How would you describe Iflex Flexible’s business model today and what are the pillars that explain its sustained growth in recent years?
IFLEX is an industrial family business, manufacturer of flexible packaging for the food, pharmacy and cosmetics sector. Our business model is 100% B2B and consists of offering customized packaging for our clients so that they can package their products in the most sustainable and economical way possible. One of our main competitive advantages over the rest is that we can offer a comprehensive service. The entire production process is carried out in-house, which allows us to control the product and its costs very well. This 100% internal process places us among the most efficient companies in the sector in terms of costs and quality control. Our clients are mainly national, but we also have top-level clients in France. We consider that they are the basis of our sustained growth, where delivery time and quality are relevant factors.
What strategies is the company prioritizing to meet its objectives?
After the 2 capital increases carried out in 2025, we have incorporated new partners that support our expansion plan, and, in parallel, we are very focused on inorganic growthsince we believe that our sector is very fragmented and that there are opportunities to incorporate companies that can provide us with not only greater business volume and EBITDA but also complementary products and alternative technology.
The consolidation of the sector is an opportunity to create more robust and efficient groups, capable of investing in technology and sustainability at a higher rate.
We are currently talking to different companies and explaining our project to them, and we are satisfied because we see interest in many of them. Through the board of directors, we have a dedicated team that analyzes operations and industrial synergies to ensure that each integration brings real value to the group. Above all, we focus on preserving the talent and best practices of each company. We look for companies that are profitable on their own and where the acquisition does not require us to pay an out-of-market EBITDA multiple.we are very strict in that sense. Above all, we prioritize clear industrial synergies and simple cultural integration.
Iflex has experienced solid performance in 2025 in both revenue and gross margin. What are the main factors driving this growth?
Los Income remains stable thanks to the recurrence of orders and the constant incorporation of new accountsthe result of a strategy very focused on service. The growth of the sustainable product category has also driven demand for our flexible packaging, exploring monomaterial solutions. On the other hand, the optimization of production processes and the improvement of the efficiency of our lines has had a direct impact on the gross margin, also expanding the pool of raw material suppliers and achieving competitive prices. This has allowed us to improve gross margin by 8% during the first half of 2025.
IFLEX shares have accumulated a rise of 7.19% in the last twelve months. To what do you attribute this positive evolution?
Although the evolution of the share has been favorable over the last year, we are aware that the price is still below the IPO price. Our commitment is to continue creating value to close that gap, through rigorous management and profitable and sustainable growth. In addition, we continue with a stable dividend policy, with two annual cash distributions, reflecting our cash generation capacity. We are confident that the market will recognize the potential of our consolidation project and the progressive improvement of our fundamentals.
What weight does the creation of shareholder value have within the corporate strategy?
The truth is that we give greater value to this variable, being aware that we have gone, in a few years, from being a private family business to being a listed company with new partners outside the family that support us in this industrial growth that we want to carry out. We seek the balance between reinvesting to grow and generating sustainable long-term returns for the shareholder. We offer a competitive annual dividend and we believe that there will be a good evolution of the price in the coming years. Our objective is to combine sustainable EBITDA with a consistent dividend policy and a progressive improvement in financial leverage.
What projects can act as main drivers of action in the coming months?
Las 2 capital increases carried out this year of 7.2 million euros are in that linenot only strengthening the company’s balance sheet to face a new stage of growth but also the incorporation of new industrial and financial partners that allow us to add to the group. We have a very interesting consolidation project in the packaging sector, combining our know-how in the flexible packaging industry together with the knowledge and experience in M&A of our new board of directors, we can carry out a build up that builds value in the company, thus generating a good evolution in the price. Currently already We are in advanced conversations with several companiesexplaining the project and once confirmed, we expect that the financial magnitudes of the resulting group will be significantly higher than the current ones. All of this, together with the progressive improvement in margin and cash generation, should act as a catalyst for a revaluation of the share in the coming months.