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H1 2026 results SIG Group Mikko Keto, CEO | Anne Erkens, CFO July 28, 2026
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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. 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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 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 presentation. For additional information about the alternative performance measures used by management that are not defined in IFRS Accounting Standards, 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 July 28, 2026 | H1 2026 results
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Business highlights Mikko Keto, CEO July 28, 2026 | H1 2026 results 3
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H1 2026 results • Revenue at constant currency up by 0.8% or 0.4% 1 • Aseptic carton +1.6% • BiB /SP (4.4)% 1 • Chilled carton (2.4)% • Adjusted EBIT margin increased to 15.6% vs 14.8% in H1 2025 • FCF improved to € (32)m from € (140)m in H1 2025 H1 2026 highlights July 28, 2026 | H1 2026 results 4 Strong execution drives solid financial performance Outlook • Financial guidance confirmed • Situation in the Middle East remains dynamic with elevated and volatile raw material and freight cost Strategy • Surcharges could offset higher input costs to large extent • Restructuring - as announced last October – continued to support margin expansion in H1 • Business service center in Mexico opened 1 constant currency and constant resin
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H1 2026 financial summary July 28, 2026 | H1 2026 results 5 6M 2025 6M 2026 €1’579 €1’560 Revenue (millions) 6M 2025 6M 2026 24% 25% ROCE 1 (at 30% tax rate) Free cash flow (millions) €(140) €(32) 6M 2025 6M 2026 Adjusted net income and EPS (millions, earnings per share EUR) €136 €133 0.36 0.35 6M 2025 6M 2026 €233 €244 14.8% 15.6% 6M 2025 6M 2026 Adjusted EBIT (margin) (millions, % of revenue) Growth (%) Reported 0.3% (1.2%) Constant currency (CC) 2.6% 0.8% CC and constant resin 2.1% 0.4% 1 excl. non - recurring charges
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Q2 2026 financial summary July 28, 2026 | H1 2026 results 6 €833 €845 Q2 2025 Q2 2026 Revenue (millions) Free cash flow (millions) €(50) €32 Q2 2025 Q2 2026 Adjusted net income (millions, earnings per share EUR) €92 €85 Q2 2025 Q2 2026 €138 €148 16.5% 17.5% Q2 2025 Q2 2026 Adjusted EBIT (millions, % of revenue) Growth (%) Reported (2.3)% 1.5% Constant currency (CC) 1.6% 1.5% CC and constant resin 1.2% 1.0%
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July 28, 2026 | H1 2026 results 7 Europe Revenue below PY with some sequential improvement vs Q1 – higher profitability ( € million) Revenue Revenue Growth 1 Adjusted EBIT Adjusted EBIT margin 2026 H1 498 (3.1%) 124 24.9% 2025 H1 514 (0.5%) 122 23.7% 2026 Q2 258 (1.6%) 2025 Q2 262 (1.5%) • H1 revenue growth at constant currency and constant resin (3.1)% • Volume development affected by the continued decline in the ambient juice market and by lower participation of our customers in UHT milk retail tenders • SIG Terra rollout continues successfully, +25% volume in H1 • BiB /SP declined due to softer performance in non - system business • Adj. EBIT margin increase was driven by gains linked to raw material hedge contracts also related to other segments and lower D&A 1 Constant currency
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July 28, 2026 | H1 2026 results 8 India, Middle East and Africa Resilient performance despite geopolitical conflicts ( € million) Revenue Revenue Growth 1 Adjusted EBIT Adjusted EBIT margin 2026 H1 217 0.3% 38 17.7% 2025 H1 228 4.6% 37 16.1% 2026 Q2 122 (0.9%) 2025 Q2 128 1.0% 1 Constant currency • H1 revenue growth at constant currency and constant resin 0.3% • High inflation on raw materials and logistics, mostly passed on to customers • Strong future pipeline with 13 filler projects won across IMEA in H1 • BiB /SP lower driven by performance of non - system business • Adj. EBIT margin increased mainly due to efficiency improvements and lower D&A, partly offset by FX headwinds
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July 28, 2026 | H1 2026 results 9 Asia Pacific H1 growth driven by Aseptic Carton, while BIB/SP and Chilled Carton declined ( € million) Revenue Revenue Growth 1 Adjusted EBIT Adjusted EBIT margin 2026 H1 412 2.3% 53 13.0% 2025 H1 414 0.9% 60 14.6% 2026 Q2 221 (1.9%) 2025 Q2 225 1.9% 1 Constant currency • H1 revenue growth at constant currency and constant resin 2.4% • Decline in Q2 primarily driven by weaker Chilled Carton and BiB /SP, while Aseptic Carton remained resilient • Share gains through pack - size diversification in China and Southeast Asia, driven by premium innovation • Adj. EBIT margin decline mostly driven by unfavorable FX and price pressure partially offset by efficiency improvement measures
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July 28, 2026 | H1 2026 results 10 Americas Strong growth across the region ( € million) Revenue Revenue Growth 1 Adjusted EBIT Adjusted EBIT margin 2026 H1 433 4.4% 58 13.5% 2025 H1 423 7.4% 55 13.0% 2026 Q2 244 9.9% 2025 Q2 218 5.8% 1 Constant currency • H1 revenue growth at constant currency and constant resin 2.9% • Broad - based Aseptic Carton growth in Q2, supported by resilient refresher demand in the US, continued dairy momentum and share gains in Mexico and successful pricing and mix initiatives across Brazil • BIB/SP performance was positive in Q2 led by good momentum for syrup and dairy in the US • Adj. EBIT margin improved from price increases and cost efficiencies partially offset by higher raw material and freight costs
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Financial highlights Anne Erkens, CFO July 28, 2026 | H1 2026 results 11
