Chairman´s Letter
Dear shareholders,
It is a pleasure to look back on Vidrala’s performance in 2025, a year shaped by a clear focus on internationalisation, strategic investment and disciplined execution. These pillars reaffirm our role as a stable and reliable partner to what ultimately defines our purpose: customers.
Market conditions throughout the year were challenging, with demand remaining weak across our core geographies. Against this backdrop, we acted decisively, stepping up our investment programme to optimise our industrial footprint and strengthening cost efficiency across the business. These actions allowed us to stand out within the industry through consistent execution and a clear long-term value creation mindset, while laying solid foundations for the future.
As a result, we closed the year with revenues of EUR 1,465 million. Operating profit (EBITDA) reached EUR 441 million, representing a margin of 30.1%, while net profit amounted to EUR 220 million. In line with our shareholder remuneration policy —focused on sustainable and predictable dividend growth as the primary mechanism for value distribution— the Board of Directors proposed a 15% increase in the ordinary dividend, considering the impact of the recent bonus share issue. This proposal was complemented by a share buy-back programme equivalent to 1% of the share capital.
Beyond financial performance, 2025 also marked a key milestone in Vidrala’s strategic development. Our entry into the Chilean market through the acquisition of Cristalerías Toro represented a significant step in our international expansion and in strengthening our presence in South America, a dynamic market with strong fundamentals. Integration is progressing smoothly, with a clear focus on identifying synergies and further strengthening commercial relationships with our customers.
Overall, the year’s achievements allow us to look ahead with confidence and determination. We have broadened our business profile, reinforced our market position and invested at record levels to enhance our industrial base, while taking decisive steps to optimise our cost structure. Vidrala enters 2026 stronger, more efficient and better positioned to seize the opportunities ahead. On behalf of the Board, I would like to express our sincere thanks to our employees, customers and shareholders for their continued support and trust.
Yours sincerely,
Carlos Delclaux
Chairman at Vidrala
