CANPACK Group Reports Q1 2025 Results

Wayne, Pennsylvania May 29, 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 months ended March 31, 2025.

Q1 2025 Highlights

For the three months ended March 31, 2025, beverage can body volumes increased by 3% as compared to the corresponding period in 2024. The positive volume development during the three months ended March 31, 2025, was primarily driven by India, Middle East and U.S. partially offset by lower can body volumes in Brazil.

Net Sales¹ increased by 8% for the three months ended March 31, 2025, as compared to the corresponding period in 2024. This positive performance was driven by a 3% beverage can body volumes increase and contractual pass through of higher aluminum LME and Premium.

Adjusted EBITDA¹ increased to $139 million for the three months ended March 31, 2025, as compared to $135 million in the corresponding period in 2024 primarily driven by higher volumes.

Capital expenditures¹ increased to $52 million for the three months ended March 31, 2025, as compared to $30 million in the corresponding period in 2024, primarily driven by higher spending for our capacity expansion projects in Europe as well as increased maintenance CapEx.

Free cash flow increased by $191 million for the three months ended March 31, 2025, from a $125 million cash outflow for the three months ended March 31, 2024 to a $66 million cash inflow for the three months ended March 31, 2025. This performance was primarily driven by a lower increase in Working Capital ($23 million Working Capital increase in Q1 2025 vs $230 million Working Capital increase in Q1 2024 as a result of reduction of factoring facilities usage), partially offset by higher CapEx.

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

Chief Executive Officer, Marius Croitoru, Commented:

“Despite global uncertainty we are very pleased with the first quarter’s results. We are at maximum volume outputs in Europe while also seeing strong performance in India and the Middle East, as well as improving performance in the United States. While we cannot predict how the balance of 2025 will unfold, we are at this time cautiously optimistic. We continue to thank our world class customer base for their trust in CANPACK as we work hard to delight each of them, and we continue to applaud our employees for their unwavering dedication and exceptional commitment.”

About CANPACK Group

CANPACK Group, Inc., part of Giorgi Global Holdings, Inc., is a global manufacturer of aluminum beverage cans, metal closures and glass and steel packaging solutions for the food and beverage industries. 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 Q1 2025 results on Thursday, May 29, 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

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