quarter of 2025 decreased 49.1% (Euro 8.9 million, compared to Euro 11 million in Q3 2024), with the margin decreasing to 6.3% from 8.8%. The operating profit for the first nine months of 2025 reduced on the same period of the previous year by 49.1% (Euro 26.1 million compared to Euro 51.3 million), with the margin decreasing from 10.8% in the first nine months of 2024 to 5.8%.
The consolidated net profit in the third quarter of 2025 amounted to Euro 4.4 million (3.1% margin), compared to Euro 6 million (4.1% margin) in the same period of the previous year (-26.7%). The profit amounted to Euro 13.2 million, decreasing 59.1% on Euro 32.3 million in the first nine months of 2024, while the margin amounted to 2.9% (6.8% in the previous year). The tax rate in the first nine months was 23.6% in 2025 compared to 22.8% in 2024.
The cash flow generated from the profit and amortisation/depreciation in the first nine months of the year amounted to Euro 65.8 million (14.6% of revenue), compared to Euro 84.3 million (17.8% of revenue) in the same period of the previous year.
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The key data of the reclassified consolidated income statement of the Zignago Vetro Group in Q3 2025, compared to the same period in the previous year, according to management's view, as described previously, are shown below.
| Q3 2025 | Q3 2024 | Changes | |||
|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | % | |
| Revenues | 141,868 | 100.0% | 144,729 | 100.0% | (2.0)% |
| Changes in finished and semi finished products and work in progress Internal production of fixed |
3,694 1,023 |
2.6% 0.7% |
2,338 1,128 |
1.6% 0.8% |
58.0% (9.3)% |
| assets Value of production |
146,585 | 103.3% | 148,195 | 102.4% | (1.1)% |
| Cost of goods and services | (91,893) | (64.8)% | (92,650) | (64.0)% | (0.8)% |
| Value added | 54,692 | 38.6% | 55,545 | 38.4% | (1.5)% |
| Personnel expenses | (27,739) | (19.6)% | (26,737) | (18.5)% | 3.7% |
| EBITDA | 26,953 | 19.0% | 28,808 | 19.9% | (6.4)% |
| Amortisation and depreciation Accruals to provisions |
(17,897) (268) |
(12.6)% (0.2)% |
(17,541) (230) |
(12.1)% (0.2)% |
2.0% 16.5% |
| EBIT | 8,788 | 6.2% | 11,037 | 7.6% | (20.4)% |
| Non-operating recurring income (charges) Non-recurring income (charges) |
(26) 158 |
(0.0)% 0 |
1,454 216 |
1.0% 0.1% |
n.a. (26.9)% |
| Operating Profit | 8,920 | 6.3% | 12,707 | 8.8% | (29.8)% |
| Net financial expense Net exchange rate gains/(losses) |
(2,381) 16 |
(1.7)% 0.0% |
(4,808) 7 |
(3.4)% 0.0% |
(50.5)% 128.6% |
| Profit before taxes | 6,555 | 4.6% | 7,906 | 5.5% | (17.1)% |
| Income taxes (Tax-rate 2025: 29.5%) (Tax-rate 2024: 24.7%) |
(1,936) | (1.4)% | (1,953) | (1.3)% | (0.9)% |
| (Profit) Loss non-con. int. | (250) | (0.2)% | 10 | 0.1% | n.a. |
| Group Profit | 4,369 | 3.1% | 5,963 | 4.1% | (26.7)% |
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The key data of the reclassified consolidated income statement of the Zignago Vetro Group in 9M 2025, compared to the same period in the previous year, according to management's view, as described previously, are shown below.
| 9M 2025 | 9M 2024 | Changes | |||
|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | % | |
| Revenues | 450,344 | 100.0% | 473,695 | 100.0% | (4.9)% |
| Changes in finished and semi-finished products and work in progress Internal production of fixed assets |
(15,498) 2,618 |
(3.4)% 0.6% |
(2,796) 3,400 |
(0.6)% 0.7% |
n.a. (23.0)% |
| Value of production | 437,464 | 97.1% | 474,299 | 100.1% | (7.8)% |
| Cost of goods and services | (275,802) | (61.2)% | (286,935) | (60.6)% | (3.9)% |
| Value added | 161,662 | 35.9% | 187,364 | 39.6% | (13.7)% |
| Personnel expenses | (83,385) | (18.5)% | (84,714) | (17.9)% | (1.6)% |
| EBITDA | 78,277 | 17.4% | 102,650 | 21.7% | (23.7)% |
| Amortisation and depreciation Accruals to provisions |
(52,587) (714) |
(11.7)% (0.2)% |
(52,008) (1,196) |
(11.0)% (0.3)% |
1.1% (40.3)% |
| EBIT | 24,976 | 5.5% | 49,446 | 10.4% | (49.5)% |
| Non-operating recurring income (charges) Non-recurring income (charges) |
898 243 |
0.2% 0.1% |
2,736 (871) |
0.6% (0.3)% |
(67.2)% n.a. |
| Operating Profit | 26,117 | 5.8% | 51,311 | 10.8% | (49.1)% |
| Net financial expense Net exchange rate gains/(losses) |
(8,468) (397) |
(1.9)% (0.1)% |
(9,971) 172 |
(2.1)% 0.0% |
(15.1)% n.a. |
| Profit before taxes | 17,252 | 3.8% | 41,512 | 8.9% | (58.4)% |
| Income taxes (Tax-rate 2025: 23.6%) (Tax-rate 2024: 22.8%) |
(4,071) | (0.9)% | (9,458) | (2.0)% | (57.0)% |
| (Profit) Loss non-con. int. | 0 | 0.0% | 205 | (0.1)% | (100.0)% |
| Group Profit | 13,181 | 2.9% | 32,259 | 6.8% | (59.1)% |
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The breakdown of consolidated revenues for 9M and Q3 2025 and 9M and Q3 2024 are shown below:
| (Euro thousands) | Q3 2025 | Q3 2024 | Change % | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|
| Zignago Vetro SpA | 79,878 | 80,071 | (0.2)% | 251,198 | 250,618 | 0.2% |
| Zignago Vetro France S.a.s. | 13,136 | 13,081 | 0.4% | 38,581 | 50,099 | (23.0)% |
| Vetri Speciali SpA (*) | 30,949 | 32,662 | (5.2)% | 108,886 | 113,280 | (3.9)% |
| Zignago Vetro Polska S.a. | 21,707 | 19,412 | 11.8% | 64,025 | 65,757 | (2.6)% |
| Zignago Glass USA Inc. | 1,876 | 1,149 | 63.3% | 3,897 | 3,137 | 24.2% |
| Vetro Revet Srl | 3,110 | 5,339 | (41.7)% | 8,008 | 14,877 | (46.2)% |
| Vetreco Srl (*) | 1,822 | 2,745 | (33.6)% | 5,701 | 8,266 | (31.0)% |
| Julia Vitrum SpA (*) | 2,401 | 3,218 | (25.4)% | 7,498 | 9,908 | (24.3)% |
| Italian Glass Moulds Srl | 987 | 1,042 | (5.3)% | 3,018 | 3,295 | (6.9)% |
| Total aggregate | 155,866 | 158,719 | (1.8)% | 490,812 | 519,237 | (5.5)% |
| Elimination of inter | (13,998) | (13,990) | 0.1% | (40,468) | (45,542) | (11.1)% |
| company revenues Total consolidated |
141,868 | 144,729 | (2.0)% | 450,344 | 473,695 | (4.9)% |
* For Group share
Revenues breakdown by geographic segment:
| (Euro thousands) | Q3 2025 | Q3 2024 | Change % | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|
| Italy | 98,347 | 101,606 | (3.2)% | 312,401 | 317,994 | (1.8)% |
| E.U. | 36,770 | 25,313 | 45.3% | 110,472 | 121,019 | (8.7)% |
| Other countries | 6,751 | 17,810 | (62.1)% | 27,471 | 34,682 | (20.8)% |
| Total | 141,868 | 144,729 | (2.0)% | 450,344 | 473,695 | (4.9)% |
Group revenues outside Italy for the first nine months of 2025 amounted to Euro 137.9 million, compared to Euro 155.7 million in the first nine months of the previous year (-11.4%) and account for 30.6% of total revenues (first nine months 2024: 32.9%). The breakdown by Company was as follows:
| (Euro thousands) | Q3 2025 | Q3 2024 | Change % | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|
| Zignago Vetro SpA | 12,514 | 16,265 | (23.1)% | 41,721 | 46,298 | (9.9)% |
| Zignago Vetro France | 12,601 | 5,057 | 149.2% | 35,588 | 41,843 | (14.9)% |
| S.a.s. Zignago Vetro Polska S.a. |
12,684 | 12,381 | 2.4% | 39,471 | 40,725 | (3.1)% |
| Zignago Glass USA Inc. | 1,671 | 885 | 88.8% | 3,044 | 2,550 | 19.4% |
| Italian Glass Moulds Srl | 10 | 189 | (94.7)% | 437 | 806 | (45.8)% |
| Vetri Speciali SpA (*) | 4,041 | 8,346 | (51.6)% | 17,682 | 23,469 | (24.7)% |
| Julia Vitrum (**) | 0 | 0 | n.a. | 0 | 10 | n.a. |
| Total | 43,521 | 43,123 | 0.9% | 137,943 | 155,701 | (11.4)% |
| % of total revenues | 30.7% | 29.8% | 30.6% | 32.9% |
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The EBITDA of the Individual companies for 9M 2025 and 9M 2024 is presented below:
| (Euro thousands) | Q3 2025 | Q3 2024 | Change % | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|
| Zignago Vetro SpA | 14,428 | 14,389 | 0.3% | 40,237 | 46,202 | (12.9)% |
| Zignago Vetro France Sas | 712 | (267) | (366.7)% | 1,243 | 4,125 | (69.9)% |
| Vetri Speciali SpA (*) | 7,380 | 8,036 | (8.2)% | 23,856 | 30,469 | (21.7)% |
| Zignago Vetro Polska Sa | 3,098 | 5,058 | (38.8)% | 11,269 | 18,378 | (38.7)% |
| Zignago Glass USA Inc. | 325 | 206 | 57.8% | 475 | 619 | (38.7)% |
| Vetro Revet Srl | 698 | 153 | n.a. | 563 | (33) | n.a. |
| Vetreco Srl (*) | 125 | 419 | (70.2)% | 294 | 616 | (52.3)% |
| Julia Vitrum Spa (*) | 354 | 664 | (46.7)% | 644 | 1,302 | (50.5)% |
| Italian Glass Moulds Srl | (93) | 23 | (504.3)% | (281) | 108 | n.a. |
| Total aggregate | 27,027 | 28,681 | (5.8)% | 78,300 | 101,786 | (23.1)% |
| Consolidation adjustments | (74) | 127 | n.a. | (23) | 864 | n.a. |
| Group EBITDA | 26,953 | 28,808 | (6.4)% | 78,277 | 102,650 | (23.7)% |
The Operating Profit of the Individual companies for 9M 2025 and 9M 2024 is presented below:
| (Euro thousands) | Q3 2025 | Q3 2024 | Change % | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|
| Zignago Vetro SpA | 4,569 | 4,710 | (3.0)% | 11,632 | 16,925 | (31.3)% |
| Zignago Vetro France Sas | (437) | (1,427) | (69.4)% | (2,284) | (121) | 1787.6% |
| Vetri Speciali SpA (*) | 3,322 | 5,726 | (42.0)% | 13,585 | 22,522 | (39.7)% |
| Zignago Vetro Polska Sa | 582 | 2,721 | (78.6)% | 3,490 | 10,442 | (66.6)% |
| Zignago Glass USA Inc. | 324 | 204 | 58.8% | 471 | 614 | (38.7)% |
| Vetro Revet Srl | 572 | 57 | n.a. | 200 | (299) | n.a. |
| Vetreco Srl (*) | (5) | 288 | n.a. | (84) | 226 | n.a. |
| Julia Vitrum Spa (*) | 375 | 579 | (35.2)% | 283 | 757 | (62.6)% |
| Italian Glass Moulds Srl | (268) | (241) | 11.2% | (1,042) | (527) | 97.7% |
| Total aggregate | 9,034 | 12,617 | (28.4)% | 26,251 | 50,539 | (48.1)% |
| Consolidation adjustments | (114) | 90 | n.a. | (134) | 772 | n.a. |
| Group operating profit | 8,920 | 12,707 | (29.8)% | 26,117 | 51,311 | (49.1)% |
{19}------------------------------------------------
The consolidated profit for 9M and Q3 2025 and 9M and Q3 2024 was as follows:
| (Euro thousands) | Q3 2025 | Q3 2024 | Change % | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|
| Zignago Vetro SpA | 2,492 | 807 | n.a. | 20,740 | 37,641 | (44.9)% |
| Zignago Vetro France Sas | (315) | (1,170) | (73.1)% | (2,061) | (413) | 399.0% |
| Vetri Speciali SpA (*) | 1,445 | 3,646 | (60.4)% | 7,770 | 15,872 | (51.0)% |
| Zignago Vetro Polska Sa | 380 | 2,128 | (82.1)% | 2,638 | 8,214 | (67.9)% |
| Zignago Glass USA Inc. | 240 | 168 | 42.9% | 339 | 474 | (28.5)% |
| Vetro Revet Srl | 512 | (21) | n.a. | 1 | (418) | n.a. |
| Vetreco Srl (*) | (48) | 228 | n.a. | (210) | 67 | n.a. |
| Julia Vitrum Spa (*) | 230 | 336 | (31.5)% | 48 | 296 | (83.8)% |
| Italian Glass Moulds Srl | (233) | (234) | (0.4)% | (893) | (554) | 61.2% |
| Total aggregate | 4,703 | 5,888 | (20.1)% | 28,372 | 61,179 | (53.6)% |
| Consolidation adjustments | (334) | 75 | n.a. | (15,191) | (28,920) | (47.5)% |
| Group Profit | 4,369 | 5,963 | (26.7)% | 13,181 | 32,259 | (59.1)% |
(*) For group share.
