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Q1 2025 trading update SIG Group Samuel Sigrist, CEO Anne Erkens, CFO
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Disclaimer and cautionary statement The information contained in this presentation 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 presentation may contain “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 presentation, please see our prospectus for the issue of 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. Persons requiring advice should consult an independent adviser. While we are making great efforts to include accurate and up-to-date information, we make no representations or warranties, expressed or implied, and no reliance may be placed by any person as to the accuracy and completeness of the information provided in this presentation and we disclaim any liability for the use of it. Neither SIG nor any of its directors, officers, employees, agents, affiliates or advisers is under an obligation to update, correct or keep current the information contained in this presentation to which it relates or to provide the recipient of it with access to any additional information that may arise in connection with it and any opinions expressed in this presentation are subject to change. The presentation may not be reproduced, published or transmitted, in whole or in part, directly or indirectly, to any person (whether within or outside such person’s organization or firm) other than its intended recipients. The attached information is not an offer to sell or a solicitation of an offer to purchase any security in the United States or elsewhere and shall not constitute an offer, solicitation or sale any securities of SIG in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or investment decision. No securities may be offered or sold within the United States or to U.S. persons absent registration or an applicable exemption from registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from any issuer of such securities and that will contain detailed information about us. Any failure to comply with the restrictions set out in this paragraph may constitute a violation of the securities laws of any such jurisdiction.. This presentation is not an offer to sell or a solicitation of offers to purchase or subscribe for securities. This document is not a prospectus within the meaning o the Swiss Financial Services Act nor a prospectus under any other applicable law. In this presentation, 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 International Financial Reporting Standards (“IFRS”). These alternative non-IFRS 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 measures stated above may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS, as issued by the IASB 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, 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 included in this presentation. Alternative performance measures For additional information about the alternative performance measures used by management please refer to this link: Alternative performance measures - SIG – for better Some financial information in this presentation has been rounded and, as a result, the figures shown as totals in this presentation may vary slightly from the exact arithmetic aggregation of the figures that precede them. 2
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Q1 2025 business summary Solid start to the year amid evolving global trade uncertainties Resilient revenue growth • 3.2% revenue growth at constant currency and constant resin due to resilient customer product categories, diversified routes to market and geographic mix • Good growth in aseptic carton, China remains subdued • Bag-in-box operational improvements supported growth in North America • Strong filler placements expected 3 Successful refinancing • SIG now full investment grade after upgrade by Moody’s • Placed a five year €625 million Eurobond with an annual coupon of 3.75% • All 2025 debt refinancing completed in March. Next debt maturity in June 2027 BBB- Baa3 Stable Stable Limited tariff impact expected due to regional operating structure • “In the region for the region” supply network • Recently announced tariffs, including tariffs currently paused, expected to have a mid to high single € million impact in 2025
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Q1 2025 financial summary Resilient revenue growth and margin improvement Revenue € 746 million Adjusted EBITDA € 166M Adjusted net income Adjusted EBITDA margin 22.3% Free cashflow € 44M +3.4% +3.2% € (90)M constant currency at constant currency and constant resin reported (Q1 2024: €155 million) (Q1 2024 : €40 million) (Q1 2024 : 21.5%) (Q1 2024 : €(101) million) 4 +3.8% 1New SIG CAPEX definition, including lease liabilities, has been applied to the prior year April 29, 2025 | SIG Q1 results Net leverage 2.7 x (Q1 2024 : 2.9 times) Net CAPEX1 incl. lease payments € 59M (Q1 2024 : €78 million)
