Verallia SA: Key Financial Developments and Strategic Moves
Verallia SA, a prominent French company listed on the NYSE Euronext Paris, has recently been in the spotlight due to significant developments concerning its ownership and financial performance. As of July 29, 2025, the company’s close price stood at €28.3, with a market capitalization of €3.42 billion. The company operates within the Materials sector and has shown resilience in its financial metrics, including a price-to-earnings ratio of 14.16.
BWGI’s Voluntary Public Tender Offer
A major development for Verallia is the voluntary public tender offer initiated by BWGI, acting through Kaon V1. The initial period of this offer concluded successfully on July 25, 2025, with 50,097,577 shares tendered, representing 41.47% of Verallia’s share capital and 34.88% of its voting rights. This allowed BWGI to increase its stake to 70.31% of the share capital and 62.81% of the voting rights, effectively making it the controlling shareholder. The settlement-delivery of this initial offer is scheduled for August 1, 2025.
In accordance with the French financial markets authority (AMF) regulations, the offer will be reopened from July 31 to August 13, 2025, under the same financial terms, allowing shareholders who did not participate initially to tender their shares. The settlement-delivery for the reopened offer will occur on August 2, 2025.
BWGI’s acquisition positions it to support Verallia in executing its strategic plan, focusing on innovation and the energy transition, aiming to create long-term value.
First Half 2025 Financial Results
Verallia’s financial performance in the first half of 2025 has shown a mix of challenges and improvements. The company reported a revenue of €1,723 million, a 2.4% decrease compared to the same period in 2024, primarily due to lower selling prices. However, the adjusted EBITDA for H1 2025 was €351 million, representing a 20.4% margin, compared to €431 million and a 24.4% margin in H1 2024.
The second quarter of 2025 marked a significant improvement in profitability, with adjusted EBITDA reaching €204 million and a margin of 22.5%, up from €147 million and an 18.0% margin in Q1 2025. This improvement was attributed to increased activity and a less negative inflation spread.
Cash generation also saw a notable increase, with free cash flow reaching €66 million in H1 2025, up from €(49) million in H1 2024. The net debt ratio stood at 2.6x last 12-month adjusted EBITDA, down from 2.1x at the end of December 2024, following the payment of €202 million in dividends. As of June 30, 2025, Verallia’s liquidity was reported at €810 million.
Patrice Lucas, Group Chief Executive Officer, highlighted the company’s recovery in organic volume growth and stronger profitability in Q2, driven by increased activity, the Performance Action Plan (PAP), and strict cost discipline.
These developments underscore Verallia’s strategic focus and financial resilience, positioning it for future growth under the new ownership structure.