The consolidation adjustments at 30 September 2025 and 2024 relate principally to the elimination of the Vetri Speciali SpA dividends (Euro 15 million in 2025, Euro 29.7 million in 2024) and the items regarding the proportional consolidation of the non-subsidiary companies (*).
{20}------------------------------------------------
The key data of the reclassified consolidated income statement of the Zignago Vetro Group in Q3 2025, based on the application of international accounting standards (and therefore IFRS 11) and compared with the same period of the previous year are illustrated below:
| Q3 2025 | Q3 2024 | Changes | |||
|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | % | |
| Revenues | 109,129 | 100.0% | 109,265 | 100.0% | (0.1)% |
| Changes in finished and semi-finished products and work in progress |
2,857 | 2.6% | 992 | 0.9% | 188.0% |
| Internal production of fixed assets | 1,023 | 0.9% | 297 | 0.3% | 244.4% |
| Value of production | 113,009 | 103.6% | 110,554 | 101.2% | 2.2% |
| Cost of goods and services | (72,485) | (66.4)% | (71,415) | (65.4)% | 1.5% |
| Value added | 40,524 | 37.1% | 39,139 | 35.8% | 3.5% |
| Personnel expense | (21,262) | (19.5)% | (20,197) | (18.4)% | 5.3% |
| Equity-accounted Joint Ventures |
1,627 | 1.5% | 4,210 | 3.9% | (61.4)% |
| EBITDA | 20,889 | 19.1% | 23,152 | 21.1% | (9.8)% |
| Amortisation and depreciation | (13,390) | (12.3)% | (12,998) | (11.9)% | 3.0% |
| Accruals to provisions | (294) | (0.3)% | (300) | (0.3)% | (2.0)% |
| EBIT | 7,205 | 6.6% | 9,854 | 9.0% | (26.9)% |
| Other income (charges) | (350) | (0.3)% | 469 | 0.4% | n.a. |
| Operating Profit | 6,855 | 6.3% | 10,323 | 9.4% | (33.6)% |
| Net financial expense | (1,500) | (1.4)% | (3,710) | (3.4)% | (59.6)% |
| Net exchange rate gains/(losses) | 15 | 0 | 32 | (0.1)% | n.a. |
| Profit before taxes | 5,370 | 4.9% | 6,645 | 6.1% | (19.2)% |
| Income taxes | (751) | (0.7)% | (692) | (0.6)% | 8.5% |
| (Tax-rate 2025: 14%) (Tax-rate 2024: 10.4%) |
|||||
| (Profit) Loss non-con. int. | (250) | (0.2)% | 10 | 0 | n.a. |
| Group Profit | 4,369 | 4.0% | 5,963 | 5.5% | (26.7)% |
{21}------------------------------------------------
The key data of the reclassified consolidated income statement of the Zignago Vetro Group in 9M 2025, based on the application of international accounting standards (and therefore IFRS 11) and compared with the same period of the previous year are illustrated below:
| 9M 2025 | 9M 2024 | Changes | |||
|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | % | |
| Revenues | 336,728 | 100.0% | 351,904 | 100.0% | (4.3)% |
| Changes in finished and semi-finished products and work in progress |
(11,973) | (3.6)% | (6,655) | (1.9)% | n.a. |
| Internal production of fixed assets | 2,618 | 0.8% | 3,400 | 1.0% | (23.0)% |
| Value of production | 327,373 | 97.2% | 348,649 | 99.1% | (6.1)% |
| Cost of goods and services | (209,729) | (62.3)% | (214,132) | (60.8)% | (2.1)% |
| Value added | 117,644 | 34.9% | 134,517 | 38.2% | (12.5)% |
| Personnel expense | (63,792) | (18.9)% | (64,626) | (18.4)% | (1.3)% |
| Equity-accounted Joint Ventures |
7,608 | 2.3% | 16,235 | 4.6% | (53.1)% |
| EBITDA | 61,460 | 18.3% | 86,126 | 24.4% | (28.6)% |
| Amortisation and depreciation | (40,895) | (12.1)% | (40,990) | (11.6)% | (0.2)% |
| Accruals to provisions | (525) | (0.2)% | (959) | (0.3)% | n.a. |
| EBIT | 20,040 | 6.0% | 44,177 | 12.6% | (54.6)% |
| Other income (charges) | (99) | 0 | (137) | 0 | n.a. |
| Operating Profit | 19,941 | 5.9% | 44,040 | 12.5% | (54.7)% |
| Net financial expense | (5,619) | (1.7)% | (7,860) | (2.2)% | (28.5)% |
| Net exchange rate gains/(losses) | (323) | (0.1)% | 181 | 0.1% | (278.5)% |
| Profit before taxes | 13,999 | 4.2% | 36,361 | 10.3% | (61.5)% |
| Income taxes | (818) | (0.2)% | (4,307) | (1.2)% | (81.0)% |
| (Tax-rate 2025: 5.8%) (Tax-rate 2024: 11.8%) |
|||||
| (Profit) Loss non-con. int. | 0 | 0 | 205 | 0.1% | n.a. |
| Group Profit | 13,181 | 3.9% | 32,259 | 9.2% | (59.1)% |
{22}------------------------------------------------
For a better understanding of the results for 9M 2025, stated in accordance with management's view, a reconciliation is provided below of the reclassified income statement between the version which values the investments in joint ventures at equity and the version utilising the proportional consolidation method, as adopted by the Group until 31 December 2013:
| Proportional consolidation | |||||||
|---|---|---|---|---|---|---|---|
| 2025 IAS/ IFRS |
Vetri Speciali SpA |
Vetreco Srl |
Julia Vitrum Spa |
Adjustmen t to Parent principles |
Neutralisat ion JV using the equity criteria |
2025 pre IFRS 11 (managem ent view) |
|
| Euro | Euro | Euro | Euro | Euro | Euro | Euro | |
| thou. | thou. | thou. | thou. | thou. | thou. | thou. | |
| Revenues | 336,728 | 108,886 | 5,701 | 7,498 | (8,469) | 0 | 450,344 |
| Changes in finished and semi-finished products and work in progress Internal production of fixed |
(12,131) | (3,326) | (121) | 80 | 0 | 0 | (15,498) |
| assets | 2,618 | 0 | 0 | 0 | 0 | 0 | 2,618 |
| Value of production | 327,215 | 105,560 | 5,580 | 7,578 | (8,469) | 0 | 437,464 |
| Cost of goods and services Value added |
(209,940) 117,275 |
(63,028) 42,532 |
(4,867) 713 |
(6,436) 1,142 |
8,469 0 |
0 0 |
(275,802) 161,662 |
| Personnel expense | (63,792) | (18,676) | (419) | (498) | 0 | 0 | (83,385) |
| Equity-accounted Joint Ventures EBITDA |
7,608 61,091 |
0 23,856 |
0 294 |
0 644 |
0 0 |
(7,608) (7,608) |
0 78,277 |
| Amortisation & depreciation Accruals to provisions |
(40,895) (525) |
(10,628) (185) |
(374) (4) |
(690) 0 |
0 0 |
0 0 |
(52,587) (714) |
| EBIT | 19,671 | 13,043 | (84) | (46) | 0 | (7,608) | 24,976 |
| Other income (charges) | 270 | 542 | 0 | 329 | 0 | 0 | 1,141 |
| Operating Profit | 19,941 | 13,585 | (84) | 283 | 0 | (7,608) | 26,117 |
| Net financial expense Net exchange rate |
(5,619) (323) |
(2,514) (74) |
(103) 0 |
(232) 0 |
0 0 |
0 0 |
(8,468) (397) |
| gains/(losses) Profit before taxes |
13,999 | 10,997 | (187) | 51 | 0 | (7,608) | 17,252 |
| Income taxes | (818) | (3,227) | (23) | (3) | 0 | 0 | (4,071) |
| Consolidated profit | 13,181 | 7,770 | (210) | 48 | 0 | (7,608) | 13,181 |
| (Profit) loss non-con. int. | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Group Profit for the period | 13,181 | 7,770 | (210) | 48 | 0 | (7,608) | 13,181 |
{23}------------------------------------------------
Statement of financial position
The reclassified consolidated statement of financial position at 30 September and 30 June 2025 and at 31 December and 30 September 2024 of the Zignago Vetro Group, prepared according to management's view described previously, is as follows:
| 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | Euro thou. | % | Euro thou. | % | |
| Trade receivables | 142,583 | 152,897 | 139,384 | 146,286 | ||||
| Other receivables | 20,310 | 25,186 | 40,679 | 26,671 | ||||
| Inventories | 178,955 | 174,950 | 196,980 | 193,492 | ||||
| Current non-financial payables | (156,753) | (154,332) | (150,077) | (153,649) | ||||
| Payables on fixed assets | (8,409) | (7,864) | (9,059) | (7,047) | ||||
| A) Working capital | 176,686 | 28.4% | 190,837 | 29.8% | 217,907 | 32.4% | 205,753 | 31.7% |
| Net tangible and intangible assets | 396,494 | 400,668 | 408,742 | 404,877 | ||||
| Goodwill | 53,480 | 53,484 | 53,479 | 53,478 | ||||
| Other eq. invest. & non-current assets |
14,877 | 15,285 | 13,497 | 14,436 | ||||
| Non-current provisions and non-financial payables |
(20,361) | (19,894) | (21,617) | (28,726) | ||||
| B) Net fixed capital | 444,490 | 71.6% | 449,543 | 70.2% | 454,101 | 67.6% | 444,065 | 68.3% |
| A+B= Net capital employed | 621,176 | 100.0% | 640,380 | 100.0% | 672,008 | 100.0% | 649,818 | 100.0% |
| Financed by: | ||||||||
| Current loans and borrowings | 126,223 | 164,909 | 135,404 | 126,015 | ||||
| Cash and cash equivalents | (88,480) | (96,246) | (55,218) | (72,069) | ||||
| Current net debt | 37,743 | 6.0% | 68,663 | 10.6% | 80,186 | 11.8% | 53,946 | 8.3% |
| Non-current loans and borrowings | 238,887 | 38.5% | 231,707 | 36.2% | 221,134 | 32.9% | 242,259 | 37.3% |
| C) Net financial debt | 276,630 | 44.5% | 300,370 | 46.9% | 301,320 | 44.8% | 296,205 | 45.6% |
| Opening Group equity | 370,289 | 370,289 | 388,708 | 388,719 | ||||
| Dividends paid | (39,719) | (39,719) | (66,376) | (66,376) | ||||
| Other equity changes | 396 | 479 | (3,914) | (1,495) | ||||
| Group Profit for the period | 13,181 | 8,812 | 51,871 | 32,259 | ||||
| D) Closing equity | 344,147 | 55.5% | 339,861 | 53.2% | 370,289 | 55.1% | 353,107 | 54.3% |
| E) Non-controlling interest equity | 399 | 0.1% | 149 | 0.0% | 399 | 0.1% | 506 | 0.1% |
| D+E = Group Equity | 344,546 | 55.5% | 340,010 | 53.1% | 370,688 | 55.2% | 353,613 | 54.4% |
| C+D+E = Total financial debt and equity |
621,176 | 100.0% | 640,380 | 100.0% | 672,008 | 100.0% | 649,818 | 100.0% |
{24}------------------------------------------------
The working capital decreased 18.9% (-Euro 41.2 million) compared to 31 December 2024 and 7.4% (-Euro 14.2 million) compared to 30 June 2025.