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Q1 2025 regional summary 5 Europe and India, Middle East and Africa (€ million) Q1 2024 Q1 2025 Revenue 91 100 Revenue growth (constant currency) (4.7)% 9.6% (€ million) Q1 2024 Q1 2025 Revenue 251 252 Revenue growth (constant currency) 5.8% 0.5% • Revenue growth at constant currency and constant resin 0.4% • Strong prior year comparison • Growth normalizing however seeing further share gains in carton • Good project pipeline for all substrates India, Middle East and Africa Europe April 29, 2025 | SIG Q1 results • Revenue growth at constant currency and constant resin 9.6% • Partly reflects lower prior year comps • Expanding presence in North Africa and India is driving growth; Indian plant ramping up as expected • Contribution of bag-in-box and spouted pouch fillers placed in 2024
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Q1 2025 regional summary 6 (€ million) Q1 2024 Q1 2025 Revenue 185 189 Revenue growth (constant currency) 7.9% (0.2)% Asia Pacific and Americas (€ million) Q1 2024 Q1 2025 Revenue 195 204 Revenue growth (constant currency) (10.5)% 9.2% • Revenue growth at constant currency and constant resin (0.2)% • Strong prior year comparison • Market environment remains subdued in China • Good growth in Thailand, Vietnam and Indonesia driven by market share gains and new product launches Asia Pacific • Revenue growth at constant currency and constant resin 7.1% • Strong carton growth in Mexico, Peru, Argentina, Chile and Ecuador • Bag-in-box normalizing in USA as production challenges have been resolved • Growth in out of home dining market in USA remains fragile Americas April 29, 2025 | SIG Q1 results
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7 Q1 2025 adjusted EBITDA bridge Strong top line contribution to margin expansion 21.5%1 22.3%1 1Adjusted EBITDA as % of revenue • Adjusted EBITDA margin expansion of 80 bps, leading to adj. EBITDA growth of 6.9% at constant currency • Top line reflects volume, favorable mix and price • Small raw material benefit driven by favorable hedging contracts in H1 2025 • Production includes ramp-up costs in India and wage inflation • SG&A reflects wage inflation and investments into growth including digitalization and process improvements • Year to date no FX impact (prior to Euro strengthening) April 29, 2025 | SIG Q1 results 155 166 0 17 3 1-5 -5 Q1 2024 FX impacts FX adjusted Top line Raw material costs Production SG&A Other Q1 2025 155
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EBITDA reconciliation € million Three months ended March 31, 2024 Three months ended March 31, 2025 EBITDA 134 160 Adjustments to EBITDA: Unrealized (gain)/loss on operating derivatives (2) 2 Restructuring costs, net of reversals 5 - Transaction- and acquisition – related costs - 1 Integration costs 1 - Change in fair value of contingent consideration 1 - Impairment losses 16 - Other - 3 Adjusted EBITDA 155 166 8April 29, 2025 | SIG Q1 results
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Net income reconciliation € million Three months ended March 31, 2024 Three months ended March 31, 2025 Profit for the period (7) 16 Non-cash foreign exchange impact of non-functional currency loans and realized foreign exchange impact due to refinancing 1 (7) Amortization of transaction costs 1 2 PPA depreciation and amortization – Onex acquisition 26 21 PPA amortization – Other acquisitions 12 12 Adjustments to EBITDA 21 7 Tax effect on above items (14) (6) Adjusted net income 40 44 9 April 29, 2025 | SIG Q1 results • Q1 2025 is the last quarter of PPA amortization for Onex acquisition
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10 Free cash flow Q1 reflects usual seasonality € million Three months ended March 31, 2024 Three months ended March 31, 2025 Net cash from operating activities 8 (8) Acquisition of property, plant and equipment and intangible assets (net of sales) (93) (66) Payment of lease liabilities (15) (16) Free cash flow (101) (90) PP&E and intangible assets 37 31 Filling lines and other related equipment 57 35 Capital expenditure 93 66 Upfront cash (31) (23) Net capital expenditure 63 43 Lease payments 15 16 Net capital expenditure, including lease payments 78 59 Net capex, incl lease payments as % of revenue 10.8% 7.9% • Net cash from operating activities reflects higher EBITDA offset by tax payments • Net capex including lease payments reduced by €19 million • Lease liability payment reflects increase in right of use assets for new production sites April 29, 2025 | SIG Q1 results
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11 Leverage Net leverage reflects seasonality € million Mar 31, 2024 Dec 31, 2024 Mar 31, 2025 Gross debt 2,548 2,475 3,027 Cash 266 303 787 Net debt 2,282 2,171 2,239 Net leverage ratio (last 12 months) 2.9x 2.6x 2.7x April 29, 2025 | SIG Q1 results • Year-on-year improvement in net leverage • Quarter end gross debt and cash balance include €625 million Eurobond raised as part of 2025 refinancing; gross debt and cash to reduce following 2020 Eurobond redemption in June
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2025 financial guidance Revenue growth (constant currency and constant resin) Adjusted EBITDA margin Net CAPEX incl. leases (% revenue) Dividend payout ratio (of adjusted net income) 3-5% 24.5% - 25.5% 7-9% 50-60% Adjusted effective tax rate 26-28% • Expect a similar market environment as in 2024 • Guidance subject to: • input costs • forex volatility 12 As per new definition incl. lease payments Confirmed April 29, 2025 | SIG Q1 results
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