Slides
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SIG Group AG Capital Markets Day 2026 October 27, 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. 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 offering and listing of senior bonds in April 2026. 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. 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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 of 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 EBIT, adjusted EBIT, adjusted EBIT 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 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
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0 | Q3 update 3
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Q3 2026 results • Revenue at constant currency up by 7.2% or 6.5% 1 • Aseptic carton 9.6% • BIB/SP (4.6)% 1 • Chilled carton (1.3)% • Adjusted EBIT margin increased to 17.4% vs 14.8% in Q3 2025 2 • Adj. n et income increased to €94m from €61m in Q3 2025 2 • FCF improved to €91m from €55 m in Q3 2025 Q3 and 9M 2026 highlights Resilient growth and operational excellence support stronger 2026 margin outlook Outlook Financial guidance updated : • Revenue growth : unchanged 0 - 2% 1 range • Adj. EBIT margin : increase to 16.0% - 16.5% from 15.7% - 16.2% 9M 2026 results • Revenue at constant currency up by 3.0% or 2.5% 1 • Aseptic carton 4.2% • BIB/SP (4.4)% 1 • Chilled carton (2.0)% • Adjusted EBIT margin increased to 16.3% vs 14.8% in 9M 2025 2 • Adj. net income increased to €228m from €197 m in 9M 2025 2 • FCF improved to €59m from €(84) m in 9M 2025 1 constant currency and constant resin 2 without non - recurring charges 4
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• Revenue growth at constant currency and constant resin 2.8 % in Q3 2026, respectively (1.2%) in 9M 2026 • Solid revenue development in Q3 despite continued market softness (juice market softness, economic pressure on SIG’s dairy customer on low milk prices) • Positive momentum through new line deployments; low base in prior year’s Q3 also helped Q3 and 9M 2026 regional summary Europe and India, Middle East and Africa ( € million) Q3 2026 Q3 2025 9M 2026 9M 2025 Revenue 251 243 749 757 Revenue growth 1 3.3% (6.4%) (1.0%) (2.5%) 1 Constant currency Europe India, Middle East and Africa • Revenue growth at constant currency and constant resin 18.0 % in Q3 2026, respectively 5.8% in 9M 2026 • Growth driven by low base, higher aseptic carton volumes and impact of surcharges to offset higher input costs, partly offset by continued weakness in the Bag - in - Box and Spouted Pouch business • Despite geopolitical situation, strong growth momentum in Egypt, Saudi Arabia, North Africa and other African countries such as South Africa and Mauritania ( € million) Q3 2026 Q3 2025 9M 2026 9M 2025 Revenue 115 97 332 325 Revenue growth 1 18.2% (8.2%) 5.8% 0.5% 5
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Q3 and 9M 2026 regional summary Asia Pacific and Americas 1 Constant currency Asia Pacific Americas • Revenue growth at constant currency and constant resin 4.7 % in Q3 2026, respectively 3.2% in 9M 2026 • Growth driven by share gains, expansion in new channels such as school milk and snack shops and strong demand for functional nutrition and protein products • Rollout of DomeMini innovation with key customers • Revenue growth at constant currency and constant resin 7.6 % in Q3 2026, respectively 4.5% in 9M 2026 • Strong aseptic carton growth in the US and Mexico driven by food and dairy demand, in Brazil driven by dairy, partly offset by weaker Bag - in - Box and Spouted Pouch business • Successful implementation of surcharges to offset higher input costs ( € million) Q3 2026 Q3 2025 9M 2026 9M 2025 Revenue 244 215 678 638 Revenue growth 1 9.3% (1.5%) 6.1% 4.2% ( € million) Q3 2026 Q3 2025 9M 2026 9M 2025 Revenue 232 213 643 626 Revenue growth 1 4.7% (1.4%) 3.1% 0.1% 6
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Adjusted EBIT bridge € millions 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% €61 €51 €24 €7 €1 Non - recurring charges Adjusted EBIT excl. non - recurring charges 9M 2025 ( €13) FX Adjusted EBIT excl. non - recurring charges and FX 9M 2025 SG&A Production Sourcing ( €25) €286 €347 €334 €391 Top line Adjusted EBIT 9M 2026 Other Adjusted EBIT 9M 2025 • Top line driven by revenue growth drop through, positive mix and price surcharges implemented to offset higher input costs • Sourcing impacted by higher prices for resin and aluminum • Production reflects plant efficiency performance as well as better cost absorption driven by volume growth, partly offset by freight surcharges • SG&A driven by improvement measures started in 2025, partly offset by swings in STI/LTI provisions 12.2% 14.2% 16.3% 14.8% 7
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€ million 1 9M ended Sep 30, 2026 9M ended Sep 30, 2025 (excl. non - recurring) Non - recurring charges 9M ended Sep 30, 2025 Profit for the period 224 138 (269) (131) Net finance expense 92 93 - 93 Income tax expense 57 47 (51) (4) EBIT 373 278 (320) (42) Adjustments to EBIT: Unrealised loss/(gain) on operating derivatives (17) 5 - 5 Impairment losses - - 251 251 Restructuring costs, net of reversals 7 1 2 3 Gain on sale of PP&E and other assets (2) (1) - (1) Transaction - and acquisition - related costs 3 3 - 3 Change in fair value of contingent consideration - (4) - (4) Other 4 8 6 14 Adjustment to EBIT, excl. PPA depreciation & amortization (5) 12 259 271 PPA depreciation and amortization – Onex acquisition - 22 - 22 PPA amortization – Other acquisitions 23 34 - 34 Adjustments to EBIT 18 69 259 328 Adjusted EBIT 391 347 (61) 286 Adjusted EBIT reconciliation 1 Totals do not add due to rounding 8
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Net income reconciliation € million 1 9M ended Sep 30, 2026 9M ended Sep 30, 2025 (excl - non - recurring) Non - recurring charges 9M ended Sep 30, 2025 Profit / (loss) for the period 224 138 (269) (131) Non - cash foreign exchange impact of non - functional currency loans and realized foreign exchange impact due to refinancing - (1) - (1) Amortization of transaction costs 2 3 - 3 Net change in fair value of financing - related derivatives 7 2 - 2 Net effect of early repayment of loan 1 - - - Adjustments to EBIT 18 69 259 328 Tax effect on above items (23) (14) (34) (48) Adjusted net income 228 197 (44) 153 1 Totals do not add due to rounding 9