Trade receivables increased 2.3% (+Euro 3.2 million) compared to 31 December 2024 and decreased 6.7% (- Euro 10.3 million) compared to 30 June 2025. Inventories decreased on the end of 2024 by Euro 18 million and increased by Euro 4 million on 30 June 2025. Current non-financial payables decreased Euro 6.7 million compared to 31 December 2024 and by Euro 2.4 million compared to 30 June 2025.
Payables on fixed assets reduced 7.2% (-Euro 0.7 million) compared to 31 December 2024 and increased 6.9% (+Euro 0.5 million) on 30 June 2025.
The net fixed capital at 30 September 2025 decreased Euro 9.6 million on 31 December 2024 (-2.1%) and Euro 5 million compared to 30 June 2025 (-1.1%).
Tangible and intangible investment by the companies of the Zignago Vetro Group in the first nine months of 2025 totals, net of consolidation adjustments and exchange rate effects, approx. Euro 40 million. In the same period of the previous year, the consolidation adjustments amounted to approx. Euro 68 million.
Investments in the first nine months of 2025 and 2024 concerned in particular:
- Zignago Vetro SpA for Euro 15.4 million, mainly for kiln refurbishment, the replacement and maintenance of plant, machinery and equipment, including the purchase of moulds;
- Zignago Vetro France SAS for Euro 1.9 million (Euro 2.1 million in the first nine months of 2024), principally for plant and industrial equipment replacement, including moulds;
- Zignago Vetro Polska SA for Euro 4.3 million (without considering exchange rate effects of Euro 0.1 million) for kiln refurbishment and the maintenance of plant and equipment (Euro 16.9 million in 9M 2024), including moulds;
- Vetri Speciali SpA, for its share, for Euro 18 million (Euro 33.1 million in the first nine months of 2024) for the refurbishment of a kiln, plant and equipment, including moulds and buildings;
- Raw glass treatment business unit: Euro 0.2 million for new plant and equipment.
- Italian Glass Moulds S.r.l.: for Euro 0.1 million for new equipment.
Consolidated equity, including the net result for the first nine months of the year, amounted at 30 September 2025 to Euro 344.1 million compared to Euro 353.1 million at 31 December 2024 (-7.1%) and Euro 339.9 million at 30 June 2025 (+1.3%). The decrease on 31 December 2024 of Euro 26.1 million is due to a consolidated profit for the period (+Euro 13.2 million) lower than the dividend distributed (-Euro 39.7 million) and the change in the translation reserve and other changes (+Euro 0.4 million).
The Zignago Vetro Group workforce at 30 September 2025 numbered 2,741 compared to 2,822 at the same date in the previous year. At 30 June 2025, there were 2,719 employees, while at 31 December 2024 employees numbered 2,807. The employees of Vetri Speciali SpA, of Vetreco Srl and of Julia Vitrum SpA have been fully incorporated.
{25}------------------------------------------------
The composition of Group personnel at 30 September 2024 is shown in the table below:
| Composition | Executives | White-collars | Blue-collars |
|---|---|---|---|
| Workforce | 32 | 565 | 2,144 |
| Average age | 53 | 41 | 42 |
| Years of service in Group Companies | 14 | 15 | 15 |
The reclassified statement of financial position of the Individual companies of the Zignago Vetro Group at 30 September 2025 and 2024 follows.
| 30.09.2025 | Zignago Vetro SpA |
Zignago Vetro France Sas |
Vetri Speciali SpA & its subsidiarie s (*) |
Zignago Vetro Polska Sa |
Zignago Glass USA Inc. |
Vetro Revet Srl |
Vetreco Srl (*) |
Julia Vitrum Spa (*) |
Italian Glass Moulds Srl |
|---|---|---|---|---|---|---|---|---|---|
| (Euro thou. ) | |||||||||
| Working | |||||||||
| capital | 103,292 | 16,507 | 30,571 | 24,989 | 163 | 1,031 | (33) | 1,517 | 1,251 |
| Net fixed | |||||||||
| capital | 207,466 | 13,388 | 182,144 | 58,623 | 79 | 8,184 | 4,833 | 11,014 | 6,394 |
| Total Assets | 310,758 | 29,895 | 212,715 | 83,612 | 242 | 9,215 | 4,800 | 12,531 | 7,645 |
| Net financial | |||||||||
| debt | 140,668 | 11,188 | 91,528 | 9,766 | (7) | 7,419 | 2,466 | 10,716 | 7,860 |
| Equity | |||||||||
| 170,090 | 18,707 | 121,187 | 73,846 | 249 | 1,796 | 2,334 | 1,815 | (215) | |
| Total Liabilities | 310,758 | 29,895 | 212,715 | 83,612 | 242 | 9,215 | 4,800 | 12,531 | 7,645 |
| 30.09.2024 | Zignago Vetro SpA |
Zignago Vetro France |
Vetri Speciali SpA & its subsidiarie |
Zignago Vetro Polska |
Zignago Glass USA |
Vetro Revet Srl |
Vetreco Srl (*) |
Julia Vitrum Spa (*) |
Italian Glass Moulds |
| Sas | s (*) | Sa | Inc. | Srl | |||||
| (Euro thou.) | |||||||||
| Working | |||||||||
| capital | 122,467 | 19,599 | 37,689 | 22,039 | 77 | 1,359 | 359 | 1,543 | 1,251 |
| Net fixed | |||||||||
| capital | 220,009 | 14,424 | 161,393 | 61,701 | 74 | 8,284 | 4,621 | 11,131 | 6,394 |
| Total Assets | 342,476 | 34,023 | 199,082 | 83,740 | 151 | 9,643 | 4,980 | 12,674 | 7,645 |
| Net financial | |||||||||
| debt | 162,749 | 14,490 | 75,948 | 14,945 | (253) | 7,868 | 2,418 | 10,523 | 7,860 |
| Equity | 179,727 | 19,533 | 123,134 | 68,795 | 404 | 1,775 | 2,562 | 2,151 | (215) |
| Total Liabilities (*) For Group share |
342,476 | 34,023 | 199,082 | 83,740 | 151 | 9,643 | 4,980 | 12,674 | 7,645 |
{26}------------------------------------------------
The net financial debt, again according to management's view as outlined in the introduction, at 30 September 2025 was Euro 276.6 million, decreasing Euro 24.7 million (-8.2%) on 31 December 2024 and by Euro 23.7 million (-7.9%) on 30 June 2025.
The cash flow movements affecting the consolidated net financial position in the third quarter and in the first nine months of the year compared with the same periods in the previous year were as follows:
| (Euro thousands) | 30 September 2025 |
30 June 2025 | 31 December 2024 |
30 September 2024 |
|---|---|---|---|---|
| Net financial debt at 1 January Self-financing: |
(301,320) | (301,320) | (227,905) | (227,905) |
| - Group profit for the period | 13,181 | 8,812 | 51,871 | 32,259 |
| - amortisation & depreciation | 52,587 | 34,690 | 67,712 | 52,008 |
| - net change in provisions | (1,256) | (1,723) | (1,997) | 94 |
| - net gains (losses) from sale of property, plant and equipment |
(49) 64,463 |
(49) 41,730 |
6 117,592 |
(98) 84,263 |
| (Increase)/decrease in working capital Net investments |
41,871 (39,690) |
28,265 (27,816) |
(33,853) (91,363) |
(14,532) (75,608) |
| Decrease (increase) of other medium/long term assets |
(1,380) | (1,788) | 6,474 | 5,535 |
| Sales prices of property, plant and equipment |
49 | 49 | 105 | 107 |
| 850 | (1,290) | (118,637) | (84,498) | |
| Free cash flow | 65,313 | 40,440 | (1,045) | (235) |
| Dividends distributed IFRS 16 |
(39,719) (1,300) |
(39,719) 0 |
(66,376) (1,768) |
(66,376) 0 |
| Acquisition of treasury shares | 183 | 0 | (3,087) | (1,990) |
| Effect on equity of translation of foreign currency financial statements and other |
||||
| changes | 213 | 229 | (1,139) | 301 |
| (40,623) | (39,490) | (72,370) | (68,065) | |
| Increase of net financial debt | 24,690 | 950 | (73,415) | (68,300) |
| Net debt at end of period | (276,630) | (300,370) | (301,320) | (296,205) |
{27}------------------------------------------------
Reconciliation between the Group and Parent result and equity
The reconciliation between the net result for the first nine months of 2025 and the equity at 30 September 2025 of the Parent and the consolidated result are summarised below:
| (Euro thousands) | ||
|---|---|---|
| Net profit 9M 2025 | Equity at 30 September 2025 |
|
| Financial statements of the Parent | 20,740 | 170,090 |
| Consolidation adjustments: | ||
| interests in joint ventures measured using equity method | 7,608 | 98,729 |
| reversal of inter-company dividends | (15,094) | 0 |
| reversal of inter-company Profit goodwill on acquisition of ZVP SA and adjustment to year-end |
(114) | (289) |
| exchange rate | 0 | 720 |
| consolidation effect of the investee Vetro Revet | 0 | 2,017 |
| IFRS 16 | 2 | 5 |
| ZVP Loan | 15 | (36) |
| (7,583) | 101,146 | |
| Carrying amount of equity investments: | ||
| Zignago Vetro France Sas | 0 | (4,000) |
| Zignago Glass USA Inc. | 0 | (189) |
| Zignago Vetro Polska Sa | 0 | (10,327) |
| Vetro Revet Srl | 0 | (3,030) |
| Italian Glass Moulds Srl | 0 | (2,825) |
| 0 | (20,371) | |
| Profit/(loss) and equity of the subsidiaries: | ||
| Zignago Vetro France Sas | (2,061) | 18,707 |
| Zignago Glass USA Inc. | 339 | 476 |
| Zignago Vetro Polska Sa | 2,638 | 73,846 |
| Vetro Revet Srl | 1 | 416 |
| Italian Glass Moulds Srl | (893) | (163) |
| 24 | 93,282 | |
| (Profit) loss non-con. int. | 0 | 399 |
| Consolidated Financial Statements | 13,181 | 344,546 |
{28}------------------------------------------------
The reclassified statement of financial position of the Zignago Vetro Group at 30 September 2025, according to IFRS in force at 30 September 2025, including the effects from IFRS 11, as from 1 January 2014, compared with 30 June 2025 and 31 December and 30 September 2024, is reported below:
| 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | Euro thou. | % | Euro thou. | % | |
| Trade receivables | 114,113 | 116,401 | 115,196 | 114,422 | ||||
| Other receivables | 11,812 | 14,390 | 22,912 | 19,339 | ||||
| Inventories | 145,951 | 145,010 | 157,954 | 154,800 | ||||
| Current non-financial payables | (121,751) | (118,131) | (125,155) | (114,544) | ||||
| Payables on fixed assets | (5,717) | (6,548) | (11,393) | (5,655) | ||||
| A) Working capital | 144,408 | 27.9% | 151,122 | 28.5% | 159,514 | 27.6% | 168,362 | 29.9% |
| Net tangible and intangible assets | 248,575 | 254,984 | 276,662 | 269,437 | ||||
| Goodwill | 2,737 | 2,741 | 2,725 | 2,735 | ||||
| Equity investments measured using the equity method |
125,608 | 123,719 | 142,007 | 127,847 | ||||
| Other eq. invest. & non-current | 9,614 | 10,191 | 11,473 | 9,692 | ||||
| assets | ||||||||
| Non-current provisions and non-financial payables |
(12,862) | (12,789) | (14,421) | (14,944) | ||||
| B) Net fixed capital | 373,672 | 72.1% | 378,846 | 71.5% | 418,446 | 72.4% | 394,767 | 70.1% |
| A+B= Net capital employed | 518,080 100.0% | 529,968 100.0% | 577,960 | 100.0% | 563,129 100.0% | |||
| Financed by: | ||||||||
| Current loans and borrowings | 89,420 | 114,027 | 110,430 | 92,971 | ||||
| Cash and cash equivalents | (82,039) | (78,009) | (80,271) | (59,223) | ||||
| Current net debt | 7,381 | 1.4% | 36,018 | 6.8% | 30,159 | 5.2% | 33,748 | 6.0% |
| Non-current loans and | 166,153 | 32.1% | 153,940 | 29.0% | 158,382 | 27.4% | 175,768 | 31.2% |
| borrowings C) Net financial debt |
173,534 | 33.5% | 189,958 | 35.8% | 188,541 | 32.6% | 209,516 | 37.1% |
| Opening Group equity | 370,289 | 370,289 | 317,950 | 388,719 | ||||
| Dividends paid | (39,719) | (39,719) | (53,261) | (66,376) | ||||
| Other equity changes | 396 | 479 | 1,627 | (1,495) | ||||
| Group Profit | 13,181 | 8,812 | 122,392 | 32,259 | ||||
| D) Closing equity | 344,147 | 66.4% | 339,861 | 64.1% | 388,708 | 67.2% | 353,107 | 62.7% |
| E) Non-controlling interest equity | 399 | 0.1% | 149 | 0.0% | 711 | 0.1% | 506 | 0.1% |
| D)+E) Group Equity | 344,546 | 66.5% | 340,010 | 64.2% | 389,419 | 67.4% | 353,613 | 62.9% |
| C+D+E = Total financial debt | ||||||||
| and equity | 518,080 100.0% | 529,968 100.0% | 577,960 | 100.0% | 563,129 100.0% |
{29}------------------------------------------------
For a better understanding of the statement of financial position at 30 September 2025, stated in accordance with management's view, a reconciliation is provided below of the version which values the investments in joint ventures at equity and the version utilising the proportional consolidation method, as adopted by the Group until 31 December 2013.
