SIG Group Ltd

Latest Results (12.09.2026):

SIG Group Ltd — Q4 2025 summary: SIG reported stable revenue at constant currency in Q4 2025 and for FY 2025, with FY total revenue of €3,248.7m and Q4 revenue of €901.2m. Adjusted EBITDA for FY 2025 was €718.3m (22.1% margin; 24.2% margin excluding ~€351m of non‑recurring charges). The group recognised significant non‑recurring impairments (~€351m pre‑tax, mostly non‑cash), producing a reported FY net loss of €87.0m while adjusted net income was €231.1m. Management set 2026 guidance of 0–2% revenue growth (constant currency & resin) and an adjusted EBIT margin of 15.7–16.2%, and announced CEO Mikko Keto (joined 1 Mar 2026).

Revenue (Q4 2025 & FY 2025)

FY 2025 revenue: €3,248.7m (down 2.4% reported; +0.4% at constant currency). Q4 2025 revenue: €901.2m (down 3.2% reported; +0.6% at constant currency). Aseptic carton +1.2% (constant currency) offset by weaker chilled carton and bag‑in‑box/spouted pouch performance in parts of the year.

Profitability — adjusted EBITDA and margins

FY adjusted EBITDA €718.3m (22.1% margin). Excluding non‑recurring charges, adjusted EBITDA was €787.6m (24.2% margin) vs. €819.5m (24.6%) in 2024. Q4 adjusted EBITDA €222.9m (24.7% margin; 25.7% excl. non‑recurring charges).

Non‑recurring charges and impairments

SIG recognised ~€351m of non‑recurring pre‑tax charges in 2025 (majority non‑cash). Key categories: bag‑in‑box & spouted pouch (~€107m), chilled carton (~€86m), markets & capacities (~€82m), innovation (~€62m) and restructuring/other (~€14m). Cash outflows of ~€25m expected in 2026 related to these items.

Net income and adjusted net income

Reported FY net loss €87.0m (impacted by the non‑recurring charges). Adjusted net income for FY 2025 was €231.1m (2024: €308.1m). Excluding non‑recurring charges adjusted net income would have been €285.3m.

Cash flow, capex and investments

Free cash flow for FY 2025 was €191.0m (2024: €290.3m). Net capital expenditure (including lease payments) was €199.7m (down vs prior year), with continued investment in filling lines (68 placed in 2025, fleet at 1,448 machines).

Balance sheet, leverage and dividend

Net debt €2,143.8m at 31 Dec 2025 (gross debt €2,498.1m; cash €354.3m). Reported net leverage 3.0x (covenant limit 4.0x); on covenant basis (excluding impairments) leverage ~2.8x. Board paused the 2025 dividend and expects to reinstate dividends for 2026 with a 30–50% payout ratio of adjusted net income.

Guidance & medium‑term targets

2026 guidance: revenue growth 0–2% (constant currency & resin) and adjusted EBIT margin 15.7–16.2%; net capex incl. leases target 6–8% of revenue; adjusted tax rate 26–28%. Mid‑term: revenue growth 3–5% and adjusted EBIT margin >16.5%, net leverage ~2.5x by 2027 and ~2.0x in the medium term.

Governance and leadership

SIG Group Ltd appointed Mikko Keto as CEO (joined 1 March 2026). The company completed a strategic review in 2025 and outlined priorities of portfolio optimisation, operational improvement and capital discipline to drive future value creation.