CANPACK Group Reports Q2 2026 Results

Wayne, Pennsylvania August 27, 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 six months ended June 30, 2026 (“Q2 2026”) and its trading update for Q2 and H1 2026.

Q2 and H1 2026 Highlights

For the three months and six months ended June 30, 2026, beverage can body volumes increased by 8% as compared to the corresponding periods in 2025. The positive performance during
the three and six months ended June 30, 2026, was driven primarily by higher beverage can body volumes in Colombia, Brazil, U.S., and Europe, partially offset by lower beverage can body volumes in Middle East.

Net Sales increased by 20% for the three and six months ended June 30, 2026, as compared to the corresponding period in 2025. It was primarily driven by contractual pass through of higher aluminum LME and Premium, higher beverage can body volumes and higher selling prices partially offset by lower Net Sales in Glass India due to a temporary commercial glass bottle production stoppage caused by lack of liquified propane gas (LPG).

Adjusted EBITDA increased to $146 million and $280 million for the three and six months ended June 30, 2026, as compared to $129 million and $249 million in the corresponding periods
in 2025. This increase during the three and six months ended June 30, 2026, was primarily driven by higher beverage can body volumes, higher selling prices and positive FX impact partially offset by higher labor costs, lower results in Glass India due to a temporary commercial glass bottle production stoppage caused by lack of LPG and incremental transportation costs to support our Indian operations from Middle East and our Colombian operations from Brazil.

Capital expenditures increased to $91 million and to $190 million for the three and six months ended June 30, 2026, as compared to $56 million and $107 million in the corresponding periods in 2025, primarily driven by higher planned spending for our capacity expansion projects.

Free cash flow increased by $13 million from a $50 million cash outflow for the three months ended June 30, 2025, to a $37 million cash outflow for the three months ended June 30, 2026. Free cash flow decreased by $187 million from a $7 million cash inflow for the six months ended June 30, 2025, to a $180 million cash outflow for the six months ended June 30, 2026. The performance for the three months ended June 30, 2026 as compared to same period of 2025 was primarily driven by Working Capital (due to higher utilization of factoring facilities) and higher Adjusted EBITDA partially offset by increased CapEx. The performance for the six months ended June 30, 2026 as compared to the same period of 2025 was primarily driven by changes in Working Capital (higher beverage can body volumes, higher aluminum LME and Premium and movement in factoring facilities utilization) combined with increased CapEx partially offset by higher Adjusted EBITDA.

As previously reported, on December 31, 2025, CANPACK’s operations in Russia were placed under external administration by decree of the President the Russian Federation. As a result, CANPACK has not had financial, operational or management control over CPRU’s business, assets and personnel since that time. Following consideration of available alternatives, CANPACK, through its subsidiaries in France and Poland, entered into an agreement to sell its shareholdings in its Russian operations to a third-party buyer. In anticipation of and to enable that sale, on August 24, 2026, a decree was issued lifting external administration. The closing of the sale is subject to receipt of all required governmental and regulatory approvals, along with other customary closing conditions. Although the timing of the expected sale is uncertain, CANPACK expects the transaction to close by the end of 2026.

Chief Executive Officer, Marius Croitoru, Commented:
 
In Q2 2026, CANPACK continued to deliver strong results in an uncertain global environment, driven by solid volume and Adjusted EBITDA growth. Recently we announced an additional investment in India, reinforcing our commitment to a strategically important growth market and strengthening our ability to support customers locally with high-quality, scalable production. I would like to express my sincere appreciation to our employees, whose hard work, commitment, and resilience continue to drive CANPACK forward in a challenging geopolitical environment, and to thank our customers for their continued trust in us.
 
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 Q2 2026 results on Thursday, August 27, 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.

¹Presented on comparable basis from continuing business, excluding results of CANPACK Russia which has been deconsolidated as of December 31^st 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.

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