| Proportional consolidation | |||||||
|---|---|---|---|---|---|---|---|
| 30.9.2025 IAS/IFRS |
Vetri Speciali SpA |
Vetreco Srl | Julia Vitrum Spa |
Adjustment to Parent principles |
Neutralisati on JV using the equity criteria |
30.9.2025 pre-IFRS 11 (manageme nt view) |
|
| Euro thou. | Euro thou. | Euro thou. | Euro thou. | Euro thou. | Euro thou. | Euro thou. | |
| Trade receivables | 114,113 | 26,913 | 866 | 2,493 | (1,802) | 0 | 142,583 |
| Other receivables | 11,812 | 6,076 | 485 | 518 | 1,419 | 0 | 20,310 |
| Inventories | 145,951 | 30,971 | 957 | 1,076 | 0 | 0 | 178,955 |
| Current non-financial payables | (121,751) | (30,715) | (3,359) | (2,730) | 1,802 | 0 | (156,753) |
| Payables on fixed assets | (5,717) | (2,674) | (18) | 0 | 0 | 0 | (8,409) |
| A) Working capital | 144,408 | 30,571 | (1,069) | 1,357 | 1,419 | 0 | 176,686 |
| Net tangible and intangible assets | 248,575 | 133,353 | 4,019 | 10,547 | 0 | 0 | 396,494 |
| Goodwill | 2,737 | 50,743 | 0 | 0 | 0 | 0 | 53,480 |
| Equity investments measured using the equity method |
125,608 | 0 | 0 | 0 | 0 | (125,608) | 0 |
| Other eq. invest. & non-current assets | 9,614 | 4,118 | 385 | 760 | 0 | 0 | 14,877 |
| Non-current provisions and non-financial payables |
(12,862) | (6,070) | (30) | (1,399) | 0 | 0 | (20,361) |
| B) Net fixed capital | 373,672 | 182,144 | 4,374 | 9,908 | 0 | (125,608) | 444,490 |
| A+B= Net capital employed | 518,080 | 212,715 | 3,305 | 11,265 | 1,419 | (125,608) | 621,176 |
| Financed by: | |||||||
| Current loans and borrowings | 89,420 | 33,040 | 2,039 | 1,305 | 419 | 0 | 126,223 |
| Cash and cash equivalents | (82,039) | (6,819) | (157) | (465) | 1,000 | 0 | (88,480) |
| Current net debt | 7,381 | 26,221 | 1,882 | 840 | 1,419 | 0 | 37,743 |
| Non-current loans and borrowings | 166,153 | 65,307 | 0 | 7,427 | 0 | 0 | 238,887 |
| C) Net financial debt | 173,534 | 91,528 | 1,882 | 8,267 | 1,419 | 0 | 276,630 |
| Opening equity | 370,289 | 128,715 | 1,633 | 2,595 | 0 | (132,943) | 370,289 |
| Dividends | (39,719) | (15,094) | 0 | 0 | 15,094 | (39,719) | |
| Other equity changes | 396 | (204) | 0 | 355 | 0 | (151) | 396 |
| Profit for the period | 13,181 | 7,770 | (210) | 48 | 0 | (7,608) | 13,181 |
| D) Closing equity | 344,147 | 121,187 | 1,423 | 2,998 | 0 | (125,608) | 344,147 |
| E) Non-controlling interest equity | 399 | 0 | 0 | 0 | 0 | 0 | 399 |
| D)+E) Group Equity | 344,546 | 121,187 | 1,423 | 2,998 | 0 | (125,608) | 344,546 |
| C+D+E = Total financial debt and equity | 518,080 | 212,715 | 3,305 | 11,265 | 1,419 | (125,608) | 621,176 |
{30}------------------------------------------------
Research, development and advertising costs
The companies of the Zignago Vetro Group undertook research and development focused on process and product innovation which resulted in, among other developments, the use of new materials, the introduction of new products and the application of new technical-production solutions for the "food and beverages", "cosmetics and perfumery" and "special containers" sectors.
Zignago Vetro SpA also carried out research and development for the design and introduction of new information management systems, including improvements to the process IT set up, in order to create more efficient and effective operating instruments.
Therefore, Zignago Vetro SpA avails of the tax credit under Law 190/2014, establishing this amount according to the methodologies communicated in the Tax Agency Circular.
Environmental information
In the first nine months of 2025, the commitment of the companies of the Zignago Vetro Group continued in the protection of the environment with the continual improvement of the policies of territorial protection and management of environmental issues with actions aimed to reduce atmospheric emissions and energy consumption in the utilisation of natural resources and the optimisation of the production cycle, while remaining continually attentive to new and future technology developed internationally.
Risks related to personnel, safety and management
The Companies of the Zignago Vetro Group implement plant management policies to minimise the risk of accidents ensuring high levels of security in line with best industrial practices, utilising insurance to guarantee an extensive degree of protection for company structures, third party risks and interruptions in production activity. The company trains and motivates the workforce to guarantee efficiency and normal operational continuity.
Personal data security and protection
With regards to the obligations under Regulation (EU) 679/2016 (European General Data Protection ("GDPR")), the Group companies adopted the technical and organisational measures necessary to ensure the confidentiality and protection of processed data as set out in Article 32 of the Regulation.
{31}------------------------------------------------
Financial instruments: Group objectives & policies and description of risks
With regards to No. 6 bis of paragraph 3 of Article 2428 of the Civil Code, the main financial instruments used by the Zignago Vetro Group consist of trade receivables and payables, cash & cash equivalents, bank borrowings and interest rate swap contracts. The exchange risk is not currently considered significant.
As regards the Group's financial management, the cash flow from operating activities are considered to be consistent with objectives for repayment of existing debt and such as to assure appropriate financial balance and adequate return on equity via dividend flows.
At 30 September 2025, the Zignago Vetro Group had undertaken Interest Rate Swaps in order to hedge the interest rate risk on medium-long term loans undertaken by Zignago Vetro SpA.. The mark to market of these derivatives at 30 September 2025 were as follows (in Euro):
| Company | Underlying | Notional at the reporting date |
Maturity | Market value at 30.09.2025 |
|---|---|---|---|---|
| Zignago Vetro SpA | Loan hedges - IRS | 9,000,000 | Beyond 12 months | 105,717 |
| Zignago Vetro SpA | Loan hedges - IRS | 103,373,529 | Within 12 months | 408,381 |
| Zignago Vetro SpA | Commodity hedges | 8,350,304 | Within 12 months | (577,543) |
| Zignago Vetro Polska | Loan hedges - IRS | 3,035,000 | Within 12 months | 6,507 |
| Zignago Vetro Polska | Foreign currency hedges |
420,039 | Within 12 months | 3,801 |
| Total | 124,178,872 | (53,137) |
The above-mentioned transactions were undertaken for hedging purposes and provide for the payment of a fixed interest rate against the receipt of a variable interest rate. However, these transactions do not comply with all the requirements of IFRS to qualify for hedge accounting. Therefore, the Zignago Vetro Group does not use the so-called hedge accounting method and records the economic effects of hedging directly to profit or loss.
We consider that the Zignago Vetro Group is not exposed to credit risk any higher than the industry average, given that most receivables relate to customers of well-established commercial reliability and also that most are insured. Allowance for impairment debts has in any case been made to cover against any residual credit risks. We specify that such allowance was made in the period and in previous periods against specific positions involved in procedures or with longer past-due status than the Group companies' average collection times. Collective allowances for impairment have also been made for potential bad debts.
The currency risk is currently not considered significant, as transactions are almost exclusively carried out in Euro.
{32}------------------------------------------------
In relation to the currency risk, the Group did not subscribe to any currency hedging instruments and, in accordance with the Group policy to date, derivative financial instruments are not taken out for trading purposes. Therefore, the Zignago Vetro Group remains exposed to the currency risk on the assets and liabilities in foreign currencies at year-end, which is not considered significant. A number of subsidiaries of the Zignago Vetro Group are located in countries not within the Eurozone: the United States and Poland. As the Zignago Vetro Group's functional currency is the Euro, the income statements of these companies are translated into Euro at the average exchange rate and, on like-for-like basis for revenues and profit in the local currency, changes in the exchange rate may impact the value in Euro of revenues, costs and profit (loss).
Zignago Vetro SpA is exposed to fluctuations in some commodity prices, in particular those relating to energy factors, such as fuel, utilised in the production process. Where considered appropriate, in order to neutralise the price effect, the Company undertook hedging transactions through the use of derivative financial instruments.
The Zignago Vetro Group's present reference market does not involve areas possibly requiring country-risk management. Trade transactions substantially take place in western countries, primarily in the Euro and USD areas.
* * *
Pursuant to the Bank of Italy/ Consob /Isvap document No. 2 of 6 February 2009, it is considered, based on the strong profitability, on the Group's solid balance sheet and in spite of the current economic environment, that there are no uncertainties or risks on the going concern of the business.
It is considered that the information provided, together with the information illustrated below and relating to the performance of the individual companies, represents a true, balanced and exhaustive analysis of the situation of the Group and of the results of operations, overall and in the various sectors, in accordance with the size and complexity of the Group's business operations.
* * *
It is considered that the information provided, together with the information illustrated relating to the parent company Zignago Vetro S.p.A., represents a true, balanced and exhaustive analysis of the situation of the Group and of the results of operations, overall and in the various sectors, in accordance with the size and complexity of the Group.
For greater clarity, the result of operations and statement of financial position of the parent company are presented according to normal reporting practices.
