SIG Group AG: Full year results 2025 - stable revenue in a challenging market environment; clear roadmap to drive future value creation
03.03.2026 - 07:00:46 | dgap.de| SIG Group AG / Key word(s): Annual Results 03-March-2026 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. FY 2025 results Stable revenue in a challenging market environment; clear roadmap to drive future value creation 2025 Group revenue growth vs. 2024 at constant currency +0.4% (+0.1% at constant currency and constant resin[1]). Q4 2025 Group revenue growth vs. Q4 2024 at constant currency +0.6% (+0.5% at constant currency and constant resin1). 2025 adjusted EBITDA margin 22.1%, including non-recurring charges (2025 EBITDA margin excluding non-recurring charges 24.2% (2024: 24.6%)). Recognition of non-recurring charges related to the prevailing soft market conditions and the strategic review completed, amounting to approximately €351 million (pre-tax). Mikko Keto joined as SIG’s new CEO on March 1, 2026. 2026 outlook: 0-2% constant currency and constant resin revenue growth reflecting a similar market environment as in 2025, adjusted EBIT margin of between 15.7% and 16.2%. Mid-term guidance revenue growth 3-5%, adjusted EBIT margin above 16.5%. Anne Erkens, CFO, said: “In 2025, SIG operated in a challenging economic environment, particularly on the consumer side, resulting in more volatile demand. In response, we took decisive action to sharpen our strategic focus. Following an in-depth strategy review, we defined a clear roadmap to improve business performance, focusing on portfolio optimization, operational improvement and a more rigorous approach to capital discipline. We are confident that these priorities, combined with SIG’s unique business model and strong innovation capabilities, provide a solid foundation for long-term value creation. For 2026, we anticipate market conditions to remain broadly similar to 2025. We expect total revenue growth at constant currency and constant resin[1]for 2026 to be in the range of 0-2% with an adjusted EBIT margin between 15.7% to 16.2%. In line with our usual seasonality, we expect revenue and adjusted EBIT margins to be stronger in the second half of the year. Our guidance remains subject to input cost developments and foreign exchange volatility.” Mikko Keto, CEO, added: “I am delighted to join SIG at this important stage of its development. The company has strong foundations, differentiated technology and highly committed teams worldwide. Together, we will focus on disciplined growth, operational execution and continued innovation. Our ambition is clear: to enhance performance, strengthen competitiveness and deliver sustainable value for our shareholders, while maintaining the trust of our customers and partners.” Key performance indicators
1 Revenue from the carton business mainly relates to the provision of aseptic carton packaging solutions but also to the provision of chilled carton packaging solutions in Asia. Full year regional revenue highlights Europe For the financial year 2025, European revenue declined by 0.9% at a constant currency and constant resin basis and declined by 0.8% at a constant currency basis. Growth in the region has been normalizing following exceptional growth of 6.4% at a constant currency and constant resin for the financial year 2024. Performance was impacted by lower raw milk availability for aseptic processing particularly around the middle of the year. This abated in Q4 as raw milk prices came down. Export volumes of UHT milk into other regions such as Asia were softer in 2025, impacting revenue growth. The juice category in the region has also declined, impacted by a weak summer season. India, Middle East and Africa For the financial year 2025, revenue growth in India, Middle East and Africa (IMEA) was 0.4% both at a constant currency and at a constant currency and constant resin basis. The growth rate in the region has been influenced by high comparables following exceptional growth of 13.5% at a constant currency and constant resin basis for the financial year 2024. Carton volumes have been impacted by lower consumer demand across the region as well as higher competition and the monsoon season in India. Bag-in-box and spouted pouch revenue growth has been strong, driven by growth in India. Asia Pacific For the financial year 2025, revenue for Asia Pacific declined by 1.7% both at a constant currency basis and at a constant currency and constant resin basis. Continued market softness the region and the competitive environment in chilled carton impacted revenue performance. The later occurrence of the Chinese New Year in 2026 had an impact on volumes in China, particularly during the fourth quarter. Market outperformance in China was underpinned by product innovation and flexibility. South East Asia, Japan and Korea continued their growth momentum despite market downturn, supported by strong filler sales and pipeline. Americas For the financial year 2025, revenue growth in the Americas was 3.0% at a constant currency and constant resin basis, and 4.4% at a constant currency basis. Aseptic carton growth was positively impacted by liquid dairy in Mexico, and price increases in Brazil. SIG’s system solution service offering also reflected growth in the region. In the United States, the largest market for the bag-in-box and spouted pouch business, share gains in dairy and syrup mostly offset declines in wine and non-system business. Spouted pouch in Brazil and Chile showed strong growth. Adjusted EBITDA
