CANPACK Group Reports 2025 Results

Wayne, Pennsylvania March 31, 2026 – 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, 2025 and its trading update for Q4 and 12M 2025.

Q4 and 12M 2025 Highlights

For the three and twelve months ended December 31, 2025, beverage can body volumes increased by 5% and 3% respectively, as compared to the corresponding periods in 2024. The positive volume development during the twelve months ended December 31, 2025, was primarily driven by higher can body volumes in the U.S. and India partially offset by lower can body volumes in Europe and Brazil.

Net Sales¹ increased by 10% and 9% for the three and twelve months ended December 31, 2025, respectively, as compared to the corresponding periods in 2024. This positive performance during the twelve months ended December 31, 2025, was driven by contractual pass through of higher aluminum LME and Premium, higher beverage can body volumes and the positive impact of contract assets recognition partially offset by lower sales in the India glass business due to scheduled furnace maintenance.

Adjusted EBITDA1 decreased to $97 million and $482 million for the three and twelve months ended December 31, 2025, as compared to $108 million and $514 million in the corresponding periods in 2024. This weaker performance during the 12 months ended December 31, 2025, was primarily driven by higher labor and aluminum conversion costs, incremental logistics expenses to support India’s growth, and lower selling prices related to contractual inflation adjustments partially offset by higher beverage can body volumes and contract assets recognition.

Capital expenditures increased to $93 million and $247 million for the three and twelve months ended December 31, 2025, as compared to $59 million and $153 million in the corresponding periods in 2024, primarily driven by higher spending for our capacity expansion projects as well as increased planned maintenance CapEx.

Free cash flow increased by $181 million from a $23 million cash inflow for the three months ended December 31, 2024, to a $204 million cash inflow for the three months ended December 31, 2025. Free cash flow increased by $278 million from a $26 million cash outflow for the twelve months ended December 31, 2024, to a $252 million cash inflow for the twelve months ended December 31, 2025. This performance was primarily driven by changes in Working Capital ($198 million Working Capital decrease in Q4 2025 vs $29 million Working Capital increase in Q4 2024 and $10 million Working Capital decrease in 12M 2025 vs $394 million Working Capital increase in 12M 2024) as a result of a reduction of factoring facilities usage in 2024 partially offset by an increase in CapEx and lower Adjusted EBITDA in 2025.

Chief Executive Officer, Marius Croitoru, Commented:

In Q4 2025, CANPACK showed resilience in a dynamic market. Our focus on delivering value for our customers drove strong growth in the U.S. and India, while in Europe we continued to operate at full capacity reinforcing the strength of our global footprint. In addition, in Q1 2026 we anticipate 9% volume growth driven by 18% growth in the Americas and 5% growth in Europe where we continue to operate at full capacity. Our teams remain focused on delivering for our customers and driving operational excellence despite challenging geopolitical and market conditions in the Middle East and India. I would like to thank our employees for their hard work and commitment as we shape CANPACK’s future together while continuing to navigate with agility a challenging geopolitical environment.

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 15 countries. For more information, visit www.canpack.com.

Conference Call Details

CANPACK Group will announce its 2025 results on Tuesday, March 31, 2026. 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


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 (or in other documents or statements reporting our financial performance), 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 (or in other documents or statements reporting our financial performance). 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 such forward-looking statements, 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 (or in other documents or statements reporting our financial performance) 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

Daisy Padovan – H/Advisors Maitland
Phone: +44 (0) 207 379 5151
Email: canpack@maitland.co.uk

¹ Presented on comparable basis from continuing business, excluding results of Poland Glass Business sold on April 2nd, 2024 and CANPACK Russia which has been deconsolidated as of December 31st 2025.

²The current number of countries where CANPACK operates and total number of CANPACK operations globally does not reflect CANPACK’s operations in Russia which were placed under External Administration by the Russian Government by Presidential Decree dated December 31, 2025, and, as a result, CANPACK has lost control over those operations.  Those operations have been re-characterized as discontinued operations on CANPACK Group, Inc.’s financial statements.