{33}------------------------------------------------
The Company - Zignago Vetro SpA
The Zignago Vetro SpA reclassified income statement for the third quarter of 2025 compared to the same period of the previous year is presented below.
| Q3 2025 | Q3 2024 | Changes | |||
|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | % | |
| Revenues | 79,878 | 100.0% | 80,071 | 100.0% | (0.2)% |
| Changes in finished and semi-finished | |||||
| products and work in progress | 4,081 | 5.1% | 2,604 | 3.3% | 56.7% |
| Internal production of fixed assets | 243 | 0.3% | 0 | n.a. | |
| Value of production | 84,202 | 105.4% | 82,675 | 103.3% | 1.8% |
| Cost of goods and services | (58,132) | (72.8)% | (56,997) | (71.2)% | 2.0% |
| Value added | 26,070 | 32.6% | 25,678 | 32.1% | 1.5% |
| Personnel expenses | (11,642) | (14.6)% | (11,289) | (14.1)% | 3.1% |
| EBITDA | 14,428 | 18.1% | 14,389 | 18.0% | 0.3% |
| Amortisation and depreciation | (9,498) | (11.9)% | (9,932) | (12.4)% | (4.4)% |
| Accruals to provisions | (235) | (0.3)% | (210) | (0.3)% | n.a. |
| EBIT | 4,695 | 5.9% | 4,247 | 5.3% | 10.5% |
| Other income (charges) | (126) | (0.2)% | 463 | 0.6% | n.a. |
| Operating Profit | 4,569 | 5.7% | 4,710 | 5.9% | (3.0)% |
| Net financial expense | (1,262) | (1.6)% | (3,300) | (4.1)% | (61.8)% |
| Net exchange rate gains/(losses) | (17) | 0 | (83) | (0.1)% | n.a. |
| Profit before taxes | 3,290 | 4.1% | 1,327 | 1.6% | 147.9% |
| Income taxes | (798) | (1.0)% | (520) | (0.5)% | 53.5% |
| (tax-rate 2024: 39.2%) | |||||
| (tax-rate 2024: 39.2%) | |||||
| Profit for the period | 2,492 | 3.1% | 807 | 1.0% | 208.8% |
{34}------------------------------------------------
The Zignago Vetro SpA reclassified income statement for the first nine months of 2025 compared to the previous year is shown below:
| 9M 2025 | 9M 2024 | Changes | |||
|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | % | |
| Revenues | 251,198 | 100.0% | 250,618 | 100.0% | 0.2% |
| Changes in finished and semi-finished | |||||
| products and work in progress | (7,256) | (2.9)% | (1,932) | (0.8)% | n.a. |
| Internal production of fixed assets | 285 | 0.1% | 797 | 0.4% | n.a. |
| Value of production | 244,227 | 97.2% | 249,483 | 99.5% | (2.1)% |
| Cost of goods and services | (169,774) | (67.6)% | (168,016) | (67.0)% | 1.0% |
| Value added | 74,453 | 29.6% | 81,467 | 32.5% | (8.6)% |
| Personnel expenses | (34,216) | (13.6)% | (35,265) | (14.1)% | (3.0)% |
| EBITDA | 40,237 | 16.0% | 46,202 | 18.4% | (12.9)% |
| Amortisation and depreciation | (28,493) | (11.3)% | (29,866) | (11.9)% | (4.6)% |
| Accruals to provisions | (355) | (0.1)% | (530) | (0.2)% | (33.0)% |
| EBIT | 11,389 | 4.5% | 15,806 | 6.3% | (27.9)% |
| Other income (charges) | 243 | 0.1% | 1,119 | 0.4% | (78.3)% |
| Operating Profit | 11,632 | 4.6% | 16,925 | 6.8% | (31.3)% |
| Investment income | 15,094 | 6.0% | 29,684 | 11.8% | (49.2)% |
| Net financial expense | (4,639) | (1.8)% | (6,674) | (2.7)% | (30.5)% |
| Net exchange rate gains/(losses) | (282) | (0.1)% | (68) | 0 | n.a. |
| Profit before taxes | 21,805 | 8.7% | 39,867 | 15.9% | (45.3)% |
| Income taxes | (1,065) | (0.4)% | (2,226) | (0.8)% | (52.2)% |
| (tax-rate 2024: 5.6%) | |||||
| (tax-rate 2023: 13.1%) | |||||
| Profit for the period | 20,740 | 8.3% | 37,641 | 15.0% | (44.9)% |
In the third quarter revenues amounted to Euro 80 million, decreasing 0.2% on the same period of 2024. Revenues in the first nine months of 2025 amounted to Euro 251.2 million, compared to Euro 250.6 million in the same period of the previous year (+0.2%).
Revenues by geographic segment, excluding sundry materials and services:
| (Euro thousands) | Q3 | 9M | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | Change % | 2025 | 2024 | Change % | |
| Italy | 65,349 | 62,449 | 4.6% | 203,988 | 199,499 | 2.3% |
| EU Europe (Italy | 10,075 | 11,791 | (14.6)% | 33,339 | 39,475 | (15.5)% |
| excluded) Other areas |
4,454 | 5,831 | (23.6)% | 13,871 | 11,644 | 19.1% |
| Total | 79,878 | 80,071 | (0.2)% | 251,198 | 250,618 | 0.2% |
| of which export | 14,529 | 17,622 | (17.6)% | 47,210 | 51,119 | (7.6)% |
| % | 18.2% | 22.0% | 18.8% | 20.4% |
{35}------------------------------------------------
In the first nine months of the year, exports decreased 7.6% on the same period of 2024, accounting for 18.8% of revenues (20.4% in 2024). In the third quarter of 2025, exports decreased by 17.6% on the same period of the previous year and accounted for 18.2% of revenues (22.0% in Q3 2024).
Material costs and external services, including changes in inventories and the internal production of fixed assets, increased in the first nine months of 2025 on the same period of 2024 from Euro 169.2 million to Euro 176.7 million (+4.5%). These costs as a percentage of revenues were 70.4% (67.5% in 9M 2024). In Q3 2025, these costs reduced on the same period of 2024, from Euro 54.4 million to Euro 53.8 million (-1.1%) and accounted for 67.4% of revenues compared to 67.9% in the same period of the previous year.
Personnel expense in the first nine months of the year decreased compared to the same period of 2024 by 3%. They accounted for 13.6% of revenues compared to 14.1%. In Q3 2025, personnel expenses increased on the same period of 2024 by 3.1% - accounting for 14.6% of revenues, compared to 14.1%.
EBITDA in the first nine months of 2025 amounted to Euro 40.2 million, compared to Euro 46.2 million in 2024 (-12.9%), with a revenue margin of 16% compared to 18.4% in the first nine months of 2024. In Q3 2025 EBITDA rose 0.3% (from Euro 14.4 million to Euro 14.4 million), while the revenue margin increased from 18% to 18.1%.
EBIT in the first nine months of 2025 totalled Euro 11.4 million, decreasing on Euro 15.8 million in the same period of the previous year. The EBIT margin decreased from 6.3% in the first nine months of 2024 to 4.5% in the first nine months of 2025. An increase of Euro 0.5 million was reported in Q3 2025 on the same period of 2024 (from Euro 4.2 million to Euro 4.7 million), with the revenue margin increasing from 5.3% to 5.9%.
Investment income in the first nine months of the year amounted to Euro 15 million and concerns Vetri Speciali SpA dividends (Euro 29.7 million in 2024).
The profit before taxes for the first nine months of 2025 was Euro 21.8 million, decreasing 45.3% on Euro 39.9 million in the first nine months of 2024. The margin decreased to 8.7% from 15.9%. In Q3 2025, the profit before taxes grew by Euro 2 million on the same period in 2024 (from Euro 1.3 million to Euro 3.3 million), with a profit margin of 4.1% (compared to 1.6%).
In Q3 2025, the profit totalled Euro 2.5 million, an increase of Euro 1.7 million on the third quarter of 2024, with a 3.1% margin (1% in the previous year). The profit for the first nine months of 2025 was Euro 20.7 million compared to Euro 37.6 million in the first nine months of 2024 (-44.9%), after income taxes of Euro 1 million and Euro 2.2 million respectively. The tax rate for the first nine months of 2025 was 4.9%, compared to 5.6% in the first nine months of 2024.
Cash flow generated from profits and amortisation/depreciation for the nine months of 2025 amounted to Euro 49.2 million (Euro 67.5 million in the same period of 2024), decreasing
-27%. It was 27% of revenues, net of the income from Vetri Speciali (13.4% in the same period of 2024).
{36}------------------------------------------------
The reclassified statement of financial position of Zignago Vetro SpA at 30 September and 30 June 2025 and 31 December and 30 September 2024 was as follows:
| 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | Euro thou. | % | Euro thou. | % | |
| Trade receivables | 94,255 | 98,562 | 89,048 | 93,293 | ||||
| Other receivables | 10,149 | 10,838 | 23,523 | 13,165 | ||||
| Inventories | 110,705 | 107,341 | 121,099 | 117,540 | ||||
| Current non-financial payables | (107,023) | (102,339) | (90,849) | (97,958) | ||||
| Payables on fixed assets | (4,794) | (5,422) | (6,706) | (3,573) | ||||
| A) Working capital | 103,292 | 33.2% | 108,980 | 34.0% | 136,115 | 38.3% | 122,467 | 35.8% |
| Net tangible and intangible | ||||||||
| assets | 165,865 | 170,145 | 178,956 | 180,884 | ||||
| Equity investments | 47,250 | 47,250 | 47,250 | 45,750 | ||||
| Other eq. invest. & non-current | ||||||||
| assets | 3,779 | 3,899 | 3,666 | 4,351 | ||||
| Non-current provisions and | ||||||||
| non-financial payables | (9,428) | (9,299) | (10,249) | (10,976) | ||||
| B) Net fixed capital | 207,466 | 66.8% | 211,995 | 66.0% | 219,623 | 61.7% | 220,009 | 64.2% |
| A+B= Net capital employed | 310,758 100.0% | 320,975 100.0% | 355,738 100.0% | 342,476 100.0% | ||||
| Financed by: | ||||||||
| Current loans and borrowings | 84,789 | 108,171 | 82,725 | 86,614 | ||||
| Cash and cash equivalents | (105,966) | (103,943) | (74,420) | (92,275) | ||||
| Current net debt | (21,177) | (6.8)% | 4,228 | 1.3% | 8,305 | 2.3% | (5,661) | (1.7)% |
| Non-current loans and borrowings |
161,845 | 52.1% | 149,293 | 46.5% | 158,575 | 44.5% | 168,410 | 49.2% |
| C) Net financial debt | 140,668 | 45.3% | 153,521 | 47.8% | 166,880 | 46.9% | 162,749 | 47.5% |
| Opening equity | 188,858 | 188,858 | 210,129 | 210,129 | ||||
| Dividends paid | (39,719) | (39,719) | (66,376) | (66,376) | ||||
| Profit for the period | 20,740 | 18,248 | 48,828 | 37,641 | ||||
| Other changes | 211 | 67 | (3,723) | (1,667) | ||||
| D) Closing equity | 170,090 | 54.7% | 167,454 | 52.2% | 188,858 | 53.1% | 179,727 | 52.5% |
| C+D = Total Financial Debt | ||||||||
| and Equity |
310,758 100.0% | 320,975 100.0% | 355,738 100.0% | 342,476 100.0% |
{37}------------------------------------------------
Working capital in the first nine months of 2025 decreased on 31 December 2024 by Euro 32.8 million (- 24.1%), while in the third quarter of 2025 it decreased Euro 5.7 million (-5.2%). Trade receivables decreased compared to the end of 2024 by Euro 5.2 million and by Euro 4.3 million compared to 30 June 2025; other receivables decreased by Euro 13.4 million compared to 31 December 2024 and by Euro 0.7 million compared to 30 June 2025.
Inventories decreased by Euro 10.4 million (-8.6%) compared to 31 December 2024 and by Euro 5.7 million compared to 30 June 2025 (-5.2%).
Current non-financial payables increased Euro 16.2 million compared to 31 December 2024 and increased Euro 4.7 million on 30 June 2025; payables on fixed assets reduced Euro 1.9 million on 31 December 2024 and Euro 5.7 million on 30 June 2025.
The net fixed capital at 30 September 2025 decreased compared to 31 December 2024 by Euro 12.1 million, principally concerning capital expenditure (Euro 15.4 million) lower than depreciation provisioned in the same period (Euro 28.5 million).
The decrease in equity at 30 September 2025 compared to 31 December 2024 (-Euro 18.8 million) reflects mainly the profit in the period (+Euro 20.7 million) against the distribution of dividends (-Euro 39.7 million).
Due to that outlined above, the net debt at 30 September 2025 amounted to Euro 140.7 million, Euro 26.2 million lower than 31 December 2024 (-15.7%) and Euro 12.8 million lower than 30 June 2025 (-8.4%).
At 30 September 2025, there were 743 employees (at 31 December 2024 and 30 September 2024 there were 732 and 732 employees respectively).
