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Cabka (CABKA) investor relations material
Cabka H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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