Improvement across all divisions over the nine-month period
(April 2022 – December 2022)
• During the first nine months of the financial year, revenues amounted to €4,778 million, up 35% compared to the same period in 2021/22, driven by higher prices across all segments.
• EBITDA of €769 million over the nine-month period, up 81% compared to the previous year, thanks to the strong performance of our commercial and cost management strategies, notably through our hedging instruments for energy and raw materials.
• EBITDA over a rolling 12-month period maintained the positive trend and reached €1,027 million on December31, 2022 compared to €946 million at the end of September 2022. This was driven by a good performance across the Group’s three divisions.
• Recurring EBIT of €447 million over the nine-month period, compared to €142 million in 21/22.
• As anticipated in the Group’s results announcements since Q4 21/22, the sharp rise in raw materials and energy prices has automatically led to an increase in working capital and thus in the level of net debt as of the third quarter of 2022/23. For this reason, net debt, which reached €2,913 million, was up by €389 million compared to December 31, 2021 and by €527 million compared to March 31, 2022. As a result, debt leverage is up, at 2.8x, versus 2.4x at the end of September 2022, but improving compared to the leverage of 3.5x reached at the end of March 2022.
• Structural debt – debt excluding the amount of working capital – continued to improve and dropped to €1,357 million at the end of December 2022, an improvement of €378 million compared to the end of December 2021, of €321 million compared to March 31, 2022 and of €151 million compared to the end of September 2022 (H1 22/23).