{38}------------------------------------------------
Significant events after 30 September 2025
No significant events occurred after 30 September 2025.
Atypical and/or unusual transactions
There were no atypical and/or unusual transactions for the period ended 30 September 2025 as defined by
Consob Communication DEM/6064293.
Outlook
Although within a competitive environment, the recovery in demand and the volume growth of Beverages and
Food glass containers emerging in the first half of the year continues to consolidate and see sales prices stabilise.
Cosmetics and Perfumery container market demand is still impacted by the slowdown experienced during previous quarters. Final consumption uncertainty and destocking along the supply chain continue to impact the
Group performance, although a number of positive signs for new product development suggest a slow recovery
in demand.
In Q3 2025, the trade tensions due to the introduction of new protectionist measures, continued geopolitical
instability, and the lack of a conclusion to the related conflicts place us in a still volatile economic environment
that the Group is closely monitoring.
Against this backdrop, the Group companies are committed to improving the balanced between production costs
and selling prices through optimising production capacity and cost control, in addition to the constant pursuit
of flexibility. These factors are key to the Group's recovery of margins and the maintenance of solid cash
generation, which were a feature of the first nine months of the year.
Despite limited visibility on the recovery of market conditions with particular regard to the Cosmetics and
Perfumery segments, the medium-to-long-term outlook for glass containers is considered positive and the
Group's fundamentals solid.
Fossalta di Portogruaro, 6 November 2025
The BOARD OF DIRECTORS
The Chairperson
Nicolo' Marzotto
39
{39}------------------------------------------------
{40}------------------------------------------------
{41}------------------------------------------------
Statement of financial position
| (Euro thousands) | 30.09.2025 | 30.06.2025 | 31.12.2024 | 30.09.2024 | Note |
|---|---|---|---|---|---|
| ASSETS | |||||
| Non-current assets | |||||
| Property, plant and equipment | 247,245 | 253,509 | 265,782 | 267,920 | (1) |
| Goodwill | 2,737 | 2,741 | 2,736 | 2,735 | (2) |
| Intangible assets | 1,330 | 1,475 | 1,509 | 1,517 | |
| Equity-accounted investees | 125,608 | 123,719 | 132,943 | 127,847 | (3) |
| Equity investments | 389 | 389 | 386 | 388 | |
| Other non-current assets | 1,081 | 1,727 | 910 | 1,442 | (4) |
| Deferred tax assets | 8,144 | 8,075 | 6,868 | 7,862 | |
| Total non-current assets | 386,534 | 391,635 | 411,134 | 409,711 | |
| Current assets | |||||
| Inventories | 145,951 | 145,010 | 161,434 | 154,800 | (5) |
| Trade receivables | 114,113 | 116,401 | 107,110 | 114,422 | (6) |
| Other current assets | 10,214 | 10,581 | 15,147 | 13,515 | (7) |
| Current tax assets | 1,598 | 3,809 | 12,054 | 3,624 | |
| Other current financial assets | 1,419 | 540 | 1,421 | 2,200 | (8) |
| Cash and cash equivalents | 82,039 | 78,009 | 47,193 | 59,223 | (9) |
| Total current assets | 355,334 | 354,350 | 344,359 | 347,784 | |
| TOTAL ASSETS | 741,868 | 745,985 | 755,493 | 757,495 | |
| EQUITY & LIABILITIES | |||||
| EQUITY | |||||
| Share capital | 8,932 | 8,932 | 8,932 | 8,932 | |
| Reserves | 52,993 | 52,532 | 52,772 | 51,130 | |
| Acquisition of treasury shares | (10,400) | (10,400) | (10,547) | (9,450) | |
| Retained earnings | 279,441 | 279,985 | 267,261 | 270,236 | |
| Group Profit | 13,181 | 8,812 | 51,871 | 32,259 | |
| TOTAL GROUP EQUITY | 344,147 | 339,861 | 370,289 | 353,107 | |
| NON-CONTROLLING INT. EQUITY | 399 | 149 | 399 | 506 | |
| TOTAL SHAREHOLDERS' EQUITY | 344,546 | 340,010 | 370,688 | 353,613 | (10) |
| LIABILITIES | |||||
| Non-current liabilities | |||||
| Provisions for risks and charges | 2,749 | 2,574 | 2,875 | 3,409 | (11) |
| Post-employment | |||||
| benefit provision | 3,809 | 3,888 | 4,078 | 4,167 | (12) |
| Non-current loans and borrowings | 166,153 | 153,940 | 163,003 | 175,768 | (13) |
| Other non-current liabilities | 4,163 | 4,185 | 4,697 | 5,121 | (14) |
| Deferred tax liabilities | 2,141 | 2,142 | 2,159 | 2,247 | |
| Total non-current liabilities | 179,015 | 166,729 | 176,812 | 190,712 | |
| Current liabilities | |||||
| Bank loans & borrowings and current portion of non-current loans & borrowings |
90,839 | 114,567 | 91,403 | 92,971 | (15) |
| Trade and other payables | 98,098 | 94,666 | 87,525 | 90,482 | (16) |
| Other current liabilities | 29,098 | 29,809 | 27,932 | 28,663 | (17) |
| Current tax payables | 272 | 204 | 1,133 | 1,054 | (18) |
| Total current liabilities | 218,307 | 239,246 | 207,993 | 213,170 | |
| TOTAL LIABILITIES | 397,322 | 405,975 | 384,805 | 403,882 | |
| TOTAL EQUITY AND LIABILITIES | 741,868 | 745,985 | 755,493 | 757,495 | |
{42}------------------------------------------------
Income Statement
| (Euro thousands) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | Note |
|---|---|---|---|---|---|
| Revenues | 109,129 | 109,265 | 336,728 | 351,904 | (19) |
| Raw materials, ancillaries, consumables and goods |
|||||
| Service costs | (25,326) (43,804) |
(26,281) (43,185) |
(89,365) (130,244) |
(84,649) (132,737) |
(20) (21) |
| Personnel expense | (21,262) | (20,197) | (63,792) | (64,626) | (22) |
| Amortisation and depreciation | (13,390) | (13,957) | (40,895) | (41,949) | (23) |
| Impairment of fixed assets | 0 | 0 | 0 | 0 | |
| Other operating costs | (1,144) | (925) | (3,743) | (4,815) | |
| Other operating income | 1,025 | 1,394 | 3,644 | 4,678 | |
| Equity-accounted joint |
|||||
| ventures | 1,627 | 4,210 | 7,608 | 16,235 | (3) |
| Operating Profit | 6,855 | 10,324 | 19,941 | 44,041 | |
| Financial income | 310 | 214 | 581 | 738 | |
| Financial expenses | (1,812) | (3,925) | (6,202) | (8,599) | (24) |
| Net exchange rate gains/(losses) | 17 | 32 | (321) | 181 | (25) |
| Profit before taxes | 5,370 | 6,645 | 13,999 | 36,361 | |
| Income taxes | (751) | (692) | (818) | (4,307) | (26) |
| Profit for the period | 4,619 | 5,953 | 13,181 | 32,054 | |
| Non-controlling interests loss (profit) | (250) | 10 | 0 | 205 | |
| Group Profit | 4,369 | 5,963 | 13,181 | 32,259 | |
| Earnings per share: | |||||
| Basic earnings per share | * 0.050 | * 0.067 | * 0.149 | * 0.365 | |
| Diluted earnings per share | * 0.050 | * 0.067 | * 0.149 | * 0.361 |
{43}------------------------------------------------
Statement of Comprehensive Income
| (Euro thousands) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | |
|---|---|---|---|---|---|
| Profit for the period | 4,619 | 5,953 | 13,181 | 32,054 | |
| Items that will be subsequently reclassified to profit or loss |
|||||
| Translation difference for foreign operations | (491) | 456 | 32 | 894 | |
| Tax effect | 0 | 0 | |||
| Share of profits/losses recognised to equity by equity-accounted companies |
|||||
| 262 | 151 | (826) | |||
| Total items that will be subsequently reclassified to profit or loss |
|||||
| A) | (229) | 456 | 183 | 68 | |
| Items that will not be subsequently reclassified to profit or loss Actuarial gains/(losses) on defined benefit plans Tax effect Total items that will not be subsequently |
0 0 |
0 0 |
0 0 |
0 0 |
|
| reclassified to profit or loss | |||||
| B) | 0 | 0 | 0 | 0 | |
| Total other comprehensive income statement items, net of taxes |
A+B) | (229) | 456 | 183 | 68 |
| Total comprehensive income for the period | 4,390 | 6,409 | 13,364 | 32,122 |
{44}------------------------------------------------
| Statement of Cash Flow | |||||
|---|---|---|---|---|---|
| (Euro thousands) | 9M 2025 | H1 2025 | 12 months |
9M 2024 | |
| CASH FLOW FROM OPERATING ACTIVITIES: | 2024 | ||||
| Profit for the period Adjustments to reconcile net profit with cash flow generated from operating activities: |
13,181 | 8,562 | 51,559 | 32,054 | |
| Amortisation and depreciation | 40,895 | 27,505 | 54,397 | 41,949 | |
| Losses/(gains) on sale of property, plant & equipment |
(19) | (49) | (68) | (165) | |
| Share-based payment settled with equity instruments |
211 | 67 | (718) | 323 | |
| Provision adjustments | (126) | (301) | 497 | 1,031 | |
| Financial income | (581) | (271) | (1,160) | (738) | |
| Financial expenses | 6,202 | 4,390 | 11,584 | 8,598 | |
| Net exchange rate gains/(losses) | 321 | 338 | (481) | (181) | |
| Income taxes | 818 | 67 | (312) | 4,307 | |
| Equity-accounted joint ventures | (7,608) | (5,981) | (21,803) | (16,235) | |
| Changes in operating assets and liabilities: | |||||
| Decrease/(increase) in trade receivables | (7,003) | (9,291) | 8,086 | 774 | |
| Decrease/(increase) in other current assets | 4,933 | 4,566 | 6,636 | 8,268 | |
| Decrease/(increase) in inventories | 15,483 | 16,424 | (3,480) | 3,154 | |
| Increase/(decrease) in trade & other payables | 7,949 | 8,841 | (3,647) | 1,975 | |
| Increase (decrease) in other current liabilities | 1,166 | 1,877 | (48) | 683 | |
| Change in other non-current assets and liabilities | (162) | (1,609) | 2,541 | 1,315 | |
| Total adjustments and changes | 62,479 | 46,573 | 52,024 | 55,058 | |
| Dividends distributed by equity-accounted joint ventures |
15,094 | 15,094 | 29,684 | 29,684 | |
| Interest paid in the period | 6,668 | 6,112 | (23,988) | (20,039) | |
| Net Cash Flows from operating activities | (A) | 97,422 | 76,341 | 109,279 | 96,757 |
| CASH FLOW FROM INVESTING ACTIVITIES: | |||||
| Gross investments in intangible assets | (293) | (284) | (324) | (334) | |
| Gross investments in property, plant and equipment | (21,762) | (14,444) | (44,059) | (33,731) | |
| Increase/(decrease) in payables for purchases of non current assets |
2,624 | (1,700) | (3,147) | (5,812) | |
| Sales price of property, plant and equipment | 19 | 49 | 105 | 154 | |
| Net cash flow used in investing activities |
(B) | (19,412) | (16,379) | (47,425) | (39,723) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
| Acquisition of treasury shares | 0 | 0 | (3,087) | (1,990) | |
| Interest paid in the period | (4,224) | (2,645) | (10,798) | (4,740) | |
| Interest received in the period | 346 | 151 | 296 | 829 | |
| New financing | 70,000 | 60,000 | 92,451 | 78,968 | |
| Decrease in bank payables | (66,148) | (44,886) | (91,223) | (69,981) | |
| Repayment leases liabilities | (3,007) | (1,757) | (4,700) | (2,932) | |
| Dividends distributed | (39,719) | (39,719) | (66,376) | (66,376) | |
| Net cash flow generated (used) in financing activities | (C) | (42,752) | (28,856) | (83,437) | (66,222) |
| Change in assets and liabilities items due to translation effect |
(D) | (412) | (290) | 782 | 417 |
| Net change in cash and cash equivalents | (A+B+C+D) | 34,846 | 30,816 | (20,801) | (8,771) |
| Cash & cash equivalents at beginning of period | 47,193 | 47,193 | 67,994 | 67,994 | |
| Cash & cash equivalents at end of period | 82,039 | 78,009 | 47,193 | 59,223 | |
{45}------------------------------------------------
Statement of changes in Equity
| Share capital | Legal reserve | Revaluation reserve |
Other reserves | Capital paid-in | Treasury shares | Translation reserve | deferred benefit plans and other Actuarial profit/(loss) on ind. comprehensive income items |
Retained earnings | Profit | Total Group Equity | Total non-controlling interest equity | Total consolidated equity | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 30 June 2024 |
8,932 | 1,786 | 27,334 | 24,288 | 157 | (7,917) | 698 | (2,490) | 269,030 | 26,296 | 348,114 | 516 | 348,630 |
| Profit (Loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,963 | 5,963 | (10) | 5,953 |
| Profit (loss) recognised directly to equity |
0 | 0 | 0 | 0 | 0 | 0 | 456 | 0 | 0 | 0 | 456 | 0 | 456 |
| Total Comp. Income (expense) |
0 | 0 | 0 | 0 | 0 | 0 | 456 | 0 | 0 | 5,963 | 6,419 | (10) | 6,409 |
| Allocation of result | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisition of treasury shares | 0 | 0 | 0 | 0 | 0 | (1,533) | 0 | 0 | 0 | 0 | (1,533) | 0 | (1,533) |
| IFRS 2 | 0 | 0 | 0 | 107 | 0 | 0 | 0 | 0 | 0 | 0 | 107 | 0 | 107 |
| Other changes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share issue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance at 30 September 2024 |
8,932 | 1,786 | 27,334 | 24,395 | 157 | (9,450) | 1,154 | (2,490) | 269,030 | 32,259 | 353,107 | 506 | 353,613 |