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1 Totals do not add due to rounding Free cash flow and Capital expenditure (incl. lease payments) Main building blocks of higher FCF: • Stronger operational performance • Lower customer incentive payments • Phasing of trade working capital • Timing of coupon payments • Lower tax payments • Lower CAPEX PP&E and intangible assets includes: • Lower capital expenditure following the completion of the construction of the plant in India; includes the plant extension in Mexico € million 1 9M ended Sep 30, 2026 9M ended Sep 30, 2025 Net cash from operating activities 288 157 Acquisition of property, plant and equipment and intangible assets (net of sales) (188) (199) Payment of lease liabilities (41) (42) Free cash flow 59 (84) PP&E and intangible assets (net of sales) 55 75 Filling lines and other related equipment 133 125 Capital expenditure 188 199 Upfront cash (78) (72) Net capital expenditure 109 127 Lease payments 41 42 Net capital expenditure, including lease payments 150 169 Net capex, incl. lease payments as % of revenue 6.3% 7.2% 10
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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 • Renewed USD 270 million term loan in July extends maturity to July 2029 • Net leverage 2.5x as per Group covenants (calculated as net debt to adj. EBITDA excl. asset impairments) Leverage improved € million 1 Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Gross debt 2,396 2,687 2,498 Cash (324) (276) (354) Net debt 2,072 2,411 2,144 Net leverage ratio (last 12 months) 2.6x 3.3x 3.0x 1 Totals do not add due to rounding 11
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Guidance 2026 updated Revenue growth (constant currency and constant resin) Adjusted EBIT margin Net CAPEX incl. leases (% revenue) Adjusted effective tax rate 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 0 - 2% 15.7 - 16.2% 16.0 - 16.5% 6 - 8% 26 - 28% 30% - 50% Previous New 12
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Capital Markets Day 2026 – Agenda for today Vision & strategic path Aseptic carton: Markets and the SIG competitive advantages Aseptic carton regional deep dives Global Bag - in - box & Spouted pouch Outlook on performance improvements and financial guidance Chris Johns, President, Global BiB &SP 01 02 03 04 05 Angela Lu, President, APAC Christoph Wegener, President, Europe Christoph Wegener, CMO Gavin Steiner, CTO Abdelghany Eladib , President, IMEA Ricardo Rodriguez, President, Americas Anne Erkens, CEO Anne Erkens, CEO 13
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1 | Vision & strategic path 14
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79% Aseptic Carton 17% Bag - in - Box & Spouted Pouch Filling machines Industry - leading TCO Innovations for unmatched flexibility, lowest waste and aluminum - foil free ready designs Packaging solutions Unique formats, enabling differentiated product strategies Leading on sustainability, incl. alu - free full barrier cartons Services Global field service network Digital solutions for seamless operations Winning razor/razorblade business model, with recurring revenue stream 4% Chilled Carton 2025 revenue split Aseptic system solution provider SIG at a glance 15
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Attractive financial profile with differentiated offering Lowest TCO for customers 20 - 45% Higher output/m 2 than industry standard 50% Lower waste than competitors 42 FY2025 Group NPS 700+ Field Service Engineers Delivering leading technical service offering 9 Different carton sizes on one machine Most flexible machines Only Player with alu - free, full barrier industrialized aseptic cartons A leader on sustainable packaging …supported by differentiated SIG position 2 - 3% Projected future market volume growth, historically outperforming broader packaging space Attractive market growth Consistent SIG market outperformance 1 - 2pp. Past m arket growth revenue outperformance in aseptic carton Attractive profitability 16.0 - 16.5% 2026 expected adjusted EBIT margin, with mid - term guidance >18% Attractive financial fundamentals… 16
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We are delivering on our commitments from last year Performance improvement Portfolio optimization Rigorous capital discipline 1 2 3 • Improved share of high value - added products across the portfolio • Portfolio prioritization goin g forward in Bag - in - box and Spouted Pouch, with a strengthened focus on aseptic and system solutions • Significant margin improvements in Chilled business • 1.5pp. improvement in margin YTD, with SG&A reductions linked to restructuring • Indirect procurement savings ahead of schedule, and raw material cost increases compensated via surcharges • 1 plant closed, with second plant closure underway and on plan • Governance in capital allocation processes tightened, with new KPIs fully institutionalized • Net Capex at the lower end of announced 6 - 8% of revenue range, incl. lease payments • 1.9pp. improvement in ROCE YTD to 27% 17
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We’re stepping up our ambitions… … confirming 3 - 5% growth corridor , continuing to outperform the market …e levating our performance and margin aspiration …prioritizing consistently through organizational clarity 18
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Continued procurement efforts incl. direct procurement step - up Efficiencies in manufacturing and supply chain Long - term customer partnerships, driving above market growth Technological and sustainability leadership to deliver lowest customer TCO Best - in - class service offering Split substrates for differentiated management Lean BIB&SP organization Re - assessing internal structures, driving efficiency while keeping customer proximity Vision Be the N ° 1 choice in aseptic system solutions Plan Optimize structure Elevate perform ance Excite our customers Enablers Re - ignite culture Play - to - win mindset Accountability Agility and Speed Standardize E2E processes Modernized tools and systems Automation 19
