VIDRALA, S.A.
BUSINESS PERFORMANCE Q1 2022

MAIN FIGURES (THREE MONTHS ENDED)

March2022

March2021

ChangeChange on
constant currency basis

Sales (EUR million)

278.9

234.9

+18.8%+17.0%EBITDA (EUR million)

23.3

62.2

-62.6%-63.0%

Earnings per share (EUR)

0.03

1.10

-97.7%

Debt / EBITDA

0.6x

0.7x

-0.1x

Important: In order to improve comparability, earnings per share has been adjusted for the effect of the bonus share issue carried out inDecember 2021.

Sales during the first three months 2022 amounted to EUR 278.9 million,
showing an organic growth of 17.0%.
Operating profit, EBITDA, was EUR 23.3 million representing an operating
margin of 8.3%.
Net debt at March 31, 2022 stood at 0.6 times last twelve months EBITDA.

VIDRALA. Earnings Report. First quarter 2022. │ 1

Earnings performance
Sales
Sales reported by Vidrala during the first three months 2022 amounted to EUR 278.9
million, an increase of 18.8% over the previous year. On a constant currency basis,
sales reflected an organic growth of 17.0%.

SALES
YEAR OVER YEAR CHANGEEUR million+17.0%

300

+1.8%

278.9

200

234.9
1000Q1 2021

EUR/GBP:0.8739OrganicFX

Q1 2022

EUR/GBP:0.8364VIDRALA. Earnings Report. First quarter 2022. │ 2

Operating results
Operating profit –EBITDA– obtained in the first three months 2022 reached EUR 23.3
million, a decrease of -62.6% over the figure reported last year. Organic decline, on
a constant currency basis, was -63.0%.
Over sales, EBITDA margin stood at 8.3%.

EBITDAYEAR OVER YEAR CHANGE
EUR million
80-63.0%6062.240+0.4%2023.30Q1 2021

OrganicFX

Q1 2022

EUR/GBP:0.8739

EUR/GBP:0.8364

OPERATING MARGINS EBITDA
YEAR OVER YEAR CHANGE
As percentage of sales
30%

26.5%

20%

10%

8.3%
-1,813 bps

0%Q1 2021

Q1 2022

VIDRALA. Earnings Report. First quarter 2022. │ 3

Results and financial position
Net profit in the first quarter amounted to EUR 0.8 million. As a result, earnings
reached EUR 0.03 per share, a decrease of -97.7% over the previous year.
Net debt at March 31, 2022 stood at EUR 126.1 million, 40% below the prior year,
reflecting a leverage ratio of 0.6 times last twelve months EBITDA.

DEBT
YEAR OVER YEAR EVOLUTION SINCE 2018
Debt in EUR million and times EBITDA
700

2,5x

2.2x

600

2,0x

1.7x

500

1,5x

400
1.1x
300

503
200

1,0x

0.7x

426

0.6x

313
210

100

0,5x

126

0

0,0x
Mar-18Mar-19Mar-20Mar-21

Mar-22

VIDRALA. Earnings Report. First quarter 2022. │ 4

Conclusions and outlook
Demand for glass packaging across our regions of activity is growing solidly,
grounded on the strong underlying fundamentals for consumption of food andbeverages, and the continuous support from packagers, brand owners andconsumers to glass as the ultimate sustainable packaging material.
Under this market context, our ambitious capex program initiated in 2019 isprogressing well, including specific investment plans directed to better serve ourcustomers, grow the business, offer differential services, selectively enhance ourmanufacturing facilities, realign our capacity and improve the sustainability of ouroperations. In return, our industrial footprint is today stronger and the way we serve
our customers evolves at comparable good levels even though external conditions
along overall supply chains remain challenging and inventories are tight across theindustry.
However, as it had been anticipated in recent releases, the abnormal external
inflation in industrial manufacturing costs had an impact on our operating margins.
That should gradually recover over the coming quarters as our sales prices readapt
to the context or energy markets stabilise.
In any case, the structural business fundamentals will remain strong and ourstrategic guidelines firmly committed to our long-term priorities: customer,
competitiveness and capital. We will invest to grow and to improve our levels ofcompetitiveness with our customers in mind, expanding our capabilities anddiversifying our business with the aim to supply our services and make our productsin the most sustainable way. And we will do it securing a strict capital discipline.

VIDRALA. Earnings Report. First quarter 2022. │ 5

Annex I. Alternative Performance Measures (APM).
Vidrala publishes this information in order to promote comparability andinterpretation of its financial information and in compliance with the Directive of
the European Securities and Markets Authority (ESMA) on Alternative Performance
Measures (APM).
See below, the alternative performance measures used by Vidrala, as well as its
basis of calculation. For further detail, please check the reference document
published on the corporate website (link).
EBITDA. Vidrala calculates EBITDA as earnings before interest, taxes, depreciation
and amortization (as reported in the consolidated income statement).
Consolidated net debt. Vidrala calculates consolidated net debt as the sum of all
long-term liabilities and short-term obligations, and then subtracting cash and cash
equivalents (as reported in the consolidated balance sheet).
Free cash flow. Vidrala calculates free cash flow by adding –to the real variation in
net debt balances (as reported in the consolidated balance sheet)– payments
during the period dedicated to dividends and net treasury stock purchases (asreported in the consolidated statement of cash flows).

Other magnitudes referred to in this report:•
EBITDA margin is calculated as accumulated EBITDA during the reported period
divided by net sales.
•
Organic refers to the variation on a like-for-like (comparable perimeter) andconstant currency basis.
•Debt/EBITDA ratio is calculated as consolidated net debt at the end of the reported
period divided by EBITDA obtained in the last 12 months.

VIDRALA. Earnings Report. First quarter 2022. │ 6

Annex II. 2022 events calendar.
Past events
February 15, 2022
Payment of a first interim cash dividend from 2021 results
February 28, 2022
FY 2021 Earnings Release (8:00h CET)
April 27, 2022
Q1 2022 Earnings Release (10:00h CET)

Upcoming events
April 27, 2022
Annual General Meeting (12:00h CET)
July 14, 2022Payment of a complementary cash dividend from 2021 results
July 22, 2022
Q2 2022 Earnings Release (8:00h CET)
October 21, 2022
Q3 2022 Earnings Release (8:00h CET)VIDRALA. Earnings Report. First quarter 2022. │ 7

VIDRALA, S.A.
Investor relations
Tel: +34 94 671 97 50
investors@vidrala.com
www.vidrala.com

VIDRALA. Earnings Report. First quarter 2022. │ 8