| Profit (Loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19,612 | 19,612 | (173) | 19,439 |
| Profit (loss) recognised directly to equity |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66 | 66 |
| Total Comp. Income | |||||||||||||
| (expense) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19,612 | 19,612 | (107) | 19,505 |
| Allocation of result | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisition of treasury shares | 0 | 0 | 0 | 0 | 0 | (1,097) | 0 | 0 | 0 | 0 | (1,097) | 0 | (1,097) |
| IFRS 2 | 0 | 0 | 0 | (1,041) | 0 | 0 | 0 | 0 | 0 | 0 | (1,041) | 0 | (1,041) |
| Other changes | 0 | 0 | 0 | 0 | 0 | 0 | 98 | (127) | (263) | 0 | (292) | 0 | (292) |
| Share issue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance at 31 December 2024 | 8,932 | 1,786 | 27,334 | 23,354 | 157 | (10,547) | 1,252 | (2,617) | 268,767 | 51,871 | 370,289 | 399 | 370,688 |
| Profit (Loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8,812 | 8,812 | (250) | 8,562 |
| Profit (loss) recognised directly to equity |
0 | 0 | 0 | 0 | 0 | 0 | 523 | (111) | 0 | 0 | 412 | 0 | 412 |
| Total Comp. Income (expense) |
0 | 0 | 0 | 0 | 0 | 0 | 523 | (111) | 0 | 8,812 | 9,224 | (250) | 8,974 |
| Allocation of result | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51,871 | (51,871) | 0 | 0 | 0 |
| Acquisition of treasury shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| IFRS 2 | 0 | 0 | 0 | 67 | 0 | 0 | 0 | 0 | 0 | 0 | 67 | 0 | 67 |
| Other changes | 0 | 0 | 0 | (147) | 0 | 147 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Distribution of dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (39,719) | 0 | (39,719) | 0 | (39,719) |
| Balance at 30 June 2025 | 8,932 | 1,786 | 27,334 | 23,274 | 157 | (10,400) | 1,775 | (2,728) | 280,919 | 8,812 | 339,861 | 149 | 340,010 |
| Profit (Loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,369 | 4,369 | 250 | 4,619 |
| Profit (loss) recognised directly to equity |
0 | 0 | 0 | 0 | 0 | 0 | (491) | 262 | 0 | 0 | (229) | 0 | (229) |
| Total Comp. Income (expense) |
0 | 0 | 0 | 0 | 0 | 0 | (491) | 262 | 0 | 4,369 | 4,140 | 250 | 4,390 |
| Allocation of result | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisition of treasury shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| IFRS 2 | 0 | 0 | 0 | 146 | 0 | 0 | 0 | 0 | 0 | 0 | 146 | 0 | 146 |
| Other changes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance at 30 September 2025 | 8,932 | 1,786 | 27,334 | 23,420 | 157 | (10,400) | 1,284 | (2,466) | 280,919 | 13,181 | 344,147 | 399 | 344,546 |
{46}------------------------------------------------
{47}------------------------------------------------
SUMMARY OF THE IFRS INTERNATIONAL ACCOUNTING STANDARDS USED FOR THE PREPARATION OF THE INTERIM FINANCIAL REPORT AT 30 SEPTEMBER 2025
Group activities
Zignago Vetro SpA is a joint stock company limited by shares domiciled at Fossalta di Portogruaro via Ita Marzotto No. 8.
The publication of the Condensed consolidated financial statements at 30 September 2025 of Zignago Vetro S.p.A. was approved by the Board of Directors on 6 November 2025.
General preparation criteria
The Interim Financial Report at 30 September 2025 and for the period ended at that date was presented in accordance with IAS 34 – Interim financial reporting, which relates to the reporting of interim financial information and data. Accounting standard IAS 34 provides for a minimum level of information significantly lower than that required by IFRS, where information has already been published on the complete Financial Statements prepared in accordance with IFRS.
Therefore, the present Interim Report, which was prepared in "condensed" form and include the minimum disclosures required by IAS 34, should be read together with the Group consolidated financial statements for the year ended 31 December 2024, prepared in accordance with the International Accounting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and approved by the European Union. IFRS include all the revised international accounting standards (IAS) and all interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"), previously known as the Standing Interpretations Committee ("SIC").
The Interim Financial Report at 30 September 2025 consists of the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the statement of changes in equity and these notes.
Standards applicable as of financial statements for fiscal years beginning 1 January 2025
The accounting policies adopted for the preparation of the quarterly financial report at 30 September 2025 are the same as those utilised for the consolidated financial statements of the Zignago Vetro Group at 31 December 2024, except for the adoption of new standards and interpretations approved by the IASB and endorsed in Europe. The following paragraph presents the recent changes to IFRS Accounting Standards applicable from the fiscal year, coinciding with the calendar year, beginning 1 January 2025.
The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should consider whether a currency is convertible and how it should determine the spot exchange rate when it is not convertible. The amendments also require disclosures that enable users of the financial statements to understand how the non-convertible currency affects, or is expected to affect, the entity's operating results, balance sheet, financial position and cash flows.
{48}------------------------------------------------
The amendments enter into force from fiscal years beginning on or after January 1, 2025. In applying the changes, the entity may not restate comparative information.
The amendments to the standards did not have an impact on the Group consolidated financial statements.
List of documents not subject to EU endorsement
Below we report the IFRS, interpretations and amendments to existing accounting policies and interpretations, or specific provisions within the standards and interpretations approved by the IASB, which have not yet been endorsed for adoption in Europe at the approval date of these consolidated financial statements.
Documents not yet endorsed by the EU at 30 September 2025:
| Document title Standards |
Issue date by the IASB |
Effective date of the IASB document |
Expected endorsement date by EU |
|---|---|---|---|
| IFRS 14 Regulatory Deferral Accounts | January 2014 | 1 January 2016 | Postponed pending the new accounting standard on "rate-regulated activities". |
| IFRS 18 Presentation and Disclosures in Financial Statements |
April 2024 | 1 January 2027 | TBD |
| IFRS 19 Subsidiaries without public accountability: additional disclosure |
May 2024 | 1 January 2027 | TBD |
| Amendments | |||
| Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) |
September 2014 | Postponed until the completion of the IASB project on the equity method |
Endorsement process postponed pending the conclusion of the IASB project on the equity method |
| Amendment to classification and measurement of financial instruments (Amendments to IFRS 9 and IFRS 7) |
May 2024 | 1 January 2026 | TBD |
| Annual improvements – Volume 11 (Amendment to IAS 7 and IFRS 1,7,9,10) |
July 2024 | 1 January 2026 | TBD |
| Contract referencing nature – dependent electricity (Amendments to IFRS9 and IFRS 7) |
December 2024 | 1 January 2026 | TBD |
{49}------------------------------------------------
The Group will adopt these new standards and amendments, according to the scheduled application date and will evaluate the potential impacts on the consolidated financial statements, where they have been approved by the European Union.
The statement of financial position is presented in comparative form with 31 December and 30 June 2024. The results reported were consistent in the three periods presented and show the consolidated statement of financial position of the Zignago Vetro Group, with the full consolidation of Zignago Vetro France SAS, Zignago Vetro Polska SA, Vetro Revet Srl, Italian Glass Moulds Srl and Zignago Glass Usa Inc. and application of the equity method to Vetri Speciali SpA and its subsidiaries, Vetreco Srl and Julia Vitrum SpA.
These condensed consolidated quarterly financial statements of the Zignago Group at 30 September 2025 were prepared under the historical cost method, except for investments in financial assets and in derivative instruments, which are recorded at fair value.
They were prepared in Euro, the currency of the area in which the Group operates. All the amounts reported in the statements and notes to the condensed consolidated quarterly financial statements are expressed in thousands of Euro, unless otherwise indicated.
Consolidation scope and basis of consolidation
The main consolidation criteria adopted were as follows:
- the elimination of the carrying amount of equity investments against the recognition of the assets and liabilities of the subsidiary according to the line-by-line method or at equity;
- the recognition of any possible non-controlling interest in equity;
- the elimination of all intergroup transactions, consisting of payables and receivables, sales and purchases, and unrealised profits and losses.
The assets and liabilities, charges and income of the companies consolidated under the line-by-line method are fully included in the consolidated financial statements; the book value of the investments is eliminated against the corresponding fraction of the equity of the subsidiaries.
At the control acquisition date, the equity of the investees is established attributing to the relevant assets and liabilities their present value. Any positive difference between the acquisition cost and the fair value of the net assets acquired is recorded in the asset account "Goodwill"; if negative, it is recognised to the statement of profit and loss.
The share of the equity and of profit and loss for the period relating to non-controlling interests is recognised in specific accounts in equity and in profit and loss. In the case of full control not being acquired the noncontrolling interest equity is established based on the share of the present value attributable to the assets and liabilities at the date of acquisition of control, excluding any attributable goodwill (so-called partial goodwill method). Alternatively, in the case of full control not being acquired, the entire amount of goodwill (negative goodwill) generated by the acquisition is recorded considering therefore also the shareholding of non-controlling interests (so-called full goodwill method); they are expressed at their overall fair value including therefore the share of goodwill (negative goodwill). The goodwill calculation method (negative goodwill) is chosen on a case by case basis for each business combination.
With regard to equity investments acquired subsequent to the acquisition of control (non-controlling interest acquisitions), any difference between the acquisition cost and the corresponding portion of equity acquired
{50}------------------------------------------------
is recognised to equity; similarly the effects from the sale of the non-controlling share without loss of control are recognised to equity.
If the acquisition value of the investments is above the pro-rata value of the equity of the investment, the positive difference is attributed, where possible, to the net assets acquired based on the fair value of the same while the residual is recorded in the account "Goodwill".
Goodwill is not amortised but is subject to verification, at least annually, of an impairment test when events or changes occur indicating that the carrying value can no longer be recovered. The goodwill is stated at cost net of any impairment losses.
The interim financial statements of the subsidiaries utilised for the preparation of the Condensed Consolidated Quarterly Financial Statements are those approved by the respective Board of Directors. The data of the consolidated companies are adjusted, where necessary, in line with the accounting principles utilised by the Parent, which are in accordance with the IFRS adopted by the European Union.
The companies included in the consolidation scope at 30 September and 30 June 2025 and at 31 December and 30 September 2024 are shown below; the percentage holdings refer to 30 September 2025.
