Berenberg has reaffirmed its ‘buy’ recommendation on Viscofan following the results for the fourth quarter of 2025 and the presentation of its new Beat’30 strategic plan. The German firm considers that, despite some specific margin imbalances, the strategic message and medium-term potential reinforce the investment thesis.
1. A Beat’30 plan well above the consensus
The main argument is the strength of the new Beat’30 plan. Viscofan proposes a compound annual growth of 8% in sales and 9% in EBITDA until 2030, with a target of 450 million euros of EBITDA in 2030, between 17% and 18% above estimates current on the market.
Beat’30 is the most ambitious strategic plan published by the company in at least two decades
The group aims to achieve 1.8 billion euros of sales in 2030also clearly above forecasts. Berenberg highlights that it is the most ambitious strategic plan published by the company in at least two decades. Growth will be driven primarily by volumes—especially in casings—with anticipated advances of 7%-8% annually in this segment, 25% in the health area (collagen, satiety solutions, etc.) and 40% in pet snacks. Additionally, the company plans to invest 600 million in capex between 2026 and 2030half destined for growth.
2. Resilience in profits despite headwinds
In the fourth quarter, the Organic sales grew by 7.9%, above expectationsalthough EBITDA and EBIT were up to 11% below estimates by pressure on gross margin. However, the net profit clearly exceeded forecasts thanks to the activation of tax credits in the US. In fact, the company still has an additional 8-9 million «tax shield» that could absorb possible currency headwinds in 2026. Berenberg emphasizes that EBITDA growth in the medium term will be supported not only by sales, but also by margin improvements from operating leverage, digital transformation and plant optimization. In only three factories (one in the Czech Republic and two in the US) it foresees accumulated savings of between 15 and 22 million between 2026 and 2028.
3. Strong volumes and controlled risks
The firm highlights that in 2025 the Wrapping volumes grew more than 10% year-on-year and that the company expects most of the future growth to come from volumes, with prices largely tied to inflation.
Berenberg considers it positive that no relevant impact has arisen after the critical Hunterbrook report
He also considers it positive that no relevant impact has emerged following the critical Hunterbrook report: Regulatory audits have been favorable, no significant fines are expected and there have been no problems with clients or productive interruptions. Overall, Berenberg considers that Viscofan is clearly returning to the path of structural growth, with a strategic plan very ambitiousprogressive improvement of margins and strong cash generation. For the German firm, it is a company of high quality, with visibility and growth capacity higher than the consensuswhich justifies maintaining the ‘buy’ recommendation.