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1) At constant currency 2) At constant currency and constant resin: - 3.4% in 2025 and - 4.4% in 2026 YTD Bag - in - box & spouted pouch Aseptic carton Continued market outperformance through the cycle Attractive and resilient margins Other, incl. chilled carton New segment structure is expected to lead to a non - cash goodwill impairment on Bag - in - Box & Spouted Pouch and Chilled Carton of ~ €250M in Q4 2026 Optimize structure: Aligning financial reporting with the new organization Revenue, in €M Adj. EBIT % 2,575 1,913 YoY growth 1 +1.2% 2025 2026 YTD 18.4% 19.1% Revenue, in €M Adj. EBIT % 122 86 YoY growth 1 2025 2026 YTD 2.5% 6.4% Revenue, in €M Adj. EBIT % 551 404 YoY growth 1,2 2025 2026 YTD 6.1% 4.7% +4.2% - 1.6% - 1.8% - 5.3% - 2.0% 20 Turnaround, targeted growth pockets Tactical improvements while identifying strategic partner Continued growth with further optimization Profitability decline as market slowed down Capability & investment gaps addressed; rebuilding competitiveness Improvements are yielding initial results, with divestment processes ongoing
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Management and Board compensation align with shareholder interests 2025 data at target compensation structure Equity 40% Cash 60% Board Variable 70% Fixed 30% CEO Variable 55% Fixed 45% Rest of GEB 1 Variable compensation Long - term incentive in performance share units (3 - year) 50% 3 - year TSR versus defined peer group 25% 3 - year cumulative adjusted EPS 25% 3 - year FCF Short - term incentive in cash 30% Adjusted EBIT margin 25% Revenue growth 20% FCF 10% ROCE 15% Non - financial targets: CO 2 , Safety, NPS 1 2 1) GEB target structure represents the average of all GEB members Variable compensation schemes updated Refined KPI New KPI 21
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Highlights: Our plan underpins what you will hear today Aseptic carton regional deep dives Bag - in - box & spouted pouch Outlook on performance improvements and financial guidance Global growth plan and innovation roadmap, incl. updates on platform upgrade, unification and modular digital platform Regional plans, incl. prioritized regional opportunities Turnaround plan, driving targeted growth initiatives while improving the quality of the business Proof points of our performance improvements to date and forward - looking priorities Updated m id - term guidance Aseptic carton: Markets and our competitive advantage 22
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2 | Aseptic carton markets and the SIG competitive advantage 23
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End - market trends Packaging trends Growth of dairy demand , driven by population and GDP growth Growth of cost - efficient single - serve packaging formats designed for convenient on - the - go consumption Amplified by “worldwide protein wave” shifting diets towards high protein (dairy) drinks without preservatives Regulatory and public focus on sustainability, favoring ambient distribution in renewable, recyclable and low CO 2 packaging Fundamental market trends drive continued growth for aseptic carton packaging More consumers, more protein, more liquid dairy Aseptic carton best positioned to capture growth 24
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25 Dairy and protein consumption are fundamentally correlated to economic development Economic growth drives protein consumption New urbanizing emerging markets middle classes, driving shift towards packaged milk Shift towards high protein diets, raising demand for on - the - go protein drinks Key aseptic carton trends 36 0 12 11 37 10 38 9 39 8 40 7 41 6 0 5 5 4 10 3 15 2 30 1 13 Milk protein (g/day) GDP per capita (thousand USD) 2000 - 2025 Source: IMF World Economic Outlook, April 2026 (GDP per capita, current USD; Europe GDP incl. Russia); FAO, FAOSTAT Food Bala nce Sheets (protein supply from milk excl. butter, 2012 and 2023, Japan 2022) Europe Japan Brazil India Mexico Egypt China Vietnam Indonesia End point Starting point
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26 Carton is the most competitive substrate for dairy drinks in aseptic portion packs PET 1 250 ml 21g SIG Terra DomeMini 250 ml 13g 40+% lighter on total weight ~30 - 50% lower packaging cost 2 35+ % less emissions per pack vs Aseptic carton outperforming PET across several dimensions for value - added dairy 1 ) Fortified PET bottle with scavenger layer against oxidation, 2 ) At past 3 - year average EU resin price (2023 - 2025), excludes 2026 volatility, with 25% rPET share, depending on value - added layers on PET bottle Source: SIG global R&D analysis & internal B2B Carbon Footprint calculation
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SIG has outgrown the aseptic carton market in every macro cycle since 2016 27 Volume growth (CAGR) Market volume growth, CAGR SIG Aseptic Carton volume growth, CAGR Source: SIG global commercial analysis, volume in liters SIG growth formula Resilient 3 - 5% growth through the cycle, enabled by our: Diversified regional and category exposure Differentiated system offering Value uplift through mix, innovation and price Volume & service Core market growth Service White spaces Market share gains Structural growth Covid, inflation crisis, subdued consumer sentiment Return to structural growth ’16 - ’19 ’20 - ’26 Mid - term outlook ~ 3% ~ 4% ~ 0% ~ 2% ~ 2 - 3% Industry price index
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We expect to outperform the market by constantly innovating our differentiated system offering … • Highest output per m 2 • Unmatched flexibility and lowest waste • Designed for packaging without aluminum - foil • Leading with low CO 2 aluminum - foil free aseptic carton packaging, enhancing recyclability • Unique formats for premium and value - driven categories • Broad service footprint • Superior delivery • Expanding suite of digital solutions Sleeves: SIG Terra and SIG DomeMini p ackaging solutions Fillers: SIG Neo equipment Service Integrated and self - reinforcing system 1 2 3 28
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… and a customer - centric approach to joint value - creation 29 Joint innovation workshops End - to - end product development Packaging & filling technology Joint marketing initiatives • Three global test fill centers • >30 joint NPD projects globally YTD • Partner ecosystem along the value chain • >10 individual product - packaging market researches YTD • AI powered lead generation for SIG customers • Consumer - centric innovation • Differentiated packaging (SIG DomeMini) and filling capabilities (SIG Drinksplus and SIG Food filling kits) Upstream Ingredient SIG customers Idea generation Product development Packaging solutions Advanced Marketing • 344 customer innovation workshops worldwide YTD