{51}------------------------------------------------
CONSOLIDATION SCOPE
| Consolidated Companies | Registered Office | Share capital (in local currency) |
Percentage holding of the Group |
|---|---|---|---|
| (Euro) | |||
| Zignago Vetro SpA (Parent) | Fossalta di Portogruaro (VE) | 8,932,000 | |
| Companies consolidated using the | |||
| line-by-line method: | |||
| Zignago Vetro Brosse SAS | Vieux-Rouen-sur-Bresle | ||
| (France) | 4,000,000 | 100% | |
| Zignago Vetro Polska SA | Trabkj (Poland) | PNL 3,594,000 | 100% |
| Zignago Glass USA Inc. | New York (U.S.A.) | USD 200,000 |
100% |
| Vetro Revet Srl | Empoli (FI) | 402,000 | 51% |
| Italian Glass Moulds Srl | Portogruaro (VE) | 100,000 | 100% |
| Equity-accounted | |||
| investees: | |||
| Vetri Speciali SpA and subsidiaries | Trento (TN) | 10,062,400 | 50% |
| Vetreco Srl | Supino (FR) | 400,000 | 30% |
| Julia Vitrum | S. Vito al Tagliamento (PN) | 625,000 | 40% |
Translation of financial statements in currencies other than the Euro
The rules for the translation of financial statements of Companies which operate in a currency other than the Euro are the following:
- the assets and the liabilities were translated using the exchange rate at the balance sheet date;
- the costs and revenues, and income and charges, were translated using the average exchange rate for the period;
- the "Translation reserve" includes both the exchange rate differences generated from the translation of foreign currency profit and loss items and at a rate different from the closing rate exchange, and also those generated from the translation of opening equity at a closing rate exchange which is a different from the closing exchange;
- goodwill related to the acquisition of a foreign entity is treated as assets and liabilities of the foreign entity and translated at the closing date.
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For the conversion of the Financial Statements expressed in foreign currencies, the rates indicated in the following table are applied (foreign currency for every 1 Euro).
| Description | USD | PLN | |
|---|---|---|---|
| US Dollar | Polish Zloty | ||
| Average exchange rate: | |||
| - January/September 2025 | 1.1188 | 4.2407 | |
| - January/December 2024 | 1.0824 | 4.3058 | |
| - January/September 2024 | 1.0871 | 4.3054 | |
| Closing exchange rate at: | |||
| - 30 September 2025 | 1.1741 | 4.2698 | |
| - 31 December 2024 | 1.3890 | 4.2750 | |
| - 30 September 2024 | 1.1196 | 1.0871 | |
Use of estimates
The preparation of the Interim Report at 30 September 2025 and the relative notes in application of IFRS require that management make estimates and assumptions on the values of the assets and liabilities of the consolidated quarterly financial report and on the information relating to the assets and potential liabilities at the balance sheet date. The actual results may differ from those estimated. The estimates are used to value the doubtful debt and inventory obsolescence provisions, depreciation and amortisation, write-downs of assets, variable incentive and remuneration systems, deferred taxes, other provisions and funds and customer liabilities for packaging returns and the relative lease assets and liabilities.
The estimates and assumptions are reviewed periodically and the effects of all variations are immediately recognised in profit or loss.
The subjective relevant assessments of company management in applying the Group accounting policies and the main sources of uncertainty upon estimates were the same as those for the preparation of the consolidated financial statements for the year ended 31 December 2024. Compared to the consolidated financial statements at 31 December 2024, Management updated the valuations and estimates in light of the events in the first nine months of 2023, the forecast figures and the best available forecasts.
IFRS 13 requires that the financial instruments measured at fair value are classified based on three fair value hierarchy levels which reflect the significance of the input utilised in the determination of fair value. Based on the standard, the three fair value levels are as follows:
- Level 1 of fair value: the measurement inputs of the instruments are listed prices for identical instruments in active markets with access at the measurement date;
- Level 2 of fair value: the measurement inputs of the instruments are different than the prices listed at the previous point, which are directly or indirectly observable on the market;
- Level 3 of fair value: the measurement inputs of the instruments are not based on observable market data.
As indicated by the regulation, the hierarchy of the approaches adopted for the determination of all financial instruments (shares, units, bonds and derivatives), attributes priority to official prices available on active market for the assets and liabilities to be measured and, in their absence, to the measurement of assets and liabilities based on significant quotations, where they refer to similar assets and liabilities. On a residual
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basis, measurement techniques may be utilised based on non-observable inputs, and, therefore, more discretional.
Assets and liabilities valued at fair value on a recurring basis: breakdown by fair value level
The following table shows the assets and liabilities measured at fair value at 30 September 2024 by fair value hierarchy level.
| Book | Fair Value | ||||
|---|---|---|---|---|---|
| Level | |||||
| Value | 1 | 2 | 3 | Total | |
| Financial assets not measured at Fair | |||||
| Value | |||||
| Cash and cash equivalents (*) | |||||
| 82,039 | 82,039 | 82,039 | |||
| Trade receivables (*) | 114,113 | 114,113 | 114,113 | ||
| Financial assets measured at Fair Value | |||||
| Other receivables for TEE (white |
|||||
| certificates) | |||||
| Hedges | 1,419 | 1,419 | 1,419 | ||
| Financial liabilities not measured at Fair | |||||
| Value | |||||
| Non-current loans and borrowings(*) | |||||
| 156,683 | 156,683 | 156,683 | |||
| Lease liabilities (IFRS 16) | 9,470 | 9,470 | 9,470 | ||
| Bank loans & borrowings and current | |||||
| portion of non-current loans & borrowings | 90,261 | (578) | 90,839 | 90,839 | |
| Other non-current payables (*) | 12,862 | 12,862 | 12,862 | ||
| Trade and other payables (*) | 127,468 | 127,468 | 127,468 |
(*) The amounts refer to current financial assets and liabilities whose book value reasonably approximates fair value, which consequently has not been stated.
Management of capital
The share capital includes the shares and the equity attributable to owners of the parent.
The primary capital management objective of the Group is to guarantee the maintenance of a strong credit rating in order to support operations and to maximise value for shareholders.
In order to achieve this objective, the management of Group capital aims, among other matters, to ensure compliance with covenants, related to interest bearing loans, based on financial performance indicators. Breaches in the covenants would permit the banks to request immediate repayment of the loans. There were no breaches of the covenants in the current year in relation to interest bearing loans for any of the Group companies.
The Zignago Vetro Group has payables to financial intermediaries and has a financial debt position related to the business development plan. The high generation of operating cash flows enables Group Companies
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not only to repay existing loans, but also to guarantee an adequate dividend to Shareholders and pursue a growth strategy.
In this context, the Group, in order to maintain or amend the capital structure, may pay dividends to Shareholders, acquire treasury shares on the market or issue new shares.
No substantial amendments were made to these objectives, to policies or to processes in the first nine months of 2025 and 2024 or for the year 2024.
Risk management policies
The Group will continue to prudently manage risks in all departments with careful monitoring in order to identify, reduce and eliminate such risk, therefore extensively protecting shareholder interests.
Currency risk
The currency risk is the risk that the fair value or the future cash flows of a financial instrument are altered following changes in exchange rates.
The exposure of the Group to changes in exchange rates principally concerns the operating activities of the Group (when revenues and costs are denominated in a currency other than the presentation currency of the Group).
Where these transactions are significant, the Group Companies assess the possibility of undertaking currency hedges in order to mitigate these fluctuations. During the period, the parent company entered into currency hedging transactions to hedge against the risk of exchange rate fluctuations; this is however an exception as the transactions entered into by Group companies in the non-functional currency are considered fundamentally insignificant.
Credit and country risks
The credit risk represents the exposure of the Group to potential losses deriving from non-compliance with obligations by trading partners; this activity is subject to ongoing monitoring within the normal management of business operations, in order to minimise the exposure to "counterparty" credit risk, also utilising appropriate insurance instruments to protect the solvency of the client or of the country risk in which this latter operates.
The Group Companies constantly assess political, social and economic risks in the areas in which they operate. No significant cases of non-fulfilment by trading partners have occurred and no significant credit risk by individual area and/or client exists.
The Group in fact only deals with established and reliable clients. Customers that request extensions of payment are subject to a credit rating check. Moreover, the collection of receivables is monitored during the year so that the exposure to losses is not substantial. Finally, in the case of new clients operating in non EU countries, the Group companies obtain letters of credit and advance payments.
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Interest rate risk
The interest rate risk is a risk that the fair value of the future cash streams of a financial instrument alters due to changes in market interest rates. The Companies of the Group are exposed to the risk of fluctuations in interest rates principally in relation to the non current bank loans and borrowings, negotiated at floating interest rates, and amount to Euro 274 million. Where these risks are considered significant, the Companies of the Group undertake interest rate swaps in order to convert the floating rate of the non current loans into fixed rates, which reduces the impact of the fluctuations in interest rates
Therefore, the Parent and Zignago Vetro Polska undertook interest rate swaps in order to hedge the interest rate risk on medium-long term loans for a notional value of Euro 124 million.
Risks related to the fluctuation in energy prices
The Group is exposed to fluctuations in energy purchase costs, a significant cost component in the glass sector. Where this risk is considered as significant, hedging operations may be undertaken in order to convert the variable cost into a fixed cost, which reduces the impact of fluctuations.
The supply of energy at Fossalta di Portogruaro of the Parent has been guaranteed by Zignago Power Srl, a company wholly-owned by the parent Zignago Holding SpA., which started up a natural biomass energy production plant. The risk concerning energy cost fluctuation is therefore greatly reduced.
In the first nine months of 2025, Zignago Vetro SpA had in place commodity swap contracts to hedge against fluctuations in energy factors.
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The characteristics of the derivative contracts, their notional value and the market value at 30 September 2025, are as follows (in Euro):
| Company | Underlying | Notional | Maturity | Market |
|---|---|---|---|---|
| at the | value at | |||
| reporting date | 30.09.2025 | |||
| Zignago Vetro SpA | Loan hedges - IRS | 9,000,000 | Beyond 12 months |
105,717 |
| Zignago Vetro SpA | Loan hedges - IRS | 103,373,529 | Within 12 months |
408,381 |
| Zignago Vetro SpA | Commodity hedges | 8,350,304 | Within 12 months |
(577,543) |
| Zignago Vetro Polska | Loan hedges - IRS | 3,035,000 | Within 12 months |
6,507 |
| Zignago Vetro Polska | Foreign currency hedges | 420,039 | Within 12 months |
3,801 |
| Total | 124,178,872 | (53,137) |
Liquidity risk
The Group monitors the risk of a deficiency in liquidity utilising liquidity planning instruments.
The Group objective is to maintain a balance between continuity of available funds, flexibility of utilisation through utilisation of instruments such as bank overdrafts, bank loans, finance leases and adequate remuneration of its liquidity, temporarily investing exclusively with banking counterparties.
Liquidity risk
The Group monitors the risk of a deficiency in liquidity utilising liquidity planning instruments.
The Group objective is to maintain a balance between continuity of available funds, flexibility of utilisation through utilisation of instruments such as bank overdrafts, bank loans, finance leases and adequate remuneration of its liquidity, temporarily investing exclusively with banking counterparties.
Risks related to the fluctuation in energy prices
The Group is exposed to fluctuations in energy purchase costs, a significant cost component in the glass sector. Where this risk is considered as significant, hedging operations may be undertaken in order to convert the variable cost into a fixed cost, which reduces the impact of fluctuations.
From 2012 the supply of energy at Fossalta di Portogruaro of the Parent has been guaranteed by Zignago Power Srl, a company wholly-owned by the parent Zignago Holding SpA., which started up a natural biomass energy production plant.
In 2025, the Parent also agreed supply contracts at fixed prices, in line with its production programmes.
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| In the first nine months of 2025, Zignago Vetro did not undertake any energy price derivatives. | |
|---|---|
| Significant non-recurring events or transactions arising from atypical and/or unusual transactions | |
| There were no significant non-recurring atypical and/or unusual transactions for the period ended 30 September 2025 as defined by Consob Communication DEM/6064293. |
|
| 58 |
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| Statement as per Article 154-bis, paragraph 2 of Leg. Decree 58/1998 | |
|---|---|
| The Executive Responsible for Financial Reporting, Mr. Cristiano Bonetto, declares in accordance | |
| with Article 154-bis, paragraph 2, of the Consolidated Finance Act, that the accounting information | |
| contained in the present Consolidated Interim Report at 30 September 2025 corresponds to the | |
| underlying accounting documents, records and entries. | |
| 59 | |
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