Corticeira Amorim closed the first nine months of the year with profits of 45.7 million euros, 4.5% below the same period last year. The group’s consolidated sales fell 6.8%, to 676.5 million, after a quarter marked by a fire at the company’s facilities in Spain, reports the company led by António Rios Amorim.
A fire at Amorim Florestal’s facilities in San Vicente de Alcántara, Spain, on October 19 caused property damage, including buildings, equipment and raw materials, and losses resulting from lost profits estimated at approximately 7 million euros, Corticeira reveals in the financial statement sent to the Securities Market Commission.
“This record was affected by the sale of the stake in Timberman Denmark in December 2024 – excluding this effect, sales would have fallen by 3.6%”, says Corticeira after suffering a reduction in sales in all business units “negatively impacted by the adverse market context, which conditioned the evolution of volumes and mix of the product.”
Consolidated EBITDA was 117.6 million euros (-7.9%) “pressured by a mix of a more unfavorable product and the effect of operational deleveraging.” The group’s net interest-bearing debt at the end of September amounted to 99.2 million euros.
2025 “more challenging than initially predicted”
“Despite the payment of dividends (42.6 million euros) and investment in fixed assets (24.6 million euros), the strong generation of cash flows (153.5 million euros) supported the reduction in net debt by 96.5 million euros compared to the end of December 2024 (195.7 million euros)”, says the statement.
Commenting on the group’s performance, António Rios de Amorim states that “the year 2025 proved to be more challenging than initially predicted, with geopolitical tensions and changes in international trade negatively impacting the market, in a scenario of transformation in alcohol consumption habits that imposes increased pressure on the wine sector”.
“Corticeira Amorim’s activity over these nine months was, naturally, conditioned by this context of high uncertainty and reduced predictability, with an impact on consumption levels”, states the businessman.