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Category 2023 2024 2025 2026 2028 2027 2029 2030 3 additional multi - serve systems, SIG MiniBloc Food 2 multi - serve systems, SIG Dome SIG Terra sustainable packaging Alu - foil - free barrier & paper share SIG MidiBloc SIG SlimlineBloc Dry - molded paper closure Enhanced recycling paperization Single serve launch Platform upgrade & unification 5 best - of - breed platforms SIG Neo platform rollout Aseptic carton fillers Multi - serve SIG Neo expansion (+25% output increase) Speed - up kits (+10% output increase) Single - serve SIG Neo expansion with speed - up kits (+33% output increase) Digital services Integrated platform Digital One platform launch Additional modules deployed, enhanced and leveraged Fillers 1 Sleeves 2 Services 3 We are progressing on our innovation commitments Deploy Develop Discover 30 Today
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Platform Upgrade & Unification: Strengthening our offering with 5 best - of - breed platforms 31 10 5 Cost reduction through increased economies of scale in procurement Enhanced level of IT/OT security Reduced effort in support, training, and updates Faster development and ramp - up of innovations Benefits … … Reduced complexity to unlock cost reduction and future development potential Shared code and unified software structure Unified mechanical parts & automation hardware
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• Tangible benefits for customers, incl. TCO reductions, efficiency gains, food safety and enabled traceability SIG DigitalOne: Scaling our digital platform to deliver our existing and new digital services for customers • Proven modular offering, built on a fully customizable open system • Self - reinforcing system, building domain knowledge into differentiated intelligence • Single AI - native data platform, leveraging direct access to plant data to enable real - time insights and recommendations Modular offering examples Filling line OEE optimization Predictive maintenance Quality & Food safety SIG DigitalOne E2E data from SIG plants and installed filling lines 32 SIG DigitalOne
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• Digital - by - design across Discover, Develop & Deploy • Connect data, tools, products and the installed base • Accelerate innovation through AI, simulation & automation • Create scalable digital solutions and new customer value We have a balanced and disciplined approach to innovation to maintain our edge • Anticipate customer, market & technology shifts • Explore breakthrough technologies • Leverage external ecosystems, science & partnerships • Build differentiated know - how, IP & capabilities • Translate insights into solutions • Design for performance, cost & serviceability • Build modular, reusable technology platforms • Validate customer value & technical readiness • Industrialize and commercialize with speed • Deliver reliability, quality & target economics • Scale globally across customers & markets • Capture field data & customer learning Discover Develop Deploy 33 Digitalization
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In summary ... • Return to 2 - 3% market growth • Regional growth opportunities prioritized • Expanding and gaining market share in core markets through differentiated offerings • Prioritizing white space entries, targeting high value market areas • Differentiated system continues to win • Innovation roadmap on track to preserve lead • Platform Upgrade & Unification with 5 best - of - breed designs • SIG DigitalOne globally scales digital modules and builds basis for future service growth Resilient revenue growth with confidence in continued system competitiveness System strength & innovation Business growth 34
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Vision & strategic path Aseptic carton: Markets and our competitive advantage Aseptic carton regional deep dives Global Bag - in - box & Spouted pouch Outlook on performance improvements and financial guidance Chris Johns, President, Global BiB&SP 01 02 03 04 05 Angela Lu, President, APAC Christoph Wegener, President, Europe Christoph Wegener, CMO Gavin Steiner, CTO Abdelghany Eladib , President, IMEA Ricardo Rodriguez, President, Americas Anne Erkens, CEO Global growth plan and innovation roadmap, incl. update on platform upgrade, unification and modular digital platform Regional plans, incl. prioritized regional opportunities Turnaround plan, driving targeted growth initiatives while improving the quality of the business Proof points of our performance improvements to date and forward - looking priorities Updated mid - term guidance 35
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3 | Aseptic Carton Regional deep dives 36
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We have prioritized r egional growth opportunities to continue to drive market outperformance Europe IMEA APAC Americas SIG market share Market growth Lead sustainability transition in Europe Penetrate IMEA Expand Americas Capture white spaces in APAC Lead in sustainable packaging Grow in core & selected frontier markets Accelerate growth with local production hub in Mexico Grow in premium categories with SIG DomeMini Win asset renewal s Extend lead in TCO and flexibility through SIG Neo Expand in LATAM outside of Brazil Leverage pack size flexibility for new channels Enter value - added adjacencies Explore new categories Lead in digital services Expand regional presence Deep dives follow in regional sections 37
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3.1 | Europe 38
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39 Europe: our lead market for sustainable innovations Regional market c haracteristics Regional footprint Revenue breakdown % 6 Production 15 Sales & Service 2 Filling machine engineering Strong influence of retailers Drive packaging choice through packaging guidelines that increasingly run ahead of regulation Shifting category mix Opportunities in value - added functional dairy, shelf - stable food and plant - based beverages Tightening packaging regulation Rewards lighter, simpler and low CO 2 structures through PPWR, EPR and CSRD 23 65 12 Beverages Dairy Food €933M 2025 aseptic carton revenue ~3,000 Employees +6 % 2021 - 2025 CAGR @ constant currency ~430 Filling machines i nstalled base
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Ambition Main growth drivers in the region and proof points 40 Partner of choice in asset renewals, leveraging TCO, industry - leading flexibility and output/m 2 advantage of latest Neo 15K platform 81 Fillers placed 2021 - 2025 Enabler of growth in value - added and food applications, incl. tomato and broth products, value - added dairy and plant - based 5% Target categories CAGR 2021 - 2025 Leader in sustainable, aseptic carton packaging without aluminum foil as the only supplier with industrialized alu - foil free and full barrier properties 10% Alu free CAGR 2021 - 2025
