The following is a summary of the Vidrala, S.A. (VDRFF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Vidrala S.A. reported Q1 2024 revenues of €419 million and EBITDA of €110 million, a -4.7% organic YoY variation.

• Earnings per share (EPS) of €1.64.

• A net debt of €530 million was reported, equivalent to a leverage ratio of 1.2x debt pro-forma EBITDA.

• The EBITDA margin was 26.2%, a fall from 26.6% of the previous year.

• They forecast an EBITDA value above EUR 450 million and an annual free cash flow generation of over EUR 180 million for 2024.

Business Progress:

• Vidrala's growth was driven by a 1.4% increase (at constant currency and comparable scope), primarily offset by a -9% price mix effect.

• Varied performance across the three business units: Iberia negatively impacted by price adaptations and lower production; U.K. showing high performance supported by new demand for glass containers; Brazil displayed positive effects from expansion operations.

• Vidrala plans a high level of organic capital expenditure for the future along with its free cash flow guidance above EUR 180 million.

• Expansion of facilities in Brazil, UK, and Ireland through organic growth prospects and M&A activities is expected.

• Despite negative price mix effect due to deflationary trends, Vidrala maintains its 2024 EBITDA guidance of EUR 450 million.

• Vidrala is catering to the premium beer brand market where demand is increasing and plans on deploying solar photovoltaic units in some locations as part of sustainable initiatives.

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