Price Decline ImpactThe carryover from price declines in 2024 should primarily impact the first half of 2025, leading to a negative price / cost spread for the year.
Price-Mix/Cost SpreadVerallia's Q1 revenues were broadly in line with expectations, yet EBITDA plunged 23% below consensus on a highly unfavourable price-mix/cost spread, compressing margins by 650bps (q/q) and 640bps (y/y).
Revenue MissFY 24 revenue was €16m below Stifel estimates and €14m behind Visible Alpha consensus.