1Adjusted EBITDA divided by revenue from transactions with external customers. Adjusted EBITDA for the financial year 2025 amounted to €718.3 million (2024: €819.5 million). The adjusted EBITDA margin of 22.1% for the year (2024: 24.6%) was impacted by the non-recurring charges described above. Excluding these non-recurring charges, adjusted EBITDA was €787.6 million (24.2% margin), or €31.9 million lower than the prior year. At constant currency and excluding non-recurring charges, adjusted EBITDA increased 1.6% compared with the prior year. For 2025, the appreciation of the Euro, particularly against the Brazilian Real, Mexican Peso, US Dollar and Chinese Renminbi has reduced the adjusted EBITDA margin by 60 basis points. Improvements to adjusted EBITDA compared with 2024 were driven by price increases and lower raw material costs mostly due to a favorable polymer price environment. Higher production costs reflected unabsorbed fixed costs and lower production efficiencies. SG&A costs were impacted by wage inflation and growth investments in the first half of the year, which slowed down in H2 2025. Reported EBITDA in 2024 included a benefit of the reversal of the provision for the contingent consideration that did not reoccur to the same extent in 2025. The table below details the reconciliation of profit or loss for the period to EBITDA and adjusted EBITDA:
1For the different adjustments to EBITDA, refer to the adjusted EBITDA table above. EBIT and net income were positively impacted by the cessation of the Onex PPA amortization after the first quarter of 2025. Tax The effective tax rate of (86.0)% in 2025 was impacted by the non-recurring charges. The adjusted effective tax rate was 28.4% in 2025, 27.2% excluding non-recurring charges (2024: adjusted effective tax rate 27.7%). The decrease reflected the relative mix of profits and losses taxed at varying tax rates in the jurisdictions SIG operates in. Net income and adjusted net income Full year 2025 adjusted net income amounted to €231.1 million (2024: €308.1 million). Excluding the non-recurring charges described above, adjusted net income was €285.3 million, €22.8 million below the prior year. This decrease was attributable to lower adjusted EBITDA and higher depreciation, which was partly offset by lower tax and finance expense. The loss for the period was €87.0 million, driven by the non-recurring charges. Excluding those non-recurring charges, profit for the period was €208.3 million. The table below details the reconciliation of profit or loss for the period to adjusted net income.
1For the different adjustments to EBITDA, refer to the adjusted EBITDA table above. Net capital expenditure, including lease payments
1Includes proceeds received relating to the sale of the chilled carton production plant in Shanghai.. Net capital expenditure, including lease payments, decreased by €15.9 million to €199.7 million compared to €215.6 million in the prior year. The decrease reflected the completion of the production plant in India. This was offset by investments in the further expansion of the production plant in Mexico. Capital expenditure includes the proceeds from the sale of the former chilled production plant in China as well as land in Europe (€16.9 million). Upfront cash received for filling lines, which is included in net cash from operating activities, was at a lower absolute level compared to the prior year and decreased as a percentage of filling line and other related equipment expenditure to 71% (2024: 79%). Upfront cash as a percentage of filling line and other related equipment expenditure can vary depending on the type of contract and location. Despite the challenging market environment, SIG placed 68 aseptic carton filling machines in field in 2025 (75 in 2024). Taking account of withdrawals, the number of SIG aseptic carton filling machines globally reached 1,448 (1,434 in 2024), a net increase of 14. Some of the filling machines that were retired during the year will be overhauled and redeployed. In general, new filling machines placed in field have significantly higher capacity than retired filling machines. Free cash flow
1Includes proceeds received relating to the sale of the chilled carton production plant in Shanghai. Free cash flow for the year ended December 31, 2025 included the impact of higher customer incentive payments for strong volume growth in 2024 and lower EBITDA compared with the prior year. Leverage
