Packaging manufacturer Canpack has presented its financial results for the fourth quarter and the full year 2025. The company reports increasing sales volumes for beverage cans, growing revenues, and a significantly improved free cash flow, while profitability was under cost pressure.
In the fourth quarter and for the full year 2025, Canpack was able to increase its beverage can sales volumes by 5 and 3 percent respectively. Growth drivers were particularly the markets in the USA and India, while Europe and Brazil recorded declining volumes. Revenue also developed positively, increasing by 9 percent year-on-year, driven by higher aluminium prices, increased sales volumes, and balance sheet effects from contract assets.
Costs burden earnings development
Despite positive revenue development, the operating result declined. Adjusted EBITDA for the full year fell to 482 million US dollars from 514 million US dollars in the previous year. The main reasons for this were increased labour costs, higher aluminium conversion costs, and additional logistics expenses related to growth in India. At the same time, contractually determined price adjustments had a negative impact on sales prices.
Alongside this, Canpack significantly increased its investments. Capital expenditure rose to $247 million in 2025. This is primarily due to capacity expansions and planned maintenance measures.
Clear increase in free cash flow
A significantly positive development was seen in free cash flow. For the full year, this improved from an outflow of 26 million US dollars to an inflow of 252 million US dollars. Crucial to this were changes in working capital, particularly a reduced use of factoring instruments compared to the previous year.
„In the fourth quarter of 2025, Canpack demonstrated resilience in a dynamic market. Our focus on delivering added value to our customers drove strong growth in the USA and India, while we continued to operate at full capacity in Europe, underscoring the strength of our global network.“
CEO Marius Croitoru
Packaging demand remains stable
For the first quarter of 2026, the company expects further growth. A sales volume increase of 9 percent is forecast, driven particularly by the Americas. In Europe, Canpack continues to anticipate a high level of capacity utilisation.
The figures underline the continued stable demand for beverage cans as a packaging solution, particularly in high-growth markets, it is stated. At the same time, they show the increasing importance of cost control and efficient capital management in an environment shaped by raw material prices and geopolitical uncertainties.
Source: Canpack
