CANPACK Reports Q1 2022 Results

May 26, 2022

Krakow, Poland, May 26, 2022CANPACK (the “Company” or the “Group”), a global manufacturer of aluminum beverage cans and packaging solutions for the beverage and food industry, is pleased to announce, 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, 2022 (“Q1 2022”).

Q1 2022 Highlights

  • Adjusted EBITDA increased to $132 million in Q1 2022 compared to $127 million in Q1 2021, an increase of 4%, driven by increased selling price per unit, partially offset by increased aluminum costs and $8 million of ramp-up costs related to the U.S. operations at the Olyphant facility.
  • Free cash flow improved by $8 million year-over-year from a cash inflow of $36 million in Q1 2021 to a $44 million cash inflow in Q1 2022. This performance was due to higher adjusted EBITDA and lower working capital employed, partially offset by higher capital expenditures during the three months ended March 31, 2022 compared to the corresponding period in 2021.

Chief Executive Officer, Roberto Villaquirán, Commented:

“I am pleased to report continued positive momentum against key performance measures. During the first quarter, we have faced significant operational challenges, rising input costs and continued tight supply chains. Despite this backdrop, first quarter beverage can bodies volume grew by 5%, with adjusted EBITDA of $132 million increasing 4% over the prior year. This performance is underpinned by CANPACK’s resilient operating model, geographic diversity, strict cost controls and focus on efficiency, enabling the delivery of market-leading, innovative and sustainable packaging solutions to our customers. I am deeply proud of how our teams and partners have responded, enabling CANPACK to continue to grow and deliver to our customers in these challenging times.”


CANPACK Group, 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. Headquartered in Krakow (Poland), CANPACK employs nearly 8,500 people worldwide and has operations in 17 countries. For more information, visit

Conference Call Details

The Company will host a conference call at 14:00 BST / 15:00 CET / 09:00 EDT on Thursday May 26, 2022 to discuss its financial results with the investment community. Investors and analysts wishing to attend this event can request registration via email at 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

These 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, 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. 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 the forward-looking statements contained in this document, 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 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 bodies volume 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.



Lorenzo Ruffatti
Group Treasury Director

Marta Kopcik
Group Communications Manager


Li Zhao – Maitland/AMO
Phone: +44 (0) 207 379 5151