[1] Constant resin growth excludes the impact of movements in the resin price in the bag-in-box and spouted pouch businesses Any movement in resin costs is directly passed on to customers. Investor contact Anne Erkens Chief Financial Officer Tel: +41 52 543 1208 Email: anne.erkens@sig.biz Media contact Andreas Hildenbrand Lemongrass Communications Tel: +41 44 202 5238 Email: andreas.hildenbrand@lemongrass.agency About SIG SIG is a leading solutions provider of packaging for better – better for our customers, for consumers, and for the world. With our unique portfolio of aseptic carton, bag-in-box, and spouted pouch, we work in partnership with our customers to bring food and beverage products to consumers around the world in a safe, sustainable, and affordable way. Our technology and outstanding innovation capabilities enable us to provide our customers with end-to-end solutions for differentiated products, smarter factories, and connected packs, all to address the ever-changing needs of consumers. Sustainability is integral to our business, and we strive to create a regenerative food packaging system. Founded in 1853, SIG is headquartered in Neuhausen, Switzerland, and is listed on the SIX Swiss Exchange. The skills and experience of our approximately 9,700 employees worldwide enable us to respond quickly and effectively to the needs of our customers in over 100 countries. In 2025, SIG produced around 54 billion packs and generated €3.2 billion in revenue. SIG has an AAA ESG rating by MSCI, a Platinum CSR rating by EcoVadis, and is included in the FTSE4Good Index. For more information, visit www.sig.biz Disclaimer and cautionary statement The information contained in this media release and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. This media release contains “forward-looking statements” that are based on our current expectations, assumptions, estimates and projections about us and our industry. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words “may”, “will”, “should”, “continue”, “believe”, “anticipate”, “expect”, “estimate”, “intend”, “project”, “plan”, “will likely continue”, “will likely result”, or words or phrases with similar meaning. Undue reliance should not be placed on such statements because, by their nature, forward-looking statements involve risks and uncertainties, including, without limitation, economic, competitive, governmental and technological factors outside of the control of SIG Group AG (“SIG”, the “Company” or the “Group”), that may cause SIG’s business, strategy or actual results to differ materially from the forward-looking statements (or from past results). For any factors that could cause actual results to differ materially from the forward-looking statements contained in this media release, please see our prospectus for the offering and listing of senior bonds notes in March 2025. SIG undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted that past performance is not a guide to future performance. Please also note that quarterly results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser. The declaration and payment by the Company of any future dividends and the amounts of any such dividends will depend upon SIG’s ability to maintain its credit rating, its investments, results, financial condition, future prospects, profits being available for distribution, consideration of certain covenants under the terms of outstanding indebtedness and any other factors deemed by the members of the board of directors to be relevant at the time, subject always to the requirements of applicable laws. Some financial information in this media release has been rounded and, as a result, the figures shown as totals in this media release may vary slightly from the exact arithmetic aggregation of the figures that precede them. In this media release, we utilize certain alternative performance measures, including but not limited to EBITDA, adjusted EBITDA, adjusted EBITDA margin, net capex, adjusted net income, free cash flow and net leverage ratio that in each case are not defined in IFRS Accounting Standards. These measures are presented as we believe that they and similar measures are widely used in the markets in which we operate as a means of evaluating a company’s operating performance and financing structure. Our definition of and method of calculating the alternative performance measures stated above may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS Accounting Standards or other generally accepted accounting principles, are not measures of financial condition, liquidity or profitability and should not be considered as an alternative to profit from operations for the period or operating cash flows determined in accordance with IFRS Accounting Standards, nor should they be considered as substitutes for the information contained in our consolidated financial statements. You are cautioned not to place undue reliance on any alternative performance measures and ratios not defined in IFRS Accounting Standards included in this media release. Alternative performance measures For additional information about alternative performance measures used by management that are not defined in IFRS Accounting Standards, including definitions and reconciliations to measures defined in IFRS Accounting Standards, please refer to the link below: Alternative performance measures - SIG – for better Additional features: File: SIG_FYR25_260303_English End of Inside Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Language: | English |
| Company: | SIG Group AG |
| Laufengasse 18 | |
| 8212 Neuhausen am Rheinfall | |
| Switzerland | |
| Phone: | +41 52 674 61 11 |
| Fax: | +41 52 674 65 56 |
| E-mail: | info@sig.biz |
| Internet: | www.sig.biz |
| ISIN: | CH0435377954 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 2284024 |
| End of Announcement | EQS News Service |
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