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SIG Terra Alu - free F ull barrier: Our latest innovation grew by 25 % in the first half of 2026 Alu - free products are unlocking new categories… Dairy alternatives Juices, nectars, iced tea Dairy - based food Flavored milk 10% 2021 - 2025 CAGR for alu - free products 25 %+ H1 2026 CAGR for alu - free products … while satisfying regulatory and ESG commitments Satisfying sustainability targets for CPGs and retailers with AFFB: Fully ready for PPWR and SUPD incl.: Designed for recycling Proprietary tethered cap solution Recycled content available CO 2 emissions reduction Material complexity reduction Removal of alu - foil White milk White milk SIG Terra Alu - free 2021 SIG Terra Alu - free + Full barrier 2026 41 Note: PPWR: Packagin g and Packaging Waste Regulation, SUPD: Single - Use Plastics Directive
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Food and value - added dairy: Our fastest growing segments benefit from our unique technology Aseptic carton is growing from dairy to food and value - added dairy… Broth & soups Dairy - value add Tomato - based products … which SIG unlocks with unique technology Alu - free full barrier – for plant - based Filling technology – particulates, viscosity and speed SIG DomeMini – for single serves 5% Target segments CAGR from 21 - 25 Customer wins Tomato frito category historically dominated by competition Invested into SIG Small 12 Aseptic line for smaller filling sizes to retailers Bought 2 nd line now, to expand small size and support internal expansion Small size flexibility New format for new product category Long - term dairy customer of SIG Expanding into the value - added on - the - go format, with new SIG DomeMini pioneered in Europe for this format 42 NEW customer in food EXISTING customer expanding in value add
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3.2 | IMEA 43
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Regional market characteristics Disposable income growth Growth of middle class households with disposable income driving new consumption habits, with low consumption of dairy (<2 liters per capita) driving high headroom Significant volatility Geopolitical and socioeconomic issues driving increased revenue and profitability volatility (e.g., due to taxes and tariffs) Population growth Driving fast market growth, especially in Sub - Saharan Africa IMEA: our fastest - growing market Revenue breakdown % 44 55 Beverages Dairy 1 Food €414M 2025 aseptic carton revenue ~800 Employees 9% 2021 - 2025 CAGR @ constant currency ~320 Filling machines i nstalled base 2 Production 13 Sales & Service Regional footprint 44
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Technology pioneer in Middle East, bringing the Neo machines as tools to increase capacity in existing floorspace Partnering to ensure food safety in the UAE, replacing imports and converting local production to SIG formats Grow with the market, benefiting from favorable macroeconomic tailwinds to expand in the core and establish new hubs in select frontiers 1) In Sub - Saharan Africa 45 Ambition Main growth drivers in the region and proof points 58 Million units of Neo capacity coming online in 2027 3x Increase of lines in in - line deployment in last 5 years 1 30 - 40% Increase in local UAE food production over next 10 years Supporting the creation of new formats and building local hubs across Africa Source: UAE National Food Security Strategy 45
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Market growth in Middle East and India Rising disposable incomes expand customer demand Urbanization accelerates the shift to packaged dairy Opening new markets in Sub - Saharan Africa Significant headroom in dairy consumption Young population supports long - term growth New markets reaching sufficient scale for anchor customers Source: World Bank, IMF – PPP - weighted Recent customer wins Groupe Kirene , Senegal Fenaam , Ghana Refriango , DRC ~5% Expected real GDP growth, 2026 - 2031 … with favorable GDP growth creating opportunities 26 35 39 43 IMEA Americas APAC Europe IMEA is the youngest region… Median age, in years Core market growth: IMEA’s demographic and economic growth expands the addressable market 46
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SIG at a glance SIG Neo development: Middle East customers are trusting SIG with deploying our new technology 47 First field test agreement for SIG Neo XSlim 32 Aseptic Increased customer production by 33 million units in 2027 Won customer through 33 % increase in output within existing floor footprint, as well as flexibility to manage multiple formats Global launch customer for SIG Neo Slimline 15 Aseptic Won customer through 25% increase in output within existing floor footprint 2 nd line already committed
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3.3 | APAC 48
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€715M 2025 aseptic carton revenue ~2,300 Employees +2% 2021 - 2025 CAGR @ constant currency ~440 Filling machines installed base Revenue breakdown % Regional footprint Regional market c haracteristics 12 84 4 Beverages Dairy Food APAC: Large market returning to growth 3 16 1 Production plants Sales & Service R&D Center Demographic and urbanization shifts New consumption patterns driven by shift towards single - person households, middle class households and growing silvers, incl. shifts in consumption linked to urbanization Health - focused upgrade Functional - led innovation driven by growth of health lifestyle (e.g., high protein, lifestyle nutrition), while coexisting with demand for indulgence 49
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50 Ambition Main growth drivers in the region and proof points Geographical expansion in SEA markets like Philippines and Cambodia, with significant opportunities compared to current dairy consumption Win with package differentiation, a distinctive shape creates strong shelf impact and visibility, while our format delivers convenience and functional value for the nutrition category Flexibility of SIG’s platform enables customers to drive multiple opportunities through new pack sizes and accessible price points to win in diverse channels 100+ Flexible pack sizes launched in H1 2026 10+ Lines committed by Yili 24% 20 - 25 volume CAGR in Philippines 50
