CANPACK Group Reports Q1 2026 Results

Wayne, Pennsylvania May 28, 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 months ended March 31, 2026.
 
Q1 2026 Highlights
 
 
 

 
For the three months ended March 31, 2026, beverage can body volumes increased by 9% as compared to the corresponding period in 2025. The positive  performance was driven primarily by higher beverage can body volumes in Brazil, U.S., Europe and India, partially offset by lower beverage can body volumes in Middle East.
 
 
Net Sales¹ increased by 20% for the three months ended March 31, 2026, as compared to the corresponding period in 2025. This positive performance during the three months ended March 31, 2026, was driven by contractual pass through of higher aluminum LME and Premium, higher beverage can body volumes, positive FX impact and higher selling prices.
 
 
Adjusted EBITDA¹ increased to $134 million for the three months ended March 31, 2026, as compared to $120 million in the corresponding period in 2025. This increase during the three months ended March 31, 2026, was primarily driven by higher beverage can body volumes, contract assets recognition, higher selling prices and positive FX impact partially offset by higher labor costs, lower results in Glass India due to temporary commercial glass bottle production stoppage caused by lack of LPG and scheduled furnace cold repair and incremental transportation cost to support Colombian operation from Brazil.
 
Capital expenditures[2] increased to $99 million for the three months ended March 31, 2026, as compared to $57 million in the corresponding period in 2025, primarily driven by higher planned spending for our capacity expansion projects.
 
Free cash flow decreased by $200 million from a $57 million cash inflow for the three months ended March 31, 2025, to a $143 million cash outflow for the three months ended March 31, 2026. This performance was primarily due to changes in Working Capital mainly due to limited utilization of factoring facilities and increased CapEx partially offset by higher Adjusted EBITDA.

 
Chief Executive Officer, Marius Croitoru, Commented:
 
In Q1 2026, CANPACK delivered strong results in an increasingly uncertain global environment, driven by solid volume growth and disciplined execution across the business. The volume growth was driven by our team’s continued focus on delivering value to our customers as we continue to operate at full capacity in Europe, India, Morocco and Colombia. Our global footprint enables us to support customer demand and react with agility. I would like to thank our customers for their trust in CANPACK, and our employees for their hard work and commitment as we continue to operate in 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 countries2. For more information, visit www.canpack.com.
 
Conference Call Details
 
CANPACK Group will announce its Q1 2026 results on Thursday, May 28, 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 CANPACK Russia which has been deconsolidated as of  December 31^st 2025.
[2] Presented on comparable basis from continuing business, excluding results of CANPACK Russia which has been deconsolidated as of  December 31^st 2025.
2 The 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.