CANPACK Group Reports Q2 2025 Results

Wayne, Pennsylvania August 28, 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 six months ended June 30, 2025 (“Q2 2025”) and its trading update for Q2 and H1 2025.

For the three months ended June 30, 2025, beverage can body volumes remained flat while for the six months ended June 30, 2025 beverage can body volumes increased by 1% as compared to the corresponding periods in 2024. The positive volume development during the three and six months ended June 30, 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% for the three months ended June 30, 2025, as compared to the corresponding period in 2024. Net Sales¹ increased by 9% for the six months ended June 30, 2025, as compared to the corresponding period in 2024. This positive performance was driven by contractual pass through of higher aluminum LME and Premium.

Adjusted EBITDA¹ decreased to $143 million and $282 million for the three and six months ended June 30, 2025, as compared to $175 million and $309 million in the corresponding periods in 2024 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 volumes.

Capital expenditures¹ increased to $56 million and $108 million for the three and six months ended June 30, 2025, as compared to $29 million and $59 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 $20 million from a $36 million cash outflow for the three months ended June 30, 2024, to a $16 million cash outflow for the three months ended June 30, 2025. Free cash flow changed by $211 million from a $162 million cash outflow for the six months ended June 30, 2024, to a $50 million cash inflow for the six months ended June 30, 2025. This performance was primarily driven by a lower increase in Working Capital ($105 million Working Capital increase in Q2 2025 vs $182 million Working Capital increase in Q2 2024 and $128 million Working Capital increase in H1 2025 vs $413 million Working Capital increase in H1 2024 as a result of reduction of factoring facilities usage), partially offset by higher CapEx and lower Adjusted EBITDA.

New Capacity Announcement

In response to increasing market demand and as part of CANPACK’s continued commitment to strengthening the packaging industry in Colombia and neighboring countries, we are pleased to announce a new greenfield investment located near Barranquilla, in the northern part of Colombia.  Backed by a long-term agreement with a strategic customer, this state-of-the-art facility will have an installed capacity of approximately 1 billion aluminum can bodies per year.

Chief Executive Officer, Marius Croitoru, Commented:

Despite global uncertainty we are pleased with the first semester’s financial results which are higher than our initial expectation for H1 2025. We are seeing strong performance in India and United States while we are running at full capacity in Europe without interruption since January 2024. 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 Q2 2025 results on Thursday, August 28, 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

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