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… scaling into opportunities in functional F&B SIG DomeMini : Our premium format for new functional nutrition applications Our bottle - shaped design enhances shelf differentiation and helps Yili to start the new era of liquid dairy in the Chinese market 10+ filling lines commitment signed • Vietnam : SIG launched high - calcium (40+) and low - GI diabetic clinical nutrition drinks with partners • South Korea : SIG partnered with Seoul F&B to introduce protein shakes, brain - health drinks, and RTD coffee • Greater China : SIG supported Youchun to roll out 180ml mini - format A2 milk and flavored milk Ambient liquid dairy launch case… 51
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One platform: multiple sizes, more opportunities • Flexibility empowers SIG customers to drive NPDs on a single platform across different pack sizes • More than 100 new SKUs launched in APAC via SIG’s flexible package sizes in H1 2026 ≤125ml SIG XSlimBloc SIG MiniBloc 165 - 170ml 200ml ≤125ml 140 - 150 ml 180 - 200ml 180ml 750ml 1,000 ml SIG SlimlineBloc 52
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3.4 | Americas 53
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Regional market c haracteristics Value - added innovation Customers reward new formats, flexibility, advanced digital solutions, and high - speed filling. Suppliers that raise production performance become strategic growth partners, not just vendors Value proposition & TCO leadership TCO leadership is the key to winning across the region. Delivering added market value while protecting margin depends on select high - volume products that concentrate profitability Americas: large aseptic markets (~22B liters) Resilient staple categories (e.g., dairy) plus growing value - added segments; scale and flexibility win share Americas: New capacity is unlocking more growth Revenue breakdown % 21 73 6 Beverages Dairy Food €513M 2025 aseptic carton revenue ~1,300 Employees +8% 2021 - 2025 CAGR @ constant currency ~180 Filling machines installed base 2 Production 6 Sales & Service Regional footprint 54
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Grow in Brazil in core categories, expanding with key players in liquid dairy through the introduction of the new SIG Neo Midi 15 Aseptic platform for mid - size formats; viscosity and size flexibility combined with leading output speed in small formats 9B liters Brazil aseptic carton market Grow Mexico and win high - value niches in North America, growing in liquid dairy with large players and high - volume new brands in Mexico, and widening copacker and private - label base in the US and Canada across broth, refreshers and value - added beverages Expand and consolidate PACCE 1 markets by partnering with national leaders and entering new countries, built on TCO leadership and on USPs such as new pack presentations tailored to each market 30% 2021 - 2025 Volume CAGR, PACCE +5 pp. Share gain 2023 - 2026 Mexico Ambition Main growth drivers in the region and proof points 1) Peru, Argentina, Chile, Colombia, Ecuador 55
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Mexico site: Capacity expansion unlocking share gains … so we grew output 5x, to be doubled again by 2028 5pp. Launched 2023, replacing imports with local supply, unlocking local and tariff - exempt USMCA demand Offering customers shorter lead times, with more favorable cost position Two - phase expansion doubles capacity to 3B packs per year by 2028, adding new lines and vertical integration Regional hub serving Mexico, the US and Canada, with six formats from 80ml to 2l Share gain in Mexico since 2023, from 17% to 22%+ in 2026, on a broadly flat market Partnerships with market leaders signed, won on local availability and service proximity Continued expansion expected, with substantially above market growth 300 760 1200 1500 2023 2024 2025 2026 Production v olume (M units) Localization of supply unlocked new customers… 56
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Key customers: Partnering with Nestlé to scale regionally A partnership built over time – from first line to partner of choice Today 2023 2019 - 2020 2018 2021 - 2022 2026 Scaling together in Mexico Introduction of SIG Mini 24 Aseptic captures volumes from competing packaging systems and expands into new food categories, including 250 ml culinary cream. Partnership expands to Brazil First SIG MidiBloc filling line in Brazil for 500, 750 and 1,000 ml nutritional and fortified milk packs. Innovation in formats, recycling and productivity First aseptic SIG SmallBloc carton for condensed milk in Mexico. Consumer recycling rewards co - initiative, called so+ma , in Brazil. High speed SIG filling technology increases output and efficiency for sweetened condensed milk. SIG MiniBloc format flexibility supports NESCAU’s growth to top 2 in f lavored m ilk. Local production in Mexico Opening of the Querétaro plant strengthens local supply and accelerates conversion to new aseptic carton formats. Partner of choice across Americas 100% share of wallet in Mexico. 100% share of wallet in flavored m ilk and condensed m ilk categories in Brazil. 2011 Sustainable packaging and recycling partnerships SIG launches the 1 st paper straw, and full NESCAU range converts to SIG MiniBloc , reducing 300M plastic straws annually. MOÇA , the most iconic brand in Brazil’s dairy culinary, introduces its first SIG Small Aseptic line for condensed milk. SIG and Nestlé support Recicleiros in strengthening recycling cooperatives. First SIG carton lines in Mexico SIG MidiBloc for Carnation evaporated milk and SIG MiniBloc portion packs for Nido nutritional - fortified milk. 57
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• Enhancing operational performance and quality, approached end - to - end and tailored to food safety • Secure and proven architecture: tested by an international consultancy with state of the art features • Scalability: model powered by a lean internal team, technology partners and standardized cloud deployment • Tailored to customer needs: Modular approach tailored to various customers The facts behind it ~25 sites using Digital Modules in Americas by the end of 2026 (from 2 in 2021) +10% OEE targeted at Santa Clara, from Coca - Cola Group (go live 09’26) Data lake foundation, consolidating all critical data Americas pioneered digital solutions to extend our value proposition beyond the filling line Set of modular solutions based on the platform Offering end - to - end digitalization, real - time data and paperless plants Certifi - cate of origins Digital - ization OEE active mgmt. Mgmt. of Materials Ware - housing and logistics Track - and trace LIMS quality mgmt. and food safety Digital Services: Leveraging our expertise beyond the filling line 58
