Cabka (CABKA) investor relations material

Executive summary

• 2025 was a transformational year, with the SHIFT program driving margin improvement, stronger cash generation, and significant net debt reduction.

• Revenues for 2025 were €180.0 million, down 1% year-over-year, with improved momentum in H2.

• Operational excellence and organic growth were prioritized, with a roadmap to 2030 targeting European market leadership in sustainable reusable transport packaging.

• Commercial momentum increased across segments, especially in contract manufacturing and ECO products.

• Net loss narrowed to €-7.4 million from €-9.4 million, aided by cost reductions under the SHIFT plan.

Financial highlights

• Revenues: €180.0 million (down 1% year-over-year), in line with guidance.

• Gross margin improved to 51.3% from 50.9% in 2024.

• Operational EBITDA rose 3% to €21.1 million (11.7% margin).

• Net income from operations was negative at €-6.0 million, mainly due to higher taxes and financial expenses.

• Net debt reduced to €62.6 million, with leverage ratio improving from 3.2x to 2.7x.

• Net working capital at year-end: €28.3 million (15.7% of revenues).

• Cash from operations improved to €20.2 million (before tax payments).

Outlook and guidance

• 2026 is expected to bring improved revenues and higher EBITDA margins, with continued focus on operational excellence and innovation.

• Strategic roadmap targets €215 million revenue and 13-15% EBITDA margin by 2028, and €300 million revenue with 15-17% EBITDA margin by 2030 via M&A.

• No broad market recovery is assumed; growth will be driven by internal improvements and disciplined execution.

• CapEx will remain disciplined, with continued investment in high-return product development.