SIG Group Ltd

Latest Results (03.08.2026):

This summary covers SIG Group Ltd’s fourth quarter (Q4) 2025 and full-year FY 2025 results as reported by the company. In FY 2025 SIG delivered broadly stable revenue at constant currency, solid adjusted profitability despite a weaker market and recognized significant non‑recurring impairments that produced a statutory loss for the year; management has issued 2026 guidance and a mid‑term roadmap and paused the FY2025 dividend.

Revenue

FY 2025 total revenue: €3,248.7m (2024: €3,328.5m; reported -2.4%, +0.4% at constant currency). Q4 2025 revenue: €901.2m (Q4 2024: €930.7m; reported -3.2%, +0.6% at constant currency). Aseptic carton grew modestly at constant currency; chilled carton and bag‑in‑box/spouted pouch saw regional softness.

Adjusted profitability (EBITDA / EBIT)

FY 2025 adjusted EBITDA: €718.3m (margin 22.1%). Excluding non‑recurring items adjusted EBITDA would be €787.6m (24.2% margin) versus €819.5m (24.6%) in 2024. Adjusted EBIT (ex‑non‑recurring): €511.5m; reported EBIT €79.5m due to impairments.

Non‑recurring charges

SIG recorded approximately €351m of pre‑tax non‑recurring charges in 2025 (majority non‑cash), with ~€25m expected cash outflow in 2026. Main components: bag‑in‑box & spouted pouch ~€107m, chilled carton ~€86m, markets/capacity ~€82m, innovation ~€62m and restructuring/other ~€14m.

Net income, adjusted net income and EPS

Reported loss for FY 2025: €87.0m (driven by the non‑recurring charges). Adjusted net income: €231.1m (ex‑charges €285.3m in a like‑for‑like view). Adjusted diluted EPS: €0.60; reported diluted EPS: -€0.23.

Cash flow and capital spend

Free cash flow FY 2025: €191.0m (2024: €290.3m), impacted by lower EBITDA and higher customer incentive payments. Net capex (incl. filling lines) €144.5m; total capex including lease payments €199.7m. SIG placed 68 aseptic filling machines in 2025 (net fleet +14).

Leverage and balance sheet

Gross debt €2,498.1m; cash €354.3m; net debt €2,143.8m. Reported net leverage 3.0x (2024: 2.6x). Under the company’s covenant calculation (excluding asset impairments) leverage was 2.8x; covenant limit is 4.0x.

Regional & business trends

By region at constant currency: Europe roughly flat (-0.8% reported), IMEA +0.4%, APAC -1.7%, Americas +4.4%. Carton business remains the majority (≈€2,697.7m) with bag‑in‑box & spouted pouch ≈€551.0m; chilled carton softer, especially in China.

Guidance, mid‑term targets and dividend

2026 guidance: revenue growth 0–2% at constant currency & constant resin; adjusted EBIT margin 15.7–16.2%; net capex incl. leases 6–8% of revenue; adjusted tax rate 26–28%. Mid‑term: revenue growth 3–5% and adjusted EBIT margin >16.5%; target net leverage ~2.5x by 2027 and ~2.0x in the medium term. Dividend for FY2025 is paused; company expects to reinstate dividends for FY2026 with a 30–50% payout ratio of adjusted net income.

Governance and management

Board appointed Mikko Keto as CEO; he joined SIG Group on March 1, 2026. Management highlights a strategic roadmap focused on portfolio optimization, operational improvements and capital discipline to restore performance and drive medium‑term value creation.