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Q3 2025 trading update SIG Group Anne Erkens, CFO and CEO ad interim October 28, 2025
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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. 2October 28, 2025 | Q3 trading update 2025
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Q3 2025 business summary Challenging market environment post summer 3 October 28, 2025 | Q3 trading update 2025 Revenue development Innovation progress • Deteriorating consumer confidence across geographies and channels • Observe customer destocking in H2 primarily in emerging markets • Soft performance in businesses that SIG will deprioritize going forward • Successful recycling trial of 85% paper-content carton in Indonesia • Trial proved a better recycling process vs. standard carton • Higher paper content makes 85% carton more appealing for recyclers due to the increased pulp yield Non-recurring charges • Asset impairment as a result of the Group’s strategic review and soft market developments • €320 million pre-tax non- recurring charges booked in Q3, almost exclusively non-cash • 2025 charges expected to be up to €360 million, pre- tax, as stated on Sept 18 th. Cash impacts limited in 2025 Demand for filling equipment • Expect 60 -70 aseptic carton filler placements for 2025 • Commercial launch of aseptic spouted pouch SIG Generation 2 filler at Anuga in Cologne. Key features: • Higher output • Lower TCO • Volume flexibility
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Q3 2025 financial summary Revenue € 769 million Adj. EBITDA Incl. non-recurring €123 M Adjusted net income Incl. non-recurring Adj. EBITDA margin incl. non-recurring Free cashflow (4.3)% €55 M constant currency at constant currency and constant resin (Q3 2024 : €77 million)(Q3 2024 : 25.0%) (Q3 2024 : €78 million) 4 (3.9)% 1New SIG CAPEX definition, including lease liabilities, has also been applied to the prior year Net CAPEX1 incl. lease payments €59 M (Q3 2024 : €42 million) October 28, 2025 | Q3 trading update 2025 €184 M Adj. EBITDA w/o non-recurring 24.0% Adj. EBITDA margin w/o non-recurring €61 M Adj. Net Income w/o non-recurring (6.7)% reported (Q3 2024: €206 million) 16.0% €17 M Resilient EBITDA margin w/o non-recurring charges despite lower revenue
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9M 2025 financial summary Resilient EBITDA margin w/o non-recurring charges despite lower revenue Revenue € 2,348 million Adj. EBITDA Incl. non-recurring €495 M Adjusted net income incl. non-recurring Adj. EBITDA margin incl. non-recurring Free cashflow (0.1)% €(84) M constant currency at constant currency and constant resin (9M 2024: €575 million) (9M 2024 : €198 million)(9M 2024 : 24.0%) (9M 2024 : €1 million) 5 0.4% 1New SIG CAPEX definition, including lease liabilities, has also been applied to the prior year Net CAPEX1 incl. lease payments €169 M (9M 2024 : €171 million) October 28, 2025 | Q3 trading update 2025 €556 M Adj. EBITDA w/o non-recurring 23.7% Adj. EBITDA margin w/o non-recurring €197 M Adj. Net Income w/o non-recurring Net leverage 3.3 x (Q3 2024 : 3.0 times) (2.1)% reported 21.1% €153 M
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2025 quarterly revenue development 6 Initial growth assumptions for 2025 Revised 2025 growth outlook 1% 2% 2% 3-4% >5% 4-5% 3-5% Q1 25 Q2 25 H1 25 Q3 25 Q4 25 H2 25 FY 25 3% 1% 2% -4% Q1 25 Q2 25 H1 25 Q3 25 Q4 25 H2 25 FY 25 2025 expected growth trend: • Softer start into Q1 • Improving consumer sentiment as the year progresses • New fillers placed contributing to an acceleration in H2 2025 YTD actuals and revised outlook: • Higher Q1 volumes driven by slightly more optimistic view of customers going into the year • Q2 slowdown initially appeared localized (e.g. longer monsoon season India, softer EU) • Overall H1 still in line with original assumptions • Q3 major decline as customers aligned inventories with weaker consumer confidence October 28, 2025 | Q3 trading update 2025 Full year 2025 guidance: slightly negative to flat growth at constant currency and constant resin
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Q3 2025 regional summary 7 Europe October 28, 2025 | Q3 trading update 2025 1 not audited (€ million) Q1 2025 Q2 2025 Q3 2025 9M 2025 9M 2024 Q3 2024 Revenue 252 262 243 757 777 260 Revenue growth (constant currency) 0.5% (1.5%) (6.4)% (2.5)% 6.4% 6.3% Revenue growth (constant currency and constant resin)1 0.4% (1.6)% (6.5)% (2.6)% 6.6% 6.3% • Strong prior year comparison of above 6% growth for 9M 2024 • Normalization of raw milk availability for aseptic processing vs. strong supply in 2024 • Ramp up of filler placements in 2024 following wins related to EU regulation for tethered caps • Germany particularly soft in Q3 reflecting increased conversion of raw milk into cheese and lower export volumes • Juice category impacted by a weak summer season and an overall drop in consumption • Good project pipeline for spouted pouch and bag-in-box