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Adjusted EBIT bridge July 28, 2026 | H1 2026 results 12 € millions • FX headwind slightly improving, neutral in Q2 • Top line includes impact from surcharges implemented in the second quarter • Raw material turning into a headwind in Q2 for the unhedged portion of polymers and aluminum • Production result includes efficiencies and lower D&A from 2025 impairments partly offset by higher freight costs • SG&A driven by Q4/25 improvement measures 24.6% 24.0% 24.2% 22.1% 12.8% 22.3% 22.4% 13.4% 12.8% 21.4% 21.2% 22.4% 13.4% €15 €8 €12 €233 Adjusted EBIT 6M 2025 ( €11) FX €222 Adjusted EBIT excl. FX 6M 2025 Top Line ( €10) Sourcing Production SG&A ( €3) Other Adjusted EBIT 6M 2026 €244 14.8% 14.3% 15.6% Strategic reset delivered margin benefits in H1
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€ million 1 Six months ended June 30, 2026 Six months ended June 30, 2025 Profit for the period 134 91 Net finance expense 56 57 Income tax expense 51 32 EBIT 241 179 Adjustments to EBIT: Unrealised loss/(gain) on operating derivatives (21) 3 Impairment losses - - Restructuring costs, net of reversals 4 - Other 4 5 Adjustment to EBIT, excl PPA depreciation & amortization (13) 8 PPA depreciation and amortization – Onex acquisition - 22 PPA amortization – Other acquisitions 15 23 Adjustments to EBIT 3 54 Adjusted EBIT 244 233 Adjusted EBIT reconciliation July 28, 2026 | H1 2026 results 13 1 Totals do not add due to rounding • Profit positively impacted by hedging benefits and cessation of ONEX PPA • Higher tax expense driven by different country profit mix • €21m unrealized gain on operating derivates mostly from polymer hedges • €4m restructuring cost from streamlining operating model in Asia and BSC in Mexico
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Net income reconciliation July 28, 2026 | H1 2026 results 14 € million 1 Six months ended June 30, 2026 Six months ended June 30, 2025 Profit / (loss) for the period 134 91 Non - cash foreign exchange impact of non - functional currency loans and realized foreign exchange impact due to refinancing (3) (4) Amortization of transaction costs 1 2 Net change in fair value of financing - related derivatives (2) 1 Net effect of early repayment of loan 1 - Adjustments to EBIT 3 54 Tax effect on above items - (8) Adjusted net income 133 136 1 Totals do not add due to rounding 1 Totals do not add due to rounding
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PP&E and intangible assets includes: • Lower capital expenditure following the completion of the construction of the plant in India • Operations localization in Americas continuing, including plant extension Mexico and production of closures in Brazil July 28, 2026 | H1 2026 results 15 1 Totals do not add due to rounding Capital expenditure and lease payments € million 1 Six months ended June 30, 2026 Six months ended June 30, 2025 PP&E and intangible assets 3 3 50 Filling lines and other related equipment 93 87 Capital expenditure 1 26 138 Upfront cash (56) (56) Net capital expenditure 69 82 Lease payments 2 7 28 Net capital expenditure, including lease payments 9 6 110 Net capex, incl. lease payments as % of revenue 6.2% 6.9%
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Key building blocks of higher cash from operating activities: • Lower customer incentive payments • Phasing of trade working capital • Timing of coupon payments ( €18m) • Lower tax payments €8m Higher inventory in % of revenue driven by increased safety stocks July 28, 2026 | H1 2026 results 16 Free cash flow € million 1 Six months ended June 30, 2026 Six months ended June 30, 2025 12 months ended Dec 31, 2025 Net cash from operating activities 1 20 26 514 Acquisition of property, plant and equipment and intangible assets (net of sales) (126) (138) (268) Payment of lease liabilities (27) (28) (55) Free cash flow (32) (140) 191 Net working capital 411 378 339 % of revenue 12.7% 11.3% 10.4% Operating net working capital 2 (118) (40) (232) % of revenue (3.7%) (1.2%) (7.2%) 2 Including liabilities for volume bonuses and other incentives to customers settled in following year 1 Totals do not add due to rounding
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• Issuance of 5 year €500m bonds completed in April, coupon 4.0%. Bonds used to repay €527 million of unsecured SSD • Replacement of USD 270 million term loan expected in Q3. Agreement signed in June, matures 2029. • Net leverage 2.8x as per Group covenants (calculated as net debt to adj. EBITDA excl. asset impairments) July 28, 2026 | H1 2026 results 17 Leverage reflects business seasonality € million 1 Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Gross debt 2,460 2,699 2,498 Cash (288) (240) (354) Net debt 2,172 2,458 2,144 Net leverage ratio (last 12 months) 3.0x 3.0x 3.0x 1 Totals do not add due to rounding
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Outlook Mikko Keto, CEO July 28, 2026 | H1 2026 results 18
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Guidance 2026 confirmed July 28, 2026 | H1 2026 results 19 Revenue growth (constant currency and constant resin) Adjusted EBIT margin Net CAPEX incl. leases (% revenue) 0 - 2% 15.7 - 16.2% 6 - 8 % Adjusted effective tax rate 26 - 28 % 30% - 50% Dividend payout ratio (of adjusted net income 1 ) 1 Payout ratio applied to previous year’s adjusted net income • Guidance subject to: • Input cost • FX volatility • Situation in the Middle East remains dynamic with elevated and volatile raw material and freight cost Solid performance in H1 supports FY guidance
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SIG Capital Markets Day 2026 SIG Capital Markets Day on October 27, 2026 at The Circle Convention Center at Zurich Airport July 28, 2026 | H1 2026 results 20