CANPACK Group Reports 2024 Results

Wayne, Pennsylvania and Krakow, Poland, April 9, 2025 – CANPACK Group, Inc. (“CANPACK, the “Company” or the “Group”), a global manufacturer of aluminum beverage cans and packaging solutions for the beverage and food industries, is hereby providing, on a U.S. GAAP basis, with U.S. dollars (defined as “$”) as the reporting currency, its results for the three and twelve months ended December 31, 2024  and its trading update for Q4 and 12M 2024.

During the three months ended December 31, 2024, beverage can body volumes increased by 11% while during the twelve months ended December 31, 2024, beverage can body volumes increased by 16% as compared to the corresponding periods in 2023. The positive volume development during the three and twelve months ended December 31, 2024, was related to positive performance in all regions served by CANPACK, primarily driven by U.S., Europe, Brazil and India.

Net Sales¹ increased by 15% for the three months ended December 31, 2024, as compared to the corresponding period in 2023. This positive performance was primarily driven by higher volumes sold in our Beverage Cans and Ends division, and contractual pass through of higher aluminum LME partially offset by negative mix impact. Net Sales increased by 13% for the twelve months ended December 31, 2024, as compared to the corresponding period in 2023. This positive performance was primarily driven by higher volumes sold in our Beverage Cans and Ends division, and contractual pass through of higher aluminum LME partially offset by negative mix impact.

Adjusted EBITDA¹ increased to $121 million and $590 million for the three and twelve months ended December 31, 2024, respectively, as compared to $90 million and $411 million in the corresponding periods in 2023, driven mainly by higher volumes, better operational performance in the U.S., and lower energy costs.

Capital expenditures¹ increased to $60 million for the three months ended December 31, 2024, as compared to $54 million in the corresponding period in 2023 primarily driven by planned maintenance capital expenditures. Capital expenditures decreased to $157 million for the twelve months ended December 31, 2024 as compared to $295 million in the corresponding period in 2023. Capital expenditure reductions in the current year were primarily related to lower planned spending in the U.S.

Free cash flow decreased by $74 million and $325 million for the three and twelve months ended December 31, 2024 from a $100 million and $340 million cash inflow for the three and twelve months ended December 31, 2023, to a $26 million and $15 million cash inflow for the three and twelve months ended December 31, 2024 respectively. This performance was primarily driven by an increase in Working Capital due to limited utilization of factoring facilities, and a higher level of accounts receivables generated by volume growth, partially offset by lower capital expenditures and higher Adjusted EBITDA.

New Capacity Announcement

In response to the continued demand growth in Europe, we plan to expand the capacity of our facility in Bydgoszcz, Poland. The new investment will increase our production capacity by approximately 1 billion aluminum can bodies per year.

In addition, in response to the growing demand and CANPACK’s ongoing commitment to advancing the Brazilian packaging sector, we are restarting our greenfield project in Poços de Caldas, Minas Gerais state, Brazil to fulfill contractual demand. The installed capacity of the new plant will be approximately 1 billion aluminum can bodies per year.

Chief Executive Officer, Marius Croitoru, Commented:

“I am delighted to announce robust financial results for the full year 2024, with beverage can body volumes increasing by 16% and Adjusted EBITDA rising by 43%. I extend my sincere appreciation to all our employees for their unwavering dedication and exceptional commitment throughout 2024 and into 2025. Despite the evolving landscape in 2025, we do not presently anticipate the recently announced tariffs will have a significant adverse effect on CANPACK’s financial performance.”

About CANPACK Group

CANPACK Group, Inc., part of Giorgi Global Holdings, Inc, is a global manufacturer of aluminum beverage cans and packaging solutions for the food and beverage industries, as well as glass bottles and metal closures. CANPACK employs approximately 8,500 people worldwide and has operations in 16 countries. For more information, visit www.canpack.com.

Conference Call Details

CANPACK Group will announce its 2024 results on Wednesday, April 9, 2025. The company will host a conference call at 14:00 BST / 15:00 CEST / 09:00 EDT to discuss its financial results with the investment community. Investors and analysts wishing to attend this event can request for registration via email at IR@canpack.com or click on the following link.

More detailed financial information can be found on the Company’s IR website at the Financial Results and Bondholder Downloads section (click here to gain access).

Forward-Looking Statements Disclaimer

These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipate,” “assume,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “forecasts,” “should,” “could,” “would,” “may,” “will” and other similar expressions or, in each case, their negative or other variations or comparable terminology.

All statements other than statements of historical facts included in this document, including, without limitation, statements regarding our future financial position, risks and uncertainties related to our business, strategy, capital expenditures, projected costs and our plans and objectives for future operations, may be deemed to be forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties.

We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this document. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods.

Any forward-looking statement that we make in this document speaks only as of the date on which it is made, and we do not intend to update such statements. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may not be within our control.

Moreover, the Company operates in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results.

Non-GAAP Measures

The above press release contains certain financial measures and ratios, including adjusted EBITDA, free cash flow, net leverage, changes in working capital, beverage can body volumes and capital expenditures, that are not required by, or presented in accordance with, U.S. GAAP (the “Non-GAAP Measures”).

We present these Non-GAAP Measures because they are measures that our management uses to assess operating performance and liquidity, and we believe that they and similar measures are widely used in our industry as supplemental measures of performance and liquidity. These measures may not be comparable to other similarly titled measures of other companies and are not measurements under U.S. GAAP or other generally accepted accounting principles.

Non-GAAP Measures and ratios are not measurements of our performance or liquidity under U.S. GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with U.S. GAAP or as alternatives to cash flow from operating, investing or financing activities.

Contacts:

CANPACK IR team

Erin Krzeminski
Group Treasurer & Investor Relations Director

Marta Kopcik
Group Communications Manager

Email: IR@canpack.com

CANPACK IR Advisor

Li Zhao – Maitland/AMO

Phone: +44 (0) 207 379 5151

Email: canpack@maitland.co.uk

¹Presented on comparable basis from continuing businesses, excluding results of the Poland Glass Business which was sold on April 2, 2024.