Oddo BHF maintains its 'outperform' rating on Verallia shares, with a price target reduced from €40 to €34.
The analyst reports that low volumes are attributable to weaker demand (cf. comments from beverage and spirits companies...) and also to destocking after the post-covid upturn.
Nevertheless, 'volumes should gradually return to positive territory from Q3 onwards, with a slight rise in volumes in H2, enabling us to post a limited decline for the year as a whole (-8% in H1, then +6% for Q3 and Q4)'.
Against this backdrop, Oddo BHF indicates that 'caution is called for in 2025'. On the basis of revised sales down 1%, the broker anticipates EBITDA of 872 ME (vs. 934.5 ME previously) revised down 6.7%, i.e. a margin of 24.5% (+20bp).
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Verallia is the world's third largest producer and the leading European producer of glass packaging for beverages and food products.
In 2025, the group produced nearly 18 billion glass bottles and jars.
At the end of 2025, the group has 35 glass production plants, 6 decoration plants and 19 cullet (used glass) treatment centres worldwide.
Net sales are distributed geographically as follows: France (24.1%), Italy (23.6%), Spain (15.8%), Germany (11.6%), Brazil (6.4%) and other (18.5%).
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