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Vision & strategic path Aseptic carton: Markets and our competitive advantage Aseptic carton regional deep dives Global Bag - in - box & Spouted pouch Outlook on performance improvements and financial guidance Chris Johns, President, Global BiB&SP 01 02 03 04 05 Angela Lu, President, APAC Christoph Wegener, President, Europe Christoph Wegener, CMO Gavin Steiner, CTO Abdelghany Eladib , President, IMEA Ricardo Rodriguez, President, Americas Anne Erkens, CEO Global growth plan and innovation roadmap, incl. update on platform upgrade, unification and modular digital platform Regional plans, incl. prioritized regional opportunities Turnaround plan, driving targeted growth initiatives while improving the quality of the business Proof points of our performance improvements to date and forward - looking priorities Updated mid - term guidance 59
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4 | Global Bag - in - box & Spouted pouch 60
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Regional sales breakdown, % Revenue breakdown, % Bag - in - Box market characteristics 22 36 20 22 Dairy Beverages Food Other €551M Revenue 2025 ~2,200 1 Employees - 1% 2022 - 2025 CAGR @ constant currency 1 Majority of which are blue - collar employees Growth of F ood Service Above average packaging market growth in dairy and beverages Shift to new beverage formats Increased US demand for alternatives to traditional beverages Automation of behind - the - counter services Automated processes simplified by aseptic long shelf - life ingredients 66 10 19 6 Americas APAC Europe IMEA Bag - in - Box & Spouted Pouch: Intrinsically attractive business with potential not yet realized Convenient food choices Fast, out - of - home solutions, incl. meal replacement, healthy beverages Growth of clean label interest, with aseptic eliminating need for preservatives Clean label demand Health focus and inflation pushing demand for smaller formats Shift to smaller portions Spouted Pouch market characteristics 61
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Market Forecasts Bag - in - Box Spouted Pouch 3% CAGR 2026 - 2031 2025 split 2025 split 46% 46% 9% Foodservice Industrial Retail 5% CAGR 2026 - 2031 Strategic positioning: Market leader in fast - growing markets • QSR growth, incl. in emerging markets • Shift to smart dispensing • Potential to shift to aseptic • Health lifestyle drives fiber and protein demand • Aseptic pouch: longer shelf life, fewer preservatives • Large aseptic potential, SIG first to market 99% 0% Foodservice 1% Industrial Retail SIG positioning N° 1 player. Well - positioned in fastest - growing foodservice segment with ability to differentiate on TCO, innovation and recycling N° 2 player. Leading the move into aseptic as first to market Profitability Medium: Aseptic and smart dispensing niches are biggest areas with high di fferentiation potential; concentrated customer base High: differentiation if speed - to - market lead is kept; broad customer base 62
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Revenue, in €M 1) Pro - forma 551 2022 1 2025 Mid - term guidance 604 Turnaround plan and dedicated team in place to return to value creation Key financials A plan and a dedicated team to execute it are already in place Adjusted EBIT, % 12% 6% 10 - 12% Pro - forma adj. EBIT excl. corporate allocations, % 12% 8% 8 - 10% 63 Customer excitement, performance elevation and structure optimization will drive the turnaround
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Turnaround plan: Dedicated management team to drive mid - term ambition to raise EBIT margin to 8 - 10% FY25 Mid - term ~6% ~8 - 10% Adj. EBIT margin 1 64 Leveraging scale of s hared back office and BSC New leadership team & clearly defined innovation roadmap Lean organization with 1 - 2pp. lower cost - to - serve Optimize structure Scaling our innovative solutions incl. our aseptic spouted pouch fillers Market outperformance through focus on dairy and broader food service Leveraging dedicated global team to capture market growth Excite our customers Disciplined capital allocation with de - prioritizing less attractive business 2 sites closed/ closing in 26/27, with further review of production network and outsourcing Continuous improvement activities in Operations Elevate performance 1) Pro - forma adj. EBIT excl. corporate allocations to increase from ~8% to ~10 - 12%
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Growth: Well positioned to win in high - growth pockets Market opportunity and forecas ts Bag - in - Box – Dairy food service Spouted pouch – Aseptic pouch 4 - 5% CAGR global food service market 8% CAGR emerging markets food service High single digit CAGR aseptic spouted pouch market Format positioned to enable clean label, healthy lifestyle, long - shelf - life and on - the - go - consumption products Demonstrated market traction SIG offering Aseptic system expertise Customer proximity for cross - selling in dairy Differentiated system value proposition, incl. TCO, innovation and sustainability leadership Aseptic system expertise Industry - first in - line sterilization 2028 expected commercialization of 3x faster Generation 3 filler 65
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Performance and structure: Focus on improving profitability through simplification Performance – simplified and optimized network Structure – lean team sharing back - office Network optimization ongoing, incl. reviewing make vs buy decisions 2 sites closed/in process of closing Continuous improvement initiatives steered through central coordination Focused, global and streamlined leadership team, ensuring global coordination of key topics Further efficiencies by sharing back - office resources with regions Production - open Production – Closing / closed Assembly / R&D President EMEA Americas APAC Manufacturing & Supply Chain Global Marketing Sustainability & Comms. Product Management Change Management Finance People IT Legal & Compliance EHS R&D Commercial Functional Shared resources 66