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Q3 2025 regional summary 8 India, Middle East and Africa October 28, 2025 | Q3 trading update 2025 1 not audited (€ million) Q1 2025 Q2 2025 Q3 2025 9M 2025 9M 2024 Q3 2024 Revenue 100 128 97 325 331 110 Revenue growth (constant currency) 9.6% 1.0% (8.2)% 0.5% 13.9% 20.0% Revenue growth (constant currency and constant resin)1 9.6% 1.0% (8.2)% 0.4% 14.0% 20.0% • Strong prior year comparison of around 14% growth for 9M 2024 • Slowdown in carton in Middle East and Africa • Subdued market environment in India for on-the-go cartons • Good growth in bag-in-box and spouted pouch, driven by India
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Q3 2025 regional summary 9 Asia Pacific October 28, 2025 | Q3 trading update 2025 1 not audited (€ million) Q1 2025 Q2 2025 Q3 2025 9M 2025 9M 2024 Q3 2024 Revenue 189 225 213 626 640 223 Revenue growth (constant currency) (0.2)% 1.9% (1.4)% 0.1% 1.2% (1.3)% Revenue growth (constant currency and constant resin)1 (0.2)% 1.8% (1.4)% 0.1% 1.3% (1.3)% • China aseptic carton focused on offering differentiated pack sizes and gaining share with new product launches within a soft market environment • China chilled carton performance impacted by a competitive market environment and subdued economic conditions • Market softness in Thailand and Vietnam led to customer destocking partially offset by a recovery in Indonesia • Good growth in dairy bag-in-box
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Q3 2025 regional summary 10 Americas October 28, 2025 | Q3 trading update 2025 1 not audited (€ million) Q1 2025 Q2 2025 Q3 2025 9M 2025 9M 2024 Q3 2024 Revenue 204 218 215 638 650 231 Revenue growth (constant currency) 9.2% 5.8% (1.5)% 4.2% (1.2)% 4.3% Revenue growth (constant currency and constant resin)1 7.1% 4.1% (2.8)% 2.6% (2.5)% 2.3% • Good aseptic carton growth in Mexico, Chile, Argentina and Colombia especially in dairy, offset by destocking in Brazil • Out of home dining market in USA remains soft reflecting subdued consumer confidence • Bag-in-box Q3 softer after good “100 days of summer” season, mostly driven by retail and industrial business
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9M 2025 adjusted EBITDA bridge October 28, 2025 | Q3 trading update 2025 11 Strong top line contribution and favorable raw material costs • Adj. EBITDA w/o non-recurring charges +1.3% vs. 9M 2024 at constant currencies • Year to date negative FX impact of 50 bps to adj. EBITDA margin • Top line reflects price increases and favorable mix • Raw material benefit mostly driven by favorable polymer price environment • Production reflects unabsorbed fixed costs and lower efficiency in light of lower volume performance of Q3 • SG&A reflects wage inflation and growth investments in H1 2025, while Q3 saw a slowdown in the rate of increase compared to H1 2025 24.0%1 21.1%123.7%1 1Adjusted EBITDA as % of revenue 549 556 495 33 9 -26 -12 -18 -5 -61 9M 2024 FX impacts FX adjusted Top line Raw material costs Production SG&A Other 9M 2025 w/o non recurring charges Non recurring charges 9M 2025 incl. non recurring charges 575
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Adjusted EBITDA - clarification of adjustments October 28, 2025 | Q3 trading update 2025 12 Allocation per SIG KPI definitions1Included in SIG adjusted EBITDA definition • Charges where management is held accountable to deliver returns on customer projects (e.g. filling line investments and new product launches) Excluded from SIG adjusted EBITDA definition • Unrealized derivative positions (as underlying transaction not yet reflected in the P&L) • Charges for rationalization of the Group’s production footprint and rightsizing of the organization • Impairment charges of intangible assets • M&A & divestments 1 unaudited, Totals do not add due to roundings Standard SIG principles applied to ensure consistency ~61 ~260 ~320 Incl. in adj. EBITDA Excl. from adj. EBITDA TOTAL
