JOSÉ DOMINGO DE AMPUERO Y OSMA. CHAIRMAN
We marked our 50th anniversary, achieving the best results in our history. We are a highly diversified company, not only in terms of products and businesses, but also in terms of our physical presence, with 22 plants in 21 countries across five continents, more than 1,700 customers in over 100 countries, and an exceptional team of 5,700 people from more than 50 nationalities who work every day at Viscofan.
In recent years, we have undertaken significant changes and improvements to become the company we are today: the world leader in casings, with a larger presence in the food packaging sector- mainly through value-added products such as bags and films - and we have expanded our presence in markets that were new to us, such as functional ingredients, nutritional health products and pet treats.
In 2025, we achieved €1,252 million in revenue and €160 million in net profit, figures exceeding market estimates at the start of the plan. We achieved these results thanks to a business model that has translated into solid volume growth, increasing our market share in the traditional business by 3 percentage points in recent years, while also diversifying into new businesses, particularly in the areas of packaging, health, and pet treats with our recent acquisitions in Brazil.
In recent years, we have once again made substantial progress in innovation and technology, combining investments in growth, process improvements, and sustainability. By 2025, we had already surpassed the decarbonisation targets set for 2030 and improved in terms of safety, with the severity index dropping from 0.25 in 2021 to 0.09 in 2025, well below the industry average.
We have grown by combining commercial, operational, and financial discipline, achieving solid cash flows that have allowed us to increase shareholder remuneration both through ordinary dividends and the distribution of extraordinary dividends of €1 per share in the last three years of the plan. As a result, the proposed dividend per share for the next Annual General Meeting -which will again be held as a scrip dividend- amounts to €3.25 per share, 3.5% higher than the previous year and 77% higher than the €1.84 distributed from the 2021 results, which was the dividend for the final year of the previous strategic plan.
I want to take this opportunity to thank you for your support and trust over these years in building a company that in 2025 has not only delivered the best results in its history but is also well placed to successfully face the new challenges of growth, profitability and value creation foreseen in the new Beat’30 strategic plan.
Thank you.
JOSÉ ANTONIO CANALES. CEO
One of the key takeaways from 2025 was our ability to meet the increased volume demand across all casing technologies. This year has seen steady improvement, culminating in double-digit growth in the final quarter.
This growth is not coincidental; it reflects years of sustained effort focused on improvement, innovation, technology, and market proximity over the years. Expanding our presence through new commercial offices in additional countries, installing new collagen capacity in Europe, Asia and the Americas, building a new converting plant in Thailand, and the excellent performance delivered by the new cellulose technology in the United States are clear examples of the initiatives that have helped accelerate the industry’s transition from animal guts to collagen casings, while also providing an alternative in cellulose casings in response to reduced supply.
In addition to 4% growth in our traditional casings business, we also achieved 8% growth in new business lines, significantly exceeding the natural market rate. This growth was driven by value-added products such as transfer casings and barrier bags, where we have installed new production capacity in Mexico. Growth was seen across all regions, with notable increases of 14% in South America, 4% in both North America and Asia Pacific, and 1% in EMEA.
From an operationally point of view, the factories have worked with high levels of efficiency, speed and productivity, counteracting the increase in prices of raw materials, especially collagen hides.
Additionally, and framed within our commitment as signatories of the United Nations Global Compact for sustainable development, we have already met objectives set for 2030 by successfully implementing our 2022-2025 Sustainability Action Plan.
All of this in an unfavorable currency environment; the weakness of the Dollar and the strengthening of the Brazilian real and Mexican peso reducing growth by about three percentage points in revenue, and five points in EBITDA, in addition to recording more than 20 million euros of negative exchange differences, with their consequent impact on our net result.
Despite these conditions, we have achieved record results in the main financial metrics, with revenue growth of 4% compared to the previous year (6% like-for-like) to 1,252 million euros, EBITDA growth of 1.6% (6% like-for-like) to 290 million euros, and a net profit amounting 160 million euros, 1.8% more than the previous year.
The transformation completed under the Beyond25 strategic plan has demonstrated Viscofan's ability to create sustainable value for its stakeholders. More customers are placing their trust in our products and solutions, we have increased our workforce, reduced the number of accidents and their severity, and we have a business model that allows us to grow and generate strong cash flow, which was primarily allocated to shareholder returns.
I take this opportunity to congratulate and thank the more than 5,700 people who work at Viscofan for the results achieved. Together, we have built a company that is ideally positioned to embark on a new strategic plan: Beat’30. This inspiring and compelling plan for the next five years focuses on growing faster than our historical average to become even more of a leader, more profitable, and more sustainable.
Thank you.