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In summary ... • N ° 1 and N ° 2 player in Bag - in - Box and Spouted Pouch, exposed to Food Service and Aseptic growth pockets respectively • 3 - 5% market growth expected for Bag - in - Box and Spouted Pouch • Clear growth plan going forward, with Aseptic Spouted Pouch Gen - 3 targeted in 2028 • Dedicated team to drive turnaround following recent margin decline • Focused substrate - specific execution while leveraging scale of shared back office and BSC • Footprint simplification underway and manufacturing professionalization, improving gross margins Focusing on pockets of growth with differentiated offerings and dedicated execution, with a clear ambition to raise EBIT margins to 8 - 10% Focused on restoring profitability Positioned for revenue growth in Bag - in - Box and Spouted Pouch 67
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Vision & strategic path Aseptic carton: Markets and our competitive advantage Aseptic carton regional deep dives Global Bag - in - box & Spouted pouch Outlook on performance improvements and financial guidance Chris Johns, President, Global BiB&SP 01 02 03 04 05 Angela Lu, President, APAC Christoph Wegener, President, Europe Christoph Wegener, CMO Gavin Steiner, CTO Abdelghany Eladib , President, IMEA Ricardo Rodriguez, President, Americas Anne Erkens, CEO Global growth plan and innovation roadmap, incl. update on platform upgrade, unification and modular digital platform Regional plans, incl. prioritized regional opportunities Turnaround plan, driving targeted growth initiatives while improving the quality of the business Proof points of our performance improvements to date and forward - looking priorities Updated mid - term guidance 68
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5 | Outlook on performance improvements & financial guidance 69
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Excite our customers • Outperforming in attractive Aseptic Carton market • Accelerating growth in Food Service Bag - in - Box and Aseptic Spouted Pouch • Front - running on innovation Enabled by standardized processes and a re - ignited culture Driving higher cash generation and shareholder distributions Driving shareholder value through growth, efficiency improvements and simplification Elevate performance Optimize structure • Driving procurement efficiencies • Reducing conversion costs • Leveraging BSC and automation • Transparent substrates reporting • Lean Bag - in - Box and Spouted Pouch teams • Streamlining internal structures 70
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71 Growth and mix contributing with attractive drop - through ratios FY26 revenue Market growth Market share gains White spaces Services Value uplift Mid - term Revenue +3 - 5% CAGR ~ 30 % drop - through ratio , translating top line directly into EBIT Revenue bridge
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72 Performance improvement & structure optimization: Additional potential on top of 2025/2026 savings Improve conversion costs via productivity roadmap for each site Focused BIB/SP operational improvements Optimize supply footprint Optimize indirect spending via clear category ownership and rigorous tracking Optimize direct procurement Establish new procurement governance & operating model globally Drive process automation Adjust structures to current market environment Optimize organizational set up Increase R&D effectiveness % of total impact SG&A and R&D cost reduction Procurement optimization Manufacturing excellence Progress up to today % of total impact % of total impact
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> 18% EBIT margin potential from operating leverage and performance improvements Driving margin improvements across all substrates EBIT margin bridge, in % of sales 73 FY26 Adjusted EBIT Margin Growth and Mix Performance improvement & structure optimization Mid - term Adjusted EBIT Margin 16.0 - 16.5% >18%
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Clear and disciplined capital allocation framework 01 Focus on Capex for earnings - accretive growth 02 Committed to strong balance sheet and prioritizing deleveraging near - term 03 Shareholder friendly capital policy with commitment to attractive and growing shareholder returns 74
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Increased guidance for 2026 75 Revenue growth (constant currency and constant resin) Adjusted EBIT margin Net Capex incl. leases (% revenue) 0 - 2% 15.7 - 16.2% Adjusted effective tax rate Dividend payout ratio (of adjusted net income 1 ) Guidance subject to: • Input cost • FX volatility 16.0 - 16.5% 6 - 8 % 26 - 28 % 30 - 50% Previous New 1) Payout ratio applied to previous year’s adjusted net income
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76 We are committed to attractive shareholder returns Attractive and sustainable dividend payments with expected regular increases Dividend policy: Proposing to re - instate the dividend from 2027 (for 2026) onwards 30 - 50% Payout ratio 1 1) Payout ratio applied to previous year’s adjusted net income
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77 Financial mid - term guidance Resilient revenue growth 1) Previously constant currency and constant resin 2) Before IFRS 18 3 ) Payout ratio applied to previous year’s adjusted net income Revenue growth 1 Organic growth – at constant currency 3 - 5% Adjusted EBIT Margin 2 >16.5 % Net Capex (% revenue) Net leverage <2.5x by 2027 and target ~2.0x beyond Shareholder distributions 6 - 8% incl. lease payments 30 - 50% payout ratio 3 Previous mid - term guidance >1 8 % New mid - term guidance Aseptic Carton: >20% Margin expansion Continued investment in growth Disciplined capital allocation Attractive shareholder returns Creating sustainable shareholder value 77
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• Secular consumer trends • Differentiated offering • Regional growth opportunities clearly mapped out • Food Service and Aseptic Spouted Pouch opportunities Strengthened plan for value creation – Resilient top - line growth with continued margin expansion and robust cash generation Multiple growth drivers 78 • Focused investments • Performance improvement • Innovation premium • Best - in - class margins Attractive margin profile • Rigorous capital allocation • Reporting by substrate • Low working capital needs • Leverage reduction • Re - establishing dividends Robust return profile In Summary:
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6 | Q&A 79