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Q3 Non-recurring charges €320 million of charges included in Q3 October 28, 2025 | Q3 trading update 2025 13 Breakdown of charges Q3 (€ millions)1 Chilled carton and bag-in- box/spouted pouch – weak consumer sentiment and business performance impacted the recoverability of assets Markets and capacities – reassessment of required operating capacities in aseptic carton within the context of the current weaker market environment Innovation – reassessment of the Group’s innovation portfolio, mostly write downs of assets not generating expected returns 1 unaudited BIB & SP Chilled carton Markets & capacities Innovation Restructuring / other Total charges ~320~5~55 ~75 ~85 ~100
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EBITDA reconciliation € million1 Nine months ended Sept 30, 2024 Nine months ended Sept 30, 2025 (w/o non-recurring) Non- recurring charges2 Nine months ended Sept 30, 2025 EBITDA 599 544 (320) 224 Adjustments to EBITDA: Unrealized (gain)/loss on operating derivatives (13) 5 - 5 Restructuring costs, net of reversals 7 1 2 3 Transaction- and acquisition – related costs 3 3 - 3 Change in fair value of contingent consideration (38) (4) - (4) Impairment losses 16 - 251 251 Other 2 7 7 14 Adjusted EBITDA 575 556 (61) 495 1Totals do not add due to roundings 2 Unaudited October 28, 2025 | Q3 trading update 2025 14
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Net income reconciliation € million1 Nine months ended Sept 30, 2024 Nine months ended Sept 30, 2025 (w/o non- recurring) Non- recurring items2 Nine months ended Sept 30, 2025 Profit / (loss) for the period 130 138 (269) (131) Non-cash foreign exchange impact of non-functional currency loans and realized foreign exchange impact due to refinancing 1 (1) - (1) Amortization of transaction costs 2 3 - 3 Net change in fair value of financing-related derivatives 3 2 - 2 PPA depreciation and amortization – Onex acquisition 77 22 - 22 PPA amortization – Other acquisitions 35 34 - 34 Net effect of early repayment of loan 2 - - - Adjustments to EBITDA (24) 12 259 271 Tax effect on above items (30) (14) (34) (48) Adjusted net income 198 197 (44) 153 1Totals do not add due to roundings 2 Unaudited October 28, 2025 | Q3 trading update 2025 15
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16 Free cash flow and capital expenditure € million Nine months ended Sept 30, 2024 Nine months ended Sept 30, 2025 Net cash from operating activities 269 157 Acquisition of property, plant and equipment and intangible assets (net of sales) (227) (199) Payment of lease liabilities (41) (42) Free cash flow 1 (84) PP&E and intangible assets 90 75 Filling lines and other related equipment 137 125 Capital expenditure 227 199 Upfront cash (98) (72) Net capital expenditure 129 127 Lease payments 41 42 Net capital expenditure, including lease payments 171 169 Net capex, incl lease payments as % of revenue 7.1% 7.2% Net cash flows from operating activities: • Lower adj. EBITDA vs. prior year, incl. unfavorable FX impact • Higher customer rebate payments in 2025 given strong volume growth in 2024 • YTD net capex (incl lease payments) in line with prior year at ~7% of revenue • As per usual seasonality, peak cash flow generation expected in Q4 October 28, 2025 | Q3 trading update 2025
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17 • Increase in gross debt reflects higher leasing offset by US dollar translation benefits • Net debt as of Sept 30, 2025 broadly in line with prior year • Net leverage 3.1x as per Group covenants (LTM as of Sept, 30) : • Calculated as net debt to adj. EBITDA excl. asset impairments October 28, 2025 | Q3 trading update 2025 € million Sep 30, 2024 Dec 31, 2024 Sep 30, 2025 Gross debt 2,676 2,475 2,687 Cash 274 303 276 Net debt 2,402 2,171 2,411 Net leverage ratio (last 12 months) 3.0x 2.6x 3.3x 1Last twelve months to September 30, 2025 Leverage reflects business seasonality
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2025 financial guidance Revenue growth (constant currency and constant resin) Adjusted EBITDA margin Net CAPEX incl. leases (% revenue) Slightly negative to flat Around 21% 7-9% Adjusted effective tax rate 26-28% • As announced, the Board proposes to pause the cash dividend for the year 2025 • Prioritizing capital discipline and deleveraging • Guidance subject to: • input costs • forex volatility 18October 28, 2025 | Q3 trading update 2025 w/o. non-recurring charges 24.0-24.5%
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SIG’sInvestorUpdate2025 SIG’s chair Ola Rollén and management will present the Group’s strategic direction, outline capital allocation priorities and provide an update on mid-term guidance. For further information email: Investor.Relations@sig.biz Thursday, 30 October 2025, Zurich 9.30 AM to 11.30 AM, followed by a light lunch 19
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Thank you! www.sig.biz