Corticeira Amorim Q1 profit falls 6.5% on weaker demand

Portugal’s Corticeira Amorim said first-quarter net profit fell 6.5% year on year to €15.4 million, as what the company called a “quite adverse” global backdrop and uncertainty hit customer confidence. The cork producer also reported weaker sales across all business units.

Consolidated sales fell 8% to €211 million in the first three months of the year. The company said the weaker US dollar had a negative effect on revenue, and that excluding foreign-exchange effects, sales would have declined 6.8%. It added that lower volumes affected all business units.

Amorim Cork, which accounted for 82% of consolidated sales, was also hurt by an unfavourable product mix, particularly in cork stoppers for still wines, the company said in a statement filed with CMVM, Portugal’s securities market regulator. In Amorim Cork Solutions, the flooring segment was the main driver behind a 5.8% drop in that unit’s sales.

Consolidated EBITDA came in at €36.6 million, down from €39.3 million a year earlier, although the EBITDA margin improved slightly to 17.3% from 17.1%. Net interest-bearing debt fell to €42.5 million at the end of March, from €75.9 million at the end of December 2025, reflecting cash generation and lower working-capital needs.

CEO António Rios de Amorim said the start of 2026 had been marked by a “quite adverse” global environment and uncertainty, especially for customers exposed to changing alcohol consumption habits. He said the company was adapting to current conditions, strengthening its balance sheet and taking steps to grow in areas with greater development potential.

Originally published at Eco.pt